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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, September 5, 2022, Vol. 25, No. 171

                           Headlines



A U S T R A L I A

AUSCONNECT EMPLOYMENT: Second Creditors' Meeting Set for Sept. 9
AUSCONNECT UNDERGROUND: Second Creditors' Meeting Set for Sept. 9
ELLUME LIMITED: Enters Into Voluntary Administration
MORTGAGE HOUSE 2022-2: S&P Assigns Prelim. B(sf) Rating on F Notes
PETER SZABO: First Creditors' Meeting Set for Sept. 9

THINK TANK 2020-1: S&P Affirms 'B' Rating on Class F Notes
TUK TUK: Second Creditors' Meeting Set for Sept. 9
WILLOUGHBY HOMES: Director to Sell All 7 Properties to Pay Debt
[*] Business Failures Rise 8% in Year Ending June 30


C H I N A

DEER INVESTMENT: S&P Assigns 'B' ICR on Acquisition of HCP Global
GUANGYANG ANTAI: S&P Withdraws 'B' LongTerm Issuer Credit Rating
RADIANCE HOLDINGS: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
[*] China Developer Says Property Market Slids to Severe Depression


I N D I A

A K NANDI: CRISIL Moves B+ Debt Ratings to Not Cooperating
AEROSITE ENERGY: Voluntary Liquidation Process Case Summary
ALLIED ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
ANJALI HORTICULTURE: Voluntary Liquidation Process Case Summary
ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating

ARYAN VILLA: Insolvency Resolution Process Case Summary
AUTOPAL INDUSTRIES: Insolvency Resolution Process Case Summary
B.K. PRINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
BAHUL AGRICULTURE: Voluntary Liquidation Process Case Summary
BALAJI IMPEX: CRISIL Moves B Debt Rating to Not Cooperating

BEV WORLD LINK: Voluntary Liquidation Process Case Summary
BLISS MANAGEMENT: ICRA Moves B/A4 Rating to Not Cooperating
CAREBRIDGE HEALTH: Voluntary Liquidation Process Case Summary
CHINIWALAS PRIVATE: CRISIL Moves D Ratings to Not Cooperating
CUBATIC INFRA: CRISIL Lowers LT/ST Loan Rating to D

CYGNUS EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
DINDAYAL JALAN: ICRA Keeps B+ Debt Rating in Not Cooperating
DINJOYE TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
DIVYA JYOTI: Voluntary Liquidation Process Case Summary
DP AGRO MILLS: Insolvency Resolution Process Case Summary

FINCLUDE CAPITAL: Voluntary Liquidation Process Case Summary
FLOCUS TECHNOLOGIES: Voluntary Liquidation Process Case Summary
GEOSHINE MINES: Insolvency Resolution Process Case Summary
GIT TEXTILES MANUFACTURING: Insolvency Resolution Case Summary
HARMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating

HIKE LEATHER: Liquidation Process Case Summary
HYPER HR NUCLEUS: Insolvency Resolution Process Case Summary
IMPERIAL TUBES: Insolvency Resolution Process Case Summary
JASSMINE ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating
KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating

KS SOFTNET: ICRA Keeps D Debt Ratings in Not Cooperating Category
MA ENTERPRISES: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
MAHAMAY BUILDING: Insolvency Resolution Process Case Summary
MAHAVIR RICHAB: Liquidation Process Case Summary
METRO JET: Insolvency Resolution Process Case Summary

MUM AGRO: CRISIL Assigns B+ Rating to INR1.65cr Term Loan
NAMI STEEL: Insolvency Resolution Process Case Summary
NEXO INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
NHC FOODS: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
PERFECT MOBILE: Liquidation Process Case Summary

PHANTOM RESOURCES: Insolvency Resolution Process Case Summary
PRABHA ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
PRINCE PROPERTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
RADIANT CASTINGS: Insolvency Resolution Process Case Summary
RAPT INDUSTRIES: Insolvency Resolution Process Case Summary

RELIANCE CAPITAL: Gets INR4,500 crore Bid from Potential Buyers
RKB GLOBAL: CRISIL Assigns B+ Rating to INR32.5cr Cash Loan
SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
SARAJU FLOUR: Insolvency Resolution Process Case Summary
SEVEN SKY: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

SHANTI STRIPS: Voluntary Liquidation Process Case Summary
SIDDHIVINAYAK CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
SREEMA MAHILA: CRISIL Keeps B+ Debt Rating to Not Cooperating
SUNITI PROVA: CRISIL Moves B Debt Ratings to Not Cooperating
SUPRABHA PROTECTIVE: ICRA Keeps B+ Ratings in Not Cooperating

SUPREME INFRA: ICRA Keeps B Debt Ratings in Not Cooperating
TECHNO POWER: Liquidation Process Case Summary
U GOENKA: ICRA Keeps D Debt Ratings in Not Cooperating Category
VIJAY TRANSFORMERS: ICRA Keeps B- Debt Ratings in Not Cooperating
VNC NUTRITION: CRISIL Assigns B+ Rating to INR6.25cr Term Loan

YAMUNA MACHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

GARUDA INDONESIA: Faces Liquidation Application in Australia


J A P A N

ANA HOLDINGS: Egan-Jones Retains CCC Senior Unsecured Ratings
EAST JAPAN RAILWAY: Egan-Jones Retains BB Unsec. Ratings
KEISEI ELECTRIC: Egan-Jones Retains B+ Senior Unsecured Ratings
TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings


M A L A Y S I A

SERBA DINAMIK: S&P Withdraws 'D' Issuer Credit Rating


N E W   Z E A L A N D

BFG TRUSTEES: Court to Hear Wind-Up Petition on Sept. 8
CRK ENTERPRISES: Court to Hear Wind-Up Petition on Sept. 8
INTERFARM IMPORTS: Court to Hear Wind-Up Petition on Sept. 8
SPECIALIST DECORATORS: Creditors' Proofs of Debt Due on Oct. 5
STRIPES GROUP: Investor Chased for Alleged Tax Debts of NZD1.8MM

SULPHUR FOODS: Creditors' Proofs of Debt Due on Oct. 7


P H I L I P P I N E S

PHILIPPINE PUBLIC: IC Lifts Teachers' Group Conservatorship Status


S I N G A P O R E

HONG SHENG: Creditors' Meetings Set for Sept. 19
KTH ASIA: Creditors' Meetings Set for Sept. 19
O&O CAPITAL: Court to Hear Wind-Up Petition on Sept. 9
O&O CAPITAL: Director Seeks to Wind Up Two Companies
RHB GC-MILLENNIUM: Creditors' Proofs of Debt Due on Oct. 3

WANG INVESTMENT: Court to Hear Wind-Up Petition on Sept. 9


X X X X X X X X

GEELONG FIRE: Second Creditors' Meeting Set for Sept. 9

                           - - - - -


=================
A U S T R A L I A
=================

AUSCONNECT EMPLOYMENT: Second Creditors' Meeting Set for Sept. 9
----------------------------------------------------------------
A second meeting of creditors in the proceedings of AusConnect
Employment Services Pty Ltd has been set for Sept. 9, 2022, at
11:00 a.m. via virtual meeting technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 8, 2022, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Aug. 5, 2022.


AUSCONNECT UNDERGROUND: Second Creditors' Meeting Set for Sept. 9
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of AusConnect
Underground Services Pty Ltd has been set for Sept. 9, 2022, at
10:00 a.m. via virtual meeting technology..

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 8, 2022, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Aug. 5, 2022.


ELLUME LIMITED: Enters Into Voluntary Administration
----------------------------------------------------
ABC News reports that the Australian arm of a Brisbane-based
biotech company that struck a AUD300 million deal to send COVID-19
home testing kits to the U.S. has gone into voluntary
administration.

A meeting of Ellume Limited's creditors is to be held later this
month, ABC discloses.  Ellume's US business is not affected.

According to ABC, Ellume rose to prominence last year when it
signed an agreement with the US Department of Defense to provide
COVID home test kits.

Last October, the company hit a hurdle when some of the test kits
were recalled in the US after an increase in false-positives.

At the time, Ellume said an estimated 190,000 of the 3.5 million
tests shipped to the US had been recalled.

It is not yet clear whether the recall has played any part in the
decision to place the company into administration, the report
says.

ABC relates that FTI Consulting's John Park said he and Joanne
Dunne were appointed to "maximise the chances of Ellume exiting
administration process in an orderly fashion".

"The administrators intend to trade the company on a
business-as-usual basis, while we conduct an independent assessment
of the financial position and ongoing viability of the business,"
the report quotes Mr. Park as saying.

Ellume CEO and founder Dr Sean Parsons said the aim of the company
was to "spark a revolution in the way infectious diseases are
diagnosed".

"I am incredibly proud of Ellume's achievements in what has been an
unprecedented, challenging, and dynamic time," he said.

The company has also received state government funding, the report
notes.

In January last year, State Development Minister Steven Miles
confirmed the government provided funding to Ellume from the
state's Essential Goods and Supply Chain program, ABC recalls.

"This funding will allow Ellume to increase manufacturing of its
suite of rapid testing kits at its new facility in Richlands," ABC
quotes Mr. Miles as saying at the time.

He described the testing kits developed by Ellume as "world-leading
and life-saving diagnostic testing technology".

More than 300 employees were working at Ellume's Richlands
production laboratory, Mr. Miles said last year.

Ellume Limited develops, manufactures, and commercializes the next
generation of digitally enabled diagnostic products for healthcare
professionals and consumers.


MORTGAGE HOUSE 2022-2: S&P Assigns Prelim. B(sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital
Mortgage Trust No.1 - Mortgage House RMBS Series 2022-2. Mortgage
House RMBS Series 2022-2 is a securitization of residential
mortgages originated by Mortgage House of Australia Pty Ltd.

The preliminary ratings reflect:

-- S&P views of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance (LMI) on 3.7% of the loans in the
portfolio, and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under its stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

  Preliminary Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

  Series 2022-2

  Class A1-S, A$120.00 million: AAA (sf)
  Class A1-L, A$220.00 million: AAA (sf)
  Class A2, A$28.00 million: AAA (sf)
  Class AB, A$6.00 million: AAA (sf)
  Class B, A$8.40 million: AA (sf)
  Class C, A$7.20 million: A (sf)
  Class D, A$4.56 million: BBB (sf)
  Class E, A$2.80 million: BB (sf)
  Class F, A$1.76 million: B (sf)
  Class G, A$1.28 million: Not rated


PETER SZABO: First Creditors' Meeting Set for Sept. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Peter Szabo
Family Law Pty Ltd will be held on Sept. 9, 2022, at 11:00 a.m. at
the offices of Rodgers Reidy at Level 3, 326 William Street in
Melbourne or via video conferencing and/or conference call.

Brent Leigh Morgan of Rodgers Reidy was appointed as administrator
of the company on Aug. 30, 2022.


THINK TANK 2020-1: S&P Affirms 'B' Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by BNY Trust Co. of Australia Ltd. as
trustee of Think Tank Series 2020-1 Trust. At the same time, S&P
affirmed its ratings on five classes of notes.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolios. Our analysis of credit
risk is based on our "Principles Of Credit Ratings" criteria;
however, where factors that affect borrower performance are similar
to those for residential mortgage loans, we have applied similar
assumptions. The asset pool has continued to amortize and has a
pool factor of 59.9% as of July 31, 2022. The weighted-average
current loan-to-value ratio is 62.5% and a weighted-average
seasoning of 40.5 months."

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

S&P said, "We have also factored into our analysis the relatively
high level of self-employed borrowers and alternative-documentation
loans in the pool. These characteristics increase our expectation
of loss for the portfolio. Arrears have performed within our
expectations. Loans in arrears between 30 and 60 days as of July
30, 2022, represent 0.9% of the portfolio by current balance. There
have been no losses to date.

"The credit support provided in percentage terms has increased as
the pool has paid down due to the sequential pay structure. We
expect this buildup in credit support will continue because we
believe the transaction will not meet the pro-rata triggers in the
coming months.

"This portfolio could be more susceptible to changes in the
economy, particularly rising interest rates and cost of living
pressures, due to its exposure to self-employed borrowers and
low-documentation loans. This has been a constraining factor for
our ratings on the class D, class E, and class F notes."

  Ratings Raised

  Think Tank Series 2020-1 Trust

  Class B: to AAA (sf) from AA (sf)
  Class C to AA (sf) from A (sf)

  Ratings Affirmed

  Think Tank Series 2020-1 Trust

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)
  Class G Not rated
  Class H: Not rated


TUK TUK: Second Creditors' Meeting Set for Sept. 9
--------------------------------------------------
A second meeting of creditors in the proceedings of Tuk Tuk By The
Sea Pty Ltd has been set for Sept. 9, 2022, at 10:00 a.m. at the
offices of Worrells at Suite 1, Level 15, 9 Castlereagh Street in
Sydney.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 8, 2022, at 5:00 p.m.

Christopher Damien Darinof Worrells was appointed as administrator
of the company on Aug. 5, 2022.


WILLOUGHBY HOMES: Director to Sell All 7 Properties to Pay Debt
---------------------------------------------------------------
News.com.au reports that the director of a collapsed building firm
will likely have to sell all seven of his properties to recoup
funds to pay back the company's debts.

But even then, most creditors are only expected to receive between
1.7 cents and 5.7 cents for every dollar they are owed.

NSW-based residential builder Willoughby Homes went into voluntary
administration earlier this month but was spared from being placed
into liquidation at a court case on Aug. 31, according to the
report.

News.com.au relates that Gyprocking company Regno Trades began
winding up proceedings against Willoughby Homes in early July over
an unpaid debt of AUD184,000 and three supporting creditors also
joined the case - H & R Interiors, owed AUD73,925, an ex-employee
owed AUD53,000 in unpaid wages and Finese Electrical and Air
Conditioning, owed AUD4531.

That means under the proposal, in a worst-case scenario, Regno
Trades will receive around AUD3200 - which is 1.7c in the dollar.

News.com.au says two business days before the initial winding-up
hearing, Willoughby Homes appointed David Mansfield and Jason Tracy
of Deloitte's turnaround and restructuring department as voluntary
administrators. They successfully argued for the case to be
adjourned until August 31. It was then adjourned again on Wednesday
to give creditors the chance to vote on what to do next.

Willoughby Homes' collapse comes after news.com.au conducted an
extensive investigation and found the company has been
non-functional for some time, with build sites stalling for as long
as a year, the company's home building insurance not being
reinstated, staff not being paid and finally, all its offices being
cleared out and phone lines going straight to voicemail.

The construction company's demise has impacted 57 customers with
homes at varying stages of completion as well as other creditors
who are cumulatively owed AUD5.7 million, news.com.au discloses
citing the administrators' report.

According to news.com.au, the director of Willoughby Homes, the
eponymous Steve Willoughby, has put forward a Deed Of Company
Arrangement (DOCA) proposing to sell seven of his properties and
one camper trailer.

This would give the company AUD1.3 million in assets to distribute
among creditors.

In an earlier statement to news.com.au, Mr. Willoughby said:
"Whilst I do not have an obligation to do so, I am proposing to
creditors to sell properties that I have owned for 10 plus years.

"The economic climate has not been good for anyone."

Without putting forward the director's personal properties,
Willoughby Homes would have only had AUD14,000 in the bank to
disperse among all its creditors.

Mr. Willoughby's seven properties were from Lethbridge Park,
Narara, Earlville, Griffith, Hebersham, Kenthurst and Harden,
ranging from AUD220,000 to AUD2 million in value, news.com.au
discloses.

The Kenthurst property is the most valuable but half of it is owned
by Mr Willoughby's wife Rochelle and a large portion of it was
bought through a loan.

However, once secured creditor claims are taken out of those funds,
that leaves unsecured creditors with just AUD818,000. The
administrators have also already racked up AUD250,000 in fees.

They estimated that creditors were left with between AUD409,063 and
AUD654,501 from those assets, news.com.au discloses.

In the court hearing on Aug. 31, QC Hugh Smith, representing the
administrators, acknowledged that 1.7 cents and 5.7 cents to the
dollar is "a small amount" but added that it was "better than
nothing," news.com.au notes.

News.com.au says the proposal is going to a vote on September 5.

Administrators also found that Willoughby Homes had been trading
insolvent for 18 months and had taken deposits from 41 customers
even though they didn't have the insurance to do so.

"It appears that Willoughby Homes may have been insolvent from at
least 21 April 2021," the administrator's report stated.

April 21 was the day that state insurer iCare refused to renew the
insurance for Willoughby Homes, which meant the builder was not
able to start construction projects costing more than AUD20,000 as
it would not be insured, according to news.com.au.

"Our investigations to date have identified 41 creditors totalling
AUD709,578 who have paid deposits to the companies to construct
their properties," the report added.

"We are not aware of any of these deposits being covered under the
HBCF (Home Building Compensation Fund)."

An earlier court case deemed that Willoughby Homes had been
"hopelessly insolvent" and that the company had "failed so
miserably".

Mr. Willoughby blamed the failure to obtain insurance as one of the
main reasons for his company's collapse, as well as Covid-prompted
lockdowns, tough market conditions and increasing costs of
materials and labour, news.com.au relays.

David Mansfield and Jason Tracy of Deloitte Financial Advisor on
July 29, 2022, were appointed as administrators of Willoughby Homes
Pty Ltd and Project 360 Degrees Pty Ltd.


[*] Business Failures Rise 8% in Year Ending June 30
----------------------------------------------------
Perth Now reports that a growing number of Australian businesses
face failure in coming months as the true picture of insolvency
emerges from the COVID-19 pandemic.

Data from the year ending June 30 showed an eight per cent annual
increase in the number of businesses that had an administrator
appointed, Insolvency Australia revealed on Sept. 2, Perth Now
relates.

According to the report, director Gareth Gammon said businesses are
facing numerous economic pressures including tax obligations.

"We are likely to see a further increase in corporate and personal
insolvencies over coming months and into next year," the report
quotes Mr. Gammon as saying.

"There will be a domino effect, as the pain threshold will be too
much for many to bear - particularly (small and medium businesses)
whose cash reserves have been exhausted by factors beyond their
control."

During the height of the COVID pandemic there were numerous state
and federal government support measures to help business withstand
the pinch of lockdowns and travel restrictions.

Most of those benefits have been exhausted, the report notes.

Across the nation, there were 6,555 insolvencies in the latest
financial year, which is an increase of 483, or eight per cent, on
the previous year, Perth Now discloses.

NSW led the nation with the highest number of business
insolvencies, the report says. The state recorded 2,402 instances
of an administrator being appointed, up from 2,167 the previous
year.

Victoria and the ACT bucked the trend, recording fewer insolvencies
in 2021/22 than the previous year, Perth News relates.

NSW's disproportionate insolvency count could be attributed to the
high number of businesses being headquartered in the state,
CreditorWatch CEO Patrick Coghlan said, Perth Now relays.

"Businesses need to keep on top of what the presiding risk factors
are for businesses over the upcoming years," he said.




=========
C H I N A
=========

DEER INVESTMENT: S&P Assigns 'B' ICR on Acquisition of HCP Global
-----------------------------------------------------------------
S&P Global Ratings, on Sept. 1, 2022, assigned its 'B' long-term
issuer credit rating to Deer Investment Holdings Ltd., which is the
immediate holding company of HCP Global Ltd.

The stable rating outlook on Deer reflects S&P's view that HCP will
maintain its leading position in its market segment and the
combined entities will gradually deleverage over the next 12-24
months on recovering demand and improved capital structure post the
acquisition.

On Aug. 25, 2022, Deer Investment, a holding company that private
equity firm Carlyle Group controls, completed its acquisition of
China-based packaging producer HCP. The transaction was funded by
debt and an equity injection from Carlyle.

S&P said, "Our issuer credit rating on Deer reflects our view of
HCP's business strength and the group's financial risk following
completion of the acquisition. We expect HCP to maintain its
competitive position in the niche plastic packaging market,
supported by good servicing and product capability, its global
footprint, and stable long-term customer relationships. The
competitive nature of the fragmented market, and HCP's small scale,
limited product and business diversity, and high leverage offset
these strengths.

"We expect HCP to sustain its competitive strength in the niche
market of rigid plastic packaging (RPP) for color cosmetics and
skincare segments. The company is the second-largest producer of
such products globally and top in Asia-Pacific, with a 5% global
market share. It is also a leader in the plastic for use in the
mascara sub-segment, with a 30%-40% market share globally. This
follows a bolt-on acquisition in 2017 that expanded its technology
in nitrile butadiene rubber wipers for mascara brushes.

HCP's stable servicing capability, industry knowhow, and global
footprint lead to high customer retention. Customers value design,
service, and quality more than attractive prices. This is partly
due to the importance of packaging for product attractiveness in
the beauty sector; moreover, companies are insensitive to packaging
prices, given their small cost base. HCP has more than 60 years of
operating history and has demonstrated its product and servicing
capability, with negligible rejections and late deliveries. The
company's global sales network allows it to respond quickly to
customer needs, given its close proximity to customers. As a
result, HCP was qualified as a certified supplier by top customers.
The long supplier-qualification process, which normally takes three
to five years, helps the company to build entry barriers.

HCP's small size, narrow products, and concentration of end markets
constrain its competitive position. S&P expects the company to
remain small in the competitive RPP market for at least the next 12
months. Its presence is restricted to a niche and fragmented market
and focus on color cosmetics (74% of 2021 sales) and skin care (26%
of 2021 sales). Peers with a wider target market, such as food and
beverage, healthcare, pharma and other consumer segments, are
generally larger in scale.

HCP's revenue declined by 27.8% in 2020. This drop, after five
years of healthy growth, was because the color cosmetics segment
was severely hit by the pandemic and social distancing measures.
Larger industry players with more diversified exposures were more
resilient.

Recovery in demand and wallet share will help HCP to expand its top
line in 2022, despite pandemic-related disruptions in the first
half. HCP was hurt by COVID-related inefficiencies (e.g. order
cancellation, delayed delivery, higher freight rates, additional
site sanitation costs, etc.) in China during April and May 2022. As
such, the company's revenue and reported gross margin in the first
four months in 2022 remained largely unchanged compared with the
same period last year. This is despite a recovery in U.S. and
Europe demand. HCP will likely see higher revenue growth and
margins in the second half of 2022 as its Shanghai plant operations
returned to pre-lockdown production levels from May.

HCP's revenue could grow by 14%-16% in 2022, after a 29.2% increase
in 2021, on recovering demand and normalization in consumers' daily
and social activities. The company's total backlog was up by 17% by
end-2021, providing visibility for revenue growth. HCP has been
developing new technologies to differentiate its products. It
gained significant wallet share from a key customer in 2021 by
cross-selling new products. In S&P's view, HCP's solid customer
relationships and investments in new technology will help the
company to continue to gain wallet share and grow faster than the
industry average.

HCP should be able to navigate the current inflationary
environment, although with a lag. Most of the company's sales
agreements are based on fixed prices. However, it has renegotiated
with customers to raise prices on the basis of transactions. HCP
has secured cost pass-through for more than half of its sales,
resulting in an effective increase of 3% in average selling prices
across the board during the first half of 2022. The company is
exposed to increased raw material costs (mainly resin). However,
HCP's ability to partially pass through the cost inflation, its
centralized procurement strategy, diversified supplier base, and a
series of cost-saving initiatives should help the company withstand
cost inflation.

Meanwhile, HCP's new orders from the higher-margin markets of the
U.S. and Europe grew 28% and 63%, respectively, in the first
quarter of 2022. S&P therefore expects revenue contribution from
outside China to increase by 10 percentage points to 77%. This
should support a 2-3 percentage point increase in EBITDA margin to
18.0%-18.5% for the full year.

The leverage of Deer and HCP combined will remain high in the next
12-24 months, despite growing profits and debt deduction. HCP was
previously owned by Baring Private Equity Asia, which acquired the
company in 2016. HCP's leverage soared after a debt-funded dividend
payout in 2020. Lower sales amid the pandemic further worsened the
adjusted debt-to-EBITDA ratio to 11.0x in 2021.

S&P said, "We expect the newly combined entity's operating cash
flow to grow to US$30 million in 2022, on rising revenue and
margins. This will be more than sufficient to cover capital
expenditure, which we estimate at US$22 million-US$27 million in
2022. The spending will be primarily for capacity expansion and
upgrades, including buying new injection, brush, and wiper
machines, and for investment in automation. The group's reported
debt also declined by about US$130 million due to an equity
contribution from Carlyle following the acquisition. We therefore
expect positive free operating cash flow (FOCF) and estimate the
combined entity's debt to EBITDA ratio will improve to close to
7.0x in 2022.

"We project the ratio at below 6x in 2023 on continuous profit
expansion and disciplined capital spending. We don't expect the
company to make any acquisition or pay dividends to Carlyle during
the next 24 months.

"The stable outlook on Deer reflects our view that the company (via
HCP) will maintain its strong position in the global niche RPP
market for the beauty industry for the next two years. We expect
demand in this market to recover as the impact of the pandemic
subsides. We anticipate improving sales and margin to help the
combined entity to reduce leverage to 5.0x-6.0x in the next two
years."

S&P could downgrade Deer if the company's debt-to-EBITDA ratio
stays above 7.0x. This could happen if:

-- Improvement in revenue and profitability is limited due to
challenging industry conditions or operational missteps.

-- The company makes large acquisitions or shareholder rewards,
leading to an increase in debt.

-- S&P could also lower the rating if HCP's business position
weakens due to deteriorating product competitiveness, weakening
customer relationship, or weak cost management. An indication would
be its EBITDA margin falling below 17% on a sustained basis.

S&P could raise the rating on Deer if the company's leverage
declines and stays close to 5.0x on a sustained basis. This could
happen if the company expands its revenue scale, improves
profitability, and controls capital spending such that it can
maintain positive free operating cash flow, enabling the company to
deleverage.

Deer is the immediate holding company of HCP, a China-based
producer of RPP. HCP's revenue was split between plastic packaging
products for color cosmetics (74% of 2021 revenue), and for
skincare (26% of 2021 revenue).

HCP's products include RPP products for lipstick and lip gloss (29%
of 2021 revenue), compacts (28%), jars, bottles and cap (26%), and
mascara (17%).The company has 10 plants, 11 global sales offices,
with more than 5,000 employees across China, North America, and
Europe. Its five plants in China account for 75% of total
production. The company generates 41% of revenue in North America,
with the remainder split between Asia (34%) and Europe (24%) in
2021.

Environmental, Social, And Governance

ESG credit indicators: E-3, S-2, G-3

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Deer. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, as is the case for most rated entities owned by private
equity sponsors. Our assessment also reflects generally finite
holding periods and a focus on maximizing shareholder returns.

"Environmental factors are also a moderately negative consideration
in our credit rating analysis. Like plastic-packaging peers, HCP's
environmental risk is higher than for companies that use more
sustainable materials. Risks include waste concerns, changing
consumer preferences, and tightening recyclability regulations on
plastic packaging. HCP has been developing sustainable packaging
solutions for its customers. Currently 35% of the company's
products are made using recycled or reusable materials, versus the
industry average of less than 20%. We expect the ratio will
continue to increase over the next two to three years."


GUANGYANG ANTAI: S&P Withdraws 'B' LongTerm Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Guangyang Antai Holdings Ltd. (GYAT) at the company's request.
The outlook was stable at the time of withdrawal.

GYAT, based in Jinan in China's Shandong province, is mainly
involved in the production of stainless steel and commodity carbon
steel, as well as in trading of nonferrous metal-related
commodities.


RADIANCE HOLDINGS: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded Radiance Holdings (Group)
Co. Ltd.'s corporate family rating to B2 from B1, and its senior
unsecured rating to B3 from B2.

At the same time, Moody's has changed the rating outlook to
negative from ratings under review.

This concludes the review for downgrade initiated on August 4,
2022.

"The rating downgrade reflects Moody's view that Radiance's
contracted sales will decline more than Moody's previously
expected, which will reduce its liquidity buffer and worsen its
credit metrics over the next 12-18 months," says Alfred Hui, a
Moody's Analyst.

"The negative outlook reflects uncertainties over Radiance's
ability to raise new funding to maintain its liquidity buffer over
the next 12-18 months," adds Hui.

RATINGS RATIONALE

Moody's expects Radiance's contracted sales to fall around 40%-45%
year-on-year in 2022 to around RMB55 billion, due to weak homebuyer
confidence and Covid-led disruptions. During the first 7 months of
2022, Radiance's contracted sales dropped 56% year on year to
RMB28.4 billion, which is significantly weaker than Moody's earlier
expectation.

The weak contracted sales will cut Radiance's operating cash flow.
This, together with constrained access to funding, will further
strain Radiance's financial flexibility.

Moody's expects Radiance to maintain adequate liquidity over the
next 12-18 months, but the company's liquidity buffer will decrease
over the same period as it will likely repay some of the maturing
debt using its internal cash source given its weakened ability to
raise new funds.

Radiance's unrestricted cash balance reduced to RMB8.2 billion as
of the end of June 2022 from RMB11.2 billion as of the end of 2021,
due to lower contracted sales and repayment of some maturing debt
via internal cash.

Moody's expects Radiance's shrinking profitability and lower
revenue booking from weak contracted sales will weigh on its credit
metrics over the next 12-18 months.  Specifically, Radiance's
interest servicing ability, as measured by EBIT/interest expense,
will likely weaken to around 1.7x-2.1x over the next 12-18 months
from 2.5x for the 12 months ended June 2022.  Its gross margin
will reduce to 16%-17% over this period, from 19.4% in 2021, as the
company will likely need to lower the contracted sales price to
boost sales and cash collection. In the first 7 months of 2022, the
average selling price of Radiance's contracted sales reduced 13%
year-on-year to RMB14,818 per square meter.

Radiance's B3 senior unsecured debt rating is one notch lower than
the CFR due to structural subordination risk. This risk reflects
the fact that most of the claims are at the operating subsidiary
level and have priority over claims at the holding company level in
a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, given
that its key shareholder, Mr. Lam, and his spouse ultimately held
an 84.05% stake in the company as of the end of 2021.

Moody's has also considered (1) the presence of three independent
directors on Radiance's seven-member board; (2) the low level of
related-party transactions and dividend payouts; and (3) the
internal governance structures and standards that the company is
required to adhere to by the Hong Kong Stock Exchange.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Radiance's ratings is unlikely, given the negative
outlook. However, Moody's could revise the outlook to stable if the
company improves its contracted sales performance, liquidity and
access to funding.

Moody's could downgrade Radiance's ratings if the company's
contracted sales remain weak such that its operating cash flow and
credit metrics are likely to deteriorate, or its liquidity and
access to funding weaken further.

Credit metrics indicative of a rating downgrade includes gross
margin below 15% and EBIT interest coverage falling below 1.5x on a
sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Chinese property developer with more than 25 years of experience in
property development. As of June 30, 2022, it had a total land bank
of 29.6 million square meters with coverage of different geographic
regions in China.


[*] China Developer Says Property Market Slids to Severe Depression
-------------------------------------------------------------------
The Wall Street Journal reports that one of China's largest
developers said the country's property market has tumbled into a
severe depression, using some of the strongest language yet to
describe the yearlong downturn and the financial pain it has
caused.

The Journal relates that Country Garden Holdings Co., which for
years ranked as China's top real-estate developer by contracted
sales, on Aug. 30 reported a 96% drop in first-half profit after
selling a third fewer homes than it did a year ago.

The Guangdong-based company said the market has struggled with
weakening expectations, sluggish demand and declines in property
prices, the report relays.

"All these exert mounting pressure on all participants in the
property market, which has slid rapidly into severe depression,"
the company said. It added that the resurgence of Covid-19 in
cities across China has also slowed construction activity and
weighed on its performance.

Country Garden eked out a small profit equivalent to $89 million,
versus $2.2 billion in the first six months of 2021.

According to the Journal, the company has long been regarded as one
of China's financially strongest developers, but like many of its
peers it has struggled to overcome a crisis of confidence that has
caused home buyers and investors to back away from the Chinese
property market.

Its shares and dollar-bond prices have plunged this year, despite
Country Garden's repeated attempts to convince the market that it
can withstand the crisis, the Journal states. The company was
recently among a handful of developers that were picked to sell
government-insured domestic bonds under a new pilot program.

More than 30 Chinese real-estate companies, including China
Evergrande Group and Sunac China Holdings Ltd., have already
defaulted on their international debt, the Journal notes. Many
privately run developers this month issued profit warnings; some
said they are expecting a more-than-90% decrease in net profit, and
a few are expecting to post losses.




=========
I N D I A
=========

A K NANDI: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of A K
Nandi Agro Based Private Limited (AKN) to 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          0.93       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Rupee Term Loan      6.57       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with AKN,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 16, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
AKN to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2000, AKN operates a poultry farm in Paschim
Medinipur, West Bengal. Mr. Milan Nandi, Mr. Rajkumar Nandi, Mr.
Asok Kumar Nandi, and Ms Kalpana Nandi are the directors of the
company. The farm has capacity of 60,000 birds per annum.


AEROSITE ENERGY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Aerosite Energy Private Limited
        Tower A, 3rd Floor
        The Millenia No. 1 & 2 Murphy Road
        Ulsoor Bangalore 560008
        Karnataka

Liquidation Commencement Date: August 22, 2022

Court: National Company Law Tribunal, Coimbatore Bench

Insolvency professional: Vasudevan Gopu

Interim Resolution
Professional:            Vasudevan Gopu
                         18/30, Ramani Street
                         K.K. Pudur, Saibaba Colony
                         Coimbatore 641038
                         TamilNadu
                         E-mail: vasudevangopu.ip@gmail.com
                                 vasudevanacs@gmail.com
                         Tel: 0422-4347063

Last date for
submission of claims:    September 21, 2022


ALLIED ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Allied
Energy Systems Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         8.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        16.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Short-term         9.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Limits                        'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2005, Allied Energy Systems Private Limited is
primarily engaged in designing fabrication and erection of
Deaerators for boilers which are used in industries like Chemicals,
Power, Petrochem, Fertilizer, Sugar, Paper etc. The company is also
engaged in manufacturing of steel fabricated products like Pressure
Vessels, Heat Exchangers, and Evaporators etc. The company has two
manufacturing facilities in Bhiwadi, Rajasthan.


ANJALI HORTICULTURE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Anjali Horticulture Private Limited
        AT & Post Utran Tal Erandol Jalgaon
        Maharashtra 425117

Liquidation Commencement Date: August 12, 2022

Court: National Company Law Tribunal, Mumbai, Maharashtra Bench

Insolvency professional: Mr. Raghunath Sabanna Bhandari

Interim Resolution
Professional:            Mr. Raghunath Sabanna Bhandari
                         Office No. 9, Behind "B" Wing
                         Pushp Vinod No. 1, S.V. Road
                         Borivali West, Mumbai 400092
                         E-mail: raghunathsb@yahoo.com

Last date for
submission of claims:    September 11, 2022


ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Anshul
Impex Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        45.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1989 in Nagpur, Maharashtra, AIPL is engaged in
trading of indigenous and imported coal along with providing
logistic services to the customers. AIPL has its sales depots
across Maharashtra, Madhya Pradesh and Gujarat. The company is
promoted by Mr. Yugpradhan Mehta, an engineer having extensive
experience of more than 25 years in the coal trading business.


ARYAN VILLA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Aryan Villa and Resorts LLP

        Registered office:
        Silani Gate, Jhajjar
        Haryana 124103

        Also at:
        Kothi No. 45, 46
        G.K. Vihar, Canal Road
        Back Side Pancham Hospital
        Ludhiana Punjab 141001

           - and -

        HB No. 303 situated at village Dhaipai
        Ludhiana 142029

Insolvency Commencement Date: August 19, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: January 29, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Vanit Kumar Mittal

Interim Resolution
Professional:            Mr. Vanit Kumar Mittal
                         C-2495, Basement
                         Sushant Lok-1, Near Gold Souk Mall
                         Gurgaon, Haryana 122002
                         E-mail: vanit.mittal@vmtcorpadvisors.com
                                 cirp.aryanvilla@gmail.com

Last date for
submission of claims:    September 2, 2022


AUTOPAL INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Autopal Industries Limited

        Registered office:
        Plot No. 1, Naraniya Compound Wall Phase III
        RIICO Industrial Area, Sitapura
        Jaipur, Rajasthan 302022

        Works:
        E-195 (A), RIICO Industrial Area
        Mansarovar, Jaipur
        Rajasthan 302022

Insolvency Commencement Date: August 26, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 12, 2023
                               (180 days from commencement)

Insolvency professional: Ajay Gupta

Interim Resolution
Professional:            Ajay Gupta
                         7-A, Sidhartha Extension
                         Pocket-B, New Delhi 110014
                         E-mail: ajaygupta1969@gmail.com

                            - and -

                         C-618, 6th Floor, Tower-C
                         Noida One, B-8
                         Sector-62, Noida
                         Gautambuddh Nagar
                         U.P. 201309
                         E-mail: cirp.autopal@gmail.com

Last date for
submission of claims:    September 9, 2022


B.K. PRINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of B.K. Print
and Pack in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.35        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in July 2010, B.K. Print And Pack is engaged in the
manufacturing of corrugated boxes and mono cartons for a range of
industries which includes FMCG, automobile, consumer durables,
liquor and engineering industries. The firm manufactures five
ply-corrugated cartons and printed cartons. The firm's
manufacturing unit, located in Haridwar, is a fully automated plant
with an installed capacity of 1000 metric tonnes per day. The
primary raw material – kraft paper and duplex board are purchased
from various traders and paper mills located mainly in Uttarakhand.
The client profile of firm includes reputed customers present
across diverse industries such as beverage, FMCG, pharmaceutical,
etc.


BAHUL AGRICULTURE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Bahul Agriculture Private Limited
        AT & Post Utran Tal Erandol Jalgaon
        Maharashtra 425117

Liquidation Commencement Date: August 12, 2022

Court: National Company Law Tribunal, Mumbai, Maharashtra Bench

Insolvency professional: Mr. Raghunath Sabanna Bhandari

Interim Resolution
Professional:            Mr. Raghunath Sabanna Bhandari
                         Office No. 9, Behind "B" Wing
                         Pushp Vinod No. 1, S.V. Road
                         Borivali West, Mumbai 400092
                         E-mail: raghunathsb@yahoo.com

Last date for
submission of claims:    September 11, 2022


BALAJI IMPEX: CRISIL Moves B Debt Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Balaji
Impex (BI) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit      9          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term   17.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Long Term    1.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BI for
obtaining information through letters and emails dated August 12,
2022 and August 17, 2022 among others, apart from telephonic
communication.

In accordance with the terms of the rating agreement with BI,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 10, 2022 among others, apart from
telephonic communication.

However, the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BI. Which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BI is
consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings also failed to receive the payment due towards the
surveillance exercise in spite of repeated reminders and follow-up
by the business development team. Therefore, on account of
inadequate information, lack of management cooperation on both
information and payment of fees due, CRISIL Ratings has migrated
the rating on bank facilities of BI to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

BI, based in Mumbai, was set up as a partnership between Mr.  Ilesh
Gadhia and Mr. Mitesh Gadhia (third-generation entrepreneurs) in
2006. It trades in sulphur and soda ash. The Gadhia family has been
in the trading business since 1940s.


BEV WORLD LINK: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Bev World Link International Private Limited
        India Bulls Finance Centre
        801/802, 8flr Tower-3
        S B Marg, Elphinstone Rd (W)
        Mumbai City MH 400013
        IN

Liquidation Commencement Date: August 22, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Anil Seetaram Vaidya

Interim Resolution
Professional:            Anil Seetaram Vaidya
                         Plot No. 107, S.No. 62/65
                         Mahatma Society, Bhusari Colony
                         Kothrud, Pune 411038
                         E-mail: anilvaidya38@gmail.com
                         Mobile: 09850772497

Last date for
submission of claims:    September 20, 2022


BLISS MANAGEMENT: ICRA Moves B/A4 Rating to Not Cooperating
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Bliss
Management Services Private Limited (BMSPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         10.00      [ICRA]B (Stable)/[ICRA]A4
   Short-term–                   ISSUER NOT COOPERATING;
   Unallocated                   Ratings moved to the
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The ratings moved to Issuer Non-Cooperating category because of
lack of adequate information regarding BMSPL performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Bliss Management Services Private Limited (BMSPL), ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Bliss Management Services Private Limited (BMSPL), established in
2010 by Mr. Ganesan, is involved in providing security (manned
guarding) and cash logistics services. The company has 75 security
personnel and 15 cash logistic vans at present. It provides
security and allied services primarily to customers in the banking
sectors such as Karur Vysya Bank, City Union Bank, Bank of Baroda,
among others.

CAREBRIDGE HEALTH: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Carebridge Health Services Private Limited
        3rd Floor, Plot No. D-141
        TTC Industrial Area
        Nerul MIDC, Shirvane
        Navi Mumbai, Thane
        MH 400706
        IN

Liquidation Commencement Date: August 11, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Anagha Anasingaraju

Interim Resolution
Professional:            Anagha Anasingaraju
                         1-2, Aishwarya Sankul
                         17 G.A. Kulkarni Path
                         Opp. Joshi's Railway Museum
                         Kothrud 411038
                         E-mail: rp.anagha@kanjcs.com
                         Tel: 020-25466265/65204591

Last date for
submission of claims:    September 10, 2022


CHINIWALAS PRIVATE: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Chiniwalas Private Limited (CPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          11.65       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan       2.2        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with CPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 10, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
CPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

CPL was set up in 1990, at Pune, by the promoter, Mr. Taher
Chiniwala and his family. The company engineers and installs
aluminium and glass doors and windows, claddings and facades, and
sets up clean rooms.


CUBATIC INFRA: CRISIL Lowers LT/ST Loan Rating to D
---------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Cubatic Infra and Power Private Limited (CIPPL) to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' based on publicly available information.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with CIPPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CIPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIPPL
is consistent with 'Assessing Information Adequacy Risk'.

CIPPL was set up in 2012 to pursue opportunities in the Real
Estate, Infrastructure & Power sectors is based out of Hyderabad
and is focused on executing large civil & urban projects such as
roads, highways, ports, railway lines etc. The company is promoted
by T S Babu, KRS Prasad and T Subba Lakshmi.


CYGNUS EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Cygnus
Equipments And Rentals Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D: ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2009, CERPL is involved in renting and leasing of
construction equipment (primarily concrete handling equipment)
across India. It caters mainly to the Ready Mix Concrete (RMC)
manufacturing companies. CERPL is a part of the Cygnus group, which
is founded and managed by Mr. K. K. Singhania. He possesses vast
business experience in different sectors such as construction
equipment, real estate, land development, warehousing, investment
and finance, trading, import and manufacturing.


DINDAYAL JALAN: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Dindayal
Jalan Textiles Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

DJTL, incorporated in 1993, is wholesaler of textile products with
its operations centred in Varanasi, Uttar Pradesh. The company is a
part of the Dindayal Jalan group, which has been engaged in the
textile trading business for more than four decades. DJTL was a
wholesaler and retailer till FY2014, with trading of handloom,
fabric, readymade garments, hosiery etc accounting for a major
portion of its sales. The retail operations of the company were
discontinued from April, 2014 onwards, and were shifted to the
newly formed group company Dindayal Jalan Retails Pvt Ltd. The
company has 150,000 square feet space on the outskirts of Varanasi,
which serves as a warehouse and as a display centre. This store of
the company is well connected by National Highway with Varanasi and
other major cities of Uttar Pradesh and Bihar.


DINJOYE TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dinjoye
Tea Estate Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.67        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.33        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Dinjoye Tea Estate Pvt. Ltd., promoted by Mr. Mahadeo Jalan, was
incorporated in 1943. The company owns two tea gardens in Chabua
district of Assam, spread over a cultivable area of 244.66 hectare.
The company is mainly involved in plucking of green leaves and
processing the same to manufacture orthodox variety of black tea.


DIVYA JYOTI: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Divya Jyoti Investments Private Limited
        D-268 Sarvodaya Enclave
        New Delhi 110017
        India

Liquidation Commencement Date: August 17, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Manoj Kumar Anand

Interim Resolution
Professional:            Manoj Kumar Anand
                         3rd Floor, 2nd Community Centre
                         (Near PVR/McDonald's)
                         Naraina, New Delhi 110028
                         E-mail: anandmanoja@gmail.com
                         Tel: 45051903, 9811280787

Last date for
submission of claims:    September 16, 2022


DP AGRO MILLS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: DP Agro Mills Private Limited
        Alamganj, Near S.B.S.T.C. Garrage
        P.O. Nutangan P.S. & Dist. Burdwan
        Alamganj WB 713102
        IN

Insolvency Commencement Date: August 26, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 22, 2023

Insolvency professional: Mr. Pankaj Kumar Tibrewal

Interim Resolution
Professional:            Mr. Pankaj Kumar Tibrewal
                         Chitra 3E, Duke Residency
                         13 Chanditala Lane
                         Near Chalia More
                         Tollygunge, Kolkata
                         West Bengal 700040
                         E-mail: tibrewalpankaj@yahoo.com

                            - and -

                         AAA Insolvency Profesionals LLP
                         Mousumi Co.Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: dpagromills@aaainsolvency.com

Last date for
submission of claims:    September 9, 2022


FINCLUDE CAPITAL: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Finclude Capital Private Limited
        Office No. 902, Plot No. 273
        Sector-10, Kharghar
        Panvel, Raigarh
        Maharashtra 410210

Liquidation Commencement Date: August 25, 2022

Court: National Company Law Tribunal, Delhi Bench

Insolvency professional: Madhusudan Sharma

Interim Resolution
Professional:            Madhusudan Sharma
                         54, CSC-9, DDA Market
                         Sector-7, Rohini
                         Delhi 110085
                         E-mail: madhusudan.ip@outlook.com
                                 fincludeliquidation@gmail.com

Last date for
submission of claims:    September 24, 2022


FLOCUS TECHNOLOGIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Flocus Technologies Private Limited
        F.No. 3091, Sector C Pocket-3
        Vasant Kunj, New Delhi 110070

Liquidation Commencement Date: August 22, 2022

Court: National Company Law Tribunal, Gurgaon Bench

Insolvency professional: Mr. Umesh Gupta

Interim Resolution
Professional:            Mr. Umesh Gupta
                         Unit No. 111, First Floor
                         Tower-A, Spazedge
                         Sector 47, Sohna Road
                         Gurgaon 122018
                         E-mail: umesh@vamindia.in
                                 vol.lq.flocus@gmail.com
                         Tel: +91-9910024854

Last date for
submission of claims:    September 21, 2022


GEOSHINE MINES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Geoshine Mines 2 Metals Limited
        P.No. 1033 SA, Kataula
        Gaushpur Main Road Airport Post-Bamrauli
        PS. Dhoomanganj, Prayagraj
        Allahabad, UP 211012

Insolvency Commencement Date: August 24, 2022

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: February 19, 2023

Insolvency professional: Anurag Nirbhaya

Interim Resolution
Professional:            Anurag Nirbhaya
                         204, Sagar Plaza
                         Plot No. 19
                         District Centre Laxmi Nagar
                         New Delhi 110092
                         E-mail: anurag@canirbaya.com
                                 cirp@geoshinemines.com
                         Tel: 7678571120

Classes of creditors:    Investors in the Collective Investment
                         Scheme floated by the Corporate Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Sujata Garg
                         A-115, Second Floor
                         Azad Chamber, Shakarpur
                         New Delhi 110092

                         Pawan Lohia
                         A 505, Gardenia Greens
                         C-10, Sector 18
                         Vasundhara, Ghaziabad
                         Uttar Pradesh 201012

                         Suresh Kumar Mittal
                         Flat No. 119, Chardham Apartment
                         Plot No. 38, Sector-9, Rohini
                         Near Rohini West Metro Station
                         North West, Delhi 110085

Last date for
submission of claims:    September 7, 2022


GIT TEXTILES MANUFACTURING: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: GIT Textiles Manufacturing Limited
        35, Jamunalal Bajaj Street 2nd Floor
        Room No. 9, Kolkata
        West Bengal 700007

Insolvency Commencement Date: August 25, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 19, 2022

Insolvency professional: Mr. Ramchandra Dallaram Choudhary

Interim Resolution
Professional:            Mr. Ramchandra Dallaram Choudhary
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmadabad, Gujarat 380014
                         E-mail: rdc_rca@yahoo.com
                                 cirp.git@gmail.com

Last date for
submission of claims:    September 9, 2022


HARMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Harman
Agro in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         4.50         [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         2.20         [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in November 2015 as a partnership firm by Mr.
Gurucharan Singh Chhabra and Mr. Gurdeep Singh Chhabra, Harman Agro
crushes cotton to extract the cotton seed oil & cake. The plant,
located at Nalgonda, Telangana, has an annual processing capacity
of 20000 MT. In addition to oil extraction, the firm is also into
trading of cotton bales.


HIKE LEATHER: Liquidation Process Case Summary
----------------------------------------------
Debtor: Hike Leather Private Limited
        14, Leather Complex
        Kapurthala Road
        Jalandhar Punjab 144021

Liquidation Commencement Date: August 20, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Date of closure of
insolvency resolution process: March 25, 2021

Insolvency professional: Jatin Mehra

Interim Resolution
Professional:            Jatin Mehra
                         E-455, Ranjit Avenue
                         Amritsar 143001
                         Punjab
                         E-mail: jatinmehraassociates@gmail.com

                            - and –

                         E-536, Ranjit Avenue
                         Amritsar 143001
                         Punjab
                         Tel: 8146013366

Last date for
submission of claims:    September 17, 2022


HYPER HR NUCLEUS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Hyper HR Nucleus Solutions Private Limited
        SCO-18, 2nd Floor, Sector-16
        Faridabad 121003

Insolvency Commencement Date: August 26, 2022

Court: National Company Law Tribunal, Faridabad Bench

Estimated date of closure of
insolvency resolution process: February 22, 2023

Insolvency professional: Gyaneshwar Sahai

Interim Resolution
Professional:            Gyaneshwar Sahai
                         OS-2, 2nd Floor, The Next Door
                         Faridabad, Haryana 121004
                         E-mail: gyaneshwar.sahai@gmail.com
                                 hyperhr.cirp@gmail.com

Last date for
submission of claims:    September 9, 2022


IMPERIAL TUBES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Imperial Tubes Private Limited
        Sagar Estate, 5th Floor
        Room No. 5 & 6
        2, N.C. Dutta Sarani
        Kolkata 700001
        West Bengal, India

Insolvency Commencement Date: August 22, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 17, 2023

Insolvency professional: Rachna Anchalia

Interim Resolution
Professional:            Rachna Anchalia
                         Madhuban Apartment, 5th Floor
                         Flat-B5, 48/11 Jessore Road
                         Kolkata 700055
                         E-mail: ca.rachna1978@gmail.com

                            - and –

                         C/o Anil Anchalia & Co.
                         16B Robert Street, 2nd Floor
                         Kolkata 700012
                         E-mail: imperial.cirp@gmail.com

Last date for
submission of claims:    September 5, 2022


JASSMINE ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jassmine
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Jassmine Enterprises ('JE') was established as a partnership
concern in August 2012. The firm was initially managed by the
partners, Mr. Shyam Sunder Motwani and Mr. Umesh Jani while Mr.
Mukesh Kumar Gadhiya joined the firm as partner in FY2016. However,
in FY2017, Mr. Umesh Jani retired from the business as partner. The
firm has its registered office in Mumbai and a warehouse facility
in Navi Mumbai (Maharashtra). It is involved in trading of various
types of fabrics, dress materials and readymade garments such as
salwar suits, shirts, kids' garments, tops and legins.

KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kapsons
Engineers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        20.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2007, Kapsons Engineers Private Limited (KEPL) is
an authorised dealer for passenger vehicles of Honda Cars India
Ltd. The company is promoted by the Kapoor family, with Mr. Jawahar
Lal Kapoor and Mr. Atul Kapoor (son of Mr. Jawahar Lal Kapoor)
serving as the directors of the company. KEPL's customers are
majorly based of Gurgaon and Noida.


KS SOFTNET: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KS Softnet
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        15.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        25.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Limits                        'Issuer Not Cooperating'
                                 Category

   Short-term        (6.50)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Continues to remain under the
   Limits                        'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

KS Softnet Solutions Private Limited (KSSSPL) was incorporated in
the year 2002 by Mr. Dinesh Agrawal, and is engaged in development
of Interstate and International check posts for Government
entities. The company is also an authorized partner for
distribution of software products for Microsoft Corporation (USA)
in Mumbai and adjoining regions. The current contracts undertaken
by the company include projects for Department of Transport
(Government of Jharkhand) 2 and Ministry of External Affairs.  The
company started as a software distribution firm and later on
diversified into construction of integrated check posts in 2006.


MA ENTERPRISES: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M.A.Enterprises'
(MAE) Long-Term Issuer Rating to 'IND D' from 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR254.10 mil. (increased from INR10.1 mil.) Fund-based
     working capital limit (Long term) downgraded with
     IND D rating; and

-- INR75.10 mil. (reduced from INR770 mil.) Non-fund based
     working capital limit (Short-term) downgraded with IND D
     rating.

The downgrade reflects MAE's continuous overutilization of the cash
credit facility and delays in debt servicing.

Key Rating Drivers

The downgrade reflects MAE's continuous overutilization of the cash
credit facility and delays in debt servicing in July 2022 due to a
stretched liquidity position.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

Incorporated in 2015 in Savita Vihar, Delhi, MAE is a partnership
firm engaged in the importing and trading of edible oil in India.


MAHAMAY BUILDING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Mahamay Building Solution Private Limited
        2-A/3, S/F Front Side Kundan Mansion
        Asaf Ali Road, Turkman Gate
        New Delhi DL 110002

Insolvency Commencement Date: August 23, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 19, 2023
                               (180 days from commencement)

Insolvency professional: Sanjeet Kumar Sharma

Interim Resolution
Professional:            Sanjeet Kumar Sharma
                         BE 149, Street No. 5
                         Hari Nagar, Delhi 110064
                         E-mail: sansharma1975@gmail.com
                                 cirpmbpl@gmail.com

Classes of creditors:    Real estate allottee

Insolvency
Professionals
Representative of
Creditors in a class:    Munish Aggarwal
                         Shashi Sharma
                         Sumit Sharma

Last date for
submission of claims:    September 9, 2022


MAHAVIR RICHAB: Liquidation Process Case Summary
------------------------------------------------
Debtor: Mahavir Richab Investments Private Limited

        Registered office:
        Khasra No. 70/1/1 Floor Ground
        Landmark, Near Hanuman Mandir
        Village Mangolpur, Kalan
        New Delhi 110085
        India

        Former Registered office:
        B-715, Jawanti Allied Business Centre
        Ramchandra Lane, Kanchpada
        Malad West, Mumbai 400064

Liquidation Commencement Date: August 24, 2022

Court: National Company Law Tribunal, Court VI, New Delhi Bench

Date of closure of
insolvency resolution process: August 24, 2022

Insolvency professional: Atul Kumar Kansal

Interim Resolution
Professional:            Atul Kumar Kansal
                         SCO-61, 3rd Floor
                         Old Judicial Complex
                         Sector-15, Civil Lines
                         Gurgaon 122001
                         E-mail: cakansal@yahoo.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower-A
                         Spazedge, Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.mahavir@gmail.com

Last date for
submission of claims:    September 23, 2022


METRO JET: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Metro Jet Airways Training Private Limited
        102-103, Gopalpura Bypass
        Near Trivani Nagar
        Chouraha, Jaipur
        Rajasthan 302018

Insolvency Commencement Date: August 12, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 6, 2023

Insolvency professional: Bhim Sain Goyal

Interim Resolution
Professional:            Bhim Sain Goyal
                         109-B, Pocket-F
                         Mayur Vihar-II
                         Delhi 110091
                         E-mail: bsgoyal@gmail.com

                            - and -

                         M-215, Rear Ground Floor
                         Greater Kailash-II
                         New Delhi 110048
                         E-mail: cirpmetrojet@gmail.com

Last date for
submission of claims:    August 24, 2022


MUM AGRO: CRISIL Assigns B+ Rating to INR1.65cr Term Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities Mum Agro Industries Private Limited
(MAIPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee      1.47        CRISIL A4 (Assigned)
   Cash Credit         0.88        CRISIL B+/Stable (Assigned)
   Term Loan           1.65        CRISIL B+/Stable (Assigned)

The ratings reflect the company's susceptibility to climatic
conditions and volatility in raw material prices, exposure to
intense competition and a highly leveraged capital structure. These
weaknesses are partially offset by the extensive experience of the
promoters in the rice milling industry

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and favourable climatic conditions. Thus,
MAIPL is exposed to the risk of limited availability of its key raw
material during unfavourable climatic conditions. Also, production
may be impacted by pests or crop infection, leading to higher
unpredictability in the production and pricing of agricultural
commodities and derived products.

* Exposure to intense competition: The rice milling business is
highly fragmented, comprising numerous organised and unorganised
players catering to regional demand. The consequent intense
competition may continue to constrain scalability, pricing power
and profitability.

* Highly leveraged capital structure: The average financial risk
profile of MAIPL is reflected in high total outside liabilities to
adjusted networth ratio of 6.88 times over the three years ended
March 31, 2022.

Strength

* Extensive experience of the promoters: The decade-long experience
of the promoters, their strong understanding of the market dynamics
and healthy relationships with suppliers and customers will
continue to support the business risk profile.

Liquidity: Stretched

Bank limit utilisation averaged 80% over the nine months through
June 2022. Cash accrual is expected at a modest INR0.50-0.75 crore,
though it will cover yearly debt obligation of INR0.40 crore over
the medium term. Current ratio was average at 1.02 times on March
31, 2022. Liquidity is partially supported by equity and unsecured
loans from the promoters

Outlook: Stable

MAIPL will continue to benefit from the promoters' extensive
experience and healthy relationships with clients.

Rating Sensitivity factors

Upward factors

* Sustained increase in revenue by 20% and steady operating margin
leading to higher cash accrual
* Improvement in the financial risk profile

Downward factors

* Decline in revenue leading to net cash accrual of below INR0.40
crore
* Large debt-funded capital expenditure or substantial increase in
the working capital requirement weakening liquidity and the
financial risk profile.

MAIPL, incorporated in 2015 by Mr. Enamula Haque Sekh, processes
and mills rice and its by-products, such as broken rice, bran and
husk. The milling unit is in Bardhaman, West Bengal.


NAMI STEEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Nami Steel Private Limited
        Survey No. 316-P, 317-P & 342-P & 343-P
        Nano Ford Road
        Opp. Chharodi Railaway Station
        Sanand, Ahmedabad
        Gujarat 382110

Insolvency Commencement Date: August 22, 2022

Court: National Company Law Tribunal, Ahmedabad Bench-II

Estimated date of closure of
insolvency resolution process: February 11, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Udayraj Patwardhan

Interim Resolution
Professional:            Mr. Udyaraj Patwardhan
                         Naman Midtown, B Wing
                         1106, 11th Floor
                         Behind Kamgar Kala Kendra
                         Senapati Bapat Marg
                         Elphinstone West, Mumbai City
                         Maharashtra 400013
                         E-mail: ca.udayraj@viajure.in
                                 cirpnamisteel@gmail.com

Last date for
submission of claims:    September 5, 2022


NEXO INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nexo Industries
Private Limited's (NIPL) Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)' and has
simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR668.50 mil. Fund-based limits.* downgraded and withdrawn;

-- INR195 mil. Non-fund-based limits.# downgraded and withdrawn;
     and

-- INR35.20 mil. Term loan.* due on March 2025 downgraded and
     withdrawn.

* Downgraded to 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn.

# Downgraded to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

Key Rating Drivers

The downgrade is pursuant to the Securities Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating remaining non-cooperative with a rating agency for over six
months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect NIPL's credit strength as the issuer has been
non-cooperative with the agency since February 10, 2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the banks for all the
rated limits. Ind-Ra will no longer provide analytical and rating
coverage for NIPL.

Company Profile

Established in 1964, NIPL manufactures industrial fasteners, nuts,
and bolts, which cater to end-user industries involved in the power
transmission, railway electrification, telecommunications,
roads/bridges, and heavy engineering segments. The manufacturing
plant is situated in Ludhiana, Punjab, with total production
capacity of 36,000 metric tons per annum.


NHC FOODS: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NHC Foods
Limited's (NHC) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR255 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable /IND A4+ rating.

Key Rating Drivers

The affirmation reflects NHC's continued medium scale of
operations. Its revenue marginally grew to INR1,501.38 million in
FY22 (FY21: INR1,489.19 million), due to a steady flow of orders
from its diversified customer base. Its revenue share from the
export market increased to 77% in FY22 (FY21: 60%), with rice and
maize contributing 26%. Rice was added to its product portfolio in
FY22. The company booked revenue of INR389 million during 1QFY23
(1QFY22: INR291 million). The management expects the company to
book revenue of INR1,700 million-1,800 million in FY23, as it
caters to running orders and its demand increases from the second
quarter. As on 4 August 2022, NHC had orders worth INR180 million,
which would be executed till mid-September 2022.

NHC plans to open a distribution center in the US and generate
sales worth INR2,250 million in FY24. The company has approval from
the United States Food and Drug Administration and well-established
relations with its US partners, enabling it to operate smoothly in
the US market. It has observed substantial demand in the US for its
spices and grains under the brand SAAZ. Ind-Ra expects the scale of
operations to remain medium; however, its revenue will
substantially increase in FY24[DM1], owing to the commencement of
the distribution center, leading to sales of quality-certified
products, further enabling it to expand its presence to other
countries.

NHC's EBITDA margins improved but remained modest at 3.56% in FY22
(FY21: 3.09%), owing to a decline in its purchase costs to 84.42%
(91.61%). The company's return on capital employed stood at 8% in
FY22 (FY21: 7%). According to the management, the company makes
immediate payments to its suppliers and purchases with a 2%
discount in the rate. In addition to this, NHC added rice to its
existing grains of maize and wheat, which are low-cost high-margin
products. It also follows stock and sale mechanism for certain
spices/grains, by procuring bulk quantities at low prices during
the peak season and sells during off season, gaining better
margins. The margins improved to 3.13% in 1QFY23 (1QFY22: 2.43%),
on account of a decrease in variable costs. The management expects
the margins to remain around 3.5% in FY23, due to its business
strategies for better margins. Ind-Ra expects its margins to
improve further in FY24, driven by its distribution center in the
US. NHC expects to achieve 10% margins from the US business.

The rating factors in NHC's average credit metrics. The company's
gross interest coverage (operating EBITDA/gross interest expense)
marginally deteriorated to 2.66x in FY22 (FY21: 2.78x), due to an
increase in interest expenses to INR20.08 million (INR16.68
million), following a change in the interest rates from Libor rate
to repo rate after 31 December 2021. The net leverage (total
adjusted debt/operating EBITDA) reduced to 6.86x in FY22 (FY21:
7.64x), owing to an increase in its absolute EBITDA to INR53.50
million (INR46.35 million). During April to June 2022, the gross
interest coverage stood at 2x. Ind-Ra expects NHC's net leverage to
improve in the near term, owing to the scheduled repayment of
loans. However, its gross interest coverage may deteriorate during
the same period, owing to high interest business loans availed
during the peak season. Also, FY23 will be the company's first full
year for paying bank's interest as per repo rate.

Liquidity Indicator - Stretched: NHC's peak average utilization of
fund-based working capital limits was 96.66% during the 12 months
ended July 2022. The cash flow from operations turned positive at
INR12.37 million in FY22 (FY21: negative INR73.74 million), owing
to the increase in EBITDA and certain favorable changes in the
working capital cycle. Its working capital cycle increased to 68
days in FY22 (FY21: 60 days) as the company's inventory days
increased to 65 days (54 days), and creditors days reduced to 33
days (44 days). However, the debtor days improved to 36 days in
FY22 (FY21: 49 days). Its receivable period is supported by bills
discounting facility. The company's repayment obligations for FY23
and FY24 are INR23.36 million and INR15.84 million, respectively.
NHC's cash and cash equivalents remained low at INR7.97 million at
FYE22 (FYE21: INR11.12 million). NHC has no plans of an enhancement
of its working capital facilities or any capex plans for the
distribution center.

The rating, however, is supported by the company's longstanding
relationships of over four decades with its customers and suppliers
which it leverages to bag orders. NHC's business is benefitted by
the absence of geographical concentration, catering less than 5% to
any country.

Rating Sensitivities

Negative: An increase in the company's working capital requirements
and the tightening of the liquidity profile along with the interest
coverage reducing below 2x, on a sustained basis, would be negative
for the ratings.

Positive: A substantial improvement in the revenue and
profitability, while maintaining the working capital cycle, on a
sustained basis, would be positive for the ratings.

Company Profile

NHC was incorporated in 1960 by Himatlal Shah. The company
processes and trades spices, food grains and ready-to-eat snacks.
The company's processing unit has an installed capacity of 18,900
million tons per annum.


PERFECT MOBILE: Liquidation Process Case Summary
------------------------------------------------
Debtor: Perfect Mobile and Communications Private Limited
        Gala No. 16, Ratna Jyoti Industrial Premises
        CHS Irla Gauthan, Irla Lane
        Vile Parle (West), Mumbai
        Mumbai City MH 400056
        IN

Liquidation Commencement Date: August 24, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: August 24, 2022

Insolvency professional: Mr. Mukesh Kumar Jain

Interim Resolution
Professional:            Mr. Mukesh Kumar Jain
                         C-203, EDGE
                         Opposite Maruti Suzuki Arena
                         Vidhansabha Road, Mova
                         Raipur 492007
                         E-mail: mkj2822@gmail.com
                                 bsr.liquidation@izmail.com

Last date for
submission of claims:    September 23, 2022


PHANTOM RESOURCES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Phantom Resources Private Limited
        501, Aryston Centre
        Juhu Tara Road
        Opp. JW Marriot Hotel
        Mumbai City
        MH 400049
        IN

Insolvency Commencement Date: August 20, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 16, 2023

Insolvency professional: Ajay Marathe

Interim Resolution
Professional:            Ajay Marathe
                         205 Sudama Yash Apartment
                         Off Kelkar Road
                         Dombivili (E) 421201
                         E-mail: ajaym7@rediffmail.com

                            - and –

                         201 Aadhar Height
                         Opposite Bhagshala Maidan
                         Dombivili West 421202

Last date for
submission of claims:    September 3, 2022


PRABHA ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Prabha
Engineers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 1992, Prabha Engineers is a partnership firm started
by Mr. Prabhakar Janwadkar in Kolhapur with his father. The firm
was reconstructed as proprietorship concern in 1999 which is
managed by Mr. Prabhakar and his son Mr. Yateen Janwadkar. The firm
provides machining services to Yash Metallics Private Limited which
is a group entity and to other OEMs.


PRINCE PROPERTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of Prince Properties in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2002, the company is predominantly engaged in the
flour milling sector and manufactures refined flour, whole wheat
flour, semolina, refraction and bran. The manufacturing facility of
the company is located in Chandauli (Uttar Pardesh) with a
production capacity of 1,50,000 MT per annum. The promoter of ARFM
has two other business entities, Akshat Agro Milling Company
Private Limited and Simran Food Private Limited, which are also
engaged in flour milling.


RADIANT CASTINGS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Radiant Castings Private Limited

        Registered office:
        A-52, First Floor, Narang Colony
        West Delhi, Delhi 110058

        Factory at:
        288, EPIP Road Jharmajri
        Solan, Himachal Pradesh 172205

Insolvency Commencement Date: August 24, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 20, 2023

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 rcpl.cirp@gmail.com

Last date for
submission of claims:    September 7, 2022


RAPT INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rapt Industries Private Limited
        F-23, Sector-1
        Bawana Industrial Area
        New Delhi, West Delhi 110039
        India

Insolvency Commencement Date: August 25, 2022

Court: National Company Law Tribunal, Bench-IV, New Delhi

Estimated date of closure of
insolvency resolution process: February 20, 2023
                               (180 days from commencement)

Insolvency professional: Rakesh Kumar Jindal

Interim Resolution
Professional:            Rakesh Kumar Jindal
                         House No. 3656/6, Gali No. 6
                         Narang Colony, Tri Nagar
                         Near Rose Garden
                         New Delhi 110035
                         E-mail: iprakesh.jindal@gmail.com

                            - and –

                         70-D, 3rd Floor, Pocket-A
                         Vikas Puri Extension
                         New Delhi 110018
                         E-mail: cirp.ripl@efficaxindia.com

Last date for
submission of claims:    September 7, 2022


RELIANCE CAPITAL: Gets INR4,500 crore Bid from Potential Buyers
---------------------------------------------------------------
ET Now reports that the Hinduja Group, Oaktree Capital, Torrent
Investment, and Cosmea Financial Holdings have offered up to
INR4,500 crore to acquire the Anil Ambani-founded Reliance Capital,
which is undergoing insolvency proceedings.  Three other bidders
have sought to buy only the general insurance business of Reliance
Capital, according to Economic Times.

According to ET Now, Cosmea Financial has offered INR4,500 crore
with a commitment of capital infusion of INR1,060 crore into the
beleaguered Anil Dhirubhai Ambani Group company.

Sam Ghosh, the promoter-founder of Cosmea Financial Holdings,
headed Reliance Capital for 9 years until 2017.

ET Now says Advent, a Piramal Group-led consortium and Zurich
Insurance submitted proposals for Reliance General Insurance only.
Advent International and Zurich Insurance have bid for 100% stake
in Reliance General Insurance (RGI).

Oaktree and the Hinduja submitted bids worth INR4200 crore and
INR4000 crore respectively. Torrent Investment offered INR4,000,
constituting INR1000 upfront and INR3,000 crore in deferred
payments, ET Now discloses.

According to ET Now, the debt-ridden company has received 14
resolution plans until August end as part of the company's
insolvency proceedings.

The RBI-appointed administrator Nagaeswara Rao Y did not receive
any separate bids for the 51% stake of Reliance Nippon Life
Insurance, the report added.

Mr. Rao had given potential bidders a choice between bidding for
the entire Reliance Capital, including all of its subsidiaries,
and, each of the company's individual businesses separately,
relates ET Now.

                        About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.

In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.


RKB GLOBAL: CRISIL Assigns B+ Rating to INR32.5cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of RKB Global Ltd (RKBGL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          32.5        CRISIL B+/Stable (Assigned)

   Letter of Credit    113.5        CRISIL A4 (Assigned)

The ratings reflect weak financial risk profile, volatility in
operating margin and large capex plans. These weaknesses are
partially offset by extensive experience of the promoters in the
trading business and diversified product and customer profiles.

Analytical Approach: Unsecured loans have been treated as debt

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Gearing was 2.48 times and total
outside liabilities to adjusted net worth ratio was 4.74 times as
on March 31, 2022. Debt protection metrics were subdued, with
interest coverage and net cash accrual to total debt ratios of 1.55
times and 0.05 times, respectively, for fiscal 2022. Financial risk
profile may remain constrained on account of planned debt funded
capital expenditure.

* Volatility in operating margin: Operating margin has been
volatile in range of 1.6-4.3% over the past three fiscals on
account of volatility in steel prices and intense competition in
the industry

* Large capex plans: The company is planning a capex of INR40
crores in next 2-3 years for expanding of manufacturing facility.
Out of this 75% will be funded through bank debt. Hence, this may
further impact capital structure and steady increase in revenue and
operating margin will remain key monitorable.

Strengths

* Extensive experience of the promoters: The promoters have more
than three decades of experience in the steel industry; their
strong understanding of market dynamics and healthy relations with
customers and suppliers should continue to support the business.
The revenues have increased to INR409.23 crores in fiscal 2022 from
INR339.07 crores in fiscal 2018.

* Well-diversified product and customer profiles: The company has
ventured into manufacturing of roofing sheets, bright bar,
profiling, and drum corrugation Diverse product base mitigates
risks associated with dependence on a single product. RKBGL has a
strong customer base, comprising more than 200 clients across
India.

Liquidity:  Stretched

Bank limit utilization was high, at around 92.92% for the 12 months
through July'2022. Cash accrual is projected at INR7-8 crore per
annum, against term debt obligation of INR1.1 crore and INR3.8
crores in fiscal 2023 and 2024, respectively. Current ratio was
moderate at 1.03 times on March 31, 2022. Cash and bank balance
were around INR26.5 crore as on March 31, 2022.

Outlook: Stable

RKBGL will continue to benefit from the extensive experience of its
promoters.

Rating Sensitivity Factors

Upward Factors

* Improvement in financial risk profile with TOLANW below 4 times.
* Sustained revenue growth and operating margins, leading to higher
cash accruals

Downward Factors

* Decline in revenues and operating margin, leading to cash
accruals below INR4 crores
* Further stretch in the working capital cycle, increasing bank
limit utilization.

Established as a partnership, Rajankumar & Bros (Impex), in 1978,
the entity got reconstituted into a private-limited company in
December 2013. RKBGL trades in steel plates, and hot-rolled and
cold-rolled coils; it also manufactures drum corrugation,
profiling, bright rod, and wire rod. Mr. Virat Shah and his son,
Mr. Alok V Shah, manage the operations.

SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Samrat Sea Brines
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         2.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated on September 29th, 2011, Samrat Sea Brines Private
Limited (SSBPL) is engaged in manufacturing of iodized salt and
refined iodized salt. The company's manufacturing unit is located
at Santalpur (District- Patan), Gujarat. The promoters and
directors have past experience in salt manufacturing/ trading owing
to their association in other concerns engaged in similar
operations.

SARAJU FLOUR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Saraju Flour Mills Private Limited
        146A Cotton Street
        Kolkata WB 70007
        IN

Insolvency Commencement Date: August 26, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 22, 2023

Insolvency professional: Mr. Pankaj Kumar Tibrewal

Interim Resolution
Professional:            Mr. Pankaj Kumar Tibrewal
                         Chitra 3E, Duke Residency
                         13 Chanditala Lane
                         Near Chalia More
                         Tollygunge, Kolkata
                         West Bengal 700040
                         E-mail: tibrewalpankaj@yahoo.com

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co. Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: sarajuflourmills@
                                 aaainsolvency.com

Last date for
submission of claims:    September 9, 2022


SEVEN SKY: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Seven Sky
Entertainment Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term
   Unallocated         3.75        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2007, Seven Sky Entertainment Pvt. Ltd. (SSEPL) is
promoted by Mr. Ketan Patel, Mr. Jatubha Rathod, Mr. Prakash Patel,
Mr. Bipin Chande and other family members. SSEPL owns ~ 3,48,120 sq
ft plot at airport ring road in Bhuj, Gujarat from which it
operates its 3-star hotel, three screen multiplex and recently
build mall. Apart from these, the company also operates in liquor
business (both wholesale and in house), restaurant, spa, fitness
centre, banquet halls and party plot. The company had constructed
mall at the same plot with a total build-up area of 1,40, 000 sq.
ft in FY2018 and it commenced part operations from May 2018.
Further, the company has constructed second floor in mall building
with leasable area of 26,000 sq ft in FY2019. The company has also
taken franchise of the MAX fashions on revenue sharing agreement.
In August 2018, the company entered into management agreement with
Clarks Inn Group of Hotels for hotel operations and to run hotel
under the brand Seven Sky Clarks Exotica. Further, the company has
also leased out its three screen multiplex operations to NY cinemas
from August 2018.

SHANTI STRIPS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Shanti Strips Private Limited
        RP-2, 2nd Floor, Pitam Pura
        Delhi 110034

Liquidation Commencement Date: July 30, 2022

Court: National Company Law Tribunal, Faridabad Bench

Insolvency professional: Gyaneshwar Sahai

Interim Resolution
Professional:            Gyaneshwar Sahai
                         OS-2, II Floor, The Next Door
                         Sector-76, Faridabad
                         Haryana 121004
                         E-mail: gyaneshwar.sahai@gmail.com
                         Tel: 9953541408

Last date for
submission of claims:    August 29, 2022


SIDDHIVINAYAK CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Siddhivinayak
Construction in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          4.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2008 by proprietor Mr. Naresh T. Aidasani,
Siddhivinayak Construction is involved in the business of bitumen
trading and civil construction. The firm undertakes small road
construction projects from Power Works department (PWD) and other
government entities. These projects are mostly sub-contracted by
the firm.


SREEMA MAHILA: CRISIL Keeps B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sreema Mahila
Samity (Sreema Mahila) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Sreema
Mahila for obtaining information through letters and emails dated
July 30, 2022 and August 20, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Sreema Mahila, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Sreema Mahila is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Sreema Mahila continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

Sreema Mahila, set up in 1972 as a not-for-profit organisation, is
primarily engaged in education and healthcare, poverty alleviation,
disaster management, and rural development, especially among women
in rural West Bengal (WB). It operates in four districts'Nadia,
North 24 Parganas, Burdwan and Murshidabad, all in WB. Microfinance
activities commenced in 2000 with loans being offered to self-help
groups. Since 2007, the society has transitioned gradually to the
joint liability group lending model. As on December 31, 2015, it
had 44,356 borrowers across 4362 groups, and an outstanding loan
portfolio of INR21.4 crore.


SUNITI PROVA: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Suniti
Prova Cold Storage (SPCS) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          2.78       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       1.42       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-       0.80       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with SPCS,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 16, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
SPCS to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2009 by Mr. Gautam Dutta and Ms Kajal Dutta, SPCS
operates a cold storage unit in Sonitpur, Assam, with capacity of
10,500 quintals in two chambers.


SUPRABHA PROTECTIVE: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Suprabha
Protective Products Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         27.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term         (15.00)       [ICRA]B+ (Stable) ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        (7.40)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   limits                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1989 and promoted by Mr. Prabhakar Bantwal and Mrs.
Sumalata Bantwal, Suprabha Protective Products Pvt Ltd (SPPL)
manufactures eco-friendly, anti-corrosion products and provides
end-to-end packaging solutions. The company has manufacturing
facilities in Saswad near Pune.

SUPREME INFRA: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings of Supreme Infra Products
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Set up in March-2015, Supreme Infra Products ('SIP' or 'the
entity') is engaged in manufacturing of ready-mix concrete (RMC)
and Fly-Ash bricks. The manufacturing facility, spread over 4.31
hectares of land, is located in Butibori, Nagpur district. The RMC
facility has an installed capacity of 432 meters per day while the
brick manufacturing facility has an installed capacity of 90,000
units per day. Apart from fly-ash bricks, the unit can also be used
for manufacturing paver blocks, concrete doors and wood panel. The
manufacturing unit will also cater to in-house consumption for
other group concerns.


TECHNO POWER: Liquidation Process Case Summary
----------------------------------------------
Debtor: Techno Power Combines Private Limited
        1/5 Trustpakkam South Street
        Mandaveli, Chennai 600028

Liquidation Commencement Date: July 26, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: February 25, 2022

Insolvency professional: Varun Agarwal

Interim Resolution
Professional:            Varun Agarwal
                         Vishnu Priya, No. 24
                         Sriman Srinivasan Road
                         Alwarpet, Chennai 600018
                         E-mail: ipvarunagarwal@gmail.com

Last date for
submission of claims:    August 25, 2022


U GOENKA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of U Goenka
Sons Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        27.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Limits                        'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

U Goenka Sons Private Limited (UGSPL) is a trading house engaged in
trading of all types of pulses and beans. The company currently
caters to the domestic markets. The major products include green
peas, chick peas, toor daal, black matpe and yellow peas. The
company largely imports the agro products which are then sold in
the domestic market.


VIJAY TRANSFORMERS: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Vijay
Transformers in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.45        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          4.05        [ICRA]B-(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Vijay Transformers (VT) was established in 1992 by Mr Venkateswara
Rao as a proprietorship firm. The firm is involved in the
manufacturing of various ranges of distribution transformers. VT
has a sister concern called SVR Electricals Private Limited which
is also into the same line of business.


VNC NUTRITION: CRISIL Assigns B+ Rating to INR6.25cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of VNC Nutrition Foods Pvt Ltd
(VNCNFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit         2.8          CRISIL B+/Stable (Assigned)
   Term Loan           3            CRISIL B+/Stable (Assigned)
   Term Loan           6.25         CRISIL B+/Stable (Assigned)
   Working Capital
   Loan                2.45         CRISIL B+/Stable (Assigned)

The rating reflects the company's low operating margin inherent in
the trading business and modest scale of operations. These weakness
are partially offset by the extensive experience of the promoters
in the agricultural products processing and trading business.

Key Rating Drivers & Detailed Description

Weakness:

* Low operating margin inherent in trading business: Limited
initial investment and low complexity of operations have resulted
in existence of innumerable small entities in the agricultural
products processing and trading business, leading to low operation
margins for players. The profitability of VNCNFPL is expected to
improve on account of capital expenditure to install in-house
processing facility for peanuts and other products.

* Modest scale of operations: VNCNFPL's business risk profile and
operating flexibility will remain constrained by its modest scale
of operations in the intensely competitive industry.

Strength:

* Extensive business experience of the promoters: Experience of
around two decades has given the promoters an understanding of the
market dynamics and helped establish relationships with suppliers
and customers, which will help the company to grow its revenue over
the medium term.

Liquidity: Stretched

* Bank limit utilisation was high at 92.34% on average for the 12
months through April 2022. Cash accrual is expected at INR1.2-3.2
crore against term debt obligation of INR0.7-1.6 crore over the
medium term and the surplus will cushion liquidity. Current ratio
was healthy at 1.7 times on March, 2022.

Outlook: Stable

CRISIL Ratings believes VNCNFPL will continue to benefit from its
longstanding relationships with suppliers and the experience of the
management, which will help mitigate the inherent risks in the
trading business.

Rating Sensitivity factors

Upward factors

* Strong Revenue growth with improved profitability resulting in
net cash accrual more than 2.5 crore

* Improvement in the financial risk profile

Downward factors

* Steady decline in revenue resulting in insufficient cash accrual

* Weakening financial risk profile with gearing below 2.8 times

VNCNFPL was established as a proprietorship firm in 2002 by Mr.
Vinod Nanji Patel and reconstituted as a private limited company in
2012. The company is engaged in processing and wholesale and retail
trading of agricultural products such as peanuts, wheat, chickpeas,
roasted chana and roasted soyabean. VNCNFPL is owned and managed by
Vinod Nanji Patel and Harshad V Chosaliya.


YAMUNA MACHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Yamuna
Machine Works Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.41        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Yamuna Machine Works Ltd. was established in the year 1990 as a
private limited company and later changed its status to a limited
company in 2012. The company was promoted by Mr. MadhubhaiMangukia
and others. Since its inception, the company has been carrying on
the business of manufacturing and installation of textile
processing machineries.YMWL is an ISO 9001:2008 certified company.
The company has its registered office in Kandivili (Mumbai) and a
manufacturing unit in G.I.D.C. Vapi, (Gujarat).




=================
I N D O N E S I A
=================

GARUDA INDONESIA: Faces Liquidation Application in Australia
------------------------------------------------------------
ch-aviation reports that Garuda Indonesia must now confront a
geographical extension of its legal and financial troubles to
Australia, where it has been sued for allegedly not keeping up with
the lease payments for two of its aircraft.

According to ch-aviation, two Ireland-based designated activity
companies, Greylag Goose Leasing 1410 and Greylag Goose Leasing
1446, which are both managed by New York-based private equity firm
Avenue Capital Group, filed a winding up application against the
airline at the Supreme Court of New South Wales in Sydney.

ch-aviation relates that Garuda Indonesia revealed in mid-July that
it had received cassation appeals from the two lessors against the
results of its bankruptcy protection process (Penundaan Kewajiban
Pembayaran Utang - PKPU), from which it had emerged the previous
month. The leases related to A330-300s PK-GPQ (msn 1410) and PK-GPR
(msn 1446), both of which are currently stored at Jakarta
Soekarno-Hatta.

The special purpose vehicles' new lawsuit in Australia was
submitted on August 17, and Garuda was notified about it the
following day through its branch office in the New South Wales
capital city, as the carrier described in a letter, coded
GARUDA/JKTDZ/21616/2022, attached to an Indonesia Stock Exchange
filing on August 20, ch-aviation relays.

Listed under "Legal Cases Against Issuers or Public Companies that
Have a Material Impact," the letter said that "the winding up
(bankruptcy) lawsuit was filed with the Supreme Court of New South
Wales, Australia, where in the lawsuit the petitioner stated that
the company had not been able to fulfil its obligations related to
aircraft rental costs."

The earlier cassation appeals had been filed in Jakarta despite the
fact that "95.07% of total creditors have approved the
reconciliation plan proposed by the company," the letter, as cited
by ch-aviation, lamented. The letter was addressed to officials at
Indonesia's Financial Services Authority regulator as well as to
the stock exchange.

"There is no direct impact on the company's operational activities,
and the company ensures that all operational activities run
normally. The company will respond carefully and wisely, including
studying the lawsuit together with its legal consultant in
Australia to determine the steps that need to be taken in
connection with the winding up lawsuit," it assured.

ch-aviation adds that as for its ongoing pursuit of a settlement
with creditors, Garuda Indonesia said it had "opened a discussion
room within the framework of the PKPU process which is part of the
company's efforts [towards] the settlement of its business
obligations by taking into account the aspirations of creditors
which are also aligned with the company's capabilities."

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
14, 2021, Bloomberg News said the airline entered a
court-supervised debt restructuring process after a Jakarta court
on Dec. 9, 2021, accepted a debt petition filed against it.  Garuda
and its creditors had 45 days to complete negotiations, which can
be extended to 270 days.

Garuda Indonesia's proposal for restructuring its more than US$9
billion debt won the approval on June 17 from the vast majority of
the airline's creditors, court officials said, staving off the risk
of bankruptcy at the embattled flag carrier, Reuters reported.




=========
J A P A N
=========

ANA HOLDINGS: Egan-Jones Retains CCC Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on August 22, 2022, retained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Ana Holdings Inc. EJR also retained its 'C'  rating
on commercial paper issued by the Company.

Headquartered in Minato City, Tokyo, Japan, Ana Holdings Inc.
provides a variety of air transportation-related services.


EAST JAPAN RAILWAY: Egan-Jones Retains BB Unsec. Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2022, retained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by East Japan Railway Company.

Headquartered in Shibuya City, Tokyo, Japan, East Japan Railway
Company provides rail transportation services in the Kanto and
Tohoku regions, including Tokyo.


KEISEI ELECTRIC: Egan-Jones Retains B+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 24, 2022, retained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Keisei Electric Railway Co., Ltd.

Headquartered in Ichikawa, Chiba, Japan, Keisei Electric Railway
Co., Ltd. provides passenger rail and bus transportation services
in the Metropolitan Tokyo and Chiba prefecture areas.


TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 23, 2022, retained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Electric Power Company Holdings, Incorporated.


Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.




===============
M A L A Y S I A
===============

SERBA DINAMIK: S&P Withdraws 'D' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings has withdrawn its 'D' issuer credit rating on
Serba Dinamik Holdings Bhd. and its 'D' issue rating on the
Malaysian company's guaranteed senior unsecured sukuks, namely
US$300 million due May 2022 and US$200 million due March 2025.

The sukuks have been in default for more than 30 days, and S&P
Global Ratings is unlikely to raise the ratings soon. This follows
the Kuala Lumpur High Court's decision to appoint an interim
liquidator over the company on Aug. 23, 2022.




=====================
N E W   Z E A L A N D
=====================

BFG TRUSTEES: Court to Hear Wind-Up Petition on Sept. 8
-------------------------------------------------------
A petition to wind up the operations of BFG Trustees No. 5 Limited
will be heard before the High Court at Napier on Sept. 8, 2022, at
2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 13, 2022.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


CRK ENTERPRISES: Court to Hear Wind-Up Petition on Sept. 8
----------------------------------------------------------
A petition to wind up the operations of CRK Enterprises Limited
will be heard before the High Court at Napier on Sept 8, 2022, at
2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 13, 2022.

The Petitioner's solicitor is:

          Utita Jennifer Alofatele Sakalia
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


INTERFARM IMPORTS: Court to Hear Wind-Up Petition on Sept. 8
------------------------------------------------------------
A petition to wind up the operations of Interfarm Imports Limited
will be heard before the High Court at Napier on Sept 8, 2022, at
2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 13, 2022.

The Petitioner's solicitor is:

          Caroline Lucy Russell
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


SPECIALIST DECORATORS: Creditors' Proofs of Debt Due on Oct. 5
--------------------------------------------------------------
Creditors of Specialist Decorators (NZ) Limited are required to
file their proofs of debt by Oct. 5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 31, 2022.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


STRIPES GROUP: Investor Chased for Alleged Tax Debts of NZD1.8MM
----------------------------------------------------------------
Stuff.co.nz reports that a Christchurch businessman linked to a
property empire owes Inland Revenue an alleged $1.8 million in GST
and company income tax.

Nicholas Steven Robertson, 35, came to notice after four
Christchurch-based companies linked to him went into voluntary
liquidation in 2020 owing large amounts to Inland Revenue.

Stuff relates that Mr. Robertson, who is linked to the ownership of
about 40 commercial and residential properties and two bars,
disputes one of the large tax debts and says he is settling the
others.

An unusual feature of the company failures was Mr. Robertson
vacating his directorships a few months before the companies were
put into liquidation and installing new directors who were based in
Auckland with no apparent business experience, Stuff says.

Mr. Robertson told Stuff he first met the new directors through his
Auckland accountants. They had no role in the companies and were
paid for the use of their name. The installation of new directors
did not alter his liabilities as a former director.

He had put in new directors before the liquidations due to a grey
area around new rules for finance companies, one of which he
operated, he said.

"We weren't sure whether a director of a finance company could also
be a director of a liquidated company."

According to Stuff, Mr. Robertson's accountant, Saresh Chand of
Gilligan Rowe & Associates in Auckland, said he could not comment
on the dummy directors because of client confidentiality.

The first failed company connected to Mr. Robertson was Stripes
Group, a commercial painting concern that worked on Te Pai, the new
Christchurch convention centre. Stripes went bust in February 2020
owing Inland Revenue $300,000 in GST.

In April the same year, Robertson-linked property concern Investek
collapsed with alleged tax debts of $904,000 (Mr. Robertson
disputes $700,000) and only four months later, his other property
company, Cushty Ltd, collapsed with a debt to Inland Revenue of
$47,845, Stuff recalls.

The last of the failures was Investek 2019 Ltd, which went bust
owing Inland Revenue $592,000 in GST in November 2020.

Investek 2019, Investek and Cushty were property companies that
bought damaged earthquake properties in Christchurch, revamped them
and sold them.

Stuff says the liquidator of the four companies, Grant Reynolds of
Reynolds & Associates, in Auckland, was told the companies failed
due to high financing costs, development costs, anticipated sale
values not being realised and related parties withdrawing support.

Apart from the companies in liquidation, Mr. Robertson was a
director and shareholder of four companies - Robertson Commercial,
Robertson Apartments, Corsair Industrial and NNL Industrial - which
still own about 40 commercial and residential properties. He began
to distance himself from the companies in 2021 by resigning his
directorships and transferring his shares to the company Robertson
Trustee Group.

His mother, Carol, became the director of the four companies and
also owns all the shares in Robertson Trustee Group.

Inland Revenue is chasing Christchurch property investor Nick
Robertson for unpaid taxes.

Grant Reynolds began proceedings against Robertson in 2022 over the
tax debts owed by Investek 2019. Claims in regard to Investek were
put on hold pending the litigation over the Investek claims.

The legal action against Robertson was over alleged breaches of his
duties to the companies by selling the properties and putting the
companies into liquidation before settling the GST liability, Mr.
Reynolds said.

Mr. Reynolds said he was close to a settlement with Inland Revenue
and hoped to have it concluded by the week ending September 9,
2022.

Mr. Robertson said the decision to liquidate the companies was made
during the uncertain times of early Covid-19 and when "all the
world seemed to be going to hell". A large debt owed to Stripes was
not going to be paid and that had a "domino" effect, he said.

Asked why he had not sold some of his properties to pay the GST
bills, he said that had now been done but Inland Revenue had taken
months to get back to him.

"We tried to settle straight away," he said.

Mr. Robertson said he had paid all unsecured creditors of the
companies (other than Inland Revenue) and nothing was left after
paying the mortgages.

"I wasn't running away from anything," he said.

He had distanced himself from his property empire to minimise risks
to his assets from fines for financial regulations that remained
uncertain, he said.


SULPHUR FOODS: Creditors' Proofs of Debt Due on Oct. 7
------------------------------------------------------
Creditors of Sulphur Foods Limited and Cosmos Thai Massage Limited
are required to file their proofs of debt by Oct. 7, 2022, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Aug. 31, 2022.

The company's liquidators are:

          Pritesh Patel
          Patel & Co
          344 Great South Road
          Papatoetoe
          Auckland 2215




=====================
P H I L I P P I N E S
=====================

PHILIPPINE PUBLIC: IC Lifts Teachers' Group Conservatorship Status
------------------------------------------------------------------
The Philippine Star reports that the largest professional
association of public school teachers in the country has exited the
conservatorship of the Insurance Commission (IC) after 17 years.

According to the Star, Commissioner Dennis Funa has lifted the
conservatorship status of the Philippine Public School Teachers
Association (PPSTA) following its compliance with the minimum
guaranty fund and risk based capital (RBC) ratio requirements.

Established in 1947, the PPSTA has more than 200,000
teacher-members under the employ of the Department of Education,
including administrators, supervisors, classroom teachers and
non-teaching support personnel.  It serves as a financial security
provider for Filipino public school teachers through its
retirement, life insurance and loan programs.

The PPSTA was placed under conservatorship in April 2005 due to its
insurance reserve deficiencies.

It was deemed compliant with the minimum guaranty fund requirement
of PHP12.5 million and its RBC ratio of 402 percent, according to
the Star.

From a negative RBC ratio of 24 percent in 2013, the association's
RBC ratio grew to 402 percent in 2020, which is more than triple
the required minimum RBC ratio of 125 percent, the Star relates.

From a total members equity of negative PHP115.77 million as of
2013, this has now amounted to PHP2.57 billion.

According to IC verification, the PPSTA has total assets worth
PHP7.02 billion and liabilities at PHP4.46 billion, leaving a total
members equity of PHP2.57 billion, the Star discloses.

"Upon its exit from conservatorship, IC will be monitoring PPSTA's
observance of the Code of Corporate Governance for Insurance
Commission Regulated Companies (CCG-ICRC) and the implementation of
its digitalization program and its rationalization plan," the Star
quotes Mr. Funa as saying.

The CCG-ICRC was adopted in 2020 and intended to raise the
corporate governance standards of the IC's regulated entities to a
level at par with its regional and global counterparts, the Star
notes.




=================
S I N G A P O R E
=================

HONG SHENG: Creditors' Meetings Set for Sept. 19
------------------------------------------------
Hong Sheng Technology Pte Ltd will hold a first meeting for its
creditors on Sept. 19, 2022, at 4:00 a.m., by way of video
conference via Zoom.

Agenda of the meeting includes:

   a. to receive a status update from the Joint and Several
      Liquidators;

   b. to appoint a Committee of Inspection ("COI") pursuant to
      Section 150(1) of the Insolvency, Restructuring and
      Dissolution Act 2018 (Act 40 of 2018); and

   c. to discuss any other relevant matters.

The Liquidators can be reached at:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


KTH ASIA: Creditors' Meetings Set for Sept. 19
----------------------------------------------
KTH Asia Pte Ltd will hold a first meeting for its creditors on
Sept. 19, 2022, at 9:30 a.m., by way of video conference via Zoom.

Agenda of the meeting includes:

   a. to receive a status update from the Joint and Several
      Liquidators;

   b. to appoint a Committee of Inspection ("COI") pursuant to
      Section 150(1) of the Insolvency, Restructuring and
      Dissolution Act 2018 (Act 40 of 2018); and

   c. to discuss any other relevant matters.

The Liquidators can be reached at:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


O&O CAPITAL: Court to Hear Wind-Up Petition on Sept. 9
------------------------------------------------------
A petition to wind up the operations of O&O Capital Pte Ltd
(formerly known as O & O (Private) Limited) will be heard before
the High Court of Singapore on Sept. 9, 2022, at 10:00 a.m.

Ong Tze Guan filed the petition against the company on Aug. 17,
2022.

The Petitioner's solicitors are:

          Eldan Law LLP
          6 Raffles Quay #15-01
          Singapore 048580


O&O CAPITAL: Director Seeks to Wind Up Two Companies
----------------------------------------------------
The Straits Times reports that more legal proceedings have been
initiated by the elder son of former president Ong Teng Cheong
against his sister-in-law, Madam Wang Yi Yi.

Mr. Ong Tze Guan, a shareholder and director of O&O Capital and
Wang Investment, has filed applications in the High Court to wind
up both companies, of which Madam Wang is also a shareholder and
director, the report relates.


RHB GC-MILLENNIUM: Creditors' Proofs of Debt Due on Oct. 3
----------------------------------------------------------
Creditors of RHB Gc-Millennium Capital Pte. Ltd. are required to
file their proofs of debt by Oct. 3, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 25, 2022.

The company's liquidator is:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


WANG INVESTMENT: Court to Hear Wind-Up Petition on Sept. 9
----------------------------------------------------------
A petition to wind up the operations of Wang Investment Pte Ltd
will be heard before the High Court of Singapore on Sept. 9, 2022,
at 10:00 a.m.

Ong Tze Guan filed the petition against the company on Aug. 17,
2022.

The Petitioner's solicitors are:

          Eldan Law LLP
          6 Raffles Quay #15-01
          Singapore 048580




===============
X X X X X X X X
===============

GEELONG FIRE: Second Creditors' Meeting Set for Sept. 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of Geelong Fire
Services Pty Ltd has been set for Sept. 9, 2022, at 1:00 p.m. via
virtual meeting technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 8, 2022, at 4:00 p.m.

Jeremy Joseph Nipps of Cor Cordis was appointed as administrator of
the company on Aug. 5, 2022.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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