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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

          Friday, September 16, 2022, Vol. 25, No. 180

                           Headlines



A U S T R A L I A

BUCKBY CONTRACTING: First Creditors' Meeting Set for Sept. 23
ELLUME LIMITED: Sale on the Table; Owes AUD140 Million
LOUTH CIVIL: Second Creditors' Meeting Set for Sept. 23
MESOBLAST LTD: Appoints Jane Bell as Director
MESOBLAST LTD: Incurs US$91.4 Million Net Loss in FY Ended June 30

NORCO: To Sack Staff Over AUD148MM Flood Damage Bill
SOCIETYONE PL 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
SUITE CONTROL: Second Creditors' Meeting Set for Sept. 23
VELLA'S PLANT: First Creditors' Meeting Set for Sept. 23
WELSH DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 21



C H I N A

KUN PENG: Appoints Two New Directors
KUN PENG: Hikes Authorized Common Stock to 1 Billion Shares
KUN PENG: To Effect 10-for-1 Forward Common Stock Split
RED STAR: Fitch Cuts Foreign Currency IDR to 'B', on Watch Neg.
REMARK HOLDINGS: Appeals Nasdaq Delisting Determination

TD HOLDINGS: Posts $1.4 Million Net Income in Second Quarter
TD HOLDINGS: Regains Compliance w/ Nasdaq's Bid Price Requirement


I N D I A

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
ABF RURAL: CARE Keeps C Debt Rating in Not Cooperating Category
AJIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
ANJANI PIPES: CARE Keeps C Debt Rating in Not Cooperating
APL METALS: NCLAT Sets Aside Bid by Sansing to Initiate Insolvency

ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating
AUTONEEDS INDIA: Insolvency Resolution Process Case Summary
BHASKAR FOODS: Insolvency Resolution Process Case Summary
DATTA KRUPA: CARE Keeps D Debt Rating in Not Cooperating
DIVYASWARNA OPC PRIVATE: Insolvency Resolution Case Summary

HOOQ DIGITAL INDIA: Insolvency Resolution Process Case Summary
INDIA MEGA: CARE Keeps D Debt Rating in Not Cooperating
ISHWAR GINNING: CARE Keeps D Debt Rating in Not Cooperating
ISHWAR OIL: CARE Keeps D Debt Rating in Not Cooperating Category
MALPANI COTTONS: CARE Keeps C Debt Rating in Not Cooperating

MAMTA SEEDS: CARE Keeps C Debt Rating in Not Cooperating Category
MANAGING COMMITTEE: CARE Keeps D Debt Rating in Not Cooperating
MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
P. M. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating Category

PERI NITRATES: Insolvency Resolution Process Case Summary
RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
RAJTECH INFRASTRUCTURE: Insolvency Resolution Process Case Summary
S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SADBHAV ENGINEERING: CARE Cuts Rating on INR45cr NCD to C

SANGAM HANDICRAFT: CARE Keeps D Debt Ratings in Not Cooperating
SEGURO-INKEL CONSORTIUM: CARE Keeps D Rating in Not Cooperating
SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating
U. C. JAIN: CARE Keeps D Debt Rating in Not Cooperating

UMAK EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
[*] INDIA: Insolvency Case Recoveries Increases to 30.6% in Q1


N E W   Z E A L A N D

BILLING & ASSOCIATES: Creditors' Proofs of Debt Due on Oct. 21
CENTRAL OTAGO: Court to Hear Wind-Up Petition on Sept. 22
CLICKWORKS DESIGN: Court to Hear Wind-Up Petition on Sept. 22
NEEDMOR FIREWOOD: Court to Hear Wind-Up Petition on Sept. 22
READY HOMES: Court to Hear Wind-Up Petition on Sept. 26

REDEYE COMMUNICATIONS: Creditors' Proofs of Debt Due on Nov. 4
TU TONU: In Administration; Creditors' Meeting Set for Sept. 20


S I N G A P O R E

HODLNAUT TRADING: Algorand Reveals Investments Worth US$35MM
NOVENCO (S): Creditors' Proofs of Debt Due on Oct. 15
QUAN JI CONSTRUCTION: Court Enters Wind-Up Order


S O U T H   K O R E A

TERRAFORM LABS: Founder Faces Arrest Warrant in South Korea

                           - - - - -


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

BUCKBY CONTRACTING: First Creditors' Meeting Set for Sept. 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Buckby
Contracting Pty Ltd will be held on Sept. 23, 2022, at 10:30 a.m.
at Level 8, The Exchange Tower, 2 The Esplanade, in Perth, WA.

Jerome Hall Mohen and Gregory Bruce Dudley of RSM were appointed as
administrators of the company on Sept. 12, 2022.


ELLUME LIMITED: Sale on the Table; Owes AUD140 Million
------------------------------------------------------
Business News Australia reports that voluntary administrators of
Brisbane-based medtech Ellume's Australian arm have told creditors
a business sale is under consideration, revealing the company has
racked up AUD140 million in liabilities.

At the first meeting of creditors held on Sept. 12, administrators
FTI Consulting said they were looking into either selling Ellume
Australia or recapitalising the company which manufactures COVID-19
at-home test kits.

In the period since administrators were appointed on September 1
FTI Consulting said it has been operating Ellume Australia on a
"business as usual" basis, and undertook urgent negotiations for
third party funding options which led to the signing of a funding
agreement.

In addition, administrators said they established new supplier
accounts to enable continued trading and met with staff in Brisbane
to undertake an assessment of operations and determine entitlements
owed to employees, the report relays.

According to the report, the firm's research to date has found
Ellume has liabilities of around AUD140 million, including AUD89
million owed to convertible note holders, AUD49 million to
creditors, and AUD1.69 million of employee entitlements. As of
September 1, Ellume's Australian arm had 215 employees.

This compares to confirmed assets worth about AUD39 million,
including AUD1.5 million in cash, AUD37 million in plant &
equipment assets, and AUD620,000 in debt owed to Ellume.
Administrators are still assessing the value of the company's
inventory on hand, the report notes.

Business News Australia says FTI Consulting will soon issue a
report to creditors on or before September 28, and a second meeting
of creditors will be held on or before October 7 where it will be
decided whether the company is wound up, a deed of company
arrangement is entered into, or administration of the company
ends.

Decisions about the future of Ellume relate to the company's
Australian arm only, with its US-based subsidiary immune from the
impacts of the administration, adds 7.

                        About Ellume Limited

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

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Ellume Limited on Aug. 31, 2022.


LOUTH CIVIL: Second Creditors' Meeting Set for Sept. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Louth Civil Pty
Ltd has been set for Sept. 23, 2022, at 11:30 a.m. at the offices
of Mackay Goodwin, Level 12, 20 Bridge St, in Sydney, NSW.

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. 22, 2022, at 4:00 p.m.

Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as
administrators of the company on Aug. 19, 2022.


MESOBLAST LTD: Appoints Jane Bell as Director
---------------------------------------------
Mesoblast Limited has appointed Jane Bell to its Board of
Directors. Ms. Bell is a banking and finance lawyer with 22 years
of corporate finance expertise focussing on international
investment transactions in the United States, Canada, Australia and
the United Kingdom, including funds management, mergers,
acquisitions, and divestments. She has served as a non-executive
Director in a diverse range of highly regulated sectors including
delivery of healthcare, life sciences, medical research, and funds
management.

Ms. Bell currently serves as deputy chair of Monash Health, one of
Australia's largest and most diverse public health service
delivering more than 3.46 million episodes of care across an
extensive network of hospitals, rehabilitation, aged care,
community health and mental health facilities and a former Chair of
Melbourne Health.  From 2014 until 2021 she was a director of U
Ethical, Australia's first ethical funds manager with over $1.2B of
funds under management, and a member of its Investment Committee.
She has also been a director of Hudson Institute of Medical
Research, is currently a director of Amplia Therapeutics, and
Chairs Advisory Groups for the Royal Australian and New Zealand
College of Obstetricians and Melbourne Genomics Health Alliance.

Commenting on her appointment Ms Bell said "I look forward to
joining the Mesoblast Board at such an exciting stage in the
company's transition to a commercial organization, with its deep
cell therapy product pipeline.  The potential FDA approval and
launch in the US market of the first allogeneic cell therapy is an
incredibly exciting opportunity for me to be involved with and I
look forward to using my background and experience to make a strong
contribution."

In other board changes, Shawn Tomasello will retire after four
years on the Board.  Ms Tomasello said, "I am confident that
Mesoblast will successfully execute commercially on its potential
first product launch, and the promise of its leading edge
technology and I'll be following closely from the sidelines."
Mesoblast Chairman Joseph Swedish welcomed Ms. Bell to the Board
and thanked Ms Tomasello for her contributions.  Mr. Swedish said
"We are delighted to have Jane join Mesoblast as an Independent
Non-Executive Director.  She has extensive corporate finance
experience and diverse involvement across a wide range of
healthcare and corporate finance organizations."

                           About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and
life-threatening
inflammatory conditions.  The Company has leveraged its
proprietary
mesenchymal lineage cell therapy technology platform to establish
a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, a net loss of US$77.94 million for the year
ended June 30, 2020, and a net loss of US$89.80 million for the
year ended June 30, 2019.  As of March 31, 2022, the Company had
US$681.69 million in total assets, US$164.56 million in total
liabilities, and $517.13 million in total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2021, citing that additional cash inflows
will be required over the next twelve months in order to meet
forecast expenditure, including repayment of the Hercules debt
facility, that raises substantial doubt about its ability to
continue as a going concern.

MESOBLAST LTD: Incurs US$91.4 Million Net Loss in FY Ended June 30
------------------------------------------------------------------
Mesoblast Limited filed with the Securities and Exchange Commission
its Annual Report on Form 20-F reporting a loss attributable to
owners of US$91.35 million on US$10.21 million of revenue for the
year ended June 30, 2022, compared to a loss attributable to owners
of US$98.81 million on US$7.45 million of revenue for the year
ended June 30, 2021.

As of June 30, 2022, the Company had US$662.14 million in total
assets, US$165.10 million in total liabilities, and US$497.04
million in total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2022, citing that the Company has net cash
outflows from operating activities and will need to obtain
financing from one or more sources that raise substantial doubt
about its ability to continue as a going concern.

A full-text copy of the Form 20-F is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001345099/000156459022030576/meso-20f_20220630.htm

                           About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and
life-threatening
inflammatory conditions.  The Company has leveraged its
proprietary
mesenchymal lineage cell therapy technology platform to establish
a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, a net loss of US$77.94 million for the year
ended June 30, 2020, and a net loss of US$89.80 million for the
year ended June 30, 2019.  As of March 31, 2022, the Company had
US$681.69 million in total assets, US$164.56 million in total
liabilities, and $517.13 million in total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2021, citing that additional cash inflows
will be required over the next twelve months in order to meet
forecast expenditure, including repayment of the Hercules debt
facility, that raises substantial doubt about its ability to
continue as a going concern.


NORCO: To Sack Staff Over AUD148MM Flood Damage Bill
----------------------------------------------------
News.com.au reports that a major Australian manufacturer has
announced significant staff lay-offs despite receiving more than
AUD40 million in government funding to keep the business running.

Norco, which operates a major ice cream factory out of Lismore in
the NSW Northern Rivers region, announced this week that 170
workers would have to be let go, news.com.au says.

According to the report, the company has said as many as 240 jobs
are at risk unless the company received more government assistance
in the wake of the catastrophic flooding earlier in the year.

News.com.au relates that Norco recently received AUD34.7 million
from a joint Federal and NSW government funding package for flood
affected Northern Rivers businesses but in a statement the company
said that sum, which is more than half the total AUD59 million
package "falls well short of what we need to safeguard the
factory's future".

Norco also received a separate amount of AUD8 million from the NSW
government to support its employees.

This week, Norco said it estimated the financial damage of the
flooding to be closer to AUD142 million, the report relays.

Brad Pidgeon from the Australian Manufacturing Workers Union, said
he was "shocked" by the figure, and told news.com.au talks between
Norco and the union had "broken down".

"We're quite shocked by the AUD141 million figure," the report
quotes Mr. Pidgeon as saying.  It was substantially higher than
estimated damage costs from earlier in the year, he added.

"We want our members to get some form of certainty," he said,
adding that Norco needed to be "transparent" with the Lismore
community.

He said AMWU had sought an "urgent" meeting with Norco, but was yet
to receive a response.

A spokesperson for NSW Deputy Premier Peter Toole said Norco
received "more than half" of the total funding package offered to
North Rivers businesses.

Norco Co-operative Limited is an agricultural supply and marketing
co-operative based in northern New South Wales, Australia.

SOCIETYONE PL 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited as trustee
of SocietyOne PL 2022-1 Trust.

Issuer: SocietyOne PL 2022-1 Trust

AUD38.00 million Class A-S Notes, Assigned (P)Aaa (sf)

AUD82.00 million Class A-L Notes, Assigned (P)Aaa (sf)

AUD15.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD12.80 million Class C Notes, Assigned (P)A2 (sf)

AUD7.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.70 million Class E Notes, Assigned (P)Ba2 (sf)

AUD5.40 million Class F Notes, Assigned (P)B2 (sf)

The AUD10.1 million of Class G1 and Class G2 Notes (together, the
Class G Notes) are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured consumer personal loans originated
by SocietyOne Australia Pty Ltd (SocietyOne, unrated). This is
SocietyOne's second term asset-backed securitisation transaction.

SocietyOne is an Australian non-bank lender providing consumer
loans, including unsecured and unsecured personal loans and auto
loans, to prime borrowers in Australia. SocietyOne is a wholly
owned subsidiary of MoneyMe Limited (unrated). MoneyMe Limited is
listed on the Australian Stock Exchange. As of June 2022
SocietyOne's loan portfolio amounted to around AUD404million.
SocietyOne was established in 2012.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance, (2) evaluation of the capital structure and credit
enhancement provided to the notes, (3) availability of excess
spread over the transaction's life, (4) the liquidity facility in
the amount of 2.0% of the rated notes balance, subject to a floor
of AUD340,000, (5) the legal structure,  (6) SocietyOne's
experience as servicer and (7) presence of Perpetual Corporate
Trust Limited as the standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. SocietyOne is a
relatively new originator, with relevant historical default data
only available from the third quarter of 2016. As such, the pool's
performance could be subject to greater variability than the
currently available default data indicates. Moody's has
incorporated an additional stress into its default assumptions to
account for the limited data.

Moody's portfolio credit enhancement — representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario — is 36%. Moody's mean default for this
transaction is 8.5% and recovery is 10%.

Key transactional features are as follows:

The notes will be repaid on a sequential basis initially. Once
step-down conditions are satisfied, all notes, excluding Class G
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 45% subordination to the Class
A-L Notes and no unreimbursed charge-offs. The repayment of
principal will revert to sequential on the call option date.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the assets assuming a certain
prepayment rate.

Perpetual is the back-up servicer. If SocietyOne is terminated as
servicer, Perpetual will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.

Key pool features are as follows:

As of the June 30, 2022 cut-off date, the securitised pool
consisted of 9,044 personal loans. The total outstanding balance of
the receivables was AUD179,979,369.

The weighted average interest rate of the portfolio is 12.3%.

81.1% of loans are to borrowers are in full-time employment.

The weighted average Equifax credit score of the portfolio is
730.

The weighted average remaining term of the portfolio is 51.0
months. The weighted average seasoning of the initial portfolio is
5.8 months.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

SUITE CONTROL: Second Creditors' Meeting Set for Sept. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Suite Control
Group Pty Limited has been set for Sept. 23, 2022, at 11:00 a.m.
via Microsoft Teams.

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. 21, 2022, at 5:00 p.m.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Aug. 17, 2022.


VELLA'S PLANT: First Creditors' Meeting Set for Sept. 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Vella's
Plant Hire Pty Ltd will be held on Sept. 23, 2022, at 10:00 a.m.
via virtual meeting technology.

Adam Shepard of Setter Shepard was appointed as administrator of
the company on Sept. 13, 2022.


WELSH DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 21
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Welsh
Developments Boundary Rd Pty Ltd in its own right and ATF Welsh
Developments Boundary Rd Unit Trust has been set for Sept. 21,
2022, at 2:00 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. 20, 2022, at 4:00 p.m.

David Coyne -- dcoyne@brifvic.com.au -- of BRI Ferrier was
appointed as administrators of the company on Aug. 19, 2022.




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

KUN PENG: Appoints Two New Directors
------------------------------------
The Board of Directors of Kun Peng International Ltd. has appointed
Ms. Lili Zhang and Ms. Lingya Jia as non-executive independent
members of the Board of Directors of the Corporation to serve until
the next meeting of the Board of Directors of the Corporation
following the Annual Shareholder's meeting or until her respective
successor shall have been elected.

Ms. Lili Zhang is a non-executive independent member of the Board
of Directors.  Ms. Zhang has 13 years of experience in high-end
international financial planning industry developing an expertise
in private placement, asset allocation, trust, insurance, and other
industries.  Currently, Ms. Zhang is employed as an assistant to
the president of America Great Health co-managing important
issues.

From 2014 to 2020, Ms. Zhang was employed for a period of seven
years as a senior financial manager in Zhongtian Jiahua Wealth
Management Co. Ltd. and for a period of three years with Wells
Fargo Chase Asset Management Co. Ltd., providing a full range of
asset allocation, trust, asset management, private equity, equity
investment, overseas immigration, Hong Kong insurance and other
investment products for high-end customers.  From 2012 to 2014, Ms.
Zhang served as a VIP account manager in DBS Beijing Branch
providing comprehensive asset allocation consulting for middle and
high-end clients and whose performance ranked first in Beijing
Branch and third in Northern region in China.  From 2009 to 2012,
Ms. Zhang was employed at the Beijing Branch of ICBC AXA Life
Insurance Co., LTD. (ICB-AXA) where her duties included assisting
the company in actively fulfilling the business targets established
by AXA Holding Company in France and providing customized health
protection and asset preservation planning services for clients.

Ms. Zhang graduated from Nankai University in the People's Republic
of China with a bachelor's degree in 2007.  She currently has
permanent residency in the United States and is also qualified as
an insurance agent and fund practitioner in China.

Ms. Lingya Jia is a non-executive independent member of the Board
of Directors.  Ms. Jia has an extensive background in international
business relations and brand crisis management with a wide range of
experience in the capital markets, business researching and
marketing communication advertisements.

From 2018 to 2021, Ms. Jia served as the brand product marketing
director of CV China, an influential VC/PE media organization in
the People's Republic of China, where she was responsible for
several listed companies in communication training and business
plan guidance, capital market analysis reports and other brands'
external cooperation.  From 2016 to 2018, Ms. Jia worked at Edelman
International PR (PRC) Co. Ltd., the branch of a large independent
communications group in the United States, as the account executive
of market communication, branding promotion and analysis for tech
clients, including Tencent Ads BU, a smartphone vendor Vivo and
other international brands.

Ms. Jia graduated from University of Bath (UK) with a Master's in
Arts with International Relations studies in 2015 and Shanghai
International Studies University with a Bachelor's in Management.
During this time, Ms. Jia also obtained related qualifications of
fund and securities in the People's Republic of China.

                            About Kun Peng

Kun Peng International Ltd. is engaged in the sale of health care
products and services through its online platform.  KPIL is a
Nevada holding company with operations in the People's Republic of
China conducted by various subsidiaries and through contractual
agreements with a variable interest entity, King Eagle (Tianjin)
Technology Co., Ltd.

Kun Peng reported a net loss of $1.77 million for the year ended
Sept. 30, 2021, compared to a net loss of $208,771 for the year
ended Sept. 30, 2020.  As of June 30, 2022, the Company had $1.75
million in total assets, $4.62 million in total liabilities, and a
total deficit of $2.87 million.

Malaysia-based J&S Associate, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated  Jan.
13, 2022, citing that the Company has suffered recurring losses
from operations and has incurred an accumulated deficit of
$1,821,105 and a working capital deficit of $2,318,784 as at Sept.
30, 2021. These matters raise substantial doubt about the Company's
ability to continue as a going concern.

KUN PENG: Hikes Authorized Common Stock to 1 Billion Shares
-----------------------------------------------------------
A Certificate of Amendment was approved by joint written consent of
the Board of Directors and the Majority Consenting Stockholder
holding 55.5% of the total issued and outstanding shares of common
stock of Kun Peng International Ltd., to increase the authorized
number of shares of the Corporation's $0.0001 par value common
stock from 200,000,000 shares to 1,000,000,000 shares of Common
Stock.

Thus, upon the filing of the Certificate of Amendment, the
Corporation's authorized capital shall consist of: (i)
1,000,000,000 shares of par value $0.0001 Common Stock; and (ii)
10,000,000 shares of par value $0.0001 Preferred Stock, which may
be issued in series and with such voting powers, designations,
preferences, limitations, restrictions, and relative rights as the
Board of Directors shall determine in its sole discretion.

The amendment to the Corporation's Articles of Incorporation is
effective as of the date of acceptance by the Secretary of State of
the State of Nevada.

On Aug. 25, 2022, a majority of the Corporation's shareholders
entitled to vote through a written consent, approved the increase
in the authorized number of shares of Common Stock and the filing
of the Certificate of Amendment to the Articles of Incorporation so
that the Corporation shall have 1,010,000,000 authorized shares of
capital stock with 1,000,000,000 shares designed as $0.0001 par
value Common Stock and 10,000,000 designated as $0.0001 par value
Preferred Stock.

                            About Kun Peng

Kun Peng International Ltd. is engaged in the sale of health care
products and services through its online platform.  KPIL is a
Nevada holding company with operations in the People's Republic of
China conducted by various subsidiaries and through contractual
agreements with a variable interest entity, King Eagle (Tianjin)
Technology Co., Ltd.

Kun Peng reported a net loss of $1.77 million for the year ended
Sept. 30, 2021, compared to a net loss of $208,771 for the year
ended Sept. 30, 2020.  As of June 30, 2022, the Company had $1.75
million in total assets, $4.62 million in total liabilities, and a
total deficit of $2.87 million.

Malaysia-based J&S Associate, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated  Jan.
13, 2022, citing that the Company has suffered recurring losses
from operations and has incurred an accumulated deficit of
$1,821,105 and a working capital deficit of $2,318,784 as at Sept.
30, 2021. These matters raise substantial doubt about the Company's
ability to continue as a going concern.


KUN PENG: To Effect 10-for-1 Forward Common Stock Split
-------------------------------------------------------
Kun Peng International Ltd.'s Board of Directors approved a
certificate of amendment to its Articles of Incorporation in order
to effectuate a 10 for 1 forward stock split of its outstanding
Common Stock.  The Board of Directors established a record date of
Sept. 16, 2022, for the Stock Split.  The Company will file a
Certificate of Change with the Secretary of State of Nevada on
approximately Sept. 16, 2022.  The 10:1 forward split will be
effective at 12:01 a.m. (Eastern Daylight time) on Sept. 17, 2022.
The Company's common stock will begin trading on a post-split basis
at the opening of trading on the US markets on Sept. 19, 2022.

Each shareholder of record as of Sept. 16, 2022 will receive 10
shares of Common Stock for each one share of Common Stock held as
of the record date.  No fractional shares of common stock will be
issued in connection with the Stock Split.  Instead, all shares
will be rounded up to the next whole share.  In connection with the
Stock Split, which did not require shareholder approval under the
Nevada corporation law, the number of authorized shares of common
stock of the Company was increased as the shares of outstanding
common stock were increased in the Stock Split from 200,000,000
authorized shares to 1,000,000,000 authorized shares of Common
Stock.

The Company's transfer agent is Transhare Corp., 15500 Roosevelt
Blvd., Suite 301, Clearwater, Florida 33760, telephone:
727.289.0010.

                           About Kun Peng

Kun Peng International Ltd. is engaged in the sale of health care
products and services through its online platform.  KPIL is a
Nevada holding company with operations in the People's Republic of
China conducted by various subsidiaries and through contractual
agreements with a variable interest entity, King Eagle (Tianjin)
Technology Co., Ltd.

Kun Peng reported a net loss of $1.77 million for the year ended
Sept. 30, 2021, compared to a net loss of $208,771 for the year
ended Sept. 30, 2020.  As of June 30, 2022, the Company had $1.75
million in total assets, $4.62 million in total liabilities, and a
total deficit of $2.87 million.

Malaysia-based J&S Associate, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated  Jan.
13, 2022, citing that the Company has suffered recurring losses
from operations and has incurred an accumulated deficit of
$1,821,105 and a working capital deficit of $2,318,784 as at Sept.
30, 2021. These matters raise substantial doubt about the Company's
ability to continue as a going concern.

RED STAR: Fitch Cuts Foreign Currency IDR to 'B', on Watch Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded China-based Red Star Macalline Group
Corporation Ltd.'s (RSM) Long-Term Foreign-Currency Issuer Default
Rating (IDR) and senior unsecured rating to 'B', from 'BB'. Fitch
has also downgraded the rating on the USD300 million senior notes
due September 2022 issued by Hong Kong Red Star Macalline Universal
Home Furnishings Limited to 'B' from 'BB'. The Recovery Rating on
the senior unsecured rating and the US dollar notes is 'RR4'. All
ratings are placed on Rating Watch Negative (RWN).
  
The downgrade is driven by a weakening in the consolidated profile
of Red Star Macalline Holding Group Company (RSH), RSM's 60%
parent, to 'ccc' from 'bb-', due to heightened refinancing risks
facing RSH's large onshore bond maturities in the next 12 months.
RSM's IDR is based on the "Strong Subsidiary, Weak Parent" approach
under Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria.

Fitch also revised RSM's Standalone Credit Profile (SCP) to 'bb-'
from 'bb'. Creditors' confidence in RSM may weaken following the
company's decision not to exercise its repurchase options for
securitised assets tied to certain asset-backed securities (ABS).
Fitch also believes continued weak China new-home sales and
Covid-19 related social restrictions will affect RSM's operations.
Nonetheless, we believe RSM's liquidity remains adequate with its
available cash sufficiently covering all of its short-term
capital-market maturities, while access to bank financing remains
intact.

The RWN reflects Fitch's view that RSH's tight liquidity and
uncertainty over its ability to refinance the CNY3.5 billion
onshore bonds puttable in November 2022 may narrow RSM's funding
access. Fitch is also monitoring the progress on RSH's ABS
extension and its impact on RSM's liquidity.

KEY RATING DRIVERS

Wider Notching: Fitch said, "We rate RSM based on the "Strong
Subsidiary, Weak Parent" approach and assess the linkage factor of
legal ring-fencing as 'Open' and access and control as 'Porous'.
RSM's IDR benefits from wider notching up from the group's
consolidated profile than the implied notching based on the linkage
factors assessment. Fitch believes RSH's liquidity position
constrains the group's consolidated profile, but RSM continue to
operate independently and banking access also appears unaffected.
As a result, analytical overlays were applied to derive RSM's IDR
in accordance to Fitch's PSL Criteria."

Uncertainty over Parent's Refinancing Plan: RSH has CNY3.5 billion
of onshore bonds puttable in November 2022 and CNY9.3 billion of
bonds (including the November bonds and CNY587 million of perpetual
notes) coming due or puttable in the next 12 months. Some
bondholders may not exercise their put options in November. A
CNY2.5 billion onshore bond turned puttable in May and less than
30% of bondholders exercised their puts. RSH's liquidity position
has since weakened, with total cash (excluding RSM) falling to
CNY2.6 billion in 1H22 from CNY3.9 billion at end-2021.

Fitch believes RSH is increasingly reliant on cash recovery from
projects previously sold to Sino-Ocean Group Holding Limited
(BB+/RWN) and its associates to finance any shortfall.

Extension of ABS Redemption: Investor confidence may also weaken as
RSM decided to not exercise its buyback option on two malls it
disposed and securitized in 2017. RSM said it has the right but not
the obligation to repurchase these assets prior to the ABS maturity
in September 2022. Some investors may have expected RSM to
repurchase the assets to facilitate the ABS' redemption. RSM is now
in talks with the ABS investors on a possible extension, which
would give RSM more time to exercise the repurchase options.

Not Considered Default: We understand RSM did not provide
guarantees nor has any obligation for the repayment of the ABS
principal and the extension of the ABS does not constitute an event
of default. Nonetheless, Fitch believes RSM intends to acquire the
assets when possible, as they are RSM's two flagship furniture
malls in Tianjin. The repurchase, on condition that investors agree
to an extension plan that allows RSM to keep the option, could add
pressure to RSM's liquidity.

Manageable Standalone Liquidity Risks: RSM refinanced and repaid
almost all of its capital-market debt due this year as of early
September. RSM's CNY5 billion available cash at end-1H22 is 1.4x
the CNY3.5 billion of short-term capital-market maturities, up from
0.9x in 2021. RSM still has support from onshore banks thanks to
its quality assets. RSM issued USD249.7 million of offshore bond
with a standby letter of credit from Shanghai Bank in August to
refinance its USD300 million bond due in September. RSM will use
USD160 million from the new issuance and USD140 million of cash to
repay the bond.

Lower Occupancy: Fitch expects dampened market demand and the
lingering impact from Covid-19 to pressure RSM's occupancy in the
near term. RSM's occupancy rate fell to 92% in 1H22 from 94% in
2021. Fitch said, "We believe furniture demand will drop as China's
new-home sales fell by more than 30% so far in 2022. We are also
uncertain if more Covid-19 related rent waivers will be extended.
RSM's Shanghai malls, which generated a quarter of its revenue,
were hit by the three-month lockdown in 1H22, and the company
extended a maximum CNY500 million rent waiver in August to
tenants."

Stable Interest Coverage, Leverage: Fitch expects RSM's leverage to
be around 7x and interest coverage at 1.6x in 2022. The ratios were
better than we expected due to lower selling, general and
administrative (SG&A) costs and capex in 1H22. Adjusted net
debt/recurring EBITDAR fell to 5.8x and recurring EBITDAR/gross
interest and rent rose to 2.0x, from 7.4x and 1.6x in 2021,
respectively. We expect 2H22 SG&A costs to increase as the Shanghai
malls resume operations. RSM's 2H22 capex will also rise from
CNY700 million in 1H22 as RSM expects CNY2 billion for the full
year.

DERIVATION SUMMARY

Fitch rates RSM based on the "Strong Subsidiary, Weak Parent"
approach under its PSL criteria but applied analytical overlays to
allow wider notching from the credit profile of its 60% parent,
RSH. RSM's rating of 'B' reflects its continued banking access and
operations that are independent of the parent, as well as possible
contagion from RSH's tighter liquidity. RSH's consolidated profile
is assessed at 'ccc' due to heightened refinancing risks related to
its short-term capital-market maturities.

KEY ASSUMPTIONS

  -- Portfolio mall revenue of CNY8.3 billion in 2022 and CNY8.5
     billion in 2023

  -- Recurring EBITDA of CNY4.6 billion-5.0 billion a year during
     2022-2023, of which CNY4.0 million-4.5 million will come from

     annual franchise fees

  -- CNY1.5 billion in capex and acquisitions in 2022 and CNY1.2
     billion in 2023.

  -- Annual cash interest expenses of CNY2.5 billion-2.6 billion
     during 2022-2023.

  -- Readily available cash of CNY5 billion a year during 2022-
     2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that RSM would be liquidated in a
bankruptcy.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

  -- Advance rate of 0% applied to excess cash after netting off
payables for construction costs.

  -- Advance rate of 50% applied to net property, plant and
equipment, which consist mainly of buildings.

  -- Advance rate of 50% applied to IPs, supported by RSM's
good-quality furniture malls, which generate rental yields of above
3%.

  -- Advance rate of 80% applied to account receivables, in line
with Fitch's criteria.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for onshore and offshore
senior debt. However, the Recovery Rating for senior debt is capped
at 'RR4' because under Fitch's Country-Specific Treatment of
Recovery Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- The RWN will be removed if the negative triggers are not met

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Evidence of liquidity and/or refinancing risk at RSH that
affects RSM's credit profile

  -- Weakening in RSM's liquidity or funding access due to
extension of the ABS redemption

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Bank loans accounted for 80% of RSM's total
debt at end-1H22. Most bank loans are secured by RSM's IPs and are
usually rolled over at maturity. Capital-market maturities also
appear addressable. RSM issued a USD249.7 million bond to refinance
part of the USD300 million bond due in September, and it plans to
repay the CNY500 million of onshore bonds due in October 2022 with
existing cash.

Low Cash/Short-Term Debt Coverage: RSM has maintained a low
cash/short-term debt ratio of 0.2x-0.5x since 2019. Available
cash/short-term debt improved to around 0.5x in 1H22, from 0.4x in
2021. That said, RSM has CNY1 billion-2 billion of investments in
small-cap listed companies, which can cover at least 0.1x
short-term debt. RSM's other short-term debt are mainly bank loans
and can be easily rolled over.

ISSUER PROFILE

RSM is China's largest mall owner and operator, and it specialises
in home improvement and furnishing products. RSM's malls accounted
for 17.1% of the country's home improvement and furnishings retail
mall sector, or 7.1% of total home improvement and furnishings
retail-sector sales, according to data from Frost and Sullivan.

SUMMARY OF FINANCIAL ADJUSTMENTS

RSM's CNY5 billion of available cash excludes CNY626 million of net
proceeds collected on behalf of tenants.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Debt                      Rating      Recovery       Prior
   ----                      ------      --------       -----

Red Star Macalline
Group Corporation Ltd.

                        LT IDR B Downgrade               BB

  senior unsecured      LT     B Downgrade     RR4       BB

Hong Kong Red Star
Macalline Universal
Home Furnishings Limited
  
  senior unsecured      LT     B Downgrade     RR4       BB


REMARK HOLDINGS: Appeals Nasdaq Delisting Determination
-------------------------------------------------------
Remark Holdings, Inc. received a staff determination letter on Aug.
30, 2022, from the Listing Qualifications Department of The Nasdaq
Stock Market LLC indicating that the Company did not regain
compliance with the Bid Price Rule and the Company is not eligible
for a second 180-day grace period because the Company did not
comply with the minimum $5,000,000 Stockholders' Equity initial
listing requirement for the Nasdaq Capital Market.  Accordingly,
unless the Company requests an appeal of Nasdaq's determination,
the Company's common stock is subject to delisting.

The Company has appealed Nasdaq's delisting determination to a
Hearings Panel and a hearing is scheduled to be held on Oct. 6,
2022.  The Company's common stock will continue to be listed and
traded on the Nasdaq Capital Market pending a decision by the
Panel.

                          About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- its subsidiaries, and the
variable-interest entities that the company consolidates,
constitute a diversified global technology business with leading
artificial intelligence and data-analytics, as well as a portfolio
of digital media properties.  The company's easy-to-install AI
products are being rolled out in a wide range of applications
within the retail, urban life cycle and workplace and food safety
arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company's corporate headquarters and U.S.
operations are based in Las Vegas, Nevada, and it also maintain
operations in London, England and Shanghai, China. The operations
of the variable interest entities the company consolidates are
headquartered in Chengdu, China with additional operations in
Hangzhou.

As of June 30, 2022, the Company had $33.36 million in total
assets, $39.68 million in total liabilities, and a total
stockholders' deficit of $6.32 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.

TD HOLDINGS: Posts $1.4 Million Net Income in Second Quarter
------------------------------------------------------------
TD Holdings, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting net income of $1.42
million on $53.68 million of total revenue for the three months
ended June 30, 2022, compared to net income of $357,856 on $59.84
million of total revenue for the three months ended June 30, 2021.

For the six months ended June 30, 2022, the Company reported net
income of $3.02 million on $101.84 million of total revenue
compared to a net loss of $1.18 million on $89.42 million of total
revenue for the six months ended June 30, 2021.

As of June 30, 2022, the Company had $274.62 million in total
assets, $28.26 million in total liabilities, and $246.36 million in
total equity.

TD Holdings said, "Since the beginning of 2022, another wave of
COVID-19 variants broke out in China, which caused surging numbers
of COVID-19 cases in certain cities, such as Shenzhen, Shanghai and
Beijing, where relevant local governments have taken certain
lock-down and other restrictive measures to prevent the further
spread of COVID-19.  As a result, our operations in Shanghai at the
beginning of 2022 were temporarily affected for about two weeks
primarily attributable to the closure of our warehouse as local
authorities in Shanghai imposed strict lock-down measures since
March 2022.  As of June 30, 2022, since the lock-down restrictions
in Shanghai have been gradually lifted, our business operations
have not experienced any material or adverse interruption due to
the recent COVID-19 outbreak.  To the best knowledge of our
management, our business and financial conditions had not been
materially adversely impacted by the resurgence of COVID-19 for the
six months ended June 30, 2022.

"The economic effect of a prolonged pandemic is difficult to
predict and could result in a material financial impact on the
Company's future reporting periods.  The actual impact caused by
the COVID-19 outbreak will depend on its subsequent development. We
will continue to assess the impacts of COVID-19 on the business and
financial performance of our Group and will closely monitor the
risks and uncertainties arising thereof, and may take further
actions that alter our operations, or that we determine are in the
best interests of our employees and third parties with which we do
business."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1556266/000121390022045597/f10q0622_tdhold.htm

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.  

TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended  Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019.


TD HOLDINGS: Regains Compliance w/ Nasdaq's Bid Price Requirement
-----------------------------------------------------------------
TD Holdings, Inc. has received a notification letter from the
Listing Qualifications Department of the Nasdaq Stock Market Inc.
dated Aug. 31, 2022, informing the Company that it has regained
compliance with the Nasdaq Listing Rule 5550(a)(2).

As previously announced, the Company received a notification letter
from the Nasdaq dated Sept. 1, 2021 indicating that the closing bid
price for the Company's common stock was below the minimum bid
price of $1.00 required for continued listing under the Nasdaq
Listing Rule 5550(a)(2) for 30 consecutive business days. According
to the Deficiency Notice, if at any time during the 180-day
compliance period, the closing bid price of the Company's common
stock is at least $1.00 for a minimum of ten consecutive business
days, the Nasdaq will provide the Company written confirmation of
compliance and the matter will be closed. According to the
Compliance Notice, the closing bid price of the Company's common
stock has been at $1.00 per common stock or greater for 10
consecutive business days from Aug. 17, 2022, and the Company has
regained compliance with the Minimum Bid Price Requirement and the
matter is closed.

                          About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.  

TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended  Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019.




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

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aastha
HI-Tech Storage Llp (AHSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 2, 2021,
placed the rating(s) of AHSL under the 'issuer non-cooperating'
category as AHSL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AHSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013 by
Mr. Deepakkumar Vaswani, Mr. Baldevji Thakor, Mr. Kiritkumar
Dhanesinh Chauhan, Mr. Narendrapalsinh Joddha, Mr. Janeshbhai
Patel, Mr. Harichandrasinh Bhati and Mr. Samirkumar Patel. AHSL's
commercial operations started from April 2015 and FY16 was its
first full year of operations. AHSL was set up to provide cold
storage facilities at Banaskatha (Gujarat) with total installed
capacity of 9000 MTPA (Metric Tonnes Per Annum) as on March 31,
2016. The main objective of setting up AHSL is to preserve potatoes
and other vegetables for longer duration. The plant is located at
ban (Gujarat) which is one of the major Potatoes growing area
region in Gujarat.


ABF RURAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ABF Rural
Godown (ARG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2021,
placed the rating(s) of ARG under the 'issuer non-cooperating'
category as ARG had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ARG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

ABF Rural Godown (ABF) was established in the year 2016, as a
proprietorship concern, by Mr Mohammed Aslam Kazi. The firm is
engaged in constructing warehouse for lease rental purpose. ABF has
started constructing the Godown in Tyamagondlu Hobli, Nelamangala
Taluk and Bangalore Rural District. The firm has started its
commercial operations in May 2017.


AJIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ajit
Construction Company (ACC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 8, 2021,
placed the rating(s) of ACC under the 'issuer non-cooperating'
category as ACC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ACC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 24, 2022, June 3, 2022, June 13, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Ajit Construction Company (ACC), a proprietorship firm established
in the year 1984 by Mr. Ajit Singh Bagga. The entity is engaged
into construction of road work. The entity takes tender based
contracts for its projects where it majorly caters to Madhya
Pradesh Rural Road Development Authority (MPRRDA) and PMGSY
(Pradhan Mantri Gram Sadak Yojana) scheme. The firm procures raw
materials like cement, ready mix concrete, steel and plumbing
material, etc. from local suppliers across Madhya Pradesh.


ANJANI PIPES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Anjani
Pipes Industries (SAPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 27, 2021,
placed the rating(s) of SAPI under the 'issuer non-cooperating'
category as SAPI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2022, June 22, 2022, July 2, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Sri Anjani Pipes Industries (SAPI) was established in the year 2013
as a partnership firm, by Mr. G Sanjeeva Reddy and Mrs G Madhavi.
However, the firm achieved commercial operations from October 2015.
The firm is engaged in manufacturing different types of pipes i.e
HDPE pipes of various sizes starting 63mm to 315mm, PVC pipes
ranging from 25 mm to 350 mm and LLDPE pipes ranging from 12 mm 16
mm, at Mehbubnagar district of Telangana state. These pipes are
mainly used for irrigation works (micro and drip), water supply and
gas supply. In addition to the said industries, the above-mentioned
pipes are also used in the following sectors like drainage and
telephone cable pipes used by telecom operators.

APL METALS: NCLAT Sets Aside Bid by Sansing to Initiate Insolvency
------------------------------------------------------------------
NewsDrum Desk reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 14 set aside a petition by Hong
Kong-based Sansing Ltd and upheld an NCLT order rejecting a plea to
initiate insolvency proceedings against Kolkata-based APL Metals.

NewsDrum relates that a two-member NCLAT bench said NCLT has
rightly come to the conclusion that the corporate debtor APL Metals
raised a "bonafide dispute" regarding the debt claimed by Sansing.

Moreover, Sansing had assigned the debt to HSBC Bank, which has not
itself instituted the proceeding under the Insolvency & Bankruptcy
Code, therefore the application is not maintainable as the reasons
assigned by the NCLT are "cogent and require no interference", the
NCLAT observed.

Earlier on Oct. 15, 2019, the Kolkata bench of the National Company
Law Tribunal (NCLT) set aside Sansing plea holding that there was a
dispute over the claims, which appeared to be bona fide, hence the
plea to initiate insolvency under Section 9 of IBC was not
maintainable.

This was challenged by Sansing before the NCLAT, NewsDrum says.
Sansing Ltd is a Hong Kong-headquartered global supplier of scrap
and recycled non-ferrous metals.

It supplied varied quantities of lead scrap radio and other
associated materials to APL Metal in FY 2011-12. As per the terms
and conditions, payment was to be made within 45 days of the
receipt of the goods.

According to the petitioner, only certain paltry payments were made
on Jan. 5, 2013, for a sum of USD108,000 and after adjustment
USD646,000 was still due and outstanding on account of the invoices
raised for such supplies, NewsDrum relays.

Later a notice was issued in March 2015 and APL Metal had in May
2015 admitted its outstanding dues of US$646,000 (INR4.39 crore)
and agreed to pay half of that in six monthly instalments between
July and December 2015.

A settlement agreement in July 2015 was entered into between the
appellant and respondent with the consent of HSBC (financer) and
Euler Hermes (credit insurance cover provider), however, no such
payment was made, the report relates.

A notice under IBC was issued by Sansing on June 19, 2017, and was
replied to by APL Metal on June 30, 2017, raising a dispute over
the claims.

NewsDrum relates that APL Metals submitted that the purported claim
was disputed due to reasons such as delayed shipments of goods,
supply of inferior quality of goods, change of price of LME (London
Metal Exchange), invalidated contract etc.

For the said reasons eight invoices had been assigned to HSBC, who
had a financing arrangement with the appellant and such finance was
under credit insurance cover from Euler Hermes in 2012.

"The Appellant deliberately concealed the fact from the NCLT that
its alleged claim which is the subject matter of this Appeal had
already been settled by the said Euler Hermes, the credit insurance
provider," said APL Metal, adding Sansing had received the value of
the said 8 invoices from HSBC on its assignment and HSBC has
recovered the same from the said Euler Hermes.

This was not produced by Sansing neither before NCLAT nor before
the NCLT purposefully, it alleged.

NewsDrum adds that NCLAT also agreed with the submission and
rejected Sansing's plea said:"We are of the considered opinion that
Application filed under Section 9 of the IBC has rightly been
rejected by the NCLT in view of the settlement agreement dated July
21, 2015, arrived between the Appellant – Sansing Ltd with HSBC
and Respondent – APL Metals Ltd."

ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashwini
Frozen Foods (AFF) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.15       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 22, 2021,
placed the rating(s) of AFF under the 'issuer non-cooperating'
category as AFF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AFF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2022, June 17, 2022, June 27, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Ashwini Frozen Foods (AFF) was established in 1995 and is engaged
in processing of sea food which includes ribbon fish, croaker
cuttlefishes, crabs etc. which are exported to countries like Saudi
Arabia, Mozambique, and Oman etc. The firm has set up its
processing facility at Mangrol, Gujarat. The firm is currently
owned and managed by Mr. Bhimji M Khorava along with 4 other
partners and has a long experience in sea food industry. The firm
also has an associate concern with the name of Jalfish Sea Food
which is engaged in the similar line of business.


AUTONEEDS INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Autoneeds (India) Private Limited
        E-1/4, Pandav Nagar
        Opp. Mother Dairy
        Hero Honda Showroom
        Delhi 110092

Insolvency Commencement Date: September 7, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 5, 2023

Insolvency professional: Ajay Kumar Kathuria

Interim Resolution
Professional:            Ajay Kumar Kathuria
                         A-139 Shankar Garden
                         Vikaspuri
                         New Delhi 110018
                         E-mail: akathuria54@gmail.com

                            - and -

                         C-60, 3rd Floor
                         C-Block Community Centre
                         Janak Puri
                         New Delhi 110058
                         E-mail: cirp.autoneedindia@gmail.com

Last date for
submission of claims:    September 21, 2022


BHASKAR FOODS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bhaskar Foods Private Limited
        Office Block 1A, 5th Floor
        DB City Corporate Park
        Arera Hills
        Opp. M.P. Nagar Zone-I
        Bhopal 462016

Insolvency Commencement Date: September 3, 2022

Court: National Company Law Tribunal, Indore Special Bench

Estimated date of closure of
insolvency resolution process: February 21, 2023
                               (180 days from commencement)

Insolvency professional: Sambhu Lal Agrawal

Interim Resolution
Professional:            Sambhu Lal Agrawal
                         Sambhu & Associates
                         2nd Floor, Kolkata Bazaar Building
                         Nayapara, Sambalpur
                         Odisha 768001
                         E-mail: sambhuandassociates@gmail.com
                                 cirpbhaskar@gmail.com

Last date for
submission of claims:    September 17, 2022


DATTA KRUPA: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Datta krupa
Roller Flour Mill Private Limited (DKRFMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of DKRFMPL under the 'issuer non-cooperating'
category as DKRFMPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. DKRFMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 15, 2022, May 25, 2022, June 4, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Incorporated in 2005, Dattakrupa Roller Flour Mill Private Limited
(DRFM - part of Dattakrupa group) manufactures wheat products such
as atta, maida, suji, rawa and dal mills. The company's
manufacturing facility is located at Parbhani, Maharashtra.

DIVYASWARNA OPC PRIVATE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Divyaswarna (OPC) Private Limited
        61, Burtolla Street
        Ground Floor
        Kolkata 700007
        West Bengal

Insolvency Commencement Date: September 7, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 5, 2023
                               (180 days from commencement)

Insolvency professional: Sudipta Ghosh

Interim Resolution
Professional:            Sudipta Ghosh
                         8, N.N. Mukherjee 3rd Lane
                         Uttarpara, Hooghly 712258
                         E-mail: sudipta_ghosh08@yahoo.com

                            - and -

                         29C, Bentick Street
                         2nd Floor
                         Kolkata 700001
                         E-mail: cirp.divyaswarna@gmail.com

Last date for
submission of claims:    September 21, 2022


HOOQ DIGITAL INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: HOOQ Digital (India) Private Limited
        Unit-109, 1st Floor
        Sec-30, Park Centra
        Build Gurgaon
        Haryana 122002

Insolvency Commencement Date: September 9, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 8, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Satya Dev Kaushik

Interim Resolution
Professional:            Mr. Satya Dev Kaushik
                         102, Gokul Apartments
                         GH-2, Sector 45
                         Faridabad, Haryana 121010
                         E-mail: satyadevkaushik@hotmail.com
                                 cirp.hooq@gmail.com

Last date for
submission of claims:    September 23, 2022


INDIA MEGA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of India Mega
Agro - Anaj Limited (IMAAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of IMAAL under the 'issuer non-cooperating'
category as IMAAL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IMAAL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2022, May 25, 2022, June 4, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).

India Mega Agro-Anaj Limited (IMA) was incorporated in 2010 by
promoter cum managing director: Mr. Ajay Kumar Baheti. IMA is a
part of Dattakrupa group which was formed in the year 2005 through
incorporation of Datta Krupa Roller Flour Mill Private Limited
(DRFM) at Parbhani. The group started its manufacturing activity
with processing of flour mill and dal mill. Later in order to
expand & diversify its operations and avail various government
benefits attached to the food processing industries, the group
incorporated IMA; which was set up by acquiring 50 acres on lease
at MIDC in Krushnoor district, Nanded. Over the period of time, the
group has set-up various food processing divisions like roller
flour mill; cattle & poultry unit in 2015; dal & rice mill in 2016;
oil mill & refinery, solvent & biscuit unit in 2017. Currently the
group has two manufacturing units located at Parbhani and Nanded.

ISHWAR GINNING: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishwar
Ginning Private Limited (IGPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 9, 2021,
placed the rating(s) of IGPL under the 'issuer non-cooperating'
category as IGPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IGPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2022, July 5, 2022, July 15, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Incorporated in 2015, Rajkot (Gujarat) based, Ishwar Ginning
Private Limited (IGPL) is promoted by Mr Rameshbhai Gamdha and Mr
Ashokbhai Gamdha with an objective of manufacturing of cotton bales
and cotton seeds. Mr Rameshbhai Gamdha and Mr Ashokbhai Gamdha are
also partners in Ishwar Oil Industries and Ishwar Oil Mill which
are into manufacturing of cotton oil and cotton oil cake.

ISHWAR OIL: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishwar Oil
Industries (IOI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.53      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of IOI under the 'issuer non-cooperating'
category as IOI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IOI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2022, June 8, 2022, June 18, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Rajkot (Gujarat) based Ishwar Oil Industries (IOI) was established
on 11th November 2013 by Mr. Rameshbhai Gamdha, Mr. Jadavbhai
Gamdha and Mr. Ketanbhai Gamdha. IOI is a partnership firm engaged
in manufacturing of cotton seed cake and trading of all
agricultural produce. However, the commercial operation commenced
from November, 2014. The day-to-day operations are managed by Mr.
Rameshbhai Gamdha and he has experience of more than a decade in
this industry. The firm procures cotton seeds from traders and
cotton ginning units, and undertakes processing on the same, while
the finished products are sold to oil refining companies and
industrial users.


MALPANI COTTONS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Malpani
cottons Private Limited (MCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of MCPL under the 'issuer non-cooperating'
category as MCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2022, June 8, 2022, June 18, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Malpani Cottons Private Limited (MCPL) was incorporated in the year
2005 by Mrs. Mohini Devi, Mr. Mukesh Malpani and Mr. Manish
Malpani. The company is engaged in trading of cotton bales and
lint. However the company also undertakes processing of Kapas to
produce cotton bales, and processing of cotton seeds to produce
cotton seed oil & cotton seed oil cake through its sister concern
Sri Siddhi Vinayak Industries. MCPL's unit is located at Adilabad,
Telangana. The key raw material, kappas is procured from local
traders/farmers while, MCPL markets its products across various
states.


MAMTA SEEDS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mamta
Seeds (MS) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 22, 2021,
placed the rating(s) of MS under the 'issuer non-cooperating'
category as MS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2022, June 17, 2022, June 27, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Established in March 2003, Indore-based (Madhya Pradesh) Mamta
Seeds (MS) is a proprietorship firm incorporated by Mr Manohar
Singh Rathore, proprietor, looks after the overall operations of
the firm and has over a decade long experience in the industry. MS
is primarily engaged in the cleaning, processing, and marketing of
Soya bean and Wheat Seeds which are used by farmers for sowing
agriculture crops. MS sells certified seeds under the brand name of
'Mamta'.

MANAGING COMMITTEE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Managing
Committee of Institute of Management & Information Science
(MCOIOMIS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of MCOIOMIS under the 'issuer non-cooperating'
category as MCOIOMIS had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. MCOIOMIS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 29, 2022, June 8, 2022, June 18, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).

MCOIOMIS was set up in December 1996 as a society. The society is
running educational institution in the name of Institute of
Management & Information Science (IMIS) at Bhubaneswar, Orissa. The
Institute has intake sanctioned capacity of 120 students for Post
Graduate Diploma in Management (PGDM) for the academic year
2016-2017 and the course is approved by All India Council for
Technical Education (AICTE).

MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Moti Ram
Sunil Kumar (MRSK) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.67      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2021, placed the rating(s) of MRSK under the 'issuer
non-cooperating' category as MRSK had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MRSK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2022, July 20, 2022, July 30, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Moti Ram Sunil Kumar (MRSK) was established as a proprietorship
firm in 2006 by Mr Sunil Kumar. The manufacturing unit is located
at Karnal, Haryana. The firm is engaged in processing (milling) of
paddy (rice). The firm also works on job work basis for Government
departments.

P. M. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. M.
Industries (PMI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.64      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.36      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2021, placed the rating(s) of PMI under the 'issuer
non-cooperating' category as PMI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2022, July 20, 2022, July 30, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

P.M. Industries (PMI) was established in 2007 by Mr. Mukesh Doomra
as a proprietorship firm. However, on April 1, 2014, the
constitution of PMI was changed into a partnership firm with Mr
Mukesh Doomra and Mrs Neena Rani as its partners. The firm is
engaged in processing of paddy at its manufacturing facility in
Fazilka, Punjab.


PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Palm
Heights Private Limited (PHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 01, 2021,
placed the rating(s) of PHPL under the 'issuer non-cooperating'
category as PHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2022, May 27, 2022, June 6, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Palm Heights Private Limited (PHPL) was incorporated in 2013 and is
currently being managed by Mr. Daljit Dogra Singh, Mr.Harjinder
Singh Rangi and Mr. Ankit Sidana. The project was being developed
in the form of seven towers with a total of 164 flats. The project
is expected to be completed by October 2020. As on August 10, 2017,
62 flats have been sold out of 164 flats. CARE does not have any
update on the latest developments in this regard.


PERI NITRATES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Peri Nitrates Private Limited
        S.No. 296, First Floor
        Vilage Bhandgaon
        Tal. Daund
        Pune 412214
        Maharashtra, India

Insolvency Commencement Date: September 8, 2022

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: March 5, 2023

Insolvency professional: Mr. Mahesh G. Bagla

Interim Resolution
Professional:            Mr. Mahesh G. Bagla
                         404 and 405, Sahil Kohinoor
                         Gokul Nagar 2
                         State Bank of India Lane
                         Katraj Kondhwa Highway
                         Kondhwa Budruk, Shikshak Society
                         Lane-1, Pune 411048
                         Maharashtra, India
                         E-mail: maheshgbagla@gmail.com

                            - and -

                         Office No. 304, Gera Junction
                         Lulla Nagar Signal
                         Kondhwa Road
                         Pune 411040
                         MH, India
                         E-mail: maheshbagla.cirp@gmail.com

Last date for
submission of claims:    September 20, 2022


RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajiva
Exports (RE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2021, placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2022, July 20, 2022, July 30, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Delhi based Rajiva Exports (RE) was established in 1993 as a
proprietorship concern by Mr. Rajiva Maheshwari. The firm is
engaged in trading of iron and steel scrap, pulses and cashew
nuts.


RAJTECH INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Rajtech Infrastructure Pvt. Ltd.
        Arnod Road, Pratapgarh
        Rajasthan 312605

Insolvency Commencement Date: September 11, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 8, 2023

Insolvency professional: Ajay Kumar Atolia

Interim Resolution
Professional:            Ajay Kumar Atolia
                         889, Mahaveer Nagar First
                         Near Durgapur Railway Station
                         Tonk Road Jaipur 302018
                         E-mail: ajay@srgoyal.com

                            - and -

                         Osrik Resolution Pvt. Ltd.
                         908, 9th Floor, D Mall
                         Netaji Subhash Place
                         Pitampura 100034
                         E-mail: cirp.rajtech@gmail.com

Last date for
submission of claims:    September 26, 2022


S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S C
Enterprises (SCE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 18,
2021, placed the rating(s) of SCE under the 'issuer
non-cooperating' category as SCE had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2022, July 14, 2022, July 24, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Faridabad (Haryana) based S.C Enterprises (SCE) was established in
1995 as a proprietary firm by Mr. Subhash Chand. SCE is engaged
trading of textile products viz. fabrics of ladies and gents'
suits, mattress cover, blankets, slip cover, sofa covers, cushion
covers etc.


SADBHAV ENGINEERING: CARE Cuts Rating on INR45cr NCD to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sadbhav Engineering Limited (SEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      45.00      CARE C; Negative; ISSUER NOT
   Debentures                      COOPERATING; Revised from
                                   CARE B+ and moved to ISSUER NOT

                                   COOPERATING category and
                                   removed from Credit watch with
                                   Negative Implications; Negative

                                   outlook assigned

Detailed Rationale & Key Rating Drivers

SEL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on SEL's instruments
will now be denoted as CARE C; Negative ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in rating assigned to the bank facilities of Sadbhav
Engineering Limited (SEL) takes into account the on-going delays in
the debt servicing of sanctioned banking facilities. However, the
debt servicing of the non-convertible debentures rated by CARE
Ratings is regular with payment of interest as well as partial
redemption on time in June 2022. Further, the next and final
redemption and coupon servicing of NCD is due in June 2023.

The rating continues to remain constrained on account of sustained
delay in the physical progress of works as on March 31, 2022, in
respect of its hybrid annuity model (HAM) projects for various
reasons. Notwithstanding the extension of time (EOT) granted by
authority, delay in completion of these projects beyond agreed upon
timelines, exposes company to performance risk thereby attracting
levy of damages etc. The rating also factors issuance of notice of
intention to terminate concession agreement (CA) by National
Highways Authority of India (NHAI; rated CARE AAA; Stable) for one
of its HAM projects- Sadbhav Bangalore Highway Private Limited
(SBHPL). Inordinate delays in projects execution is expected to
deteriorate financial performance of the company in the medium
term.

Furthermore, the liquidity of Sadbhav group continued to remain
stretched given inordinate delay in materialization of various
fund-raising plans and elongated gross current asset days. It was
envisaged that the stake sale transaction in one of the special
purpose vehicles (SPV)- Ahmedabad Ring Road Infrastructure Limited
(ARRIL) shall be concluded by Q4FY22. However, the same is still
awaited.

Sadbhav group had also entered into stake sale agreement with Adani
group for sale of its entire stake in Maharashtra Border Check Post
Network Limited (MBCNL) and the large proceeds from the same were
envisaged to be received by October 2021.

SEL has realized receipt of part tranche of INR290 crore during
Q4FY22 (refers to the period from January 01 to March 31) while
balance tranche of INR260 crore is now envisaged post receipt of
approval from Government of Maharashtra (GoM) and completion of
balance residual work by Q2FY23. The rating has been removed from
'Credit Watch with Negative Implications' as stake sale transaction
is not expected in the near term.

Outlook: Negative

The revision in the outlook is on account of CARE Rating's
expectation of further weakening of liquidity position of SEL.

Detailed description of the key rating drivers

At the time of last rating on June 2, 2022, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Sustained delay in the execution of various HAM projects: As
against the expectation of gradual ramp-up in the pace of
execution, it continued to remain slow leading to delay in all its
on-going HAM projects. The physical progress of works as on March
31, 2022 in respect of Sadbhav Vidarbha Highway Private Limited
(SVHPL), Sadbhav Kim Expressway Private Limited (SKEPL) and Sadbhav
Nainital Highway Private Limited (SNHPL) continued to remain
delayed as mentioned by statutory auditor. In addition, NHAI has
also issued notice of intention to terminate CA in one of the HAM
projects- SBHPL due to delay in completion of work beyond EOT.
Inordinate delay in project execution along with curing such delays
beyond permitted extension of time (EOT) heightens risk related to
levy of damages by authority as per contractual terms which is
further expected to deteriorate the credit profile of the group.
Inordinate delays in projects execution is expected to deteriorate
financial performance of the company in the medium term.

* Inordinate delay in receipt of various stake sale proceeds During
last review, materialization of various fund-raising plans
including ARIL, MBCNL and stake sale in various operational HAM
projects was envisaged to improve the liquidity position of the
group. The stake sale transaction in ARIL was expected to be
concluded by Q4FY22. However, the same is still awaited despite
receipt of NOC from Authority during November 2020. As indicated by
the management, ARIL has received cash inflow of around Rs.98 crore
during Q1FY23 towards payment compensation of exempted cars from
the authority, majority of which have been used towards working
capital requirements. Sadbhav group had also entered into stake
sale agreement with Adani group for sale of its entire stake in
MBCNL and the part proceeds from the same were envisaged to be
received by October 2021. Management has indicated receipt of part
tranche of Rs.290 crore during Q4FY22 while balance tranche of
Rs.260 crore is envisaged post receipt of approval from Government
of Maharashtra (GoM) and completion of balance residual work by
Q2FY23. Furthermore, there is no movement with respect to stake
sale deals of operational HAM projects.

Key Rating Strengths

* Established track record of the Sadbhav group in Indian
construction sector: SEL has a track record of over two decades in
the Indian road construction sector. SEL has successfully completed
construction of more than 8,400 lane km of road projects since its
establishment.

* GoI initiatives to improve prospects of road construction: The
GoI, through the NHAI, has taken various steps to improve the
prospects of the road segment. These include premium rescheduling
for stressed projects, bidding of tenders only after 80% of land
has been acquired for the project, release of 75% of arbitration
award against submission of bank guarantee, and 100% exit within
six months from the COD. NHAI has also made favourable changes in
the clauses of the model concession agreement (CA) of HAM projects
and linked interest annuities to the average MCLR of the top five
scheduled commercial banks in place of bank rate. Furthermore, to
ease the funding and smoothen the cash flows of the projects during
the construction phase due to the COVID19 pandemic, NHAI has also
permitted disbursal of monthly grants and bills against the works
billed, as against the previous milestone-based payments until
October 30, 2022. The relaxation in the bidding criteria such as
the waiver of bid bond guarantee led to stiff competition in the
road segment since Q3FY21. However, with the sizeable order inflows
to mid-sized EPC contractors as well as tightening of norms by the
NHAI, the competition is expected to relax.

Liquidity: Stretched

Gross current asset days elongated to 637 days during FY21 owing
large proportion of receivables for ongoing HAM projects. Stretched
current assets levels, sustained delay in scaling up of operations
owing to large proportion of slow-moving order book and cost
overrun in ongoing HAM projects are the prominent reasons for the
stretched liquidity. Liquidity position was earlier expected to
ease out gradually with improvement in the pace of execution and
receipt of large cash inflow of around Rs.1100 crore in H1FY22 to
shore up liquidity. Nevertheless, the liquidity of the group
continued to remain stretched indicating no meaningful improvement
in the gross current asset days.  Utilization of the fund based
working capital limits for the trailing twelve months ended April
2022 stood high. Liquidity is expected to remain weak given
execution delays and in ordinate delay in materialization of
various fund raising plans.

Analytical approach: Combined

CARE has taken a combined view of SEL (standalone) and SIPL
(standalone) for analytical purpose. This is because majority of
the long-term debt raised in SIPL is backed by unconditional and
irrevocable corporate guarantee of SEL. Further, SEL and SIPL have
operational and financial linkages for funding investment in new
projects, bridging of shortfall in select SPVs as well as
upstreaming of cash flow of SPVs.

Incorporated in 1988 and founded by Late Shri Vishnubhai Patel, SEL
is an Engineering Procurement and Construction (EPC) contractor
executing projects in roads, irrigation and mining segment. SEL had
floated a wholly-owned subsidiary – SIPL as a holding company of
build-operate-transfer (BOT) projects in 2007. During FY20, SIPL
executed share purchase agreement with IndInfravit Trust
(IndInfravit) and sold its entire stake in eight operational build
operate transfer (BOT) special purpose vehicles (SPV), while the
stake sale is awaited in one operational SPV. Post the transaction,
Sadbhav Group had a portfolio of 14 BOT projects (four operational
toll road projects, ten under construction HAM projects of which
five HAM projects have received PCOD on partial length). Further,
as per stock exchange announcement dated October 19, 2019, SIPL
would be merged with SEL with effect from April 1, 2019 subject to
various statutory and regulatory approvals including approval of
National Company Law Tribunal (NCLT). Most of the requisite
approvals have been obtained as per stock exchange announcement in
January 2021.

SANGAM HANDICRAFT: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sangam
Handicraft Private Limited (SHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.80      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of SHPL under the 'issuer non-cooperating'
category as SHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Jaipur (Rajasthan) based Sangam Handicraft Private Limited (SHPL)
was established in 1997 as a private limited company by Mr.
Shubhash Gupta and his family members. SHPL is engaged in
manufacturing of silver and gold coins, biscuits shields, Trophy's,
Utensils etc.


SEGURO-INKEL CONSORTIUM: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
SegurO-Inkel Consortium Llp (SCL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2021,
placed the rating(s) of SCL under the 'issuer non-cooperating'
category as SCL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2022, May 11, 2022, May 21, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Seguro-Inkel Consortium LLP (SCL), incorporated in 2014, as a
limited liability partnership between Inkel Limited (Inkel) and
Seguro Foundations and Structures Private Limited with 55% of the
shares held by SFPL and rest by Inkel as on March 31, 2020. SICL
was incorporated for the purpose of undertaking the construction of
Bridge Projects.


SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shradha
Agencies Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 30, 2021,
placed the rating(s) of SAPL under the 'issuer non-cooperating'
category as SAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 16, 2022, May 26, 2022, June 5, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Shradha Agencies Pvt. Ltd. (SAPL) which was originally incorporated
as a sole proprietorship firm in 1992 by the name of Shradha
Agencies was later reconstituted as a private limited company in
1996. It is a part of the Shradha group of Kolkata which has been
promoted by Late Dr. C. L. Arora during early 1970 with primary
interest into trading and logistics. Currently, the company is
being managed by Shri Rajeev Arora (son of Late Dr. C. L. Arora).
The company currently functions as a distributor of FMCG products,
Mobile handsets and accessories, Pens and Safety Matches across the
state of West Bengal (WB).


SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sico India
(SI) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2021, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2022, July 20, 2022, July 30, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).

Delhi based, SICO India (SI) was established in 1982 as a
proprietorship firm and is currently being managed by Mr. Savir
Madan. The firm is engaged in trading of ball-bearings from its
office located in Rajouri Garden, Delhi.


U. C. JAIN: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of U. C. Jain
Foundation Trust (UCJFT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2021,
placed the rating(s) of UCJFT under the 'issuer non-cooperating'
category as UCJFT had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UCJFT continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

U.C. Jain Foundation Trust (UCJ) is an educational trust and was
formed in July, 2012 by Mr. U.C. Jain (aged 63 years) and his sons;
Mr. Rishab Jain (aged 32 years) and Mr. Nikhil Jain (37 years) with
the objective to provide education services. For imparting
education, the trust started school under the name of Wisdom Global
School in June, 2012 affiliated from Central Board of Secondary
Education (CBSE).


UMAK EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umak
Educational Trust (UET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       66.37      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2021,
placed the rating(s) of UET under the 'issuer non-cooperating'
category as UET had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UET continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Umak Educational Trust (UET) was established in 2006 with an
objective to provide education services. The trust operates a
college under the name of Vedatya Institute (VEI) in Gurgaon,
Haryana, offering varied courses.


[*] INDIA: Insolvency Case Recoveries Increases to 30.6% in Q1
--------------------------------------------------------------
India Infoline News Service reports that insolvency case recoveries
increased slightly from 26% in Q1 of the previous fiscal to 30.6%
in Q1 of the current fiscal, although the number of insolvency
cases filed/admitted increased by 23.5% during this time, according
to research.

India Infoline relates that the total amount of financial
creditors' acknowledged claims increased from INR6,84,901.3 crore
in March 2022 to INR7,67,384.9 crore in June 2022, although the
liquidation value of these cases remained essentially the same at
INR1,31,447.9 crore and INR1,31,468.6 crore, respectively.
According to a Care Ratings research, the realisable value of
financial creditors (FCs) increased from INR2,25,293.8 crore to
INR2,35,093.6 crore, or 32.9 and 30.6 %, respectively. Better than
the prior rate of about 26%, the overall recovery rate up to Q1FY23
was 30.6%.

Because bigger settlements have previously been carried out and a
considerable number of liquidated cases were either BIFR cases or
defunct, the cumulative recovery rate has been on the decline, the
agency stated on Sept. 9, falling from 43% in Q1FY20 and 32.9% in
Q4FY22, India Infoline discloses. Since the Bankruptcy and
Bankruptcy Code's introduction in 2016, there have been more cases
allowed for corporate insolvency resolution every quarter. The
admission rate jumped in Q1FY23 by 23.5% after declining in FY21
and FY22.

However, as compared to the preceding quarters of fiscal years 2019
and 2020, the actual number of cases admitted remains lower.
According to the report written by Sanjay Agarwal, the senior
director at the agency, and his team and using data from the IBBI
(Insolvency & Bankruptcy Board of India), the number of cases
admitted increased steadily from 992 in Q1FY19 to 4,565 in Q1FY22,
then to 5,304 in Q4FY22, and finally to 5,636 in Q1FY23, India
Infoline relays.

According to India Infoline, 2,883 of these actions were brought by
monetary creditors, and 2,412 by operational creditors. A similar
pattern persisted in the reporting June 2022 quarter as well, with
corporate debtors continuing to hold the lowest share throughout
the same time period while operational creditors' shares increased
and decreased.

The manufacturing sector accounts for the biggest percentage of
instances, 40%, followed by the real estate (21%), construction
(11%), and trading sectors, India Infoline notes. The share of the
major sectors has essentially stayed stable compared to the
preceding period (10 percent). The percentage of completed/resolved
cases decreased slightly in Q1 FY23 from 31% of the 5,258
admissions in Q4 FY22 to 30% of the 5,632 cases admitted.

Only 9% of the 5,632 total cases accepted at the end of June 2022
had resolution plans approved; 35% were still in the resolution
process, compared to 37% at the end of June 2021; and 1,703 cases,
or 30% of the total, had been liquidated, of which 76% were either
BIFR cases or deceased cases, India Infoline discloses.

Around 14% (774 cases) have been resolved through appeal, review,
or settlement, and 11% have been withdrawn under Section 12A, with
the applicant's complete settlement—which has climbed to
41.5%—or some other type of settlement with creditors serving as
the principal justification (22.8%), India Infoline relays.

India Infoline says the overall recovery rate through Q4FY22 was
32.9%, much higher than the preceding recovery rate of 26% but
lower than Q2FY22 by 49.2%. According to the report of the
Parliamentary standing committee on finance, the reason for the
resolution's delay can be traced to the NCLT's slow admission of
cases, unsolicited bids made outside of the process, lawsuits filed
after the resolution plan has been approved, and the NCLT's lack of
staff due to the fact that it also handles cases involving
corporate affairs, M&As, and other business-related matters.

As of June 2022, there have been delays of more than 270 days in
61% of the 1,999 continuing cases, which is an improvement of 14%
from 75% in June 2021. The instances that arrive less than 90 days
late are the second most prevalent, although there are still plenty
of cases in the other two groups. Up to 49% of cases referred for
liquidation are still open after more than two years, while another
27% are still open after more than a year.




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

BILLING & ASSOCIATES: Creditors' Proofs of Debt Due on Oct. 21
--------------------------------------------------------------
Creditors of Billing & Associates Insurance Services Limited are
required to file their proofs of debt by Oct. 21, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 8, 2022.

The company's liquidator is:

          Craig Andrew Young
          Restructuring Services Limited
          PO Box 87340
          Meadowbank, Auckland 1742


CENTRAL OTAGO: Court to Hear Wind-Up Petition on Sept. 22
---------------------------------------------------------
A petition to wind up the operations of Central Otago Motorcycles
Limited will be heard before the High Court at Dunedin on Sept. 22,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 12, 2022.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


CLICKWORKS DESIGN: Court to Hear Wind-Up Petition on Sept. 22
-------------------------------------------------------------
A petition to wind up the operations of Clickworks Design Limited
and Clickworks Manufacturing Limited will be heard before the High
Court at Dunedin on Sept. 22, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 12, 2022.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


NEEDMOR FIREWOOD: Court to Hear Wind-Up Petition on Sept. 22
------------------------------------------------------------
A petition to wind up the operations of Needmor Firewood Limited
will be heard before the High Court at Dunedin on Sept. 22, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 28, 2022.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


READY HOMES: Court to Hear Wind-Up Petition on Sept. 26
-------------------------------------------------------
A petition to wind up the operations of Ready Homes Limited will be
heard before the High Court at Whangarei on
Sept. 26, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 30, 2022.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way, Manukau City
          Auckland 2104


REDEYE COMMUNICATIONS: Creditors' Proofs of Debt Due on Nov. 4
--------------------------------------------------------------
Creditors of Redeye Communications Limited and Amrita Nutrition
Limited are required to file their proofs of debt by Nov. 4, 2022,
to be included in the company's dividend distribution.

Redeye Communications commenced wind-up proceedings on Sept. 12,
2022. Amrita Nutrition commenced wind-up proceedings on Sept. 13,
2022.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ)
          PO Box 45220
          Te Atatu, Auckland 0651


TU TONU: In Administration; Creditors' Meeting Set for Sept. 20
---------------------------------------------------------------
Tu Tonu Medical Limited will hold a meeting for its creditors on
Sept. 20, 2022, at 11:00 a.m., at the offices of Initiom Limited,
244 Tristram Street, in Hamilton.

The purpose of the meeting is to determine:

     * whether to appoint a committee of creditors; and
     * if so, who are to be the committee's members.

At the meeting, creditors may also by resolution:

   * remove the administrators from office; and
   * appoint someone else as administrator of the company.

Paul Thomas Manning and Kenneth Peter Brown of BDO Tauranga were
appointed joint and several administrators of the company on Sept.
9, 2022.




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

HODLNAUT TRADING: Algorand Reveals Investments Worth US$35MM
------------------------------------------------------------
Bitcoinist.com reports that the Algorand Foundation has disclosed
that it has invested $35 million in USD coin (USDC) in the
beleaguered crypto lender Hodlnaut.

The cryptocurrency lending firm had paused its withdrawals earlier
last month. Algorand is a blockchain infrastructure which has
embedded smart contract functionality.

The Foundation is a non-profit community organisation that has
focused its efforts on the development of the Algorand ecosystem.
It supports the blockchain and also oversees its overall
development.

According to a statement provided by Algorand on its website, it
supposedly mentions that these funds make up less than 3% of its
total assets, Bitcoinist.com relays.

Having said that, it clarified that the investment will not result
in any "operational or liquidity crisis" for Algorand Foundation.

Bitcoinist.com says the announcement was displayed on the Algorand
Foundation website some days ago, where the foundation stated that
it is "pursuing all legal remedies to maximise asset recovery."

                       About Hodlnaut Trading

Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a
Singapore-based platform that provides innovative financial
services for individual investors who can earn interest on their
cryptocurrencies.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
6, 2022, the Singapore High Court granted judicial management to
Hodlnaut, giving the struggling crypto lender additional breathing
space to come up with a recovery plan. According to Bloomberg,
Justice Aedit Abdullah approved Angela Ee and Aaron Loh of EY
Corporate Advisors Pte as the interim judicial managers, Hodlnaut
said in a statement on its website on Aug. 30. In an earlier
application, Hodlnaut had proposed Tam Chee Chong of Kairos
Corporate Advisory Ltd. as the interim judicial manager. The court
announced the decision on Aug. 29, Hodlnaut added.


NOVENCO (S): Creditors' Proofs of Debt Due on Oct. 15
-----------------------------------------------------
Creditors of Novenco (S) Ptd. Ltd. are required to file their
proofs of debt by Oct. 15, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 10, 2022.

The company's liquidator is Tan Chin Ren of Tan, Chan & Partners.


QUAN JI CONSTRUCTION: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Sept. 9, 2022, to
wind up the operations of Quan Ji Construction Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Mr. Goh Wee Teck
          c/o RSM Corporate Advisory
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: Founder Faces Arrest Warrant in South Korea
-----------------------------------------------------------
Bloomberg News reports that a court in South Korea issued an arrest
warrant for Do Kwon, the founder of the Terraform Labs
cryptocurrency ecosystem, whose implosion earlier this year sparked
a global crypto rout.

The court in Seoul issued a warrant for Do Kwon and five others on
allegations that include violations of the nation's capital markets
law, according to a text message from the prosecutor's office,
Bloomberg relates.

All six individuals are located in Singapore, the prosecutor's
office said.

He found himself at the center of one of crypto's biggest blowups
when TerraUSD, also known as UST, crumbled from its dollar peg and
brought down the ecosystem he had built, the report says. The
collapse in May shook faith in the digital-asset sector, which has
yet to recover much of the losses.

According to the report, Do Kwon's followers referred to themselves
as "Lunatics" in reference to Luna, another token that was part of
the ecosystem he helped to create. The prices of both tokens
tumbled to near zero, a shadow of the combined $60 billion they
once commanded.

After the crash, Do Kwon moved on to create a new version of Luna,
the report relates. The price of the new token fell as much as 45%
to $2.40 following news of the warrant, according to data from
CoinGecko. The coin's market cap fell 42% to $413.2 million.

Bloomberg notes that Terra's unraveling triggered investigations in
South Korea and the US, as well as renewed regulatory scrutiny of
stablecoins -- digital tokens that are pegged to an asset like the
dollar. Stablecoins are a popular vehicle for investors seeking to
park cash away from more volatile coins, and they make it easier to
move funds onto crypto exchanges.

In July, prosecutors raided the home of Terraform Labs co-founder
Daniel Shin as the probe into allegations of illegal activity
behind the collapse of TerraUSD deepened, Bloomberg recalls.

Bloomberg adds that Kwon has said he plans to cooperate when the
time comes. In an interview with crypto media startup Coinage that
floated the prospect of jail time, Kwon said, "Life is long."

Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a
price-stable cryptocurrency. The Company seeks to power the
next-generation payment network and grow the real GDP of the
blockchain economy. Terraform labs provides financial
infrastructure for the next generation of decentralized
application.



                           *********


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.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
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
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                *** End of Transmission ***