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

                     A S I A   P A C I F I C

          Monday, September 19, 2022, Vol. 25, No. 181

                           Headlines



A U S T R A L I A

ALTO CIVIL: Second Creditors' Meeting Set for Sept. 26
ART STRUCT: Collapses Owing AUD2 Million
BRIGHTE GREEN 2021-1: Moody's Ups Rating on Class F-G Notes to B1
FIRMTECH ALUMINIUM: First Creditors' Meeting Set for Sept. 26
MOBILIA GROUP: Second Creditors' Meeting Set for Sept. 26

MORTGAGE HOUSE 2020-1: S&P Affirms B (sf) Rating on Class F Notes
NERANG STREET: Placed in Administration; Owes Creditors AUD80MM
SOCIAL ENERGY: Second Creditors' Meeting Set for Sept. 23
TROJAN TRAYS: First Creditors' Meeting Set for Sept. 23


C H I N A

CHINA SCE: S&P Downgrades Long-Term ICR to 'B-', Outlook Negative
CIFI HOLDINGS: Moody's Cuts CFR to B1 & Alters Outlook to Negative
DEXIN CHINA: Moody's Lowers CFR to Caa1 & Unsecured Notes to Caa2
MEINIAN ONEHEALTH: Moody's Affirms 'B2' CFR, Alters Outlook to Neg.
ROAD KING: S&P Withdraws 'B+' Long-Term Issuer Credit Rating

SECOO HOLDING: Inks CNY1.3 Billion Cooperation Deal with Investor
[*] CHINA: Government Financing Vehicles Struggle to Pay IOUs


I N D I A

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating
ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
BIRBAL DASS: CARE Keeps C Debt Rating in Not Cooperating Category
BRAHMAGIRI DEVELOPMENT: CARE Keeps C Rating in Not Cooperating

DCR DISTILLERY: CARE Keeps D Debt Rating in Not Cooperating
DHANA-SHREE DEVELOPERS: CARE Keeps D Rating in Not Cooperating
DOABA KHALSA: CARE Keeps D Debt Rating in Not Cooperating
DUDH GANGA: CARE Keeps D Debt Rating in Not Cooperating Category
DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating

GOYAL ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
IDEAL CARPET: CARE Keeps C Debt Rating in Not Cooperating
KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating

KLAUS WAREN: CRISIL Keeps D Ratings in Not Cooperating Category
LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
LOTUS AUTO: NCLT Allows Petition to Sell Firm as a Going Concern
LSML PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating
NANDI VARDHANA: CARE Keeps D Debt Ratings in Not Cooperating

PANKAJ STEEL: CARE Keeps C/A4 Debt Ratings in Not Cooperating
PANNU STONE: CARE Keeps C Debt Rating in Not Cooperating
RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating
RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating
RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating

RAMESHWAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
RESURGENT POWER: CARE Keeps D Debt Ratings in Not Cooperating
RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating Category
STERLING SEZ: Jindal Poly, Arham in Race to Acquire Company

THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
VENKATESH ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating


J A P A N

NOMURA HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings


N E W   Z E A L A N D

AFTERMATH CIVIL: Court to Hear Wind-Up Petition on Oct. 7
LUXURY RETAIL: Creditors' Proofs of Debt Due on Oct. 20
R.W. & A.C.: Ecovis KGA Appointed as Receivers and Managers
SILVER BACK: Court to Hear Wind-Up Petition on Sept. 27
TRILOGY BAR: Court to Hear Wind-Up Petition on Sept. 30



S I N G A P O R E

32 CAPITAL: Creditors' Proofs of Debt Due Oct. 17
ASCEND FIELD: Creditors' Meeting Set for Sept. 28
GRAND BLUEPRINT: Creditors' Proofs of Debt Due on Oct. 16
POWER FUTURE: Creditors' Meeting Set for Sept. 28
VALUE3 ADVISORY: Court to Hear Wind-Up Petition on Sept. 30


                           - - - - -


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

ALTO CIVIL: Second Creditors' Meeting Set for Sept. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Alto Civil Pty
Ltd has been set for Sept. 26, 2022, at 11:00 a.m. at Level 10, 120
Edwards Street, in Brisbane.
   
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. 23, 2022, at 4:00 p.m.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Aug. 19, 2022.


ART STRUCT: Collapses Owing AUD2 Million
----------------------------------------
News.com.au reports that a luxury building company based in
Brisbane is the latest causality in the construction industry as it
collapsed owing almost AUD2 million.

The company, which specialised in luxury home renovations of
inner-city homes, was called Art Struct and had been operating
since 2006 before it went into administration, news.com.au
relates.

Insolvency expert Jarvis Archer from Revive Financial was appointed
to deal with the firm's collapse.

He said the company had struggled after it suffered significant
losses due to cost blowouts on materials while customers remained
on fixed price contracts.

Art Struct had AUD844,000 of invoice and progress claims that were
unable to be recovered, Mr. Archer revealed, due to disputes from
customers and issues with its building licence, news.com.au
relays.

The building firm had all of its 14 contracts terminated by
customers and ceased to trade in January, he added.

"The director attempted to complete some of the works under his own
building licence," he told the Courier Mail.

According to the report, the company's debts also included
AUD900,000 outstanding to the Australian Taxation Office, while
AUD320,000 is owed to employees' super funds and trade creditors
are out of pocket by AUD613,000.

The builder requested Art Struct's licence be cancelled at the
start of the year, according to the Queensland Building and
Construction Commission records, which also showed a huge drop in
the value of work being completed by the firm.

Residential work undertaken by the company had topped AUD4 million
in 2017 but plummeted to AUD1.4 million last financial year, the
report notes.


BRIGHTE GREEN 2021-1: Moody's Ups Rating on Class F-G Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Brighte Green Trust 2021-1.

The affected ratings are as follow:

Issuer: Brighte Green Trust 2021-1

Class B-G Notes, Upgraded to Aa1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned Aa2 (sf)

Class C-G Notes, Upgraded to A1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned A2 (sf)

Class D-G Notes, Upgraded to Baa1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned Baa2 (sf)

Class E-G Notes, Upgraded to Ba1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned Ba2 (sf)

Class F-G Notes, Upgraded to B1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying portfolio to date.

Following the August 2022 payment date, the note subordination
available for the Class B-G, Class C-G, Class D-G, Class E-G and
Class F-G Notes has increased to 18.7%, 11.8%, 9%, 3.5% and 1.4%
respectively, from 13.5%, 8.5%, 6.5%, 2.5% and 1% at closing.

As of end-July, 0.6% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The portfolio has
incurred 0.2% (as a percentage of the original portfolio balance)
of losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its default assumption to 2.6% of the original
portfolio balance (equivalent to 3.4% of the outstanding portfolio
balance) from 3.75% at closing. Moody's has also lowered its
portfolio credit enhancement assumption to 23% from 25% at
closing.

The transaction is a securitisation of a portfolio of Australian
unsecured consumer, Buy Now Pay Later (BNPL) and personal loan
receivables originated by Brighte Capital Pty Limited.

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 ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

FIRMTECH ALUMINIUM: First Creditors' Meeting Set for Sept. 26
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Firmtech
Aluminium Pty Ltd will be held on Sept. 26, 2022, at 11:00 a.m.
electronically by Microsoft Teams only.

Desmond Teng of Moore Recovery was appointed as administrator of
the company on Sept. 13, 2022.


MOBILIA GROUP: Second Creditors' Meeting Set for Sept. 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of Mobilia Group
Australasia Pty Ltd has been set for Sept. 26, 2022, at 11:00 a.m.
via teleconference only.
  
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. 23, 2022, at 4:00 p.m.

Mohammad Najjar of Vanguard Insolvency Australia Pty Ltd was
appointed as administrator of the company on Aug. 19, 2022.


MORTGAGE HOUSE 2020-1: S&P Affirms B (sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House
Capital Mortgage Trust No.1 in respect of the Mortgage House RMBS
Series 2020-1. At the same time, S&P affirmed its ratings on six
classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 47% as of July 31, 2022.
Loans more than 30 days in arrears make up 0.18% of the current
balance and there have been no losses to date. Furthermore, the
portfolio has strengthened, with a weighted-average current
loan-to-value ratio of 56.0% and weighted-average seasoning of 48.6
months.

Under the current sequential pay structure, there has been a
significant buildup of subordination and credit support provided to
each class of notes. Credit support is provided by subordination
and excess spread.

S&P believes it is likely that the pro rata triggers will be met
soon, after which the transaction will convert to a pro rata
payment structure. Under the pro rata payment structure, the class
G allocated principal is paid to the class F notes until the class
F notes are fully repaid, followed by the remaining subordinated
notes once the class F notes have fully repaid. The class F notes
therefore will continue to benefit from an increase in the
percentage of credit support provided as the pool amortizes under a
pro rata structure, while the percentage of credit support will
remain static for the remaining rated notes.

A constraining factor on the degree of upgrades is the increasing
risk of borrower concentration as the pool continues to amortize,
the relatively small size of the lower-rated notes in the
transaction, and loan size distributions relative to the absolute
amounts of the lower-rated notes. S&P's view is that the
lower-rated notes are more susceptible to increasing borrower
concentration risk. The largest 10 borrowers make up 6.99% of the
pool.

S&P has also considered in its analysis the effects of the current
increasing interest-rate environment and the high proportion of
fixed-rate loans in the pool.

These qualitative factors constrain S&P's ratings beyond
quantitative factors alone.

  Ratings Raised

  Mortgage House Capital Mortgage Trust No.1 in respect of the
  Mortgage House RMBS Series 2020-1

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

  Ratings Affirmed

  Mortgage House Capital Mortgage Trust No.1 in respect of the
  Mortgage House RMBS Series 2020-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)


NERANG STREET: Placed in Administration; Owes Creditors AUD80MM
---------------------------------------------------------------
News.com.au reports that Nerang Street, the development company
behind a massive Gold Coast project, has called in administrators,
leaving creditors owed about AUD80 million.

Nerang Street, which is developing the AUD500 million Queen Street
Village at South Port, has been impacted by funding issues on top
of dealing with the Covid-19 pandemic, according to The Australian,
news.com.au relays.

According to the report, Robson Cotter Insolvency Group said
unsecured creditors were estimated at AUD40.8 million, including
construction firm Tomkin, which is owed AUD16.2 million.

"The directors disclosed the main reasons for the company's
financial circumstances included a change in property market
valuations, inability to meet funding arrangements and prior to
that, the general impact of the Covid-19 pandemic," a report to
creditors said.

Secured creditors are owed about AUD43 million, including AUD22
million to Hutchinson Builders, news.com.au discloses.

News.com.au relates that Mr. Colliers said it was under the
instruction of the mortgage exercising power of sale to sell three
adjoining sites totalling 5401sqm.

Nerang Street creditors will meet Sept. 20 to decide whether to
liquidate the company or arrange for a deed of company arrangement,
the report discloses.


SOCIAL ENERGY: Second Creditors' Meeting Set for Sept. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Social Energy
Australia Pty Ltd has been set for Sept. 23, 2022, at 12:00 p.m.
via virtual meeting only.
  
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 12:00 p.m.


Philip Campbell Wilson and Said Jahani of Grant Thornton Australia
were appointed as administrators of the company on Aug. 19, 2022.


TROJAN TRAYS: First Creditors' Meeting Set for Sept. 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Trojan Trays
Australia Pty Ltd will be held on Sept. 23, 2022, at 10:00 a.m. via
videoconference.

Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were
appointed as administrators of the company on Sept. 14, 2022.




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

CHINA SCE: S&P Downgrades Long-Term ICR to 'B-', Outlook Negative
-----------------------------------------------------------------
On Sept. 15, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on China SCE Group Holdings Ltd. to 'B-' from 'B+'.
At the same time, S&P lowered its long-term issue rating on the
company's outstanding senior unsecured notes to 'CCC+' from 'B'.

S&P said, "The negative outlook on China SCE reflects our view that
the company's liquidity could further deteriorate over the next 12
months due to weaker cash generation from operations than we expect
and increased cash outflow to JV partners.

"We lowered the rating because we believe China SCE's declining
sales and cash outflow related to supplier chain financing and JV
partners will strain its liquidity. Cash outflow to JV partners
could stem from dividend payments and buyback of shares. We have
therefore revised our assessment of the company's liquidity to weak
from adequate."

China SCE's sales will likely drop by about 40% to Chinese renminbi
(RMB) 60 billion–RMB65 billion in 2022 from RMB104.5 billion in
2021 because recent mortgage boycotts have hit homebuyers'
sentiment. The company's saleable resources have also declined due
to slower construction. For the first eight months of 2022, China
SCE had contracted sales of RMB41.1 billion, a 45% year-on-year
decline compared with 2021.

S&P believes high capital expenditure (capex) related to
construction will continue to weaken China SCE's liquidity. Despite
a drop in the construction scale, the company's construction cash
outflow stayed flat in the first half of 2022. This was because
China SCE had to use internal cash flow to pay for construction
expenditure, as supply-chain financing such as asset-backed
securities (ABS) and commercial bills became inaccessible. The
company's construction cash outflow of RMB10.9 billion in the first
six months of 2022 was about 59% of its cash inflow from
consolidated sales during the period. The outflow included more
than RMB3 billion to pay down supply chain ABS and about RMB400
million to meet the reduction in outstanding commercial bills.

That said, cash outflow will likely dip in the second half, given
that the company's outstanding supply chain ABS and commercial
bills have declined to about RMB1 billion as of June 30, 2022, from
more than RMB4 billion as of Dec. 31, 2021.

China SCE's extensive use of JVs in property development adds the
risk of further cash outflow to JV partners. The company could need
to purchase stakes from embattled projects partners to avoid
financial contagion. In some other cases, JV partners have
requested to exit the projects in view of the prolonged downturn in
the sector. In the first half of 2022, China SCE has paid more than
RMB3 billion to minority interest holders of its projects, in the
form of dividends or shareholding purchase. Further cash outflow is
possible during the next 12 months. The company's minority interest
is still high at 45% of its equity, compared with 49% in December
2021.

Weakened sales have also dampened China SCE's integrated property
development model. The company would need cash inflow from property
sales to fund construction of its capital-intensive commercial
properties, particularly its FunWorld malls. These projects are
mostly in lower-tier cities, where sales are more volatile amid the
weak market sentiment.

China SCE proposed to divest some of its rental apartments to ease
the liquidity strain. However, the divestment is subject to high
execution uncertainty, given the weak sentiment toward the property
sector in general. In the first eight months of 2022, the company
could not divest any of such assets. The potential disposal
proceeds from rental apartments would be RMB2 billion–RMB3
billion, according to the company's guidance.

The negative outlook on China SCE reflects S&P's view that the
company's liquidity could further deteriorate over the next 12
months due to weaker cash generation from operations than it
expects and increased cash outflow to JV partners.

S&P could lower the rating if:

China SCE's liquidity weakens further. This could stem from a
significant slippage in contracted sales, material cash outflow to
JV partners, refinancing difficulties in any of the funding
channels, or escalation of debt repayment in trust loans or other
borrowings. Substantial cash depletion or a sharp increase in
funding costs could signal such deterioration.

China SCE's leverage, in terms of consolidated or look through
debt-to-EBITDA, deteriorates to more than 10x. This could be due to
a slippage in profit margins and revenue booking, or if S&P
believes the capital structure is no longer sustainable.

S&P could revise the outlook to stable if:

-- China SCE consistently demonstrates adequate liquidity, with
sufficient cash on hand to cover short-term maturities even after
paying down capital market financing; and

-- The company maintains the consolidated and look through
debt-to-EBITDA ratio below 10x on a sustained basis.

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


CIFI HOLDINGS: Moody's Cuts CFR to B1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded CIFI Holdings (Group) Co.
Ltd.'s corporate family rating to B1 from Ba3 and senior unsecured
rating to B2 from B1.

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

This concludes the review for downgrade initiated on July 22,
2022.

"The rating downgrade reflects CIFI's weakened credit profile,
driven by its declining property sales and reduced financial
flexibility amid the difficult operating and funding conditions in
China's property sector," says Cedric Lai, a Moody's Vice President
and Senior Analyst.

These negative developments no longer support the company's
previous Ba3 CFR.

"The negative outlook reflects a likely weakening of CIFI's
liquidity buffer, given its reduced ability to raise sizable
unsecured long-term funding," adds Lai.

RATINGS RATIONALE

Moody's expects CIFI's operating performance to remain weak over
the next 12-18 months amid difficult operating conditions.

Specifically, Moody's forecasts the company's contracted sales will
decline to around RMB160 billion in 2022 and RMB140 billion in
2023, from around RMB247 billion in 2021. Its contracted sales
significantly decreased by 47% during the first eight months in
2022 to RMB94.3 billion compared with the same period in 2021,
driven in part by pandemic-led disruptions during the period.

CIFI raised funds in September 2022 to support its liquidity,
completing a share placement of HKD623 million and a project sale
of HKD1.3 billion in Hong Kong SAR, China (Aa3 stable).
Consequently, Moody's expects CIFI to maintain adequate liquidity
over the next 12-18 months, although its liquidity buffer will
likely decrease over the same period as it will repay some of the
maturing debt using its internal cash source. Its unrestricted cash
balance reduced to RMB31.1 billion as of the end of June 2022 from
RMB46.5 billion as of the end of 2021, due to its weakened sales
and repayment of some maturing debt.

CIFI will likely continue to boost contracted sales amid the
difficult market conditions, as well as offer price discounts to
support sales, which will in turn pressure its profit margins.

Consequently, Moody's expects CIFI's credit metrics to deteriorate.
Specifically, its EBIT/interest coverage will fall to 2.5x-2.6x
from 3.6x for the 12 months ended June 2022, and its debt leverage,
as measured by revenue/adjusted debt, will reduce to around 65%
over the next 12-18 months from 78% for the 12 months ended June
2022, because of an expected decrease in profit margins and revenue
over the same period.

CIFI's B1 CFR reflects the company's ability to execute its
property development strategy, which is focused on catering to
mass-market housing demand in key tier 1 and tier 2 cities. This
focus has helped the company achieve a rapid asset turnover in the
past. The rating also considers the company's diversified
geographic coverage and its adequate, albeit weakening, liquidity
buffers.

On the other hand, CIFI's credit profile is constrained by the
company's weak operating performance, deteriorating credit metrics
and material exposure to its joint venture (JV) businesses, which
hinders the transparency of its credit metrics, although this is
mitigated by the good reputation of its JV partners.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. The majority of CIFI's claims
are at its operating subsidiaries and have priority over claims at
the holding company in a liquidation scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. Consequently, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered CIFI's concentrated ownership. Its
controlling shareholders, Lin Zhong and his family members,
collectively held a 53.2% stake in the company as of August 31,
2022. Moody's has also considered (1) the independent non-executive
directors on the company's audit and remuneration committees, who
maintain oversight of the company; (2) the application of the
Listing Rules of the Hong Kong Stock Exchange and the Securities
and Futures Ordinance in Hong Kong to oversee related-party
transactions.

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

An upgrade of the ratings is unlikely over the next 12 months,
given the negative outlook.

However, Moody's could revise CIFI's rating outlook to stable if
the company improves its sales and financial metrics, strengthens
its access to long-term funding, and maintains sufficient
liquidity.

Moody's could downgrade CIFI's ratings if its liquidity or access
to funding deteriorates; its contracted sales decline more than
Moody's expectation, such that its credit metrics weaken, with its
EBIT/interest coverage falling below 2.5x or its unrestricted
cash/short term debt below 1.0x, both on a sustained basis.

Downward pressure could also increase if CIFI's contingent
liabilities associated with its JVs or the likelihood of CIFI
providing funding support to the JVs increases significantly.

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

CIFI Holdings (Group) Co. Ltd. (CIFI) was founded in 2000 and
incorporated in the Cayman Islands in May 2011. It listed on the
Hong Kong Stock Exchange in November 2012. As of August 31, 2022,
it was 53.2% owned by the Lin family.

DEXIN CHINA: Moody's Lowers CFR to Caa1 & Unsecured Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Dexin China Holdings
Company Limited's corporate family rating to Caa1 from B3 and the
company's senior unsecured rating to Caa2 from Caa1.

The outlook remains negative.

"The downgrade reflects Dexin's heightened refinancing risks due to
its sizable debt maturities and weak liquidity over the next 6-12
months," says Alfred Hui, a Moody's Analyst.

"The negative outlook reflects the uncertainties over the company's
ability to address its refinancing needs amid a tight funding
environment," adds Hui.

RATINGS RATIONALE

Dexin has a sizable amount of maturing debt over the next 6-12
months, including a USD348 million offshore bond due in December
2022. Moody's estimates that the company's cash on hand, together
with the operating cash flow, will be insufficient to cover all of
its maturing debt obligations over the period.

Moody's believes Dexin's funding access has deteriorated
significantly over the past six months because of its weakened
operating and financial positions amid the downturn in China's
property market and its weak governance standard. This weak
governance was reflected in its earlier delay in releasing 2021
audited results and the announcement in April 2022 that it failed
to report a disclosable transaction to Hong Kong Stock Exchange.

Dexin's unrestricted cash balance declined significantly to RMB10.6
billion as of the end of June 2022 from RMB16.1 billion as of the
end of 2021, as the company repaid a large portion of maturing debt
using its internal cash source. Accordingly, its reported debt also
reduced to RMB23.7 billion from RMB30.4 billion.

Moody's expects Dexin's contracted sales to decrease around 50%
year on year in 2022 to around RMB37 billion amid challenging
operating and funding conditions. This will further strain its
operating cash flow and liquidity. For the first 8 months of 2022,
Dexin's contracted sales dropped significantly by 53% year on year
to RMB25.1 billon.

Dexin also has a high exposure to joint venture (JV) partnerships
in property development, which will also weaken its control over
the cash flow and operation of the JV projects. If the JV partners
are weak, Dexin could also need to provide additional capital to
support the JV projects if they run into financial difficulties.

Dexin's credit metrics will deteriorate over the next 12-18 months,
driven by a revenue decline and weak gross margins from its
sluggish sales performance. In particular, its interest servicing
ability, as measured by EBIT interest coverage, will weaken to
1.0x-1.5x over the next 12-18 months from 1.9x for the 12 months
ended June 2022.

Meanwhile, Dexin's gross margin will drop to 11%-12% from 12.4% in
the first half (H1) of 2022 and 21.7% in 2021, as the company is
likely to lower the contracted sales price to boost sales and cash
collection. For the first 8 months of 2022, its average sales price
for contracted sales fell 13% year on year to RMB18,196 per square
meter.

Dexin's Caa2 senior unsecured debt rating is one notch lower than
the company's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Dexin's senior unsecured claims
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance factors, Moody's
has considered the risks associated with Dexin's concentrated
ownership by its key shareholder and chairman, Mr. Hu Yiping, who
held a stake of 71% in the company as of the end of 2021. The delay
in the release of its audited financial results, the auditor change
and its failure to report a disclosable transaction as required by
the Hong Kong Stock Exchange's listing rules also reflect the
company's weak corporate governance, transparency and information
disclosure.

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

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if Dexin improves
its liquidity and access to funding, and strengthens its sales,
profitability and credit metrics over the next 12-18 months.

On the other hand, Moody's could downgrade Dexin's ratings if its
liquidity deteriorates further.

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

Dexin China Holdings Company Limited is a Zhejiang-based
residential property developer. As of June 30, 2022, its land
reserves totaled 17.5 million square meters in gross floor area,
with most of them in the Yangtze River Delta cities such as
Hangzhou, Wenzhou, Ningbo and Nanjing.

MEINIAN ONEHEALTH: Moody's Affirms 'B2' CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has changed Meinian Onehealth Healthcare
Holdings Co., Ltd.'s outlook to negative from stable. At the same
time, Moody's has affirmed Meinian Onehealth's corporate family
rating of B2.          
"The negative outlook reflects the potential disruptions
pandemic-related controls will pose on Meinian Onehealth's
operations over the next 12 months, as well as the company's weak
liquidity profile amid China's tough onshore and offshore funding
environment. These factors will weaken the company's credit
profile," says Shawn Xiong, a Moody's Vice President and Senior
Analyst.

The affirmation reflects the company's leading position in China's
private medical examination sector, likely stronger operating
performance and cash flow generation in the second half of 2022, as
well as its track record of refinancing its bank borrowings.

RATINGS RATIONALE

Meinian Onehealth's B2 CFR reflects the company's (1) leading
position in China's private medical examination sector and (2) its
exposure to the country's preventive healthcare industry.

On the other hand, the rating is constrained by the risks stemming
from (1) its weak liquidity profile, (2) its strategy of growing
through acquisitions and multistep investments, (3) its shift
towards a more premium service offering, and (4) the evolving
regulatory environment.

Moody's forecasts Meinian Onehealth's 2022 revenue will be at a
similar level to 2021's despite the company's larger number of
medical centers. This is primarily due to disruptions caused by
pandemic-related controls. At the same time, Moody's forecasts the
company's adjusted EBITDA margin will decrease to around 18%-19%
for 2022 from 20.7% for 2021. As a result, Moody's expects the
company's financial leverage, as measured by Moody's adjusted
debt/EBITDA to be between 3.5x and 3.7x for 2022.

Meinian Onehealth's liquidity is weak. Its cash balance of around
RMB1.1 billion as of June 30, 2022 is insufficient to cover its
short-term debt of around RMB2.4 billion maturing over the next 12
months. The company has a high reliance on short-term borrowings,
which makes it more susceptible to changes in the operating
environment and funding market.

On the other hand, Meinian Onehealth has maintained good access to
bank credit to support its refinancing needs for the year to date.
Moody's expects that Meinian Onehealth will be able to refinance
most of its bank borrowings.

Meinian Onehealth's rating also considers the following
environmental, social and governance (ESG) factors.

From a social risk perspective, Meinian Onehealth operates in the
highly regulated healthcare services industry. A failure to comply
with relevant regulations, or changes in government policies or
regulations, could have an adverse impact on its operations.

On the governance front, Meinian Onehealth's ownership is
concentrated in a small number of shareholders, who have pledged a
high ratio of their shares. However, its share pledge has been
decreasing in recent periods.

The largest shareholder group is Mr. Yu Rong, who together with his
affiliates, hold a 19.81% stake in the company, followed by Alibaba
(China) Technology Co. and its affiliates' 13.03% stake.

This situation is partially tempered by Meinian Onehealth's status
as a listed and regulated entity.

The company's 11-member board consists of four independent
directors. In addition, three members are appointed by Alibaba
Group and its subsidiaries.

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

Given the negative outlook, a rating upgrade is unlikely in the
near future. However, the outlook could return to stable if (1)
Meinian's operations recover on a sustained basis; and (2) it
maintains funding access.

Moody's could downgrade Meinian's rating if (1) the company's
access to funding weakens, (2) the company's business and financial
profiles deteriorate.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

Headquartered in Shanghai, Meinian Onehealth Healthcare Holdings
Co., Ltd. is a leading Chinese preventive healthcare solutions
provider offering medical examinations and various other services.
The company was listed on the Shenzhen Stock Exchange in 2015.

ROAD KING: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Road King Infrastructure Ltd. at the company's request. S&P also
withdrew the 'B+' issue rating on the China-based property
developer's outstanding senior unsecured notes. The outlook on the
issuer credit rating was stable at the time of withdrawal.


SECOO HOLDING: Inks CNY1.3 Billion Cooperation Deal with Investor
-----------------------------------------------------------------
Yicai Global reports that troubled luxury e-tailer Secoo Holding
announced on Sept. 15 it has reached a CNY1.3 billion (USD185.3
million) cooperation deal with investor Aladdin Legend Technology,
including a CNY200 million (USD28.5 million) stock purchase plan.
The news boosted the firm's shares by over 50% during trading in
New York on Sept. 15.

As part of the deal, Aladdin Legend Technology will invest up to
CNY100 million to jointly develop second-hand luxury goods sales
with Secoo.

Secoo said the investment will soon materialize, but Aladdin didn't
respond to Yicai Global's request for comment.

Secoo's value lies in its upscale consumer groups but its loss of
customers has been severe, Pan Helin, co-director of the Digital
Economy and Financial Innovation Research Center at Zhejiang
University's International Business School, told Yicai Global. The
platform also faces intense competition as the channels for buying
luxury goods in China have increased, Pan noted.

Yicai Global reports that the new investment offers a lifeline to
Secoo but rebuilding consumers' trust will be difficult, he said,
adding that it is unknown whether Aladdin's move might spur other
investors to support Secoo, as Aladdin's influence is relatively
limited.

Secoo's net loss expanded 547% from 2020 to CNY566 million last
year, and revenues fell 48% to CNY3.1 billion, its 2021 annual
results showed, the report discloses. The Beijing-based firm has
faced numerous difficulties over the last year, including being
pursued by suppliers who claimed they hadn't been paid.

The company has failed to fulfill various court orders, involving
funds of over CNY22.5 million (USD3.2 million), Yicai Global
discloses citing the Tianyancha app. And last month, luxury giant
Prada, a former partner of Secoo, asked a Shanghai court to freeze
more than CNY11 million (USD1.63 million) of assets held in the
name of the luxury e-tailer because of a contract dispute,
according to a court document.

Beijing-based Aladdin Legend Technology, incorporated in January
2017, engages in technological development, market research,
external investment and other businesses.

Secoo Holding Limited, through its subsidiaries, operates an
integrated online and offline shopping platform in the People's
Republic of China, Hong Kong, and internationally. It provides
upscale brand products and services, including handbags, watches,
clothing, footwear, jewelry and accessories, cosmetics and
skincare, home accessories, sportswear, home goods, fine food and
beverage products, arts, 3C electronic devices, and Chinese
original products, as well as lifestyle services through its
website, mobile applications, and offline experience centers. The
company also offers its website as a marketplace to third party
merchants to facilitate their sales of upscale products and
services.


[*] CHINA: Government Financing Vehicles Struggle to Pay IOUs
-------------------------------------------------------------
Caixin Global reports that a growing number of Chinese local
government financing vehicles (LGFV) are failing to repay money
they owe to suppliers in the form of commercial paper debt,
according to some analysts, underscoring growing financial stress
among companies tasked with raising funds to support infrastructure
investment.

At the end of August, 43 LGFVs - including parent companies and
subsidiaries - had failed to redeem maturing commercial paper at
least three times over the previous six months, analysts at Lianhe
Credit Investment Consulting Co. Ltd., a consultancy, wrote in a
note last week based on data from Shanghai Commercial Paper
Exchange. That's up from 27 at the end of July, Caixin relates.




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

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adi Wires
Private Limited (AWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.35       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.18       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AWPL for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, Jharkhand-based AWPL manufactures binding
wires and wire nails, which are largely used in the construction
industry. The company is promoted and managed by Mr. Amit Sarawgi
and Mr. Rohit Jain.


ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Advanced
Computers and Mobiles India Private Limited (ACMIPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      107.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           57.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 23, 2021,
placed the rating(s) of ACMIPL under the 'issuer non-cooperating'
category as ACMIPL 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.

ACMIPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated May 9, 2022, May 19, 2022, May 29, 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).

ACMIPL is one of India's leading distribution house in the Telecom
Industry. ACMIPL trades in mobile phones, accessories and data
cards. ACMIPL has its distribution network spanning pan India with
over 20 distribution centres and over 10,000 retail touch points.

ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atarson
Overseas Private Limited (SBRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               6.5      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               2.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SBRM for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SBRM was incorporated by Gupta family of Bareilly in 2011. It is
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk. Mr. Rachin Gupta and Ms Seema Gupta are the
promoters of the company. Mr. Rachin Gupta is also engaged managing
day to day activities of the business.


BIRBAL DASS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Birbal Dass
Ritesh Kumar (BDRK) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       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 7, 2021,
placed the rating(s) of BDRK under the 'issuer non-cooperating'
category as BDRK 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. BDRK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2022, June 2, 2022, June 12, 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).

Hanumangarh (Rajasthan) based Birbal Das Ritesh Kumar (BDRK) was
established in 2006 as a proprietorship concern by Mr. Ritesh Kumar
Gupta. BDRK is engaged in the business of trading of agriculture
commodities and also provides commission agents services to its
customers. The firm mainly deals in barley, castor seeds,
coriander, cotton bales, mustard seeds and wheat etc. It procures
the agriculture commodities from the local mandis as well as from
farmers and sells those to different customers directly as well as
through distributors. BDRK is also engaged in the business of land
development business.


BRAHMAGIRI DEVELOPMENT: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Brahmagiri
Development Society (BDS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.09       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       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 29, 2021,
placed the rating(s) of BDS under the 'issuer non-cooperating'
category as BDS 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. BDS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2022, June 24, 2022, July 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).

The Brahmagiri Development Society (BDS) came into existence in
1999 with an objective of playing an active role in assisting the
farming community in Wayanad attain self-sufficiency. The society
also aims at empowering the farmers to tap modern technologies and
mechanisms to improve their financial condition. The activities
undertaken by the society include scientific fodder production,
construction of cattle shed and bio-gas plants, distribution of
azolla plants and implementation of Watershed Development programs
with the assistance of the National Bank for Agriculture and Rural
Development (NABARD) and the Western Ghats Development Programme
(WGDP).


DCR DISTILLERY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DCR
Distillery Private Limited (DDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.40      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 June 29, 2021,
placed the rating(s) of DDPL under the 'issuer non-cooperating'
category as DDPL 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. DDPL 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).

Sagar-based (Madhya Pradesh) DCR Distillery Private Limited (DDPL)
was incorporated in November, 2010 by Mr. Gajendra Singh Rathore
along with his family members with an objective to set up a plant
for manufacturing of Extra Neutral Alcohol (ENA) and Rectified
Spirit (RS). The manufacturing unit of the firm is located in
Mehar, Sagar - Madhya Pradesh.


DHANA-SHREE DEVELOPERS: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhana-Shree
Developers (DSD) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.32       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 27,
2021, placed the rating(s) of DSD under the 'issuer
non-cooperating' category as DSD 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. DSD
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 13, 2022, July 23, 2022, August 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).

Dhana Shree Developers (DSD) was established in 2000 by Mr.
Dnyaneshwar Dabhole, Mr. Vijay Mehta, Mr. Sameer Shah and Mr.
Balwantrai Mehta. The firm has been primarily involved in
development of residential and commercial projects in Mumbai.

DOABA KHALSA: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Doaba
Khalsa Trust (DKT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       31.20      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 27, 2021,
placed the rating(s) of DKT under the 'issuer non-cooperating'
category as DKT 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. DKT 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).

Doaba Khalsa Trust was established in 1998 under the India Trust
Act, 1882 to impart higher education. The trust operates with Mr.
Mohinder Singh Batth as its chairman. It is currently operating
three campuses, one each in Mohali, Ropar and Nawanshahar (Punjab)
under the name 'Doaba Group of Colleges'. The colleges offer
graduation, postgraduation and diploma courses in engineering and
technology, management and pharmacy. The different courses offered
are approved by AICTE (All India Council of Technical Education),
PTU (Punjab Technical University), Jalandhar, SCERT (State Council
of Educational Research and Training), Punjab, PU (Punjab
University), Chandigarh and PSBTE (Punjab State Board of Technical
Education), Chandigarh.


DUDH GANGA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dudh Ganga
(DG) 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 DG under the 'issuer
non-cooperating' category as DG 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. DG
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).

Established in April 2014, Dudh Ganga (DG) is a partnership firm
engaged in supplying of fresh pasteurized milk to its sister
concern, Good Day Foods Private Limited (GDFPL; rated CARE D;
Issuer Not Cooperating). DG has commenced operations in October
2014, thus FY15, will the first year of operations.

DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dushmanta
Giri (DG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       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 DG under the 'issuer non-cooperating'
category as DG 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. DG 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).

Dushmanta Giri (DG) was initially established in 1977 as a
proprietorship entity by Shri Dushmanta Giri to execute civil
contract work for Govt. of West Bengal. It was converted to
partnership firm on January, 20, 2012 by Shri Dushmanta Giri (60%
stake), Smt. Piu Giri (20% stake) and Shri Dwaipayan Giri (20%
stake), based out of Midnapore, West Bengal. The partnership firm
has been reconstituted in February 19, 2012 after the demise of
Shri Dushmanta Giri and the current partners are Smt. Piu Giri (50%
stake) and Shri Dwaipayan Giri (50% stake). DG is a small sized
West Bengal based firm engaged in providing different types of
construction services, which include construction of roads,
buildings etc.


GOYAL ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Enterprises_Merrut (GE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.25      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 August 26,
2021, placed the rating(s) of GE under the 'issuer non-cooperating'
category as GE 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. GE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2022, July 22, 2022, August 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).

Meerut based Goyal Enterprises (GE) was established as
proprietorship firm by Mr. Ambuj Goyal in 2001. GE is engaged in
the wholesale trading of surgical equipment such as sputum
container, urine container, slide box, dropping bottle etc and
various type of scientific chemicals.

GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greatweld
Engineering Private Limited (GEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            16        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Letter         13        CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Rupee Term Loan         8        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GEPL for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GEPL, incorporated in 2005, manufactures electro-forged mild steel
gratings and handrails. It has two plants, at Indapur and Markal,
near Pune. Mr. Rakesh Ranjan, Mr. Suhas Baddi, Mr. Ravindra Mule,
and Mr. Sateesh Rane are the promoters. Mr. Rakesh Ranjan and a
manage the business.


HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hariom Cotgin
Private Limited (HCPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              8       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HCPL for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HCPL, incorporated in 2008 by Mr. Ramesh, gins cotton, and presses
and processes cotton seed into oil and cakes. In October 2015, it
was taken over by Mr. Bharatbhain Selani and Mr. Chiragbhai Selani,
who have been in the cotton ginning and pressing business for five
decades.


IDEAL CARPET: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ideal
Carpet Industries (ICI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.08       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.00       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 26,
2021, placed the rating(s) of ICI under the 'issuer
non-cooperating' category as ICI 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. ICI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2022, July 22, 2022, August 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).

Uttar Pradesh-based ICI was established in 1971 as a partnership
firm by Maurya family. The firm is being managed by Mr.  L R
Maurya, Mr.  S R Maurya, Mr.  Tushar, Mr.  Kundan Arya and Mr.
Sudhir. The firm was primarily engaged into manufacturing of
hand-knotted carpets. Besides, ICI also entered into the hotel
industry and running hotel under the name of "Rivatas by Ideal"
since October 2012 in Varanasi (Uttar Pradesh).


KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kama Metal
and Alloys Private Limited (KMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.75       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.92       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Rupee Term Loan       2.33       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008, KMPL operates an ingot manufacturing unit as
well as rolling division (Key products include MS pipes and flats).
KMPL has ingots manufacturing capacity of 35000 MTPA and rolling
capacity of 30000 MTPA.


KLAUS WAREN: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Klaus Waren
Fixtures Private Limited (KWFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      9.02     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               7.50     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KWFPL for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2004, Mumbai-based KWFPL manufactures brass
bathroom fitting, which are marketed under the brand, 'Aquel'. Dr N
M Shah and family are the promoters.


LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Govardana Rice Industry (SLG) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           19.3       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.27      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.43      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SLG for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in the year 2013, SLG is engaged into processing i.e.
milling, polishing and sorting of non-basmati rice. SLG is
partnership firm with V Vinod Kumar Naidu as its Managing Director.
The company is having its rice mill situated at Nellore district of
Andhra Pradesh.


LOTUS AUTO: NCLT Allows Petition to Sell Firm as a Going Concern
----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal's
(NCLT) New Delhi bench has allowed a petition filed by the
liquidator of Lotus Auto Engineering to sell the company as a going
concern without its dissolution.

A similar plea was also filed by the successful bidder Deepak
Industries that bought Lotus Auto through the e-auction process.
The tribunal also allowed Deepak Industries' plea.

Lotus Auto Engineering Limited manufactures low to medium weight
machined castings.  

The company commenced insolvency process on Aug. 7, 2018.


LSML PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of LSML
Private Limited (LPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      470.86      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     162.01      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 1, 2021,
placed the rating(s) of LPL under the 'issuer non-cooperating'
category as LPL 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. LPL 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).

LSML Private Limited is a joint venture between Shriram Group's SVL
limited [Formerly known as Shriram Industrial Holding Ltd. (SIHL)]
and Italy based Windfin BV, was incorporated to provide wind power
solution on turnkey basis. LSML is engaged in the manufacturing,
installation, commissioning of Wind Electric Generators (WEG),
creating infrastructure such as site development and proving power
evacuation facility for wind power projects, and their maintenance.
The company has a fully integrated manufacturing facility in
Chennai with a capacity of 144 WEG per annum and offers 1.5MW/1.8
MW WEG with different variants.

NANDI VARDHANA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nandi
Vardhana Textile Mills Limited (NVTML) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       24.56      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.40      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 20, 2021,
placed the rating(s) of NVTML under the 'issuer non-cooperating'
category as NVTML 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. NVTML continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2022, June 15, 2022, June 25, 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).

NVTML was incorporated in the year 2005 by Mr. P Srinivasa Rao, Mr.
G Anjaiah, Mr. s P Padmavathi and the relatives of the promoters.
NVTML is engaged in the manufacturing of cotton yarn with an
installed capacity of 20,448 spindles per annum at Thimmapuram,
Guntur District, and Andhra Pradesh. NVTML manufactures and
supplies cotton yarn for both domestic as well as global markets.
Till FY12, a predominant portion of the finished product was sold
domestically, while around 22% was exported to countries like
Turkey, Brazil and China.


PANKAJ STEEL: CARE Keeps C/A4 Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pankaj
Steel Corporation (PSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           8.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank 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 25,
2021, placed the rating(s) of PSC under the 'issuer
non-cooperating' category as PSC 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. PSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 11, 2022, July 21, 2022, July 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).

Pankaj Steel Corporation (PSC) was established in the year 1978 as
proprietorship entity by Mr. s. Usha Agarwal. The entity is into
trading of iron and steel, mainly of alloy steel having application
in heavy engineering. It also does processing jobs like heat
treatment, bending, etc. or gets it done on job work basis as per
customer requirements. The entity is also involved in demolition
activities of PSU discarded assets, prior it was into ship
breaking.


PANNU STONE: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pannu Stone
Crusher (PSC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.75       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 August 26,
2021, placed the rating(s) of PSC under the 'issuer
non-cooperating' category as PSC 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. PSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2022, July 22, 2022, August 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).

Nainital, Uttarakhand based Pannu Stone Crusher (PSC) was
established in July, 2016. The firm is currently being managed by
Mr. Arvind Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and
Mr. Sukhveer Singh Pannu. The firm was established with the
objective of stone crushing, washing, grading & natural screening
of stones.


RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajeshree
Cotex (RC) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Long Term/           18.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2021, placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC 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. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 27, 2022, July 7, 2022, July 17, 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).

RC is part of the Rajeshree group, formed in 2005. RC is a
partnership firm promoted by seven partners with unequal share of
profit among them. The key partners of RC are Mr. Nilesh Gandhi and
Mr. Rajendra Kumar Mahajan. The firm is engaged in the ginning of
raw cotton with processing of bales of cotton at its manufacturing
facility at Jalgaon in Maharashtra. The Rajeshree group has other
two entities, namely, M/s Rajeshree Fibers (rated: CARE D; Issuer
not cooperating) and Rajeshree Industries India Private Limited
(rated: CARE D; Issuer not cooperating). Both these entities are
also involved in the business of cotton ginning and pressing.


RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajeshree
Fibers (RF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 12,
2021, placed the rating(s) of RF under the 'issuer non-cooperating'
category as RF 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. RF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 28, 2022, July 8, 2022, July 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).

Established in the year 2001, Rajeshree Fibers (RF) is a
partnership firm established by three partners having equal
profit/loss sharing ratio. The key partner of RF is Mr. Nilesh
Gandhi and the other two partners are Mr. s. Rajeshree Mahajan and
Mr. s. Anita Mahajan. RF is engaged in ginning and pressing of raw
cotton and its manufacturing facility is located at Khargone,
Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex
and Rajeshree Industries India Private Limited (rated: CARE D;
Issuer not cooperating) which are involved in the business of
cotton ginning and pressing. All the partners of Rajeshree Fibers
are also partners in M/s Rajeshree Cotex (rated: CARE D/CARE D;
Issuer not cooperating). Mr. Nilesh Gandhi is also the Managing
Director in RIPL.


RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajeshree
Industries India Private Limited (RIIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      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 10,
2021, placed the rating(s) of RIIPL under the 'issuer
non-cooperating' category as RIIPL 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. RIIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 26, 2022, July 6, 2022,
July 16, 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 2011, RIIPL is primarily engaged in ginning and
pressing of raw cotton at its manufacturing unit in Khargone,
Madhya Pradesh. RIIPL is a part of Rajeshree Group, which also
operates other cotton ginning and pressing units under partnership
firms M/s Rajeshree Cotex (rated: CARE D/CARE D; Issuer not
cooperating) and M/s Rajeshree Fibers (rated: CARE D; Issuer not
cooperating).


RAMESHWAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rameshwar
Cottex (RC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.54       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 12,
2021, placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC 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. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 28, 2022, July 8, 2022, July 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 RC is a partnership firm promoted by Mr.
Pravin L Nakum, Mr. Kailash L Nakum and Mr. s. Manjula K Nakum in
August 2015. The Firm is engaged in cotton ginning and pressing to
produce cotton bales and cotton seeds and also trading of raw
cotton. Firm has also started Oil milling from April 2018. The
manufacturing unit of the firm is located at Rajkot (Gujarat) and
operates with an installed capacity of 54 Metric Tonnes per day as
on March 31, 2018.


RESURGENT POWER: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Resurgent
Power Projects Limited (RPPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       24.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            5.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       7.00      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 20, 2021,
placed the rating(s) of RPPL under the 'issuer non-cooperating'
category as RPPL 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. RPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2022, June 15, 2022, June 25, 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).

RPPL was incorporated in 1995 in the name of Enmas Engenius
Projects Limited (EEPL). During its initial stages the company was
involved mainly in erection and commissioning of Chemical recovery
boilers. Subsequently in 2008 the name of the company was changed
to Enmas GB Power Systems Projects Limited (EGPL) and the company
started catering to power industry. During FY12, the promoters of
the Chennai-based Bhandari group had indirectly acquired 49.7%
stake from Resurgent Investments Private Limited (RIPL - Promoter
Company).


RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RPN Engineers
Chennai Private Limited (RPN) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2.76       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.25       CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import         2.50       CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Term Loan             0.02       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RPN for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RPN was incorporated as partnership firm 'Lookmans Engineers and
Contractors' during 1995. The partnership firm was converted into a
Private Limited Company in May 1999. The company is promoted by Mr.
Laqman Basha.


SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Cotton
Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.40       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 August 13,
2021, placed the rating(s) of SCI under the 'issuer
non-cooperating' category as SCI 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. SCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 29, 2022, July 9, 2022, July 19, 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).

SCI was established in November 2011 as a partnership firm by 12
partners for setting up of new ginning and pressing unit with the
installed capacity of 7,668 MT per annum. The manufacturing plant
is situated at Babara (District: Amreli), Gujarat. SCI commenced
its operations from July 2012 onwards.


STERLING SEZ: Jindal Poly, Arham in Race to Acquire Company
-----------------------------------------------------------
The Economic Times reports that New Delhi-based BC Jindal group's
subsidiary Jindal Poly Films and Arham Smart Innovation LLP are in
the race to acquire Gujarat-based Sterling SEZ & Infrastructure
through liquidation.

After several rounds of the bidding process, Jindal Poly Films and
Arham Smart Innovation, also based in Gujarat, have qualified as
final bidders for the upcoming auction, said a person aware of the
development, ET says.

According to the report, the liquidator had invited the latest bids
on July 28, 2022, for the multi-product SEZ that is spread over
3,120 acres of land to sell the company as a going concern at a
reserve price of INR487.80 crore.

"The e-auction is expected to take place on September 20 and the
liquidator will announce the name of the successful bidder on
September 21," said a person quoted above, notes the report.

If successful, this will be the second Sterling group company to be
acquired through the resolution process, the report notes.

Recently, in April, US-based food technology startup Perfect Day
Inc. emerged as the successful bidder for the acquisition of
Sterling Biotech through the liquidation process. The
California-based Perfect Day was the highest bidder at INR638 crore
against the reserved price of INR548.46 crore. Sterling Biotech
owes over INR8,100 crore to its lenders.

                         About Sterling SEZ

Gujarat-based Sterling SEZ & Infrastructure Ltd (SSIL, erstwhile
Sterling SEZ Private Limited), formerly known as M/s Sterling
Erection and Infrastructure Private Limited (SEIPL), is a Special
Purpose Vehicle (SPV) promoted by Sandesara group through Sterling
Biotech Ltd. SSIL was incorporated on June 22, 2006 for the
development of a multi-product SEZ in the Jambusar Taluka, Bharuch
District of Gujarat. The SEZ was aimed at providing world-class
industrial, commercial, residential and social infrastructure
facilities along with utilities, on an integrated basis to
potential users of the SEZ.

On July 16, 2018, the Mumbai bench of the National Company Law
Tribunal (NCLT) admitted the insolvency resolution petition filed
by Srei Infrastructure Finance after the borrower defaulted on its
dues. Subsequently, the company was admitted for liquidation on
October 18, 2021, in the absence of any viable resolution plan.

Sterling SEZ is a subsidiary of the Sterling group.  Gujarat-based
Sterling Group's three companies, including Sterling Biotech,
Sterling SEZ & Infrastructure and its trading arm Sterling
International, were admitted under the Corporate Insolvency
Resolution Process (CIRP). The group owes about INR15,000 crore to
its financial and operational creditors. Sterling SEZ owes over
INR4,500 crore to its financial and operational lenders.

The group's promoters Chetan and Nitin Sandesara have fled India
and are believed to be in Africa. Last year in June, the
Enforcement Directorate had attached properties of over INR9,700
crore owned by the Sandesaras.


THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thangamman
Exports (TE) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bills Receivable       1         CRISIL A4 (Issuer Not
   Discounting                      Cooperating)

   Long Term Loan         0.3       CRISIL C (Issuer Not
                                    Cooperating)

   Packing Credit         3         CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.7       CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Short Term Bank        1         CRISIL A4 (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with TE for
obtaining information through letters and emails dated June 27,
2022 and August 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TE
continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

TE was established in 1985 by Mr. Chandrasekaran as a
proprietorship firm in Tiruppur, Tamil Nadu. The firm manufactures
and exports readymade garments. It undertakes knitting, cutting,
stitching, and packaging of garments at its unit in Tiruppur.


VENKATESH ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Venkatesh
Associates (VA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      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 7, 2021,
placed the rating(s) of VA under the 'issuer non-cooperating'
category as VA 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. VA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2022, June 2, 2022, June 12, 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).

VA is a partnership firm (SPV) formed on August 7, 2012 and belongs
to Venkatesh Oxy Group. VA was developing two residential projects
named 'Venkatesh Oxy Evolve', and 'Venkatesh Oxy Desire' with a
total saleable area of 2.34 lakh square feet (lsf), situated at
Wagholi (Pune). CARE does not have any update on the latest
developments in this regard.




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

NOMURA HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 29, 2022, retains its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Nomura Holdings, Inc. EJR also retains its 'C'
rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, Nomura Holdings, Inc. is a holding
company which manages financial operations for its subsidiaries.




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

AFTERMATH CIVIL: Court to Hear Wind-Up Petition on Oct. 7
---------------------------------------------------------
A petition to wind up the operations of Aftermath Civil Limited
will be heard before the High Court at Auckland on Oct. 7, 2022, at
10:00 a.m.

Rock and Rubble Limited filed the petition against the company on
Aug. 11, 2022.

The Petitioner's solicitor is:

          Brett Leeson Martelli
          HC Legal Limited
          Level 1, 19 Mauranui Avenue
          Newmarket
          Auckland


LUXURY RETAIL: Creditors' Proofs of Debt Due on Oct. 20
-------------------------------------------------------
Creditors of Luxury Retail No.1 Limited are required to file their
proofs of debt by Oct. 20, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2022.

The company's liquidators are:

          McElhinney
          Kare Johnstone
          McGrathNicol
          Level 17, 41 Shortland Street
          Auckland


R.W. & A.C.: Ecovis KGA Appointed as Receivers and Managers
-----------------------------------------------------------
Gareth Russel Hoole and Clive Robert Bish of Ecovis KGA Limited on
March 30, 2022, were appointed as receivers and managers of R.W. &
A.C. King limited.

The Receivers may be reached at:

          Gareth Russel Hoole
          Clive Robert Bish
          Ecovis KGA Limited
          PO Box 37223
          Parnell, Auckland


SILVER BACK: Court to Hear Wind-Up Petition on Sept. 27
-------------------------------------------------------
A petition to wind up the operations of Silver Back Builders
Limited will be heard before the High Court at Wellington on Sept.
27, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2022.

The Petitioner's solicitor is:

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


TRILOGY BAR: Court to Hear Wind-Up Petition on Sept. 30
-------------------------------------------------------
A petition to wind up the operations of Trilogy Bar And Eatery
Limited will be heard before the High Court at Auckland on Sept.
30, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 9, 2022.

The Petitioner's solicitor is:

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




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

32 CAPITAL: Creditors' Proofs of Debt Due Oct. 17
-------------------------------------------------
Creditors of 32 Capital Pte Ltd are required to file their proofs
of debt by Oct. 17, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 9, 2022.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


ASCEND FIELD: Creditors' Meeting Set for Sept. 28
-------------------------------------------------
Ascend Field Pte Ltd, which is in compulsory liquidation, will hold
a meeting for its creditors on Sept. 28, 2022, at 2:00 p.m., via
Zoom.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to approve the Liquidators’ fees and disbursements; and

   c. discuss other business.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


GRAND BLUEPRINT: Creditors' Proofs of Debt Due on Oct. 16
---------------------------------------------------------
Creditors of Grand Blueprint Dynasty Holdings Pte Ltd are required
to file their proofs of debt by Oct. 16, 2022, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2022.

The company's liquidators are:

          Lai Kuan Loong, Victor
          c/o CitadelCorp Pte. Ltd.
          105 Cecil Street
          #12-01 The Octagon
          Singapore 069534



POWER FUTURE: Creditors' Meeting Set for Sept. 28
-------------------------------------------------
Power Future Pte Ltd will hold a meeting for its creditors on Sept.
28, 2022, at 2:30 p.m., via Zoom.

Agenda of the meeting includes:

   a. to receive a full statement of the company’s affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to nominate Liquidator(s) or confirm members’ nomination
of
      Liquidator;

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company; and

   d. to consider any other matters which may be brought before
      the meeting.

Mr. Farooq Ahmad Mann of M/s Mann & Associates was appointed as
provisional liquidator of the Company on Sept. 9, 2022.


VALUE3 ADVISORY: Court to Hear Wind-Up Petition on Sept. 30
-----------------------------------------------------------
A petition to wind up the operations of Value3 Advisory Pte. Ltd.
will be heard before the High Court of Singapore on Sept. 30, 2022,
at 10:00 a.m.

Christoph Brodowicz filed the petition against the company on Sept.
7, 2022.

The Petitioner's solicitor is:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908



                           *********


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
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                *** End of Transmission ***