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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

          Wednesday, September 21, 2022, Vol. 25, No. 183

                           Headlines



A U S T R A L I A

ARISTOCRAT LEISURE: S&P Affirms 'BB+' ICR, Outlook Positive
BECKON CAPITAL: First Creditors' Meeting Set for Sept. 27
CGP TRADING: Second Creditors' Meeting Set for Sept. 27
COMPLETE WORKSHOP: First Creditors' Meeting Set for Sept. 30
DRONE INDUSTRIES: First Creditors' Meeting Set for Sept. 27

NORWAY GRANGE: Second Creditors' Meeting Set for Sept. 28


C H I N A

CHINA: Troubled Developers Scramble for a Piece of $28.5BB Bailout
CIFI HOLDINGS: To Raise Up to CNY1.2BB Note With State Guarantee
COUNTRY GARDEN: S&P Downgrades ICR to 'BB', Outlook Negative
FOSUN INTERNATIONAL: Cuts Shares in New China Amid Debt Concerns
FOSUN INTERNATIONAL: Says Debt 'Only CNY100 Billion'

KAISA GROUP: Bondholders Offer US$2BB to Take Over Stalled Projects


I N D I A

ATLAS TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
CHHATRAPATI SAHAKARI: CARE Keeps C Debt Rating in Not Cooperating
CHIDAMBARAM SHIPCARE: ICRA Keeps B+ Ratings in Not Cooperating
DHANANJAYA MONEY: Liquidation Process Case Summary
EXCEL PACK: CRISIL Withdraws B Rating on Long Term Debt

G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
HINDUSTHAN FACING: Insolvency Resolution Process Case Summary
HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
IMMEDIATE REAL: Insolvency Resolution Process Case Summary

IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
JAIKA AUTOMOBILES: ICRA Withdraws B Rating on INR60.25cr LT Loan
JEPPIAAR CEMENTS: Liquidation Process Case Summary
K2 METALS: ICRA Reaffirms B+ Rating on INR13cr LT Loan
KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating

M B CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
MAYUR PLY: Insolvency Resolution Process Case Summary
MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating
N V KHAROTE: CRISIL Keeps D Debt Ratings in Not Cooperating

NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
NOVARC LABS: CARE Keeps D Debt Rating in Not Cooperating Category
PBR SELECT: CRISIL Keeps D Debt Ratings in Not Cooperating
POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating

POPULAR FOUNDATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
PRITHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
QUALPACK: CARE Keeps C Debt Rating in Not Cooperating Category
RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category
REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating

REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
RS MOTORS PRIVATE: Liquidation Process Case Summary
SAA VISHNU BAKERS: Insolvency Resolution Process Case Summary
SAIMAX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating

SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHUBH ALUMINIUM: Insolvency Resolution Process Case Summary
SUCHI PAPER: Insolvency Resolution Process Case Summary
SWAGAT ABHARAN: CRISIL Withdraws B+ Rating on INR13cr Cash Loan
TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating

TRILOK SECURITY: Liquidation Process Case Summary
XS REAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
[*] INDIA: IBBI Allows Bankrupt Companies' Partial Sale of Assets


N E W   Z E A L A N D

HOULT ELECTRICAL: Creditors' Proofs of Debt Due on Oct. 7
LAND SPECIALIST: Court to Hear Wind-Up Petition on Oct. 21
LUXURY RETAIL: Retailer Goes Into Liquidation
MANGAWHAI PROPERTY: Creditors' Proofs of Debt Due Oct. 23
PRIME FOCUS: Creditors' Proofs of Debt Due on Oct. 7

TRIVENI PURI: Court to Hear Wind-Up Petition on Sept. 29


P A K I S T A N

PAKISTAN: Will 'Absolutely Not' Default on Debts, FM Says


S I N G A P O R E

AERODEF ASIA: Creditors' Proofs of Debt Due on Oct. 21
ATLANTIC ESBJERG: Creditors' Meetings Set for Sept. 27
G.T.H ENGINEERING: Creditors' Meeting Set for Sept. 29
LEMARC AGROMOND: Court to Hear Wind-Up Petition on Oct. 7

                           - - - - -


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

ARISTOCRAT LEISURE: S&P Affirms 'BB+' ICR, Outlook Positive
-----------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on
Australia-based gaming provider Aristocrat Leisure Ltd. at 'BB+'
and the related issue ratings on its secured US$500 million
revolving credit facility, US$1.35 billion term loan A, and US$500
million term loan B.

The outlook remains positive, reflecting S&P's view that it could
raise the ratings on Aristocrat if it were to commit to more
conservative financial policies, or meaningfully expand its scale,
addressable market, and diversity of its earnings base.

S&P said, "We expect Aristocrat will continue evaluating growth
opportunities over the next six to 12 months.Proceeds received from
its A$1.3 billion equity raising, originally earmarked to part fund
the Playtech Plc acquisition, have positioned Aristocrat well to
cash fund future growth opportunities. Over the next 12 months, we
expect the company will likely pursue an expansion into the
fast-growing online RMG segment. This may be through acquisition of
other RMG market participants as Aristocrat seeks to bolster its
scale of operations, particularly in North America. In our view,
Aristocrat's solid market positions in gaming-machine sales, gaming
operations, and digital gaming underpin the strength of the
business. However, we note an increase in leverage beyond the 3.0x
level to accommodate an acquisition would undermine our assessment
of the company's future financial policy commitments.

"We expect the company to remain disciplined in the deployment of
capital and to articulate its long-term financial policies over the
next six months.Aristocrat is currently in a net cash position. The
strength of its current leverage and liquidity position provides
flexibility to undertake capital management or corporate activity."
A number of options that S&P expects Aristocrat to contemplate
include one or more of the following:

-- An acceleration of its design and development investment;

-- Complementary acquisitions;

-- Capital returns to shareholders; and

-- Other capital management initiatives.

Balance sheet and liquidity strength should enable Aristocrat to
pursue its operating strategy. Aristocrat's minimal near-term debt
maturities, sizable cash balance, and undrawn revolving credit
facility of around A$3.7 billion as of March 30, 2022, support the
group's liquidity position. This provides some flexibility for
capital management initiatives or corporate activity over the next
12 months. S&P expects the company to complete its A$500 million
on-market share buyback program in the first half of fiscal 2023.
Given the company is funding the program with free cash flow, it
should not materially affect its credit metrics or limit its growth
aspirations.

S&P said, "We expect Aristocrat will generate solid EBITDA growth
in 2023 amid uncertain market conditions.Our base case projects the
company's EBITDA to increase by around 6% in fiscal 2023, largely
driven by continued revenue recovery of Aristocrat's outright
machine sales and gaming operations (land-based segment) in its key
operating markets of Americas, Australia, and New Zealand, and
Europe through fiscal 2022. However, we expect the consumer impact
across Aristocrat's key markets with higher interest rates and
rising inflation will somewhat constrain earnings growth. In
addition, our base case assumes normalization of digital growth
over the next 12-18 months, as the historic growth levels
experienced during the pandemic ease.

"The positive outlook reflects a one-in-three chance that we will
raise our ratings on Aristocrat to 'BBB-' over the next six months
if the company materially bolsters the quality, scale, and
diversity of its earnings while maintaining balance sheet strength.
Alternatively, the positive outlook also incorporates the prospect
of Aristocrat publicly articulating a commitment to more
conservative financial policies."

The 'BB+' rating assumes that Aristocrat will maintain debt to
EBITDA of below 2.5x under steady state operating conditions.

S&P said, "We could raise the rating if Aristocrat meaningfully
expanded its scale and earnings diversification. This would likely
be achieved through acquisition or organic development of an
additional earnings segment. An upgrade on this basis would be
predicated on Aristocrat maintaining the company's current solid
market positions, operating performance, and adherence to its
existing financial policy framework.

"We could also raise the rating if Aristocrat's cash flow
generation and financial policies enable it to sustain a
debt-to-EBITDA ratio of less than 1.5x, with the ability to
increase to 2.0x for strategic opportunities.

"We could revise the outlook to stable if Aristocrat returns
surplus capital to shareholders and maintains current financial
policies settings absent a material improvement in the company's
scale and diversity."

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


BECKON CAPITAL: First Creditors' Meeting Set for Sept. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Beckon
Capital Pty Ltd will be held on Sept. 27, 2022, at 10:00 a.m. via
virtual meeting.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Sept. 16, 2022.


CGP TRADING: Second Creditors' Meeting Set for Sept. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of CGP Trading Pty
Ltd has been set for Sept. 27, 2022, at 10:00 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 26, 2022, at 4:00 p.m.

Liam Bailey and Daniel Frisken of O'Brien Palmer were appointed as
administrators of the company on Aug. 22, 2022.


COMPLETE WORKSHOP: First Creditors' Meeting Set for Sept. 30
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Complete
Workshop Solutions Pty Ltd will be held on Sept. 30, 2022, at 12:00
p.m. at the offices of Romanis Cant at Level 2, 106 Hardware Street
in Melbourne.

Renee Sarah Di Carlo and Manuel Hanna of Manuel Hanna were
appointed as administrators of the company on Sept. 16, 2022.


DRONE INDUSTRIES: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Drone
Industries Pty Ltd will be held on Sept. 27, 2022, at 11:00 a.m.
via virtual meeting.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on Sept. 14, 2022.


NORWAY GRANGE: Second Creditors' Meeting Set for Sept. 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Norway Grange
Pty Ltd has been set for Sept. 28, 2022, at 11:00 a.m. at Level 29,
360 Collins Street in Melbourne.
  
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. 26, 2022, at 5:00 p.m.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of the company on Aug. 22, 2022.




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

CHINA: Troubled Developers Scramble for a Piece of $28.5BB Bailout
------------------------------------------------------------------
Caixin Global reports that China's distressed property firms are
scrambling for a share of a CNY200 billion (US$28.5 billion)
government loan program, as industry insiders predict the cash
won't be enough to restart all the projects affected by the
sector's liquidity crunch.

According to Caixin, the loan program planned by the central
government aims to help developers resume construction of
apartments that have already been bought but are unfinished due to
an industrywide shortage of funds.


CIFI HOLDINGS: To Raise Up to CNY1.2BB Note With State Guarantee
----------------------------------------------------------------
The Standard reports that Shanghai-based developer CIFI will raise
up to CNY1.2 billion through its wholly owned subsidiary issuing
the second phase of a three-year note on Sept. 21.  CIFI said the
issue has been fully guaranteed by the state-run China Bond
Insurance Corporation.

Its board of directors including chairman Lin Zhong announced it
will buy 500,000 shares for about HK$825,000 from the open market,
increasing its stake in the company to 51.55 percent, The Standard
relates.

CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2022, 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.


COUNTRY GARDEN: S&P Downgrades ICR to 'BB', Outlook Negative
------------------------------------------------------------
On Sept. 19, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.

The negative outlook on Country Garden reflects the risk that the
company's liquidity buffer and leverage could further deteriorate
due to weaker sales and a high amount of construction expenditure.
to 'BB' from 'BB+'.

The negative outlook on Country Garden reflects the risk that the
company's liquidity buffer and leverage could further deteriorate
due to weaker sales and a high amount of construction expenditure.

S&P said, "We lowered the rating to reflect Country Garden's
narrowing liquidity buffer due to weakened sales and a high amount
of construction expenditure. Softening sales will be the key risk
to Country Garden's liquidity, in our view. We expect the company's
construction expenditure to remain higher than peers' given its
lower-tier city exposure with low land costs. Based on our
forecast, such expenditure will account for 60% of the company's
contracted sales. On the other hand, we do not expect Country
Garden's contracted sales in the remaining months of 2022 to
meaningfully recover, after a 39% year-on-year dip in sales during
the first eight months of 2022. In our view, the developer has high
exposure to lower-tier cities, with 66% saleable resources in these
areas, and it will continue to face weaker and more volatile
property demand in the coming months.

"Country Garden's leverage will rise amid a challenging sales
outlook. We estimate the company's leverage, as measured by the
consolidated debt-to-EBITDA ratio, to increase to 5.2x in 2022 and
2023, from 3.7x in 2021. This will be mainly driven by lower
revenue booking from slower sales. We also expect margin pressure
to persist as suggested by the impairment provision on inventory
during the first half of 2022. Despite Country Garden's efforts to
reduce debt, we believe the weakening of EBITDA will outweigh debt
reduction. We have therefore revised our assessment of the
company's financial risk profile to aggressive from significant."

Country Garden's adequate cash buffer partially mitigates liquidity
risks. The company had around Chinese renminbi (RMB) 77 billion of
unrestricted cash (excluding cash from escrow accounts) at the end
of June 2022. The amount declined from RMB97 billion as at end
2021, primarily due to debt repayment, but it can cover the
company's short-term debt maturities of RMB73 billion, of which
bank loans (mainly onshore) accounted for RMB45 billion. In our
view, Country Garden's unrestricted cash remains high because it
has sound banking relationships and a good cash collection rate of
more than 90%. This is despite the fact that most of Country
Garden's projects are located in lower-tier cities where escrow
account policies could be tighter after the nationwide mortgage
boycott in July.

S&P said, "We believe it will be essential for Country Garden to
maintain its onshore funding capabilities.The company has a high
proportion of bank funding in its debt capital structure, with
onshore bank borrowings accounting for 48% of total debt. While we
expect Country Garden to have access to most of its major banks,
any weakening in banking relationships will weigh on liquidity. We
believe the company will also look for opportunities to issue
onshore bonds. In May 2022, Country Garden was one the few
privately owned developers guided by the government to issue a
RMB500 million onshore corporate bond backed by credit default
swaps. The company will issue an onshore medium-term note up to
RMB1.5 billion, fully guaranteed by China Bond Insurance Co. Ltd.,
a state-owned financial institution .

"The negative outlook reflects our view that Country Garden's
liquidity buffer could deteriorate further due to weaker sales and
sizable construction expenditure over the next 12 months. The
company's leverage is also likely to further rise amid declining
sales and margins.

"We may downgrade Country Garden if its liquidity buffer narrows
due to weaker sales, tighter restrictions on the accessibility of
cash, or deterioration in external funding access.

"We may also lower our rating if the company's leverage, as
measured by the ratio of debt to EBITDA, approaches 6x for an
extended period; or if its EBITDA-to-interest ratio falls below 3x
for an extended period.

"We could revise the outlook to stable if Country Garden's sales
improve over the next 12 months. At the same time, the company
would need to maintain its debt-to-EBITDA ratio below 6x for an
outlook revision to stable."

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


FOSUN INTERNATIONAL: Cuts Shares in New China Amid Debt Concerns
----------------------------------------------------------------
Caixin Global reports that Fosun Group is stepping up efforts to
pare back investments amid mounting concerns over its debt risks.

Fosun International Ltd., the group's main investment arm, reduced
its holding of Hong Kong-traded shares of New China Life Insurance
Co. Ltd. from 5.84% to 4.99% through a block trade on Sept. 15,
Caixin relates citing a New China Life filing on Sept. 19.

According to Caixin, the share sale could total HK$448 million
(US$57 million) based on New China Life's closing price Sept. 15 of
HK$17.12. Fosun made its first investment in New China Life in 2016
when the company's Hong Kong shares traded at around HK$22 apiece.

Caixin says concerns over Fosun's financial health mounted recently
after the Beijing municipal government cautioned state-owned
enterprises about the potential risks of doing business with the
company.

Fosun has invested in a huge number of businesses from real estate
development and tourism to pharmaceuticals and finance. Concerns
about its debts have increased amid slowing economic growth and a
sluggish property market in China.

At the end of June, Fosun's liabilities-to-assets ratio rose to
76.7% from 74.8% at the end last year, according to its half-year
report. Short-term borrowings grew by 29% from a year earlier to
CNY123.7 billion ($17.8 billion) at the end of June, exceeding the
company's reported CNY117.1 billion of cash and cash equivalents,
Caixin discloses.

Fosun has made various efforts to soothe worried investors and
accelerated offloading of assets to improve its liquidity.

Insurance is an important segment of Fosun's investment in the
finance sector, the report notes. According to the company's
financial report, insurance contributed 19% of the company's total
revenue in the first half, but the segment reported the biggest net
loss of CNY541 million (US$77 million).

                           About Fosun

Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.

As recently reported in the Troubled Company Reporter-Asia Pacific,
on Sept. 16, 2022, S&P Global Ratings lowered the long-term issuer
credit rating on China-based investment holding company Fosun
International Ltd. and the issue rating on the company's guaranteed
senior unsecured debts to 'BB-' from 'BB'.

The negative outlook reflects the difficulties to meaningfully
extend the company's debt maturity profile over the next 12 months
and uncertainties in its plan to sell assets.

Fosun faces narrowing liquidity headroom and a shortening debt
maturity profile amid hurdles to access both onshore and offshore
bond markets and macroeconomic uncertainty.


FOSUN INTERNATIONAL: Says Debt 'Only CNY100 Billion'
----------------------------------------------------
The Standard reports that Fosun International on Sept. 19 said its
actual debt was CNY100 billion (HK$112 billion), far less than the
CNY650 billion liabilities that the market was concerned about.

According to The Standard, the Shanghai-headquartered conglomerate
stressed that the liability attributable to the parent amounted to
only CNY100 billion, after excluding the liabilities of
subsidiaries including insurers and banks from the consolidated
CNY651.3 billion debt.

And the company said it could burden the debt as its net asset
value per share should be around CNY20 with a total asset of CNY270
billion, the report relays.

                           About Fosun

Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.

As recently reported in the Troubled Company Reporter-Asia Pacific,
on Sept. 16, 2022, S&P Global Ratings lowered the long-term issuer
credit rating on China-based investment holding company Fosun
International Ltd. and the issue rating on the company's guaranteed
senior unsecured debts to 'BB-' from 'BB'.

The negative outlook reflects the difficulties to meaningfully
extend the company's debt maturity profile over the next 12 months
and uncertainties in its plan to sell assets.

Fosun faces narrowing liquidity headroom and a shortening debt
maturity profile amid hurdles to access both onshore and offshore
bond markets and macroeconomic uncertainty.


KAISA GROUP: Bondholders Offer US$2BB to Take Over Stalled Projects
-------------------------------------------------------------------
Reuters reports that an offshore bondholders' group of
cash-strapped Kaisa Group is offering up to $2 billion to acquire
stalled housing projects of the Shenzhen-based developer to
facilitate their completion, two people with direct knowledge of
the matter said.

Reuters relates that the takeover talks are in early stages,
according to the people, who declined to be named as they were not
authorised to speak to the media on this subject.

If successful, it would be the first foreign investor takeover of
Chinese developers' distressed residential assets in the latest
wave of crises to hit the property sector over the past year,
Reuters says. It also comes as authorities are scrambling to
contain a mortgage boycott by homebuyers against stalled projects.

Kaisa Group, the second-largest U.S. dollar bond issuer among
Chinese developers after China Evergrande Group, is in the process
of restructuring its $12 billion offshore debt after defaulting on
some bonds last year, the report notes.

It is also struggling to repay its debt onshore and tap capital to
complete its projects.

The offshore bondholder group, which is being represented by
financial advisory group Lazard Ltd, made the offer to acquire
Kaisa's stalled projects to the developer's advisor CITIC
Securities, said the people, Reuters relays.

According to Reuters, the offshore bondholder group aims to offer
up to $2 billion to buy some non-performing loans from Kaisa's
lenders, tied to unfinished housing projects, at a 20%-25% discount
and provide the financing needed to complete the projects, they
added.

The terms offered by the offshore creditors' group are similar to
those previously extended by Chinese asset managers when buying the
distressed assets of some developers in the country, the people
said, notes the report.

As most of Kaisa's projects are in top-tier Chinese cities, where
housing prices are relatively resilient, bondholders expect to reap
the profits after the completion of the stalled projects, said the
two people.

They have also offered to split profits with Kaisa after certain
returns, while the extra liquidity recouped could help the
developer's business and operations, which would also be beneficial
for its debt restructuring, they added, the report relays.

Evergrande and Kaisa have been at the centre of a stifling cash
squeeze in the Chinese property sector, which accounts for a
quarter of the economy and which has lurched from one crisis to
another in the past year, roiling global and local markets.

A string of developers, including Evergrande and Kaisa, have
defaulted on billions of dollars worth of dollar bond obligations
since the second half of last year, forcing bondholders to enter
into long and cumbersome debt restructuring processes, Reuters
states.

It is unclear how many stalled projects would be covered by the
bondholder group's offer, and how many of them meet the purchase
criteria laid out by the group, Reuters says.

Reuters relates that the group proposed that, among other criteria,
the projects must be located in first or second tier cities, have
no off-balance sheet loans and own permit to pre-sale.

With a view to help revive onshore projects and advance the
offshore restructuring talks, the bondholders' group has also
offered to take a 20% haircut on Kaisa's dollar notes and inject
equity capital, said the two people and two other sources, adds
Reuters.

Under the proposal, Kaisa would raise $550-$700 million by issuing
new shares, the two people with direct knowledge of the matter
said. While that would dilute Kaisa Chairman Kwok Ying Shing's
stake in the company, there would be a provision for him to raise
his shareholding again, they added.

To revitalise its projects and improve short-term liquidity, Kaisa
said in April it had entered into strategic co-operation agreements
with state-owned China Merchants Shekou Industrial Zone Holdings
and China Great Wall Asset Management, Reuters recalls.

A person close to Kaisa had said at the time the agreements with
state-owned companies were expected to help restore homebuyer and
regulatory confidence in the embattled developer, adds Reuters.  

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has withdrawn Kaisa Group Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'RD' and
senior unsecured rating of 'C' with a Recovery Rating of 'RR4'.
Fitch is withdrawing the ratings as Kaisa has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Kaisa.




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I N D I A
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ATLAS TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Atlas
Textiles (AT) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.68      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       9.25      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 2, 2021,
placed the rating(s) of AT under the 'issuer non-cooperating'
category as AT 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. AT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2022, June 28, 2022, July 8, 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 1988 as proprietorship concern and later
reconstituted as partnership concern in July 2011, Atlas Textiles
(AT) is engaged in manufacturing of readymade garments (mainly
knitted and hosiery garments for men, women and kids). AT has two
manufacturing facilities located in Tirupur with aggregate
installed capacity of 20,000 pieces per day. The entity procures
entire raw materials (mainly Yarn, cloth and accessories) from the
local market. AT is an exports-oriented firm and exports 100% of
its sales to client base in UK, USA, Italy and South Africa.


CHHATRAPATI SAHAKARI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      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 2, 2021,
placed the rating(s) of SCSSKL under the 'issuer non-cooperating'
category as SCSSKL 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. SCSSKL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 2022.

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

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

Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL) was
incorporated by on April ,1955 as a cooperative society. The first
crushing season of the sugar factory was conducted in the Sugar
Season (SS, refers to the period from October to March) 1957-58
with an installed capacity of 3500 tonnes of cane crushed per day
(TCD). SCSSKL is currently promoted by Mr.Amarsingh Rajendrakumar
Gholap as a chairman, and is engaged in manufacturing of sugar &
and cogeneration of power. The company has a combined crushing
capacity of about 3500 tonnes of cane per day (TCD) located near
Bhavinagar Taluka Indapur in Pune Region.


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

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

   Long Term-          0.65        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.85        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Chidambaram Shipcare Private Limited (CSPL) was set up by Mr. K.
Chidambaram in 1979 to provide afloat ship repair services and
fabrication services at shipyards and ship building yards.
Currently, apart from providing these services, CSPL also has
dealership and service support agreements with: Volvo India Private
Limited for marine propulsion and genset engines, spare parts and
accessories; SMAG Peiner Grabs (India) Private Limited for grabs;
and Optimarin for ballast water treatment systems.

CSPL is a registered Ship Repair Unit (SRU) with the Directorate
General of Shipping for rendering afloat ship repair services. It
currently has a workshop at the Chennai Port and another at
Darukhana, near the Mumbai Port, which act as the base for its
southern and western operations, respectively.


DHANANJAYA MONEY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Dhananjaya Money Management Services Private Limited
        Ground Floor, 22/10
        Veera Raghavan Street
        Nanganallur Chennai
        TN 600061
        IN

Liquidation Commencement Date: September 8, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: January 27, 2021

Insolvency professional: Sathya V.

Interim Resolution
Professional:            Sathya V.
                         No. 3C, Greanpeace Orion
                         No. 2, P.T. Rajan Salai
                         K.K. Nagar, Chennai 600078
                         E-mail: vsathyacacs@gmail.com
                                 ipsathya.cacs@gmail.com

Last date for
submission of claims:    October 7, 2022


EXCEL PACK: CRISIL Withdraws B Rating on Long Term Debt
-------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Excel Pack Private Limited
(EPL; part of the EPL group) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of EPL following a request from the company and on receipt
of a 'no dues certificate' from the banker. Consequently, CRISIL
Ratings is migrating the ratings on bank facilities of EPL from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

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

   Short Term Rating      -       CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of EPL and Amar Real Build Pvt
Ltd (ARPL), together referred to as the EPL group. This is because
EPL has a 100% shareholding in ARPL. Furthermore, the companies
have significant financial linkages and a common management team.

                           About the Group

Incorporated in 1999, EPL manufactures seals and printed flexible
laminates, primarily used in packaging of food products,
agricultural chemicals, pharmaceuticals, cosmetics and oil, and
lubricants.

EPL's manufacturing facility is in Haridwar, and operations are
managed by the promoter, Mr Rajnish Mehra.

ARPL was incorporated in 2011 by EPL and its promoter, and is
almost entirely owned by EPL. ARPL has purchased a residential
property in Delhi, which has been given on lease.


G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. Nageswaran
(GN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       0.5       CRISIL D (Issuer Not
                                  Cooperating)

   Secured Overdraft    9.4       CRISIL D (Issuer Not
   Facility                       Cooperating)

CRISIL Ratings has been consistently following up with GN 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 GN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GN is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GN
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GN was set up as a proprietorship firm in 1985, by Mr G Nageswaran.
The firm undertakes civil construction works, mainly for the
Government of Tamil Nadu and the National Highways Authority of
India.


HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Hanuman
Infra Private Limited (SHIPL) 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           5         CRISIL D (Issuer Not
                                   Cooperating)

   Overdraft Facility    1         CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Long Term    4         CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

CRISIL Ratings has been consistently following up with SHIPL 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 SHIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm undertakes civil
construction works such as construction of roads and railway
tunnels.


HINDUSTHAN FACING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hindusthan Facing Industries Pvt Ltd
        5/25, Sebak Baidya Street
        Kolkata 700029

Insolvency Commencement Date: September 9, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 4, 2023

Insolvency professional: Anubrata Gangoly

Interim Resolution
Professional:            Anubrata Gangoly
                         16/2, Temple Gardens
                         Block-P, New Alipore
                         Mondal Temple Lane
                         Kolkata, West Bengal 700053
                         E-mail: ca.a.gangoly@gmail.com
                                 hfiplip.insolvency@gmail.com

Last date for
submission of claims:    September 20, 2022


HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HLM
Educational Society (HLM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       3.5       CRISIL D (Issuer Not
                                  Cooperating)

   Overdraft Facility   4.03      CRISIL D (Issuer Not
                                  Cooperating)

   Proposed Term Loan   3.47      CRISIL D (Issuer Not
                                  Cooperating)

   Term Loan            9         CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with HLM 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 HLM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HLM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HLM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

HLM was set up in 2005 by Mr Sunil Miglani (Chairman of the Migsun
group) in the memory of his late father, Mr Harbans Lal Miglani.
The Ghaziabad-based society provides education courses such as law,
business management and Medical.


IMMEDIATE REAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Immediate Real Estate Private Limited
        F/40, 1st Flr. Raghuleela Mega Mall
        Nr. Poisar Bus Depot
        Kandivali (W), Mumbai 400067

Insolvency Commencement Date: September 13, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Jayesh Natvarlal Sanghrajka

Interim Resolution
Professional:            Jayesh Natvarlal Sanghrajka
                         C/o Jayesh Sanghrajka & Co. LLP
                         405-407, Hind Rajasthan Building
                         Dadar (E), Mumbai 400014
                         E-mail: jayesh@jsandco.in
                                 cirp.irepl@gmail.com

Last date for
submission of claims:    September 27, 2022


IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IUA Trust
(IUA) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft     0.5        CRISIL D (Issuer Not
   Facility                         Cooperating)

   Term Loan            22          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with IUA 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 IUA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IUA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IUA continue to be 'CRISIL D Issuer Not Cooperating'.

IUA was set up in 2009 by members of the Dhingra family and
Maheshwari family to set up a recreational club cum sports centre
by the name of 'DD Club' at Delhi.


JAIKA AUTOMOBILES: ICRA Withdraws B Rating on INR60.25cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Jaika Automobiles and Finance Pvt. Ltd at the request of the
company and based on the No Objection Certificate received from the
banker, and in accordance with ICRA's policy on withdrawal and
suspension.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         60.25        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; withdrawn

   Long Term-         25.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; withdrawn
                                    
   Long Term–
   Unallocated        12.75        [ICRA]B(Stable); withdrawn

ICRA is withdrawing the rating and it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The Key rating drivers, Liquidity position,
Rating sensitivities have not been captured as the rated
instruments are being withdrawn.  

Incorporated in 1983, JAFPL is an authorised dealer for Tata Motors
Limited's (TML; rated [ICRA]AA-(Stable)/A1+; February 16, 2022,
Click here) entire range of commercial vehicles. Based in Raipur
(Chhattisgarh), JAFPL has Six 3S showrooms and eight workshops
across the state.


JEPPIAAR CEMENTS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Jeppiaar Cements Private Limited
        2/117, Thittakudi Road
        Keelamathur, Distt Perambalur
        Tamilnadu 621713

Liquidation Commencement Date: September 6, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: August 26, 2022

Insolvency professional: Mr. Umesh Garg

Interim Resolution
Professional:            Mr. Umesh Garg
                         334, Pocket-C
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: umeshg60@gmail.com

                            - and -

                         1413, 14th Floor
                         6, Devika Tower
                         Nehru Place
                         Delhi 110019
                         E-mail: liquidator.jpcem@gmail.com

Last date for
submission of claims:    Ocotber 6, 2022


K2 METALS: ICRA Reaffirms B+ Rating on INR13cr LT Loan
------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of K2 Metals
Private Limited's (KMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term          13.00        [ICRA]B+ (Stable); reaffirmed/
   Fund-based–                     assigned for enhanced limit;
   Cash Credit                     removed from Issuer Not
                                   Cooperating category

   Long-term–          4.00        [ICRA]B+ (Stable);
reaffirmed/
   Fund based–                     assigned for enhanced limit;
   Term Loan                       removed from Issuer Not
                                   Cooperating category

Rationale

The ratings reaffirmation continues to be constrained by KMPL's
moderate scale of operations in a highly fragmented industry
structure, limited value-added nature of business and intense
competition from many players, which keep margin under check. That
said, ICRA believes that KMPL's absolute growth in earnings would
largely emanate from operating at higher levels, supported by the
company's ability to optimally utilize working capital deployed in
the business.

ICRA notes that softening of input costs following levy of export
duty on steel products and availing additional working capital
limits are expected to support KMPL to scale up its operations in
the current fiscal. Moreover, the company plans to secure
additional bank lines worth ~INR6-7 crore to scale up production
from current operating levels. The ratings also remain constrained
by KMPL's volatility in profit margin, which is susceptible to
adverse fluctuations in prices of key raw materials due to limited
pricing flexibility. Besides, the company's liquidity position
remains tight owing to the working capital-intensive nature of
business. Extended credits to customers and higher inventory
holding have entailed high utilisation of working capital limits.

The ratings, however, continue to draw comfort from the extensive
experience of KMPL's promoters in the steel sector, which
will enable the company to acquire new clients and improve its
capacity utilization in the near-to-medium term. The company
also enjoys location-specific advantages due to its presence near
Pune, a major industrial hub of Maharashtra.

The Stable outlook reflects the significant reduction in steel
prices in the current fiscal, which should support KMPL to scale up
its production in FY2023, helping support earnings growth.

Key rating drivers and their description

Credit strengths

* Extensive experience of the promoter in marketing of steel
products: The key promoter and director of the company, Mr. Rahul
Kulkarni, has an experience of around a decade in marketing of
steel/allied products in the domestic as well as the international
markets. Prior to the commencement of operations of KMPL, he worked
as a marketing manager with leading steel-manufacturing companies.
Established experience of the promoter in the steel industry would
help KMPL acquire new clients and improve its capacity utilization
in the near-to-medium term.

* Proximity to Pune, a major industrial and manufacturing hub of
Maharashtra: The company's manufacturing unit is located at Jejuri
MIDC, which enjoys location-specific advantages due to its
proximity to Pune, Mumbai, Navi Mumbai and Thane, which are
considered to be the industrial and manufacturing hubs of
Maharashtra. Proximity to a prospective customer base provides
greater scope to expand business.

Credit challenges

* Volatile operating profit margin due to fluctuation in raw
material prices: The profitability of the company remains moderate
due to limited value addition. Further, it has been fluctuating
owing to high inventory level maintained by the company and its
limited ability to pass on the price fluctuations, given the
intensely competitive market. Profitability, as indicated by the
operating profit margin (OPM), decreased marginally to ~5.3% in
FY2022 from 5.7% in FY2021, primarily due to hardening of input and
other operational costs. The company achieved a net profit of
INR0.20 crore in FY2022 compared to a net profit of INR0.10 crore
in FY2021, supported by lower finance cost in FY2022. Going
forward, ICRA believes that the company's ability to operate at
higher capacity levels in the medium term, supported by an
improvement in the liquidity position, would fetch better margins.

* Moderate capital structure and subdued coverage indicators: The
company's debt level increased to INR29.2 crore as on March 31,
2022, primarily due to sanction of additional ECLGS loan of INR1.62
crore, Covid-19-related moratorium facility availed on other term
loans as well as an increase in utilization of working capital
limits. However, the net worth of the company increased marginally
due to limited profits and retention of the same. This led to a
modest improvement in the capital structure, as represented by a
decrease in the gearing level to 1.40 times as on March 31, 2022
from 1.50 times as on March 31, 2021. Moreover, elevated interest
expenses and moderate profitability led to moderate coverage ratio,
as represented by an interest cover and DSCR of ~1.5 times and ~1.0
times, respectively, in FY2022.

* Working capital-intensive business: The working capital intensity
of the business has remained relatively higher due to maintenance
of sizeable inventory by the company to swiftly cater to its fairly
diversified client base. Additionally, the receivable days remain
high at ~45-75 days owing to extended credit offered to the
customers, resulting in a high working capital intensity and
significantly higher utilization of working capital limits.
Consequently, the working capital intensity of the company, as
reflected by the net working capital relative to the operating
income (NWC/OI), stood at 23.3% in FY2022.

* Highly fragmented business characterized by intense competition
impacts margin growth: The company is in the galvanized steel wire
business, characterized by intense competition in the secondary
steel sector, which limits the pricing flexibility of the players,
including KMPL. As raw material costs play a crucial indicator of
profitability, the margins remain susceptible to a large increase
in raw material prices, which may not match with a commensurate
increase in realisation of products sold, going forward.

Liquidity position: Stretched

KMPL had external term loans of INR12.94 crore on its books as on
March 31, 2022.On an aggregate level, the company is expected to
have sizeable annual repayment of INR2.73 crore in FY2023, INR4.06
crore in FY2024 and INR3.9 crore in FY2025, which is not likely to
be backed by commensurate business earnings, exposing the company
to refinancing risks. Further, the company is expected to avail an
additional bank lines of ~Rs. 6-7 crore in the medium term to
support a scale up in production from operating at higher levels.
Low profitability and cash accruals along with limited free cash of
INR1.5 crore as on March 31, 2022, with limited headroom in the
working capital limits (average utilisation of 97% over a period of
last 15 month ended in July 2022), indicate a stretched liquidity
position. Going forward, the ability to increase turnover, backed
by an increase in capacity utilisation and an improvement in
profitability along with better working capital management remain
critical to increase its free cash flows and improve the liquidity
profile of the company.

Rating sensitivities

Positive factors – ICRA could upgrade the ratings if the company
demonstrates a significant increase in scale, a sustained increase
in profitability, along with improvement in the working capital
management, leading to improvement in liquidity position of the
company.

Negative factors – Pressure on KMPL's ratings could arise if
there is a significant decrease in the scale of operations or
profitability or an increase in the working capital intensity, that
causes deterioration in the liquidity position.

Incorporated in 2009, KMPL is a Maharashtra-based company involved
in manufacturing of steel wires and galvanized wired in the range
of 0.9 mm to 10.00 mm. The company is promoted by Mr. Rahul
Kulkarni and Mrs. Megha Kulkarni. KMPL, which started its
operations in 2014, has its manufacturing unit in Jejuri MIDC, Pune
with an installed capacity to manufacture 24,000 MTPA. The company
reported a net profit of INR0.20 crore on an operating income (OI)
of INR90.2 crore in FY2022 against a net profit of INR0.10 crore on
an OI of INR90.0 crore in FY2021.


KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khyati Foods
Private Limited (KFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         13.85      CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit         16.15      CRISIL D (Issuer Not
                                  Cooperating)

   Long Term Loan       2.60      CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with KFPL 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 KFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFPL continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1997, KFPL is a Bhopal-based manufactures and processes
organic agricultural products such as soya oil and seeds, soya bean
flour, organic soy lecithin liquid, and organic spices and juices.
All the operations are managed by Mr. Pawan Agarwal and Mrs. Gunjan
Agarwal.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.17        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in January 2018, M B Ceramic LLP (MBCL) manufactures
heavy-duty parking floor tiles at Kharkrechi, Morbi (Gujarat). The
manufacturing unit of MBCL has an annual installed production
capacity of 40,500 MT i.e. ~4,500 Boxes/ per day and ~13,50,000
boxes annually. The firm commenced its commercial operations from
May 2019. At present, MBCL manufactures parking floor tiles in the
dimension of 300mmx300mm, 400mmx400m and 400mmx 800mm. The firm has
also started manufacturing parking tiles in size of 400mmx1200mm
from January 2020, which supports diversification in product
offering. The partners have extensive experience in the ceramic
industry vide their association with other entities. The partners
of the MBCL are also associated with the other tile manufacturing
companies, namelyLuton Ceramic Pvt. Ltd., Capson Vitrified Private
Limited, Lancer Ceramic Private Limited, Capson Impex Private
Limited, Capron Vitrified Private Limited and Aricon Papers Private
Limited.

MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahesh Dyeing
and Printing Mills Private Limited (MDPMPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5.1       CRISIL D (Issuer Not
                                  Cooperating)

   Proposed Long Term
   Bank Loan Facility   0.18      CRISIL D (Issuer Not
                                  Cooperating)

   Rupee Term Loan      4.72      CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with MDPMPL 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 MDPMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MDPMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MDPMPL continue to be 'CRISIL D Issuer Not
Cooperating'.

MDPMPL, incorporated in 1997 at Surat (Gujarat), dyes and processes
fabrics, catering mainly to textile players in Surat. Mr
Nandkishore Rathi and family are the promoters.


MAYUR PLY: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Mayur Ply Industries Private Limited
        46C, Rafi Ahmed Kidwai Road
        3rd Floor
        Kolkata, West Bengal 700016

Insolvency Commencement Date: September 13, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 10, 2023
                               (180 days from commencement)

Insolvency professional: Rajesh Kumar Agrawal

Interim Resolution
Professional:            Rajesh Kumar Agrawal
                         Room No. 301, 3rd Floor
                         1, Ganesh Chandra Avenue
                         Kolkata 700013
                         West Bengal, India
                         E-mail: cirp.mayurply@gmail.com
                                 rajesh521@yahoo.com

Last date for
submission of claims:    Septmeber 27, 2022


MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Miraz Marine
Food (MMF) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bill Discounting      5        CRISIL C (Issuer Not
                                  Cooperating)

   Packing Credit        3.6      CRISIL A4 (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with MMF 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 MMF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMF continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

MMF, set up in 2012 is a Kodamthuruthu (Kerala)-based partnership
firm that exports processed marine products. The firm is managed by
the partners - Mr. Baburaj and Mr. C B Hari.


N V KHAROTE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N V Kharote
Constructions Private Limited (NVKCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       7.83        CRISIL D (Issuer Not       
                                    Cooperating)

   Cash Credit          3.6         CRISIL D (Issuer Not       
                                    Cooperating)

   Cash Credit          2           CRISIL D (Issuer Not       
                                    Cooperating)

   Cash Credit          0.4         CRISIL D (Issuer Not       
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility   0.17        CRISIL D (Issuer Not       
                                    Cooperating)

CRISIL Ratings has been consistently following up with NVKCPL 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 SIWC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIWC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIWC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NVKCPL, incorporated in 1992, executes turnkey water supply and
lift irrigation projects for government agencies. The Pune-based
company specialises in manufacturing and laying out of pipes along
with related civil, electrical and fabrication activities.


NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri Nakoda
Construction Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.67       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–       141.33       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

SNCL is the flagship entity of the Valmark Group founded by Mr.
Ratan B. Lath and Mr. Tejraj Gulecha. The Group started its
operation in 2007 under the brand name Valmark. SNCL has so far
completed five residential projects—Amoda Valmark, Abodh Valmark,
Ananda Valmark, Regency Pinnacle Heights and Aastha Valmark—all
located in Bangalore. Besides, there are two other ongoing
projects, Apas Valmark and Orchard Square, both of which are
located near Bannerghatta Road in Bangalore. The promoters of the
Group have a proven track record in the real-estate industry and
have been associated with several landmark projects in Bangalore,
including Kempegowda Maharaja Shopping Complex (K.G.Road), City
Centre (K.G.Road), Classic Orchard (Bannerghatta Road), and Classic
County (Kengeri) among others.


NOVARC LABS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Novarc Labs
Private Limited (NLPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Novarc Labs Private Limited (NLPL) was established in the year
2012, promoted by Mr. Thilotham R Kolanu. The company is engaged in
trading of medical drug products. The company purchases the medical
components (used in manufacturing of medicines) like 2 hydroxy
methyl, 2 chloro methyl and 2m5m benzimidizole from suppliers,
namely i.e. Ariston pharma Novatech, Nexus Drugs and Prabhu
Chemicals. The company receives the work orders directly from the
customers, namely Ariston Pharma Novatech (P) Ltd, Vijayasri Pharma
Chem and Leavochem Labs Private Limited. The company is located at
Madhapur, Hyderabad (Telangana).


PBR SELECT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PBR Select
Infra Projects (PBRS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        2        CRISIL D (Issuer Not
                                  Cooperating)

   Secured Overdraft     6        CRISIL D (Issuer Not
   Facility                       Cooperating)

CRISIL Ratings has been consistently following up with PBRS 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 PBRS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBRS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2010 as a partnership firm, PBRS undertakes civil
construction activities, primarily in construction of roads,
bridges and flyovers. Based out of Hyderabad (Telangana), the firm
is managed by Mr. P Bhaskar Reddy and his family.


POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pooja
Industries (Indore) (PI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5        CRISIL D (Issuer Not
                                  Cooperating)

   Term Loan             1        CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with PI 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 PI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PI
continue to be 'CRISIL D Issuer Not Cooperating'.

PI established in 1991 is a partnership firm engaged in the
manufacturing and trading of torches and torch parts. Mr. Jagdish
Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to
day operations of the firm. PII has its manufacturing facility at
Indore, Madhya Pradesh and sells its torches under the 'Cosmos'
brand.


POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Poonam
Trading Company (PTC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Inland/Import        4         CRISIL D (Issuer Not
   Letter of Credit               Cooperating)

   Inland/Import       13         CRISIL D (Issuer Not
   Letter of Credit               Cooperating)

CRISIL Ratings has been consistently following up with PTC 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 PTC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1998 and based in Tenkasi, Tamil Nadu, PTC trades in and
processes timber. It is promoted and managed by Mr. Navin Patel and
Mr. Haresh Patel.


POPULAR FOUNDATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Popular
Foundations Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Popular Foundations Private Limited was established in 1998 by Mr.
Venaktesh who is the managing director of the company. PFPL
undertakes contracts in the construction segment with an experience
of over two decades in the construction industry in Chennai, Tamil
Nadu. The company undertakes construction of civil structures such
as colleges, schools, factories, hotels and other commercial
buildings.


PRITHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prithvi
Developers (PD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of PD under the 'issuer non-cooperating'
category as PD 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. PD 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).

Jagdalpur (Chhattisgarh) based Prithvi Developers (PD) was
established in 2000 as a partnership firm by Mr. Ashok Kumar Lunkad
and Mrs. Anju Lunkad. Since its inception, the firm has been
engaged in development of real estate projects in the state of
Chhattisgarh. The firm has already developed six residential
projects with total saleable area of 12.6 lakh square feet since
its inception in the state. Currently, the firm is developing its
seventh project 'Ashoka Greens' a residential bungalow complex with
an aggregate project cost of INR23.72 crore with a saleable area of
1.44 lakh square feet. The project is located in the prime location
of Halba Kachora, Jagdalpur in Chhattisgarh. The total project cost
of INR23.72 crore is estimated to be funded by term loan of INR8.00
crore, customer advances of INR10.72 crore and balance from
partners' contribution of INR5.00 crore.


QUALPACK: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Qualpack
(QUAL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       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 August 25,
2021, placed the rating(s) of QUAL under the 'issuer
non-cooperating' category as QUAL 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. QUAL
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).

Vadodara (Gujarat) based QUAL was established in September 2017.
Mr. Paragkumar Suthar, Ms. Kamal Suthar, Ms. Nipa Mistry and Mr.
Utsav Mistry are the key partners of QUAL; however overall
operations will be managed by Mr. Paragkumar Suthar and Mr. Utsav
Mistry. QUAL was implementing a green field project for
manufacturing of corrugated boxes with a total project cost of
INR12.97 crore, which is proposed to be funded through debt-equity
mix of 2.99:1 times. The firm had incurred around 23% of the
project cost till September 18, 2018, while the commercial
operations were expected to commence from January, 2019 with an
installed capacity of 24,000 metric tonne per annum (MTPA) for
manufacturing corrugated boxes. Hariom Minerals (Engaged into the
business of minerals), Quality quartz (Engaged into the business of
minerals), Kamal roadlines (Engaged into the business of
transportation) and Quality send (Engaged into the business of
minerals) are group entities having operational track record of
more than a decade.


RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ram Nath
Memorial Trust Society (RNMTS) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.15      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 17,
2021, placed the rating(s) of RNMTS under the 'issuer
non-cooperating' category as RNMTS 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. RNMTS continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 3, 2022, July 13, 2022,
July 23, 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).

Ram Nath Memorial Trust Society (RNMS) was established in 1999
under the Society Registration Act, 1860 with an objective to
provide education services by establishing and operating various
educational institutions. It operates institutes offering courses
in arts, computer applications certificate courses in basic
training, post-graduate courses in education, management and
shortterm courses in computer science. The society is managed by
the Singhal family and was founded by Dr. P.N. Singhal (S/O Late
Shri Ram Nath Singhal). This society is named after an eminent
educationalist and social activist Late Shri Ram Nath Singhalji.
Currently, Ms. Seema Singhal is the president of the society. The
day to day affairs of the society is carried out by Mr. P.N.
Singhal.


REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ReGen
Powertech Private Limited (RPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      412.64      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/        1,215.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category


   Short Term Bank     365.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of 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
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).

Regen Powertech Private Limited (RPPL) was incorporated in December
2006 to provide wind power solutions on turnkey basis and
commissioned its first Wind Energy Converter (WEC) project in
August 2008. The company is promoted by Mr Madhusudan Khemka, Mr.
R. Sundaresh and Mr. M. Prabhakar Rao through his company Mandava
Holdings (P) Ltd (formerly Nuziveedu Seeds Ltd). The entire
promoter shareholding of 59.36% is held through a holding company
NSL Power Equipment Trading Pvt. Ltd (NSLPET). The balance
shareholding is with private equity funds.


REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Regent
Granito India Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.33       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        37.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Bank Guarantee     5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Letter of         10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Credit                        Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Credit Exposure    0.03       [ICRA]D; ISSUER NOT COOPERATING;
   Limit                         Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Regent Granito India Ltd. (RGL) is a vitrified tiles manufacturer
with a production plant at Himmatnagar in Gujarat. The company was
established in 2003 and has manufacturing capacity of ~19,000 sq.
m. of double charged vitrified tiles per day. RGL currently
manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600 mm
and 800mm x 1200mm with the current set of machineries at its
production facility.


RS MOTORS PRIVATE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: R.S. Motors Private Limited
        Opp. Eklinggarh
        Goverdhan Vilas Road
        NH-8, Udaipur 313001

Liquidation Commencement Date: September 2, 2022

Court: National Company Law Tribunal, Jaipur Bench

Date of closure of
insolvency resolution process: August 30, 2022

Insolvency professional: Jai Prakash Rawat

Interim Resolution
Professional:            Jai Prakash Rawat
                         22-B, New Colony
                         Chandni Chowk, Jhotwara
                         Jaipur, Rajasthan 302012
                         E-mail: ipjprawat@gmail.com
                                 liquidation.rsmpl@gmail.com

Last date for
submission of claims:    October 2, 2022


SAA VISHNU BAKERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: SAA Vishnu Bakers Private Limited
        FB-13, 1598 Rajdanga Main Road
        Kasba, Kolkata 700107

Insolvency Commencement Date: September 7, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Madhusudhan Kumar Poddar

Interim Resolution
Professional:            Madhusudhan Kumar Poddar
                         Flat-N3A, 43
                         Shyam Nagar Road
                         Kolkata 700055

                            - and -

                         Poddar Court, 18
                         Rabindra Sarani, Gate-2
                         6th Floor, Room-25
                         Kolkata 700001
                         E-mail: svbpla.cirp@gmail.com

Last date for
submission of claims:    September 21, 2022


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.05        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.75        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Saimax Ceramic Private Limited was incorporated in July, 2011 by
Mr. Nitin D. Shirvi and Mr. Kalpesh M. Rangpariya. SCPL is involved
in the manufacturing of glazed ceramic wall tiles and sells its
products under the brand name Saimax. The company has its
manufacturing facility located at Morbi, Gujarat and commercial
production started from April, 2012. At present,, the plant has an
installed capacity of manufacturing 40,000 MTPA of wall tiles p.a.
It manufactures wall tiles of size 10" X13", 10" X 15", 10" X 10''
and 18" X 12".


SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Satish Agro
Industries (SAI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Working Capital      6         CRISIL D (Issuer Not
   Facility                       Cooperating)

CRISIL Ratings has been consistently following up with SAI 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 SAI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAI continue to be 'CRISIL D Issuer Not Cooperating'.

SAI was formed as a proprietorship concern by Mr. Satish Jain in
1998 at Indore, Madhya Pradesh. SAI is engaged in manufacturing of
agricultural spray pumps, power sprayers and other machinery
parts.



SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shallow
Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.21        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

   Non-fund based–     1.70        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated         1.19        [ICRA]B+ (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in May 2014, Shallow Ceramic Pvt. Ltd. (SCPL)
manufactures ceramic wall tiles. The company's manufacturing
facility located in Morbi, Gujarat, with an installed capacity of
manufacturing 32,000 MTPA, became operational in February 2015.
SCPL currently manufactures digitally-printed ceramic wall tiles in
two sizes, 10 cm X 15 cm and 12 cm X 18 cm. The promoters have
extensive experience in the ceramic industry through their
association with another tile-manufacturing entity; Segway
Ceramics.


SHUBH ALUMINIUM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shubh Aluminium Private Limited
        1 Link Road
        Town Hall
        Udaipur 313001
        Rajasthan

Insolvency Commencement Date: September 5, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 4, 2023

Insolvency professional: Mukesh Khathuria

Interim Resolution
Professional:            Mukesh Khathuria
                         6B, 1105, Sapphire Heights
                         Lokhandwala Township
                         Akurli Road, Kandivali East
                         Mumbai 400101
                         E-mail: khathuria@hotmail.com

                            - and -

                         Interim Resolution Professional
                         Shubh Aluminium Private Limited
                         J-22, Shakti Nagar
                         Udaipur 313001 Rajasthan
                         E-mail: cirp.shubh@gmail.com

Last date for
submission of claims:    September 19, 2022


SUCHI PAPER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Suchi Paper Mills Limited
        C-235, Ground Floor, Anand Vihar
        Opp. MCD School, East Delhi
        Delhi 110092

Insolvency Commencement Date: September 12, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Poorit Goyal

Interim Resolution
Professional:            Poorit Goyal
                         62, New Lajpat Nagar
                         Pakhowal Road, Ludhiana
                         Punjab 141001
                         E-mail: pooritgoyal@gmail.com

                            - and -

                         A-1/52, 3rd Floor
                         Paschim Vihar
                         New Delhi 110063
                         E-mail: cirp.suchipaper@gmail.com

Last date for
submission of claims:    September 26, 2022


SWAGAT ABHARAN: CRISIL Withdraws B+ Rating on INR13cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Swagat Abharan Private
Limited (SAPL) to 'CRISIL B+/Stable Issuer Not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of SAPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of SAPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          13        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Set up in 2008 in Bengaluru, SAPL manufactures and trades in gold
and diamond  jewellery From 2014 onwards, the company has also
started trading silk sarees. It is promoted by Mr Santosh Vernekar,
Mr Dileep Vernekar, Mr Vinod Vernekar, Mr Rajesh Vernekar, and
their family members.


TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tribhuwan
Narayan Singh (TNS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        10       CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit           10       CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with TNS 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 TNS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TNS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TNS continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1991 as a proprietorship firm by Mr Tribhuwan
Narayan Singh and currently managed by his son, Mr Abhishek Singh,
TNS is based in Ghazipur, Uttar Pradesh, and constructs roads and
bridges for government departments in Uttar Pradesh and Jharkhand.


TRILOK SECURITY: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Trilok Security Systems India Private Limited
        #6-8-1227, NGO's Colony
        Khadi Circle
        Tirupathi AP 517501

Liquidation Commencement Date: September 2, 2022

Court: National Company Law Tribunal, Amaravati Bench

Date of closure of
insolvency resolution process: September 1, 2022

Insolvency professional: Mr. Gopikrishna Byadigera

Interim Resolution
Professional:            Mr. Gopikrishna Byadigera
                         2-2-271/73/1, Plot No.73
                         Lakshmi Enclave, Phase 2
                         Near Sanjive Reddy Garden
                         Macha Bolarum City, Hyderabad
                         Telangana 500010, India
                         E-mail: bgopikrishna2000@gmail.com
                                 trilok.cirp@gmail.com

Last date for
submission of claims:    October 1, 2022


XS REAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Xs Real
Properties Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".

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

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

Incorporated in 1995 and promoted by Mr. S.G. Prabhakharan, XS Real
Properties Private Limited is a real-estate developer based out of
Chennai. As on date, the company has completed 19 projects, with a
cumulative built-up area of 2.5 million square feet. Though the
operations of the company were primarily limited to Chennai, it has
recently entered into the Coimbatore market. The company has
reputed brand strength in three segments namely, XS Real Xqist in
the luxury segment, XS Real Vibe in the mid segment and XS Real
FairSquare in the affordable segment. Mr. S. G. Prabhakharan has
served as the President of Madras Chamber of Commerce and Industry.
He has been a nonindependent and non-executive director of The
Lakshmi Vilas Bank Limited since June 23, 2009. He was instrumental
in setting up the country's first private sector mutual fund, in
collaboration with Pioneer Mutual Fund, Boston, USA in 1993. He is
a realtor having had sterling practise of law from 1978 to 1994.


[*] INDIA: IBBI Allows Bankrupt Companies' Partial Sale of Assets
-----------------------------------------------------------------
The Times of India reports that regulatory agency Insolvency &
Bankruptcy Board of India (IBBI) has allowed splitting of companies
to attract more participants into the corporate resolution process
as it seeks to provide flexibility and increase realisation.

TOI relates that the move to split assets is seen to be beneficial
in cases involving real estate players and other entities with
multiple projects, all of which may not be viable, or there may be
some assets which will generate higher value, a senior government
official said. It would help in the resolution of bankrupt
conglomerates into multiple businesses.

"To maximise value, the amendment enables the resolution
professional (RP) and the committee of creditors (CoC) to issue a
request for a resolution plan a second time for the sale of one or
more of assets of the corporate debtor (CD) in cases where no plan
has been received for the corporate debtor as a whole. It enables
for a plan to includethe sale of one or more assets of CD to one or
more successful resolution applicants submitting plans for such
assets and providing for appropriate treatment of the remaining
assets," IBBI said while releasing the amended regulations. The new
rules also provide a last-ditch compromise settlement with the
promoter before liquidation if everything else fails.

With an increasing number of bankruptcy cases going for liquidation
and recoveries dipping sharply, the agency has also allowed
marketing where the asset value exceeds Rs 100 crore.

"There has to be some push factor. So far, potential resolution
applicants would reach out once they knew of a company being part
of the process. Now, the RP and CoC can hold roadshows, attract
more bidders, and also structure transactions better," the official
said.

"The most important change is the flexibility of having multiple
resolution plans for different parts of assets. There would also be
a substantial improvement in the flow of information as stipulated
now. Enhanced disclosures, including intangibles like losses
brought forward, GST input credit, supply chain, brand, etc, will
help make price discovery more efficient," said Hari Hara Mishra,
director of UV ARC (asset reconstruction company), TOI relays.

So far, the procedure involved notification of the process seeking
bids and the resolution professional putting in their personal
capacity to reach out to buyers and share information when
required. Now the process mandates marketing, and the CoC can
approve the marketing costs for the sale of a company just like in
an IPO process, providing all details in an information memorandum
and holding roadshows for buyers. Even when the debtor heads
towards liquidation, there is now a window for exploring a scheme
of arrangement/compromise," said Mishra.




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

HOULT ELECTRICAL: Creditors' Proofs of Debt Due on Oct. 7
---------------------------------------------------------
Creditors of Hoult Electrical Limited are required to file their
proofs of debt by Oct. 7, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept 7, 2022.

The company's liquidator is Kelera Nayacakalou.


LAND SPECIALIST: Court to Hear Wind-Up Petition on Oct. 21
----------------------------------------------------------
A petition to wind up the operations of Land Specialist Limited
will be heard before the High Court at Auckland on Oct. 21, 2022,
at 10:45 a.m.

Dennis Neil Plank filed the petition against the company on Aug.
26, 2022.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          United Legal Limited
          Level 19, 191 Queen Street
          Auckland


LUXURY RETAIL: Retailer Goes Into Liquidation
---------------------------------------------
Stuff.co.nz reports that a luxury handbag and clothing retailer in
Auckland has been forced into liquidation, citing the impact of
Covid-19.

McGrathNicol has been appointed liquidators of Luxury Retail No.1,
which has a Mulberry-branded shop in Auckland's Westfield Newmarket
mall, Stuff discloses.

The brand is reported to have been worn by the Princess of Wales,
Kate Middleton, as well as Duchess of Sussex Meghan Markle.

According to Stuff, the receivers' appointment was made by Mulberry
Company (Australia), a subsidiary of Mulberry Group, which was
listed on the London Stock Exchange.

The Australasian group had incurred trading losses for some time,
which the directors attributed in part to Covid lockdowns and
border closures affecting the luxury retail market, the
liquidators' report said.

The company and its parent were not part of the Mulberry group of
companies but held the franchise to sell Mulberry goods in
Australasia, the report notes.

Stuff relates that the appointment was made due to the Mulberry
Group's concerns over the continued viability of Luxury Retail, and
comes after Mulberry Company (Australia) acquired the secured debt
owed by Luxury Retail to a third party.

The company's total liabilities were listed as NZD1.8 million and
it had assets of more than NZD1 million, Stuff discloses.

Customer orders and gift cards would be honoured in full, staff
would continue to be employed and paid, and stores would remain
open.

According to Stuff, McGrathNicol partner and receiver Barry Kogan
said the receivers were undertaking an urgent financial assessment
of the business.

"We are working collaboratively with all stakeholders, including
employees and the Mulberry Group, to secure the best possible
outcome for everyone.

"Mulberry Group intends to support the receivership process,
including through the provision of additional funding, so that
consumers can continue to shop at Mulberry into the future."


MANGAWHAI PROPERTY: Creditors' Proofs of Debt Due Oct. 23
---------------------------------------------------------
Creditors of Mangawhai Property Limited are required to file their
proofs of debt by Oct. 23, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 21, 2022.

The company's liquidator is:

          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051


PRIME FOCUS: Creditors' Proofs of Debt Due on Oct. 7
----------------------------------------------------
Creditors of Prime Focus Security Limited are required to file
their proofs of debt by Oct. 7, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 7, 2022.

The company's liquidator is Kelera Nayacakalou.


TRIVENI PURI: Court to Hear Wind-Up Petition on Sept. 29
--------------------------------------------------------
A petition to wind up the operations of Triveni Puri 1008 Limited
will be heard before the High Court at Christchurch on Sept. 29,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 4, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140




===============
P A K I S T A N
===============

PAKISTAN: Will 'Absolutely Not' Default on Debts, FM Says
---------------------------------------------------------
Reuters reports that Pakistan will "absolutely not" default on debt
obligations despite catastrophic floods, the finance minister said
on Sept. 18, signalling there would be no major deviation from
reforms designed to stabilise a struggling economy.

Floods have affected 33 million Pakistanis, inflicted billions of
dollars in damage, and killed over 1,500 people - creating concern
that Pakistan will not meet debts, according to Reuters.

"The path to stability was narrow, given the challenging
environment, and it has become narrower still," Finance Minister
Miftah Ismail told Reuters at his office. "But if we continue to
take prudent decisions - and we will - then we're not going to
default. Absolutely not."

Pakistan was able to bring an International Monetary Fund (IMF)
programme back on track after months of delay, thanks to tough
policy decisions. But the positive sentiment was short- lived
before the catastrophic rainfall hit, Reuters says.

Despite the disaster, Ismail said that most stabilisation policies
and targets were still on track, including increasing dwindling
foreign exchange reserves, Reuters relays.

Central bank reserves stand at $8.6 billion, despite the influx of
$1.12 billion in IMF funding in late August, which are only enough
for about a month of imports, Reuters discloses. The end-year
target was to increase the buffer up to 2.2 months.

He said Pakistan will still be able to increase reserves by up to
$4 billion, even if the floods hurt the current account balance by
$4 billion in more imports, such as cotton, and a negative impact
on exports, according to the report. However, he estimated the
current account deficit will not increase by more than $2 billion
following the floods.

"Yes, there has been substantial loss to the very poorest people
and their lives will never be made whole again. But in terms of
servicing our external and local debt, and being micro-
macro-economically stable, those things are under control," the
report quoted Mr. Ismail as saying.

He said global markets were "jittery" about Pakistan, given the
economy had suffered at least $18 billion in losses after the
floods, which could go as high as $30 billion.

"Yes, our credit default risk has gone up, our bond prices have
fallen. But . . . I think within 15 to 20 days, the market will
normalise, and I think will understand that Pakistan is committed
to being prudent," he added, notes the report.

Pakistan's next big payment - $1 billion in international bonds -
is due in December, and Ismail said that payment would "absolutely"
be met, relays Reuters.

According to Reuters, the IMF said on Sept. 18 that it will work
with the international community to support Pakistan's relief and
reconstruction efforts and the endeavour to ensure sustainability
and stability.

Reuters adds that Ismail said external financing sources were
secured, including over $4 billion from the Asian Development Bank
(ADB), Asian Infrastructure Investment Bank and World Bank.

This includes $1.5 billion next month from ADB under the
Countercyclical Support Facility - a budget support instrument.

Reuters relates that the minister also said about $5 billion in
investments from Qatar, the UAE and Saudi Arabia would materialise
in the current financial year. The three announced interest in
investing in Pakistan earlier this year, but no timelines or exact
plans have been reported yet.

He said $1 billion in UAE investment will "definitely materialise"
in the next couple of months in the form of purchases in the
Pakistan stock market, notes the report.

Some $3 billion in Qatari investment pledges will all come within
the financial year to June 2023, he added, Reuters relays.

"They're looking at the three airports in Pakistan, Karachi, Lahore
and Islamabad . . . long-term leases. They're also looking at
buying two plants that run on LNG (liquefied natural gas) . . .
those I think will probably happen this calendar year," he said,
Reuters relates.

He said if the $3 billion figure was not reached as the financial
year closed, the remaining amount would go into the stock market.
He also said Saudi Arabia's crown prince had assured Prime Minister
Shehbaz Sharif that Riyadh would invest $1 billion before December,
says the report.

Pakistan's central bank announced on Sept. 18 that Saudi Arabia's
development authority had also extended a deposit of $3 billion, to
mature in December, by one year, adds Reuters.

He said a legal instrument was going to be signed soon with a
"friendly country" to activate a $1 billion deferred payment
facility for oil.

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings on July 28, 2022, revised the outlook on Pakistan's
long-term ratings to negative from stable. S&P also affirmed its
'B-' long-term and 'B' short-term sovereign credit ratings on
Pakistan, as well as its 'B-' long-term issue rating on Pakistan's
senior unsecured notes and sukuk trust certificates. The negative
outlook reflects growing risks to Pakistan's external liquidity
position over the next 12 months amid an increasingly difficult
economic landscape.



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

AERODEF ASIA: Creditors' Proofs of Debt Due on Oct. 21
------------------------------------------------------
Creditors of Aerodef Asia Pte Ltd and Local Measure Pte. Ltd. are
required to file their proofs of debt by Oct. 21, 2022, to be
included in the company's dividend distribution.

Aerodef Asia and Local Measure commenced wind-up proceedings on
Sept. 10 and Sept. 14, 2022, respectively.

The company's liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          M/s DHA+pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


ATLANTIC ESBJERG: Creditors' Meetings Set for Sept. 27
------------------------------------------------------
A meeting of the creditors of Atlantic Esbjerg Pte. Ltd., Meridian
Maritime Pte. Ltd., Teras Conquest 2 Pte. Ltd., Teras Fortress 2
Pte. Ltd., Teras 281 Pte. Ltd., and Teras 375 Pte. Ltd., will be
held on Sept. 27, 2022, at 10:00 a.m., 10:20 a.m., 10:40 a.m.,
11:00 a.m., 11:20 a.m., and 2:00 p.m. respectively.

Agenda of the meeting includes:

   a. to receive a statement of the respective Company’s affairs

      together with a list of creditors and the estimated amounts
      of their claims;

   b. to appoint liquidators;

   c. form a committee of inspection of not more than 5 members,
      if thought fit; and

   d. any other business.


G.T.H ENGINEERING: Creditors' Meeting Set for Sept. 29
------------------------------------------------------
G.T.H Engineering & Construction Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Sept. 29,
2022, at 2:30 p.m., at.

Agenda of the meeting includes:

   a. to provide an update to creditors on the status of
      liquidation;

   b. to appoint liquidator; and

   c. any other business.

The company's liquidators are:

          Oon Su Sun
          Lin Yueh Hung
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


LEMARC AGROMOND: Court to Hear Wind-Up Petition on Oct. 7
---------------------------------------------------------
A petition to wind up the operations of Lemarc Agromond Pte Ltd
will be heard before the High Court of Singapore on Oct. 7, 2022,
at 10:00 a.m.

Olam International Limited filed the petition against the company
on Sept. 13, 2022.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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