---

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

                     A S I A   P A C I F I C

          Friday, September 23, 2022, Vol. 25, No. 185

                           Headlines



A U S T R A L I A

ENVIRO SAND: First Creditors' Meeting Set for Oct. 5
KENWALLS: First Creditors' Meeting Set for Sept. 29
SALT LAKE POTASH: Second Creditors' Meeting Set for Sept. 30
SNEAKERBOY: May Have Traded While Insolvent for Year and a Half
SURIA GLOBAL: First Creditors' Meeting Set for Sept. 30

T2 TRANSPORT: Second Creditors' Meeting Set for Oct. 3


C H I N A

CHINA HUARONG: S&P Affirms 'BB+/B' Issuer Credit Ratings


H O N G   K O N G

FRINGE CLUB: Founder and Ex-administrator Sue Over Unpaid Salaries


I N D I A

ALGOQUANT FINTECH: CRISIL Withdraws D Rating on LT/ST Debt
ALLIED ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
ASP SEALING: CRISIL Keeps D Debt Ratings in Not Cooperating
AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
BAJAJ HINDUSTHAN: NCLT to Hear Bankruptcy Petition on December 7

BALAJI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating
DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
EMS AND EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
FLAGS HOTELS: CRISIL Withdraws D Rating on INR22cr Term Loan

FUTURA ENGINEERING: CRISIL Assigns D Rating to INR7cr Cash Debt
GANRAJ ISPAT: CARE Lowers Rating on INR30.87cr LT Loan to B+
GODHANI IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating

HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
INDUSTRIAL PERFORATION: CARE Keeps C Rating in Not Cooperating
INFOTECH EDUCATION: CARE Lowers Rating on INR14.35cr Loan to B-
JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

JTM CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category
K. G. LAKSHMIPATHI: CARE Keeps D Debt Ratings in Not Cooperating
KANCHANA AUTOMOBILES: CARE Keeps B+ Debt Rating in Not Cooperating
KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating
KRISHNA COTTON: CARE Lowers Rating on INR10cr LT Loan to B

LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category
M. RANGANATHAN: CARE Keeps D Debt Ratings in Not Cooperating
MAITHAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
MANGLAM BUILD: CARE Lowers Rating on INR109.68cr LT Loan to D
MANJU AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category

MANNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
METHRA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating
P P BAFNA: CARE Keeps B+ Debt Rating in Not Cooperating Category

PACIFIC GLOBAL: CARE Keeps B- Debt Rating in Not Cooperating
PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating
R. AYUSH: CARE Keeps B- Debt Rating in Not Cooperating Category
RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating

RK TRADE: CARE Keeps C Debt Rating in Not Cooperating Category
S. M. T. HI-TECK: CRISIL Keeps D Debt Rating in Not Cooperating
SEPC LIMITED: CARE Reaffirms D Rating on INR561.98cr LT Loan
SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRINATH COTTON: CARE Keeps D Debt Rating in Not Cooperating

SOMANI KUTTNER: CRISIL Keeps C Debt Ratings in Not Cooperating
SUNDIAL MINING: CRISIL Lowers Rating on INR12cr Loans to D
SWASTIK GINNING: CARE Keeps B- Debt Rating in Not Cooperating
UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating

VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating
WAHID SANDHAR: CRISIL Lowers Rating on LT/ST Loans to D


I N D O N E S I A

SRIWIJAYA AIR: Faces Bankruptcy Lawsuit


M A L A Y S I A

IVORY PROPERTIES: Founder Sells Shares for MYR3.1 Million


N E W   Z E A L A N D

GRACE GREGORY: Creditors' Proofs of Debt Due on Oct. 14
KESHAVJIVAN NZ: Creditors' Proofs of Debt Due on Nov. 16
MANUKAU FAMILY: Court to Hear Wind-Up Petition on Sept. 30
MICOM DESIGN: Creditors' Proofs of Debt Due on Oct. 17
OVATO LIMITED: Redundancies Highlight Need for Income Insurance

RAILWAY LIMITED: Court to Hear Wind-Up Petition on Sept. 30


S I N G A P O R E

GRAFFEO HOLDINGS: Commences Wind-Up Proceedings
KREUZ HOLDINGS: Commences Wind-Up Proceedings
PARK HOTEL CQ: Paying Out Dividend to Settle Preferential Claims
STET HOMELAND: Members' Final Meeting Set for Oct. 24
TS HARBOUR: Creditors' Proofs of Debt Due on Oct. 24


                           - - - - -


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

ENVIRO SAND: First Creditors' Meeting Set for Oct. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Enviro Sand
Pty Ltd will be held on Oct. 5, 2022, at 11:00 a.m. via virtual
meeting technology.

Stephen Earel and Daniel Juratowitch of Cor Cordis were appointed
as administrators of the company on Sept. 21, 2022.


KENWALLS: First Creditors' Meeting Set for Sept. 29
---------------------------------------------------
A first meeting of the creditors in the proceedings of Kenwalls Pty
Ltd will be held on Sept. 29, 2022, at 11:00 a.m. via virtual
meeting only.

Graeme Robert Beattie of Worrells was appointed as administrator of
the company on Sept. 21, 2022.


SALT LAKE POTASH: Second Creditors' Meeting Set for Sept. 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

          - Salt Lake Potash Limited
          - Irve Holdings Pty Ltd
          - Two Lake Holdings Pty Ltd
          - SO4 Fertiliser Holdings Pty Ltd
          - Irve Developments Pty Ltd
          - Two Lake Developments Pty Ltd
          - SO4 Fertiliser Developments Pty Ltd

has been set for Sept. 30, 2022, at 10:30 a.m. via virtual meeting
technology.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 29, 2022, at 4:00 p.m.

Martin Bruce Jones and Hayden Leigh White of KPMG were appointed as
administrators of the company on Oct. 20, 2021.


SNEAKERBOY: May Have Traded While Insolvent for Year and a Half
---------------------------------------------------------------
Australian Financial Review reports that luxury footwear and
streetwear retailer Sneakerboy may have traded while insolvent for
at least 18 months before it collapsed, and the management team
lacked the financial expertise to stop its fall, according to
preliminary investigations by administrators.

AFR relates that Stephen Dixon, from administrator Hamilton Murphy,
noted in a report to creditors that it appeared Sneakerboy had been
struggling for some time and the business strategy was managed
poorly, including reliance on intercompany loans, which came
through a separate entity via the company's shareholders. The
investigations are continuing.

"The reliance on other entities to provide funding to the company
meant that when these entities were unable to continue to support
the company financially, the company was then unable to meet its
ongoing trading and finance obligations as and when they fell due,"
Mr. Dixon wrote.

Before administrators were appointed, Sneakerboy was 50-50 owned by
holding companies held by directors Theo Poulakis and Nelson Mair,
AFR discloses citing filings with the corporate regulator. The
chain's operating company, Luxury Retail Group, is similarly split
between Mr. Poulakis and Mr. Mair, although through four entities.

According to the report, the directors said they believed
Sneakerboy collapsed because of financial difficulties arising out
of the COVID-19 pandemic and the lockdowns in big Australian
cities. Mr. Dixon wrote that he agreed the pandemic played a
significant role, but he also believed Sneakerboy become insolvent
because of poor strategic management.

"Further, I have identified that certain members of the senior
management team controlled the financial functions of the
Sneakerboy Group including the recording of entries into the Xero
management accounts and preparation and lodgement of finance
applications and statutory documents," Mr. Dixon said.

"It appears that these members of the management team lacked the
expertise required to ensure that financial controls and corporate
governance was implemented. The financial management of the
Sneakerboy Group was likely outside the scope of expertise of the
members of the management team, which resulted in poor corporate
governance and procedures."

AFR adds Mr. Dixon said the company's Xero management accounts and
externally prepared financial statements showed Sneakerboy had
accrued trading losses from 2020 through to the time of its
collapse.

"In my opinion, the company's operating expenses, in particular
employment costs, were high in proportion to the turnover being
generated. It would appear that the company had not adequately
accounted for these expenses in its profit margins on products
being sold," he wrote.

"This resulted in the company not being able to generate sufficient
profits and cashflow to ensure payment of its outstanding trading
obligations, finance facilities and interest incurred on these
facilities within the applicable timelines."

AFR relates that Mr. Dixon said he believed Sneakerboy's current
asset position was significantly overstated, and it did not have
sufficient assets to cover its short-term liabilities from around
December 2020.

Management's accounts indicated a net positive asset position of
AUD6.6 million in December 2020, AUD7.7 million in December 2021
and AUD7.3 million in the 2022 year-to-date.

However, Mr. Dixon concluded the surplus was because the fitout in
its leased Sydney flagship store was recorded as an asset, "which I
do not consider to be a recoverable asset", and the inventory in
the company's Xero account included pre-purchased and pre-ordered
stock, overstating the account balance.

"Further, the inventory was also recorded in the wrong entity and
therefore financials should reflect this," he said.

Mr. Dixon said there were numerous asset accounts containing manual
journal entries that were not substantiated with any supporting
documents, AFR relays.

He also said that had Sneakerboy recorded the AUD11.4 million owed
to Luxury Retail Treasury, a related entity that also went into
administration, the company would have had an asset deficiency in
all the time periods he examined.

Mr. Dixon said he believed Sneakerboy did not have sufficient
assets to sell or cash flow to meet its liabilities from around
December 2020. This conclusion was reached because of trading
losses, significant liabilities and inability to pay debts,
including statutory demands for debt payments, reliance on
intercompany loans, and the payment to creditors of rounded amounts
that did not match specific invoices.

"Creditors should note that this is a preliminary view which may
change upon further investigations," Mr. Dixon, as cited by AFR,
said.

"A liquidator, if so appointed at the concurrent second meeting,
would need to conduct further investigations to determine at what
stage that the company was incurring debts and whether the
directors had knowledge that the company could not pay them when
due or alternatively obtain finance to pay the debts and therefore
traded the company whilst insolvent."

A second meeting of creditors was delayed last week for 10 business
days while a deal to sell Sneakerboy is attempted to be sorted out,
the report notes.

                          About Sneakerboy

Sneakerboy sells upmarket footwear and streetwear. The company
operates three retail stores in Melbourne and one in Sydney, along
with an online retail portal.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Sneakerboy Retail Pty Ltd, Sneakerboy Pty Ltd,
Sneakerboy IP Pty Ltd, Luxury Retail Treasury Pty Ltd; and Luxury
Retail Group Pty Ltd on July 2, 2022.


SURIA GLOBAL: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Suria Global
(L) Pty Limited will be held on Sept. 30, 2022, at 10:00 a.m. via
virtual meeting technology.

Glenn Livingstone and of Scott Pascoe of WLP Restructuring were
appointed as administrators of the company on Sept. 19, 2022.


T2 TRANSPORT: Second Creditors' Meeting Set for Oct. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of T2 Transport
Pty Ltd has been set for Oct. 3, 2022, at 10:30 a.m. via Zoom.
  
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. 30, 2022, at 5:00 p.m.

Sam Kaso of Cor Cordis was appointed as administrators of the
company on Aug. 26, 2022.




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

CHINA HUARONG: S&P Affirms 'BB+/B' Issuer Credit Ratings
--------------------------------------------------------
S&P Global Ratings took the following rating actions on Chinese
AMCs and their subsidiaries:

-- S&P said, "We lowered the long-term issuer credit rating on
China Great Wall Asset Management Co. Ltd. to 'BBB' from 'A-' and
affirmed the 'A-2' short-term rating. At the same time, we lowered
the long-term issuer credit rating on China Great Wall AMC
(International) Holdings Co. Ltd. (Great Wall International) to
'BBB' from 'BBB+' while affirming the 'A-2' short-term rating. The
outlooks on the long-term ratings are stable. We removed the
ratings from CreditWatch where they were placed with negative
implication on July 12, 2022."

-- S&P lowered the issuer credit ratings on China Huarong Asset
Management Co. Ltd. and China Huarong International Holdings Ltd.
(Huarong International) to 'BBB-/A-3' from 'BBB/A-2'. The outlooks
on the long-term ratings are stable.

-- S&P affirmed the 'BB+' long-term and 'B' short-term issuer
credit ratings on China Huarong Financial Leasing Co. Ltd. (HRFL).
The outlook on the long-term rating remains developing.

-- S&P lowered the long-term issuer credit ratings on China Cinda
Asset Management Co. Ltd. and China Cinda (HK) Holdings Co. Ltd.
(Cinda HK) to 'BBB+' from 'A-'. The outlook is stable. S&P also
affirmed the 'A-2' short-term issuer credit ratings on the
companies.

-- S&P lowered the long-term issuer credit ratings on China Orient
Asset Management Co. Ltd. and China Orient Asset Management
(International) Holding Ltd. (Orient International) to 'BBB' from
'BBB+' while affirming the 'A-2' short-term ratings. The outlooks
on the long-term ratings are stable.

-- S&P lowered the issuer credit rating on Dongxing Securities Co.
Ltd. (DXS) to 'BBB-/A-3' from 'BBB/A-2'. The outlook on the
long-term rating is stable.

Rationale

The downgrades reflect increasingly more challenging operating
conditions for the big four AMCs in China due to economic slowdown,
greater market volatility, and the slump in the property sector.
S&P said, "We therefore see weakened earnings prospects for these
companies. We have revised down our anchor, the starting point of
our rating construction, for the big four AMCs in China to 'bb'
from 'bb+'."

As the big four AMCs deepen their "returning to core" business
strategies, they are guided by the government to shoulder more
policy functions and potentially take on less profitable projects.
For example, the companies are encouraged to help revitalize the
real estate sector by participating in property developers'
bankruptcy restructuring, establishing property relief funds, and
reviving stalled property projects. We believe the AMCs prioritize
putting money in more commercial projects and strive to be "asset
light". However, sizable profits are unlikely from these ventures.
The more lower-yielding assets they acquire, the greater are the
opportunity costs, affecting their overall returns. S&P expects a
L-shaped recovery for the real estate sector in China.

The big four AMCs have been gradually reducing their exposure to
the property sector in recent years. The exposure averages 40%-45%
of the restructured distressed assets (RDA) as of end-June 2022,
compared with more than 50% before 2019. These companies'
securities investments, underlying assets acquired from traditional
distressed asset sales, and the real estate revitalization efforts
add to their sensitivity to this troubled sector. In comparison,
China's major banks have only 5%-6% direct loan exposure to
property developers and another 25%-30% to mortgage borrowers
(based on S&P's calculation for 32 listed Chinese banks as of
end-2021).

S&P said, "We see AMCs in China as a distinct and specialized
subsector within the finance companies sector, and therefore we
assigned a 'bb-' anchor for AMCs in China. We made an additional
notch positive entity-specific adjustment on our anchor for the big
four AMCs to reflect the benefits of prudential regulatory
oversight. Even so, this new starting point for big four national
AMCs is a notch lower than before, and at this level we no longer
see further downside pressure from competitive risk due to lower
barriers of entry for the AMCs."

China Great Wall Asset Management Co. Ltd. And China Great Wall AMC
(International) Holdings Co. Ltd.

S&P said, "The two-notch downgrade of China Great Wall reflects the
one-notch lower anchor (after entity-specific adjustment) and our
expectation that the leverage (ratio of debt to total adjusted
equity) for the company's nonbank segment will remain constrained
due to elevated impairment losses and a thin regulatory capital
buffer (common equity tier-1 ratio). We project the ratio will
exceed 6.5x (our threshold for a constrained capital and earnings
assessment) but less than 12x (our threshold for a weak capital and
earnings assessment) over the next 24 months."

China Great Wall's stage 2 and stage 3 assets accounted for 15% and
49%, respectively, of debt investments at end-2021, compared with
17% and 43%, respectively, at end-2020. The quality of some of
these assets could deteriorate and warrant additional provisions,
given rising defaults in the property sector. The company has been
cutting its property concentration in recent years, and its
property concentration in RDAs is comparable to its peers'.

S&P said, "We downgraded Great Wall International by only one notch
(as opposed to two on its parent) due to its closer ties with its
parent. The company has a growing financial contribution to its
parent and greater synergies with the group's core business as it
develops the cross-border distress asset business. We therefore see
Great Wall International as a core subsidiary of China Great Wall,
as against a highly strategic subsidiary earlier."

Great Wall International had a better operating performance in 2021
than its peers. It made a net profit of HK$676 million, while peers
Cinda HK and Huarong International were making losses. Great Wall
International accounted for about 5% of the group's total assets
and operating revenue at the end of 2021. Similar to the other
three international subsidiaries of AMCs, Great Wall International
functions as an offshore financing platform for the group. S&P
expects China Great Wall to continue its liquidity support to the
Hong Kong-based subsidiary and maintain its strong oversight.

Outlook

China Great Wall

The stable outlook over the next 24 months reflects S&P's view that
China Great Wall will retain its very important role for, and very
strong link with, the Chinese government, and therefore have a very
high likelihood of extraordinary government support, if needed. The
outlook also reflects its view that the group will maintain its
SACP over the period.

Downside scenario: S&P could lower the ratings on China Great Wall
if the company has higher credit losses than it expects from its
core distressed asset management business, or if S&P believes it
faces material transparency issues.

We could also downgrade China Great Wall if we view the likelihood
of the company receiving direct or indirect extraordinary
government support has weakened. However, we don't view this
scenario as likely.

Upside scenario: S&P could upgrade China Great Wall if the nonbank
segment's leverage stays sustainably below 6.5x and there are no
material transparency issues.

Great Wall International

S&P said, "Our ratings and outlook on Great Wall International, a
core subsidiary of China Great Wall, will move in tandem with those
on the parent.

"We could revise the group status and further lower our rating on
Great Wall International if the company deviates from its core
business of distressed asset management, or if its profitability
remains weak over an extended period and is not in line with the
group's expectations."

  RSS Table
                                      TO         FROM

  CHINA GREAT WALL ASSET MANAGEMENT CO. LTD.  

  ISSUER CREDIT RATINGS    BBB/STABLE/A-2     A-/WATCH NEG/A-2

  Stand-alone credit profile
   of the nonbank operations          bb-         bb+

  Group stand-alone credit profile    bb-         bb+

  ANCHOR (AFTER ENTITY-SPECIFIC ADJUSTMENT)  BB    BB+

  Business Position               Strong (+1)   Strong (+1)

  Capital and Earnings       Constrained (-1)   Moderate (0)

  Risk Position                 Moderate (-1)   Moderate (-1)

  Funding and Liquidity         Adequate and Adequate (0)  

  Comparable Ratings Analysis         (0)          (0)

  Support                            (+4)         (+4)

  GRE Support                        (+4)         (+4)

  Group Support                       (0)          (0)

  Sovereign Support                   (0)          (0)

  Additional Factors                  (0)          (0)


  CHINA GREAT WALL AMC (INTERNATIONAL) HOLDINGS CO. LTD.  

  ISSUER CREDIT RATING       BBB/STABLE/A-2     BBB+/WATCH NEG/A-2


China Huarong Asset Management Co. Ltd., China Huarong
International Holdings Ltd., And China Huarong Financial Leasing
Co. Ltd.

S&P said, "We downgraded China Huarong to reflect the lower anchor,
the capital pressure the company faces, and China Huarong's
creditworthiness relative to its peers'. We expect the company's
leverage ratio to reach about 12x over the next 24 months, given
weak earnings capacity. We project elevated impairment cost owing
to the recent woes in China's property sector. This could weaken
China Huarong's profitability and leverage ratio. The company's
stage 2 and stage 3 assets accounted for 16% and 31%, respectively,
of debt instruments at amortized costs at end-2021, compared with
13% and 28%, respectively, at end-2020. China Huarong issued
capital instruments by end-June 2022 to cushion its Chinese
renminbi (RMB) 18.6 billion loss in the first half of this year.
This helped maintain its capital adequacy ratio above regulatory
requirement, at 12.72% by end-June 2022.

"We continue to view Huarong International as a core subsidiary of
China Huarong. The ratings on the subsidiary move in tandem with
those on the parent. China Huarong announced that it will subscribe
to Huarong International's privately placed perpetual bonds in
August 2022 to support the company. The Hong Kong subsidiary was
still making losses in 2021, though much lower than in previous
years.

"We continue to view HRFL as a moderately strategic subsidiary of
China Huarong. Our rating factors in a one-notch uplift for group
support. This reflects a regulatory mandate that the founding
shareholder must provide its financial leasing subsidiary with
liquidity and capital support when needed. This is despite China
Huarong's plan to sell its holdings in HRFL, in line with
regulatory instructions and the parent's efforts to refocus on its
core business.

The financial leasing subsidiary continued to shrink its balance
sheet in the first half of 2022 amid uncertainties surrounding its
ownership and China's economy. As a result, its profit before tax
fell by 31% year-on-year during the first half of 2022. The
distressed asset ratio and provision coverage ratio deteriorated to
2.26% and 166.5%, respectively, as of June 30, 2022, compared with
1.83% and 176.4%, respectively, as of Dec. 31, 2021.

Outlook

China Huarong

S&P said, "The stable outlook over the next 24 months reflects our
view that China Huarong will retain its very important role for,
and very strong link with, the Chinese government, and has a very
high likelihood of receiving extraordinary government support if
needed. The outlook also reflects our view that the group will
maintain its current SACP over the period."

Downside scenario: S&P could lower the ratings on China Huarong if
it removes the comparable ratings analysis adjustment. This could
happen if the company's stand-alone creditworthiness materially
worsens relative to peers'.

S&P could also downgrade China Huarong if it views the likelihood
of the company receiving direct or indirect extraordinary
government support has weakened. However, S&P doesn't view this
scenario as likely.

Upside scenario: S&P could upgrade China Huarong if the nonbank
segment's leverage stays sustainably below 6.5x, or if asset
quality improves prominently and there are no material transparency
issues. A sustainable improvement in the nonbank segment's leverage
to 6.5x-12x is likely to have neutral impact on the company's SACP
because the comparable rating analysis adjustment is unlikely to be
relevant in that scenario.

Huarong International

S&P's ratings and outlook on Huarong International, a core
subsidiary of China Huarong, will move in tandem with those on the
parent.

S&P could revise the group status and further lower its rating on
Huarong International if the company deviates from its core
business of distressed asset management, or if its profitability
remains weak over a longer period and is not in line with the
group's expectations.

HRFL

The developing outlook reflects the uncertainty surrounding the
ownership of HRFL, which could result in a positive, negative, or
neutral assessment of the company's overall creditworthiness.

Downside scenario: S&P could lower the ratings on HRFL if: (1) the
credit profile of its new major shareholder is substantially weaker
than that of China Huarong and this weighs on HRFL's overall credit
standing; or (2) there is no timely support scenario under the new
shareholder.

S&P could also downgrade HRFL if it revises downward its assessment
of the company's SACP. This could happen if: (1) the company's
credit quality deteriorates to below the industry average with
little prospect of improvement; or (2) its projection of HRFL's
risk-adjusted capital (RAC) ratio falls below 5%.

Upside scenario: S&P could upgrade HRFL if: (1) the credit profile
of the new shareholders is stronger than that of China Huarong, and
HRFL is at least a strategically important subsidiary to the new
owner; or (2) China Huarong no longer plans to sell its stake in
HRFL and the synergies between the two companies continue to
increase.

Alternatively, S&P may affirm the ratings on HRFL if: (1) the
overall credit profile of HRFL remains the same after factoring in
the creditworthiness of the new strategic investors as well as
HRFL's group status to the new parent company; or (2) China Huarong
no longer plans to sell its stake in HRFL and the synergies between
the two parties remain largely stable.


  RSS Table
                                        TO           FROM

  CHINA HUARONG ASSET MANAGEMENT CO. LTD.  

  ISSUER CREDIT RATINGS          BBB-/STABLE/A-3  BBB/NEGATIVE/A-2

  Stand-alone credit profile
   of the nonbank operations            b+            bb-

  Group stand-alone credit profile      b+            bb-

  ANCHOR (AFTER ENTITY-SPECIFIC ADJUSTMENT)  BB       BB+

  Business Position                  Strong (+1)   Strong (+1)

  Capital and Earnings               Weak (-2)   Constrained (-1)

  Risk Position                 Constrained (-2)  Constrained (-2)

  Funding and Liquidity             Adequate and Adequate (0)

  Comparable Ratings Analysis          (+1)           (0)

  Support                              (+4)           (+4)

  GRE Support                          (+4)           (+4)

  Group Support                         (0)            (0)

  Sovereign Support                     (0)            (0)

  Additional Factors                    (0)           (0)

  CHINA HUARONG INTERNATIONAL HOLDINGS LTD.  

  Issuer Credit Rating          BBB-/Stable/A-3  BBB/Negative/A-2

  CHINA HUARONG FINANCIAL LEASING CO. LTD.  

  Issuer Credit Rating          BB+/Dev/B         BB+/Dev/B

  SACP                               bb               bb

  Anchor (after adjustments)         bb               bb

  Business position             Adequate (0)      Adequate (0)

  Capital and Earnings          Adequate (0)      Adequate (0)

  Risk position                 Adequate (0)      Adequate (0)

  Funding and Liquidity          Adequate and Adequate (0)

  Comparable Ratings Analysis        (0)              (0)

  Support                           (+1)             (+1)

  ALAC support                       (0)              (0)

  GRE support                        (0)              (0)

  Group support                     (+1)             (+1)

  Sovereign support                  (0)              (0)

  Additional Factors                 (0)              (0)


China Cinda Asset Management Co. Ltd. & China Cinda (HK) Holdings
Co. Ltd.

S&P said, "We downgraded China Cinda to reflect the lowering of the
anchor by one notch. We expect China Cinda's growth appetite to
remain moderate and the financial leverage ratio of the company's
nonbank segment to remain below 6.5x by end-2024, despite likely
lower profitability caused by sectoral headwinds."

China Cinda's stage 2 and stage 3 assets increased to 24.0% and
9.3% of RDA at end-June 2022, from 21.7% and 6.0% at end-2021,
respectively, still better than its peers'. China Cinda has cut the
property exposure in RDA balance by 44% between 2019 and end-June
2022. The property sector concentration in its RDA was 44% as of
end-June 2022, similar to that of its peers.

China Cinda's SACP is more resilient than that of the other three
national AMCs, in part due to its relatively strong bank
subsidiary, Nanyang Commercial Bank Ltd. That said, the Hong
Kong-based bank's contribution to the group creditworthiness is
constrained by Hong Kong prudential regulations. S&P said, "The
group's other subsidiaries, including nonbank financial
institutions (NBFIs) and a property development arm, have a weaker
market standing than the parent and collectively moderate the
benefits from Nanyang Commercial Bank, in our view. We expect the
nonbank segment, including the property development arm, to carry
more weight in the next two years, and the group to increasingly
focus on the core distressed asset business, echoing guidance by
the Chinese regulators."

S&P continues to view Cinda HK as a core subsidiary of China Cinda.
The ratings on Cinda HK therefore move in tandem with those on the
parent.

Outlook

China Cinda

The stable outlook on China Cinda over the next 24 months reflects
our view that the company will retain its very important role to,
and very strong link with, the Chinese government.

S&P said, "The outlook also reflects our view that the group's NBFI
segment will keep its leverage below 6.5x over the next 24 months.
We also believe the segment will maintain asset quality in line
with its peers' and have manageable impairment charges on assets.
In addition, we expect the credit profile of Nanyang Commercial
Bank to remain stable over the period."

Downside scenario: S&P is likely to downgrade China Cinda if the
NBFI segment's leverage is sustainably above 6.5x, or the segment's
risk position deteriorates significantly. The latter could occur if
the segment has substantially higher asset impairment losses or
credit losses from loan-like assets.

S&P could also lower the ratings on China Cinda if it believes the
likelihood of extraordinary government support for the group has
decreased, although this is a remote scenario.

Upside scenario: S&P could upgrade China Cinda if the NBFI
segment's risk position improves significantly. This could be
indicated by a significant reduction of its stage 2 and 3 assets,
strengthening of provision coverage, and lowering of credit costs
and impairment charges.

Cinda HK

The stable outlook on Cinda HK reflects its view that the company
will remain a core subsidiary of China Cinda. As such, the ratings
and outlook on Cinda HK will move in tandem with those on China
Cinda.

Downside scenario: S&P could revise the core subsidiary status on
Cinda HK and lower the rating if the company deviates from its core
business of distressed asset management, or if its profitability
remains weak over a longer period and is not in line with the
group's expectations.

Upside scenario: S&P could upgrade Cinda HK if it takes the same
action on the parent.

  RSS Table
                                          TO          FROM
  CHINA CINDA ASSET MANAGEMENT CO. LTD.  

  Issuer Credit Ratings        BBB+/Stable/A-2     A-/Negative/A-2

  Stand-alone credit profile
   of the nonbank operations             bb            bb+

  Group stand-alone credit profile       bb            bb+

  Anchor (after entity-specific adjustment)  bb        bb+

  Business Position                 Strong (+1)     Strong (+1)

  Capital and Earnings              Moderate (0)    Moderate (0)

  Risk Position                    Moderate (-1)    Moderate (-1)

  Funding and Liquidity             Adequate and Adequate (0)

  Comparable Ratings Analysis           (0)            (0)

  Support                              (+4)           (+4)

  GRE Support                          (+4)           (+4)

  Group Support                         (0)            (0)

  Sovereign Support                     (0)            (0)

  Additional Factors                    (0)            (0)

  CHINA CINDA (HK) HOLDINGS CO. LTD.  

  Issuer Credit Rating          BBB+/Stable/A-2    A-/Negative/A-2


China Orient Asset Management Co. Ltd., China Orient Asset
Management (International) Holding Ltd., And Dongxing Securities
Co. Ltd.

The one-notch downgrade on China Orient reflects the lowering of
the anchor. S&P believes the group's core distressed asset business
will remain under higher asset quality stress over the next two
years, when compared to that of another peer with similar
creditworthiness of its core nonbank business, i.e. China Cinda. We
expect the group's growth appetite to be moderate and its financial
leverage to remain below 6.5x despite elevated impairment losses.

The group SACP is one notch lower than our assessment on the core
nonbank segment. The group SACP is weighed down by the
significantly weaker creditworthiness of China Orient's largest
subsidiary, Bank of Dalian (BoDL). The other two much smaller
subsidiaries, DXS and China United Insurance Group (CUIG) have
relative stronger credit profiles.

In addition, resource fungibility could be restricted due to
prudential regulation on these subsidiaries. BoDL and DXS reported
a 17% and 63% year-on-year decline in earnings in the first half of
2022, while CUIG also saw a material drop in earnings. S&P assesses
these three subsidiaries collectively contribute to about 40% of
the group SACP, based on its view of their expected assets, equity,
and earnings contribution.

S&P said, "We continue to view Orient International as a core
subsidiary of China Orient. The ratings on Orient International
therefore move in tandem with those on the parent.

"We lowered our rating on DXS to reflect the downgrade of China
Orient. While we continue to view DXS as a highly strategic
important subsidiary, further ownership dilution and potential
deconsolidation is possible and could weigh on this assessment.
This is notwithstanding meaningful synergies and collaborations
between DXS and China Orient over the past two years. China
Orient's ownership interest in DXS fell to 45% as of end-June 2022
from 53% following the completion of a RMB4.5 billion private
placement in October 2021.

"We continue to assess our SACP of DXS as 'bb', based on the
company's moderate business position, strong capitalization,
adequate risk position, and strong funding and adequate liquidity.
DXS reported a 63% year-on-year decline in net income in the first
half of 2022, primarily due to a sizable dent in its equity
portfolio's investment income and fair value loss. DXS' RAC ratio
improved significantly to 21.5% as of end-June 2022 from 15.6% a
year earlier due to the private placement. However, there is a
reasonable likelihood that this money will be deployed, and the
investment mix has an important bearing on the sustainability of
the RAC ratio above 15%, the threshold for a higher SACP, over the
next two years."

Outlook

China Orient

S&P said, "The stable outlook on China Orient is based on our view
that the company will retain its very important role and very
strong link with the Chinese government over the next 12-24 months.
We also expect the company to maintain its strong market position
and financial stability over the period."

Downside scenario: S&P said, "We could lower the ratings on China
Orient if the group's credit profile deteriorates, which could
happen if: (1) the NBFI segment's leverage is sustainably above
6.5x, or the segment's risk position deteriorates significantly.
The latter could happen if the segment has higher losses than we
expect from its core distressed asset management business; and (2)
the credit profiles of China Orient's financial subsidiaries
deteriorate, including a further weakening of BoDL's asset quality
and performance.

"We could also lower the ratings if we believe the group's
importance to or link with the central government has weakened.
However, we view this possibility as low in the next two years."

Upside scenario: S&P could raise the rating on China Orient if the
group's SACP improves. This may happen if: (1) the contribution of
the NBFI segment increases while it maintains its risk profile; or
(2) the credit profile of BoDL substantially improves.

Orient International

The stable outlook on Orient International reflects S&P's view that
the company will remain a core subsidiary of China Orient over the
next 24 months. The ratings and outlook on Orient International
will move in tandem with those on China Orient.

Downside scenario: S&P could adjust the core subsidiary group
status on Orient International and lower the rating if the company
deviates from its core business of distressed asset management, or
if its profitability remains weak over a longer period and is not
in line with the group's expectations.

Upside scenario: S&P could raise the ratings on Orient
International if it raises the ratings on China Orient.

DXS

The stable outlook on DXS reflects the outlook on parent China
Orient. S&P expects DXS to maintain its highly strategic importance
to the parent company and to provide options and tools for the
parent in handling distressed assets over the next two years. The
parent company will maintain a controlling stake in DXS and spur
more collaboration between DXS and the rest of the group, in our
assessment.

Downside scenario: S&P could downgrade DXS if we downgrade China
Orient. S&P could also downgrade DXS if the group support weakens
substantially.

Upside scenario: S&P said, "We could upgrade DXS if we raise the
rating on China Orient. We could also upgrade DXS if we believe its
strategic importance to the parent has increased and it becomes a
core subsidiary. However, we view this scenario as remote over the
next two years."

  RSS Table
                                     TO               FROM

  CHINA ORIENT ASSET MANAGEMENT CO. LTD.  

  Issuer Credit Ratings        BBB/Stable/A-2    BBB+/Negative/A-2

  Stand-alone credit profile,
  excluding bank, insurance,   
  and securities operation           bb               bb+

  Group stand-alone credit profile   bb-              bb

  Anchor (after entity-specific adjustment)  bb       bb+

  Business Position               Strong (+1)      Strong (+1)

  Capital and Earnings           Moderate (0)      Moderate (0)

  Risk Position                 Moderate (-1)      Moderate (-1)

  Funding and Liquidity            Adequate and Adequate (0)

  Comparable Ratings Analysis        (0)              (0)

  Support                            (+4)            (+4)

  GRE Support                        (+4)            (+4)

  Group Support                       (0)             (0)

  Sovereign Support                   (0)             (0)

  Additional Factors                  (0)             (0)

  CHINA ORIENT ASSET MANAGEMENT (INTERNATIONAL) HOLDING CO. LTD.  
  Issuer Credit Rating        BBB/Stable/A-2   BBB+/Negative/A-2

  DONGXING SECURITIES CO. LTD.  

  Issuer Credit Rating       BBB-/Stable/A-3   BBB/Negative/A-2

  SACP                                bb              bb

  Anchor (after adjustments)          bb              bb

  Business position              Moderate (-1)    Moderate (-1)

  Capital and earnings             Strong (+1)     Strong (+1)

  Risk position                  Adequate (0)     Adequate (0)

  Funding and Liquidity             Strong and Adequate (0)

  Comparable Ratings Analysis         (0)            (0)

  Support                            (+2)           (+3)

  ALAC support                        (0)            (0)

  GRE support                         (0)            (0)

  Group support                      (+2)           (+3)

  Sovereign support                   (0)            (0)

  Additional Factors                  (0)            (0)


  Ratings List

  DOWNGRADED  
                                         TO         FROM

  CHINA GREAT WALL ASSET MANAGEMENT CO. LTD
  CHINA GREAT WALL ASSET MANAGEMENT CO. LTD.

  Issuer Credit Rating       BBB/Stable/A-2       A-/Watch Neg/A-2

  CHINA GREAT WALL AMC (INTERNATIONAL) HOLDINGS CO. LTD.

  Issuer Credit Rating       BBB/Stable/A-2     BBB+/Watch Neg/A-2

  CHINA GREAT WALL INTERNATIONAL HOLDINGS III LTD.

  Senior Unsecured                BBB           BBB+/Watch Neg

  CHINA GREAT WALL INTERNATIONAL HOLDINGS IV LTD.

  Senior Unsecured                BBB           BBB+/Watch Neg

  CHINA GREAT WALL INTERNATIONAL HOLDINGS V LTD.

  Senior Unsecured                BBB           BBB+/Watch Neg

  CHINA GREAT WALL INTERNATIONAL HOLDINGS VI LTD.

  Senior Unsecured                BBB           BBB+/Watch Neg


  CHINA HUARONG ASSET MANAGEMENT CO. LTD.  
  CHINA HUARONG ASSET MANAGEMENT CO. LTD.
  CHINA HUARONG INTERNATIONAL HOLDINGS LTD.

  Issuer Credit Rating        BBB-/Stable/A-3   BBB/Negative/A-2

  HUARONG FINANCE II CO. LTD.

  Senior Unsecured                BBB-          BBB

  RATINGS AFFIRMED  

  CHINA HUARONG FINANCIAL LEASING CO. LTD.

  Issuer Credit Rating      BB+/Developing/B


  DOWNGRADED  

                                         TO         FROM

  CHINA CINDA ASSET MANAGEMENT CO. LTD.  
  CHINA CINDA ASSET MANAGEMENT CO. LTD.
  CHINA CINDA (HK) HOLDINGS CO. LTD.

  Issuer Credit Rating        BBB+/Stable/A-2  A-/Negative/A-2

  CHINA CINDA (2020) I MANAGEMENT LTD.

  Senior Unsecured                     BBB+          A-

  CHINA CINDA FINANCE (2014) LTD.

  Senior Unsecured                     BBB+          A-

  CHINA CINDA FINANCE (2015) I LTD.

  Senior Unsecured                     BBB+          A-

  CHINA CINDA FINANCE (2017) I LTD.

  Senior Unsecured                     BBB+          A-


  CHINA ORIENT ASSET MANAGEMENT CO. LTD.  
  CHINA ORIENT ASSET MANAGEMENT CO. LTD.
  CHINA ORIENT ASSET MANAGEMENT (INTERNATIONAL) HOLDING LTD.

  Issuer Credit Rating         BBB/Stable/A-2    BB+/Negative/A-2

  DONGXING SECURITIES CO. LTD.

  Issuer Credit Rating         BBB-/Stable/A-3   BBB/Negative/A-2

  DONGXING VOYAGE CO. LTD.

  Senior Unsecured                   BBB-             BBB

  JOY TREASURE ASSETS HOLDINGS INC.

  Senior Unsecured                   BBB              BB




=================
H O N G   K O N G
=================

FRINGE CLUB: Founder and Ex-administrator Sue Over Unpaid Salaries
------------------------------------------------------------------
South China Morning Post reports that the founder and a former
administrator of Hong Kong's Fringe Club have warned of legal
action to wind up the nearly 40-year-old cultural establishment if
its board fails to pay HK$12 million (US$1.5 million) in wages owed
to them by next month, the Post has learned.

According to the Post, the move by Benny Chia Chun-heng and former
administrator Catherine Lau Kam-ling has added to uncertainties
surrounding the club, which is fighting to extend the lease of its
130-year-old premises in Central when it expires next March.

The Post relates that Chia and Lau filed a legal claim against Hong
Kong Festival Fringe Limited, the non-profit body of the club, on
August 30, over their unpaid salaries in the past 14 and eight
years respectively until April 2020, when they agreed to continue
their work on a voluntary basis in light of the club's financial
situation.

They issued another letter on Sept. 20 to demand repayment by
October 5, warning that the club might otherwise be subject to a
winding-up order, the Post says.

Anson Chan Yiu-cheung, acting chairman of the club's board of
directors, which has taken over the operations since the pair
retired late last month, said they could not pay the HK$12 million
demanded, as the club only had about HK$900,000 in its bank
account.

"If they continue to press these claims, we as directors would have
no choice but to send the club to be administered [by the
liquidator], and that will guarantee the club will not get the
lease renewal and would probably die," Chan warned, the Post
relays.

In a letter seen by the Post, Chia and Lau filed a legal claim
demanding the club repay their accrued salaries from 2007 and 2014
on August 30, with sums amounting to HK$8 million and HK$4 million
respectively. The letter demanded the club's full payment by
September 7.

The Post relates that the board sought legal advice and refuted
Chia and Lau's claim in writing on September 7, saying the pair had
agreed to have their wages deferred as the club struggled
financially in the past decade.

It added the pair were "well aware" that the club could not pay up
even if their claims, which it disputed, were valid, as the group
"is now in a state of financial distress".

But the board received a further letter dated September 13, saying
it should pay the former operators by October 5, or face a
winding-up petition.

Chia declined to comment when contacted, citing advice from his
lawyers to avoid prejudicing legal proceedings. The Post has also
reached out to Lau.

A fixture in the city's cultural scene, the Fringe Club was founded
by Chia in 1983 with its beginnings in the Fringe Festival. The
club made a name for itself and built a community by hosting
budding artists and musicians.

In an interview with the Post last month, Chia said he was retiring
for personal reasons, but that the social unrest in 2019 and the
Covid-19 pandemic had made it difficult for him to continue running
the club.

Chia said he and Lau had been operating the establishment on a
voluntary basis for two years, with part-time staff coming in once
a week.

Chan, who had served as an honorary treasurer for the Fringe from
1996 until taking up the mantle as acting chairman last year, said
the club had been running on deficits since the financial crisis in
2008.

An extensive renovation period, running from 2011 to 2019, had also
hampered the club's ability to host live concerts and exhibitions,
as some of its spaces had to be closed for refitting works.

Apart from the possible liquidation, Chan also voiced concern over
whether the club could renew its lease at the iconic Old Dairy Farm
Depot on Lower Albert Road, the Post says. Unlike previous
five-year grants, the government had only extended the Fringe
Club's lease by one year in March this year.

"We can only try. We only have six months left, we hope we can
convince the government," the Post quotes Chan as saying.

The Post adds that a spokesman for the Culture, Sports and Tourism
Bureau said authorities were in talks with the club on lease
renewal, and they would review the use of the premises in due
course. He added that the current tenant paid nominal rent.

The board submitted a proposal to the then-Home Affairs Bureau in
April detailing how it planned to run the club under an extended
lease.

In the proposal seen by the Post, the board said it would revive
eateries in the premises to provide sustainable, plant-based food,
focus on hosting urban music shows, collaborate with new art groups
and engage blockchain technology for NFT membership tokens and
digital art.

"We also hope to bring in new artists, who may not be very well
known or able to afford high rent, but nonetheless are worth
showcasing, because that is one of the mandates of the Fringe Club
– to bring in lesser-known, more cutting-edge, and newer concepts
in performance and visual art," the Post quotes Chan as saying.




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

ALGOQUANT FINTECH: CRISIL Withdraws D Rating on LT/ST Debt
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Algoquant Fintech Limited
(AFL; previously known as Hindustan Everest Tools Limited) to
'CRISIL D/CRISIL D Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of AFL 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 AFL from 'CRISIL D/CRISIL D Issuer Not
Cooperating to 'CRISIL D/CRISIL D'. 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 D (Migrated from
                                  'CRISIL D ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

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

Algoquant Fintech Limited erstwhile known as Hindustan Everest
Tools Limited is engaged in the business of technology-based
trading in securities /financial instruments and one of the leaders
in Low-risk arbitrage and high frequency trading in the Indian
Capital Markets.


ALLIED ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Allied
Associates (ALA) 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 September 9,
2021, placed the rating(s) of ALA under the 'issuer
non-cooperating' category as ALA 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. ALA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2022, August 5, 2022, August 15, 2022.

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

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

Agra-based (Uttar Pradesh) Allied Associates (ALA) is a partnership
firm. The firm has succeeded an erstwhile proprietorship firm
established in 2009 and the same was converted into a partnership
firm in 2015. The current partners are Mr Gaurav Lamba, Mr Bhushan
Lamba and Mr Saurabh Lamba. ALA is an authorized distributor
(appointed in 2011) of motorcycle spare parts for Hero Moto Corp
Limited (HMCL).


ASP SEALING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ASP Sealing
Products Limited (ASPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit      12         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    11.83      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              2.98      CRISIL D (Issuer Not
                                    Cooperating)

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

ASPL was incorporated in 1989 as Anand Saiag Pvt Ltd in
technological collaboration with SAAIG Industrial SPA, Italy. In
1995, Mr Gurdeep Singh Anand and his son Mr Rishipal Singh Anand,
acquired the equity shares held by SAIIG, and the company got its
current name. ASPL manufactures ethylene propylene diene monomer
(EPDM) weather strips for automotive applications, primarily for
commercial vehicles. It also manufactures industrial rubber and
hoses. Its facilities are at Gajraula in Uttar Pradesh, and at
Udham Singh Nagar in Uttarakhand.


AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azen
Medical Welfare and Research Society (AMWRS) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.85      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 6, 2021,
placed the rating(s) of AMWRS under the 'issuer non-cooperating'
category as AMWRS 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. AMWRS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2022, July 2, 2022, July 12, 2022.

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

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

Azen Medical Welfare & Research Society (AMWRS), registered under
Registration of Societies Act, 1860 was established in March, 2000.
The society remained non-operational till 2011. In the year 2011,
AMWRS has undertaken a project to setup a general hospital with
cancer treatment centre with other facilities like pathology
centre, outdoor and indoor patient treatment etc. at Dimapur in
Nagaland. During June 2015 the project has got completed with a
project cost of INR45.00 crore and the operation has started from
July 2015. In this initial stage, the hospital has started with 100
beds and daily average 225 indoor and outdoor patient consultation.
The day to day affairs of the hospital is looked after by Mr.
Yashitsungba Ao, Chairman, with the help of the Managing Director
Mr. Y. Along Aier and other 16 members.


BAJAJ HINDUSTHAN: NCLT to Hear Bankruptcy Petition on December 7
----------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal's
Allahabad bench has listed the State Bank of India petition against
Bajaj Hindusthan Sugars for December 7.

In an order dated September 14, the NCLT asked Bajaj Hindusthan to
file a reply to the SBI petition in three weeks, Business Standard
relates. The lender was given another two weeks to file its
rejoinder to Bajaj Hindusthan's reply.

According to the report, Bajaj Hindusthan was sent to NCLT for debt
resolution by SBI after the company failed to repay its loans.

The company had received two debt restructurings from the lender,
but failed to meet the requirements of the schemes.

Bajaj Hindusthan Sugar Ltd., a part of the 'Shishir Bajaj Group',
manufactures sugar and industrial alcohol in India.


BALAJI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
and Company (SBC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.20       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 7, 2021,
placed the rating(s) of SBC under the 'issuer non-cooperating'
category as SBC 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. SBC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2022, June 2, 2022, June 12, 2022.

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

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

Guntur based, Sri Pardhasaradhi and Company, was established in
1984 as a Partnership Firm and nomenclature changed to Sri Balaji
and Company (SBC) in 1994. SBC was promoted by Mr. J. Sarangapani,
Mr. J.Subba Rao , Mr. J.Pardhasaradhi and Mr. J.Venu Gopal. SBC is
engaged in trading and manufacturing of cotton yarn with a total
installed capacity of 2,040 tonnage p.a. at its manufacturing unit
located at Guntur, Andhra Pradesh. The manufacturing process
includes ginning of raw cotton into seeds and lint. The firm has
major customers in Andhra Pradesh, Tamilnadu, Karnataka, Mumbai and
Maharashtra. SBC purchases raw cotton mainly from local farmers and
lint from dealers.


BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Steel Tube Industries (SBSTI) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 9, 2021,
placed the rating(s) of SBSTI under the 'issuer non-cooperating'
category as SBSTI 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. SBSTI continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2022, July 5, 2022, July 15, 2022.

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

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

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 9, 2015 with the main object of carrying out
business of manufacturing steel tubes from hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner),
Mrs. Rama Latha (Partner) and Mr. Rama Gopi Krishna (Partner. The
project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is Rs.8.80 crore which is proposed to be funded through
bank term loan of Rs.3.50 crore, Partners' capital of INR5.20 crore
and remaining through unsecured loan of INR0.10 crore. As on
December 31, 2016, the firm has incurred expenses of INR3.60 crore
(around 40.90% of total project cost) towards the civil works and
purchase of Plant & Machinery and the same was funded by the
partners' capital.


DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deccan
Extrusions Private Limited (DEPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DEPL for
obtaining information through letters and emails dated June 27,
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 DEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEPL continue to be 'CRISIL D Issuer Not Cooperating'.

Commenced commercial operations in 1989, DEPL manufactures
aluminium profiles. The product portfolio consists of various
aluminium profiles which are used as panels, channels and verticals
with their end usage in residential, construction, transport,
power, consumer goods and other industries. DEPL has its
manufacturing facility with an installed capacity of 5400 tonnes
per month (TPM) at Pondicherry.


EMS AND EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of EMS and
Exports (EE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     43.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2021, placed the rating(s) of EE under the 'issuer non-cooperating'
category as EE 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. EE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2022, July 20, 2022, July 30, 2022.

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

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

EMS was incorporated on January 1, 2009 by Mr. Amarjit Singh Kalra.
The firm is involved in the manufacturing and assembling of public
address (PA) systems and components, including loud speakers,
amplifiers, microphones, and woofers, and related electronic and
electrical equipment. The firm commenced operations in January 2009
and its manufacturing facility is located in Kashipur,
(Uttaranchal).


FLAGS HOTELS: CRISIL Withdraws D Rating on INR22cr Term Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Flags Hotels Private Limited (FHPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        22        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with FHPL for
obtaining information through letters and emails dated June 20,
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 FHPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on FHPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
FHPL to 'CRISIL D Issuer not cooperating'.

FHPL, incorporated in 2010, operates four restaurants and seven
banquet halls in Mumbai under the Flags brand. It is managed by Mr.
Joseph Sequeira, Mr. Larence Sequeira, and Ms. Catherine Dsouza.


FUTURA ENGINEERING: CRISIL Assigns D Rating to INR7cr Cash Debt
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-term
bank facilities of Futura Engineering Private Limited (FEPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (Assigned)
   Rupee Term Loan        5         CRISIL D (Assigned)

The rating reflects delay by FEPL in servicing the equated monthly
installments (of its term loan) in June and July 2022 owing to weak
liquidity. It also factors in exposure to cyclicality in end-user
industry and large working capital requirement. These weaknesses
are partially offset by the extensive experience of the promoters
in the industrial machinery and consumables industry.

Analytical Approach

Unsecured loan (INR3.1 crore as on March 31, 2022) extended by the
promoters has been treated as 75% equity and 25% debt as the same
is expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to cyclicality in end-user industry: Operating
performance is closely linked with the investment scenario in the
end-user industry, which is cyclical in nature.

* Large working capital requirement: Gross current assets were
sizeable at 311 days as on March 31, 2022, driven by moderate
debtors of 63 days and huge inventory of 374 days. The company has
to extend moderate credit period to customers and hold large work
in process & inventory to meet business needs.

Strength:

* Extensive experience of the promoters: The promoters have
experience of more than three decades in the industrial machinery
and consumables industry; their strong understanding of market
dynamics and healthy relationships with suppliers and customers
should continue to support the business.

Liquidity: Poor

Liquidity should remain constrained by large working capital
requirement and weak financial risk profile. Cash accrual is
projected at INR2.0-3.0 crore per annum, insufficient to meet the
term debt obligation of INR3.6 crore over the medium term. Bank
limit was fully utilized during the 12 months through June 2022.

Rating Sensitivity Factors

Upward Factors

* Track record of timely servicing of debt and absence of any
irregularity, for at least three months
* Significant improvement in liquidity

FEPL, incorporated in 1989, manufactures die and molds for the tile
industry at its facility in Gandhinagar, Gujarat. The company is
owned & managed by Mr Mohan V Nair and his family members.


GANRAJ ISPAT: CARE Lowers Rating on INR30.87cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ganraj Ispat Private Limited (GIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.87       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 30, 2021,
placed the rating(s) of GIPL under the 'issuer non-cooperating'
category as GIPL 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. GIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 16, 2022, May 26, 2022, June 5, 2022.

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

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

The ratings have been revised on account on non-availability of
requisite information. The revision also considers GIPL's highly
leverage capital structure marked by an increase in overall debt in
FY21 compared to FY20.

Ganraj Ispat Private Limited (GIPL) was established in 2013 and is
engaged in manufacturing of TMT Bars under the brand name of PUSHPA
TMT. GIPL is registered with the Bureau of Indian Standards (BIS)
to produce fe500 and fe500 D grade steel bars. It is an ISO
9001-2008 certified company. Its plant is situated in Supa MIDC in
Ahmednagar district, Maharashtra.


GODHANI IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Godhani
Impex (GI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B-; 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 September 7,
2021, placed the rating(s) of GI under the 'issuer non-cooperating'
category as GI 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. GI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2022, August 3, 2022, August 13, 2022.

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

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

Godhani Impex (GI) was established on March 11, 2005 as a
partnership firm by three brothers from the Odhavjibhai Godhani
family. The partners of GI were earlier partners in M/s Godhani
Gems (subsequently reconstituted to Godhani Gems Pvt Ltd; which was
managed jointly by Shri Virjibhai Godhani and Shri Odhavjibhai
Godhani. Due to certain differences, Shri Odhavjibhai Godhani left
GG and formed GI. All partners at GI have experience in the Gems
and Jewellery business for over a period of 27 years. The firm is
engaged into cutting and polishing of rough diamonds at its Surat
workshop and exports the polished diamonds.


GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GOL Offshore
Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of credit      60         CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

   Letter of credit     125         CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

   Long Term Loan        90         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        96         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        43         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        63         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       150         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       360         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Letter       65         CRISIL D (Issuer Not
   of Credit &                      Cooperating)
   Bank Guarantee        

   Proposed Long Term   298         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Short Term Loan      100         CRISIL D (Issuer Not
                                    Cooperating)

   Short Term Loan       50         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

GOL is an offshore oil field service provider in India, offering
support services to oil and gas companies for exploration and
production activities. The company was formed when the offshore
division of The Great Eastern Shipping Co Ltd (GESCL) was demerged
into a separate company in October 2006. GOL entered the offshore
business, with the purchase of an offshore support vessel in 1983.
The company entered the drilling business with its first rig in
1987. It was also the first to own a platform supply vessel, and
pioneered the fire-fighting vessel segment with two dedicated
vessels.

GOL has seven wholly-owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL Offshore
Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd,
Great Offshore (International) Ltd, and GOL Salvage Services. GOL
also holds a 26% equity stake in a joint venture, United
Helicharters Pvt Ltd. Bharati Shipyard, along with its
subsidiaries, is the single-largest shareholder in GOL, with a
stake of 49.7%.


GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Ginning & Oil Industries (GGOI) 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 16,
2021, placed the rating(s) of GGOI under the 'issuer
non-cooperating' category as GGOI 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. GGOI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 2, 2022, July 12, 2022, July 22, 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).

GGOI was promoted in 1994 as a partnership firm; currently there
are two partners Mr. Maganlal Parvadia having 65% share and Mr.
Chandulal Parvadia having 35% share in the firm. GGOI is involved
in the cotton ginning & pressing and crushing of cotton seed with
main products as cotton bales, cotton seeds and cotton seed oil. It
has an installed capacity of 300 bales per day (annualized capacity
of 90,000 bales as 300 working days) and 50 MT Cotton Oil per day
(annualized capacity of 15000 MT as 300 working days) for cotton
bales as on March 31, 2018 at its sole manufacturing facility
located at Gondal (Gujarat). The firm has two associate concerns
named Gujarat Hy-spin Private Limited and Paras Cotton.


HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hari Om Rice
Mill Private Limited (HRMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

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

Chhattisgarh-based HRMPL, incorporated in 2006, mills and
manufactures non-basmati rice. Mr Subhash Aggarwal is the
promoter.


HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel Dee Emm
Residency (HDER) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long Term   0.1         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Rupee Term Loan      9.9         CRISIL D (Issuer Not
                                    Cooperating)

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

Set up as a partnership firm in 2014 by Mr Tek Chand Sood, Ms Madhu
Sood, and Mr Sumit Sood, HDER operates Hotel Dee Emm Residency in
Shimla. The hotel, which had 5 rooms, is being expanded to 47
rooms, and will also have a restaurant, coffee shop, lounges, and a
conference hall. Post-renovation and expansion, the hotel is
expected to commence operations in the fourth quarter of fiscal
2018.


INDUSTRIAL PERFORATION: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Industrial
Perforation (India) Private Limited (IPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     10.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2021,
placed the rating(s) of IPPL under the 'issuer non-cooperating'
category as IPPL 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. IPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2022, June 7, 2022, June 17, 2022.

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

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

Industrial Perforation (India) Private Limited (IPIPL) was
initially set up as a partnership firm, "Industrial Perforation" in
1981 by two friends Shri Ashis Kumar Saha and Smt. Alpana Kundu of
Kolkata, West Bengal. Subsequently, the firm was reconstituted as
Private Limited Company in 1991 with its name changed to the
current one. Since inception, IPIPL has been engaged in
manufacturing and supply of steel cable trays, power transmission
cable trays, earthling materials and accessories for power
transmission and distribution companies. The company primarily
focuses on specialty cable trays, which are designed as per the
customer's specifications and are largely order-driven. The
manufacturing facilities of IPIPL is located in Kolkata (unit-I at
Dum Dum R.N. Guha Road and Unit-II at Ganganagar, Katakhal) with an
aggregate installed capacity of 16,000 MTPA.


INFOTECH EDUCATION: CARE Lowers Rating on INR14.35cr Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Infotech Education Society (IES), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.35       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 9, 2021,
placed the rating(s) of IES under the 'issuer non-cooperating'
category as IES 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. IES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 25, 2022, June 4, 2022, June 14, 2022.

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

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

The ratings assigned to the bank facilities of IES have been
revised on account of non-availability of requisite information.

Bhopal (Madhya Pradesh) based Infotech Education Society (IES) was
registered as a society in 1999 under M.P. Society Registration
Act, 1973 with an objective to impart education. The society is
presently operating five colleges and four schools in Bhopal,
Madhya Pradesh. It runs five colleges namely IES College of
Technology (ICOT) which offers graduation and postgraduation as
well as diploma in engineering courses, IES College of Technology
(ICTM) which offers MBA, IES Institute of Technology & Management
(IITM) offers graduation and post-graduation as well as diploma in
engineering courses, IES Institute of Pharmacy (IIP) offers courses
B. Pharma and D. Pharma and IES College of Education (ICOE) offers
graduation courses in Arts, Commerce, Science and Teaching Courses
B.Ed, M.Ed and D.Ed. The colleges run by the society are affiliated
with respective universities and has taken approval from All India
Council for Technical Education (AICTE). Further, the society runs
two play group schools in Bhopal and one in Sehore. Apart from play
group schools, it also runs one school in Bhopal in which it is
offering education from Nursery to Secondary which is affiliated
from Central Board for Secondary Education.


JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jindal Agro
Mills Private Limited (JAMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      37         CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility     3         CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 1992 and promoted by Mr. R K Jindal, JAMPL trades
in metals such as copper, zinc and nickel. It also manufactures
copper alloys, wire, strips and rods, and processes wheat flour and
bran. JAMPL also works as consignee agent for Binani Zinc Ltd.


JTM CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JTM Cashew
Processing Private Limited (JCPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

Incorporated in April, 2012, JTM Cashew Processing Private Limited
(JCPPL) was promoted by Mr. Asfaque Hossain, Mohd Abdurrouf Shah
and Mrs. Jaherun Bibi based out of Mednipur, West Bengal. Since its
inception, the company has been engaged in processing of cashew
nuts at its plant located at Mednipur, West Bengal. The plant has a
processing capacity of 16 metric tonnes per day of raw cashew nuts
per day. The company procures its raw materials from domestic as
well as international markets and sales happen through dealers
across all over India. Presently, the company has around 30
dealers.


K. G. LAKSHMIPATHI: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K. G.
Lakshmipathi and Company (KGLC) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      2.25       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 6, 2021,
placed the rating(s) of KGLC under the 'issuer non-cooperating'
category as KGLC 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. KGLC continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2022, July 2, 2022, July 12, 2022.

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

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

Chennai based K.G. Lakshmipathi and Co. (KGLC) was established in
1951 as a partnership firm by Mr. K.G. Lakshmipathi along with his
family members. After the demise of Mr. K.G. Lakshmipathi in 2010,
the firm was reconstituted and presently it is governed by the
partnership deed dated December 24, 2010 wherein the partners
include Mr. L. Soundar Rajan (son of Mr. Lakshmipathi) and his two
sons Mr. S. Vikram and Mr. S. Karthik. KGLC is a Class I contractor
registered with Central Public Works Department (CPWD), Chennai
Corporation and Southern Railway. The firm is engaged in the
business of civil construction for various government organizations
and private companies for works like road and airport runway
construction and maintenance, earth work, building construction
etc. The firm executes work orders of about 90% for Governments
(State as well as Central) and the remaining for private companies
such as laying roads on the site developed by the private builders.
The day-to-day affairs of the firm are looked after by Mr. S.
Vikram, the Managing Partner, with adequate support from other two
partners.

KANCHANA AUTOMOBILES: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanchana
Automobiles Private Limited (KAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 7, 2021,
placed the rating(s) of KAPL under the 'issuer non-cooperating'
category as KAPL 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. KAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2022, June 2, 2022, June 12, 2022.

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

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

Kanchana Automobiles Pvt Ltd (KAPL) was incorporated in 2005 by Mr.
Prasadraj Kanchan and Mrs. Sukanya Kanchan. The company is engaged
in the business of automobile dealership for Hyundai Motor India
Limited (HMIL). The company has 5 showrooms and 3 service centers
located at Udupi, Puttur, Mangalore, Sirsi and Karwar. The promoter
also has dealerships for TVS Motors (3 wheelers) under Kanchana
Motors, Ashok Leyland Limited under Kanchana Automotive and Honda
Motorcycles under Kanchana Udyog.

KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of
Kizhakkebhagathu Rice Mills (KRM) continues to be 'CRISIL C Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit      6          CRISIL C (Issuer Not
                                    Cooperating)

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

Set up in 1997, KRM mills and processes paddy into rice, rice bran,
broken rice and husk. It has an installed paddy milling capacity of
5 tonnes per hour (tph). Its rice mill is located at Muvattupuzha,
Kerala. Its operations are managed by Mr. Dinu Kurien.


KRISHNA COTTON: CARE Lowers Rating on INR10cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Krishna Cotton Industries (SKCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 23,
2021, placed the rating(s) of Shree Krishna Cotton Industries
(SKCI) under the 'issuer non-cooperating' category as SKCI 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. SKCI continues to be noncooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 9, 2022, July
19, 2022, July 29, 2022.

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

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

The ratings assigned to the bank facilities of SKCI have been
revised on account of non-availability of requisite information.

Kutch-based (Gujarat), SKCI was established as a partnership firm
in April, 2012. It is currently managed by five partners and
operates from its sole manufacturing plant located at Kutch with an
installed capacity of 65,223 cotton bales per annum and 19,416 MTPA
for cotton seeds as on March 31, 2020. SKCI has other associate
concerns viz. Shreenathji Cotton Industries and Shreenath Oil
Industries. Shreenathji Cotton Industries which was established in
2004 is engaged into manufacturing of cotton bales and cotton
seeds, while Shreenath Oil Industries is engaged into processing of
cotton seed for generation of oil.


LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lekh Raj and
Sons (LRS) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           23         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           22         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash          5         CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

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

LRS was set up in 1984 as a partnership firm by members of Miglani
family of Kaithal, Haryana. The firm mills, sorts, grades, and
exports basmati and non-basmati rice. It also sells in the domestic
market.


M. RANGANATHAN: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.
Ranganathan (MR) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2021, placed the rating(s) of MR under the 'issuer non-cooperating'
category as MR 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. MR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2022, July 6, 2022, July 16, 2022.

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

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

Established in 2004, M. Ranganathan (MR) is a proprietorship
concern engaged in providing civil construction service. MR is
registered as Class-I civil contractor with State Highways
Department in 2004 and with Chennai Corporation in 2011. The entity
constructs roads and highways mainly for quasi Government entities
like the Chennai Corporation & State Highway Department and
municipalities.


MAITHAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maithan
Ispat Limited (MIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      576.37      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     131.48      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 28, 2021,
placed the rating(s) of MIL under the 'issuer non-cooperating'
category as MIL 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. MIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2022, June 23, 2022, July 3, 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).

Maithan Ispat Ltd, was incorporated in August 2003, by Maithan
group for setting up an integrated steel plant comprising
manufacturing facilities like Sponge iron (capacity 2,30,000 TPA) &
billets (capacity 2,46,000 TPA), heavy section steel (capacity
3,76,000 TPA) and captive power plant of 30 MW, at Kalinganagar
Industrial Complex, Orissa. On March 31, 2015, MESCO group through
its group company Mideast Integrated Steels Ltd (MISL) acquired MIL
by taking 99.28% stake in the company.


MANGLAM BUILD: CARE Lowers Rating on INR109.68cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Manglam Build Developers Limited (MBL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      109.68      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of MBL under the 'issuer non-cooperating'
category as MBL 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. MBL continues to be
non-cooperative despite repeated requests for submission of
information through e -mails, phone calls and a letter/email dated
May 15, 2022, May 25, 2022, June 4, 2022 and September 12, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision further considers the delays in
debt servicing as recognized from the auditor's comments in the
FY21 annual report available from ROC filings.

MBDL is a real estate company engaged in construction and
development of residential and commercial projects. The company is
into construction of residential and commercial projects as well as
development of township and private industrial parks.


MANJU AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manju Agro
Private Limited (MAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

CARE Ratings Ltd. had, vide its press release dated July 14, 2021,
placed the rating(s) of MAPL under the 'issuer non-cooperating'
category as MAPL 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. MAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2022, June 9, 2022, June 19, 2022.

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

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

Manju Agro Private Limited (MAPL) was incorporated on January 10,
1996 by Mr. Rajendra Kumra Daga and Mr. Ravi Daga (son of Mr.
Rajendra Kumar Daga). Since its inception, the company has been
engaged in rice milling and processing business at its plant
located in Raipur district of Chhattisgarh with aggregate installed
capacity of 43,200 metric tons per annum. The company mainly deals
with raw and parboiled rice.


MANNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manna
Industries Limited (MIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      7.5         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Secured Overdraft      22.0         CRISIL D (Issuer Not
   Facility                            Cooperating)

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

Incorporated in 2011 and based in Hyderabad (Telangana), MIL is
engaged in granite and laterite mining. The Company is promoted and
managed by Mr. U Kondal Rao.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.64      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 09, 2021,
placed the rating(s) of MIIPL under the 'issuer non-cooperating'
category as MIIPL 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. MIIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 25, 2022, June 4, 2022, June 14, 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).

Methra Industries India Private Limited (MIIPL) was established on
April 12, 2010 by Mr. P.Venkatesan and Mrs. Saraswathy Venkatesan
with the objective of manufacture of concrete blocks (Autoclaved
Aerated Blocks) which are eco-friendly under the brand name "CELL O
CON" using the German technology. In addition to the manufacture of
AAC blocks, MIIPL also trades the gypsum material which is used in
plastering of building.


MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Milestone
Enterprises (ME) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Cash
   Credit Limit          0.5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             4          CRISIL D (Issuer Not
                                    Cooperating)

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

MSE is a proprietorship firm promoted in 2015 by Mr Bhagat Singh.
It is engaged in the manufacturing of corrugated boxes for packing
automotive spare parts, fast-moving consumer goods, and agro-based
products. The firm is also setting up a unit to manufacture
rubber-related automotive spare parts. It also trades in auto
parts.


MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Muthus Golden
Rice Products Private Limited (MGRPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2.2        CRISIL D (Issuer Not
                                    Cooperating)

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

MGRPPL incorporated on August 8, 2015, mills non-basmati rice from
paddy. MGRPPL took over the operations of Sri Ram Modern Rice Mill
(SRMRM), a partnership firm. Mr. P Venkatesa Prasadh and Mr. A
Perisamy, who earlier were partners in SRMRM, are now MGRPPL's
directors. They have been in this line of business since 1976. The
company markets its products under the brand, Royal.


P P BAFNA: CARE Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P P Bafna
Ventures Private Limited (PPBVPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.25       CARE B+; 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 June 30, 2021,
placed the rating(s) of PPBVPL under the 'issuer non-cooperating'
category as PPBVPL 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. PPBVPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 16, 2022, May 26, 2022, June 5, 2022.

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

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

P P Bafna Ventures Private Limited (PPBVPL) part of Bafna Group was
originally established in the year 2012 as a partnership firm under
the name of Bafna Exports and the same got converted to private
limited company in 2014. The company is managed by directors Mr.
Yogesh Prakash Bafna, Mr. Praful Prakash Bafna and Mr. Prakash
Bafna. PPBVPL is engaged in manufacturing of notebooks and trading
of various types of papers and fruits like grapes. The operations
of the company are diversified across Maharashtra, West Bengal,
Assam and Gujarat. PPBVPL also exports to USA, UK, South Africa &
Canada.


PACIFIC GLOBAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Global (PG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.50       CARE B-; 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 September 13,
2021, placed the rating(s) of PG under the 'issuer non-cooperating'
category as PG 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. PG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 30, 2022, August 10, 2022, August 19, 2022.

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

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

Pacific Global was established in the year 2015 by Mr. Vikram Ashok
Rupani and other partners, Pacific Global has undertaken
manufacturing high quality dry pasta (Spaghetti, Penne, Fusilli
etc.) at its plant located at Pitampur Madhya Pradesh.


PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pushp Prem
Constructions (PPC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank       1.60      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 September 7,
2021, placed the rating(s) of PPC under the 'issuer
non-cooperating' category as PPC 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. PPC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2022, August 3, 2022, August 13, 2022.

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

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

Agra, Uttar Pradesh based Pushp Prem Constructions (PPC) was
established in the year 2012 as a proprietorship firm and started
its commercial operations from 2013. The firm is currently managed
by Mr. Prem Prakash Gupta. The firm is "Class A" contractor and is
engaged in construction works such as construction of R.C.C.
overhead water tanks, pump house, rising main & drainage system,
etc.


R. AYUSH: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. Ayush
Enterprises (RAE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; 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 September 7,
2021, placed the rating(s) of RAE under the 'issuer
non-cooperating' category as RAE 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. RAE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2022, August 3, 2022, August 13, 2022.

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

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

Delhi based R. Ayush Enterprises (RAE) was established in April,
2016 as a proprietorship firm and is currently managed by Mr. Ayush
Bansal. The firm is engaged in the wholesale trading of dry fruits,
spices, kirana items, herbs, etc. to local traders based in Delhi.
The firm is managing its operations from Khari Baoli, Delhi.


RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajendraguru
Group (RG) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              24        CRISIL D (Issuer Not
                                    Cooperating)

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

RG was established in 2016 as a partnership firm by Mr Rishabh Jain
and Mr Kishor Jain. The firm is setting up a cotton ginning unit in
Vijayapura, Karnataka.


RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Renganayagi
Varatharaj College of Engineering (RVCE) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         20        CRISIL D (Issuer Not
                                    Cooperating)

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

RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by
the KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunelveli, and accredited to
All-India Council for Technical Education. The college is managed
by Chairman Mr V Kesavan, Secretary Mr V Ragavan, and
correspondent, Ms Brindha J Ragavan.


RK TRADE: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RK Trade
Vision Private Limited (RTVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 14, 2021,
placed the rating(s) of RTVPL under the 'issuer non-cooperating'
category as RTVPL 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. RTVPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2022, June 9, 2022, June 19, 2022.

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

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

RK Trade Vision Private Limited (RTVPL) was incorporated during
September 2010 to initiate an agro commodity related business at
Raipur in Chhattisgarh. The area and the surrounding districts are
important agricultural and commercial areas where availability of
various types of pulses and demand of same and related products are
increasing. After incorporation, the company remained dormant for
five years and subsequently started to set up a Dal milling unit.

S. M. T. HI-TECK: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. M. T.
Hi-Teck Polymer (SMT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.75       CRISIL D (Issuer Not
                                    Cooperating)

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

SMT was established as a proprietorship firm by Mrs.Tulasi Rani in
2012 in Muthukrishnaperi, Tamil Nadu. The firm is engaged in the
manufacturing of poly-phenylene oxide (PPO) bags for the sugar,
rice, cement and flour industries.


SEPC LIMITED: CARE Reaffirms D Rating on INR561.98cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of SEPC
Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      561.98      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

   Long Term/            6.36      CARE D/CARE D Rating removed
   Short Term                      from ISSUER NOT COOPERATING
   Bank Facilities                 category and Reaffirmed

   Short Term Bank     899.52      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

Detailed rationale and key rating drivers

The ratings assigned to the bank facilities of SEPC takes into
account the delay in debt servicing.

Rating sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Satisfactory track record of timely servicing of debt
obligations

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: Being an EPC contractor, the operations
of SEPC Limited are working capital intensive with the project
cycle generally ranging from six months to three years. The higher
receivables position and delays associated with projects have
increased the pressure on the cash flow position of the company.
The resultant tight liquidity position of the company had led to
delays in servicing of term loan and working capital facilities.

* Continued decline in operational performance: There has been
continuous decline in the TOI for the past few years. The company
has recorded a 43% decline in revenue in FY22 to INR302 crore from
INR529 crore in FY21. The company has been making operating losses
for the past two years with drop in revenue.Net loss has also
increased from INR183 crore in FY 2021 to INR206 crore in FY 2022,
due to higher provisions and write-offs.

Liquidity: Poor

The company had cash and bank balance (excluding margin money) of
INR6.97 crore as on March 31, 2022. Working capital cycle for FY22
remains stretched at 245 days (PY: 162 days) due to high collection
period. During FY22, collection period stood at 516
days (PY: 358 days).

Chennai-based SEPC Limited (SEPC) was incorporated in June 2000,
after merging companies engaged in similar businesses,
consolidating their operations. Initially, setup as an EPC
contractor to carry out the construction works of associate
entities within the group, SEPC has been able to establish its
presence in undertaking jobs for external parties and
government/quasi government entities. SEPC specializes in executing
EPC contracts, providing integrated solutions encompassing design,
engineering, procurement, construction and project management
services. The company's services are primarily spread across
municipal services, process & metallurgy, power and mineral
processing segments.


SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Shandar
Snacks Private Limited (SSSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.75       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        8.75       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in May 2013, SSSPL manufactures ready-to-eat nachos in
six different flavours and sells 100 percent of its produce, under
the brand name 'Tastilo'. SSSPL has set-up a manufacturing facility
at Kashipur, Uttarakhand.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.03       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 13,
2021, placed the rating(s) of SCI under the 'issuer
non-cooperating' category as SCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 29, 2022, July 9, 2022, July 19, 2022.

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

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

Shrinath Cotton Industris (SCI) is a partnership firm established
in 2006 by three partners Mr. Keshavlal Popat, Mr. Bharat Popat and
Mrs. RakshaPopat which was later reconstituted with the retirement
of Mr. Keshavlal Popatas on January 18, 2011. It is now managed by
Mr. Bharat Popat and Mrs. Raksha Popat and has its manufacturing
facility at Amreli district, Gujarat. SCI is engaged in the cotton
ginning and pressing business. The firm is ISO 9001:2008 certified
and Technology Mission on Cotton (TMC) approved firm by the
Ministry of Textile, GOI. As of March 31, 2017, SCI had a total
installed capacity of 24,000 bales of cotton and 6,133 metric tonne
per annum (MTPA) of cotton seed.


SOMANI KUTTNER: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Somani
Kuttner India Private Limited (SKIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee          4        CRISIL A4 (Issuer Not
                                    Cooperating)

   Overdraft Facility      9.1      CRISIL C (Issuer Not
                                    Cooperating)

   Overdraft Facility      5        CRISIL C (Issuer Not
                                    Cooperating)

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

Set up in August 1996 by the Somani group, SKIPL is currently
jointly promoted by the Somani group and Kuttner. The latter is a
leading player in design, engineering, and installation of foundry
equipment and steel mill technology. The Somani group is run by Mr
DK Somani and his son, Mr TK Somani. SKIPL operates as an
engineering, procurement, and commissioning contractor, and
undertakes turnkey projects for the steel industry. The balance 50
percent stake in SKIPL is held by Northern Exim Pvt Ltd.


SUNDIAL MINING: CRISIL Lowers Rating on INR12cr Loans to D
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sundial Mining and Metals
LLP (SMML) to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Ratings is downgraded the rating on
bank facilities of SMML from 'CRISIL B-/Stable Issuer Not
Cooperating' to 'CRISIL D'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              3         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

The rating reflects the delays in servicing of term debt
obligations on account of weak liquidity.

The rating also continues to factor modest scale, working capital
intensive operations and a high leverage capital structure. These
weaknesses are partially offset by the expertise of the partners in
the mineral trading industry

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: The iron ore
trading market is highly fragmented, with larger players that
source from self-owned or leased mines and export directly to
international markets. SMML's small scale in this intensely
competitive business may continue to constrain scalability, pricing
power and profitability. Revenue was modest at around INR30 crore
in fiscal 2022.

* Working capital intensive operations: The firm's working capital
cycle is high marked by estimated gross current asset (GCA) days of
897 days as on 31st March 2022 led by high loans and advances
extended to suppliers. GCA was also higher in the past 4 financial
years ranging between 300 to 1000 days.

* High leverage capital structure: The firm has leverage capital
structure with total outside liabilities to tangible networth
(TOLTNW) of 22.95 times as on 31 Mar 2022 due to high reliance on
debt to fund working capital requirements. Networth was eroded in
the past which is currently at INR3.23 crores as on March 31,2022
and the debt protection metrics remain average with interest
coverage and net cash accrual to total debt ratios of 2.85 times
and 0.07 times in fiscal 2022.

Strength:

* Expertise of the partners: SMML is promoted by Mr.  G. Ravi Kumar
and his family members, who have experience in the iron & steel
industry for about 2 decades. This has helped establish healthy
relationship with a large customer base, leading to repeat orders.
The company has also been able to ensure stable supply of raw
materials due to long standing relations with suppliers.

Liquidity: Poor

The liquidity profile of the company is poor which is reflected in
insufficient fund for the timely repayment of debt obligation and
fully utilized bank limits.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days
* Improvement in working capital cycle with Gross Current Assets
(GCA) to less than 200 days supported by improvement in collection
cycle.

SMML was set up in September 2013 as a limited-liability
partnership between Mr. G Ravi Kumar and family. This
Bengaluru-based firm trades in and exports bauxite and iron ore; it
primarily exports to China.


SWASTIK GINNING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik
Ginning and Pressing Industries (SGPI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; 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 12, 2021,
placed the rating(s) of SGPI under the 'issuer non-cooperating'
category as SGPI 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. SGPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2022, June 7, 2022, June 17, 2022.

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

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

Yavatmal (Maharashtra) based SGPI was established as a partnership
concern in the year 2008. The entity is engaged in the business of
cotton ginning and pressing at its manufacturing facility located
at Yavatmal, Maharashtra.


UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Umachi Foods &
Commodities Private Limited (UFC) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Facility                9        CRISIL D (Issuer Not
                                    Cooperating)

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

UFC began operations in 2014; since then it has been engaged in
bulk trading of packaged basmati rice. The company is primarily
engaged in domestic supply as well as exports to the Middle-East.
The basmati rice is procured from rice mills directly as well as
through dealers and agents based in Delhi, Haryana, Punjab, and
Uttar Pradesh.


UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Associates (UAS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee      7          CRISIL D (Issuer Not
                                  Cooperating)

   Bank Guarantee      1.5        CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit        11.5        CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit         1.5        CRISIL D (Issuer Not
                                  Cooperating)

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

UAS was set up in 1987 as a partnership concern. The firm
undertakes civil construction works with road construction being
its main revenue contributor. Based in Bhavnagar (Gujarat), it
undertakes contracts for departments of the Gujarat government in
and around the Bhavnagar region. It has 'Class AA' certification
for road construction. The firm is managed by Mr. Rajnikant Patel
and his son, Mr. Bhavik Patel.


VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vashu Yarn
Mills India Private Limited (VYPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.32        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     1           CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            4.68        CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam, Tamil Nadu, has installed capacity of 18,000
spindles. The company also generates wind power, and has installed
capacity of 2.35 megawatt.


VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of
VenkhataSrinivasa Infracon Private Limited (VSIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility     6         CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility     0.4       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2011, VSIPL is a sub-contractor and undertakes
projects in the civil construction segment, primarily earthwork
excavations (in open area, tunnel area, etc). Based in
Visakhapatnam (Andhra Pradesh), VSIPL is promoted by Mr. Siddareddy
Udaya Sridhar Reddy, Mr. Mudi Vikranth Reddy and Mr. Siddareddy
Vijaya.


WAHID SANDHAR: CRISIL Lowers Rating on LT/ST Loans to D
-------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Wahid Sandhar Sugars Limited (WSSL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating' because of delay in meeting debt obligation by the
company in the past five months, as confirmed by the banker.

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

                                    COOPERATING')

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

CRISIL Ratings has been consistently following up with WSSL for
obtaining information through letters and emails dated April 29,
2022, May 30, 2022 and September 14, 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 WSSL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WSSL
is consistent with 'Assessing Information Adequacy Risk'.

Established in 1933 by the Narang group in Phagwara, Punjab, WSSL
was taken over by the Oswal group in 1989. The current management
acquired controlling stake from the Oswal group in 2000. The
company manufactures sugar under the brand Phagwara.




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

SRIWIJAYA AIR: Faces Bankruptcy Lawsuit
---------------------------------------
Bisnis.com reports that PT Sriwijaya Air was sued for a request to
postpone debt obligations or PKPU to the Central Jakarta District
Court.

Bisnis.com relates that the PKPU application against Sriwijaya Air
was submitted by Sugianto on Sept. 20, 2022. The PKPU application
against Sriwijaya Air has been registered with number
247/Pdt.Sus-PKPU/2022/PN Niaga Jkt.Pst in the Case Tracing
Information System or SIPP PN Jakpus.

In his petition, the PKPU applicant asked the judge to grant
Sriwijaya Air's PKPU, according to Bisnis.com.

First, to state that the REPRESENTATIVE PKPU is in a state of
Temporary Debt Payment Obligation Suspension (PKPU-S) for 45 days
from the date the decision is pronounced, the report relays.

Second, to appoint Supervisory Judges from the Commercial Court
Judges at the Central Jakarta District Court to oversee the
implementation of Sriwijaya Air's Temporary Debt Payment Obligation
Suspension (PKPU-S).

Third, appointing Sahat Tua Situngkir, Tarnama Kevin Nainggolan,
Danny Christoper Sinaha and Januado SP Sihombing as the Management
Team to manage the property of the PKPU respondent in the event
that the PKPU respondent is declared in a PKPU state, as well as
the Curator Team in the event that Sriwijaya Air is declared
bankrupt, Bisnis.com adds.

PT Sriwijaya Air provides airline services. The Company offers
passenger and freight transportation, cargo, travel insurance, and
inflight and post-flight services. Sriwijaya Air serves customers
in Indonesia.




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

IVORY PROPERTIES: Founder Sells Shares for MYR3.1 Million
---------------------------------------------------------
The Edge Malaysia reports that Ivory Properties Group Bhd founder
Datuk Low Eng Hock, who is also the single largest shareholder,
sold 73.32 million shares, or a 14.96% block, in the Penang-based
property development company on Aug. 30 for just under MYR3.1
million in an off-market transaction. That reduced his direct
holdings to 27.25%, with deemed interested in another 5.76% stake.
About 68.24 million shares were sold at 4.5 sen each while 5.08
million shares were sold at half a sen each, an Aug. 30 filing
showed.

According to the Edge, the buyer is likely Datuk H'ng Choon Seng,
managing director of Heng Huat Resources Group Bhd. A Sept. 2
filing showed H'ng emerging as a substantial shareholder of Ivory
Properties after buying 73.32 million shares, or a 14.96% block,
off-market on Aug 30. The single largest shareholder of Heng Huat,
H'ng owns just over 25% of the Penang-based company that
manufactures and trades biomass materials.

                       About Ivory Properties

Ivory Properties Group Bhd. is a property development company. The
Company's project portfolio includes medium to high-end apartments,
luxury condominiums, semi-detached and bungalow homes, boutique
gated communities, and retail and commercial lots.

In August 2022, Ivory Properties slipped into Practice Note 17
(PN17) status after its external auditor Messrs KPMG PLT flagged
material uncertainties about the company's ability to continue as a
going concern.

KPMG said Ivory Properties reported a net loss of MYR79.51 million
during FY22, while the group's liabilities exceeded their current
assets by MYR60.22 million.




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

GRACE GREGORY: Creditors' Proofs of Debt Due on Oct. 14
-------------------------------------------------------
Creditors of Grace Gregory Limited are required to file their
proofs of debt by Oct. 14, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 14, 2022.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446


KESHAVJIVAN NZ: Creditors' Proofs of Debt Due on Nov. 16
--------------------------------------------------------
Creditors of Keshavjivan NZ Limited are required to file their
proofs of debt by Nov. 16, 2022, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on Sept. 16, 2022.


MANUKAU FAMILY: Court to Hear Wind-Up Petition on Sept. 30
----------------------------------------------------------
A petition to wind up the operations of Manukau Family Doctors,
Accident & Medical Limited will be heard before the High Court at
Auckland on Sept. 30, 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:

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


MICOM DESIGN: Creditors' Proofs of Debt Due on Oct. 17
------------------------------------------------------
Creditors of Micom Design Limited are required to file their proofs
of debt by Oct. 17, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 15, 2022.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141


OVATO LIMITED: Redundancies Highlight Need for Income Insurance
---------------------------------------------------------------
Over 100 workers have lost their jobs and are set to be out of
pocket, as Auckland printing company Ovato goes into liquidation.

Ovato NZ announced its closure earlier this year. However,
outstanding debts to IRD mean that workers may only end up
receiving the statutory cap of NZD25,480, no matter how much they
are owed.

Workers have outstanding wages, leave, and notice payments owed to
them. There is also a claim for unpaid wages from the first
Covid-19 lockdown in 2020.

E tu Negotiation Specialist Joe Gallagher said that workers are
really feeling the pressure.

"Through no fault of their own, Ovato's workers are faced with the
prospect of losing money that is rightfully theirs," Mr. Gallagher
said.

"It's hard enough to make ends meet during this cost of living
crisis. Without money that they've already earned, things are
looking really tough for these workers.

"Ovato should be pulling out all stops to make sure that their
workers are looked after properly, first and foremost. The workers
have kept the company going for all these years - the company must
pay out in full."

Mr. Gallagher said that this insecurity shows why the proposed New
Zealand Income Insurance Scheme is so important.

"It's not fair that workers are bearing the full brunt of this
development. People can have the best redundancy provisions in the
world, but it doesn't mean much if there isn't the money to pay it
out.

"Instead, E tu strongly supports the New Zealand Income Insurance
Scheme (NZIIS), so that there is a universal mechanism to make sure
workers have enough money to make ends meet when faced with job
insecurity.

"It might be too late for the workers at Ovato, but we need to make
sure the NZIIS is developed and implemented as quickly as possible
to reduce workers facing such hardships in the future."

                             About Ovato

Headquartered in Pyrmont, Australia, Ovato Limited (ASX:OVT) --
https://www.ovato.com.au/ -- provides marketing, digital premedia,
commercial printing, letterbox delivery, and magazine distribution
services in Australia and New Zealand. The company prints and
distributes catalogues, magazines, books, brochures and flyers,
stationery, newspapers, directories, packaging, and point of sale
products. It serves customers in the retail, publishing, ecommerce,
FMCG, and other sectors. The company was formerly known as PMP
Limited and changed its name to Ovato Limited in February 2019.

Chris Hill, Ben Campbell and Ross Blakeley of FTI Consulting were
appointed as administrators of Ovato Limited and related entities
on July 21, 2022.

Ovato announced to the ASX on July 21 that ongoing volatile market
conditions, the increased cost of raw materials and legacy cost
issues had continued to impact the business and led to the decision
to appoint administrators, Stuff.co.nz said.


RAILWAY LIMITED: Court to Hear Wind-Up Petition on Sept. 30
-----------------------------------------------------------
A petition to wind up the operations of The Railway Limited will be
heard before the High Court at Nelson on Sept. 30, 2022, at 11:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 10, 2022.

The Petitioner's solicitor is:

          Deepika Belinda Padmanabhan
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018




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

GRAFFEO HOLDINGS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Graffeo Holdings Company Pte Ltd, on Sept. 16, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


KREUZ HOLDINGS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Kreuz Holdings Limited on Sept. 15, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Lin Yueh Hung          
          Ng Kian Kiat
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PARK HOTEL CQ: Paying Out Dividend to Settle Preferential Claims
----------------------------------------------------------------
The Business Times reports that Park Hotel CQ, which is in
liquidation and owes creditors over SGD6.3 million, is paying out
an interim dividend to its preferential claimants this month.

According to a notice in the E-Gazette, it is paying out 100% of
all admitted preferential claims in the form of a first interim
dividend from Sept. 12 onwards, BT relays.

In November last year, the High Court gave its approval for the
liquidators of Park Hotel Management (PHM) to wind up PHM's wholly
owned unit, Park Hotel CQ which owed creditors over SGD6.3 million,
BT recalls. PHM was itself placed under winding up in July 2021 by
the Court after its subsidiary Grand Park OR - the former operator
of the Grand Park Orchard hotel - was unable to pay debts of over
SGD5.2 million.

Allen Law Ching Hung, the son of Hong Kong-based billionaire Law
Kar Po, was the sole director and chief executive officer of Park
Hotel CQ from April 3, 2013 until March 16, 2021, when he stepped
down.

Of the SGD6.3 millon, about SGD5.92 million was owed to Park Hotel
CQ's former landlord, Ascendas Hospitality Reit, under a master
lease for a property at Unity Street - the Park Hotel Clarke Quay,
BT discloses. Ascendas Hospitality Reit terminated its master lease
with the hotel operator on Aug. 28 last year, and took possession
of the property after Park Hotel CQ failed to pay its debts by June
30 that year. The hotel has since been rebranded Riverside Hotel
Robertson Quay.

According to the creditors list as at Sept. 8, 2021, other
creditors include PHM, which was owed over SGD592,180 for
management fees payable under a hotel management agreement, and
Park Hotel Group Management, which was owed some SGD30,000.
TravelCLICK, Mitsubishi HC Capital Asia Pacific and Ernst & Young
were also on the creditors list for smaller, individual sums of
below SGD11,000, BT discloses.

According to BT, PHM was previously the owner of Park Hotel Group,
which according to its website, operates the Grand Park City Hall
in Singapore, in addition to hotels in Hong Kong, China, Japan and
the Maldives. The owners of other properties in Singapore, such as
Park Hotel Alexandra and Park Hotel Farrer Park, terminated
management contracts with the hotel operator after the High Court
approved the winding up of PHM in July last year.

In March last year, Park Hotel Group's ownership was transferred to
Park Hotel Group Management, which is owned by British Virgin
Islands-incorporated Good Movement Holdings, which in turn is owned
by Law.

Park Hotel CQ, along with its liquidators, have filed a lawsuit
against PHM director Law over some SGD6.5 million in funds that
were transferred out of Park Hotel CQ, according to BT. PHM and its
liquidators also filed another suit against Law and 3 other
companies over assets sold to entities linked to Law before PHM was
placed into winding up.


STET HOMELAND: Members' Final Meeting Set for Oct. 24
-----------------------------------------------------
Members of Stet Homeland Security Services Pte Ltd will hold their
final meeting on Oct. 24, 2022, at 11:00 a.m., at 6 Shenton Way,
OUE Downtown 2, #33-00, in Singapore.

At the meeting, Tan Wei Cheong and Lim Loo Khoon, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TS HARBOUR: Creditors' Proofs of Debt Due on Oct. 24
----------------------------------------------------
Creditors of TS Harbour Services Pte Ltd are required to file their
proofs of debt by Oct. 24, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2022.

The company's liquidator is:

          Tan Shou Chieh
          c/o Singapore Secretarial Services
          6001 Beach Road #12-01 & #12-11
          Golden Mile Tower
          Singapore 199589



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***