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

                     A S I A   P A C I F I C

          Monday, September 26, 2022, Vol. 25, No. 186

                           Headlines



A U S T R A L I A

ABCON CONCRETE: First Creditors' Meeting Set for Oct. 5
ASIA PACIFIC: First Creditors' Meeting Set for Sept. 30
OVH SERVICES: First Creditors' Meeting Set for Oct. 4
SALT LAKE: May Have Traded Insolvent for 2 Weeks, Report Shows
SALT LAKE: Sev.en Global Emerges as Buyer for Assets

SHENGSHI TRADING: Second Creditors' Meeting Set for Sept. 30
SRINI ASSOCIATES: Second Creditors' Meeting Set for Sept. 30


C H I N A

CHINA FORTUNE: Debt Restructuring Plan Provokes Creditor Push-Back
CHINA: Around 3,500 Chip-Related Companies File for Bankruptcies


H O N G   K O N G

HONG KONG: 462 Hong Kong-listed Companies Qualify as 'Zombies'


I N D I A

AAREN INTPRO: CARE Keeps C Debt Ratings in Not Cooperating
ABLE & WEAL: Ind-Ra Assigns 'B-' Non-Convertible Debt Rating
AGRAWAL STRUCTURE: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
AKIRA PROPERTIES: Ind-Ra Assigns B- NonConvertible Debt Rating
ALI ENTERPRISES: CARE Keeps B- Debt Ratings in Not Cooperating

ALTECH INFRASTRUCTURE: Insolvency Resolution Process Case Summary
AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
ARPEE ENERGY: CARE Keeps D Debt Rating in Not Cooperating
ASCO STEEL: CARE Keeps B- Debt Rating in Not Cooperating
ASIAN HOTELS: Insolvency Resolution Process Case Summary

BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
BALRAJ KUMAR: CARE Keeps B- Debt Rating in Not Cooperating
DHANVRIDHI COMMERCIAL: CARE Keeps D Ratings in Not Cooperating
DROPADI INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
DYNAMETIC OVERSEAS: Insolvency Resolution Process Case Summary

EAST WEST: CRISIL Keeps D Debt Ratings in Not Cooperating
HERITAGE FINLEASE: Ind-Ra Moves BB+ Rating to Non-Cooperating
HYDERABAD STEELS: CARE Keeps C Debt Rating in Not Cooperating
IBRIDGE SOLUTIONS: Insolvency Resolution Process Case Summary
INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category

ITAAN PHARMA: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
J. R. R. CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating
JAATVEDAS CONSTRUCTION: Insolvency Resolution Process Case Summary
JEWEL GARMENTS: Insolvency Resolution Process Case Summary
JINDAL EXPORT: CARE Lowers Rating on INR50cr LT/ST Loan to B

KINETA GLOBAL: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
KUBER KHANIJ: Insolvency Resolution Process Case Summary
MOHAN BREWERIES: CARE Lowers Rating on INR119cr Loan to D
MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
NARAYANI CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating

NEXUS WELL-HOPE: Insolvency Resolution Process Case Summary
NN GLOBAL: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
OSCAR INVESTMENTS: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
OSHIYA INDUSTRIES: Insolvency Resolution Process Case Summary
PARASMANI BUILDWELL: CARE Lowers Rating on INR30cr LT Loan to C

PCM CEMENT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
PRICOL ENGINEERING: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
RAGHUVIR OIL: CARE Keeps D Debt Ratings in Not Cooperating
RAJKAMAL AGRO: CARE Keeps B Debt Ratings in Not Cooperating
RBA FINANCE: Ind-Ra Keeps BB- Bank Loan Rating in Non-Cooperating

REDDY AND REDDY: CARE Keeps C Debt Ratings in Not Cooperating
RHC HOLDINGS: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
S. S. RICE: CARE Lowers Rating on INR5.20cr LT Loan to D
SADBHAV ENGINEERING: Ind-Ra Moves 'D' Rating to Non-Cooperating
SADBHAV INFRASTRUCTURE: Ind-Ra Moves 'C' Rating to Non-Cooperating

SARV AWAS HOUSING: Insolvency Resolution Process Case Summary
SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating
SHREENATH METALS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SHRINIWASA PROTEINS: Ind-Ra Hikes LT Issuer Rating to BB-
TIRUMALA SEVEN: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

UTTAM GALVA: Ind-Ra Affirms 'D' Long-Term Issuer Rating


N E W   Z E A L A N D

GLW GROUP: Kelera Nayacakalou Appointed as Receiver and Manager
JWK TRADING: Creditors' Proofs of Debt Due on Oct. 13
L & H FOOD: Court to Hear Wind-Up Petition on Sept. 30
TERRA NOVA: Creditors' Proofs of Debt Due on Oct. 28
WAIKATO EXPLORER: Creditors' Proofs of Debt Due on Oct. 17



P A K I S T A N

PAKISTAN: Debt Relief Requests Won't Include Commercial Creditors


S I N G A P O R E

AURAHERA PTE: Commences Wind-Up Proceedings
DA NING: Creditors' Proofs of Debt Due on Oct. 21
JJ MART: Court Enters Wind-Up Order
LEONG HIN: Court Enters Wind-Up Order
SFT JAPAN: Creditors' Proofs of Debt Due on Oct. 25



S R I   L A N K A

SRI LANKA: Aims to Have USD2.9BB IMF Loan Finalised in December

                           - - - - -


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

ABCON CONCRETE: First Creditors' Meeting Set for Oct. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Abcon
Concrete Constructions Pty Ltd will be held on Oct. 5, 2022, at
2:30 p.m. via virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Sept. 21, 2022.


ASIA PACIFIC: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Asia Pacific
Facility Property Group Pty Ltd and of Outer Inner Property
Solutions Pty Ltd will be held on Sept. 30, 2022, at 11:00 a.m. via
virtual meeting only.

Vincent Pirina and Ian Niccol of Aston Chace Group were appointed
as administrators of the company on Sept. 19, 2022.


OVH SERVICES: First Creditors' Meeting Set for Oct. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of OVH Services
Pty Ltd will be held on Oct. 4, 2022, at 3:30 p.m. via virtual
meeting.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrators of the company on Sept. 20, 2022.


SALT LAKE: May Have Traded Insolvent for 2 Weeks, Report Shows
--------------------------------------------------------------
Australian Financial Review reports that the company that wanted to
blaze a trail for a new potash industry in Australia may have
traded insolvent for two weeks and withheld important information
from investors when raising funds, according to a report into the
collapse of Salt Lake Potash.

AFR relates that the findings were made by special purpose
administrator Dermott McVeigh, who added that his investigations
into Salt Lake Potash were "hindered" by a lack of co-operation by
most directors of the failed company.

AFR says Salt Lake Potash's Lake Way project was supposed to
evaporate briny water extracted from beneath an outback salt lake.


Salt Lake looked set to become Australia's first sulphate of potash
producer when it signalled it would begin production at its Lake
Way project before the end of June 2021.

But the plan to make a premium crop nutrient by evaporating briny
water extracted from beneath an outback salt lake went awry when
the processing equipment did not perform as planned and lower than
expected amounts of potassium were extracted from the briny water.

Salt Lake, otherwise known as SO4, was eventually placed in
voluntary administration on October 20, 2021; the federal
government's Clean Energy Finance Corporation was a creditor after
lending US$47 million of taxpayers' funds to the company.

Mr. McVeigh said Salt Lake may have been insolvent earlier than
October 20, AFR relays.

"Based on the availability of cash to pay the debts, SO4 was likely
insolvent from October 5, 2021 onward," he said in his report. "I
therefore consider that there may be an insolvent trading claim
against the directors pursuant to section 588G of the Corporations
Act."

According to AFR, Mr. McVeigh also raised concern about a AUD28
million equity raising Salt Lake conducted in May 2021, which was
supposed to fund the final ramp up of Lake Way, with first
production promised "within weeks" of the raising.

He said the investor presentation that accompanied that $28 million
raising contained a graph showing the expected ramp-up of
production for the year ahead.

Mr. McVeigh also said the graph was "potentially misleading and
deceptive" and investors may not have participated in the
fundraising had they been "properly informed" about the state of
Salt Lake's project.

"A review of internal documents revealed that information
indicating SO4 would be unable to achieve the above production
targets existed as early as March 2021," he wrote.

"For SO4 to achieve the planned production two components were
critical: an operational processing plant and [potassium] salt
stock to feed that plant.

"SO4 experienced difficulties with the plant during the
commissioning phase; this issue was disclosed at length to the
market. The larger and less visible problem, however, was the lack
of salt feed stock for the plant."

The briny water the company pumped from underground generally
needed to be held in surface ponds for 12 months before the
potassium salt was ready to harvest, Mr. McVeigh, as cited as by
AFR, said.

"It appears to me that harvest time frames in the harvest plan may
have been optimistic and perhaps unrealistic. Depending on the
pond, harvesting time frames in the harvest plan ranged from as
little as four months to 11 months. These time frames appear
inadequate," he said.

"In my opinion, based on the books and records available to me the
directors failed to properly inform themselves of the true position
of SO4 in the lead up to the May 2021 capital raise.

"Had they done so, they would have uncovered significant delays to
the project and the unfeasibility of the plan presented to the
market.

"More frequent board meetings, with timely, meaningful and
understandable information, including progress against plan and
targets, would have assisted directors in keeping themselves
informed of SO4's position and take appropriate action to discharge
their duties.

"In my opinion, because of the misleading statements issued during
the May 2021 capital raise, combined with the apparent lack of due
care and diligence of the directors, SO4 was on a trajectory to
insolvency.

"SO4 may have contravened ASX listing rule 3.1 and section 674 of
the Act at the time of the May 2021 capital raise."

AFR notes that the collapse of Salt Lake Potash was particularly
inconvenient for chairman Ian Middlemas, given a second ASX listed
company he chairs had acquired more than 44 million shares in Salt
Lake in the years before its collapse.

That company was Equatorial Resources, which was hoping to develop
an African iron ore project around the time it surprised the market
with an investment in Salt Lake.

Equatorial disclosed in its annual report that it still held
44,222,233 shares in Salt Lake but had written down the value of
that stake to nil, from AUD15.25 million, AFR notes.

                        About Salt Lake Potash

Salt Lake Potash Limited (ASX:SO4) -- https://www.so4.com.au/ --
operates as a mineral exploration company. The Company offers
potash and uranium. Salt Lake Potash conducts business in
Australia.

Martin Bruce Jones, Thomas Birch and Hayden White of KPMG were
appointed as administrators of Salt Lake and related entities on
Oct. 20, 2021.


SALT LAKE: Sev.en Global Emerges as Buyer for Assets
----------------------------------------------------
Australian Financial Review's Street Talk reports that Czech
family-owned energy investments business Sev.en Global Investments
has emerged as the buyer for bankrupt ASX-listed Salt Lake Potash,
securing its second deal Down Under in the space of a few days.

Street Talk understands Sev.en will take control of the Salt Lake
Potash's assets in a deal signed two weeks ago, but still yet to be
announced to equity investors.

The sale price wasn't known as at Sept. 19, but Salt Lake's lenders
would be hoping for at least AUD160 million to repay their debts,
the report says.

It spells the end of a nearly year-long saga at Salt Lake Potash,
which was pitching itself as the first Australian producer of
sulphate of potash before it hit the skids with too much debt and
operational troubles at its flagship project Lake Way in Western
Australia last year, Street Talk notes.

It has had restructuring firm KordaMentha calling the shots as
receiver since last October 2021, while KPMG was administrator and
Macquarie Capital tasked with running the sale.

It's the second deal last week for Sev.en, which picked up Delta
Electricity, which owns the Vales Point power station in NSW, in a
deal revealed by The Australian Financial Review on Sept. 18.

The listed Salt Lake Potash had a AUD250 million market
capitalisation prior to hitting the skids, and counted Ellerston
Capital and Swiss firm Lombard Odier Asset Management among
investors. Lenders included Commonwealth Bank of Australia, Taurus
Funds Management and the Clean Energy Finance Corporation.

                        About Salt Lake Potash

Salt Lake Potash Limited (ASX:SO4) -- https://www.so4.com.au/ --
operates as a mineral exploration company. The Company offers
potash and uranium. Salt Lake Potash conducts business in
Australia.

Martin Bruce Jones, Thomas Birch and Hayden White of KPMG were
appointed as administrators of Salt Lake and related entities on
Oct. 20, 2021.


SHENGSHI TRADING: Second Creditors' Meeting Set for Sept. 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of Shengshi
Trading Co. Pty Ltd (as Trustee for "Shengshi Trading Discretionary
Trust") has been set for Sept. 30, 2022, at 11:00 a.m. via
telephone conference.

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 5:00 a.m.

Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of the company on Aug. 24, 2022.


SRINI ASSOCIATES: Second Creditors' Meeting Set for Sept. 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of Srini
Associates Pty Ltd has been set for Sept. 30, 2022, at 12:00 p.m.
via Microsoft Teams.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 29, 2022, at 5:00 p.m.

Blair Pleash and Marcus Watters of Hall Chadwick were appointed as
administrators of the company on Sept. 1, 2022.




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

CHINA FORTUNE: Debt Restructuring Plan Provokes Creditor Push-Back
------------------------------------------------------------------
South China Morning Post reports that a block of China Fortune Land
Development's offshore bondholders is calling on creditors not to
back a debt-restructuring proposal unless it is revised according
to the group's demands.

An ad hoc group of creditors made the ultimatum in a call with the
bondholders late on Sept. 22, the Post relates. The China Fortune
Land Development (CFLD) restructuring plan proposes an eight-year
extension of US$4.96 billion in outstanding offshore debt.

"The offshore proposal is so bad that the ac-hoc committee is not
minded to support it in any way," Howard Lam, a partner at Latham &
Watkins, the law firm representing the ad hoc group, said on the
call. Lam said the group would be forced to take further action if
the company failed to address its demands, the Post relays.

According to the Post, the ultimatum underscores rising tensions
between defaulted issuers and offshore investors during a long
restructuring process, and could serve as a warning for other
Chinese developers, such as China Evergrande Group, which is
expected to issue its offshore restructuring plan by November.

Creditors represented by the ad hoc group hold more than 25% of the
outstanding principal on the offshore bonds, according to its
representatives on the call, who vowed that the creditors "remain
ready, willing, and able to exercise that blocking stake".

The offshore plan, launched a year after a state-guided debt
restructuring scheme unveiled in September 2021, covers 11 bonds
with coupon rates ranging 6.9% to 10.875% due from 2021 to 2025,
the report notes.

CFLD's total liabilities reached CNY187.6 billion (US$26.4 billion)
as of June 30, including bank borrowings of CNY45.2 billion, bonds
and debt financing instruments of CNY77.4 billion, and trust, asset
management and other financing of CNY65 billion, the Post discloses
citing the proposal announced September 16.

Holders need to consent to the offshore plan to receive a cash
repayment equal to 1% of the aggregate principal amount that they
hold as of October 13.

The Post relates that the ad hoc group said the proposal "was not
formulated with any input or consultation with the ad hoc
committee". However, CFLD said in the proposal that the company and
its advisers "engaged in in-depth discussions" with the holders of
the notes.

CFLD, which started out with a focus on industrial estates and
urban property, began defaulting on its loans in early 2021 and was
seen as the first casualty under Beijing's "three red lines"
policy, which put limits on borrowing to rein in excessive leverage
in the property sector, the Post states. Peers including China
Evergrande Group, Modern Land and Sunac China Holdings soon
followed CFLD into default.

Ping An is the largest CFLD shareholder, with a 25.2% stake. In
March Ping An reported a 29% decline in net profit in 2021, citing
a CNY43.2 billion provision it had to make for its investments in
Fortune Land.

                         About China Fortune

China Fortune Land Development Co., Ltd. offers real estate
development and investment services. The Company develops
industrial parks and industrial town projects. China Fortune Land
Development also provides related industrial solution services.

As reported in the Troubled Company Reporter-Asia Pacific on March
12, 2021, China Fortune Land Development Co. Ltd. again defaulted
on billions of yuan in debt as it struggled to scrape together
enough cash to meet its commitments amid a tightening regulatory
environment. China Fortune said that it and its subsidiaries have
recently failed to repay CNY8.38 billion ($1.3 billion) in
principal and interest on a mishmash of new debt, including bank
loans, trust loans, bonds and other debt financing tools, according
to a March 10 filing to the Shanghai Stock Exchange.


CHINA: Around 3,500 Chip-Related Companies File for Bankruptcies
----------------------------------------------------------------
Electronics Weekly reports that China's Qichacha company data and
analytics supplier said that 3,409 chip-related companies in China
have gone bust this year.

It's a spectacular number which is only understandable when China's
chaotic attempts to spawn a semiconductor industry are taken into
consideration, the report says.

According to the report, Qichacha said China offered such huge sums
to chip companies that 22,000 new chip companies were registered in
2020 and another 15,700 were founded between January and May 2021.

Electronics Weekly says many of these companies had no experience
in the chip industry. They were merely a vehicle for getting the
government money.  Now there's a reckoning underway with eight
senior officials who handed out the money under these schemes under
investigation.

The report notes that the extraordinary thing is that China ever
thought this approach to growing a chip industry could work.
Hundreds of thousands of its citizens work in the industry both in
China and abroad, and most of them could have pointed out to the
government that this was no way to tackle something so fiendishly
complex as semiconductor manufacturing.




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H O N G   K O N G
=================

HONG KONG: 462 Hong Kong-listed Companies Qualify as 'Zombies'
--------------------------------------------------------------
South China Morning Post reports that higher interest rates will
weigh on Hong Kong's mortgage borrowers and corporate debtors, as
the costs of servicing their debt soar with the key interest rate
at a 14-year high.

Some corporate borrowers in particular face a perilous fate. Unable
to generate enough cash to pay the interest on their loans, let
alone the principal, these firms find themselves branded "zombie"
companies, the Post says.

Last year, 462 of Hong Kong's 2,500 listed companies fell into the
category, with an Ebit-to-interest-expense (earnings before
interest and tax) ratio of less than 1, based on Bloomberg's data.

This horde of the walking dead, each with at least 10 years of
operating history, tripled in number from a decade ago and
multiplied during the pandemic, from 319 in 2019 to 396 in 2020,
the Post says. Among them, 266 companies have been in dire straits
for three years running - a necessary time period for true
zombiehood, according to the OECD.

In the past many zombie companies could shamble on indefinitely,
refinancing their debt at historically low interest rates,
receiving cash injections from white knights, or getting support
from governments that wish to avoid the mess their collapse would
entail. However, the current interest-rate situation makes it
likely that more of these living-dead firms will succumb, according
to analysts.

"The rise of the zombie companies since the Covid-19 pandemic is a
global phenomenon," Natixis CIB's senior economist Gary Ng, whose
research found that the undead throng grew 18 per cent last year to
597 out of 15,000 listed companies worldwide, after a 37 per cent
increase in 2020. "It means the risk of zombie companies going
bankrupt has increased all over the world."

As many as 149 China-based companies listed in Hong Kong, Shanghai,
Shenzhen and New York have earned less than the interest on their
debt for three straight years from 2019 through 2021, the Post
discloses citing Natixis' data. That number is up from 102 in 2020,
and has tripled from 49 in 2019, before the pandemic broke out.

China ranks second in the world in terms of its 2021 zombie
population; the US had 171 zombies and Asia excluding China had
134, the Post notes.

Use of the term zombie dates back to when Japan's asset bubbles
collapsed in the 1990s. One of the most famous zombies of all, the
unprofitable electronics firm Sharp, was kept alive on loans and
bailed out by banks in 2012, only to lose US$8 billion over the
next two years, according to the Post. The company that launched
the world's first commercial camera phone in 1997 was taken over in
2016 by Foxconn, the Taiwan-based assembler of the Apple iPhone.

The current environment makes lengthy sagas such as Sharp's less
likely, the report states.

"With the global policy rates adjustment having further room to go
and the multiple shocks facing the global economy, zombie companies
are feeling the heat," the Post quotes Jerome Jean Haegeli, group
chief economist of Swiss Re, as saying.

The pandemic has conspired with an era of readily accessible
funding - at historically low rates until recently - to not only
increase the population of zombies but also to make these
distressed firms even more vulnerable now that the monetary tables
have turned, according to Etienne Ranwez, a senior manager at Sia
Partners in Hong Kong, the Post relays.

"Revenues of many companies in Hong Kong and China, just like in
most regions globally, were already under pressure with Covid," the
report quotes Mr. Ranwez as saying. "As funding was cheap, these
companies have loaded on more debt than usual. Hence, we could
indeed expect an increase in bankruptcies."

This will be true more so in liberal and developing economies than
in developed economies with more government intervention, he
added.




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

AAREN INTPRO: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aaren
Intpro (AI) continue 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      5.00       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 9, 2021,
placed the rating(s) of AI under the 'issuer
non-cooperating' category as AI 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. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 25, 2022, July 05, 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).

Bengaluru (Karnataka) based Aaren Intpro (AI) is a partnership firm
and was established in the year 1990 by Mr. Mohanlal M Patel along
with his family members under the name "Poonam Timbers". In
November 2015 the firm changed its name to current nomenclature
i.e. Aaren Intpro. The firm is primarily engaged in the trading of
interior products (basically Wood, plywood, Laminates, veneer,
Architectural Hardware fittings, kitchen furniture, wardrobes,
Tiles and sanitary fittings etc.). The firm deals into luxury
segment of interior products. AI generates 20% of the revenue from
contractors & builders, remaining 80% from retail individual
customers located across India. AI has expanded its product range
and included Architectural Hardware fittings, kitchen furniture,
ward robes, Tiles and sanitary fittings etc. AI is selling the
products under the brand names "Peeltly", "In Class Veneers' among
others. The firm imports 50% of the products from Europe and
Southeast Asia countries.


ABLE & WEAL: Ind-Ra Assigns 'B-' Non-Convertible Debt Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Able & Weal
Private Limited's (A&W) proposed non-convertible debentures (NCDs)
a rating of 'IND B-' with a Negative Outlook as follows:

-- INR1.20 bil. Proposed NCDs* assigned with IND B-/Negative
     rating.

*Yet to be placed

The proposed NCDs will be backed by a pledge over the shares held
by the promoter group in unlisted securities and a charge over the
identified immovable properties as agreed with the lenders.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view of group companies A&W, Siddharth Partners (SP),
and Akira Properties Private Limited on account of significant
operational and financial linkages between them, since all the
companies/firms operate in a similar line of business and have a
common management. All these entities together referred to as the
Family Office of Medlife Promoters (promoter group). The promoters
hold majority of the group's investments through a couple of trusts
namely Prasid Uno Family Trust and I M Investments Trust apart from
the above entities.

The Negative Outlook reflects the stretched liquidity of the
promoter group with a likely markdown in the value of investments
and high repayments scheduled in the near term.

Key Rating Drivers

Liquidity Indicator - Stretched: The promoter group together had
cash balances and fixed deposit investments of INR416.3 million at
FYE22 (FY21: INR15 million). A&W, SP and Akira are key investment
firms of the promoter group.

A&W does not have working capital facilities. It is raising NCDs
with a tenure of three years and a bullet repayment at the end of
tenure. These NCDs are likely to carry a redemption premium with
protentional internal rate of return of 21% p.a. while floor being
15% p.a. These NCDs are likely to support the promoter group in the
repayment of existing loans and investments in new assets. A&W does
not have operational revenues. With limited visibility on the
revenue income, these repayments rely on refinancing or
liquidation-based events such as sale of securities in secondary
market or through an offer for sale in initial public offering.
Interest servicing on these loans has been supported by regular
infusions by partners and sale of investments.

Akira does not have working capital facilities. It raised unlisted,
unrated zero-coupon debentures (ZCDs) worth INR1,020 million in
FY22 and ZCDs worth INR980 million in April 2022. These ZCDs were
loaned to SP to help with the repayment of existing loans and
investments in new assets. Akira's proposed NCDs of INR2,000
million will have a tenor of 12 months one week and the proceeds of
the same will be used for repayment of the former ZCDs. The ZCDs
and NCDs do not have any interim interest payments and have a
bullet maturity repayment along with coupon. At FYE22, Akira had
cash balances and fixed deposit investments of INR17.5 million
(FYE21: INR15.0 million).

SP does not have working capital facilities. It has raised term
loans from non-banking financial companies and inter-corporate
deposits from Akira. SP has repayments of INR1,322 million in FY23
and INR1,202 million in FY24. These loans were used for the
repayment of existing loans and investments in new assets. SP has
minimal rental office income. Amid limited visibility on the
revenue income, these repayments are highly reliant on refinancing
or liquidation-based events such as sale of securities in secondary
market or through an offer for sale in initial public offering.
Interest servicing on these loans have been supported by regular
infusions by partners and sale of investments.

High Refinancing Risk: The promoter group has raised term loans and
NCDs which have significant repayments in the near term (FY23:
INR1,322 million, FY24: INR3,467 million) as against limited
visibility on the sources of repayments. The promoter group thus is
exposed to a high refinancing risk. The ratings are constrained by
delays in the ability to raise funds during periods of financial
distress. Ind-Ra however takes comfort form regular funds infusions
from the promoters and sale of investments which have been able to
cover the obligations in the past.

No Operational Cashflows; Limited Income Sources: Akira, SP, and
A&W do not have any operational cashflows and are significantly
reliant on the sale of investments/regular infusions from the
promoters/partners.

Illiquid Nature of Investments: Majority of the portfolio of the
promoter group is unlisted entities such as API Holdings Limited,
Entero Healthcare Solutions Pvt. Ltd. (IND BBB/Stable), AMPA
Othodentics Pvt. Ltd., and ANI Technologies Limited which are in
growth phase and require regular funds. Also, promoter group has
only minority stakes in these entities, leaving low scope of
influencing dividend policy and limited headroom for dividend
upstreaming. Since these investments are unlisted in nature, Ind-Ra
expects promoter group to face delay and difficulty to monetize in
case of financial distress or market dislocations.

Successful Track Record of Promoters: A&W and Akira are promoted by
the family office of former Medlife promoters Tushar Kumar and
Prashant Singh. Both have more than a decade of experience in the
healthcare and pharma space and a successful track record of
creating and scaling up Medlife and monetizing their investments
through sales to API Holdings Limited. The promoters come from a
strong lineage from the founders of Alkem Laboratories Limited (IND
A1+).

Rating Sensitivities

Outlook Revision to Stable: Any improvement in the liquidity
position by way of timely tie-up of new debt or monetization of
investments and/or support from the promoters would result in an
Outlook revision to Stable.

Negative: Future developments that could lead to a negative rating
action:

-- a substantial markdown in the value of investments while the
promoter group's indebtedness remaining the same, and/or

-- any deterioration in liquidity by way of delays in the
monetization of investments, and/or

-- any delay in support from the promoters.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on A&W, due to either their
nature or the way in which they are being managed by the entity.
For more information on Ind-Ra's ESG Relevance Disclosures, please
click here.  

Company Profile

Incorporated in FY22, A&W is a special purpose vehicle equally
owned by Prashant Singh and Tushar Kumar, former promoters of
Medlife International Private Limited. It is an investment holding
company of the promoter group.


AGRAWAL STRUCTURE: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Agrawal Structure
Mills Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR41 mil. Term loan due on July 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR150 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)  
     rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 9, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Agrawal Structure Mills was incorporated in November 1995 as a
private limited company. The company is engaged in the
manufacturing and trading of mild steel billets and steel
structural in Urla Industrial Area, Raipur. Its registered office
is located in Raipur, Chhattisgarh.


AKIRA PROPERTIES: Ind-Ra Assigns B- NonConvertible Debt Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Akira Properties
Private Limited's (Akira) proposed non-convertible debentures
(NCDs) a rating of 'IND B-' with a Negative Outlook as follows:

-- INR2.0 bil. Proposed NCDs* assigned with IND B-/Negative
     rating.

*Yet to be placed

The proposed NCDs will be backed by a pledge over the shares held
by the promoter group in unlisted securities and a charge over the
identified immovable properties as agreed with the lenders.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view of group companies Able & Weal Private Limited
(proposed debt rated at 'IND B-'/Negative; A&W), Siddharth Partners
(SP), and Akira on account of significant operational and financial
linkages between them, since all the companies/firms operate in a
similar line of business and have a common management. All these
entities together referred to as the Family Office of Medlife
Promoters (promoter group). The promoters hold majority of the
group's investments through a couple of trusts namely Prasid Uno
Family Trust and IM Investments Trust apart from the above
entities.

The Negative Outlook reflects the stretched liquidity of the
promoter group with a likely markdown in the value of investments
and high repayments scheduled in the near term.

Key Rating Drivers

Liquidity Indicator - Stretched: The promoter group together had
cash balances and fixed deposit investments of INR416.3 million at
FYE22 (FY21: INR15 million). A&W, SP and Akira are key investment
firms of the promoter group.

Akira does not have working capital facilities. It raised unlisted,
unrated zero-coupon debentures (ZCDs) worth INR1,020 million in
FY22 and ZCDs worth INR980 million in April 2022. These ZCDs were
loaned to SP to help with the repayment of existing loans and
investments in new assets. Akira's proposed NCDs of INR2,000
million will have a tenor of 12 months one week and the proceeds of
the same will be used for repayment of the former ZCDs. The ZCDs
and NCDs do not have any interim interest payments and have a
bullet maturity repayment along with coupon. At FYE22, Akira had
cash balances and fixed deposit investments of INR17.5 million
(FYE21: INR15.0 million).

A&W does not have working capital facilities. It is raising NCDs
with a tenure of three years and a bullet repayment at the end of
tenure. These NCDs are likely to carry a redemption premium with
protentional internal rate of return of 21% p.a. while floor being
15% p.a. These NCDs are likely to support the promoter group in the
repayment of existing loans and investments in new assets. A&W does
not have operational revenues. With limited visibility on the
revenue income, these repayments rely on refinancing or
liquidation-based events such as sale of securities in secondary
market or through an offer for sale in initial public offering.
Interest servicing on these loans has been supported by regular
infusions by partners and sale of investments.

SP does not have working capital facilities. It has raised term
loans from non-banking financial companies and inter-corporate
deposits from Akira. SP has repayments of INR1,322 million in FY23
and INR1,202 million in FY24. These loans were used for the
repayment of existing loans and investments in new assets. SP has
minimal rental office income. Amid limited visibility on the
revenue income, these repayments are highly reliant on refinancing
or liquidation-based events such as sale of securities in secondary
market or through an offer for sale in initial public offering.
Interest servicing on these loans have been supported by regular
infusions by partners and sale of investments.

High Refinancing Risk: The promoter group has raised term loans and
NCDs which have significant repayments in the near term (FY23:
INR1,322 million, FY24: INR3,467 million) as against limited
visibility on the sources of repayments. The promoter group thus is
exposed to a high refinancing risk. The ratings are constrained by
delays in the ability to raise funds during periods of financial
distress. Ind-Ra however takes comfort form regular funds infusions
from the promoters and sale of investments which have been able to
cover the obligations in the past.

No Operational Cashflows; Limited Income Sources: Akira, SP, and
A&W do not have any operational cashflows and are significantly
reliant on the sale of investments/regular infusions from the
promoters/partners.

Illiquid Nature of Investments: Majority of the portfolio of the
promoter group is unlisted entities such as API Holdings Limited,
Entero Healthcare Solutions Pvt. Ltd. (IND BBB/Stable), AMPA
Othodentics Pvt. Ltd., and ANI Technologies Limited which are in
growth phase and require regular funds. Also, promoter group has
only minority stakes in these entities, leaving low scope of
influencing dividend policy and limited headroom for dividend
upstreaming. Since these investments are unlisted in nature, Ind-Ra
expects promoter group to face delay and difficulty to monetize in
case of financial distress or market dislocations.

Successful Track Record of Promoters: A&W and Akira are promoted by
the family office of former Medlife promoters Tushar Kumar and
Prashant Singh. Both have more than a decade of experience in the
healthcare and pharma space and a successful track record of
creating and scaling up Medlife and monetizing their investments
through sales to API Holdings Limited. The promoters come from a
strong lineage from the founders of Alkem Laboratories Limited (IND
A1+).

Rating Sensitivities

Outlook Revision to Stable: Any improvement in the liquidity
position by way of timely tie-up of new debt or monetization of
investments and/or support from the promoters would result in an
Outlook revision to Stable.

Negative: Future developments that could lead to a negative rating
action:

-- a substantial markdown in the value of investments while the
promoter group's indebtedness remaining the same, and/or

-- any deterioration in liquidity by way of delays in the
monetization of investments, and/or

-- any delay in support from the promoters.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on Akira, due to either their
nature or the way in which they are being managed by the entity.
For more information on Ind-Ra's ESG Relevance Disclosures, please
click here.  

Company Profile

Incorporated in FY19, Akira is a special purpose vehicle owned by
Tushar Kumar and Prashant Singh, former promoters of Medlife
International Private Limited. This entity is investment holding
company of the promoter group.


ALI ENTERPRISES: CARE Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ali
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.25       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 July 16, 2021,
placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE 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. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 1, 2022, June 11, 2022, June 21, 2022.

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

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

AE was established in 2003 by Mr. Syed Abrar Ali based in Nagpur,
Maharashtra. The firm is engaged in trading of basmati and
non-basmati rice. Apart from the same, the entity also exports
cashew nuts and non-basmati rice. The major export destinations of
the entity are Srilanka, Vietnam and African countries. The entity
has recently started trading of basmati rice under the brand name
of "Haider".


ALTECH INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Altech Infrastructure Private Limited
        Plot no. 293, Kehar Singh Estate
        West End Marg, Saidulajaib
        Opp. Saket-D, Block
        New Delhi 110030

Insolvency Commencement Date: September 16, 2022

Court: National Company Law Tribunal, New Delhi, Court-II

Estimated date of closure of
insolvency resolution process: March 15, 2023

Insolvency professional: Mr. Anand Sonbhadra

Interim Resolution
Professional:            Mr. Anand Sonbhadra
                         Flat-2183, Sector-B
                         Pocket-2, Vasant Kunj
                         New Delhi 110070
                         E-mail: sonbhadra65@gmail.com

                            - and -

                         E-10 A, Kailash Colony
                         Lower Ground Floor
                         Greater Kailash
                         New Delhi 110048
                         E-mail: altech@aaainsolvency.com

Last date for
submission of claims:    September 30, 2022


AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit
Construction-Mumbai (AC) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2021, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC 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. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 02, 2022,
August 12, 2022, August 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).

Amit Constructions, a proprietorship firm, was established in the
year 1999 by Mr. Roman Felix Philip Dsouza. The firm is engaged
into civil construction where it undertakes construction projects
for building of hospital, schools, offices, stadium, footpath,
water tanks, etc. The entity is Class-I A category contractor and
generally takes tender-based contracts for its projects where it
majorly caters to Navi Mumbai Municipal Corporation and CIDCO.


ARPEE ENERGY: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arpee
Energy Minerals Private Limited (AEMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of AEMPL under the 'issuer non-cooperating'
category as AEMPL 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. AEMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2022, June 8, 2022, June 18, 2022.

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

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

Arpee Energy Minerals Private Limited (AEMPL) was incorporated in
March 2006 by Mr. Praveen Kumar Agarwal and Mr. Raman Mehra. The
company is engaged in the business of coal trading. The company
procures its trading material from Central coalfields limited,
Bihar foundry & castings ltd etc. and sells the same to various
industries like steel, power etc. The day-to-day affairs of the
company are looked after by Mr. Praveen Kumar Agarwal (Director)
with adequate support from other directorMr. Raman Mehra and a team
of experienced personnel.


ASCO STEEL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ASCO Steel
(AS) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 August 10,
2021, placed the rating(s) of AS under the 'issuer non-cooperating'
category as AS 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. AS 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 06, 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).

Asco Steel (AS) was established as a sole proprietorship firm in
the year 1960 promoted by late Mr. Haji M. Moidheen Ebrahim. At
present the operations of the firm are managed by Mr. Abdul Sattar.
The firm is engaged in trading of construction steel, structural
steel, industrial steel, pipes, steel beams, TMT Bars, M.S.
Anglers, Flats, Plain rounds, square tubes etc.


ASIAN HOTELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Asian Hotels (West) Limited
        6th Floor Aria Towers
        JW Marriott Aerocity
        Asset Area 4
        Hospitality District
        Near IGI Airport South West
        New Delhi 110037

Insolvency Commencement Date: September 16, 2022

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

Estimated date of closure of
insolvency resolution process: March 15, 2023

Insolvency professional: Sapan Mohan Garg

Interim Resolution
Professional:            Sapan Mohan Garg
                         D-54, First Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: sapan10@yahoo.com
                                 cirp.asianhotelswest@gmail.com

Last date for
submission of claims:    September 30, 2022


BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Industries (Nagpur) (BI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 16, 2021,
placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI 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. BI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 1, 2022, June 11, 2022, June 21, 2022.

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

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

BI based out of Nagpur, Maharashtra is a partnership firm promoted
by Mr. Ramanrao Bholla and Mrs Vijayalaxmi Bholla. The firm was
established in October 2013 and is engaged in the business of
processing of roasted gram dal with its processing facility located
at Nagpur, Maharashtra.


BALRAJ KUMAR: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balraj
Kumar Vinod Kumar (BKVK) 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 September 9,
2021, placed the rating(s) of BKVK under the 'issuer
non-cooperating' category as BKVK 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. BKVK
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).

Balraj Kumar Vinod Kumar (BKVK) was established in Vinod Kumar. The
firm is engaged in trading of dry fruits. The firm mainly imports
almonds and pistachio from the US, Australia, Iran and Turkey. The
firm mainly sells its products to wholesalers and traders in Delhi
and nearby regions.

DHANVRIDHI COMMERCIAL: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dhanvridhi
Commercial Private Limited (DCPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Long Term/           1.63       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       4.87      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 20, 2021,
placed the rating(s) of DCPL under the 'issuer non-cooperating'
category as DCPL 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. DCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2022, June 15, 2022, June 25, 2022.

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

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

DCPL was incorporated in November, 2005 by the Tantia family of
Kolkata, West Bengal. Initially, DCPL was engaged in trading of
materials required for railway wagons. Subsequently, from
FY2010-11, the company started manufacturing of railway wagons and
fabrication jobs on contract basis. The manufacturing facility of
the company is located at Baruipur, West Bengal with an installed
capacity of 1500 wagons.


DROPADI INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dropadi
Industries (DI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.40       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 16,
2021, placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI 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. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2022, August 12, 2022, August 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).

Dropadi Industries (DI) was established in the year 1984 by Mr.
Anil Kejriwal with his father and brother as partners. Presently
Mr. Anil Kejriwal, Mr. Archit Kejriwal and Mr. Akshat Kejriwal are
managing the firm as partners. The firm is engaged in trading and
processing of wheat to manufacture different forms of flour such as
Maida, Rawa, Suji, and wheat flour (atta) at its plant located at
Vasai, Maharashtra.

DYNAMETIC OVERSEAS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Dynametic Overseas Private Limited
        85, Ballygunge Gardens
        Kolkata 700019
        West Bengal, India

Insolvency Commencement Date: September 12, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 10, 2023

Insolvency professional: Mr. Yogesh Gupta

Interim Resolution
Professional:            Mr. Yogesh Gupta
                         S Jaykishan
                         Chartered Accountants
                         Suit No. 2D, 2E, 2nd floor
                         12, Ho Chi Minh Sarani
                         Kolkata 700071
                         West Bengal, India
                         E-mail: yogeshgupta31@rediffmail.com

Last date for
submission of claims:    September 26, 2022


EAST WEST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of East West
Combined Industries (EWCI) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bill Discounting       9.02         CRISIL D (Issuer Not
   under Letter                        Cooperating)
   of Credit              
                                       
   Overdraft Facility     0.98         CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Short Term    3            CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with EWCI 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 EWCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EWCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EWCI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones.


HERITAGE FINLEASE: Ind-Ra Moves BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Heritage Finlease
Limited's bank loans rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR500 mil. Bank loan migrated to non-cooperating category
     with IND BB+ (ISSUER NOT CO-OPERATING) rating.

Note: ISSUER NOT COOPERATING:  The rating was last reviewed on June
22, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Hyderabad-based Heritage Finlease is a non-banking finance company
primarily providing loans to milk-supplying cattle farmers towards
the purchase of livestock. It also offers personal loans, business
loans and loans against property Heritage Finlease has been in the
lending business since 1996.


HYDERABAD STEELS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hyderabad
Steels (HS) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      3.50       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 11,
2021, placed the rating(s) of HS under the 'issuer non-cooperating'
category as HS 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. HS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 27, 2022, July 7, 2022, July 17, 2022.

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

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

Hyderabad Steels (HS) was founded in 2008 as a proprietorship and
was later reconstituted as a partnership firm during 2015. The firm
is engaged in the trading of steel and iron products such as Mild
Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap,
Sponge Iron etc. The partners of the firm Ms. J. Raghavi Reddy and
Mr. M. Pavan Kumar are having 25 years of experience in iron and
steel trading business. The firm has its warehouse facility at
Nacharam, Hyderabad. HS clientele mostly consist of steel dealers
in Hyderabad.


IBRIDGE SOLUTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ibridge Solutions Private Limited
        Yashodham, CTF No. 440/7
        Gokhale Cross Road
        Shivajinagar, Pune
        MH 411016

Insolvency Commencement Date: September 15, 2022

Court: National Company Law Tribunal, Nashik Bench

Estimated date of closure of
insolvency resolution process: March 14, 2023

Insolvency professional: Mr. Shashant Sudhakar Yeola

Interim Resolution
Professional:            Mr. Shashant Sudhakar Yeola
                         Flat No. 7, Indrayani
                         Ganesh Nagar, Opp.Lekha Nagar
                         Agra Road, Nashik
                         Maharashtra 422009
                         E-mail: ibridgecirp@gmail.com

Last date for
submission of claims:    September 29, 2022


INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indiamco
(IMC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.50      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 September 16,
2021, placed the rating(s) of IMC under the 'issuer
non-cooperating' category as IMC 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. IMC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2022, August 12, 2022, August 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).

Established in 1972, Indiamco is engaged in trading of rough and
polished diamonds, antique and precious stones. The entity is
currently not a DTC sight holder and procures rough and
semi-finished diamonds locally from Surat and also imported (from
USA).


ITAAN PHARMA: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Itaan Pharma
Private Limited (IPPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR400 mil. Proposed term loan assigned with IND B/Stable
     rating; and

-- INR50 mil. Proposed fund-based limits assigned with IND B/
     Stable/IND A4 rating.

Key Rating Drivers

The ratings reflect the under-construction status of IPPL's general
injectables and pharmaceutical formulations manufacturing plant at
Karkapatla, Telangana with an annual installed capacity of
11,00,000 vials. As per management, 80% of the civil work has been
completed and the plant is likely to commence commercial operations
from May 2023. The company plans to manufacture generics as a
contract manufacturer for regulated and semi-regulated markets.    
                                                                   
                                                                   
                                                                   
  

Liquidity Indicator - Stretched:  The total cost of the project is
estimated at INR825.2 million, of which INR425.2 million will be
funded by the promoters and their families, and the remaining
through debt. So far, the promoters have infused INR250 million, of
which INR66 million was in the form of paid up capital and the
remainder as unsecured loans. Furthermore, IPPL has an approved
term loan of INR400 million and a working capital facility of INR50
million. The remaining funds will be infused over FY23-FY24. The
repayment of the term loan is likely to commence from FY24 as per
the in-principle sanction letter from the lender. However, Ind-Ra
believes any delays in sanctioning of funds from the banks and
infusion of funds from the promoters will lead to time and costs
overruns and in turn impact the company's liquidity.

However, the ratings are supported by the promoters' more than a
decade-long experience in the pharmaceutical industry.

Rating Sensitivities

Negative: Any significant delay in the commencement of operations
and delays in stabilization of operations and/or a stretch in the
liquidity position could be negative for the ratings.

Positive: Timely commencement of operations and stabilization of
the same will be positive for the ratings.

Company Profile

IPPL was established on May 4, 2022 by Chirukuri Ramana Kumar. The
company is setting up a manufacturing unit of general injectables
and pharmaceutical formulations in Telangana.


J. R. R. CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J. R. R.
Construction Private Limited (JRRCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.90       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 2, 2021,
placed the rating(s) of JRRCPL under the 'issuer non-cooperating'
category as JRRCPL 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. JRRCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 2022.

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

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

JRR Constructions Private Limited (JRRCPL) was incorporated as a
private limited company in Dec, 2004 and is currently being managed
by Mr. Rakesh Malik and Mr. Bijender Singh. JRRCPL is engaged in
civil construction work in Haryana which mainly includes road work
involving construction, up-gradation, resurfacing and widening of
roads, bridges and minor engineering work. The company is
registered as a class 'A' contractor with Public Works Department
(PWD) of Haryana and Haryana State Road & Bridge Development
Corporation.

JAATVEDAS CONSTRUCTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Jaatvedas Construction Company Private Limited
        F/306, 3rd Floor, Eastern Business District
        LBS Rd, Bhandup West
        Mumbai 400078

Insolvency Commencement Date: September 17, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 15, 2023

Insolvency professional: Sitansh Anilkumar Magia

Interim Resolution
Professional:            Sitansh Anilkumar Magia
                         Flat No. 9, Bhaveshwar Sadan
                         Plot No. 207
                         Mata Laxmi Hospital Road
                         Sion East, Mumbai 400022
                         Maharashtra
                         E-mail: ip.sitansh@gmail.com
                                 jaatvedas.cirp@gmail.com

Last date for
submission of claims:    October 1, 2022


JEWEL GARMENTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jewel Garments Private Limited
        Plot No. 29, DLF Industrial Area
        Phase-II, Faridabad
        Haryana 121003

Insolvency Commencement Date: September 15, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 14, 2023

Insolvency professional: Jaramu Ram Thakur

Interim Resolution
Professional:            Jaramu Ram Thakur
                         Mannat 2037, Near Ajitkaram Singh
                         International Public Smart School
                         (AKSIPSS), Sector 123
                         New Sunny Enclave, Greater Mohali
                         Punjab 140301
                         E-mail: jrthakurvms@gmail.com

                            - and -

                         3rd Floor, Plot No. D-190
                         Industrial Area, Phase 8 B
                         Sector 74, SAS Nagar
                         Mohali 160071, Punjab
                         E-mail: irpjewelgarments@gmail.com

Last date for
submission of claims:    September 29, 2022


JINDAL EXPORT: CARE Lowers Rating on INR50cr LT/ST Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jindal Export and Import Private Limited (JEIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          50.00       CARE B/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+;Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 1, 2021,
placed the rating(s) of JEIPL under the 'issuer non-cooperating'
category as JEIPL 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. JEIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2022, May 27, 2022, June 6, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information.

JEIPL started its business in 1974 for manufacturing and export of
mentha oils and allied products. Later it ventured in international
trade by way of exports and imports of various commodities apart
from menthe oil. Since 1997, the company is carrying on the
business of bullion trade and its major portion of the revenues has
been from trading of precious metals. Since FY14, the company has
also commenced manufacturing of gold medallions. The company is
engaged in 3 types of activities viz. import of gold and silver for
sale in the domestic market on consignment basis, import of gold
for manufacturing of gold medallions and further sale in the
international market and mercantile trading of gold and diamond.


KINETA GLOBAL: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kineta Global
Limited's (KGL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR400 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 29, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Established in 2006, Kineta Global is primarily engaged in the
engineering, procurement and construction of irrigation projects on
sub-contract basis.


KUBER KHANIJ: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Kuber Khanij Private Limited
        Mrs. Slowlylian Mawroh
        Near Bausara Eye Clinic
        Veronica Lane
        Laitumkhrah Main Road
        Shillong ML 793003
        IN

Insolvency Commencement Date: September 15, 2022

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: March 7, 2023

Insolvency professional: Mukesh Gupta

Interim Resolution
Professional:            Mukesh Gupta
                         F-1, Milap Nagar
                         Uttam Nagar
                         New Delhi 110059
                         E-mail: camukeship@rediffmail.com
                                 cirp.kkpl@gmail.com

Last date for
submission of claims:    September 29, 2022


MOHAN BREWERIES: CARE Lowers Rating on INR119cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mohan Breweries and Distilleries Limited (MBDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     119.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Long Term Bank       3.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      0.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 1, 2021,
placed the rating(s) of MBDL under the 'issuer non-cooperating'
category as MBDL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
of information through e-mails, phone calls and a letter/email
dated May 17, 2022, May 27, 2022, June 6, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on exercise as agreed to in its Rating
Agreement. MBDL continues to be non-cooperative despite repeated
requests for submission 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 MBDL have been
revised on account of non-availability of requisite information
i.e. non-receipt of No default statement since long as well as
lender's feedback and latest financials. Hence, there is no
clarity/documentation regarding the debt servicing track record of
rated bank facilities.

Mohan Breweries and Distilleries Ltd (MBDL) was incorporated in
1982 to manufacture and sell Indian Made Foreign Liquor (IMFL) in
Tamil Nadu. MBDL was set up in collaboration with M/s. Mohan
Meakins Ltd (MML). MBDL was originally promoted by three
individuals namely Mr. Nandhagopal, Mr. Ethurajan and Mr. Udayar.
MBDL has installed capacity of 78.63 lakh cases of IMFL in TN,
12.00 lakh cases of IMFL in AP, 105.3 lakh cases of Beer in TN, 62
KLPD distillery unit in TN and 78,000 TPA (tones per annum)
installed capacity of glass production. MBDL also has a 35.2 MW
wind farm plant.


MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MSE
Industries (MI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.10       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 MI under the 'issuer non-cooperating'
category as MI 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. MI 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).

MSE Industries (MI) is a partnership firm established in the year
2006 by Mr. K.B. Mahesh Kumar and his wife Mrs. Sreelatha with
equal profit-sharing ratio. The commercial operations of the firm
were started from the year 2007. The firm is engaged in the
manufacturing of Hangers & Suspensions, Load hangers namely
Constant load hangers and Variable load hangers (patented design
manufactured based on "Lisega Technology", Germany), Conveyor
systems, Coal handling systems & Bunkers, ducts and Pre-Engineered
Building (steel structures).


NARAYANI CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narayani
Constructions (NC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       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 5, 2021,
placed the rating(s) of NC under the 'issuer non-cooperating'
category as NC 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. NC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2022, July 1, 2022, July 11, 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).

Bangalore based Narayani constructions was established as a
partnership firm in the year 2013 by Mr Vasudeva Naidu and Mr Mohan
Babu. Later, in 2017, Mr Vasudeva Naidu retired and Mrs Gayatri S
joined as partner. At present, Mrs Gayatri S, the managing partner
and Mr Mohan babu manages the business operations. The partners of
the firm have more than two decades of experience in civil
construction industry. The firm takes up all kinds of civil
construction and repair work contracts for Indian Railways such as
construction and repair of sheds, roads, tracks etc. in the state
of Karnataka. The firm procures its work orders directly from
railway department through participating in e-tenders.


NEXUS WELL-HOPE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nexus Well-Hope Agritech International Limited
        Door No.: 8-1-301/86 & 87, Plot No. 101
        Shaikpet Nala, Saipriya Residency
        Lakshmi Nagar Colony
        Hyderabad 500008
        Telangana

Insolvency Commencement Date: September 16, 2022

Court: National Company Law Tribunal, Hyderabad-II Bench

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

Insolvency professional: Maheswara Rao Gokada

Interim Resolution
Professional:            Maheswara Rao Gokada
                         Door No. 4-119/2/G2
                         Laxmi Subhiksha Apartment
                         Page Junior College Road
                         Central Park, Kompally
                         Medchal Malkajgiri District
                         Hyderabad, Telangana 500014
                         E-mail: mrgokada@gmail.com
                                 cirpnexudwellhope@gmail.com

Last date for
submission of claims:    September 30, 2022


NN GLOBAL: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained N.N. Global
Mercantile Pvt. Ltd.'s Long-Term Issuer Rating of 'IND BB- (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.  

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR100 mil. Non-fund-based limits** maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information of the past four years audited
financials, latest bank sanction letter and utilization, business
plans and projections for the next three years, information on
corporate governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Company Profile

Incorporated in 2009, N.N. Global Mercantile has been engaged in
the coal trading business in Chandrapur (Maharashtra) since FY12.
In March 2016, the company started the biomass business.

Its directors are Inshipal Singh Bhatia and Charanpreet Kaur
Bhatia.


OSCAR INVESTMENTS: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Oscar
Investments Limited's (Oscar) term loans and non-convertible
debentures (NCDs) in the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.


The detailed rating actions are:

-- INR1.50 bil. NCDs* (Long-term) maintained in non-cooperating
     category with IND C (ISSUER NOT COOPERATING) rating; and

-- INR5.0 bil. Long-term bank loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

* Unutilized

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

The rating on the NCDs has been maintained at 'IND C (ISSUER NOT
COOPERATING)' as they were unutilized as per the last data
available to the agency.

Company Profile

Oscar is a listed group company of RHC Holding Private Limited. RHC
Holding, along with Malav Holdings Private Limited and Shivi
Holdings Private Limited, holds 69% of Oscar's equity shares. On
March 31, 2017, Oscar held stakes in several unlisted subsidiaries
and group companies.


OSHIYA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Oshiya Industries Pvt. Ltd.
        Office no. 72, Floor 7th
        Atlanta Building
        Nariman Point, Mumbai
        Mumbai City, MH 400021
        IN

Insolvency Commencement Date: September 16, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 17, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Mukesh Kumar Jain

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

Last date for
submission of claims:    September 30, 2022


PARASMANI BUILDWELL: CARE Lowers Rating on INR30cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Parasmani Buildwell Private Limited (PBPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE C; 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 2, 2021,
placed the rating(s) of PBPL under the 'issuer non-cooperating'
category as PBPL 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. PBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 2022.

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

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

The ratings assigned to the bank facilities of PBPL have been
revised on account of non-availability of requisite information.
The rating also considers a highly leveraged capital structure
marked by high overall debt in FY21.

Parasmani Buildwell Private Limited (PBPL) was incorporated in
April 2010 by Mr. Vikas Passi and Ms Jyoti Passi. The company is
currently developing a commercial project named 'Apple's Height' at
Zirakpur, Punjab on 4.15 acres of land. The project got launched in
FY10 and Phase I has been successfully completed in FY15. Phase II
got launched in July 2016 and is expected to be completed by
October 2019.


PCM CEMENT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn PCM Cement
Concrete Private Limited's Long-Term Issuer Rating of 'IND BB+'.  

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR80 mil. Fund-based working
     capital limits* is withdrawn; and

-- The 'IND BB+' rating on the INR920 mil. Non-fund-based working

     capital limits* is withdrawn.

*Ind-Ra is no longer required to maintain the ratings as the
agency has received a no-dues certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Company Profile

Incorporated in 1991, PCM Cement Concrete is engaged in sleeper
manufacturing, flash butt welding, infrastructure works, and media
and communications.


PRICOL ENGINEERING: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Pricol Engineering
Industries Private Limited's (PEIPL; erstwhile Pricol Engineering
Industries Limited) Outlook to Positive from Stable while affirming
its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR86.853 mil. (increased from INR60.00 mil.) Fund-based
     working capital limit outlook revised to Positive from
     Stable; affirmed with IND BB+/Positive/IND A4+ rating; and

-- INR100.0 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating; and

-- INR13.147 mil. (reduced from INR36.30 mil.) Term loans due on
     August 2024 outlook revised to Positive from Stable; affirmed

     with IND BB+/Positive rating.

The Outlook revision to Positive reflects Ind-Ra's expectation of
sustained growth in PEIPL's revenue and EBITDA, leading to an
improvement in the credit metrics of the company over the
near-to-medium term.

Key Rating Drivers

The company's revenue increased to INR890.81 million in FY22 (FY21:
INR754.14 million), owing to an increase in the demand of the
company's manufactured products from the automotive and railways &
defense (R&D) sectors. The automotive division contributed 60% to
the company's total revenue in FY22 (FY21: 61%) while the R&D
division accounted for the remaining 40% (39%). PEIPL achieved a
revenue of INR282.547 million in 1QFY23, and it had an outstanding
orderbook of INR1,117.12 million at end-June 2022 to be executed by
March 2023. Ind-Ra expects the company's revenue to improve further
over the near-to-medium term, based on its the healthy orderbook
position. The scale of operations remain small. FY22 numbers are
provisional in nature.

The margin reduced to 6.36% in FY22 (FY21: 7.43%), due to an
increase in the cost of goods sold and the loss incurred on
scrapping of assets. The return on capital employed stood at 11.1%
in FY22 (FY21: 10.7%). However, the agency expects the margin to
improve on the back of increased orders and a better absorption of
fixed cost.

The maximum utilization of PEIPL's fund-based and non-fund-based
facilities averaged 90.87% and 63%, respectively, over the 12
months ended July 2022. The company had cash & cash equivalents of
INR169.09 million at FYE22 against scheduled repayments of INR6.07
million and INR6.07 million in FY23 and FY24, respectively; the
agency expects these to be met from the internal accruals. The
company's cash flow from operations increased to INR88.51 million
in FY22 (FY21: INR43.57 million), due to a decrease in the debtor
days to 64  (91) and that in inventory days to 67 (100). Ind-Ra
expects PEIPL's cash flow to deteriorate in FY23 due to its planned
capex of INR261 million spread across FY23-FY24, which the agency
expects to be funded out of the internal accruals.

The gross interest coverage (operating EBITDA/gross interest
expense) improved significantly to 8.66x in FY22 (FY21: 6.38x) and
the net leverage (adjusted net debt/operating EBITDA) to negative
2.02x (negative 0.45x). The improvement in the credit metrics is on
account of a reduction in finance cost to INR6.55 million in FY22
(FY21: INR8.78 million) and a reduction in the debt to INR54.70
million (INR85.02 million). Ind-Ra expects the credit metrics to
remain comfortable but witness modest deterioration yoy in FY23
owing to the sanction of incremental working capital limits in FY23
to fund the automotive division.

The ratings remain supported by PEIPL's healthy market share in the
automotive division for alternators and switches. The company is
also the sole supplier of driver instrument panels and hull
electrical equipment applied in tanks in the defense division.

The ratings are also supported by the company's promoters having
over four years of experience and PEIPL's long operational track of
over two decades in the industry.

Rating Sensitivities

Positive: A substantial improvement in the scale of operations as
well as the operating profitability, and an improvement in the
liquidity profile while maintaining the credit metrics, on a
sustained basis, will be positive for the ratings.

Negative: A substantial decline in the scale of operations as well
as the operating profitability, leading to deterioration in the
liquidity or the gross interest coverage reducing below 2x, on a
sustained basis, would be negative for the ratings.

Company Profile

PEIPL is promoted by Vikram Mohan in 1995 headquartered in
Coimbatore (Tamil Nadu). It manufactures electronic, electrical and
mechanical components/parts/accessories that are applied in
automobile and R&D sectors. The R&D division is operated from
Coimbatore and the automotive division from Rudrapur (Uttarkhand).


RAGHUVIR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Raghuvir
Oil Mill (ROM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 26,
2021, placed the rating(s) of ROM under the 'issuer
non-cooperating' category as ROM 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. ROM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2022, July 22, 2022, August 1, 2022.

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

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

Established in 1995, Raghuvir Oil Mill (ROM) is engaged in the
business of crushing and processing of groundnut seeds to produce
groundnut oil and groundnut cake. Its present partners took over
the business in 2010. ROM's manufacturing facility is located at
Keshod, Gujarat with an installed capacity of 1,450 Metric Tonne
Per Annum (MTPA) for groundnut seed crushing and 15,000 Metric
Tonne Per Annum (MTPA) for groundnut seed processing.


RAJKAMAL AGRO: CARE Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajkamal
Agro Industries (RAI) continue to remain in the 'Issuer Not
Cooperating' category.


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.59       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Long Term/           6.25       CARE B/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.06       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 31,
2021, placed the rating(s) of RAI under the 'issuer
non-cooperating' category as RAI 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. RAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 17, 2022, July 27, 2022, August 6, 2022.

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

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

Mehsana-based RAI was established in December 2005 as a partnership
firm to engage in processing and trading of natural and hulled
sesame seeds. RAI was reconstituted in May 2009 where one partner
viz. Mr. Kanaiyalal Babulal Agrawal got retired and a new partner
viz. Mr. Hansrajbhai Babulal Agrawal got admitted in the firm,
while Mr. Ratanlal Babulal Agrawal continued to be the partner. RAI
operates from its sole manufacturing facility located at Deesa,
Gujarat for processing of natural, hulled, roasted and organic
sesame seeds. The activities involve procuring the raw material
i.e. sesame seeds from various brokers, which are later cleaned,
hulled, dried, sorted and sold directly or via brokers domestically
and in international markets, primarily Europe. The
natural/processed sesame seeds are extensively used in bakery and
confectionery products, sauces, spreads etc. However, it sells
by-products and waste, which is generated while processing the
seeds, in domestic market to oil mills.

RBA FINANCE: Ind-Ra Keeps BB- Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RBA Finance
Private Limited's bank loans' rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR141 mil. Bank loans maintained in non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
July 24, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Formed in 1996, RBA Finance is a Reserve Bank of India-registered
non-bank finance company-asset finance company that finances
automobiles. Its head office is located in Agra, Uttar Pradesh.


REDDY AND REDDY: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reddy and
Reddy Motors (RRM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.10       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2021, placed the rating(s) of RRM under the 'issuer
non-cooperating' category as RRM 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. RRM
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).

Reddy & Reddy Motors (RRM) is a partnership firm, incorporated in
February 2010 by Mr. G. Ramakrishna Reddy, Mr. G. Venkata Reddy and
Mr. Srirama Reddy. Mr. G Ramakrishna Reddy is the Managing Partner
of the firm. RRM is authorized dealer of Maruti Suzuki India
Limited (MSIL) based in Eluru (Andhra Pradesh). It started its
operations in June 2010 with a showroom in Eluru. RRM belongs to
Reddy and Reddy Group which has diverse interests including trading
of prawns feed, authorized dealership of MSIL and Hero Motors and
is also engaged in button manufacturing business.


RHC HOLDINGS: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RHC Holding
Private Limited's (RHC) debt ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.0 bil. Secured long-term non-convertible debentures
     (NCDs; Long-term) ISIN INE657K07213 issued on December 27,
     2013 coupon rate 13.60% due on December 27, 2018 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR750 mil. Secured long-term bank loans (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was
renamed in November 2008. The company is a closely-held investment
company, held by Malvinder Mohan Singh and Shivinder Mohan Singh.
As of March 31, 2017, RHC held stakes in several unlisted
subsidiaries and group companies.


S. S. RICE: CARE Lowers Rating on INR5.20cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of  S.
S. Rice Mill (SSRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Short Term Bank       2.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

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

The ratings assigned to the bank facilities of SSRM have been
revised on account of ongoing delays in debt servicing recognized
from publicly available information.

S. S. Rice Mill was established in 2016, commenced its operation in
December 2017, with an objective to enter into the rice milling and
processing business. The manufacturing unit is located at
Dongargarh, Rajnandgaon, Chhattisgarh. The current installed
capacity of the unit is 28,800 tons per annum. The entity is
procuring raw paddy from the local farmers. Mr. Prateek Jain (aged
40 years) having five years of experience and Mr. Vinod Lalwani
(aged 43 years) having 10 years of experience in similar line of
business, looks after the day to day operations of the firm along
with other partners and a team of experienced professionals.


SADBHAV ENGINEERING: Ind-Ra Moves 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sadbhav
Engineering Limited's (SEL) Long-Term Issuer Rating to 'IND D' from
'IND BB+' while resolving the Rating Watch Negative (RWN) and has
simultaneously migrated it to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR1.0 bil. Non-convertible debentures (NCDs)* downgraded; off

     RWN and migrated to non-cooperating category with IND C
     (ISSUER NOT COOPERATING) rating;

-- INR5.810 bil. Fund-based working capital limit (Long-
     term/Short-term) downgraded; off RWN and migrated to non-
     cooperating category with IND D (ISSUER NOT COPERATING)  
     rating;

-- INR20.0 bil. Non-fund-based working capital limit (Long-
     term/Short-term) downgraded; off RWN and migrated to non-
     cooperating category with IND D (ISSUER NOT COPERATING)
     rating;

-- INR1.277 bil. Term loan  (Long-term) due on September 2022
     downgraded; off RWN and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR413 mil. Proposed fund-based limits (Long-term/Short-term)
     downgraded; Off RWN and migrated to non-cooperating category
     with IND D (ISSUER NOT COPERATING) rating.

*Details in annexure

Analytical Approach: Ind-Ra continues to take a consolidated view
of SEL and its 67% subsidiary, Sadbhav Infrastructure Projects
Limited (SIPL), collectively known as Sadbhav, owing to the strong
legal and operational linkages between them. Ind-Ra has also
adjusted the financials for the equity required to be infused by
SEL in its under-construction hybrid annuity model (HAM) projects,
along with the shortfall support envisaged for the operational
build-operate-transfer and HAM assets. Ind-Ra has not consolidated
the debt of the projects, wherever it is on a non-recourse basis.
However, it has included the corporate guarantee provided by the
company for its HAM projects.   

Key Rating Drivers

The downgrade and RWN resolution reflect delays in debt servicing
as highlighted by the auditor in the independent audit report for
FY22. Delays in the implementation of asset monetization plans have
resulted in deterioration in Sadbhav's liquidity position, thereby
resulting in delays in debt servicing. Delays of 1-90 days in debt
servicing was also highlighted by the auditor in the independent
audit report for FY22.

The agency received no-default statements from SEL as per the
Securities and Exchange Board of India's requirement (circular
number SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 dated August 10, 2021),
on a regular basis over the 12 months ended June 2022.

The progress on HAM projects remains a key concern as there were
delays in projects at end-July 2022, which could attract levy of
damages, among others, and shall also require a further equity
commitment to meet any cost overrun on account of delays in
completion of projects. The lenders of Sadbhav Bangalore Highway
Private Limited – a stepdown subsidiary of SEL - had notified the
National Highways Authority of India (NHAI; 'IND AAA'/Stable) about
exercising its right of substitution of concessionaire in January
2022 in response to the NHAI's notice of intention to terminate the
concession agreement. In 4QFY22, the NHAI, at the request of SEL's
stepdown subsidiary Sadbhav Jodhpur Ring Road Private Limited,
provided an in-principle approval for a harmonious substitution of
concessionaire subject to various terms and conditions.
Furthermore, the asset monetization activities have been delayed
against the earlier estimated timelines by SEL with uncertainty
prevailing over the medium term.

Ind-Ra has migrated the ratings to the non-cooperating category as
SEL has not provided the agency the complete information such as
utilization reports, detailed financial summary and other key
details required for the rating process.

Liquidity Indicator - Poor; Delayed Monetization of Assets: At
FYE22, SEL and SIPL had unencumbered cash balances of INR27.4
million (FYE21: INR81.01 million) and INR540.62 million (INR6.03
million), respectively. SIPL has estimated to receive INR2,670
billion on conclusion of Ahmedabad Ring Road Infrastructure
Limited's stake sale to IndInfravit Trust. Although, the transfer
of asset has been pending for more than 21 months following the
receipt of approval from the Ahmedabad Urban Development Authority.
Furthermore, the company is exploring options towards raising debt
at Ahmedabad Ring Road Infrastructure level and upstreaming the
debt proceeds to SEL and SIPL. The management had estimated to
conclude the monetization activity before end-July 2022; however,
the transaction is yet to be concluded.

Separately, during FY22, Sadbhav had entered into an agreement with
the Adani group for sale of its entire stake in Maharashtra Border
Check Post Network Limited. SEL's management had expected to
conclude the sale and receive the proceeds by December 2021.
However, the proceeds towards the 49% stake sale amounting to
INR2,900 million was received until FYE22 and the remaining tranche
of INR2,600 million is likely to be received by 2QFYE23 from the
earlier estimate of 1QFYE23, subject to meeting the requisite
approvals/precedents for the conclusion of the sale.

Also, SEL has informed the agency that it is pursuing monetizing
three of its HAM projects, whereby the cash inflows would be used
to deleverage the balance sheet. Given SEL is likely to service a
term loan/NCD repayment obligation (excluding interest obligations
and exercise of put options by investors) of INR1,650.7 million
during June-March 2023, any delay in the receipt of cash flows
could result in a further deterioration in its liquidity position.

Rating Sensitivities

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

Company Profile

Incorporated in 1988, SEL is an Ahmedabad-based construction
contractor and developer, primarily engaged in road construction,
mining and irrigation.


SADBHAV INFRASTRUCTURE: Ind-Ra Moves 'C' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sadbhav
Infrastructure Project Limited's (SIPL) Long-Term Issuer Rating to
'IND C' from 'IND BB+', while resolving the Rating Watch Negative
(RWN) and simultaneously migrated to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND C (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR3.90 bil. Non-convertible debentures (NCDs)* downgraded;
     off rating watch and migrated to non-cooperating category
     with IND C (ISSUER NOT COOPERATING) rating; and

-- INR3.0 bil. Non-fund-based working capital limit downgraded;
     off rating watch and migrated to non-cooperating category
     with IND C (ISSUER NOT COPERATING) /IND A4 (ISSUER NOT
     COPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information

*Details in annexure

Analytical Approach: Ind-Ra continues to take a consolidated view
of Sadbhav Engineering Limited (SEL) and its 67% subsidiary,
Sadbhav Infrastructure Projects Limited (SIPL), collectively known
as Sadbhav, owing to the strong legal and operational linkages
between them. Ind-Ra has also adjusted the financials for the
equity required to be infused by SEL in its under-construction
hybrid annuity model (HAM) projects along with the shortfall
support envisaged for the operational build-operate-transfer and
HAM assets. Ind-Ra has not consolidated the debt of the projects,
wherever it is on a non-recourse basis. However, it has included
the corporate guarantee provided by the company for its HAM
projects.

SIPL announced a scheme of merger with SEL in 3QFY20. The merger is
pending for completion, subject to the receipt of various statutory
and regulatory approvals.

The downgrade and RWN resolution reflect delays in debt servicing
by SEL as highlighted by the auditor in the independent audit
report for FY22. The delays in the implementation of asset
monetization plans have resulted in a deterioration in Sadbhav's
liquidity position, thereby resulting in delays in debt servicing.
Delays of 1-90 days in debt servicing was also highlighted by the
auditor in the independent audit report for FY22.

Key Rating Drivers

The agency received no-default statements from SIPL as per the
Securities and Exchange Board of India's requirement (circular
number SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 dated August 10, 2021),
on a regular basis over the 12 months ended August 2022.

The lenders of Sadbhav Bangalore Highway Private Limited, a
subsidiary of SIPL, had notified National Highway Authority of
India (NHAI; 'IND AAA/Stable') about exercising their right of
substitution of concessionaire in January 2022, in response to the
NHAI's notice of intention to terminate the concession agreement.
NHAI, at the request of Sadbhav Jodhpur Ring Road Private Limited,
a subsidiary of SIPL, had given an in-principle approval for a
harmonious substitution of the concessionaire subject to various
terms and conditions.

Furthermore, the asset monetization activities have been delayed
against the earlier estimated timelines by the company, with
uncertainty prevailing over the medium term.

Ind-Ra has migrated the ratings to the non-cooperating category as
SIPL has not provided the agency the complete information such as
utilization reports, detailed financial summary and other key
details required for the rating process.

Liquidity Indicator - Stretched; Delayed Monetization of Assets: At
FYE22, SEL and SIPL had unencumbered cash balances of INR27.4
million (FYE21: INR81.01 million) and INR540.62 million (INR6.03
million), respectively. SIPL is likely to receive INR2,670 million
after the conclusion of the Ahmedabad Ring Road Infrastructure
Limited's stake sale to IndInfravit Trust. However, the transfer of
the asset has been pending for more than 21 months following the
receipt of the approval from the Ahmedabad Urban Development
Authority. Furthermore, the company is exploring options to raise
debt at Ahmedabad Ring Road Infrastructure level and upstreaming
the debt proceeds to SEL and SIPL. Although the management had
estimated to conclude the monetization activity by end-July 2022,
the transaction is yet to be concluded.

Separately, during FY22, Sadbhav had entered into a stake sale
agreement with the Adani group for the sale of its  entire stake in
Maharashtra Border Check Post Network Limited. The SEL's management
had expected to conclude the deal and receive the proceeds by
December 2021. However, the proceeds towards the 49% stake sale
totalling INR2,900 million was received at FYE22 and the remaining
tranche of INR2,600 million is likely to be received by end-2QFY23,
subject to meeting the requisite approvals/precedents for the
conclusion of the sale.

Also, SIPL has informed the agency that it is pursuing the
monetization of three of its HAM projects, whereby the cash inflows
would be used to deleverage the balance sheet. Given SEL is likely
to service a term loan/NCD repayment obligation (excluding interest
obligations and exercise of put options by investors) of INR1,650.7
million during June-March 2023, any delay in the receipt of cash
flows could result in further deterioration in the liquidity
position and would be negative for the ratings.

Rating Sensitivities

Positive: Upon the receipt of monetization proceeds, resulting in
deleveraging the balance sheet debt and improved liquidity and
credit profile coupled with an upgrade of SEL's credit rating could
lead to a positive rating action.

Negative: Any event hampering the timely debt servicing can result
in a rating downgrade.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on SIPL, due to either their
nature or the way in which they are being managed by the entity.

Company Profile

SIPL was incorporated as an asset holding company by SEL for its
road and other infrastructure build-operate-transfer projects in
2007. SIPL announced a scheme of merger with SEL in 3QFY20, subject
to various statutory and regulatory approvals including approval of
the National Company Law Tribunal.


SARV AWAS HOUSING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sarv Awas Housing Bhiwadi Private Limited
        C-40 Third Floor, Vyapar Kendra
        Palam Vihar, Gurgaon
        Haryana 122017

Insolvency Commencement Date: September 16, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 14, 2023

Insolvency professional: Parminder Singh Bhullar

Interim Resolution
Professional:            Parminder Singh Bhullar
                         E-10/313, Mangal Puri Gali
                         Ghanupur Road, Khandwala
                         Near Water Tank
                         Amritsar 143104
                         Punjab
                         E-mail: advocate.psb@gmail.com

                            - and -

                         #740, 1st Floor, Udyog Vihar
                         Phase V, Gurugram 122016
                         Haryana
                         E-mail: irpsarvawas@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Satish Kumar Chugh
                         111-B, Pocket-F
                         Mayur Vihar Phase-II East
                         National Capital Territory of Delhi
                         110091
                         E-mail: skchugh111@gmail.com

                         Prashant Gupta
                         H.No. 104, Sector 25
                         Panchkula 134116
                         Haryana
                         E-mail: pgupta.rp@gmail.com

                         Vinod Kumar Chaurasia
                         A-756, Sector-2
                         Rohini, New Delhi 110085
                         E-mail: cavinodchaurasia@gmail.com

Last date for
submission of claims:    September 29, 2022


SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiv
Shakti Fibre Udyog (SSFU) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      5.00       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 September 16,
2021, placed the rating(s) of SSFU under the 'issuer
non-cooperating' category as SSFU 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. SSFU
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2022, August 12, 2022, August 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).

Shiv Shakti Fibre Udyog (SSFU) was established in 2001 as a
proprietorship concern by Mr. Vinay Bansal, which was later
converted into partnership firm in 2007 with inclusion of Mr.
Rajesh Prasad as a partner. SSFU is engaged in manufacturing of
Fibre Reinforced Plastic (FRP) sheets under the brand name
"Rooffit". The Product profile largely comprises of FRP roofing
sheets, turbo ventilators, water gutters, doors frames etc. The
company has two manufacturing facilities located in Faridabad and
Sampla in Haryana State.


SHREENATH METALS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shreenath Metals's
(SM) Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The ratings will now appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR78.87 mil. Term loan due on June 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR54 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR22.5 mil. Non-fund-based working capital limits migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Shreenath Metals was established in 2001 as a proprietary concern.
The Pune-based firm is promoted and managed by Balasaheb Vitthal
Pacharne, and is engaged in aluminum casting and machining, majorly
catering to the power sector. It has a total installed capacity of
150 ton per month.


SHRINIWASA PROTEINS: Ind-Ra Hikes LT Issuer Rating to BB-
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shriniwasa
Proteins Private Limited's Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR800 mil. Fund-based working capital upgraded with IND BB-/
     Stable rating; and

-- INR20 mil. Non-fund based working capital assigned with IND
     A4+ rating.

The upgrade reflects a significant improvement in SPPL's revenue in
FY22 and Ind-Ra's expectation of it improving further in FY23.

Key Rating Drivers

SPPL's revenue increased to INR176 million in FY22 (FY21: INR8.85
million), due to the commencement of the company's solvent
manufacturing operations from July 2021. However, the plant is
operating at partial capacity. According to the management, the
solvent plant will be fully operational from October 2022 and will
help improve the revenue further in FY23. Till end-July 2022, SPPL
had achieved a revenue of INR1,030 million. The scale of operations
is small. FY22 numbers are provisional. FY22 is the first full year
of company's operations as it was incorporated only in December
2020.

SPPL's EBITDA margins were modest at 7.12% in FY22 with a return on
capital employed of 3% in FY22  as it was the first year of
operations. The management and Ind-Ra both expect the margins to
regularize at  2%-3% in FY23 due to the low-margin nature of
business.  The absolute EBITDA was INR12.58 million in FY22.

The ratings also factor in SPPL's moderate credit metrics with an
interest coverage (operating EBITDA/gross interest expense) of
4.24x (FY21: not meaningful) and a net leverage (adjusted net
debt/operating EBITDAR) of 43.84x (not meaningful). The credit
metrics were weak in FY22, due to an addition of external borrowing
at the year-end for daily business operations. However, in FY23,
Ind-Ra expects the credit metrics to improve, backed by an increase
in the absolute EBITDA.

Liquidity Indicator-Poor: SPPL's elongated net working capital
cycle stood at 1,330 days in FY22 due to the working
capital-intensive nature of business.  The company does not have
any capital market exposure and relies on a single bank and
financial institution for funding. The cash flow from operations
was negative INR560 million in FY22. SPPL's average maximum
utilization of the fund-based working capital limits was 59.39% and
that of the non-fund based was 11.45% during the 12 months ended
July 2022.  At FYE22, it had cash and cash equivalents were INR0.65
million (FYE21: INR0.20 million).

The ratings are also supported by the promotor's experience of over
five decades in oil manufacturing.

Rating Sensitivities

Positive: Any significant increase in the scale of operations,
leading to an improvement in the credit metrics as well as in the
liquidity profile all on a sustained basis, could be positive for
the ratings.

Negative: Any deterioration in scale of operations, along with
deterioration in the credit metrics or liquidity could be negative
for the ratings.

Company Profile

Incorporated in December 2020, SPPL is promoted by Shivam Sanjay
Singare, Pramod Narharrao Jadhav, Unmesh Bhaiyasaheb Patil, and
Anuj Manoharravaji Shingare. The promoter group is known as Singare
Brothers which has been in the same business from 45-50 years. The
factory has three sections of operation - oil refinery plant, oil
extraction and de-oil cake manufacturing plant, and oil packaging
unit.


TIRUMALA SEVEN: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tirumala Seven
Hills Pvt Ltd (TSHPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating;

-- INR220 mil. Non-fund-based working capital limits assigned
     with IND A4+m rating; and

-- INR10 mil. Term loans due on August 2024 assigned with IND BB-
     /Stable rating.

Key Rating Drivers

The rating reflects TSHPL's small scale of operations with its
revenue declining to INR391.96 million in FY22 (FY21: INR488.36
million), due to the COVID-19 impact on the industry as most of the
company's customers preferred to work online even after the
lockdown period, resulting less opportunities for TSHPL to position
its new products and solutions. During April to June 2022, it
booked sales of INR71.5 million. At end-July 2022, TSHPL had an
order book of INR260 million, which is scheduled to be executed
till November 2022. The management expects the company to book a
revenue of INR500 million in FY23. Ind-Ra expects TSHPL's revenue
to grow in the medium term, owing to no further COVID-19-related
restrictions and normalized operations. Its FY22 numbers are
provisional in nature.

The ratings also reflect its modest EBITDA margins with a return on
capital employed of 4% in FY22 (FY21: 9%). The margins deteriorated
to 3.72% in FY22 (FY21: 5.94%; FY20: 3.82%), owing to an increase
in variable costs to 71.58% (63.67%; 73.55%). During April to June
2022, it achieved margins of 4.98%. Ind-Ra expects the margins to
remain at a similar level in FY23 with no change in the cost
structure.

TSHPL's credit metrics remained weak due to an increase in its
total debt to INR136.50 million in FY22 (FY21: INR125.09 million)
coupled with a decrease in absolute EBITDA to INR14.57 million
(INR29 million). The gross interest coverage (operating
EBITDA/gross Interest expense) stood at 1.02x in FY22 (FY21: 1.39x)
and the net leverage (total adjusted net debt/operating EBITDA)
stood at 9.18x in FY22 (FY21: 3.46x). The net leverage excluding
letter of credit as off-balance sheet debt stood at 4.37x in FY22
(FY21: 3.89x). During April to June 2022, the gross interest
coverage stood at 1.25x. Ind-Ra expects the credit metrics to
marginally improve in FY23, owing to scheduled repayments and the
absence of debt-led-capex.

Liquidity indicator - Stretched: The peak average utilization of
fund-based working capital limits was 82.46% and non-fund-based
working capital limits was 34.65% for the 12 months ended June
2022. The cash flow from operations was positive at INR19.79
million in FY22 (FY21: negative INR73.27 million), owing to
favorable changes in its working capital. This led to a positive
free cash flow of INR17.67 million in FY22 (FY21: negative INR74.27
million). The working capital days were elongated at 281 days in
FY22 (FY21: 242 days), due to high receivable days of 209 days (205
days), coupled with an increase in the inventory days at 165 days
(128 days). The increase in the receivable days and the inventory
period was observed only in FY21 and FY22, due to COVID-19. The
cash and cash equivalents stood at INR72.80 million in FYE22
(FYE21: INR42.24 million). The company has repayment obligations of
INR3.52 million each for FY23 and FY24.

However, the ratings are supported by the promoter's more than
three decades of experience in the telecom sector.

Rating Sensitivities

Negative: Any decline in the revenue or operating EBITDA, leading
to a deterioration in the credit metrics, or a deterioration in the
liquidity position, on a sustained basis, would be negative for the
rating.

Positive: A substantial increase in the revenue and operating
EBITDA, leading to an improvement in the credit metrics with the
gross interest coverage remaining above 1.7x, and an improvement in
the liquidity position, on a sustained basis, would be positive for
the rating.

Company Profile

Incorporated in 1990, Kolkata-based TSHPL provides
telecommunication equipment and services including installations
and maintenance. It majorly caters to private operators.


UTTAM GALVA: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Uttam Galva Steels
Ltd.'s (UGSL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite requests and follow-ups by the agency. Thus, the
ratings are based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR28.4 mil. Long-term loans (Long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR4 mil. Fund-based limit (Long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR24.4 mil. Non-fund-based limit (Short-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR1 mil. Short-term debt (Short-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR2 mil. Standby limits (Short-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR2 mil. Proposed non-fund-based limit (Short-term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Key Rating Drivers

The ratings reflect UGSL's continued delays in debt servicing, the
details of which are not available. Moreover, the company has not
shared the Securities and Exchange Board of India-mandated
no-default statements with the agency for the past 12 months.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months would lead to a positive rating action.

Company Profile

Incorporated in 1985, UGSL manufactures cold-rolled sheets,
cold-rolled close annealed sheets, galvanized plain and corrugated
sheets, and color coated lines.




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

GLW GROUP: Kelera Nayacakalou Appointed as Receiver and Manager
---------------------------------------------------------------
Kelera Luvu Nayacakalou of Liquidateit on March 30, 2022, was
appointed as receiver and manager of GLW Group Limited.

The receiver may be reached at:

          Kelera Nayacakalou
          Liquidateit Limited
          2 Foxbury Court
          Hamilton 3210


JWK TRADING: Creditors' Proofs of Debt Due on Oct. 13
-----------------------------------------------------
Creditors of JWK Trading Limited are required to file their proofs
of debt by Oct. 13, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 13, 2022.

The company's liquidator is Kelera Nayacakalou.


L & H FOOD: Court to Hear Wind-Up Petition on Sept. 30
------------------------------------------------------
A petition to wind up the operations of L & H Food Traders Limited
will be heard before the High Court at New Plymouth on Sept. 30,
2022, at 2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2022.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton



TERRA NOVA: Creditors' Proofs of Debt Due on Oct. 28
----------------------------------------------------
Creditors of Terra Nova Networks Limited are required to file their
proofs of debt by Oct. 28, 2022, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Geoff Falloon
          Biz Rescue Limited
          Business Recovery and Insolvency Specialists
          PO Box 27
          Nelson 7040


WAIKATO EXPLORER: Creditors' Proofs of Debt Due on Oct. 17
----------------------------------------------------------
Creditors of Waikato Explorer 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. 17, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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

PAKISTAN: Debt Relief Requests Won't Include Commercial Creditors
-----------------------------------------------------------------
Reuters reports that Pakistan's finance minister said on Sept. 23
the South Asian nation was seeking debt relief from bilateral
creditors in the wake of devastating flooding but emphasised the
government would not seek any relief from commercial banks or
Eurobond creditor.

Pakistan's bonds had slumped to just half their face value
throughout the day after the Financial Times said a United Nations
development agency was urging the cash-strapped country to
restructure its debt.

Devastating floods engulfed large swathes of Pakistan this month,
killing more than 1,500 people and causing damage estimated at $30
billion, fanning fears that Pakistan would not meet its debts,
Reuters says.

"Given the climate-induced disaster in Pakistan, we are seeking
debt relief from bilateral Paris Club creditors," Finance Minister
Miftah Ismail said in a Tweet. "We are neither seeking, nor do we
need, any relief from commercial banks or Eurobond creditors."

A memorandum the United Nations Development Programme (UNDP) is set
to hand Pakistan's government last week said its creditors should
consider debt relief in the wake of the floods, according to the
Financial Times.

The memorandum further proposed debt restructuring or swaps, in
which creditors would forego some repayments in exchange for
Pakistan's agreement to invest in climate change-resilient
infrastructure, the paper said, Reuters relays.

Neither the foreign office in Islamabad or a UNDP spokesperson in
Pakistan immediately responded to Reuters' request for comment on
the memorandum. The country's finance and information ministers
could also not be reached.

The bond market reaction on Sept. 23 strengthened fears of another
default by Pakistan, hammering its international market government
debt.

One of the main sovereign bonds due for repayment in 2024 slumped
more than 10 cents to about 50 cents on the dollar, while another
due in 2027 fell to about 45 cents, Reuters discloses.  

Miftah Ismail had told a Reuters interview earlier last week that
there was no chance of a credit default risk.

According to Reuters, the government needs to pay $1 billion on
bonds maturing in December. It has interest payments worth around
$0.6 billion for the 2022-23 fiscal year but the next full bond
redemption is not until April 2024.

Reuters relates that Miftah said in Sept. 23's Tweet that the $1
billion bond would be paid on time and in full.

Prime Minister Shehbaz Sharif also appealed on Sept. 23 to rich
nations for immediate debt relief, saying what had been done was
commendable, but adding, "It's far from meeting our needs."

Sharif, who along with Ismail is in New York to attend the U.N.
General Assembly, told Bloomberg TV that Pakistan had taken up the
debt relief issue with U.N. Secretary General Antonio Guterres and
world leaders, Reuters relays.

"We have spoken to European leaders and other leaders to help us in
Paris club, to get us a moratorium," he said, referring to rich
nation creditors.

Reuters adds that Sharif and finance minister Ismail said they had
also taken up the relief issue with the International Monetary Fund
and the World Bank.

According to Reuters, Ismail said the IMF has "almost agreed" to
the request for easing the conditions of Pakistan's $7 billion
programme that was resumed in July after being delayed for months.

"They've said almost yes," he told local Pakistani Dunya News TV in
New York a day after Sharif met the IMF's managing director.

The country of 220 million would not be able to stand on its feet,
Sharif added, "unless we get substantial relief," Reuters relays.

He said Pakistan would also seek relief from long-time ally China,
to which it owes about 30% of its external debt, adds Reuters.

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

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




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

AURAHERA PTE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Aurahera Pte Ltd, on Sept. 15, 2022, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Tee Wey Lih
          c/o Acres Advisory
          531A Upper Cross Street #03-128
          Singapore 051531


DA NING: Creditors' Proofs of Debt Due on Oct. 21
-------------------------------------------------
Creditors of Da Ning Marine Pte. Ltd. and Tong Ning Marine Pte.
Ltd. are required to file their proofs of debt by Oct. 21, 2022, to
be included in the company's dividend distribution.

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

The company's liquidators are:

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


JJ MART: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Sept. 9, 2022, to
wind up the operations of JJ Mart Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


LEONG HIN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Sept. 16, 2022, to
wind up the operations of Leong Hin Seng Civil Engineering Pte.
Ltd.

Tay Tuang Heng filed the petition against the company.

The company's liquidators are:

          Joshua James Taylor
          Chew Ee Ling
          c/o Alvarez & Marsal (SE Asia)
          Six Battery Road, #16-01/02
          Singapore 049909


SFT JAPAN: Creditors' Proofs of Debt Due on Oct. 25
---------------------------------------------------
Creditors of SFT Japan Pte. Ltd. are required to file their proofs
of debt by Oct. 25, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 19, 2022.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




=================
S R I   L A N K A
=================

SRI LANKA: Aims to Have USD2.9BB IMF Loan Finalised in December
---------------------------------------------------------------
Reuters reports that Sri Lanka expects the International Monetary
Fund board to approve a $2.9 billion loan by year-end, officials
from the country's central bank told investors during a virtual
presentation on Sept. 23, sources participating in the event said.

Sri Lanka is struggling with its worst economic crisis in more than
seven decades, which has led to shortages of essentials and the
ouster of a president.

According to the report, the IMF board approval of the loan is
expected by mid-December. From now until mid-November, the country
aims to get financing assurances from public- and private-sector
creditors.

Sri Lanka targets agreements in principle with all its creditors
between the last quarter of the year and the second quarter of
2023, the sources participating in the event said, Reuters relays.

The country earlier this month reached a staff-level agreement with
the IMF for the loan of about $2.9 billion, contingent on it
receiving financing assurances from official creditors and
negotiations with private creditors, Reuters notes.

"It's going be very tough, but so much of it depends on China,
basically one creditor, so maybe it can be done," said a bondholder
who requested anonymity, notes the report.

Reuters says the virtual presentation to investors on Sept. 23
marks the first time the Sri Lankan government has formally engaged
with private bondholders after deciding earlier this year that it
would restructure $13 billion in international sovereign bonds,
held by private creditors such as asset managers BlackRock and
Ashmore.

Central Bank Governor Nandalal Weerasinghe and Treasury Secretary
Mahinda Siriwardena participated in the virtual presentation, along
with representatives of financial and legal advisers Lazard and
Clifford Chance.

"This was a fairly typical kind of introductory presentation that
we've seen a lot of times before," the bondholder said, notes
Reuters. "The government lays how bad the situation is basically
trying to anchor expectations towards a deep haircut."

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.

On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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