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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

          Thursday, October 13, 2022, Vol. 25, No. 199

                           Headlines



A U S T R A L I A

BRAZILIAN BEAUTY: First Creditors' Meeting Set for Oct. 21
HOGAN FITNESS: First Creditors' Meeting Set for Oct. 20
IC TRUST 2022-1: Moody's Assigns B2 Rating to AUD5.8MM Cl. C Notes
LUXURY RETAIL: Mulberry Franchisee Owes Staff AUD400,000 in Super
OZ INNOVATORS: First Creditors' Meeting Set for Oct. 24

RAILER PTY: First Creditors' Meeting Set for Oct. 20
VELLA'S PLANT: Second Creditors' Meeting Set for Oct. 20


C H I N A

CHINA EVERGRANDE: Moody's Withdraws 'Ca' Corporate Family Rating
CHINA: CDS Hit Highest in More Than 5 Years, S&P Data Shows
JINGRUI HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
KAISA GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
SUNAC CHINA: Moody's Withdraws 'Ca' Corporate Family Rating



I N D I A

AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating
AJNARA INDIA: ICRA Lowers Rating on INR848cr LT Loan to D
ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
BASANTDEVI CHARITABLE: ICRA Keeps D Rating in Not Cooperating
BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating

BOSHAN DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
CASTINGS DYNAMICS: CARE Keeps D Debt Ratings in Not Cooperating
DHARTI DREDGING: CARE Keeps D Debt Ratings in Not Cooperating
G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
GLOBAL ENVIRO: ICRA Withdraws D Rating on INR4.0cr LT Loan

JONAS PETRO: ICRA Keeps D Ratings in Not Cooperating Category
JUHI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating
LAVASA HOTEL: CARE Keeps D Debt Rating in Not Cooperating
MAA MAHARANI: CARE Keeps D Debt Rating in Not Cooperating

METROWORLD TILES: CARE Cuts Rating on INR9.54cr LT Loan to C
MIRAYA REALTY: ICRA Moves D Debt Rating on NCD to Not Cooperating
PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category
PERMALI WALLACE: ICRA Withdraws D Rating on INR41.23cr Term Loan
PRIYA AGRO: CARE Keeps C Debt Rating in Not Cooperating

PROVENTUS AGER: CARE Keeps D Debt Rating in Not Cooperating
RAHIL COLD: CARE Keeps C Debt Rating in Not Cooperating
S. GURUSIDDAIAH: CARE Keeps C Debt Rating in Not Cooperating
SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
SEVA VIKAS: RBI Cancels Licence; To Be Liquidated

SINDHANUR GANGAVATHI: CARE Keeps D Debt Rating in Not Cooperating
SU TOLL: ICRA Lowers Rating on INR588cr Term Loan to C+
UMA JEWELLERS: ICRA Keeps D Debt Ratings in Not Cooperating
UMACHI FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating

[*] INDIA: RBI Allows Asset Recast Cos. to Acquire Bankrupt Firms


J A P A N

TOSHIBA CORP: Chooses JIP-led Group as Preferred Bidder for Buyout


N E W   Z E A L A N D

DREAMWEAVER LIMITED: Creditors' Proofs of Debt Due on Nov. 4
FC2 LIMITED: Court to Hear Wind-Up Petition on Oct. 20
FIRST CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 20
LALSAT NZ: Creditors' Proofs of Debt Due on Nov. 25
NEWALL BROTHERS: Court to Hear Wind-Up Petition on Oct. 27

RUAPEHU ALPINE: Skifield Operator Taps Voluntary Administrators


P A K I S T A N

ALLIED BANK: Moody's Cuts Deposit Rating to Caa1, Outlook Negative
PAKISTAN WATER: Moody's Cuts CFR to Caa1, Outlook Remains Negative

                           - - - - -


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

BRAZILIAN BEAUTY: First Creditors' Meeting Set for Oct. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Brazilian
Beauty (Stores) Pty Ltd will be held on Oct. 21, 2022, at 10:00
a.m. at the offices of McLeod & Partners, Level 9, 300 Adelaide
Street, in Brisbane, Queensland.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of the company on Oct. 11, 2022.


HOGAN FITNESS: First Creditors' Meeting Set for Oct. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hogan
Fitness Co Pty Ltd, trading as Fitstop Helensvale, will be held on
Oct. 20, 2022, at 10:00 a.m. via teleconference.

Nick Keramos and Bill Karageozis of McLeod Partners were appointed
as administrators of the company on Oct. 10, 2022.


IC TRUST 2022-1: Moody's Assigns B2 Rating to AUD5.8MM Cl. C Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited as
trustee of IC Trust 2022-1.

Issuer: IC Trust Series 2022-1

AUD61.0 million Class A Notes, Assigned A3 (sf)

AUD3.9 million Class B Notes, Assigned Ba2 (sf)

AUD5.8 million Class C Notes, Assigned B2 (sf)

AUD9.3 million Class D Notes are not rated by Moody's

IC Trust 2022-1 is a cash securitisation of non-conforming consumer
and commercial auto loans extended to borrowers in Australia. The
loans were originated by Fin One Pty Ltd (Fin One, unrated) and Fin
One Commercial Pty Ltd (Fin One Commercial, unrated), both wholly
owned subsidiaries of Investors Central Limited (unrated) and are
serviced by Fin One.

Fin One, a privately owned non-bank lender, was established in 2010
with a focus of providing auto loans to non-conforming consumer
borrowers in the Australian market. In 2016, the lender expanded
into financing of commercial auto loans.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity reserve in the amount of 2.50% of the
stated balance of the notes, the legal structure, and the
experience of Fin One as servicer and the availability of a back-up
servicer.

According to Moody's, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables and the availability of
a yield reserve.

At the same time, Moody's notes that the transaction features some
credit weaknesses such as high proportion of borrowers with lower
credit scores and exposure to interest rate risk.

In addition, Moody's notes that Fin One is a specialist servicer of
non-conforming auto loans. In an event of servicer transfer, there
is a risk of higher level of defaults in the portfolio, if the
substitute servicer does not have the same specialised approach to
servicing as Fin One. Furthermore, Moody's notes Fin One's
relatively limited securitisation experience (the lender started
securitising only in 2021) and its concentrated ownership
structure.

Notable transactional features are as follows:

While the assets in the pool are fixed rate, the rated notes bear
a floating rate of interest — bank bill swap rate (BBSW) plus the
respective fixed note margins. There is no hedging in this
transaction, which represents a material risk in a rising interest
rate environment. Moody's have taken this into account in Moody's
analysis by incorporating BBSW increases over the life of the
transaction.

Once step-down conditions are satisfied, all notes, excluding the
class D notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, that the subordination
to the Class A notes is at least 1.5 times the initial level of
subordination, and that there are no unreimbursed charge-offs.

A yield reserve will be available to cover interest payment
shortfalls on the required payments and any losses not covered by
the excess spread. The reserve is not funded at closing and will
build up from excess spread up to an amount of 2% of the initial
invested amount of the notes, that is AUD1,600,000. If the notes
are not redeemed on the call date, all excess available income will
be trapped in the yield reserve.

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

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 48.0%. Moody's mean expected
default rate for this transaction is 15.8% and the assumed recovery
rate is 10.0%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
auto ABS.

The assumed default rate and PCE are higher than that for other
Australian auto ABS, reflecting the non-conforming nature of the
securitised portfolio. The lower-than-average assumed recovery rate
reflects Fin One's historical experience.

Key pool features are as follows:

The weighted average seasoning of the portfolio is 8.7 months,
while the weighted average remaining term is 51.4 months;

Weighted average Equifax credit score for the pool is 504. Around
54.1% of loans in the pool are to borrowers with Equifax credit
score below 500;

Interest rates in the portfolio range from 12.0% to 26.0%, with a
weighted average interest rate of 20.2%;

Around 83.6% of the loans are secured by used vehicles;

Around 59.3% of the pool is composed of consumer loans and 40.7%
of the pool is composed of commercial loans.

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

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

Upgrade

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Ratings could also be upgraded, reflecting the accumulation of
experience by the servicer, together with a lowering of operational
risk associated with relatively small originators.

Downgrade

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

LUXURY RETAIL: Mulberry Franchisee Owes Staff AUD400,000 in Super
-----------------------------------------------------------------
Australian Financial Review reports that staff of the independent
Australian franchisee of luxury lifestyle brand Mulberry, run by
the same retailers behind collapsed streetwear business Sneakerboy,
are owed more than AUD400,000 in superannuation payments.

In early August, the Australian subsidiary of London-listed
Mulberry Group appointed McGrathNicol receivers of Luxury Retail
No.1 due to concerns about the ongoing viability of the business.
Luxury Retail No.1 is an independent franchise and not part of the
Mulberry Group.

Around 170 staff of Luxury Retail No.1 were owed AUD575,851 in
entitlements as of late September, AFR discloses citing a report
filed to the Australian Securities and Investments Commission by
McGrathNicol partner Barry Kogan last week. This total included
AUD415,695 of superannuation payments, including multiple staff
members who are owed more than AUD20,000 in superannuation.

Mulberry committed funding and support to keep the business running
as usual, including making sure employees continue to work and get
paid, customer orders are honoured, and the five outlets in
Australia remain open.

According to AFR, the report also showed Luxury Retail No.1 went
into receivership owing creditors more than AUD19.7 million,
including more than AUD4.1 million owed to Mulberry for which the
UK-based company registered security over the independent
franchisee.

A related entity, Luxury Retail Treasury, was also listed as being
owed more than AUD8.4 million. Luxury Retail Treasury went into
administration in early July as part of a group of companies
related to streetwear business Sneakerboy which collapsed.

AFR relates that Mr. Kogan warned on September 23 that a report
filed in August by Luxury Retail No.1 director Nelson Mair to
McGrathNicol about the company's activities and assets "contains
material inaccuracies."

"The reporting officer has ranked Luxury Retail Treasury (LRT) Pty
Limited, a related party as a secured creditor. The controllers
have not been provided with any documentation to support the claim
that LRT is a secured creditor and therefore, based on current
information, LRT should be ranked as an unsecured creditor,"
Mr. Kogan wrote in a letter accompanying the report filed by Mr.
Mair, AFR relays.

"Based on the above findings, the controllers consider the ROCAP
[Report on Company Activities and Property] lodged by the reporting
officers contains material inaccuracies. Accordingly, the
controllers consider that the ROCAP does not appropriately reflect
the affairs of the company."

A Personal Property Securities Register search by The Australian
Financial Review showed there were 15 securities registered on
Luxury Retail No.1. However, they were only registered by Mulberry
and local business lender Bizcap.

Mulberry supplied Luxury Retail No.1, which ran five
Mulberry-branded stores through Sydney and Melbourne, as well as
some aspects of local digital sales.

Luxury Retail No.1 is owned by four entities related to its two
directors Theo Poulakis and Mr. Mair.

Mr. Mair and Mr. Poulakis were also directors and owners, through
corporate vehicles, of Luxury Retail Group, Sneakerboy and three
other entities which had administrators Hamilton Murphy appointed
in early July by Sydney-based financier Octet.

Mulberry's appointment of receivers to Luxury Retail No.1 is
separate from the collapse of Sneakerboy and the other entities
which went into administration in July, AFR notes. On Oct. 10, the
Financial Review revealed Sneakerboy had been sold to UK-listed
apparel and sportswear firm Frasers Group.

Before administrators were appointed, Sneakerboy was 50-50 owned by
holding companies held by directors Mr. Poulakis and Mr. Mair. The
chain's operating company Luxury Retail Group was similarly split
between Mr. Poulakis and Mr. Mair, although through four entities,
similarly structured to Luxury Retail No.1.

Sneakerboy collapsed owing staff more than AUD500,000 in
superannuation and leave entitlements and bills of more than AUD17
million to suppliers, including more than AUD12 million owed to
related entity Luxury Retail Treasury.

Frasers Group will keep Sneakerboy staff and run the business, AFR
says. It will assume employee entitlements, but it will not take on
any other liabilities of the original Sneakerboy business.


OZ INNOVATORS: First Creditors' Meeting Set for Oct. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of OZ
Innovators (Australia) Pty Ltd, formerly trading as OzSecrets, will
be held on Oct. 24, 2022, at 10:00 a.m. via virtual meeting
technology.

Bill Karageozis of McLeod & Partners was appointed as administrator
of the company on Oct. 12, 2022.


RAILER PTY: First Creditors' Meeting Set for Oct. 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of Railer Pty
Ltd will be held on Oct. 20, 2022, at 10:30 a.m. via virtual
facilities.

Robyn Erskine and Adrian Hunter of Brooke Bird were appointed as
administrators of the company on Oct. 11, 2022.


VELLA'S PLANT: Second Creditors' Meeting Set for Oct. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Vella's Plant
Hire Pty Ltd has been set for Oct. 20, 2022, at 10:00 a.m. via
virtual meeting technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 19, 2022, at 5:00 p.m.

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




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

CHINA EVERGRANDE: Moody's Withdraws 'Ca' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn China Evergrande Group's
(Evergrande) corporate family rating and senior unsecured ratings,
the CFRs of Hengda Real Estate Group Company Limited and Tianji
Holding Limited, and Scenery Journey Limited's backed senior
unsecured ratings.

The affected ratings are as follows:

  Evergrande's Ca CFR and its C senior unsecured ratings have been
withdrawn;

  Hengda's Ca CFR has been withdrawn;

  Tianji's C CFR has been withdrawn; and

  Scenery Journey's C backed senior unsecured ratings have been
withdrawn.

Prior to the withdrawal, the rating outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

China Evergrande Group (Evergrande) is a developer in China that
was founded in 1996 in Guangzhou. The company has rapidly expanded
its business across China over the past few years. As of June 2021,
its land bank totaled 214 million square meters in gross floor
area.

Hengda Real Estate Group Company Limited (Hengda) is Evergrande's
property arm and flagship subsidiary. The company was also founded
in 1996 in Guangzhou, and has rapidly expanded its business across
the country over the past few years.

Evergrande is Hengda's largest shareholder, with a 60% stake in the
company as of December 2020.

Incorporated in Hong Kong SAR, China in 2009, Tianji Holding
Limited is an offshore holding company that houses some of Hengda's
property projects in China and overseas, including Hengda's Hong
Kong headquarters. Hengda owns 100% of Tianji, which owns 100% of
Scenery Journey Limited.

CHINA: CDS Hit Highest in More Than 5 Years, S&P Data Shows
-----------------------------------------------------------
Reuters reports that the cost of insuring exposure to China's
sovereign debt rose to the highest level since January 2017 on Oct.
11, data from S&P Global Market Intelligence showed.

China's five-year credit defaults swaps added 5 basis points (bps)
from Oct. 10's close to hit 112 bps, the data showed, Reuters
relays. China CDS started the year at 40 bps.

With the exception of its deeply indebted property sector, which
has also been the target of a policy crackdown, China's external
debt levels are contained.

However, prolonged COVID-19 lockdowns and long-running disputes
over technology with the United States have weighed heavily on
domestic consumption and growth, Reuters says.


JINGRUI HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Jingrui Holdings Limited's
Ca corporate family rating and its C senior unsecured ratings.     
  
   
Prior to the withdrawal, the ratings outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Jingrui Holdings Limited is a Shanghai-based property developer.
The company listed on the Hong Kong Stock Exchange in October 2013.
It was established in 1993 as Shanghai Jingrui Property Development
Company by a group of businessmen, including its current key
shareholders and executive directors, Mr. Chen Xin Ge and Mr. Yan
Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China.     

KAISA GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Kaisa Group Holdings Ltd's
Ca corporate family rating and its C senior unsecured ratings.

Prior to the withdrawal, the rating outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

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

SUNAC CHINA: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Sunac China Holdings
Limited's Ca corporate family rating and its C senior unsecured
ratings.

Prior to the withdrawal, the rating outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Sunac China Holdings Limited, which listed on the Hong Kong Stock
Exchange in 2010, is an integrated residential and commercial
property developer with projects in China's main economic regions.

As of the end of June 2021, Sunac's land bank by attributable gross
floor area in China, including those of its joint ventures and
associates, was 164 million square meters. Its revenue was RMB230.6
billion ($35.5 billion) in 2020.



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

AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long term and Short term ratings for the bank
facilities of Ajay Engicone Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA] D/[ICRA]
D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         0.28       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         8.47       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Limits                        Cooperating' Category

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

Incorporated in March 1997, AEPL constructs and maintains roads,
dams, canals and bridges in the states of Jharkhand and Bihar. The
company is registered as a Class-I contractor with the Road
Construction Department, Jharkhand. In 1997, it took over the
entire business of the partnership firm - M/s Ajay Construction,
which had been in the same line of business since 1982.


AJNARA INDIA: ICRA Lowers Rating on INR848cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ajnara India Limited (AIL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–        848.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating downgraded from
   Term Loan                     [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term–         82.00      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects Public Announcement for Corporate
Insolvency as mentioned in publicly available sources. The rating
is based on limited information on the entity's performance since
the time it was last rated on Dec 30, 2022. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

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

Incorporated in 1991 as a private limited company, Ajnara India
Limited (AIL) was earlier known as Ajnara Farms and Services
Limited. AIL is a closely-held company managed by three brothers
namely Mr. Pramod Kumar Gupta, Mr. Ashok Gupta and Mr. Vinod Gupta.
The company has completed several Group housing projects in the
National Capital Region (NCR) and is currently developing five
Group housing projects: Ajnara Integrity in Ghaziabad, Ajnara
Heritage in Noida, Ajnara Ambrosia in Noida, Ajnara Panorama and
Ajnara Sports City in Greater Noida. AIL has also recently launched
Ajnara Fragrance, a project being undertaken under the PMAY-U.


ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Annapurna
Trading Company in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         8.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         2.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Non Fund Based                Cooperating' Category

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

Established in 2011 and promoted by Mr. Ritesh kumar Singh, ATC is
a proprietorship entity involved in trading agro commodities
namely, maize, cotton-seed cake, wheat, rice and paddy. Based out
of Nagpur, the entity sources the trading products from western and
northern India, which are sold to traders, cattle feed and
poultry-feed factories and starch factories based out of
Maharashtra and Chhattisgarh.


BASANTDEVI CHARITABLE: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Basantdevi
Charitable Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        15.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Formed in 1991, Basantdevi Charitable Trust runs 6 educational
institutions under the flagship brand name 'MITS Group' in Rayagada
and Bhubaneswar in Odisha. The trust established its first college
named 'Majhighariani Institute of Technology & Science (MITS)' in
1991. Over the years the trust has added various courses under the
same college and also five other colleges/institutions.


BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bochem
Healthcare Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan          6.72       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

   Bank Guarantee     2.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Letter of credit   3.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013
in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of
formulation in various dosage forms, ie, tablets, capsules and ORS
(General group) at its WHO GMP certified facility at Nagziri,
Ujjain. Mr. Sunil Kumar Jain is the promoter of the company.


BOSHAN DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Boshan
Developers Private Limited (BDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Established in the year 1996, BDPL is engaged in the business of
real estate development. Further from FY16, the company also
ventured into hospitality business and is managing a hotel at Goa.


CASTINGS DYNAMICS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Castings
Dynamics Limited (CDL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.49      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           23.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 27, 2021,
placed the rating(s) of CDL under the ‘issuer non-cooperating'
category as CDL 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. CDL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2022, June 22, 2022, July 2, 2022.

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

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

Incorporated in 1994, Indsur Global Limited, now known as Castings
Dynamics Limited (CDL) (w. e. f October 19, 2019) is a closely held
company taken over by Indsur group in the year 2004. Currently, the
company is engaged in the business of manufacturing of insulator
and auto castings, with insulator castings contributing.


DHARTI DREDGING: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dharti
Dredging and Infrastructure Limited (DDIL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       79.96      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/         208.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 28, 2021,
placed the rating(s) of DDIL under the ‘issuer non-cooperating'
category as DDIL 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.

DDIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 13, 2022, June 23, 2022, July 3, 2022.

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

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

Incorporated in 1993, Dharti Dredging and Infrastructure Ltd (DDIL)
is a Hyderabad-based company engaged in the work of dredging,
mainly capital dredging. In addition to dredging activities, the
company also undertakes trenching and back filling works related to
offshore pipeline installation, road embankment projects,
de-weeding of lakes, land reclamation etc. DDIL has executed
dredging projects in India, the Middle East, Myanmar and Indonesia.
DDIL commenced its operations with one dredging unit at Paradeep
Fishing Harbor in 1993. Over the years, it has executed various
dredging projects and post amalgamation with MDPL (Marine Dredging
Pvt. Ltd) DDIL owns a fleet of 16 dredgers (mostly cutter suction
dredgers).

G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term of G.N. Bullion Private Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2009, G. N. Bullion Private Limited (GNBPL) is
mainly involved in manufacturing and selling of gold jewellery in
the wholesale market. The company's jewellery manufacturing
operation is carried out on jobwork basis. In addition, it
manufactures silver coins in small volumes at its own workshop in
Kolkata. The clientele of the company primarily comprises domestic
jewellery retailers in the eastern India.


GLOBAL ENVIRO: ICRA Withdraws D Rating on INR4.0cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Global Enviro Air Systems Private Limited at the request of the
company and based on the No Objection certificate (NOC) received
from its banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                   

   Long-term/         1.25       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Withdrawn
   Unallocated                   
   Non Fund Based                

Global Enviro Air Systems Private Ltd is the flagship company of
the Global group which began operations in 1999 and it undertakes
manufacturing and installation of pollution control equipment which
includes Clean Rooms, HVAC (Heating, Ventilation and Air
Conditioning) systems, Bag Filters, Centrifugal Blowers, Axle Flow
Blowers, Dust Extraction Systems, Fume Extraction Systems etc.


JONAS PETRO: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jonas
Petro Products Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         0.75       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         2.84       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         1.91       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term–        0.05       [ICRA]D; ISSUER NOT
COOPERATING;
   Bank Guarantee                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term–        1.45       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Jonas Petro Products Private Limited (JPPPL) was established in the
year 2010 and is engaged in conversion of waste oil to recycled
fuel oil/reclaimed fuel oil (RFO). JPPPL has a storage and
processing unit of 12000 kilo liter per annum situated in
Mangalore, Karnataka. The company also has a well-equipped
wastewater treatment facility. The company commenced its operations
in April 2012.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      219.10      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 July 20, 2021,
placed the rating(s) of JIPL under the ‘issuer non-cooperating'
category as JIPL 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. JIPL continues to be
non-cooperative 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).

JIPL, incorporated in October 1998, is promoted by Mr Mithilesh
Pandey and Mr. Sanjay Kumar Shah. JIPL is engaged in the business
of manufacturing TMT bars at its plant located in Saraikela,
Jharkhand having an installed capacity of 96,000 MTPA, having a
light section mill (24,000 MTPA), pipe plant (80,000 MTPA) and
Galvanising plant (30,000 MTPA). The Company sells its products in
the local market through a network of dealers under the regionally
known brand name "Ultrashakti". The board of directors consists of
promoter directors, Mr Mithilesh Pandey (Chairman) and Mr. Sanjay
Kumar Shah.

LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term Rating of Lalita Foamex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         4.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Lalita Foamex Private Limited (LFPL) incorporated in April, 2013 by
Mr. Bibekanada Pati and Mr. Aditya Pati in Bolangir, Odisha is
involved in manufacturing and sales of general purpose polystyrene
(GPPS) disposable products such as bowls, plates and dinnerware.
The manufacturing facility of the company commenced on 28th June,
2014 and has an annual installed capacity of 600 metric tonnes.


LAVASA HOTEL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lavasa
Hotel Limited (LHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.38      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 21, 2021,
placed the rating(s) of LHL under the ‘issuer non-cooperating'
category as LHL 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. LHL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2022, June 16, 2022, June 26, 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).

Lavasa Hotel Ltd (LHL) is a full-service hotel promoted by Lavasa
Corporation Limited (LCL) situated at the Sahyadri Mountains across
the Warasgaon Lake in Dasve district, Lavasa, Maharashtra.


MAA MAHARANI: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Maharani Rice Mill (MMRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.07       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 30,
2021, placed the rating(s) of MMRM under the ‘issuer
non-cooperating' category as MMRM 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. MMRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2022, July 26, 2022, August 5, 2022.

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

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

Maa Maharani Rice Mill (MMRM) was constituted as a partnership firm
via partnership deed dated April 1, 2013. However, the firm is
currently governed by the partnership deed dated August 31, 2016
and it is managed by Mr. Uma Shankar Singh, Mr. Avinash Singh and
Mr. Arvind Kumar Singh. The firm has commenced operations from
April 2014 onwards and it is into processing and milling of
non-basmati rice. The manufacturing facility of the firm is located
at Wazidpur, Bihar with an installed capacity of 38880 metric ton
per annum.


METROWORLD TILES: CARE Cuts Rating on INR9.54cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Metroworld Tiles Private Limited (MTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.54       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 26, 2021,
placed the rating(s) of MTPL under the ‘issuer non-cooperating'
category as MTPL 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. MTPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 2022.

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

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

The ratings assigned to the bank facilities have been revised on
account of non-availability of requisite information. The ratings
also consider accumulation of net losses as well as weak debt
coverage indicators during FY21.

Morbi (Gujarat) based Metroworld Tiles Private Limited (MTPL), a
closely held private limited company, was incorporated in 2009 by
Mr. Dilip R. Patel and his family members. MTPL is a part of "Metro
Group" (MG), having presence in various segments of the ceramic
tiles industry. MTPL operates from its manufacturing facility
located in ceramic cluster (Morbi) and has an installed capacity to
manufacture 36,000 MTPA of porcelain tiles as on March 31, 2017.


MIRAYA REALTY: ICRA Moves D Debt Rating on NCD to Not Cooperating
-----------------------------------------------------------------
ICRA has moved the rating for the Non-Convertible Debenture
programme of Miraya Realty Private Limited (MRPL) to the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-Convertible     37.50      [ICRA]D ISSUER NOT COOPERATION;
   Debenture (NCD)                Rating Moved to the 'Issuer Not
                                  Cooperating' Category

As part of its process and in accordance with its rating agreement
with MRPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. However, despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the firm's rating has been moved to the "Issuer
Not Cooperating" category. The rating action has been taken in
accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.

Miraya Realty Private Limited (MRPL) is a part of the Forum Realty
Group of companies, promoted by Mr. S. M. Saraf and his son, Mr.
Rahul Saraf, who joined the business in 1987. The Group primarily
develops real estate and caters to the information technology,
residential and retail spaces in Kolkata through various Group
companies. The Group has developed around 17 lakh square feet of
commercial real estate till date. MRPL was floated for NCD issuance
to support Forum Homes Private Limited's (FHPL) project,
Serendipity, a residential project in Bandra Kurla Complex (BKC).
The company has acquired 18 housing units in Serendipity, funded
through these NCDs, which has been shown as a sale for FHPL. FHPL
will sell these units along with the rest of the project. The sales
proceeds, thus generated, will be utilised to provide an exit to
the investor (MRPL).


PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term rating for the bank facilities of
Pan India Infraprojects Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        641.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        559.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

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

PIIPL is part of the Essel Group and functions as the nodal EPC
agency for various projects undertaken by the Group. PIIPL is
involved in sectors like road, power transmission, solar, waste
management, water distribution, etc. EIL, the Essel Group's holding
company in the infrastructure segment, bids and executes projects
through project specific SPVs. These SPVs award the project
management/execution contracts to PIIPL, who in turn sub-contracts
projects to various contractors. The company was incorporated in
2000 as Pan India Infrastructures Private Limited (Pan India), a
wholly owned subsidiary of EIL, held entirely by Mr. Subhash
Chandra and family. PIIPL was formed in FY2013 when the erstwhile
Pan India was merged with a Group company, Essel Sports Private
Limited (ESPL). Subsequently, PIIPL merged the operations of its
wholly owned subsidiary, Essel Urban Infrastructures Private
Limited (EUIPL), with itself in FY2014. PIIPL is currently held
entirely by two entities that are directly or indirectly held by
the Essel Group's promoters, Mr. Subhash Chandra and family.


PERMALI WALLACE: ICRA Withdraws D Rating on INR41.23cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn long term and Short term ratings of Permali
Wallace Private Limited at the request of the company and based on
the No Objection certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                   

   Long-term–        41.23       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                   

   Short Term-       13.25       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Withdrawn
   Based-Others      

Permali Wallace Private Limited (PWPL) was established in 1961 in
technical and financial collaboration with Permali Limited,
Gloucester, U.K. and Chase Lowe & Co., Manchester, U.K. The company
started as a manufacturer of wood based densified impregnated
laminates for industrial and engineering applications and expanded
its products range to include veneer based components, glass
reinforced composites, sheet moulding compounds (SMC), dough
moulding compounds (DMC), moulded components, epoxy resin castings,
etc.


PRIYA AGRO: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Priya
Agro Farms (SPAF) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 12,
2021, placed the rating(s) of SPAF under the ‘issuer
non-cooperating' category as SPAF 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. SPAF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 28, 2022, July 8, 2022, July 18, 2022.

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

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

Sri Priya Agro Farms (SPAF) was established in the year 2006 and
promoted by Mr. Bommareddy Gokul Kumar Reddy (Managing Partner) and
Mrs. Bommareddy Aruna Kumari (Partner). The firm is engaged in
farming of egg, laying poultry birds (chickens) and trading of
eggs, cull birds and their Manure. The firm sells its products like
eggs and cull birds in West Bengal, Bhopal, Assam, Orissa to
retailers through own sales personnel and through some dealers. The
firm mainly buys chicks (small chickens) and raw materials for
feeding of birds like rice broken, maize, sun flower oilcake, shell
grit, minerals and soya from local traders.


PROVENTUS AGER: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Proventus
Ager India Private Limited (PAIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.00      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 27, 2021,
placed the rating(s) of PAIPL under the ‘issuer non-cooperating'
category as PAIPL 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. PAIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2022, June 22, 2022, July 2, 2022.

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

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

Vadodara-based PAIPL is promoted by Mr Doraprasad Nimmagada
(promoter of Jay Polypack Private limited and Jay Agro Industries)
in January 2015. The board of directors of PAPL comprises of Mr
Doraprasad Nimmagada, his wife Mrs Aruna Nimmagada and his son Mr.
Vijay Nimmagada. PAIPL has commenced the trading operations during
FY16 (refers to the period April 1 to March 31) from May 2015. The
company primarily procures Agrochemicals, Pesticides and
Insecticides from its group entity i.e. Jay Agro Industries and
markets it through dealers across the country.


RAHIL COLD: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rahil Cold
Storage LLP (RCSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.25       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 21, 2021,
placed the rating(s) of RCSL under the ‘issuer non-cooperating'
category as RCSL 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. RCSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2022, June 16, 2022, June 26, 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).

RCSL was incorporated in July 2013 by Mr. Kaushikbhai Shukla and
Mr. Rahilbhai Shukla. RCSL was incorporated with main objective to
preserve fruits and food for longer duration at its cold storage
facilities, Bagodra with total installed capacity of 3,500 metric
tonne per annum (MTPA).

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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2021, placed the rating(s) of SG under the ‘issuer
non-cooperating' category as SG 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. SG
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).

Karnataka based, S. Gurusiddaiah (SG) was established as a
proprietorship firm in the year 2013 and promoted by Mr. S.
Gurusiddaiah. The firm is engaged in providing warehouses on lease
rental basis. The rural godowns are used for storage of various
consumer goods such as bricks, cement bags, paint cans, cables,
wires, etc. The property is built on a total land area of 1.57
acres and comprises of 3 godowns, with aggregate storage capacity
of around 65740 MT. Commercial operations for two godowns were
started in 2016 and for third godown, the commercial operations
started from September 2018. Some of the regular customers of the
firm are Bharti Airtel Limited, Alpha Packaging Private Limited,
Sami Labs Limited and Athara Oil Industry, from whom the firm earns
revenue by sale of sites, for the storage of various goods. Apart,
the firm is also engaged in trading of various goods such as
bricks, cement bags etc. to local customers.


SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sardar
Cotton in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit       10.50       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan          0.80       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established as a partnership firm in 2012, Sardar Cotton (SC) is
engaged in cotton ginning and pressing operations. The firm is
managed by Mr. Pravin Patel along with 2 other partners with
manufacturing facility located near Rajkot, Gujarat. The firm has
24 ginning machines and 1 pressing machine having a cumulative
processing capacity to manufacture 100 bales per day with 12 hours
of operations. The major raw material of the firm is Shankar-6
which is procured directly from the farmers located in Rajkot, and
close by areas at market prices on cash payment basis.


SEVA VIKAS: RBI Cancels Licence; To Be Liquidated
-------------------------------------------------
The Reserve Bank of India (RBI), vide order dated Oct. 10, 2022,
has cancelled the licence of "The Seva Vikas Co-operative Bank
Ltd., Pune, Maharashtra." Consequently, the bank ceases to carry on
banking business, with effect from the close of business on Oct.
10, 2022. The Commissioner for Cooperation and Registrar of
Cooperative Societies, Maharashtra has also been requested to issue
an order for winding up the bank and appoint a liquidator for the
bank.

The Reserve Bank cancelled the licence of the bank as:

     i. The bank does not have adequate capital and earning
prospects. As such, it does not comply with the provisions of
Section 11(1) and Section 22 (3) (d) read with Section 56 of the
Banking Regulation Act, 1949.

    ii. The bank has failed to comply with the requirements of
Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e)
read with Section 56 of the Banking Regulation Act, 1949;

   iii. The continuance of the bank is prejudicial to the interests
of its depositors;

    iv. The bank with its present financial position would be
unable to pay its present depositors in full; and

     v. Public interest would be adversely affected if the bank is
allowed to carry on its banking business any further.

Consequent to the cancellation of its licence, "The Seva Vikas
Co-operative Bank Ltd., Pune, Maharashtra." is prohibited from
conducting the business of 'banking' which includes, among other
things, acceptance of deposits and repayment of deposits as defined
in Section 5 (b) read with Section 56 of the Banking Regulation
Act, 1949 with immediate effect.

On liquidation, every depositor would be entitled to receive
deposit insurance claim amount of his/her deposits up to a monetary
ceiling of INR5,00,000/- (Rupees five lakh only) from Deposit
Insurance and Credit Guarantee Corporation (DICGC) subject to the
provisions of DICGC Act, 1961. As per the data submitted by the
bank, about 99% of the depositors are entitled to receive full
amount of their deposits from DICGC. As on Sept. 14, 2022, DICGC
has already paid INR152.36 crore of the total insured deposits
under the provisions of Section 18A of the DICGC Act, 1961 based on
the willingness received from the concerned depositors of the
bank.


SINDHANUR GANGAVATHI: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sindhanur
Gangavathi Tollway Private Limited (SGTPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      180.00      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 28, 2021,
placed the rating(s) of SGTPL under the ‘issuer non-cooperating'
category as SGTPL 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. SGTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2022, June 23, 2022, July 3, 2022.

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

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

Sindhanur Gangavathi Tollway Private Limited (SGTPL) is a Special
Purpose Vehicle (SPV) promoted in July 2012 by GKC Projects Limited
(GKC), for implementing a project envisaging development of
existing 2-lane Sindhanur-Gangavati-Ginigera section from Km. 79.00
to Km. 162.00 (length 83 km) of SH-23 in the state of Karnataka to
2-lane with paved shoulders (widening by about 3 m) on DBFOT toll
basis. Government of Karnataka (GoK) has entrusted Karnataka Road
Development Corporation Ltd. (KRDCL), to invite proposals for
selection of entrepreneurs for taking up construction, widening and
strengthening of the State Highways in Karnataka on BOT basis. GKC
was declared as the successful bidder for the project quoting
lowest grant of Rs.4.59 crore. KRDCL has issued Letter of Award
(LoA) to GKC on June 22, 2012. SGTPL was incorporated on July 11,
2012 as the Project SPV to implement the project. SGTPL has signed
Concession Agreement (CA) with KRDCL on August 24, 2012. The
concession period is 24 years (including construction period of 2
years). The project has achieved its COD dated December 5, 2015
against expected date of January 8, 2016.


SU TOLL: ICRA Lowers Rating on INR588cr Term Loan to C+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of SU Toll
Road Private Limited (SUTRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-         588.0        [ICRA] C+ ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]B (Negative) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Long Term-          80.0        [ICRA] C+ ISSUER NOT
   Bonds/NCD/LTD                   COOPERATING; Rating downgraded
                                   from [ICRA]B (Negative) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade considers lack of adequate information about
SUTRPL performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As a part of its process and in accordance with its rating
agreement with SUTRPL, ICRA has been sending repeated reminders to
the entity for obtaining the monthly 'No Default Statement'.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
moved to the "Issuer Not Cooperating" category. The rating is based
on the best available information.

Incorporated in March 2007, SU Toll Road Private Limited (SUTRPL,
the company) is a special purpose vehicle (SPV) promoted by
Reliance Infrastructure Limited (R Infra) to finance, design, build
and operate a 136-kilometer-long 4-lane (for 97.46 Km and 2-lane
for balance 38.90 Km) toll road between Salem and Ulundurpet on
National Highway 68. The project was awarded by the National
Highway Authority of India (NHAI) on Build, Operate and Transfer
(BOT) basis, with a concession period of 25 years commencing from
January 15, 2008. The stretch serves as the connecting corridor
between Coimbatore and Chennai in Tamil Nadu. The project road
meets NH-7 at Salem and NH-45 at Ulundurpet.


UMA JEWELLERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Sri Uma Jewellers India
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         1.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Sri Uma Jewellers India Private Limited (SUJIPL) operates an
exclusive Tanishq (Titan Industries Ltd) show room in leased
premises in A.S. Rao Nagar in Hyderabad since March, 2009. All the
ornaments sold are manufactured and supplied by Titan Industries
Ltd..The showroom has been set up to fulfil the norms and standards
of Titan with respect to display, stocking and selling. All
interiors, furniture and fixtures have been set up by Uma Jewellers
in accordance to the show room plan designed and approved by Titan
Industries Ltd. The agreement with Tanishq is a franchisee
agreement entered on 30th March, 2009 that is valid up to 29th
March, 2019. The company sells only to domestic retail customers.
The sales include income from sale of gold and jewellery, income
from general exchange products and income from Tanishq exchange
products. Advertisements, canvassing, discounts, gifts are the
various marketing activities undertaken to attract the customers.
During some special promotions offered by Tanishq, the company
receives more incentives. The pricing policy is set by Tanishq and
the average realization is as per the norms of Titan Industries
Ltd.


UMACHI FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umachi
Foods & Commodities Private Limited (UFCPL) continues to remain in
the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 22, 2021,
placed the rating(s) of UFCPL under the ‘issuer non-cooperating'
category as UFCPL 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. UFCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2022, June 17, 2022, June 27, 2022.

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

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

Umachi Foods & Commodities Private Limited (UFC) was incorporated
in March-2014 by Mr. Jawahar Lal and Mrs. Rachana Luthra, while the
operations of the company started in September-2014 (FY16 being the
first full year of operations of the company). The company is
engaged in the bulk trading of packaged basmati rice since the
commencement of its operations.


VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and short-term ratings for the bank
facilities of Vardhman Vitrified Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         10.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Long-term–          6.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term          3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

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

Incorporated in July 2009, Vardhman Vitrified Private Limited
manufactures vitrified floor tiles of three sizes — 600 X 600 mm,
800 x 800 mm and 1000 x 1000 mm. The company started its commercial
operations from May 25, 2010. VVPL's manufacturing facility,
located at Morbi (Gujarat), has an annual manufacturing capacity of
37,800 MT. It sells its products under the brand name of
'Vardhman'. VVPL was promoted by Mr. Vitenkumar Kavar, who has
extensive experience in the ceramic industry by virtue of his
association with other companies engaged in a similar line of
business like New Vardhman Vitrified Private Limited and Comet
Ceramic.


[*] INDIA: RBI Allows Asset Recast Cos. to Acquire Bankrupt Firms
-----------------------------------------------------------------
The Times of India reports that in a major reform in the insolvency
process, the RBI has allowed asset reconstruction companies (ARCs)
with INR1,000-crore net worth to bid for taking over a business
undergoing insolvency. The RBI has also mandated new rules aimed at
improving the governance and financial health of ARCs, which are
companies that extract value from bad loans.

Going by public disclosures, there are currently three ARCs with
paid-up capital of over INR1,000 crore - Edelweiss, JM and ARCIL.

Another major reform in the new guidelines is that, in case a bank
decides to make a clean exit by selling its bad loans for cash, the
ARC can now buy by contributing only 2.5% from its own funds with
balance from investors, TOI relates. This will allow banks to clean
up their books and open up new opportunities for ARCs if they find
investors.

"The guidelines have mandated enhanced disclosures and higher
governance standards, including increased capital requirements. One
sector-positive measure is investment in security receipts (SRs) by
ARCs in case cash exit to the seller is reduced to 2.5% of total
SRs issued. However, many other important measures for the sector
recommended by the ARC committee, like widening the qualified buyer
base or seller base to include all regulated entities, are
missing," TOI quotes UV ARC director Hari Hara Mishra as saying.

According to the report, the other norms aimed at improving
governance include requiring credit rating agencies to be retained
for at least six rating cycles. Also, in the case of settlement,
the ARCs will need to have an independent advisory committee to
approve the settlement. ARCs will have to increase their minimum
net-owned funds to INR200 crore by 2024 and INR300 crore by 2026.

ARCs are currently not permitted to commence or carry on any
business other than that of securitisation or asset reconstruction.
"It has now been decided under the provision of section 10(2) of
the SARFAESI Act to permit ARCs to undertake those activities as a
resolution applicant (RA) under IBC, which are not specifically
allowed under the SARFAESI Act," the RBI said in a notification,
TOI relays.




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

TOSHIBA CORP: Chooses JIP-led Group as Preferred Bidder for Buyout
------------------------------------------------------------------
Bloomberg News reports that Toshiba Corp. granted a consortium led
by Japan Industrial Partners preferred bidder status for a buyout
of the iconic firm, according to people with knowledge of the
situation.

Bloomberg relates that private equity firm JIP was looking to
acquire Toshiba in partnership with multiple domestic companies
including Orix and Chubu Electric Power, they said. Toshiba
considered that a sale to JIP would keep the company as one entity,
according to the people, who asked not to be identified as the
information is private.

Deliberations are ongoing and no final decision has been made, the
people said, Bloomberg relays. Other bidders remain interested in
the assets, they added.  

Representatives from both Chubu Electric and Orix declined to
comment. The Nikkei newspaper earlier reported JIP was Toshiba's
preferred bidder, Bloomberg says.  

The conglomerate has been seeking strategic proposals for its
future, including potential buyout bids. It had targeted
second-round offers by the end of September, people familiar with
the process told Bloomberg last month. State-backed investment fund
Japan Investment Corp. was leading a rival group to JIP, with other
investors such as Bain Capital and MBK Partners in talks to be
involved in its bid, the people said.

JIP is expected to have a month to negotiate with Toshiba, and it's
unclear if it will be able to agree on terms in that period, the
Nikkei said, Bloomberg adds.

                         About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.




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

DREAMWEAVER LIMITED: Creditors' Proofs of Debt Due on Nov. 4
------------------------------------------------------------
Creditors of Dreamweaver Limited are required to file their proofs
of debt by Nov. 4, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 4, 2022.

The company's liquidator is David Thomas.


FC2 LIMITED: Court to Hear Wind-Up Petition on Oct. 20
------------------------------------------------------
A petition to wind up the operations of FC2 Limited will be heard
before the High Court at Dunedin on Oct. 20, 2022, at 10:00 a.m.

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

The Petitioner's solicitor is:

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


FIRST CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 20
-------------------------------------------------------------
A petition to wind up the operations of First Construction Limited
will be heard before the High Court at Dunedin on Oct. 20, 2022, at
10:45 a.m.

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

The Petitioner's solicitor is:

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


LALSAT NZ: Creditors' Proofs of Debt Due on Nov. 25
---------------------------------------------------
Creditors of Lalsat NZ Limited, B A Roofing Limited, and Sahara
Hookah and Cafe Limited are required to file their proofs of debt
by Nov. 25, 2022, to be included in the company's dividend
distribution.

Lalsat NZ, B A Roofing, and Sahara Hookah and Cafe commenced
wind-up proceedings on Oct. 5, Oct. 6 and Oct. 7, 2022,
respectively.

The company's liquidator is:

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


NEWALL BROTHERS: Court to Hear Wind-Up Petition on Oct. 27
----------------------------------------------------------
A petition to wind up the operations of Newall Brothers Limited
will be heard before the High Court at Auckland on Oct. 27, 2022,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 22, 2022.

The Petitioner's solicitor is:

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


RUAPEHU ALPINE: Skifield Operator Taps Voluntary Administrators
---------------------------------------------------------------
Radio New Zealand reports that Ruapehu Alpine Lifts (RAL) has
appointed voluntary administrators after facing significant
financial problems.

According to RNZ, RAL released a statement saying the past three
years had been difficult dealing with the Covid-19 pandemic,
coupled with poor weather this ski season.

It employs about 196 staff across its Whakapapa and Turoa ski areas
in the central North Island.

Whakapapa will continue to operate as planned, weather permitting,
through to season close, estimated at October 24, RNZ relays.

The three T bars - Valley, Knoll, and Far West - will be running,
along with the Sky Waka gondola for access and sightseeing.

John Fisk and Richard Nacey of PwC have been appointed as the
voluntary administrators, RNZ discloses.

RNZ relates that Mr. Fisk said the company was "under significant
cash flow pressure".

RAL's directors had explored various options but were not able to
secure the required level of capital, he said.

"The voluntary administrators will now continue to trade the
business while we look to determine the most appropriate way
forward to maximise recoveries for creditors."

An initial report on the financial state of the company will be
tabled at the first meeting of creditors, adds RNZ.




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

ALLIED BANK: Moody's Cuts Deposit Rating to Caa1, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term deposit
ratings to Caa1 from B3 of five Pakistani banks: Allied Bank
Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB),
National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The
rating agency has also downgraded the five banks' long-term foreign
currency Counterparty Risk Ratings (CRRs) to Caa1 from B3. As part
of the same rating action, Moody's lowered the Baseline Credit
Assessments (BCAs) of ABL, MCB and UBL to caa1 from b3, and as a
result also downgraded their local-currency long-term CRRs to B3
from B2 and their long-term Counterparty Risk Assessments to B3(cr)
from B2(cr). The BCAs of NBP and HBL were affirmed at caa1. The
outlook on all banks' deposit ratings remains negative.

The rating actions follow Moody's decision to downgrade the
Government of Pakistan's issuer and senior unsecured debt ratings
to Caa1 from B3, and maintain a negative outlook.

A List of Affected Credit Ratings is available at
https://bit.ly/3RTPCYK

RATINGS RATIONALE

The rating actions reflect (1) the Government of Pakistan's reduced
capacity to support the banks, which has affected the banks whose
ratings benefit from government support (namely NBP and HBL); (2)
the high credit linkages between the banks' balance sheets and
sovereign credit risk, which constrains the banks' Baseline Credit
Assessments at the level of the Caa1 rated government; and (3) the
lowering of Pakistan's foreign currency ceiling to Caa1, which has
affected the foreign currency CRRs of all rated banks.

  REDUCED CAPACITY OF THE GOVERNMENT TO SUPPORT BANKS

The downgrade of the National Bank of Pakistan's and Habib Bank
Ltd.'s local-currency deposit ratings to Caa1, from B3, reflects
the reduced capacity of the Pakistani government to support the
banks in case of need. This is indicated by the downgrade of the
sovereign's bond rating to Caa1, from B3, which was driven by
worsening economic outlook, increased government liquidity and
external vulnerability risks and higher debt sustainability risks,
in the aftermath of devastating floods that hit the country since
June 2022. The floods have exacerbated Pakistan's liquidity and
external credit weaknesses and increased social spending needs,
while government revenues were also hit. As a result, NBP's and
HBL's deposit ratings no longer incorporate a government support
uplift.

  HIGH CORRELATION WITH SOVEREIGN CREDIT RISK

The lowering to caa1 of the Baseline Credit Assessments of Allied
Bank Limited, MCB Bank Limited, and United Bank Ltd., reflects the
high linkages between the banks' balance sheets and sovereign
credit risk, given their direct exposures to government securities.
As of June 2022, government securities accounted for around 11x of
ABL's Tier 1 capital, around 7x for MCB and 10x for UBL, according
to Moody's estimates. These high exposures to government securities
link the banks' standalone credit profiles to the sovereign's
creditworthiness and leave the banks vulnerable to potential event
risk at the sovereign level, constraining their Baseline Credit
Assessments at the level of the government's rating.

  FOREIGN CURRENCY CEILING LOWERED

Moody's has downgraded all banks' foreign-currency long-term CRRs
to Caa1 from B3, to reflect the lowering of the foreign-currency
ceiling for Pakistan to Caa1.

NEGATIVE OUTLOOK

According to the rating agency, the negative outlook on the bank
ratings primarily reflects the rated banks' very large holding of
sovereign debt securities, at between 7-14 times their Tier 1
capital, which will continue to link their creditworthiness to that
of the government, whose ratings are on negative outlook.

The negative outlook also captures increased vulnerabilities on the
banks' financial metrics and standalone credit profile that stem
from Pakistan's challenging macro-economic and operating
conditions; the latter could also lead Moody's to reassess its
macro profile for Pakistan, which currently stands at "Very Weak
+". More specifically, Moody's has lowered Pakistan's real GDP
growth to 0-1% for fiscal 2023 (the year ending in June 2023),
while increased government liquidity and external vulnerability
risks and higher debt sustainability risks suggest that the
government will continue to rely on the banks, hence the credit
interlinkages between the sovereign and the banks will only
deepen.

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

Any upward rating pressure on the Pakistani banks' ratings is
limited given the negative outlook. The banks' outlook could change
back to stable if the sovereign rating outlook is stabilised and if
the banks maintain their resilient financial performance.

Downward pressure on the banks' ratings would develop following a
downgrade of the sovereign rating, reflecting the high
interlinkages between the banks' credit profile and that of the
government. Downward pressure on the BCAs of individual banks could
also develop from a deterioration in the operating conditions that
could also impact Moody's assessment of the macro profile, as well
as from a deterioration in banks' financial metrics, and
specifically their asset quality, profitability, and capital
adequacy.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

PAKISTAN WATER: Moody's Cuts CFR to Caa1, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Pakistan Water and Power
Development Authority's (WAPDA) corporate family rating to Caa1
from B3 and Baseline Credit Assessment (BCA) to caa1 from b3.

The outlook remains negative.

This rating action follows Moody's downgrade of Pakistan's ratings
to Caa1 with a negative outlook on October 06, 2022.

"The rating action on WAPDA reflects the close linkage of its
credit quality with that of the Government of Pakistan, given the
government's full ownership and direct supervision of the company,
as well as the fact that WAPDA operates solely in Pakistan," says
Yong Kang, a Moody's Analyst.

RATINGS RATIONALE

WAPDA's Caa1 CFR is primarily driven by its caa1 BCA and Moody's
assessment of a high likelihood of support from, and a very high
level of dependence on, the Government of Pakistan (Caa1 negative)
when needed, under Moody's Joint Default Analysis (JDA) for
government-related issuers.

WAPDA's BCA reflects its position in Pakistan's power sector as a
dominant hydropower supplier, as well as the recurring financial
support it receives from the government. At the same time, the BCA
is constrained by the company's weak financial profile due to its
sizeable hydropower capacity expansion plan, the long receivables
cycle and delayed tariff decision. The adverse impact of recent
floods and the technical fault at Neelum Jhelum hydropower plant
will further weigh on its credit quality, at least over the next
couple of quarters.

Moody's expectation of a high likelihood of government support for
WAPDA considers the Pakistani government's full ownership and
direct supervision of the company. It also reflects the company's
strategic importance to the government, as it is an important
platform that (1) constructs and operates hydropower assets to
supply affordable electricity in Pakistan, and (2) builds water
storage facilities to help address the country's acute water
challenges.

However, such considerations are offset by the risks stemming from
the government's low policy predictability and transparency. In
addition, the financial challenges faced by the government, as
reflected in its Caa1 ratings, indicate its limited capacity to
provide support to WAPDA.

Although there is no explicit uplift incorporated in the rating,
the high likelihood of extraordinary support indicates some degree
of stability in WAPDA's credit quality even if its BCA were to be
lowered, assuming there is no material change in the relationship
between WAPDA and the government.

The company's delays in collecting revenue are mainly driven by the
significant cash shortfall at the Central Power Purchasing Agency
(CPPA), the state-owned agency that purchases power from generation
companies on behalf of the nation's distribution companies. This
shortfall mainly stems from (1) the gap between low end-user
electricity tariffs and high thermal power-generation costs, (2)
high transmission losses, and (3) the low recovery from end-users
on electricity tariff payments, which increases CPPA's leverage and
constrains its repayment capabilities.

Moody's projects WAPDA's funds from operations (FFO) to debt ratio
will remain weak at the low-single-digit percentage over the next
one to two years, mainly driven by (1) the technical fault at
Neelum Jhelum hydropower plant; (2) the company's sizeable capital
spending plans to expand its hydropower capacity; and (3) the
continued delay in collecting electricity revenue, which will
pressure the company's working capital.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered that WAPDA is exposed to environmental risks
mainly because of physical climate risks in the form of extreme
weather patterns. Such risks are partly offset by its positive
carbon transition exposure as a hydropower generator.

As for social risk considerations, Moody's has factored in the weak
track record of timely tariff adjustments, driven by affordability
concerns. Moody's has also considered WAPDA's high financial
leverage stemming from its aggressive capital spending plan,
relatively weak risk management as shown by its technical fault and
cost overrun, and concentrated ownership in its assessment of the
company's governance risk.

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

The negative outlook on the rating mirrors the negative outlook on
Pakistan's sovereign ratings, given the close linkage of WAPDA's
credit quality with that of the government.

Moody's could change the outlook to stable or upgrade WAPDA's
rating if the agency takes a positive rating action on the
sovereign and there is no material change in the relationship
between WAPDA and the government.

Moody's could downgrade WAPDA's rating if Pakistan's sovereign
rating is downgraded or the company's BCA weakens significantly.

The BCA could be lowered if WAPDA's profitability or financial
position further weakens because of (1) changes in Pakistan's
regulatory environment, (2) the company's aggressive debt-funded
investments, without timely tariff adjustments, and/or (3) further
delays in its collection of electricity revenue.

However, a moderate weakening in WAPDA's BCA is unlikely to
immediately lead to a downgrade of its rating, because of the high
likelihood of extraordinary support from the Pakistan government.

The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in June 2017.

WAPDA, established through an Act of Parliament in 1958, is an
autonomous and statutory body under the administrative control of
the Federal Government of Pakistan, which fully owns the company.

WAPDA constructs and operates hydropower generation assets to
generate affordable and clean electricity. It also builds water
storage and related facilities to help address Pakistan's acute
water challenges.

As of June 2022, WAPDA's total installed hydropower capacity
amounted to about 9.4 gigawatts, comprising 24 hydropower units and
representing around 90% of the country's hydro power.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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