---

       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, December 15, 2022, Vol. 25, No. 244

                           Headlines



A U S T R A L I A

BROSA DESIGN: Collapses Into Voluntary Administration
CHARMAN AUSTRALIA: Second Creditors' Meeting Set for Dec. 19
COFFEX COFFEE: Second Creditors' Meeting Set for Dec. 19
HAND PICKED: First Creditors' Meeting Set for Dec. 20
NORTH QUEENSLAND EXPORT TERMINAL: S&P Raise LongTerm ICR to 'BB-'

NORTH QUEENSLAND EXPORT: Moody's Affirms Ba2 Sr. Secured Ratings
SCHNEIDER GROUP: First Creditors' Meeting Set for Dec. 21
STATHAN PTY: Second Creditors' Meeting Set for Dec. 19


B A N G L A D E S H

[*] Moody's Puts 7 Bangladesh Banks Rating on Review for Downgrade


C H I N A

COUNTRY GARDEN: To Receive US$300 Million in Offshore Loans
GUANGZHOU R&F: Arrested Chairman Will Likely Be Extradited to US


I N D I A

AIFAZ COTTON: CARE Keeps C Debt Rating in Not Cooperating
AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
ANANT ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI GINNING: CARE Keeps C Debt Rating in Not Cooperating
EVERSHINE SOLVEX: CARE Keeps D Debt Rating in Not Cooperating

FIVE CORE: CARE Keeps D Debt Ratings in Not Cooperating Category
GREENKO ENERGY: Moody's Cuts CFR & Senior Unsecured Ratings to Ba2
HALASIDHANATH SAHAKARI: CARE Keeps B- Rating in Not Cooperating
HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating
JALARAM CERAMICS: CARE Lowers Rating on INR24.03cr Loan to B+

KHWAHISH MARKETING: CARE Keeps D Debt Ratings in Not Cooperating
KRISHNA TRANSNATIONAL: CARE Cuts Rating on INR5.0cr LT Loan to B-
MAHASHAKTI COLD: CARE Keeps B Debt Rating in Not Cooperating
MARIAN PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
MELLCON ENGINEERS: CARE Keeps B Debt Rating in Not Cooperating

NEELKANTH SWEETS: CARE Keeps B Debt Rating in Not Cooperating
NIRMITI STAMPINGS: Insolvency Resolution Process Case Summary
OMID ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating
POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
PREMPRAKASH GINNING: CARE Keeps B- Debt Rating in Not Cooperating

PRIYANKA (INDIA): CARE Keeps B- Debt Rating in Not Cooperating
QUADRANT TELEVENTURES: CARE Keeps D Ratings in Not Cooperating
RATAN ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
S.M. AUTOPARTS: CARE Keeps B+ Debt Rating in Not Cooperating
SIDHARTHA BUILDHOME: CARE Keeps D Debt Rating in Not Cooperating

SSK INFOTECH: CARE Lowers Rating on INR12.17cr LT Loan to B
SSK RETAILS: CARE Lowers Rating on INR25.00cr LT Loan to B
SYSKA LED: CARE Lowers Rating on INR98cr LT Loan to B
URJA AUTOMOBILES: CARE Lowers Rating on INR6.81cr LT Loan to D
WIND WORLD: CARE Reaffirms B Rating on INR160.99cr LT Loan

YUVARAJ CABLE: CARE Keeps C Debt Rating in Not Cooperating


N E W   Z E A L A N D

CARDRONA TERRACE: Creditors' Proofs of Debt Due Jan. 7
CORE CIVIL: Creditors' Proofs of Debt Due on Jan. 19
LEMAR GROUP: Grant Reynolds Appointed as Liquidator
NEW ZEALAND: Sees Recession in 2023 but a Narrower Budget Deficit
PICTON CINEMAS: Creditors' Proofs of Debt Due on Jan. 23

SURVEY GROUP: Waterstone Insolvency Appointed as Receivers


P A K I S T A N

PAKISTAN: Hopes to Finalise Talks With Saudi Arabia on Fin'l Help


S I N G A P O R E

MAGNOLIAS CONSULTING: Members' Final Meeting Set for Jan. 10
PRIVE LONDON: Final Meeting Set for Jan. 9
REDWOOD NARITA: Members' Final Meeting Set for Jan. 11
VENTURESKIES LLP: Court Enters Wind-Up Order


S O U T H   K O R E A

HEUNGKUK LIFE: Taekwang Industrial Criticized for Aiding Insurer


S R I   L A N K A

SRI LANKA: Expects Up to US$8BB More in Loans, Asset Restructuring

                           - - - - -


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

BROSA DESIGN: Collapses Into Voluntary Administration
-----------------------------------------------------
Eloise Keating and David Adams at SmartCompany report that online
furniture retailer Brosa has fallen into voluntary administration,
after its rapid pandemic-fuelled growth slowed when COVID-19
restrictions lifted across the country.

Brosa was founded in 2014 by David Wei and Ivan Lim, who created a
vertically-integrated business that combined furniture retailing
with technology via an online platform. The Brosa platform allowed
consumers to purchase designer products without many of the extra
costs associated with traditional wholesale and retail furniture
operations.

In its early years, the business secured significant funding from
prominent investors, including AUD2 million in AirTree Ventures in
2015 and a AUD5 million Series B funding round led by Bailador
Technology Investments, AirTree Ventures and BMY Group in 2017,
SmartCompany says.

By early 2021, Brosa had expanded to include showrooms in Melbourne
and Sydney, as well as its e-commerce store, and more than 75
employees.

However, the business was placed in voluntary administration on
Dec. 14, with Richard Tucker and Michael Korda of KordaMentha
appointed as administrators to oversee a sale process, SmartCompany
discloses.

According to the report, Mr. Tucker said Brosa encountered
challenges when sales began to slow once COVID-19 restrictions were
eased and fewer people were shopping online.

"This caused short-term cashflow pressures after a period of
phenomenal growth," he said in a statement provided to
SmartCompany.

The administrators are now seeking "urgent" expressions of interest
in the sale of Brosa as a going concern.

"The business tripled in size during the pandemic, developing a
strong customer base and technological capabilities that would be
an asset to many other furniture retailers," Mr. Tucker added.

The company has developed protocols around sales and deliveries
which "could be a good opportunity for any furniture retailer who
wants to develop that side of their business", a spokesperson told
SmartCompany.

Brosa had already begun "a campaign to reduce its inventory
holdings and refocus itself as a make-to-order business", added Mr.
Tucker, and the administrators plan to continue clearing stock over
the busy Christmas period, SmartCompany relays.

The Brosa website remains online at time of writing, with the
company highlighting its Christmas promotions as late as Tuesday
afternoon [Dec. 13].

Shoppers looking to capitalise on Brosa's furniture stockpile have
been advised to visit its website.

"The administrators are making extra efforts to sell that stock to
customers and that stock will be delivered to customers when they
order and pay for it," the spokesperson told SmartCompany.

Brosa's employees "will keep their jobs for the foreseeable
future", subject to the long-term outcome of the sale process.


CHARMAN AUSTRALIA: Second Creditors' Meeting Set for Dec. 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Charman
Australia has been set for Dec. 19, 2022, at 1:30 p.m. at the
offices of Level 30, 140 William Street Melbourne and via Zoom.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2022, at 4:00 p.m.

Glenn Anthony Crisp and Jimmy Trpcevski of Jirsch Sutherland were
appointed as administrators of the company on Nov. 14, 2022.


COFFEX COFFEE: Second Creditors' Meeting Set for Dec. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Coffex Coffee
Pty. Ltd. has been set for Dec. 19, 2022, at 11:00 a.m. via virtual
meeting.
  
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 Dec. 16, 2022, at 10:00 a.m.

Quentin James Olde and Liam Healey of Ankura Consulting were
appointed as administrators of the company on Nov. 14, 2022.


HAND PICKED: First Creditors' Meeting Set for Dec. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Hand Picked
Events and Marketing Pty Ltd will be held on Dec. 20, 2022, at
10:00 a.m. via teleconference.

John Maxwell Morgan and Dane Skinner of BCR Advisory were appointed
as administrators of the company on Dec. 9, 2022.


NORTH QUEENSLAND EXPORT TERMINAL: S&P Raise LongTerm ICR to 'BB-'
-----------------------------------------------------------------
S&P Global Ratings raised the long-term issue credit rating on
North Queensland Export Terminal Pty Ltd.'s (NQXT) debt to 'BB-'
from 'B-'. The recovery rating is unchanged.

The stable rating outlook reflects S&P's view of the relative
stability and predictability of the project's cash flows and its
expectations that NQXT will prudently manage its contract renewals
and tariff negotiations.

NQXT, located 25 kilometers northwest of Bowen in the Australian
State of Queensland, is Australia's northernmost coal port. The
multiuser port has a design capacity of 50 million tons per annum
(mtpa) About 70% of this capacity is contracted under
medium-to-long term take-or-pay agreements. The port is held under
a 99-year lease acquired by the Adani Group from the Queensland
government in early 2011.

-- Stable revenue under the take-or-pay contracts and
socialization arrangements based on five-year tariffs.

-- Contracted capacity from multiple shippers until 2028.

-- Strong quality and competitiveness of the coal from the
Queensland basin.

-- Exposure to refinancing risk and dependence on cash sweeps.

-- Periodic exposure to contract renewals.

-- Some headline environmental, social, and governance (ESG) risk
given linkages to Carmichael Mine as one of the users.

S&P revised the issue rating, outlook and liquidity assessment to
reflect the port's receipt of sufficient funds to meet repayment of
its upcoming US$500 million bullet facility due on Dec. 15, 2022.
This reduces near-term downside risks. It also means that sources
over uses will be 1x over the next 12 months, its threshold for a
neutral liquidity assessment.

NQXT has confirmed that it now has sufficient funds in its bank
accounts to repay the bonds. The funds are primarily in the form of
shareholder loans from the port's sponsors, the Adani Group.

With the abatement of near-term refinancing risk, the issue ratings
and outlook now primarily reflect the underlying stable operations.
For the purpose of S&P's analysis, it continues to assess all past
and current shareholder loans as debt. This is given that the
current senior debt documentation allows for refinancing or raising
external debt up to the original A$1.2 billion.

Over the next two to three years, NQXT's long-term capital
structure plans, along with the re-contracting profile and tariff
reset, will determine the rating trajectory. Timely refinancing of
future maturities also remains a key issue to closely monitor.

S&P said, "The stable rating outlook on NQXT's senior-secured debt
reflects our view of the relative stability and predictability of
the project's cash flows and our expectations that NQXT will
prudently manage its contract renewals and tariff negotiations. We
expect the project's minimum debt-service coverage ratio (DSCR) to
remain at about 1.59x while no debt amortization occurs."

S&P may lower the rating if its forecast base case minimum DSCR
dips below 1.4x, which could occur if there is:

-- Uncertainty around contracted tariffs or volume;

-- An increase in borrowing costs;

-- Material change in the company's amortization profile;

-- Any other operational challenges.

S&P said, "We could upgrade the rating if changes to the capital
structure, such as conversion of shareholder loans to equity; along
with clarity around contracted tariff; and our view on the costs of
borrowing--lead to an improvement in our forecast minimum DSCR to
well above 1.6x."


NORTH QUEENSLAND EXPORT: Moody's Affirms Ba2 Sr. Secured Ratings
----------------------------------------------------------------
Moody's Investors Service has revised the outlook on North
Queensland Export Terminal Pty Ltd's (NQXT) ratings to stable from
negative and affirmed the Ba2 senior secured ratings.

NQXT is part of an obligor group that has economic ownership of the
Abbot Point Coal Terminal in North Queensland under a 99-year lease
with state-owned lessor, North Queensland Bulk Port Authority.
Abbot Point Port Holdings Pte Limited, Singapore (unrated) is the
ultimate holding company of the obligor group.

The outlook revision to stable is reflective of Moody's expectation
that the USD500 million 144A/Reg S notes due by NQXT on the
December 15, 2022 will be repaid via a drawdown on a subordinated
shareholder facility, which is being funded by its sponsor. Such
reflects Moody's understanding based on information provided by
NQXT that the funding is currently available within NQXT's
respective project accounts to redeem the notes.

Environmental, social and governance factors were an important
consideration in this rating action. Moody's assess the coal mining
and coal terminal sectors as exhibiting very high exposure to
environmental and social risks, with risk factors including
declining demand for coal over time as renewables expand and waste
and pollution rules tighten, and challenges being reported by
certain coal mines and their contractors in Australia in raising
finance and obtaining insurance. Moody's assess NQXT as having very
high exposure to social risks reflective of socially driven policy
agenda driven by climate change and decarbonization. Key factors in
Moody's assessment of NQXT's corporate governance include the track
record of sponsor support, as well as the concentrated ownership,
board composition and limited visibility into the sponsor's (Adani
Group) financial profile.

RATINGS RATIONALE

"The outlook change to stable is reflective of Moody's
understanding that NQXT is likely to repay the USD500 million note
through funding which has been provided by the sponsor.
Consequently, such actions will resolve imminent refinancing risk
currently faced by the company", says Kenny Lo, a Moody's Analyst.

Over the medium to long term, refinance risk will continue to be a
key constraint for the company given the terminal exposures to
thermal coal, which will increase over the next few years as coal
exports from the greenfield Carmichael thermal coal mine, which is
being developed by Adani Mining Pty Ltd, a wholly owned subsidiary
of Adani Enterprises Limited (unrated), ramps up. NQXT has reported
that Carmichael is scheduled to ramp up to over 9 million tonnes
per annum with intentions to increase in future periods. Moody's
central scenario is for Carmichael's contribution to amount to over
25% of NQXT's revenue over the next few years, a significant
exposure.

NQXT's Ba2 backed senior secured rating reflects (1) the key role
in the north Queensland coal export chain; (2) take-or-pay
contracts with mining counterparties containing volume protections;
and (3) the ability to recover (socialise) lost revenue if
contracted capacity falls below nameplate capacity.

NQXT's rating is further supported by Moody's expectation that
operating conditions for the Queensland coal sector will remain
supportive into 2023, reflecting strong demand driven by high
prices exacerbated by global energy crisis, as well the majority of
NQXT's coal volumes based on Moody's estimates currently comprises
of metallurgical coal (currently 65% metallurgical and 35%
thermal), a commodity that faces less immediate ESG challenges than
thermal coal.

These strengths are counterbalanced by (1) the rising exposure to
ESG risks associated with thermal coal-related assets, reflecting
the increasing penetration of renewable energy that will gradually
replace coal fired power, (2) continuing exposure to refinancing
risk, albeit significantly reduced after the repayment of the USD
500m note, given the decreasing appetite of lenders to fund
coal-exposed infrastructure assets, and (3) the increasing exposure
of the terminal to thermal coal from the Carmichael mine.

Going forward, Moody's expect NQXT's credit metrics to
significantly improve, with financial leverage, as measured by the
ratio of funds from operations (FFO) to debt, to range between
20-25%, given a large portion of senior debt (55%) has now been
repaid.

Notwithstanding the above strengthening, key rating constraints
remain uncertain in relation to the extent to which NQXT may
increase leverage in future years, as well as NQXT's ability to
access capital markets and funding for future refinancing
obligations. Moody's view is reflective of the (1) the growing
investor aversion towards coal exposed infrastructure assets, (2)
the uncertainty surrounding the capacity of the sponsor to continue
to provide liquidity support in a timely manner given Moody's
limited visibility into the sponsor's credit profile, and (3) the
long-term target capital structure of the terminal.

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

NQXT's rating is unlikely to be upgraded given the uncertainty
associated with the company's long term capital structure and its
ability to access capital markets to repay future bullet debt
maturities.

The rating could be downgraded if Moody's believes that (1) the
long-term capital structure (and particularly the level of leverage
proposed by management) will lead to weaker credit metrics than in
prior years, (2) the company is experiencing difficulty in
completing debt refinancing in advance of scheduled maturities, or
(3) NQXT is subject to a material termination and/or default of
contracted capacity without an equivalent replacement.

The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.


SCHNEIDER GROUP: First Creditors' Meeting Set for Dec. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Schneider
Group Pty Ltd will be held on Dec. 21, 2022, at 2:00 p.m. via
Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Dec. 9, 2022.


STATHAN PTY: Second Creditors' Meeting Set for Dec. 19
------------------------------------------------------
A second meeting of creditors in the proceedings of Stathan Pty Ltd
(trading as Phoenix Corrosion Control) has been set for Dec. 19,
2022, at 10:00 a.m. at Mezzanine Level, 28 The Esplanade in Perth
and 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 Dec. 16, 2022, at 4:00 p.m.

Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed
as administrators of the company on Nov. 14, 2022.




===================
B A N G L A D E S H
===================

[*] Moody's Puts 7 Bangladesh Banks Rating on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed 7 Bangladeshi banks' long-term
ratings and assessments on review for downgrade following the
announcement that the rating agency has placed Government of
Bangladesh's long-term ratings on review for downgrade. The
outlooks have been changed to rating under review.

The affected 7 banks are:

(1) BRAC Bank Limited (BBL),
(2) City Bank Limited, The (CBL),
(3) Dutch-Bangla Bank Limited (DBBL),
(4) Eastern Bank Limited (EBL),
(5) NCC Bank Limited (NCC),
(6) Premier Bank Limited (The) (PBL), and
(7) Mercantile Bank Ltd. (MBL).

Moody's has also downgraded Social Islami Bank Limited's (SIBL)
long-term foreign currency deposit ratings to B3 from B2 and the
bank's Baseline Credit Assessment (BCA) to caa1 from b3. The rating
agency has also changed the rating outlooks, where applicable, to
stable from negative.

A list of Affected Credit Ratings is available at
https://bit.ly/3VWgNoB

RATINGS RATIONALE

BBL, CBL, DBBL, EBL, NCC, PBL, MBL

The decision to place the ratings and assessments of 7 Bangladeshi
banks on review for downgrade is driven by Moody's placement of
Bangladesh's Ba3 sovereign rating on review for downgrade on
December 9, 2022.

Bangladesh's sovereign credit strength is a key input in Moody's
assessments of bank ratings because the country's credit strength
affects the government's capacity to provide support to the banks
in times of stress. If Moody's were to downgrade Bangladesh's
sovereign rating, it will likely result in lower long-term ratings
for the banks.

The rating action also considers the deterioration in the country's
foreign exchange reserves and central bank's measures to limit
foreign currency outflows, which have tightened foreign currency
liquidity in the banking system. During the rating review, Moody's
will assess if the efforts instituted by the central bank and
individual banks to improve their foreign currency liquidity, such
as limiting the opening of new letters of credit and efforts to
attract remittances, will help to improve the banks' foreign
currency liquidity to support their obligations.

DOWNGRADE OF SIBL'S RATINGS

The downgrade of SIBL's BCA and long-term ratings reflect the
bank's weak solvency and liquid buffers, which have deteriorated
further amid a tight funding environment. Prior to this action, the
ratings of SIBL were already on a negative outlook, reflecting the
bank's weak solvency and constrained access to funding.

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

WHAT COULD MOVE THE RATINGS UP

BBL, CBL, DBBL, EBL, NCC, PBL, MBL

Given the review for downgrade, the 7 banks' BCAs and long-term
ratings are unlikely to be upgraded during the review period.
Nonetheless, Moody's could confirm the ratings if Bangladesh's
sovereign rating is maintained at Ba3 and the banks' standalone
credit strengths remain unchanged.

SIBL

Moody's could upgrade SIBL's BCA and long-term ratings if the bank
manages to increase the share of high-quality liquid assets and
reduce reliance on market funds on a sustained basis. Specifically,
Moody's could upgrade SIBL's ratings if the bank's ratio of liquid
banking assets to tangible banking assets remains above 15% and
there is an improvement in the quality of liquid assets. Moody's
could also upgrade SIBL's ratings if the bank's ratio of market
funds to tangible banking assets remains below 15% and there is an
improvement in the bank's deposit composition. An improvement in
the bank's solvency will also be positive for its ratings.

WHAT COULD MOVE THE RATINGS DOWN

BBL, CBL, DBBL, EBL, NCC, PBL, MBL

A downgrade of the sovereign rating could lead to a downgrade of
the 7 banks' BCA and long-term ratings. Moody's could also
downgrade their ratings and BCAs if there is a material
deterioration in their standalone credit strengths.

Moody's could downgrade SIBL's BCA and long-term ratings if the
bank's nonperforming loan ratio increases significantly, leading to
a deterioration in capital and profitability. A further weakening
in the bank's funding and liquidity will also be negative for the
ratings.

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

BRAC Bank Limited is headquartered in Dhaka and reported total
assets of BDT611 billion as of September 30, 2022.

The City Bank Limited is headquartered in Dhaka and reported total
assets of BDT497 billion as of June 30, 2022.

Dutch-Bangla Bank Limited is headquartered in Dhaka and reported
total assets of BDT551 billion as of June 30, 2022.

Eastern Bank Limited is headquartered in Dhaka and reported total
assets of BDT428 billion as of June 30, 2022.

NCC Bank Limited is headquartered in Dhaka and reported total
assets of BDT286 billion as of June 30, 2022.

The Premier Bank Limited is headquartered in Dhaka and reported
total assets of BDT381 billion as of June 30, 2022.

Mercantile Bank Ltd. is headquartered in Dhaka and reported total
assets of BDT382 billion as of June 30, 2022.

Social Islami Bank Limited is headquartered in Dhaka and reported
total assets of BDT424 billion as of June 30, 2022.




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

COUNTRY GARDEN: To Receive US$300 Million in Offshore Loans
-----------------------------------------------------------
The Standard reports that Country Garden is to become one of the
first private Chinese developers to receive offshore loans that
could help their debt repayment, but Chinese real estate stocks
plunged on Dec. 12 led by a 17 percent drop in Country Garden
Services amid a flurry of share sales.

In the latest sign of support for the stricken property sector, the
Industrial & Commercial Bank of China plans to provide US$300
million in offshore loans to Country Garden backed by a domestic
guarantee, Chinese media outlet Cailian reported on Dec. 12, The
Standard relay. The exact amount is not final yet, according to the
report.

The Standard relates that the news followed a separate announcement
by the Bank of China on Dec. 9 that its Hong Kong branch will offer
an offshore loan of an unspecified amount to Longfor. The credit
will be backed by a guarantee provided by the Bank of China's
Chongqing branch. Longfor took out the loan on Dec. 9 to meet its
liquidity requirements, it said.

According to The Standard, big Chinese banks led by ICBC have
pledged at least US$179 billion of funding to property developers
to ease the turmoil in the real estate market. That came alongside
other measures, including allowing some developers to sell onshore
debt with guarantees, giving them more access to home presale
funds, and ending a ban on onshore equity raising.


Reuters reported earlier this month that China told its four
state-owned banks to provide developers offshore loans to pay back
foreign debt, The Standard relays.

However, stocks in the sector tumbled in Hong Kong after Country
Garden Services chairwoman Yang Huiyan agreed to trim her stake at
a 10.9 percent discount to Dec. 9's closing price of HK$5.06
billion, the report notes.

Yang could lend part of the proceeds to the holding company for
debt servicing, or she could use it to buy back bonds in the
secondary market, said Daniel Fan, senior credit analyst at
Bloomberg Intelligence.

                        About Country Garden

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As recently reported in the Troubled Company Reporter-Asia Pacific
in September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.

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

GUANGZHOU R&F: Arrested Chairman Will Likely Be Extradited to US
----------------------------------------------------------------
Yicai Global reports that the billionaire chairman of Guangzhou R&F
Properties, who was recently arrested in the UK on US bribery
charges, will probably be extradited to the US, the president of
the UK Society of Chinese Lawyers told Yicai Global.

Zhang Li was arrested in London on Nov. 30, the report says. Zhang,
who is also co-founder of the firm, has been accused of bribery for
hosting a banquet and offering accommodation in China to the former
head of the San Francisco Department of Public Works,
Guangzhou-based R&F said on Dec. 12.

Zhang is taking legal action against the false claims, R&F added.
He has since been released on GBP15 million (USD18.4 million) bail,
Yicai Global relays.

The US and UK governments have a bilateral extradition treaty,
which is an 'unequal' agreement, Zhu said.  A 'probable cause' is
needed to extradite someone to the US from the UK, but only a
'reasonable suspicion' is needed to hand someone over to the UK
from the US.  A 'probably cause' is stronger than a suspicion and
represents a reasonable basis.

Whether Zhang is extradited or not is up to the judge, Zhu said.
The judge may refuse to do so if he thinks it will violate Zhang's
personal rights or if Zhang has health issues.

But it is likely that Zhang will be deported, Zhu said, according
to Yicai Global. Some 135 people have been extradited to the US
from the UK since 2007, when the treaty came into effect, and 99 of
them were due to non-violent crimes, he added.

Yicai Global says Zhang is now staying in an apartment in the
Thames City building which R&F once co-owned.  R&F and CC Land
Holdings bought the building for GBP470 million (USD580 million) in
2017.  But, facing a liquidity crunch, R&F sold its 50 percent
stake to Hong Kong-based CC Land in April for HKD2.7 billion
(USD347 million).

Yicai Global visited the landmark development along the Thames
River.  The building has around 500 apartments and many of the
apartment owners entering and leaving the building looked East
Asian.  One of the receptionists is even a fluent Mandarin
speaker.

An employee who has been working at the apartment block for two
years told Yicai Global that he has never seen Zhang and does not
know where he is.

Zhang founded R&F along with Hong Kong billionaire Li Sze Lim in
1993.  He ranked 556th on Forbes World's Billionaire list in 2010
and took the 15th spot on the New Fortune China Billionaire's list
with CNY22.3 billion in 2013.

R&F became one of the leading real estate firms in southern China
under Zhang's leadership.  It had sales of more than CNY130 billion
(USD18.6 billion) in 2020, but later faced liquidity issues and
defaulted on debt, Yicai Global notes.  The firm stabilized its
situation by selling assets and completing a debt restructuring.

                         About Guangzhou R&F

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
24, 2022, Moody's Investors Service has withdrawn the Caa2
corporate family rating of Guangzhou R&F Properties Co., Ltd. and
Caa3 corporate family rating of R&F Properties (HK) Company
Limited. Prior to the withdrawal, the rating outlooks on both
entities were negative.

Moody's has decided to withdraw the ratings for its own business
reasons.




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

AIFAZ COTTON: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aifaz
Cotton Processors (ACP) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of ACP under the 'issuer
non-cooperating' category as ACP 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. ACP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 14, 2022, October 24,
2022.

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

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

Aifaz Cotton Processors (ACP) was incorporated as a proprietorship
firm in the year 2008. The firm is engaged in the business of
cotton ginning & pressing and trading of cotton, seeds, oil process
at Wane, Yavatmal District.


AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ambico
Exports And Imports Private Limited (AEIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           22.00      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 October 1,
2021, placed the rating(s) of AEIPL under the 'issuer
non-cooperating' category as AEIPL 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. AEIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 17, 2022, August 27,
2022, September 06, 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).

Ambico Exports and Imports Private Limited (Ambico) was
incorporated in the year 2004 by Patel family and is engaged in
processing & trading of rough & polished diamond. The company has
its registered office located at Malad and Factory located at
Dahisar, Mumbai.


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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 26,
2021, placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 12, 2022, October 22, 2022, November 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).

AE was established in 1992 as a partnership firm with three
partners, namely, Mr Vivek S. Joshi, Mr S.G. Joshi and Mrs Kalpana
Vivek Joshi. The firm presently provides tooling and casting
solution for foundries and manufacturers in varied industries
including automotive, appliance, hardware and plumbing products,
and heavy equipment amongst others.


BALAJI GINNING: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Ginning and Pressing (BGP) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of BGP under the 'issuer
non-cooperating' category as BGP 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. BGP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 15, 2022, October 24,
2022.

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

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

BGP was established as a partnership concern in the year 2001. The
firm is engaged in ginning and pressing of cotton and extraction of
oil from cotton seed along with trading of cotton bales and cotton
seeds. The ginning and pressing unit and oil extraction unit is
located at Yavatmal, Maharashtra.


EVERSHINE SOLVEX: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Evershine
Solvex Private Limited (ESPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2021, placed the rating(s) of ESPL under the 'issuer
non-cooperating' category as ESPL 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. ESPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2022, August 23, 2022, September 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).

Evershine Solvex Private Limited (ESPL) is a private limited
company incorporated in September, 1983 and commenced operations in
April, 1984. The company is currently being managed by Mr Ravinder
Kumar Kalra and Mr Pankaj Kalra. ESPL is engaged in the extraction
of rice bran oil at its processing facility located in Muktsar
(Punjab).


FIVE CORE: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Five Core
Electronics Limited (FCEL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank     44.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 17,
2021, placed the ratings of FCEL under the 'issuer non-cooperating'
category as FCEL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. FCEL continues
to be non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated August 3,
2022, August 13, 2022, August 23, 2022, November 25, 2022 and
November 29, 2022.

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

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

Detailed description of the key rating drivers

At the time of last rating on September 17, 2021, the following
were the rating weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: There has been delays in the servicing
of the debt obligations by FCEL as per public available
information.

* Under Corporate Insolvency Resolution Process (CIRP): By the
order of the National Company Law Tribunal (NCLT), CIRP has been
initiated against FCEL under the provisions of Insolvency and
Bankruptcy Code, 2016 (IBC). The petition for initiation of the
CIRP was filed by financial creditor of the company. An Insolvency
Resolution Professional (IRP) has also been appointed by the NCLT,
with respect to the company.

Liquidity: Poor

FCEL has poor liquidity position since, there has been delays in
the servicing of the debt obligations by the company as per public
available information.

Five Core Electronics Limited (FCEL) was incorporated on April 11,
2002 by Mr. Amarjit Singh Kalra and his wife, Ms. Surinder Kaur
Kalra. The company is involved in the manufacturing and assembling
of public address (PA) systems and components, including loud
speakers, amplifiers, microphones, woofers, and related electronic
and electrical equipment. The company commenced operations in
April, 2002 and its manufacturing facility is located in Bhiwadi
based, Rajasthan. FCEL belongs to the 5-core group, based in New
Delhi. The 5-core group was established in 1983 and apart from
FCEL, the group has six other companies namely, Indian Acoustics
Private Limited, 5 Core Acoustics Private Limited, Visual &
Acoustics Corporation LLP, EMS & Exports, Happy Acoustics Private
Limited and Digi Export Venture Private Limited which are all
involved in the same line of business.


GREENKO ENERGY: Moody's Cuts CFR & Senior Unsecured Ratings to Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded Greenko Energy Holdings'
(GEH) corporate family rating and backed senior unsecured ratings
on USD bonds issued by its subsidiaries to Ba2 from Ba1. The USD
bonds are irrevocably and unconditionally guaranteed by GEH.

The ratings outlook remains stable.

GEH's subsidiaries are Greenko Mauritius (GM), Greenko Dutch B.V.
(GDBV), Greenko Solar (Mauritius) Limited (GSML), Greenko Power II
Limited (GPII) and Greenko Wind Projects (Mauritius) Ltd (GWPM).

RATINGS RATIONALE

"The downgrade reflects Greenko's high financial leverage due to
its substantial capital spending program, which will keep the
financial metrics below its downgrade trigger, for an extended
period of time," says Yong Kang, a Moody's Analyst.

The company's substantial capital spending program, mainly for
pumped hydro storage projects (PHSPs), is majority debt financed.
The external funding requirement is partly tempered by GEH's debt
market access and good quality shareholders that will support GEH's
capital spending program through capital injections. However,
additional debt to be raised for its capital spending, coupled with
a rising interest rate environment, will further pressure GEH's
already-weak financial metrics.

Moody's expects GEH's funds from operations (FFO) to debt to remain
at low-single-digits for at least the next three years. The
expectation of weak metrics is a main driver of the ratings
downgrade to Ba2 from Ba1. The rating action also reflects the
uncertainty around the revenue structure and customer mix.

The PHSPs will be a key enabler for India's carbon transition,
addressing the intermittency of renewables, and in so doing, help
displace stable but more carbon intensive sources of power.
However, PHSPs are capital intensive and each PHSP will generate
cash flow only after at least 2-3 years of construction.

GEH plans to complete the construction of four PHSPs, which will
provide round-the-clock electricity by using pumped hydro storage,
by around fiscal 2026 - 2027. GEH aims to start the operation of
its first PHSP by end-fiscal 2024, while the other three are yet to
start civil construction. The construction of the first PHSP has
been progressing well after an initial delay due to COVID-19, and
Greenko has been achieving key project milestones, which will build
on its track record of executing such large projects. However, 60%
of the project remains to be completed, and the project also needs
to interface with greenfield renewable capacity and transmission
lines to be implemented in parallel. As such, execution and ramp-up
risks will remain heightened until the PSHPs programme is
substantially complete.

GEH's credit quality reflects its diverse portfolio of operating
renewable energy assets backed by long-term contracts, track record
and large operating scale. Moody's expects GEH's business
diversification to be strengthened by its PHSPs once commissioned.

At the same time, GEH's Ba2 CFR incorporates two notches of uplift
stemming from likely shareholder support, which is underpinned by
the very strong credit quality of, and strategic oversight by, the
majority shareholder, GIC Private Limited (GIC), a sovereign wealth
fund of the Government of Singapore (Aaa stable). Moody's expects
GIC to continue to support GEH's growth strategy based on the
unique importance of its investment in GEH. The control exercised
by the majority shareholder that has a very strong credit profile
enhances GEH's credit quality.

GEH's portfolio diversification helps mitigate the risk exposure to
seasonal variations in the availability of renewable resources.
However, the performance of GEH's wind and solar projects has been
weaker than the P90 level (the generation output that is likely to
exceed 90% of the time) in fiscal year ending 2021 (fiscal 2021)
and 2022 due to reduced winds and solar radiation shortfalls.

GEH has grown its operational renewable portfolio to 5.4 gigawatts
(GW) as of March 31, 2022 from 1.9 GW as of March 31, 2017. The GEH
portfolio is diverse, with operating assets across wind, solar,
hydro and biomass technologies in 14 states in India. GEH's four
PHSPs with a total storage capacity of 6.4 GW, once commissioned,
will strengthen its portfolio diversification.

However, GEH is exposed to financially weak state-owned
distribution companies, resulting in large receivables due to
delayed payments. Moody's expects GEH's receivables position to
gradually improve over the next 1-2 years given the favorable
decision by the High Court of Andhra Pradesh regarding a tariff
dispute for some wind projects and India's new electricity rule on
late payment surcharges released in June 2022. Still, a sustained
improvement remains to be seen.

GEH's liquidity is weak mainly because of upcoming bonds maturity
and substantial capital spending over the next 12 months, despite
the company's cash holdings of around $680 million as of September
2022 and operating cash flows. The $435 million bond issued by GM
will mature in February 2023 and the $500 million by Greenko
Investment Company in August 2023. However, Moody's expect GEH's
good debt market access and good-quality shareholders to mitigate
the risks.

The backed senior unsecured ratings of GDBV, GSML, GPII, GWPM and
GM are underpinned by the credit profile of their parent and
guarantor, GEH. GEH's obligations under the unconditional and
irrevocable guarantees will rank at least pari passu with all of
its other present and future unsubordinated and unsecured
obligations. As such, the ratings of the notes issued by GDBV,
GSML, GPII, GWPM and GM are in line with GEH's CFR.

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

The stable outlook captures Moody's expectation that GEH's credit
quality is appropriately positioned at the Ba2 level reflecting
continued support from shareholders, which partly offsets the
funding and execution risks arising from the substantial capital
spending program.

Moody's could upgrade the rating if GEH maintains a higher
consolidated FFO/debt of above 3%-4% on a sustained basis or if the
agency assesses that shareholder support is likely to be materially
stronger than the agency's current assumption.

Moody's could downgrade the rating further if (1) weak operational
performance, crystallization of execution or other risks in
relation to PHSPs, or more aggressive acquisitions and capital
spending result in FFO/debt below 1% for sustained periods; or (2)
support from GEH's shareholders weakens, as reflected by a
significant decrease in GIC ownership or a more-than-expected
increase in debt leverage without new equity capital.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Greenko Energy Holdings (GEH), a Mauritius-based company focused on
the renewable energy sector in India, is a major energy company
that owns and operates a diversified portfolio of hydro, wind,
solar and biomass power plants. As of March 2022, GEH's total
consolidated capacity was 5,378 MW, including 3,172 MW of wind, 589
MW of hydro, 1,538 MW of solar and 78 MW of biomass.

GEH has four indirectly wholly owned subsidiaries, Greenko Dutch
B.V. (GDBV, Ba2 stable), Greenko Solar (Mauritius) Limited (GSML,
Ba2 stable), Greenko Power II Limited (GPII, Ba2 stable) and
Greenko Wind Projects (Mauritius) Ltd (GWPM, Ba2 stable), which are
USD bond issuers as part of each restricted group. GEH also has a
wholly and directly owned subsidiary, Greenko Mauritius (GM, Ba2
stable).

LIST OF AFFECTED RATINGS

Issuer: Greenko Energy Holdings

Long-term Corporate Family Rating, downgraded to Ba2 from Ba1

Outlook Action:

Outlook, remains Stable

Issuer: Greenko Mauritius

Backed Senior Unsecured (Foreign Currency), downgraded to Ba2 from
Ba1

Outlook Action:

Outlook, remains Stable

Issuer: Greenko Dutch B.V.

Backed Senior Unsecured (Foreign Currency), downgraded to Ba2 from
Ba1

Outlook Action:

Outlook, remains Stable

Issuer: Greenko Solar (Mauritius) Limited

Backed Senior Unsecured (Foreign Currency), downgraded to Ba2 from
Ba1

Outlook Action:

Outlook, remains Stable

Issuer: Greenko Power II Limited

Backed Senior Unsecured (Foreign Currency), downgraded to Ba2 from
Ba1

Outlook Action:

Outlook, remains Stable

Issuer: Greenko Wind Projects (Mauritius) Ltd

Backed Senior Unsecured (Foreign Currency), downgraded to Ba2 from
Ba1

Outlook Action:

Outlook, remains Stable


HALASIDHANATH SAHAKARI: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Halasidhanath Sahakari Sakhar Karkhana Limited (SHSSKL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      65.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of SHSSKL under the 'issuer
non-cooperating' category as SHSSKL 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.
SHSSKL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated August 14, 2022, August 24, 2022, September 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).

Shree Halasidhanath Sahakari Sakhar Karkhana Ltd (SHSSKL) is a
co-operative sugar society set up in 1987 under Karnataka
Cooperative Society Act 1956. SHSSKL is engaged in the crushing of
sugarcane and has a mill located at Nipani Taluk in Belgaum dist,
Karnataka with an installed crushing capacity of 3500 TCD (tons of
cane per day) and a co-generation plant of 15 MW.


HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Himachal
Fibres Limited (HFL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 9 2021, placed the
rating(s) of HFL under the 'issuer non-cooperating' category as HFL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. HFL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated November
8, 2022, November 10, 2022 and November 17, 2022, etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on bank facilities of Himachal Fibres Limited
will be denoted as CARE D; Issuer not cooperating.

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

At the time of last rating on September 9, 2021 the following was
the rating weaknesses (updated for the information available
from stock exchange):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations of the company

Set up in 1980, Himachal Fibres Limited (HFL) was promoted by Mr.
BK Garodia in collaboration with Himachal Pradesh Minerals &
Industrial Development Corporation Limited. It was subsequently
acquired by the 'Shiva' group in 2010. The product profile of HFL
was also changed from cotton yarn to include polyester spun yarn,
acrylic yarn, blended yarns and knitted cloth. HFL operates from
its manufacturing facility in Baddi, Himachal Pradesh at an
installed capacity of 20,344 spindles and 504 rotors as on March
31, 2015. The debt of the company was restructured in March-2015
due to liquidity constraints.

JALARAM CERAMICS: CARE Lowers Rating on INR24.03cr Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jalaram Ceramics Limited (JCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       24.03      CARE B+; Stable Revised from
   Facilities                      CARE BB-; Stable

   Long Term/Short      18.00      CARE B+; Stable/CARE A4
   Term Bank                       Revised from CARE BB-; Stable/
   Facilities                      CARE A4

   Short Term Bank
   Facilities           6.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of JCL
factors sharp decline in its profitability during FY22 (Audited;
refers to the period April 1 to March 31) along with deterioration
in capital structure and debt coverage indicators. The ratings,
further, remain constrained on account of implementation risk
associated with debt funded capex, susceptibility of profit margins
to volatility in raw material and fuel costs, presence in a highly
competitive ceramic industry and fortunes linked to demand from
cyclical real estate sector along with JCL's stretched liquidity
position. The ratings, however, favourably takes into consideration
experienced promoters with established track record of operations
and increase in scale of operations during FY22.

Rating Sensitivities

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

* Increase in TOI by more than 20% with reporting PBILDT margin
above 12% on sustained basis

* Improvement in capital structure marked by overall gearing of 1.5
times or below along with improved debt coverage indicators marked
by TDGCA of 5 years or below

* Improved liquidity with reduction in operating cycle below 100
days on sustained basis

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* De-growth in TOI by more than 20% with decline in PBILDT margin
to 7 % or below

* Deterioration in capital structure marked by overall gearing of 2
times or above along with improved debt coverage indicators marked
by TDGCA of 15 years or below

* Deterioration in liquidity position led by lower cash accruals

Detailed description of the key rating drivers

Key Rating Weakness

* Sharp decline in profitability: JCL's profitability substantially
deteriorated during FY22 and remained moderate marked by PBILDT
margin at 9.41% during FY22 as against 39.56 % during FY21.
Reduction in PBILDT margin was mainly on account of increased power
and fuel cost coupled with increased raw material cost during FY22.
Further, JCL had entered into a contract with Hetero Drugs Limited,
Hyderabad for supplying APIs on a commission basis which resulted
in higher operating profitability during FY21 and FY20, however
there was no renewal of the contract for FY22 resulting into lower
profitability margins. Consequently, PAT margin also reduced
substantially and remined at 1.22% during FY22 as against 21.84%
during FY21 owing to increase in finance charges.

* Deterioration in capital structure and debt coverage indicators
The capital structure of JCL deteriorated and remained moderate
marked by overall gearing of 1.68 times as on March 31, 2022 as
against 0.75 times as on March 31, 2021 owing to increase in total
debt level coupled with reduced net worth as on March 31, 2022 with
additional term loan for the project along with consideration of
unsecured loans as a part of total debt during FY22. Debt coverage
indicators also deteriorated and remained moderate as marked by
total debt to GCA at 10.97 years as on March 31, 2022 as against
2.15 years as on March 31, 2021. Consequently, interest coverage
ratio during FY22 also deteriorated and remained moderate at 2.59
times during FY22 as against 15.23 times during FY21 owing to
decrease in profitability margins and increased interest charges
during FY22.

* Implementation risk associated with debt funded capex: JCL is
currently implementing a project to replace obsolete machineries
thereby upgrading technology to manufacture goods efficiently and
increase production capacity thereby to meet increasing demand from
the domestic and overseas clients. They will also manufacture
600*600 size tiles with 12mm thickness which have higher demand in
overseas market. The project is expected to complete by November
2022 and will commence operations thereon. Total project cost
remained at INR26 crore (almost entirely incurred) funded with
project gearing of 1.36 times. Achieving envisaged scale of
operations and profitability with stability of operations will
remain crucial henceforth for the firm.

* Susceptibility of profit margins to volatility in raw material
and fuel costs: Prices of raw material i.e. clay & feldspar is
market driven and expected to put pressure on the margins of tile
manufacturers. Another major cost component is fuel expenses in the
gas form which is to fire the furnace. The profitability of JCL
remains exposed to volatile Liquefied natural Gas (LNG) prices,
mainly on account of its linkages with the international demand
supply of natural gas. It avails LNG from Gas Authority of India
Limited (GAIL) and from Sabarmati Gas Limited (SGL). Hence, JCL's
ability to control its cost structure would be crucial going
forward especially in the light of competitive environment.

* Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector: JCL operates in
a highly competitive segment of the ceramic industry marked by low
entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. This situation is likely to
increase the level of competition which is expected to put pressure
on profitability of the manufacturers.

Key Rating Strength

* Increased Scale of Operations: Scale of operations marked by TOI
increased by 95.68% and remained moderate at INR62.46 crore during
FY22 as against Rs.31.92 crore with commencement of operation for
manufacturing of Glazed Vitrified tiles from January 2021 after
successful project completion.

* Experienced promoters with established track record of
operations:  JCL was originally established as a partnership firm
named Siddharth Ceramics in the year 1990 and was later converted
into a closely held public limited company in February, 1995. It is
engaged in manufacturing of digital floor tiles. The business of
JCL is currently jointly managed by Mr. Ghanshyam Thakkar, Mr.
Girish Thakkar, Mr. Mukesh Sachdev, Mr. Ashutosh Thakkar Mr.
Prafulchandra Bhatt and Ms. Smriti Tripathi. Majority of promoters
have an experience of around three decades in the same line of
business. Hence, the key promoters are well-versed with the
industry which has helped JCL in establishing its customer base.

Liquidity: Stretched

Liquidity position remained stretched during FY22 as marked by
insufficient cash accruals against its repayment obligations,
moderate cash and bank balance on hand, elongated operating cycle
and high utilization of its working capital limit. Gross cash
accruals remained low at INR3.66 crore in FY22 against its
repayment obligation of INR4.02 crore for FY23 where shortfall will
be met through working capital changes or infusion of funds by
promoters in case required. Further, its cash and bank balance
remained moderate at INR4.58 crore as on March 31, 2022 as against
INR2.85 crore as on March 31, 2021. Net cash flow from operations
remained moderate at INR6.62 crore during FY22 as against INR8.35
crore during FY21. Average utilization of its working capital limit
remained almost full for past 12 months ended October 31, 2022. The
operating cycle also remained elongated during FY22 at 164 days as
against 318 days in FY21. Further Emergency credit line has been
availed by JCL from Standard chartered bank of INR0.43 crore whose
repayment will start from January, 2025 after moratorium period of
24 months.  

Ahmedabad-based (Gujarat) JCL was originally established as a
partnership firm named Siddharth Ceramics in the year 1990 and was
later converted in a closely held public limited company in
February, 1995. JCL is jointly managed Mr. Ghanshyam Thakkar, Mr.
Girish Thakkar, Mr. Mukesh Sachdev, Mr. Ashutosh Thakkar, Mr.
Prafulchandra Bhatt and Ms. Smriti Tripathi CL is engaged into
manufacturing of digital floor tiles (GVT-Glazed Vitrified Tiles &
PGVT – Polished Glazed Vitrified Tiles) and parking tiles with an
installed capacity of approx. 1,60,000 Metric Tonnes Per Annum
(MTPA) as on March 31, 2022. The products of JCL are sold in the
brand name of “Siddharth” in domestic market.


KHWAHISH MARKETING: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khwahish
Marketing Private Limited (KMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       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 November 23,
2021, placed the rating(s) of KMPL under the 'issuer
non-cooperating' category as KMPL 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. KMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
2022.

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

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

KMPL was incorporated in 2004 and is currently being managed by Mr.
Prashant Sharma. The company is engaged in the trading of iron and
steel products such as hot rolled coils.


KRISHNA TRANSNATIONAL: CARE Cuts Rating on INR5.0cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krishna Transnational Marbles Private Limited (KTMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

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

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings assigned to the bank facilities of KTMPL have been
revised on account of non-availability of requisite information.
The ratings further consider decline in operating income, overall
profitability and debt coverage indicators during FY21 over FY20.

Krishna Transnational Marbles Private Limited (KTMPL) was
incorporated as a private limited company in the year 2004. The
company is engaged in the trading of marbles and granites used for
flooring purpose. KTML procures blocks/slabs of marbles and
granites from quarries in India as well as imports from countries
such as Italy, Turkey, China, Oman, Sri Lanka, Vietnam, Greece,
etc. The company is mainly into trading and undertakes cutting or
polishing only upon customer request.


MAHASHAKTI COLD: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahashakti
Cold Storage Private Limited (MCSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.30       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of MCSPL under the 'issuer
non-cooperating' category as MCSPL 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. MCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 6, 2022, August 16,
2022, August 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).

Mahashakti Cold Storage Private Limited. (MCSPL), incorporated in
the year 1984, is a Burdwan (West Bengal) based company, promoted
by the Kundu family. It is engaged in the business of providing
cold storage services to potato growing farmers and potato traders,
having an installed storage capacity of 179,696 quintals in Burdwan
district of West Bengal. Mr. Naba Kumar Kundu (Director) looks
after overall management of the company. Mr. Naba Kumar Kundu has
more than two decades of experience in cold storage business and is
supported by a team of experienced professionals who have rich
experience in the same line of business.


MARIAN PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Marian
Projects Private Limited (MPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      37.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Marian Projects Pvt Ltd (Marian) was established in 2008 as a
partnership firm. Later in March 2011, the firm was reconstituted
as a private limited company. The day-to-day activities of the
company are managed by Mr. Naveen Cardoza (Managing Director), Mr.
Ujwal D'souza (Director) and Mrs. Suman Sandhya D'souza (Director),
who are well-supported by a team of experienced senior management.
Marian is engaged in development and construction of residential
projects in the state of Karnataka.


MELLCON ENGINEERS: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mellcon
Engineers Private Limited (MEPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

New Delhi based, Mellcon Engineers Private Limited was incorporated
on January 15, 1986 by Mr. Rajesh Kalia and Mrs. Neena Kalia. The
company is engaged in the manufacturing of compressed air/gas
dryers, refrigeration systems, nitrogen plants, CO2 tank with
inertization system, PSA nitrogen gas generator, recovery systems,
water/air cooled chillers, storage tanks for refrigerant R410a and
R600a, etc. with environment friendly process.


NEELKANTH SWEETS: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neelkanth
Sweets Private Limited (NSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2021, placed the rating(s) of NSPL under the 'issuer
non-cooperating' category as NSPL 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. NSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2022, August 9, 2022, August 19, 2022.

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

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

Lucknow, Uttar Pradesh based Neelkanth Sweets Private Limited
(NSPL) was incorporated in 2011. It has succeeded an erstwhile
proprietorship firm established in year 1992. The company is
managed by Mr Virendra Kumar Gupta, Mr Mayank Gupta, Mr Vishnu
Gupta, Mr Vivek Gupta and Mr Vinay Gupta. NSPL is engaged in
manufacturing of sweets, snacks and namkeens under the brand name
'Neelkanth Sweets'. Further, the company operates a multi cuisine
restaurant and a banquet hall under the name of 'Green Restras' and
'Green Banquet' respectively.


NIRMITI STAMPINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nirmiti Stampings Private Limited
        S-11 S Block MIDC
        Bhosari Pune
        MH 411026
        IN

Insolvency Commencement Date: December 1, 2022

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: May 31, 2022

Insolvency professional: Udaykumar Bhaskar Bhat

Interim Resolution
Professional:            Udaykumar Bhaskar Bhat
                         B-304, Goldville, Dange Cowk
                         Aundh Ravet Road
                         Thergaon, Pune 411033
                         E-mail: udaybhat2805@gmail.com
                                 nirmitistampings@gmail.com

Last date for
submission of claims:    December 15, 2022


OMID ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OMID
Engineering Private Limited (OEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      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 November 23,
2021, placed the rating(s) of OEPL under the 'issuer
non-cooperating' category as OEPL 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. OEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
2022.

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

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

New Delhi-based OEPL, incorporated in October 1983, belongs to the
'Him Group of Companies' and is engaged in the manufacturing of LPG
cylinders. The company was initially engaged in the job work
activities of painting the cylinders manufactured by its sister
concern, Him Cylinders Ltd. Subsequently, in July-2001, the company
established a facility for manufacturing of LPG cylinders in the
Una district of Himachal Pradesh.


POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Poornasai
Agro Industries (PAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.11       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of PAI under the 'issuer
non-cooperating' category as PAI 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. PAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 14, 2022, August 24, 2022, September 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).

Karnataka based, Poornasai Agro Industries (PAI) was incorporated
in 2014, started its commercial operations from November 2016 and
promoted by Mr. M R Ramanjanaya along with his son Mr. M R Sainath.
PAI is engaged in processing and selling of rice. The rice
processing unit of the firm is located at Gadwal road, Raichur,
Karnataka. Apart from rice processing and selling, the firm is also
into selling of by-products such as broken rice and rice bran. The
main raw material, paddy, is majorly procured from paddy merchants
and farmers located in Karnataka region (Around 90%) and from
Gujarat, Chhattisgarh, Maharashtra and Andhra Pradesh, (Around
10%). The firm sells rice and other by-products to the rice dealers
located in Karnataka (Around 40%), Kerala (Around 40%) and Tamil
Nadu (Around 20%).

PREMPRAKASH GINNING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Premprakash
Ginning and Pressing Factory (PGPF) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

Bagod based (Madhya Pradesh) Prem Prakash Ginning & Pressing
Factory (PGPF) was formed in 1997 as a proprietorship concern by
Mr. Praveen Kumar Jain. The firm is engaged in the cotton ginning
and pressing along with production of cotton seeds. Further, the
firm is also engaged in trading of Soya Bean, cotton seeds and
yarn. The manufacturing unit of the firm has installed capacity to
manufacture 16000 Cotton Bales Per Year and 47000 Quintals Cotton
Seeds Per Year as on March 31, 2017. PGPF procures raw cotton
directly from farmers and local mandis and sells its finished
products mainly in local markets. The firm markets its product
through 20 brokers.


PRIYANKA (INDIA): CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Priyanka
(India) Private Limited (PPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      6.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of PPL under the 'issuer
non-cooperating' category as PPL 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. PPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 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).

Delhi based Priyanka India Private limited (PIPL), is a private
limited company incorporated on March 12, 1983 by Mr Harbans Singh
Sethi and Mrs Upneet Kaur Sethi. Currently, the company is being
managed by Mr Iqbal Singh Sethi, Mrs Upneet Kaur Sethi and Mr
Sarvraj Singh Sethi. PIPL is engaged in the manufacturing and
trading of emergency relief items such as kitchen kit, hygiene kit,
stationary kit, education kit. The company has 2 manufacturing
facilities located in Manesar, Gurgaon and other at Mayapuri,
Delhi.


QUADRANT TELEVENTURES: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Quadrant
Televentures Limited (QTL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.22      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      24.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 13, 2021, placed
the rating(s) of QTL under the 'issuer non-cooperating' category as
QTL had failed to provide information for monitoring of the rating.
QTL continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
November 8, 2022, November 10, 2022 and November 17, 2022.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE'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 ratings.

The rating takes into account non-availability of information due
to non-cooperation by Quadrant Televentures Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk.

Detailed description of the key rating drivers

At the time of last rating on September 13, 2021, the following
were the rating weaknesses and strengths (Updated for the
information available from the stock exchange):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by the company on account of its
weak liquidity position. The company has been classified as
Non-Performing Asset (NPA) by the bank.

* Financial risk profile marked by losses at the net level: The
total operating income of the company improved to INR437.89 crore
in FY22 as against INR428.93 crore in FY21. PBILDT margins also
stand improved to 4.85% in FY22 from 2.02% in FY21. The company
continued to remain in losses at the net level, with a net loss of
INR117.23 crore in FY22 (net loss of INR296.15 crore in FY21). Due
to losses at the net level, the networth of the company remained
negative.

* History of CDR: The debt of the Company was restructured under
Corporate Debt Restructuring (CDR) mechanism in Mar04 and
subsequently in Jun-05. However, due to continued losses and
liquidity problems (at the time of launch of GSM services), QTL
again approached its lenders for rework of the earlier sanctioned
restructuring package, which was approved by CDR Empowered Group in
Aug-09, with cut-off date as April 1, 2009. In-line with the last
approved CDR terms, Videocon group was inducted as the new
strategic investor and subsequently a new management team was
setup.

* Deterioration in the financial risk profile of Videocon group
from which QTL derives operational and financial support: After
taking over the reins of the business of QTL in 2009, the Videocon
group has regularly supported the company to fund its capex and
other operational needs. The Videocon group, through its flagship
company-Videocon Industries Limited (VIL), has presence in varied
business verticals such as oil & gas, consumer electronics and
telecommunications. However, the financial risk profile of VIL has
deteriorated lately, with the company reporting net loss of
INR6760.76 crore on a total income of INR1062.61 crore in FY19 as
compared with net loss of INR5264.04 crore on a total income of
INR3350.12 crore in FY18, on a standalone basis.

Quadrant Televentures Limited (QTL) was incorporated in August 1946
by the name- The Investment Trust of India Limited (ITIL). The name
of the company was changed to HFCL Infotel Limited (HIL) in May
2003. In August 2009, the ownership of HIL was transferred to the
Videocon group, subsequent to which, the company was rechristened
as QTL. Currently, the Videocon group holds majority stake (49.47%)
in QTL through an entity promoted by it. QTL is a Unified Access
Services (UAS) Licensee in the Punjab Telecom Circle comprising of
the state of Punjab, Chandigarh and Panchkula. The company started
its operations as a fixed line service provider under the brand
name 'Connect' in the year 2000. It was later granted UAS License
in the Punjab Telecom Circle (including Chandigarh and Panchkula)
in 2003 subsequent to which it launched its CDMA based mobile
services under the brand name 'Ping' (from September 2007) and
GSM-based mobile services in March 2010. Currently, QTL is
providing Fixed Voice (Landline) services, DSL (Internet) services,
Leased Line services and CDMA Mobile Services in the Punjab Telecom
Circle (including Chandigarh and Panchkula). The company
discontinued its GSM business operations from February 15, 2017.


RATAN ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratan
Engineering Company Private Limited (RECPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.75       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 1,
2021, placed the rating(s) of RECPL under the 'issuer
non-cooperating' category as RECPL 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. RECPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 17, 2022, August 27,
2022, September 06, 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).

Ratan Engineering Company Private Limited (RECPL) was established
in 1985 by Mr. Ram Parkash, Mr. Naresh Garg and Mr. Vikram Garg.
RECPL is engaged in manufacturing of customised ferrous and steel
casting products, which includes industrial valves, turbine
components and other type of casting using radiography technology.
The company has manufacturing facilities located at Kahrani and
Bhiwadi (Rajasthan).


S.M. AUTOPARTS: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.M.
Autoparts Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Varanasi (Uttar Pradesh) based S.M. Autoparts Private Limited
(SAPL), incorporated in 2009 is promoted by Mr Mohit Jain and Mr.
Amit Jain. SAPL is an authorized distributor of Tata Motors Limited
in Uttar Pradesh (Varanasi, Allahabad, Gorakhpur and Lucknow) for
spare parts of Light Commercial Vehicle, Medium Commercial Vehicle
and High Commercial Vehicle. The customer base comprises of state
transport units, authorized service centers and retailers.


SIDHARTHA BUILDHOME: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sidhartha
Buildhome Private Limited (SBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      129.00      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 November 17,
2021, placed the rating(s) of SBPL under the 'issuer
non-cooperating' category as SBPL 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. SBPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2022, October 13, 2022, October 23,
2022.

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

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

Incorporated in November 21, 1995, SBPL is engaged in the
development of residential/ group housing project in Gurgaon
(Haryana). SBPL (formerly Pashupati Buildwell Pvt Ltd) is promoted
by Mr. Sidharth Chauhan and Mr. Randhir Singh Chauhan. Mr. Sidharth
Chauhan had been into consolidation and aggregation of land for
more than 15 years for companies like Adani Group, DLF, NYK
Logistics, and Panacea Biotech etc. Mr. Randhir Singh is the father
of Mr. Sidharth Chauhan and is a graduate with experience of over
45 years. He has served the Indian Army for 15 years and has more
than 20 years of experience in banking sector.


SSK INFOTECH: CARE Lowers Rating on INR12.17cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSK Infotech Private Limited (SIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.17       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 5, 2021,
placed the rating(s) of SIPL under the 'issuer non-cooperating'
category as SIPL had failed to provide information for monitoring
of the rating. SIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated November 24, 2022, and November 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.

The revision in ratings factor in stretched liquidity as indicated
by continued full utilisation of limits.

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

Detailed description of the key rating drivers

At the time of last rating on August 5, 2022, the following were
the rating strengths and weaknesses considered (updated for the
information available from Annual Report).

Key Rating Weaknesses

* Continued full utilization of limits: During our due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
companies of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high working
capital intensity, there is high dependency on external borrowing
to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handset's distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold at a discount.
Nonetheless, SSKAPL continues to remain exposed to the risk
associated with inventory holding and stock liquidation, which
could have an adverse impact on its profitability in the event of
the company being unable to liquidate the inventory timely.

Key Rating Strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to establish its presence in
the Indian market (operational as SLLPL). It also provides
electronic data delivery, printing of cheques and current/savings
account statements to banks/financial institutions.

* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh. Established market presence backed by highest market
share of Principal (Samsung) in domestic market: SYSKA group has
exclusive distributorship of Samsung Smart phones and tablets in
Gujarat, Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand. SSK group
forayed into electrical fittings in FY14 through establishment of
SLLPL. The company is in the business of importing, testing, and
sale of LED technology, Solar PV solutions, Hi Tech Batteries
System Integration, Solar based UPS & Inverters. It imports LED
products from various companies in South Korea, assembles and sells
under its brand name SYSKA. SLLPL does business in 18 states in
India through 489 distributors and exclusive retail showrooms at 80
locations and is setting up operations in international markets as
well. The imported components are assembled at Rabble factory in
Maharashtra. SEL was established in 2015 and is promoted by Ms.
Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms.
Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The
company is engaged in the trading of SYSKA brand of products which
includes lighting products (LED bulbs, tube lights, panel lights
etc), personal grooming products (trimmers, shavers, hair
straighteners, irons, etc.) and several other (power banks,
Bluetooth speakers) through e-commerce platforms. The firm procures
goods from group companies namely SYSKA LED Lights Private Limited
(SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL)
and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal,
Tata Clip to name a few.


SSK RETAILS: CARE Lowers Rating on INR25.00cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSK Retails Private Limited (SRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 5, 2021,
placed the rating(s) of SRPL under the 'issuer non-cooperating'
category as SRPL had failed to provide information for monitoring
of the rating. SRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated November 24, 2022, and November 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.

The revision in ratings factor in stretched liquidity as indicated
by continued full utilisation of limits.

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

Detailed description of the key rating drivers

At the time of last rating on August 5, 2022, the following were
the rating strengths and weaknesses considered (updated for
the information available from Annual Report).

Key Rating Weaknesses

* Continued full utilisation of limits: During our due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
company of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high working
capital intensity, there is high dependency on external borrowing
to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handset's distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold at a discount.
Nonetheless, SSKAPL continues to remain exposed to the risk
associated with inventory holding and stock liquidation, which
could have an adverse impact on its profitability in the event of
the company being unable to liquidate the inventory timely.

Key Rating Strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to establish its presence in
the Indian market (operational as SLLPL). It also provides
electronic data delivery, printing of cheques and current/savings
account statements to banks/financial institutions.

* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh.

* Established market presence backed by highest market share of
Principal (Samsung) in domestic market: SYSKA group has exclusive
distributorship of Samsung Smart phones and tablets in Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand. SSK group
forayed into electrical fittings in FY14 through establishment of
SLLPL. The company is in the business of importing, testing, and
sale of LED technology, Solar PV solutions, Hi Tech Batteries
System Integration, Solar based UPS & Inverters. It imports LED
products from various companies in South Korea, assembles and sells
under its brand name SYSKA. SLLPL does business in 18 states in
India through 489 distributors and exclusive retail showrooms at 80
locations and is setting up operations in international markets as
well. The imported components are assembled at Rabble factory in
Maharashtra. SEL was established in 2015 and is promoted by Ms.
Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms.
Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The
company is engaged in the trading of SYSKA brand of products which
includes lighting products (LED bulbs, tube lights, panel lights
etc), personal grooming products (trimmers, shavers, hair
straighteners, irons, etc.) and several other (power banks,
Bluetooth speakers) through e-commerce platforms. The firm procures
goods from group companies namely SYSKA LED Lights Private Limited
(SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL)
and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal,
Tata Clip to name a few.


SYSKA LED: CARE Lowers Rating on INR98cr LT Loan to B
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Syska LED Lights Private Limited (SLLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      98.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

   Short Term Bank     52.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 5, 2021,
placed the rating(s) of SLLPL under the 'issuer non-cooperating'
category as SLLPL had failed to provide information for monitoring
of the rating. SLLPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated November 24, 2022, and November 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.

The revision in ratings factor in stretched liquidity as indicated
by continued full utilisation of limits.

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

Detailed description of the key rating drivers

At the time of last rating on August 5, 2022, the following were
the rating strengths and weaknesses considered (updated for
the information available from Annual Report).

Key Rating Weaknesses

* Continued full utilisation of limits: During our due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
company of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high working
capital intensity, there is high dependency on external borrowing
to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handsets distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold at a discount.
Nonetheless, SSKAPL continues to remain exposed to the risk
associated with inventory holding and stock liquidation, which
could have an adverse impact on its profitability in the event of
the company being unable to liquidate the inventory timely.

Key Rating Strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to establish its presence in
the Indian market (operational as SLLPL). It also provides
electronic data delivery, printing of cheques and current/savings
account statements to banks/financial institutions.

* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh.

* Established market presence backed by highest market share of
Principal (Samsung) in domestic: market: SYSKA group has exclusive
distributorship of Samsung Smart phones and tablets in Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand. SSK group
forayed into electrical fittings in FY14 through establishment of
SLLPL. The company is in the business of importing, testing, and
sale of LED technology, Solar PV solutions, Hi Tech Batteries
System Integration, Solar based UPS & Inverters. It imports LED
products from various companies in South Korea, assembles and sells
under its brand name SYSKA. SLLPL does business in 18 states in
India through 489 distributors and exclusive retail showrooms at 80
locations and is setting up operations in international markets as
well. The imported components are assembled at Rabble factory in
Maharashtra. SEL was established in 2015 and is promoted by Ms.
Honey Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms.
Gitika Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The
company is engaged in the trading of SYSKA brand of products which
includes lighting products (LED bulbs, tube lights, panel lights
etc), personal grooming products (trimmers, shavers, hair
straighteners, irons, etc.) and several other (power banks,
Bluetooth speakers) through e-commerce platforms. The firm procures
goods from group companies namely SYSKA LED Lights Private Limited
(SLLPL) and Shree Sant Kripa Appliances Private Limited (SSKAPL)
and sells to online portals like Amazon, Flipkart, Paytm, Snapdeal,
Tata Clip to name a few.


URJA AUTOMOBILES: CARE Lowers Rating on INR6.81cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Urja Automobiles Private Limited (UAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.81       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 29,
2021, placed the rating(s) of UAPL under the 'issuer
non-cooperating' category as UAPL 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. UAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 15, 2022, August 25, 2022, September 4,
2022 and December 6, 2022.

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

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

The ratings have been revised on account of delays in debt
servicing as recognized from publicly available information i.e.
CIBIL check.

Urja Automobiles Private Limited (UAPL) was incorporated during
February 2013 by Mr. Rahul Kumar of Danapur in Patna. Subsequently,
the company started to initiate an auto dealership business and has
setup a selling and servicing facility at Saguna in Danapur. The
company has entered into dealership authority from Nissan Motor
India Pvt. Ltd. (NMIPL) for selling and servicing passenger
vehicles. Later on the company started sales and service facility
at other three locations in Bihar, namely, Araa, Patliputra and
Purnia. The day-to-day affairs of the company are looked after by
Mr. Rahul Kumar (Managing Director) with adequate support from
other three directors and a team of experienced personnel.


WIND WORLD: CARE Reaffirms B Rating on INR160.99cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Wind
World Wind Farms (Hindustan) Private Limited (WFHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          160.99      CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of long-term rating of bank facilities of WFHPL
continues to be constrained by high counter party risk, weak
financial risk profile and dependence on seasonal wind pattern.
However, the rating continues to derive strength from experienced
promoters in wind power generation projects, firm off-take
arrangement of entire operational capacity which mitigates demand
risk and satisfactory operational performance of wind farms in FY22
and H1FY23.

Rating Sensitivities

Positive Factors
* Decrease in receivable days below 30 days on sustained manner and
increase in plant load factor above 15% on sustained basis.

Negative Factors

* Delay in collection of receivables from counter party more than
150 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* High counter party risk resulting in weak financial risk profile
of the company: WFHPL continues to expose to high counter party
risk as entire installed capacity is sold to state Discoms having
relatively weak financial risk profile. The company witnesses delay
in realization of receivables from Rajasthan and Karnataka Discoms
leading to weakening of financial risk profile of the company. In
FY22 and 5MFY23, for Karnataka Discom, payments from Discom were
with delay of around 3-5 months after the due date. For Rajasthan
Discom, the company has PPA with Jaipur Vidyut Vitran Nigam Limited
and Ajmer Vidyut Vitran Nigam Limited for the power generated from
Rajasthan wind power plant. Payments from both the DISCOMs are
usually received with a delay of around 3-4 months after the due
date. However, for H2FY22 and 5MFY23, the gap between due date and
payment from both DISCOMs decreased to 1-3 months.

* Dependence on seasonal wind patterns: Wind farms are exposed to
inherent risk of weather fluctuations leading to variations in the
wind patterns and velocity which affects the Plant Load Factor
(PLF). Generally, the wind farms enjoy higher PLF during May –
October (monsoon period) and lower PLFs in the remaining months of
the year. TN as a state has witnessed unprecedented cyclones and
floods in nearby state over past two years which shortened the wind
season in the last 2 years thereby affecting the PLF and the power
generation levels across all wind firms over the last 2 years.

Key Rating Strengths

* Experienced Promoters in wind power generation projects: Wind
World Wind Farms Hindustan Private Limited (WFHPL) is a Wind World
India Limited (WWIL) group company. As on March 31, 2022, WWIL
holds 51% shares in WWFHL and balance shares are held by Enercon
GmbH (ultimate holding company). Mr. Yogesh Mehra and Mr. Ajay
Mehra are also the founders of WWIL (formerly known as Enercon
India Limited), one of the largest players in the wind power
industry. WWIL has expertise in wind power, has 5 plants in Daman
for manufacturing of blades and wind turbine generator with
manufacturing capacity of 1000 WECs equivalent to 800 MW p.a. and
three concrete tower manufacturing plants in Gujarat, Karnataka and
Tamil Nadu, having annual installed capacity of 1200 towers p.a.
Enercon GmbH is one of the leading manufacturers for WECs globally.
WWIL's wind farms today straddle seven high wind potential states
Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya
Pradesh and Andhra Pradesh, spread across 3,000 kms of India. WWIL
is currently undergoing an insolvency resolution process.

* Firm off-take arrangement for entire operational capacity through
long term PPAs: WFHPL has long term Power Purchase Agreements for
entire operational capacity for period of 20 years (i.e. till
FY2026) with DISCOMs in state of Karnataka and Rajasthan. In
Karnataka, PPA is with Bangalore Electricity Supply Company Limited
[BESCL] at tariff of INR3.40 per unit for installed capacity of
68.80 MW located at Tumkur district. In Rajasthan, PPA is with
Jaipur Vidyut Vitran Nigam Limited [JVVN] at tariff of INR3.79 per
unit for 28.80 MW and Ajmer Vidyut Vitran Nigam Limited [AVVN] at
tariff of INR3.79 per unit for 31.20 MW installed capacity located
at Jaisalmer District. As per the terms of the PPA, the payments
are made on monthly basis.

* Satisfactory operational performance during FY22 and 5MFY23:
On the operational front all wind farms i.e. 68.8 MW plant
consisting of 86 WEC at Karnataka and 60 MW power plant consisting
of 75 WEC at Rajasthan have a reasonable operational track record
of more than 10 years. Grid Availability of the plants has been
above 95% for both the plants indicating the reliability of the
wind turbine which means the times the machines and the grids were
available for most part of the year to generate electricity. The
annualized unit generation (units) for FY22 is 91.29 million units
with average PLF of 15.32% from 86 WEC in Karnataka and 82.78
million units with average PLF of 15.93% from 75 WEC in Rajasthan.

WFHPL has been benefitting from favourable climate conditions and
wind patterns during FY22 and H1FY23. However, WFHPL's PLF
moderated and stood at 20.26% for H1FY23 as against PLF of 22.86%
in H1FY22. The total unit generation for H1FY23 is 118.94 units
(H1FY22: 126.94 units) corresponding to total billed amount of
INR42.67 crore (H1FY22: INR45.53 crore).

Liquidity: Stretched

The company maintains DSRA of INR27.83 crore in form of Fixed
Deposits with the lender as well as cash balance of INR3.14 crore
as on November 16, 2022. The company has repaid INR16.98 crore till
September 30, 2022 out of its scheduled repayments of INR35.99
crore for FY23. However, the company faces challenges in
realization of payment from off-takers, leading to cash-flow
mismatch and stretched liquidity position

Wind World Wind Farms Hindustan Private Limited (WFHPL) is a Wind
World (India) Limited (WWIL) group company. As on March 31, 2022,
WWIL holds 51% shares in WWFHL, and balance shares are held by
Enercon GmbH (ultimate holding company). Mr. Yogesh Mehra and Mr.
Ajay Mehra are also the founders of WWIL (formerly known as Enercon
India Limited), one of the largest players in the wind power
industry. WWIL has expertise in wind power, has 5 plants in Daman
for manufacturing of blades and wind turbine generator with
manufacturing capacity of 1000 Wind Energy Converters (WECs)
equivalent to 800 MW p.a. and three concrete tower manufacturing
plants in Gujarat, Karnataka and Tamil Nadu, having annual
installed capacity of 1200 towers p.a. WFHPL is an Independent
Power Producer (IPP) having wind farms in Karnataka and Rajasthan
with total installed capacity of 128.8 MW, consisting of 161 WECs.
WECs are manufactured, installed and maintained by WWIL. WWIL's
wind farms today straddle seven high wind potential states
Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya
Pradesh, and Andhra Pradesh, spread across 3,000 kms of India. WWIL
is currently undergoing insolvency resolution process.


YUVARAJ CABLE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yuvaraj
Cable Networks (YCN) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.87      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 November 17,
2021, placed the rating(s) of YCN under the 'issuer
non-cooperating' category as YCN 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. YCN
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2022, October 13, 2022, October 23,
2022.

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

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

Yuvaraj Cable Networks (YCN) was established in the year 1999 and
promoted by Mr D Ramachandra Rao, his family members and friends.
The firm is engaged in the business of providing television
services through installation of set top boxes (local cable
network) in and around Kovvur, Andhra Pradesh. The firm provides
television services to six circles (covering 80 villages) in A.P.
namely Kovvur, Chagallu, Tallapudi, Gopalapuram, Polarvarm and
Devarapalli.




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

CARDRONA TERRACE: Creditors' Proofs of Debt Due Jan. 7
------------------------------------------------------
Creditors of Cardrona Terrace Limited and Salmo Investments Limited
are required to file their proofs of debt by Jan. 7, 2023, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          KF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678
          Auckland 1140


CORE CIVIL: Creditors' Proofs of Debt Due on Jan. 19
----------------------------------------------------
Creditors of Core Civil Holdings Limited are required to file their
proofs of debt by Jan. 19, 2023, to be included in the company's
dividend distribution.

The High Court at Christchurch appointed Tony Leonard Maginness and
Jared Waiata Booth of as Baker Tilly Staples Rodway Auckland on
Dec. 8, 2022.


LEMAR GROUP: Grant Reynolds Appointed as Liquidator
---------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on Dec. 9,
2022, was appointed as liquidator of Lemar Group Limited.

The liquidators may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163


NEW ZEALAND: Sees Recession in 2023 but a Narrower Budget Deficit
-----------------------------------------------------------------
Reuters reports that New Zealand's government on Dec. 14 forecast
the country would enter a recession in 2023, even as the budget
remained on target to move into surplus for the 2024/25 financial
year.

According to Reuters, spending constraints and the forecast
recession will add to challenges facing Prime Minister Jacinda
Ardern's Labour party as it approaches a general election next
year.

The economy will shrink in the second, third and fourth quarters of
2023, according to economic and fiscal update from the Treasury on
Dec. 14.

Reuters relates that the Reserve Bank of New Zealand is even more
pessimistic than the Treasury, having forecast a year-long
recession beginning in the second quarter of next year, a result of
steep interest rate rises it has implemented to control inflation.

"2023 is a challenging year for many New Zealand households,"
Finance Minister Grant Robertson told a press conference after
issuing the regular mid-financial-year update.

Getting back to surplus would demand tough budgetary choices, he
said in a statement.

Ministries would be told to find money within existing budgets for
new initiatives next year, Mr. Robertson said, Reuters relays.

In May, the government announced heavy spending on infrastructure,
including new schools, and on the health system, which got more
funding for drugs and facilities, recalls Reuters.

Opposition parties have criticised Labour's spending as
contributing to inflation, which is running at just below
three-decade highs.

According to Reuters, Mr. Robertson said a careful approach to the
budget was needed if the country wanted to get inflation down.

Nonetheless, the fiscal outlook has already improved.  The
government predicted a budget deficit of NZ$3.63 billion ($2.34
billion), or 0.9% of gross domestic product (GDP), for the
financial year ending June 2023.  That was narrower than the NZ$6.6
billion forecast in the budget issued in May.

Public finances would produce another deficit in 2023/24 but shift
to a surplus of NZ$1.6 billion in 2024/25, Reuters discloses citing
the Treasury's update document.

It forecast that net debt under an old method of calculation would
peak at 41.8% of GDP in 2023/24, compared with the May forecast for
a peak in 2023/24 at 41.2% of GDP.

Reuters relates that Westpac economists said in a note that the
relatively benign fiscal outlook hinted at some wiggle room for
government spending.  "For now, though, the Government is keeping
its powder dry," the note added.

Reuters adds that the government said it would extend transport
subsidies, with the expiry of a cut on petrol excise duty deferred
to February and half-price public transport remaining until March.

Despite economic weakness, inflation will not return to the
government's target band of 1% to 3% until December 2024, according
to the Treasury's update.  In the third quarter of 2022, consumer
prices were 7.2% higher than a year earlier.


PICTON CINEMAS: Creditors' Proofs of Debt Due on Jan. 23
--------------------------------------------------------
Creditors of Picton Cinemas Limited are required to file their
proofs of debt by Jan. 23, 2023, to be included in the company's
dividend distribution.

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

The company's liquidator is Ryan Eathorne.


SURVEY GROUP: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency, on Nov.
24, 2022, were appointed as administrators of The Survey Group
Limited, Bryan David Mccomish and Graeme John Le Roux.

The receivers and managers may be reached at:

          Damien Grant
          Adam Botterill
          Waterstone Insolvency
          16 Piermark Drive
          Rosedale, Auckland 0632




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

PAKISTAN: Hopes to Finalise Talks With Saudi Arabia on Fin'l Help
-----------------------------------------------------------------
Reuters reports that Pakistan is hoping to conclude talks with
Saudi Arabia soon on financial help for the South Asian nation,
Pakistan's Finance Minister Ishaq Dar said on Dec. 12.

According to Reuters, Dar also told a news conference that the
International Monetary Fund (IMF) had asked Pakistan for more
information to finalise its ninth review.

"We hope that we will soon conclude talks, which we have started
with Saudi Arabia," he said in response to a question whether there
was any progress on seeking financial support from Saudi Arabia.

Pakistan's economy is facing a balance of payment crisis, with
central bank reserves having fallen to $6.7 billion -- hardly
enough for a month of imports -- and the current account deficit
having widened, Reuters notes.

With the IMF's ninth review delayed, Pakistan needs external
financing on an urgent basis.

As the review is awaited, Pakistan has been trying to approach
allies to seek financial support, and Dar had said that he would
expect to get $3 billion from a friendly country, Reuters relates.

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

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Fitch Ratings has downgraded Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.




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

MAGNOLIAS CONSULTING: Members' Final Meeting Set for Jan. 10
------------------------------------------------------------
Members of Magnolias Consulting Pte. Ltd. will hold their final
general meeting on Jan. 10, 2023, at 10:00 a.m., at 9 Kelantan Lane
#06-01, in Singapore.

At the meeting, Sim Hang Khiang, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.


PRIVE LONDON: Final Meeting Set for Jan. 9
------------------------------------------
Members and creditors of Prive (London West End) Pte Ltd will hold
their final meeting on Jan. 9, 2023, at 4:00 p.m. via electronic
means.

At the meeting, Ng Hoe Kiat Keith, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


REDWOOD NARITA: Members' Final Meeting Set for Jan. 11
------------------------------------------------------
Members of Redwood Narita Pte Ltd will hold their final general
meeting on Jan. 11, 2023, at 11:00 a.m. via Microsoft Teams
communication platform.

At the meeting, Bob Yap Cheng Ghee, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.


VENTURESKIES LLP: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Dec. 9, 2022, to
wind up the operations of Ventureskies LLP.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




=====================
S O U T H   K O R E A
=====================

HEUNGKUK LIFE: Taekwang Industrial Criticized for Aiding Insurer
----------------------------------------------------------------
The Korea Times reports that Taekwang Industrial has been
criticized for its controversial move to provide KRW400 billion
(US$305.6 million) to the troubled Heungkuk Life Insurance, which
is owned by its majority stakeholder Lee Ho-jin, former chairman of
Taekwang, according to industry officials on Dec. 13.

The Korea Times relates that minority shareholders and civic groups
are calling on Taekwang Industrial to withdraw from the
discussions, calling the move a breach of trust as the company has
no affiliation with the cash-strapped life insurer.

According to the report, the company was scheduled to hold a board
meeting Dec. 14 to approve funding for Heungkuk Life through a
paid-in capital increase of KRW400 billion.

Truston Asset Management sent a certification of content to the
directors of Taekwang Industrial, on Dec. 13, urging them to make
independent decisions that put the company's interests before the
majority shareholders.

"I understand that the agenda related to participation in the
paid-in capital increase of 400 billion won promoted by Heungkuk
Life will be discussed at the Taekwang Industrial Board of
Directors meeting scheduled for Dec. 14," Truston Management said.
"We sent a certification of contents urging the board of directors
to make a fair decision."

In addition, Truston Asset is reviewing strong legal measures as it
owns a 5.8 percent stake in Taekwang Industrial, the report says.

"Directors who agreed to this capital increase will be subject to
criminal punishment pursuant to Article 624-2 of the Commercial
Act, and Taekwang Industrial could also be fined under Article
634-3 of the Commercial Act. We will take legal action, including
holding directors accountable," Truston Asset added.

According to The Korea Times, the Solidarity for Economic Reform
also said there are many views in the market that Taekwang
Industrial will participate in the capital increase of Heungkuk
Life for the benefit of the controlling shareholders including the
former Taekwang chairman, rather than for the company's sake,
adding that it is inappropriate.

On Dec. 9, Heungkuk Life repaid new capital securities worth $500
million with internal funds, The Korea Times reports. As a result,
its risk-based capital (RBC) ratio, which was 157.8 percent at the
end of June, is expected to fall below the 150 percent recommended
level by financial authorities. The reason behind Taekwang
Industrial's efforts to provide financial support is to raise the
RBC ratio.

The Korea Times relates that shareholders of Taekwang Industrial
and civic groups are resisting the push for paid-in capital support
for Heungkuk Life. Concerns are also being raised about a breach of
trust in attempting to resolve the current situation as Taekwang
has no stake in Heungkuk Life, and doing so could hurt the
company's shareholder value.

Heungkuk Life does not have a direct equity relationship with
Taekwang Industrial and is evaluated as a private company, the
report notes. Lee holds 56.30 percent of the insurer's total
shares, and he and his relatives together hold an 81.95 percent
stake. The remaining shares are owned by affiliates of Taekwang
Group, including Daehan Synthetic Fiber (10.43 percent), Ilju
Academy and Culture Foundation (4.70 percent) and TRN (2.91
percent). Taekwang Industrial does not hold any shares of its own.

"Taekwang Group plans to participate in Heungkuk Life Insurance's
capital increase centering on its parent company, Taekwang
Industrial, to meet social expectations and resolve the financial
crisis and restore market trust," the report quotes a Taekwang
Industrial official as saying. "Factors that interfere with
legitimate decision-making by the board of directors, such as
witch-hunting criticism of the group owner, attempts to contact
members of the board of directors, and rumors of legal action. In
particular, media play by external institutions and some
shareholders (Truston Asset Management) is not helpful in making
rational business decisions."




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

SRI LANKA: Expects Up to US$8BB More in Loans, Asset Restructuring
------------------------------------------------------------------
Reuters reports that Sri Lanka is expecting loans of up to $5
billion next year from multilateral agencies besides a deal with
the IMF, the foreign minister told Reuters, adding that the
government could raise up to $3 billion through the restructuring
of state assets.

"Apart from what we get from the IMF, we are looking at all others,
the multilaterals put together another $4-$5 billion . . . ," Ali
Sabry told Reuters in an interview on Dec. 14.

"The president is interested in restructuring some of the (state)
institutions, so through that if we can raise $2-$3 billion, our
treasury and reserves become strengthened."

Struggling with its worst economic crisis in more than seven
decades, Sri Lanka reached an IMF staff-level agreement in
September for a loan of $2.9 billion, which could be approved for
disbursal next year, Reuters notes.

                          About Sri Lanka

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

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

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below.  Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.



                           *********


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

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

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

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

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



                *** End of Transmission ***