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

                     A S I A   P A C I F I C

          Friday, February 3, 2023, Vol. 26, No. 26

                           Headlines



A U S T R A L I A

DELCO BUILDING: Goes Into Liquidation; Owes AUD780K to Creditors
FOXCOMM AUSTRALIA: First Creditors' Meeting Set for Feb. 13
GIRL & BULL: First Creditors' Meeting Set for Feb. 8
HOUSE SPAGHETTI: First Creditors' Meeting Set for Feb. 13
MUGGA LANE: CleanPeak Energy Acquires Solar Farm

PLENTI PL 2023-1: Moody's Assigns (P)B2 Rating to AUD6.4MM F Notes
PORT ADMIRAL: Closes Doors for a Second Time
REBIRTHED EARTH: Second Creditors' Meeting Set for Feb. 9
TRUE METAL: First Creditors' Meeting Set for Feb. 9


F I J I

FIJI SUGAR: Technically Bankrupt, Owes $400MM, Sugar Minister Says


I N D I A

ADANI GROUP: Abruptly Abandons $2.4B Stock Sale as Crisis Mounts
ADANI GROUP: Citigroup Unit Stops Extending Margin Loans
AIRCON ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
AJIT KUMAR: ICRA Keeps B Debt Ratings in Not Cooperating
GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating

INDIAN COMPRESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
JSW INFRASTRUCTURE: Moody's Affirms Ba2 CFR, Alters Outlook to Pos.
KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating
KISHAN GUM: ICRA Keeps B Debt Ratings in Not Cooperating Category

KODANDARAMA BOILED: ICRA Keeps B+ Debt Ratings in Not Cooperating
KRISHNA GEMS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHE EDUCATIONAL: ICRA Withdraws B+ Rating on INR5.40cr Term Loan
MULA SAHAKARI: ICRA Moves B-/A4 Debt Ratings to Not Cooperating
NEOGEM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating

PR PACKING: ICRA Keeps D Debt Ratings in Not Cooperating Category
PRASAD AGRICO: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAM PROTEINS: ICRA Cuts Rating on INR31cr LT Loan to B+
RAMAPRIYA SOLAR: ICRA Keeps B Debt Rating in Not Cooperating
RELIANCE CAPITAL: NCLT Denies Second Auction; Creditors May Appeal

SAMET PLAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
SANT DEEPAK: ICRA ICRA Keeps D Debt Ratings in Not Cooperating
SARATHA ELECTRO: ICRA Keeps B Debt Ratings in Not Cooperating
SHUBHLAXMI METALS: ICRA Withdraws D Rating on INR10cr LT Loan
SOMNATH IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating

SS DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
VILLUPURAM DISTRICT: ICRA Lowers Rating on INR20cr LT Loan to B+


I N D O N E S I A

SAWIT SUMBERMAS: S&P Withdraws 'SD' Long-Term Issuer Credit Rating


J A P A N

FTX TRADING: Extends Bid Deadlines for Japan, Europe Units


N E W   Z E A L A N D

5FIFTY5 LIMITED: Court to Hear Wind-Up Petition on Feb. 20
AMRITA NAICKERS: Court to Hear Wind-Up Petition on Feb. 9
BURNHAM NURSERY: Creditors' Proofs of Debt Due on March 3
JDR FOOD: Court to Hear Wind-Up Petition on Feb. 13
ROAD RUBBER: Creditors' Proofs of Debt Due on Feb. 28

SHARESIES NEW ZEALAND: Plans to Cut Jobs as Recession Looms


S I N G A P O R E

LJH CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 10
SS MARINE: Court Enters Wind-Up Order

                           - - - - -


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

DELCO BUILDING: Goes Into Liquidation; Owes AUD780K to Creditors
----------------------------------------------------------------
News.com.au reports that an award winning residential building
company in Victoria has collapsed owing AUD780,000 to 50 creditors,
with the horror of 2022 - where more than a dozen firms went under
- continuing for the industry in the new year.

According to the report, Delco Building Group - which won a Master
Builders Victoria Excellence in Housing Awards for its
transformation of a 1887 double-fronted cottage - was placed into
liquidation on Feb. 2.

Hamish MacKinnon from Dye & Co has been appointed as liquidator and
told news.com.au that the construction company had five projects on
the go when it collapsed that are "quite significant" and "large
houses".

He revealed that Delco Building Group had AUD780,000 in outstanding
debt with AUD180,000 owed to the Australian Taxation Office, while
the remaining AUD600,000 was owed to trade suppliers and
contractors.

The biggest individual debt was AUD70,000 owed to a hardware
supplier.

The six-year-old company, which was registered in 2017, saw all its
employees resign last year due to the difficult trading
circumstances, Mr. MacKinnon added, news.com.au relays.

"The cost of materials and subcontractors means the builder can't
complete those projects because they will end up being massive
losses and the debts would be through the roof if he continues to
get supply," he said, notes the report.

"It's just the building industry. The cost of materials and the
cost of labour have all significantly increased and quotes on a
project - and these are large projects - means they are not able to
complete them.

"He's been a builder for 30 years. It's terrible - I was only
appointed yesterday but there nothing untowards I can see so far,
it's the current environment we are in."


FOXCOMM AUSTRALIA: First Creditors' Meeting Set for Feb. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Foxcomm
Australia Pty. Ltd. will be held on Feb. 13, 2023, at 11:00 a.m.
via teleconference.

Mohammad Najjar of Mohammad Najjar was appointed as administrator
of the company on Feb. 1, 2022.


GIRL & BULL: First Creditors' Meeting Set for Feb. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of The Girl &
Bull Pty Ltd will be held on Feb. 8, 2023, at 2:30 p.m. via virtual
meeting only.

Matthew Hutton and Robert Smith of McGrathNicol were appointed as
administrators of the company on Jan. 27, 2022.


HOUSE SPAGHETTI: First Creditors' Meeting Set for Feb. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of House
Spaghetti Pty Ltd ("Spaghettihouse", "the Spaghettihouse", and "the
Spaghetti House Trattoria") will be held on Feb. 13, 2023, at 11:00
a.m. via teleconference facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 1, 2023.


MUGGA LANE: CleanPeak Energy Acquires Solar Farm
------------------------------------------------
PV Magazine reports that CleanPeak Energy have acquired Mugga Lane
Solar Park, one of Australia's oldest utility scale solar farms.
Built on a 52-hectare site in the south of Canberra, the asset
generates more than 24 GWh of electricity a year.

Despite being backed long-term offtake agreement with the ACT
government, Mugga Lane was placed into voluntary administration in
2022 because of a loan dispute between then-owned Maoneng and the
project's banker, Nord, PV Magazine says.

CleanPeak will fund the acquisition from its CPERI trust as well as
funding from the Commonwealth Bank, the company's founder and CEO
Philip Graham told the Australian Financial Review, PV Magazine
relays. The newspaper reported the deal to be worth between AUD30
million and AUD40 million.

Until now, New South Wales based CleanPeak Energy has mostly
specialised in delivering commercial and industrial systems (C&I),
having been involved in a number of significant projects in the
space, the report adds.


PLENTI PL 2023-1: Moody's Assigns (P)B2 Rating to AUD6.4MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in in its capacity as trustee of the Plenti PL & Green ABS
2023-1.

Issuer: Plenti PL & Green ABS 2023-1

AUD103.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD49.00 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD16.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD7.00 million Class C Notes, Assigned (P)A2 (sf)

AUD5.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD5.50 million Class E Notes, Assigned (P)Ba1 (sf)

AUD6.40 million Class F Notes, Assigned (P)B2 (sf)

AUD4.60 million Class G1 Notes is not rated by Moody's

AUD3.00 million Class G2 Notes is not rated by Moody's

Plenti PL & Green ABS 2023-1 is a static cash securitisation of
personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti, unrated).

Plenti is an Australian non-bank lender providing consumer and
commercial loans, including unsecured personal loans, renewable
energy loans, secured auto loans and renewable BNPL contracts, to
prime borrowers in Australia. Plenti is a 100%-owned subsidiary of
Plenti Group Limited, established in 2014 and listed on the
Australian stock exchange. As of December 2022, Plenti has
originated circa $1.8 billion in personal and renewable energy
loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Plenti RE Limited (Plenti RE) as
servicer; and the presence of Perpetual Corporate Trust Limited
(Perpetual) as a back-up servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. The historical default
data for Plenti is limited, with only nine personal loan quarterly
vintages with significant origination volume and one renewable
energy receivable vintage with significant origination volume, that
cover loan terms of up to 60 months. This is because Plenti is a
relatively new originator. As such, the pool's performance could be
subject to greater variability than the observed data indicates.

The transaction's key features are as follows:

Once stepdown conditions are satisfied, all notes, excluding the
Class G1 and G2 Notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, 35%
subordination to the Class A notes (Class A1 and A1-G Notes) and no
unreimbursed charge-offs.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming a
certain prepayment rate.

Perpetual is the back-up servicer. If Plenti RE is terminated as
servicer, Perpetual will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 25.5%. Moody's mean default for
this transaction is 5.0%. The assumed recovery rate is 7.5%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

The weighted average interest rate of the portfolio is 10.3%, with
interest rates ranging from 4.5% to 23.5%.

The weighted average Equifax credit score of the portfolio is
around 774.

The weighted average remaining term of the portfolio is 66.7
months. The weighted average seasoning of the initial portfolio is
3.6 months.

Renewable energy receivables constitute 24.8% of the portfolio, of
which 6.0% are green fixed interest-bearing loans and 18.8% are
BNPL loans. Renewable energy loans are extended to obligors for the
purchase and installation of residential renewable energy equipment
such as solar panels and home batteries. Renewable energy
receivables have historically displayed lower loss rates than other
personal loans.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Up

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

Down

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

PORT ADMIRAL: Closes Doors for a Second Time
--------------------------------------------
Broadsheet reports that the Port Admiral Hotel has entered into
liquidation.

When it reopened five years ago, the Port Admiral Hotel was viewed
by many as a key to the revitalisation of Port Adelaide -
Australia's last undeveloped port, the report says.

According to Broadsheet, the 174-year-old hotel sat empty at the
corner of Commercial and St Vincent streets for more than a decade,
until Crispian Fielke (ex-Clever Little Tailor) and Angus Henderson
(ex-Low & Slow Port Adelaide) reopened the landmark pub in late
2017 following a AUD1 million face lift by local entrepreneur
couple Alison Sloley and Adam Freeman.

The reopening was seen as a turning point for an area troubled with
false starts and dashed development hopes, and coincided with
government funding to boost the port precinct.

Now, five years on from its celebrated launch, the Port Admiral
Hotel has closed once again.

Liquidators were appointed on January 30 throwing the future of the
historic hotel into doubt, Broadsheet says.

Ms. Sloley told Broadsheet the pair was "really disappointed that
it had come to liquidation" but they've had a lot of interest in
the property and hope to have it back open within a month.

"It is a wonderful hotel in a great location and it's been really
well supported by the Port Adelaide people," Broadsheet quotes Ms.
Sloley as saying. "We're hoping to find a new tenant that will give
it a little lift, hopefully a food business that will enhance the
Port Adelaide food scene without needing to have pokies in the
pub."

Originally opening in 1849 by Robert Sanders, the pub was named the
Railway Hotel, an ode to the single-line horse drawn train that ran
to the pub. In 1851 it changed hands and changed names, becoming
the Port Admiral Family Hotel. Over the next century the pub saw a
revolving door of owners before closing its doors for the first
time in 2006.


REBIRTHED EARTH: Second Creditors' Meeting Set for Feb. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rebirthed Earth
Pty Ltd, Vac Group Employees Pty Ltd and Vac-U-Digga Pty Ltd has
been set for Feb. 9, 2023 at 2:30 p.m. at the offices of Cor Cordis
Brisbane at Level 7, 201 Charlotte Street in Brisbane.

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 Feb. 8, 2023 at 5:00 p.m.

Stephen Earel and Neil Cussen of Cor Cordis were appointed as
administrators of the company on Dec. 7, 2022.


TRUE METAL: First Creditors' Meeting Set for Feb. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of True Metal
Pty Ltd will be held on Feb. 9, 2023, at 11:00 a.m. at the offices
of Jirsch Sutherland at Level 30, 140 William Street in Melbourne
via virtual facilities.

Glenn Anthony Crisp of Jirsch Sutherland was appointed as
administrator of the company on Jan. 30, 2022.




=======
F I J I
=======

FIJI SUGAR: Technically Bankrupt, Owes $400MM, Sugar Minister Says
------------------------------------------------------------------
FBC News reports that the Fiji Sugar Corporation owes $400 million
to the government and is technically bankrupt, Minister for Sugar
Charan Jeath Singh said.

He said they will have to go back to the parliament in order to
secure further guarantees to run operations at FSC, the report
relates.

"If we do not get the guarantee, the directors will not sign the
accounts. We have two years of accounts which are ready, 2020 and
2021. We have to go to the government, we have to go to parliament
that government will continue guarantee, then only the directors
will sign the accounts and after the signing of the accounts then
we will have the AGM and then continues the business of FSC," the
report quotes Mr. Singh as saying.

Mr. Singh said FSC does not have money yet despite this the former
chief Executives were getting hefty salaries and allowances.

"I am not sure if Bainimarama himself had ever known how much these
people were collecting in terms of salaries and allowances, this is
only the basics than the amount of trips they were making over the
years, the amount of per diems they have been collecting over the
years, it was huge."

Mr. Singh said he feels sorry for the farmers who were taken for a
ride.

He has assured farmers that the current chief executive, Bhan Singh
salary is in line and is not overpaid, the report relays.

He added that the current CEO is experienced as he has worked in
the four sugar mills as well.




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

ADANI GROUP: Abruptly Abandons $2.4B Stock Sale as Crisis Mounts
----------------------------------------------------------------
Bloomberg News reports that the flagship company of beleaguered
Indian tycoon Gautam Adani pulled a record 200 billion-rupee ($2.4
billion) share sale after a selloff triggered by a US short
seller's report engulfed his group in turmoil.

Adani Enterprises Ltd. decided not to go ahead with its follow-on
public offer of shares, according to a statement late on Feb. 1.
Bloomberg News reported earlier in the day that Adani was nearing a
decision to withdraw the share sale, even though it was fully
subscribed, with backing from prominent Indian and Gulf investors.

Bloomberg relates that the decision came after a renewed slump in
price for the company and sister firms. The plunge accelerated
after Bloomberg News reported Credit Suisse Group AG has stopped
accepting bonds of Adani's group of companies as collateral for
margin loans to its private banking clients.

Adani Enterprises was offering shares to investors at INR3,112 to
INR3,276 apiece in the offering. The company's stock closed on Feb.
1 at INR2,135.35, or 31% below the bottom of the price range,
meaning any investor in the share sale would be sitting on
immediate losses.

According to Bloomberg, the flagship firm said in the statement
it's pulling the deal to insulate investors in the offering from
potential losses.

"Today the market has been unprecedented, and our stock price has
fluctuated over the course of the day," it said in the statement.
"Given these extraordinary circumstances, the company's board felt
that going ahead with the issue will not be morally correct."

Adani Enterprises had secured full subscription for India's largest
follow-on share sale on Jan. 31, the final day for bids, amid a
last-minute surge in interest by existing shareholders and
institutional investors, the report notes. The expected completion
of the deal was seen as a victory for Adani after Hindenburg
Research's fraud allegations cast a shadow over the offering.

Bloomberg adds the company said it's working with book-running lead
managers to refund the proceeds received in escrow and to also
release the amounts blocked in bank accounts for subscription to
this issue.


ADANI GROUP: Citigroup Unit Stops Extending Margin Loans
--------------------------------------------------------
Reuters reports that Citigroup's wealth unit has stopped extending
margin loans to its clients against securities of India's embattled
Adani group, a source with direct knowledge of the matter said, as
the conglomerate reels from a short-seller attack.

Reuters says the group's flagship firm Adani Enterprises shelved
its $2.5 billion share sale in a dramatic reversal on Feb. 1 as a
rout sparked by the U.S. short-seller's criticisms wiped billions
more off the value of the Indian tycoon's stocks.

Citi's wealth unit decided to cut the loan-to-value ratio for
credit against Adani securities to zero on Feb. 2, said the source,
who declined to be named due to the sensitivity of the matter,
Reuters relates.

According to Reuters, the source said the loan-to-value was
generally between 65% to 80% for most stocks but did not specify
what the limit was for Adani's securities.

"In recent days, we have seen a dramatic price drop of Adani issued
securities," the source said, quoting a Citigroup internal memo.
"Stock and bond prices have plummeted following the negative news
around the group's financial health."

Reuters adds that the bank said in the memo, which has not been
viewed by Reuters, that it was removing the lending value to all
Adani issued securities with immediate effect but added that based
on its estimates, the impact of this move to its margin lending
portfolio was limited, according to the source.


AIRCON ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Aircon
Engineers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Short Term-         4.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

The company was promoted in 1989 by Mr. Kanwar Deep Singh and Mrs.
Arvind Singh. The company undertakes turnkey projects in HVAC
systems. AEPL provides HVAC solutions to a variety of clients
across sectors. This includes comfort cooling systems, close
control systems for data centres & labs, clean rooms, process
cooling, pressurization, ventilation.

AJIT KUMAR: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Ajit
Kumar Swain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2009 as a proprietorship firm, the entity commenced
operations in the second quarter of FY2015. Ajit Kumar Swain (AKS/
the entity) is a civil constructor involved in irrigation canals
– earthwork, rehabilitation etc, and road works in Odisha. AKS is
a registered Special Class Contractor with the Public Works
Department (PWD), Odisha, and this allows the entity to bid for
large contracts floated by the department. The proprietor of the
firm is also engaged in construction activities through a group
firm – M S Infraengineers Pvt Ltd (MSIPL), of which he is the
Chief Executing Officer.


GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Gonglu
Agro Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        45.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        15.02       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         1.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Gonglu Agro Private Limited, incorporated in April 2013, is a
subsidiary of Capricorn Food Products India Limited. GAPL is
involved in the processing of mango pulp, besides other products
including tomato, gherkins, etc. Its manufacturing facility is in
Nashik, Maharashtra. The company commenced operations in FY2015 and
has an installed capacity of 200 MT per day.


INDIAN COMPRESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Indian
Compressors Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         8.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         5.00        [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   Under 'Issuer Not Cooperating'
                                   category

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

ICL was initially incorporated as Didwania Brothers Private Limited
in 1943. The name of the company was changed to "Indian Compressors
Limited" in 1988. The company is managed by the Didwania family
with Mr. Hemant Didwania as the Managing Director. The company
manufactures air and gas compressors, and cryogenic and centrifugal
pumps. The company's manufacturing facility is at Okhla Industrial
Area (Delhi) across an area of 50,000 sq. ft. The company has a
tie-up with Cryostar, a French multinational, for sales of pumps.
ICL's major customers include reputed PSUs.


JSW INFRASTRUCTURE: Moody's Affirms Ba2 CFR, Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Investors Service has revised the rating outlook of JSW
Infrastructure Limited (JSWIL) to positive from stable.

At the same time, Moody's has affirmed JSWIL's Ba2 corporate family
rating and senior secured bond rating.

RATINGS RATIONALE

"The positive outlook is supported by JSWIL's solid track record of
managing execution and ramp-up risks related to port expansion
projects, and reflects Moody's expectation that the company's
credit metrics will continue to exceed current upgrade triggers,
driven by increasing demand of key off-takers and incremental
volumes from recently developed port assets," says Erman Zhang, a
Moody's Analyst.  

JSWIL has demonstrated a solid track record in managing project
risks related to its sizable capital expenditure program. Strong
ramp-up was delivered coupled with incremental third-party cargos,
which is a supportive development as it helps optimize the
company's revenue mix that has been historically dominated by
related company cargos. Fiscal year (FY) 2022 has seen the first
full-year operation of the company's newly acquired terminals
Ennore Bulk Terminal, Ennore Coal Terminal and Mangalore Coal
Terminal. Another two terminals Paradip East Quay Coal Terminal and
New Mangalore Container Terminal also achieved commercial
operations in FY2022.

At the same time, JSWIL's cash flow predictability will continue to
be supported by the presence of take-or-pay contracts, which
account for around 40% of its revenue in FY2022. Most of the
counterparties for these contracts are related group companies that
are located in proximity to JSWIL's ports. The company's credit
quality will also be supported by the ports' long-life concessions
which have a weighted average remaining concession life of more
than 25 years as of FY2022.

Tariff arrangements at most ports are subject to escalation based
on India's Wholesale Price Index (WPI), which is helpful to offset
incremental costs due to inflation. Additionally, about USD65-90
million of JSWIL's annual tariffs are denominated in USD, which are
primarily related to vessel handling and berth hire charges. This
USD income is credit supportive in relation to JSWIL's capacity to
service USD-denominated debt.

JSWIL is exposed to environmental, social and governance (ESG)
risks since its key off-takers are in carbon-intensive industries
such as steel making, thermal power generation and cement
manufacturing, though the exposure will gradually moderate as JSWIL
diversifies its cargo mix and ventures into the less
carbon-intensive container sector. Additionally, growth expansion
and sizable capital expenditure will continue to expose the company
to execution and ramp-up risks and drive up funding requirements.
New port concession arrangements that come with moderate to high
revenue share will also weigh on the company's profit margin.

For FY2023 to FY2025, Moody's expects JSWIL's funds from operations
(FFO)/debt to be in the region of 15%-20% and cash interest
coverage to be 3x-4x, such metrics are strong for its current
ratings and would indicate a higher credit quality. However, the
projected metrics are sensitive to the company's decisions on the
funding and timing of future capital expenditure.

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

The positive rating outlook reflects JSWIL's improving credit
quality as the company achieves financial metrics exceeding Moody's
original expectations, while continuing to demonstrate a track
record of managing capacity expansion risks.

Moody's could upgrade JSWIL's ratings if the company's funds from
operations (FFO)/debt rises above 12%-15% and cash interest
coverage is above 2.7x-3x on a sustained basis.

Given the positive outlook, a downgrade is unlikely. However,
Moody's could revise the outlook back to stable if FFO/debt and
cash interest coverage return to below 12% and 2.7x respectively,
on a sustained basis, possibly due to (1) the company pursuing an
aggressive debt-funded capital spending program that introduces
additional regulatory or operational risks; (2) a weakening of
operational performance as a result of ramp-up risks that lead to a
lower-than-expected throughput growth.

The principal methodology used in these ratings was Privately
Managed Ports Methodology published in May 2021.

JSW Infrastructure Limited (JSWIL) is a leading port operator in
India, with nine operational port concessions around the country.
As of December 31, 2022, JSWIL's total port handling capacity was
around 182 million tonnes per annum (MTPA). This includes an
operation and maintenance concession for a 24 MTPA terminal in
Fujairah in the United Arab Emirates.

JSWIL is 93% owned by the Sajjan Jindal Family Trust. Related JSW
entities such as JSW Steel Limited (JSWSL, Ba1 stable) and JSW
Energy Limited are key off-takers for JSWIL.

KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Kamarli
Steels Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

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

   Short-term        20.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Short-term       (10.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Kamarli Steels Private Limited (KSPL) is a private limited company,
established in the year 2004. The company is engaged in the
business of trading of various types of steel. The company has its
registered office in Mumbai and rented warehouse at Kalamboli and
Bhavnagar. In FY 2014 and FY 2015, the company was only dealing in
trading of MS Scrap and other scrap items.

KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Kasturi
Commodities Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-       (16.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        75.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Short-term       (10.50)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Kasturi Commodities Private Limited (KCPL) was incorporated in 1993
and was acquired by its present promoters Mr. Shreenath Das Agarwal
and his sister-in-law Mrs. Puja Agarwal in 2003. KCPL is mainly
engaged in ship breaking business. It currently operates from its
allotted plot no. 29 by Gujarat Maritime Board (GMB) for this
purpose at Alang (Gujarat) and Darukhana, Mumbai (Maharashtra).
Till now, the company has demolished more than 200 ships.


KISHAN GUM: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Kishan Gum Industriesin
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.44        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Established in September 2014, Kishan Gum Industries (KGI) is
engaged in processing guar gum seeds to manufacture guar gum
refined splits as main product and churi and kroma as by product.
The guar gum refined splits find it application as raw material in
guar gum powder manufacturing industries whereas churi and korma
are largely used as cattle feed. The plant is located at Halvad in
Surendranagar district of Gujarat with capacity of processing
10,800 MT of raw guar seeds per annum. The firm commenced
commercial operations in June 2015.

KODANDARAMA BOILED: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Kodandarama Boiled & Raw Rice Mill in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

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

   Long Term/         10.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

SKBRRM, set up in 1980, is involved in the milling of paddy and
produces raw and boiled rice. It is a partnership firm, promoted by
Mr. Kovurri Papa Reddy and partners. Its milling unit is in
Biccavolu Mandal of East Godavari district (Andhra Pradesh) with a
milling capacity of 57,600 MTPA (8 TPH). Its products are primarily
sold in Kerala and in some parts of Andhra Pradesh.


KRISHNA GEMS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Krishna
Gems in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.20        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.20        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Krishna Gems (KG) is a partnership firm, established in the year
1980 which was reconstituted in the year 1998. KG is engaged in
import of rough diamonds and manufacturing and export of cut and
polished diamonds. The firm has a marketing office at Mumbai and
manufacturing facility at Surat for manufacturing of cut and
polished diamonds.

MAHE EDUCATIONAL: ICRA Withdraws B+ Rating on INR5.40cr Term Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Mahe Educational and Charitable NRI Trustat the request of the
company and based on the No Due Certificate received from its
banker. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                     

   Long Term-          5.40        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                     

   Short Term-         3.60        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Mahe Educational and Charitable NRI Trust was established in the
year 2006 at Mahe, Pondicherry. The Trust manages Mahe Institute of
Dental Sciences and Hospital (MINDS), which started operations in
2009.


MULA SAHAKARI: ICRA Moves B-/A4 Debt Ratings to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the Bank Facilities of Mula Sahakari
Sakhar Karkhana Limited (MSSKL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B-(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          90.00       [ICRA]B-(Stable)/[ICRA]A4;
   Working Capital                 ISSUER NOT COOPERATING;
   Facilities                      Rating moved to the 'Issuer
                                   Not Cooperating' category

   Unallocated        10.00        [ICRA]B-(Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating moved to the 'Issuer
                                   Not Cooperating' category

As part of its process and in accordance with its rating agreement
with MSSKL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 1970, Mula Sahakari Sakhar Karkhana Limited (MSSKL)
is located in the Ahmednagar district of Maharashtra. The company
has a sugar mill with a crushing capacity of 5,000 tonnes crushing
per day (TCD). It has more than 17,000 cane producing members, with
87 villages under its command area. The sugar mill is also forward
integrated with a distillery of 30 KLPD capacity and co-generation
unit of 30 MW capacity. The company has recently incurred
debt-funded brownfield capex to increase the capacity of distillery
from 30KLPD to 45 KLPD, which will be available from SY2022.


NEOGEM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Neogem
India Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        15.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   fund-based                    remain under 'Issuer Not
   limits-Cash                   Cooperating' Category
   Credit                              

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

NIL was set up in September 1991, by Mr. Mahindra Doshi to
manufacture and export gold and studded jewellery. The company came
out with its public issue in April 1993 to fund its jewellery
manufacturing unit located in SEEPZ Andheri, Mumbai. The unit is
spread over a total space of around 7,000 square feet and the
company employs around 240 employees including the administrative
staff. The company exports its jewellery products to USA, Europe,
Middle East, etc., and recently the company has received the status
as a 'Two Star Export House'. Apart from this, the company is also
engaged in trading activities, where it imports cut and polished
diamonds and rough diamonds and exports the same to UAE, Hong Kong,
Europe, etc. either directly or through merchant exporters.


PR PACKING: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of PR
Packing Service in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term/         3.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

PR Packing Service is a partnership firm established in 1999 by
Late Mr. Dhananjay Bhansali and his wife Mrs. Rekha Bhansali. At
present, the firm's operations are managed by their sons, Mr.
Pathik Bhansali and Mr. Parth Bhansali. It manufactures corrugated
boxes using kraft paper. PRP has two manufacturing units in
Silvassa (Union Territory of Dadra and Nagar Haveli) with a
collective production capacity of 28,800 tonne per annum. Its
registered office is in Mumbai. The operations of the firm are ISO
9001:2008 and ISO 22000:2005 certified.


PRASAD AGRICO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Prasad Agrico Industries
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         10.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         5.75        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

PAIPL was established in November 2013 but became operational in
April 2015. The company provides cold storage facilities for
different kinds of farm products on a rental basis with an
installed capacity to store 9,000 MT. It also trades in of farm
products. The facility is located in the Manguraha village of East
Champaran (Bihar) and the active promoters are Mr. Yogendra Prasad
and Mrs. Pratima Prasad.


RAM PROTEINS: ICRA Cuts Rating on INR31cr LT Loan to B+
-------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Shree
Ram Proteins Limited (SRPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           31.00       [ICRA]B+ Rating Watch with
   Fund-based–                     Negative Implications;
   Cash Credit                     downgraded from [ICRA]BB-
                                   (Stable) and placed on Rating
                                   Watch with Negative
                                   Implications

   Long-term–           6.15       [ICRA]B+ Rating Watch with
   Fund based                      Negative Implications;
   term loan                       downgraded from [ICRA]BB-
                                   (Stable) and placed on Rating
                                   Watch with Negative
                                   Implications

   Short term           0.10       [ICRA]A4 Placed on Rating
   non-fund-                       Watch with Negative
   based Bank                      Implications
   Guarantee                   
                                   
Rationale

The long-term rating downgrade takes into consideration the
admission of SRPL under Corporate Insolvency Resolution Process
(CIRP) by National Company Law Tribunal (NCLT) against the
application from one of its operational creditors, which might
impact its operations and financial profile including the liquidity
position. The ratings continue to remain constrained by SRPL's
modest scale of operations (which is likely to decline
significantly in FY2023, low profit margin (due to limited value
addition) and high working capital intensive nature of its
operations. The company's elongated working capital cycle,
reflected in the high receivables and inventory levels, resulted in
a stretched liquidity and is likely to remain at this level in the
near term. SRPL remains exposed to intense competition and
fragmented nature of the edible oil industry. The company's
operations are exposed to price volatility and regulatory changes
by the Government with respect to foreign trade policy and
incentive structure. ICRA's ratings also reflect SRPL's exposure to
the fluctuations in foreign exchange rates in the absence of any
hedging policy. ICRA also notes the risks associated with
agro-commodities such as seasonality, climatic conditions and
global demand-supply balance.

The ratings continue to derive comfort from SRPL's long track
record and established relationships with customers in the solvent
extraction industry, which would support its business in the future
years. The extensive experience of the promoters in oil seed
processing and related businesses will continue to support the
company's operations. The location-specific benefits derived by the
company owing to its proximity to raw material sources and end-use
customers would continue to provide comfort to its business and
profitability.

The ratings placed on Watch with Negative Implications indicates
that once the credit uncertainty gets resolved, the ratings are
more likely to be downgraded.

Key rating drivers and their description

Credit strengths

* Extensive experiences of promoters and established relationships
with customers: SRPL's promoters have over a decadelong experience
in the seed processing industry. Apart from this, the promoters
have experience in other businesses, which include ginning,
spinning, tea etc. Additionally, the company's long operational
track record has helped establish relationships with customers in
the market. This ensures repeat business with the existing
clientele and provides future revenue visibility.

* Location-specific advantages: The company's manufacturing unit is
located at Rajkot, Gujarat, which is a key cotton growing region of
the country, along with the presence of many ginning units around
it. Hence, the company benefits from lower transportation costs and
easy access to quality raw materials (cotton seeds).

Credit challenges

* Admission under Insolvency process: The company has been admitted
under CIRP by NCLT, Ahmedabad against the application from one of
its operational creditors, which might impact its operations and
financial profile including the liquidity position.

* Modest scale, thin margins and moderate debt coverage metrics:
SRPL's scale of operations remained moderate, as reflected by its
operating income of INR288.6 crore in FY2022, which is likely to
decline in FY2023 on the back of a sharp fall in its revenue in Q2
FY2023. Further, the company's profit margin remained thin, given
the limited value-added nature of its operations. SRPL reported an
operating profit margin of 4.7% in FY2022 and 3.8% in FY2021. The
company's profitability is expected to improve in the future after
commissioning of a refining facility for edible oil. The debt
coverage indicators remained moderate, as reflected in the interest
coverage ratio of 3.0 times and DSCR of 2.1 times in FY2022, which
could deteriorate to some extent in FY2023 due to lower revenue and
cash flows.

* High working capital intensity and stretched liquidity: The
working capital intensity has been high over the years and has
remained around 50% during the past years mainly owing to the
stretched debtor and high inventory levels. The debtor days stood
at 104 as on March 31, 2021, and at around 80 (adjusted for the
cheque not realised and shown as bank balance) as on March 31,
2022, mainly owing to adverse market conditions. A substantial
portion of the total debtors remains outstanding for more than 180
days, full and timely realisation of which remains crucial for the
company's liquidity.

* Intense competition and fragmented nature of the industry: The
edible oil industry is characterised by intense competition due to
the presence of small and unorganised players and availability of
cheap substitutes such as palm oil. Tough competition limits the
company's bargaining power with customers and suppliers and exerts
pressure on its margins.

* Exposure to agro-climatic conditions and regulatory changes:
SRPL, being in the agro-commodity business, remains exposed to the
domestic and global crop position as prices and availability are
subject to seasonality and crop harvest. Regulatory changes like
import duty structure, fluctuations in foreign exchange rates and
minimum support price amendments have a bearing on the
profitability of solvent extraction units. The company's profits
are also exposed to the fluctuations in prices of raw cotton, oil
seeds and oil imports, which in turn depend on global demand-supply
situations and export policies.

* Environmental and Social risks: SRPL is directly exposed to
physical climate risks, which could result in variations in the
crop output. Periods of excessive rainfall or hailstorms, and that
of deficient rainfall, particularly in the areas that are not
wellirrigated, cause crop loss. Scale and geographical diversity
are important factors in mitigating the adverse effects of
environment-related risks on the company.  The exposure of SRPL to
social risks is generally not material as the company does not have
high labour dependence, which reduces the risks of disruption in
operations. Nevertheless, the company's ability to manage human
capital in terms of their safety and overall well-being would
remain crucial.

Liquidity position: Stretched

The liquidity position of SRPL remains stretched due to the high
working capital intensity. Elongated working capital cycle,
reflected in the high receivables and inventory levels and
almost-fully utilised working capital limits indicate a stretched
liquidity position of the company. SRPL has a repayment obligation
of INR2.05 crore in FY2023 for the existing term loans. Further,
the company is undertaking a capex of around INR25 crore, which is
proposed to be partly funded by a fresh debt. The repayment of
existing and future loans, along with the elongated working capital
cycle, would continue to exert pressure on the company's liquidity.
The promoter's contribution in case of any cash flow mismatches
will remain crucial to support the company's liquidity.

Rating sensitivities

Positive factors – ICRA could upgrade SRPL's ratings if the
insolvency proceedings are resolved without any adverse impact on
the operational and financial profiles of the company.
Consequently, the ratings could be upgraded if there is a sustained
growth in its revenues along with an increase in its profit
margins. An improvement in the working capital cycle with reduction
in the inventory/debtor levels, which leads to an improvement in
the company's liquidity, would be a key credit positive.

Negative factors – Any adverse impact on the company's
operational and financial profiles, including its liquidity
position due to its admission under insolvency process, would lead
to ratings downgrade. The ratings could also be downgraded if there
is a sharp decline in the company's revenues and profit margins on
a sustained basis. Any time or cost overrun associated with the
ongoing/proposed capex would be a key rating sensitivity. A
specific credit metric for ratings downgrade includes DSCR
remaining below 1.1 times on a sustained basis.

Initially incorporated as Shree Ram Proteins Private Limited in
August 2008 by Rajkot-based Mr. Lalit Vasoya, Mr. Lavji Savaliya
and their family members for processing cotton seeds and carrying
out related trading activities, it was converted into a public
limited company in 2017, and its name was changed to Shree Ram
Proteins Limited. The company was listed on the NSE in 2020, prior
to which it was listed on the NSE Emerge Platform (SME) since 2018.
At present, the company's processing plant operations include
cotton seed de-linting, de-hulling, cotton seed oil extraction and
cotton seeds DOC. The company also deals in rapeseed oil, oil cake,
soya oil, ground nut oil, mustard seeds/oil, rice bran and soya
cake.


RAMAPRIYA SOLAR: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Ramapriya Solar Energy
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable)]; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Ramapriya Solar Energy Private Limited (RSEPL) was incorporated in
May 2015 as a Special Purpose Vehicle (SPV) to set up 2 MW Solar
Power Project in Chitradurga District, Karnataka under the Farmer's
Scheme allotted to Mr. T R Bheemaneedi. The solar power plant is
expected to be commissioned in October 2016 and a Power Purchase
Agreement (PPA) has been signed by SPD with BESCOM for a period of
25 years.

RELIANCE CAPITAL: NCLT Denies Second Auction; Creditors May Appeal
------------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) Mumbai on Feb. 2 declared as illegal the second auction
planned by the committee of creditors (CoC) of Reliance Capital.

Business Standard relates that the committee is expected to move
the National Company Law Appellate Tribunal (NCLAT) to appeal
against the NCLT order. The lenders were planning another auction
of Reliance Capital to maximise the value of the assets.

According to the report, the CoC planned a second auction after the
Hinduja group's offer of INR9,000 crore after the first auction was
concluded. Torrent was the highest bidder in the first auction,
offering INR8,640 crore for Reliance Capital.

Reliance Capital was sent to NCLT for debt resolution in November
2021 after it defaulted on its debt worth INR24,000 crore.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.


SAMET PLAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Samet
Plast in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2010, Samet Plast (SP) is a partnership firm
engaged in the manufacturing of master batches. The products are
sold under the brand name "Samtone" and are ISO: 9001-2000
certified. The firm has a manufacturing facility with an installed
capacity of 2500 Metric Tonnes per Annum (MTPA) located at Waghodia
near Vadodara in Gujarat. Earlier, the firm was promoted by three
partners namely Mr. Shwetang Patel, Mr. Ram Chandra Patel and Mrs.
Bhavita Shah; however Mr. Ram Chandra Patel separated from the
organisation in FY 2016.


SANT DEEPAK: ICRA ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Sant Deepak Education
and Charitable Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        11.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Global Research Institute of Management & Technology, Radaur is
located in the state of Haryana in the Yamuna Nagar district. The
institution was established in year 2008 with the approval of
AICTE, affiliation of Kurukshetra University, Kurukshetra and DTE,
Panchkula. The institute is functioning under the aegis of Sant
Deepak Educational & Charitable Trust (SDECT) with a Managing
Committee to look after routine management functions. The broad
areas of administration, e.g. planning, student amenities &
welfare, faculty development, staff welfare, infrastructure
development etc. are entrusted to various committees for the smooth
functioning. The institute follows the academic calender of
Kurukshetra University, Kurukshetra. The trust is organized by a
group of professionals. The chairman of the trust Mr. Sanjay Jindal
is a chartered accountant and has experience of 25 years of
profession, finance & accounts. Further, he also looks after many
other group companies which are mainly involved in Power Generation
Companies, Printing & Packaging, Brass Sheet Manufacturing and
various others. Further, the secretary of the Trust Mr. Deepak
Dhawan is also chartered accountant.


SARATHA ELECTRO: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Saratha
Electro Plater in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         3.70        [ICRA]B (Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term-          4.80        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Promoted in 1998 by Mr. K. Mahadevan, Saratha Electro Plater (SEP)
is a proprietorship firm specializing in Zinc and ZincNickel
Electroplating services.

SHUBHLAXMI METALS: ICRA Withdraws D Rating on INR10cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Shubhlaxmi Metals And Tubes Private Limited at the request of the
company and based on the No Objection Mail/Closure Certificate
received from the banker. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                    

Incorporated in 2005, by Mr. Anraj Shah and his sons, Mr. Pinesh
Shah and Mr. Vivek Shah, Shubhlaxmi Metals and Tubes Private
Limited manufactures stainless steel pipes and tubes. The product
profile includes stainless steel seamless pipes, welded pipes,
tubes, and U tubes. Its products find application in diverse
industries, including power plants, refineries, oil and gas,
pharmaceutical, chemical, fertilizers, sugar, petrochemicals,
process industries and water distribution among others. Its
manufacturing unit is in Umbergaon (Gujarat) spread over an area of
an area of 427,188 sq. ft. with an annual installed capacity of
6,000 metric tons.

In FY2020, on a provisional basis, the company reported a net
profit of INR4.3 crore on an OI of INR135.3 crorecompared to a net
profit of INR1.7 crore on an OI of INR130.5 crore in the previous
year.


SOMNATH IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term ratings of Shree Somnath Iron and
Power Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

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

Shree Somnath Iron & Power Private Limited (SIPL) manufactures MS
billets with an installed capacity of 30,000 metric tone per annum
(MTPA). SIPL has installed two induction furnaces of 10 tonnes each
for manufacturing MS billets. The manufacturing facility of the
company is located in Raipur, Chhattisgarh and the commercial
operations of the unit commenced from March 12, 2016.


SS DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of SS Developers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         35.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

SS Developers was established in the year 2011 by Mr. Ramalinga
Reddy and his wife Ms. Chamundeshwari along with Mr. Gopal Reddy.
Mr. Ramalinga Reddy has been a seven-time member of the legislative
assembly (MLA) from Bangalore and was appointed as a cabinet
minister in 2013. The partners have leased out the land to the firm
which has developed it and constructed four warehouses and leased
it out to PUMA Sports India Private Ltd and DHL Supply Chain India
Private Ltd. The warehouses are located in Mayasandra Village in
Anekal.


SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term ratings of Surya Oil & Agro
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.79        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in August 2011, Surya Oil and Agro Industries (SOAI) is
a partnership firm engaged in refining of edible cottonseed oil and
maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr. Narottam
Patel and Mr. Jateen Adroja. The firm also carries out trading of
other edible oils such as Sunflower oil, sesame oil, rice bran oil
etc. SOAI operates from its plant located in Wankaner, Rajkot with
a total installed capacity of refining 100 MT of edible oil per
day.


VILLUPURAM DISTRICT: ICRA Lowers Rating on INR20cr LT Loan to B+
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Villupuram District Cooperative Milk Producers Union Ltd.
(VDCMPUL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB (Stable) and
                                   and moved to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding VDCMPUL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Villupuram District Co-Operative Milk Producers Union Limited,
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
moved to the "Issuer Not Cooperating" category. The rating is based
on the best available information.

Villupuram District Cooperative Milk Producers Union Ltd.
(VDCMPUL), established as a cooperative society in 1972, is
involved in processing and manufacturing of milk and its
byproducts. The Union sells products such as milks, curds, milk
powder, ghee, butter, ice cream, sweets, among others under the
brand name. Aavin, predominantly in Tamil Nadu. It consists of
1,178 member societies and has a milk processing capacity of 1.5
lakhs litres per day, ghee production capacity of 1,800 litre/day
and curd production capacity of 1,000 litre/day. The Department of
Dairy Development in Tamil Nadu was set up in 1958. The Tamil Nadu
Dairy Development Corporation Limited was formed in July 1972 to
manage milk procurement, processing and marketing of milk and milk
products. Tamil Nadu Co-operative Milk Producers' Federation
(TCMPF) was formed in February 1981 as an apex body of threetier
cooperatives set up in Tamil Nadu and the district level milk
producer unions were formed in 1982. The commercial activities of
Tamil Nadu Dairy Development Corporation Ltd. were transferred to
the newly registered TCMPF, popularly known as Aavin.



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

SAWIT SUMBERMAS: S&P Withdraws 'SD' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its issuer credit ratings on Sawit
Sumbermas Sarana Tbk. PT. (SSMS). The long-term issuer credit
rating on the Indonesia-based palm oil producer was 'SD' at the
time of withdrawal.

The withdrawal follows SSMS' redemption of residual guaranteed U.S.
dollar-denominated senior unsecured notes amounting to about US$40
million as of Jan. 23, 2023.

S&P lowered the ratings on SSMS to 'SD' in July 2022 when the
company completed a below-par cash tender for about US$260 million
of the above guaranteed senior unsecured notes.




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

FTX TRADING: Extends Bid Deadlines for Japan, Europe Units
----------------------------------------------------------
Bloomberg News reports that the bankrupt FTX group of
cryptocurrency companies extended the deadlines to bid for its
Japan and Europe businesses as administrators strive to raise funds
to help pay back creditors.

The preliminary bid deadline is now March 8 and the auction date
becomes April 26, according to a court filing on Feb. 1, Bloomberg
relates.

According to Bloomberg, administrators in December put several FTX
units on the auction block, including LedgerX, the Japanese and
Singaporean crypto exchanges, and the European digital assets and
derivatives business.

The Japanese operation segregated client funds and is expected to
return the assets to customers starting this month. The unit won't
lose its licences even if its owner changes, Japan's Financial
Services Agency said last month, Bloomberg recalls.

The US has accused the discredited former crypto mogul Sam
Bankman-Fried of presiding over one of the biggest frauds at the
helm of the FTX exchange, which slid into Chapter 11 bankruptcy in
November. He faces trial after pleading not guilty to criminal
charges.

Some of the FTX businesses have in aggregate attracted interest
from more than 100 parties, earlier filings showed. Monex Group, a
Tokyo-based online brokerage, has expressed interest in FTX Japan.

The sale proposals require bankruptcy court approval, the report
notes.

                          About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets.  However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.  

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' cases.
The committee is represented by Paul Hastings, LLP.

Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.




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

5FIFTY5 LIMITED: Court to Hear Wind-Up Petition on Feb. 20
----------------------------------------------------------
A petition to wind up the operations of 5Fifty5 Limited will be
heard before the High Court at Timaru on Feb. 20, 2023, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 9, 2022.

The Petitioner's solicitor is:

          Courtney Waddell
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


AMRITA NAICKERS: Court to Hear Wind-Up Petition on Feb. 9
---------------------------------------------------------
A petition to wind up the operations of Amrita Naickers Limited
will be heard before the High Court at Auckland on Feb. 9, 2023, at
10:00 a.m.

Traffic Systems Limited filed the petition against the company on
Oct. 13, 2022.

The Petitioner's solicitor is:

          Jose San Diego
          Doug Cowan Barristers & Solicitors
          486 New North Road
          Kingsland
          Auckland 1021


BURNHAM NURSERY: Creditors' Proofs of Debt Due on March 3
---------------------------------------------------------
Creditors of Burnham Nursery and Pre-School Incorporated are
required to file their proofs of debt by March 3, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 23, 2023.

The company's liquidators are:

          Andrew Marchel Oorschot
          Ashton Wheelans Chartered Accountants
          PO Box 13042
          Christchurch


JDR FOOD: Court to Hear Wind-Up Petition on Feb. 13
---------------------------------------------------
A petition to wind up the operations of JDR Food Limited will be
heard before the High Court at Hamilton on Feb. 13, 2023, at 10:45
a.m.

University of Waikato filed the petition against the company on
Dec. 5, 2022.

The Petitioner's solicitor is:

          Jesse Savage
          Norris Ward McKinnon
          711 Victoria Street
          Hamilton 3204


ROAD RUBBER: Creditors' Proofs of Debt Due on Feb. 28
-----------------------------------------------------
Creditors of Road Rubber Rolleston Limited are required to file
their proofs of debt by Feb. 28, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2023.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


SHARESIES NEW ZEALAND: Plans to Cut Jobs as Recession Looms
-----------------------------------------------------------
Stuff.co.nz reports that Sharesies, the online share trading
platform, plans to cut jobs as a recession looms.

The company said in a statement on Feb. 2 that it has begun
consulting with its staff on a proposal to restructure the business
and reduce the number of employees.

According to Stuff, Chairperson Alison Gerry said the proposed
changes follow a recession plan put in place last year to help
navigate the global economic downturn, which included reducing
marketing spending, putting hiring on hold and diversifying revenue
streams.

"With the uncertain economic outlook projected to continue for some
time, we need to ensure the business remains strong and
sustainable, and that the Sharesies platform is compliant and
efficient," Stuff quotes Ms. Gerry as saying.

The outcome of the proposed restructure is expected to be confirmed
over the next month, and the number of people impacted would be
determined after the consultation has been completed, she said.

The economy is expected to slip into recession this year as the
Reserve Bank hikes interest rates to combat high inflation, the
report notes. A report this week showed the unemployment rate edged
up to 3.4% in the final three months of last year, from 3.3%.

Last week, The Warehouse Group, one of the country's largest
retailers, told staff it plans to cut 190 jobs at its Auckland
support offices as it responds to "challenging market conditions"
after weaker trading during its key Christmas period, according to
Stuff.

Stuff adds that MediaWorks, which owns about half the country's
commercial radio stations, said it intends cutting up to 90 jobs in
an effort to trim costs. Chief executive Cam Wallace told staff
about two-thirds of the company's costs were labour related and the
impact of inflationary pressures and a likely recession this year
meant costs must be reduced.

Economists said announcements by larger companies are sometimes a
signal of what's going on more generally, as the country is
dominated by small businesses and a couple of jobs disappearing
from hundreds or thousands of small businesses is not going to end
up in the news, Stuff relays.

A slew of data is already signalling weakness, notes the report.
Job advertisements, seen as a key indicator for what's to come,
have started to decline, while business opinion surveys by the NZ
Institute of Economic Research and ANZ show firms are now looking
to cut, rather than add, jobs.




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

LJH CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 10
-----------------------------------------------------------
A petition to wind up the operations of LJH construction &
Engineering co. Pte Ltd will be heard before the High Court of
Singapore on Feb. 10, 2023, at 10:00 a.m.

Gracie Wee Bee Cheng filed the petition against the company on May
Jan. 19, 2023.

The Petitioner's solicitors are:

          Eldan Law LLP
          6 Raffles Quay #15-01
          Singapore 048580


SS MARINE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Jan. 27, 2023, to
wind up the operations of SS Marine Engineering Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Mr. Ng Kian Kiat
          c/o RSM Corporate Advisory  
          8 Wilkie Road
          #03-08, Wilkie Edge
          Singapore 228095



                           *********


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 2023.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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