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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

          Wednesday, March 15, 2023, Vol. 26, No. 54

                           Headlines



A U S T R A L I A

ALLWORKS BUILDING: NSW Builder Goes Into Liquidation
EASY ROUTE: Second Creditors' Meeting Set for March 20
GUNZ DENTAL: First Creditors' Meeting Set for March 21
IBAR PROJECT: First Creditors' Meeting Set for March 17
MEDISUPPLIES (AUST): First Creditors' Meeting Set for March 17

NATIONAL CONSTRUCTION: In Liquidation; Owes at Least AUD3MM
PLATINUM TALENT: First Creditors' Meeting Set for March 20
WISR FREEDOM 2022-1: Moody's Raises Rating on Class F Notes to B1


C H I N A

COUNTRY GARDEN: Expects to Report Up to US$1BB Loss in 2022


I N D I A

BAJAJ HINDUSTHAN: CARE Reaffirms D Rating on INR5,159.51cr Loan
BALAJI INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
DURGASHREE CASHEWS: CARE Keeps D Debt Rating in Not Cooperating
INTEGRATED SPACES: CARE Keeps D Debt Rating in Not Cooperating
J. P. STEEL: CRISIL Reaffirms B+ Rating on Long/Short Term Debts

JAYPEE INFRATECH: Committee Formed to Implement Suraksha Plan
KARPAGAMOORTHY AUTOMOBILES: CARE Keeps C Rating in Not Cooperating
LAKSHMAN AND CO: CRISIL Withdraws B Rating on INR15cr Loan
P.M. CARIAPPA: CARE Keeps C Debt Rating in Not Cooperating
REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category

RELIANCE CAPITAL: SC Agrees to Hear Torrent Plea vs. NCLAT Order
SHIRISH HOTELS: CARE Keeps C Debt Rating in Not Cooperating
SIVA ENGINEERING: CRISIL Reaffirms B+ Rating INR17cr Secured Loan
SND LTD: CARE Keeps D Debt Ratings in Not Cooperating Category
SOLAPUR SOLAR: CARE Keeps D Debt Rating in Not Cooperating

SOLUTREAN BUILDING: CARE Lowers Rating on INR12.18cr Loan to B-
SUNLIGHT PULP: CRISIL Withdraws D Rating on INR14.71cr Term Loan
SURYA CORPORATION: CRISIL Reaffirms B+ Rating on INR10cr Loan
SVS ENTERPRISES: CARE Reaffirms B+ Rating on INR5cr LT Loan
TAJ GRANITES: CARE Lowers Rating on INR15.94cr LT Loan to D

VARAHI LIMITED: CRISIL Withdraws B+ Rating on LT/ST Debts


N E W   Z E A L A N D

BEN'S PIANO: Court to Hear Wind-Up Petition on March 17
MAITAI CONSTRUCTION: Creditors' Proofs of Debt Due on April 7
PR IMPORTS: Rodgers Reidy Appointed as Receivers
RAINBOW GROUP: Goes Into Receivership
SAFARI BBQ: Court to Hear Wind-Up Petition on March 24

SANDERS MANUFACTURING: Garry Whimp Appointed as Administrator


S I N G A P O R E

ENG LEE: Creditors' Meetings Set for March 31
HUNTINGTON GROUP: Court to Hear Wind-Up Petition on March 31
KIA HOE: Court to Hear Wind-Up Petition on March 31
OLD VILLAGE: Creditors' Meetings Set for March 29
SUN ELECTRIC: Founder Ordered to Pay Claimant for 'Friendly Loan'

TOM N TOMS: Court to Hear Wind-Up Petition on March 17


S O U T H   K O R E A

HANKOOK TIRE: Daejeon Plant Fire Adds to Company's Woes

                           - - - - -


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

ALLWORKS BUILDING: NSW Builder Goes Into Liquidation
----------------------------------------------------
News.com.au reports that Allworks Building Pty Ltd, a NSW company,
went into voluntary liquidation on March 13.

Liam Bailey of insolvency firm O'Brien Palmer was appointed as the
liquidator of Allworks Building, with head quarters in the Sydney
suburb of Mona Vale in the Northern Beaches region, news.com.au
discloses.

Although he was just only appointed to the role, Mr. Bailey
estimated the building company owes about AUD300,000 to unsecured
creditors, the report says.

"There are zero impacted homes.  No projects on foot.  It's been
wound down for quite some time," Mr. Bailey told news.com.au.

The company did a combination of domestic building and
renovations.

Mr. Bailey said there are currently two staff members at the
company, who are also the company's two joint directors. They are
owed about AUD200,000 in unpaid superannuation, news.com.au
relays.

A combination of a licence dispute, which prohibited Allworks from
carrying out construction, as well as the Covid-19 pandemic, led to
the builder's demise, the report notes.


EASY ROUTE: Second Creditors' Meeting Set for March 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Easy Route AUS
Pty Ltd has been set for March 20, 2023 at 12:00 p.m. via
videoconference facilities.

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 March 17, 2023 at 5:00 p.m.

Kathleen Vouris and John Vouris of Hall Chadwick were appointed as
administrators of the company on March 20, 2023.


GUNZ DENTAL: First Creditors' Meeting Set for March 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gunz Dental
Pty Ltd will be held on March 21, 2023, at 11:00 a.m. via virtual
meeting only.

Michael Gregory Jones of Jones Partners was appointed as
administrator of the company on March 9, 2023.


IBAR PROJECT: First Creditors' Meeting Set for March 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ibar Project
Management Pty Ltd and Gatwood Management Pty Ltd will be held on
March 17, 2023, at 11:00 a.m and 12:00 p.m. respectively, via
virtual meeting technology.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on March 7, 2023.


MEDISUPPLIES (AUST): First Creditors' Meeting Set for March 17
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Medisupplies
(Aust) Pty Ltd will be held on March 17, 2023, at 11:00 a.m. via
virtual meeting only.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on March 7, 2023.


NATIONAL CONSTRUCTION: In Liquidation; Owes at Least AUD3MM
-----------------------------------------------------------
News.com.au reports that Queensland-based National Construction
Management Pty Ltd went into liquidation on March 10.

According to the report, National Construction Management, with
headquarters in the Sunshine Coast, reportedly owes at least AUD3
million to creditors.

Dane Hammond and Paul Nogueira of insolvency firm Worrells were
appointed as joint and several liquidators, news.com.au discloses.

The Queensland builder mostly engaged in commercial projects,
including aged care facilities and a luxury apartment block.

The Australian reported that National Construction Management took
on AUD12.7 million worth of building projects in the financial year
ending June 2021, news.com.au relays.

However, the following year proved dire for the building firm, with
its workload going down considerably to just AUD6.3 million worth
of projects – less than half of the previous 12 months.


PLATINUM TALENT: First Creditors' Meeting Set for March 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Platinum
Talent Management Pty Ltd will be held on March 20, 2023, at 10:00
a.m. via videoconference facilities only.

Richard Lawrence, Richard Albarran, Brent Kijurina and David Trim
of Hall Chadwick were appointed as administrators of the company on
March 7, 2023.


WISR FREEDOM 2022-1: Moody's Raises Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Wisr Freedom Trust 2022-1.

The affected ratings are as follows:

Issuer: Wisr Freedom Trust 2022-1

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 20, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Jun 20, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Jun 20, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jun 20, 2022
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jun 20, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the good performance of the
collateral pool to date.

Following the February 2023 payment, credit enhancement available
for Class B, Class C, Class D, Class E and Class F Notes has
increased to 29.7%, 23.0%, 17.2%, 10.1% and 6.3% respectively from
24.7%, 18.9%, 13.9%, 7.8% and 4.5% at closing.

As of January 2023, 2.4% of the outstanding pool was 30-plus day
delinquent and 0.9% was 90-plus day delinquent. The deal has
incurred 0.5% of gross losses to date, which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 7.2% of
the outstanding pool balance (equivalent to 5.7% of the closing
pool balance). Moody's has maintained the Aaa portfolio credit
enhancement at 34% since closing.

The transaction is a cash securitization of unsecured personal
loans extended to obligors located in Australia. All receivables
were originated by Wisr Finance Pty Ltd.

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:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.




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

COUNTRY GARDEN: Expects to Report Up to US$1BB Loss in 2022
-----------------------------------------------------------
South China Morning Post reports that Country Garden Holdings,
mainland China's largest property developer by sales last year,
warned it is set to record a loss of as much as US$1 billion for
2022 as conditions in the country's teetering property market led
to the company's first full-year net loss since its listing in
2007.

The company expects to report a loss attributable to shareholders
ranging from CNY5.5 billion (US$797 million) to CNY7.5 billion, it
said in a filing with the Hong Kong stock exchange on March 13, the
Post relays.

The Post says the warning, which comes two days after
Shanghai-based developer CIFI flagged a 2022 loss of up to US$2
billion, highlights the difficulties mainland Chinese developers
face amid the property market's long-term downturn - despite
Beijing's efforts in recent months to shore up debt-laden
developers.

"Despite the severe challenges faced by the industry in 2022, the
company is still committed to ensuring delivery, which is evident
by the delivery of around 700,000 residential units by the group
together with its joint ventures and associates, and the amount of
delivery ranks first in the industry," the filing added.

The Post relates that Country Garden said core net profit for 2022,
which excludes fair-value changes in assets and currency
translation effect, is expected to come in between CNY1 billion and
CNY3 billion - significantly below the 26.93 billion recorded in
2021.

In August, the Foshan-based company apologised after reporting a
net profit of CNY612 million in the January to June period, its
worst half-year performance in its history as a listed company, the
Post recalls.

According to the Post, mainland China's property market has faced
tough times since 2020 after Beijing introduced the "three red
lines" policy, a set of requirements intended to curb risky
borrowing. Unable to tap more loans, China Evergrande Group and
other developers have defaulted on their bond payments. Country
Garden has, however, not defaulted on its debt payments.

In November, the central government emphatically stepped in to
support beleaguered developers by firing "three arrows" of policy
support – bank credit, bond issuance and equity financing.

Country Garden was the third-largest developer by sales in the
first two months of this year, according to a report by mainland
Chinese real estate consultancy CRIC on March 14. The company
generated CNY56.2 billion in sales, behind only Poly Real Estate's
CNY63.5 billion and China Vanke's CNY57.3 billion.

Last year, Country Garden led the market with CNY464.3 billion in
sales, followed by Poly Real Estate and Vanke.

Country Garden raised at least HK$4.74 billion (US$609 million)
from an equity placement in December, which followed a HK$3.87
billion stock placement in November.

"Against the backdrop of a weak sales market, the group maintains a
stable financial level and operating conditions by focusing on its
core management objective in relation to the cash available,"
Country Garden said in March 13's filing. "Net debt ratio remains
at a low level for a long time and a good credit record is
maintained."

The company is set to "seize the opportunity of market recovery"
and "implement a new development model for high-quality
development", it said.

                        About Country Garden

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

As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.  The negative
outlook on Country Garden reflects the risk that the company's
liquidity buffer and leverage could further deteriorate due to
weaker sales and a high amount of construction expenditure.




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

BAJAJ HINDUSTHAN: CARE Reaffirms D Rating on INR5,159.51cr Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Bajaj Hindusthan Sugar Limited (BHSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term bank
   facilities         5,159.51     CARE D Reaffirmed

   Short-term
   bank facilities      235.57     CARE D Reaffirmed

Rationale and key rating drivers

The reaffirmation in the rating assigned to the bank facilities of
BHSL takes into account poor liquidity position of the company to
service the upcoming debt obligations, deteriorated financial risk
profile and significant outstanding cane dues. The rating continues
to remain constrained by BHSL's leveraged capital structure,
substantial investment in group companies and cyclical & regulated
nature of sugar business. The rating takes note of the promoter's
long track record of operations in the sugar industry and BHSL's
diversified revenue profile.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Regularization of debt servicing on all the facilities for a
sustained period

* Improvement in overall operational performance of the company
leading to substantial improvement in its financial risk
profile and effective management of its working capital and
improvement in its liquidity position.

* Ability of the company to recoup its advances & investments from
the group companies in a timely manner and reduce the overall debt
exposure from the funds so received.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

Key weaknesses

* Weak financial profile & leveraged capital structure: During
FY22, the total operating income of BHSL reduced by 17% to INR5,569
crore against INR6672 crore in FY21 (refers to period from April 1
to March 31). Amongst segments, the sugar division witnessed a fall
of 20% in the revenue (FY22: INR5,722 crore; FY21: INR7,148 crore,
distillery segment witnessed significant growth in its revenues by
137% (FY22: INR980 crore; FY21: INR414 crore) and the power segment
witnessed a decline of 18% in revenue (FY22: INR810 crore; FY21:
INR 983 crore). The increase in revenue of distillery division was
mainly attributable to increase in the operating days from 107 days
in FY21 to 210 days in FY22 and consequent increase in sales volume
from 843 lakh litres to 1755 lakh litres. The sales realisation
also increased from INR47 per liter to INR53 per liter. The sugar
segment witnessed a decline in volume and cane crushed owing to
reduced operational days from 151 days in FY21 to 126 days in FY22.
Accordingly, the operational performance of the company still
remains weak with reduced operational days and lower capacity
utilisation compared to the industry.

The profitability of BHSL remains subdued with PBILDT margin of the
company at 4.05% in FY22. For 9MFY23 as well the profitability of
the company has remained subdued with BHSL incurring a net loss of
INR268 crore. Owing to the weak operational and financial
performance, BHSL is not generating sufficient accruals so far to
be able to meet its interest and debt obligations out of its
internal accruals and have largely been relying on stretching the
cane payment arears. BHSL has in past as well stretched the cane
dues payment to meet its debt and interest obligations.

The interest coverage of the company remains below unity at 0.89x
in FY22 (PY: 0.68x). Total debt of the company, though reduced,
remains high at INR4792 crore (PY: INR5389 crore) as on March 31,
2022. The total debt comprised of long-term loans of INR1,295
crore, optionally convertible debentures of INR3,483.25 crore, loan
from related parties of INR8 crore and INR5 crore of finance lease
liability. The overall gearing (without accounting for the group
exposure) as on March 31, 2022 improved from 1.83x to 1.67x as on
March 31, 2022 on account to reduction in debt and reduced losses.

During 9MFY23, the company posted a growth of around 8% in its
total operating income to INR4,267 crore (PY: INR3,953 crore).

PBILDT witnessed marginal improvement from 0.7% in 9MFY22 to 0.94%
in 9MFY23. The improvement in the total operating income is
attributable to growth in all the three segments. However, BHSL
incurred a net loss during 9MFY23.

* Substantial investment in group companies: The group has
implemented a power project under Bajaj Energy Ltd (BEL) and
commissioned a 1,980 MW project under Lalitpur Power Generation
Company Limited (LPGCL). BHSL has invested a substantial amount of
INR2,858 crore (as on March 31, 2022) in its group companies by way
of investments and loans & advances. Inability of BHSL to recover
these advances in a timely manner in the past has led to its poor
liquidity position. Recoverability of these advances shall be
crucial to improve the liquidity position of BHSL.

Separately, BHSL was expecting to get some funds from divestment of
minority stake in power business through the proposed IPO of BEL.
However, due to the delay launching the IPO the validity of SEBI's
approval for BEL's DRHP has expired. The promoters are now
evaluating other alternatives for divesting its minority stake in
group power business.

* Cyclical & Regulated nature of sugar business: The industry is
cyclical by nature and is vulnerable to the government policies for
various reasons like its importance in the Wholesale Price Index
(WPI) as it classifies as an essential commodity. The government on
its part resorts to various regulations like fixing the raw
material prices in the form of State Advised Prices (SAP) and Fair
& Remunerative Prices (FRP). All these factors impact the
cultivation patterns of sugarcane in the country and thus affect
the profitability of the sugar companies.

Key strengths

* Diverse Revenue Stream: BHSL is majorly into the production of
sugar however it has diversified operations with other business
like manufacturing of alcohol and Power, which de-risk the core
sugar business of the company to some extent. BHSL has 14 sugar
factories with an aggregate capacity of 1.36 lakh tonne of
sugarcane crushed per day (TCD). It has six distilleries with
capacity to produce 800 kilo litre per day (KLPD) of industrial
alcohol and owns co-generation plants having power generating
capacity of 449 MW. During FY22, the segment wise gross
contribution to operating income stood at sugar - 76% (PY:84%),
distillery - 13% (PY: 5%) and power segment – 11% (PY:12%). The
contribution of the distillery segment has increased substantially
on account of improved capacity utilisation on account of the
modifications made to the distillery during FY21.

Liquidity: Poor

The company had defaulted in servicing its debt obligation until
October 2022, however, post that the debt payments have been
regular. The company has currently regularised all its debt
payments and also prepaid the debt instalment falling due on March
31, 2023. However, the company still has sizeable quantum of cane
arrears of around INR3,848 crore (gross cane arrears) and cane
inventory of INR2,075 crore resulting in net cane arrears of
INR1,773 crore as on February 22, 2023.The liquidity position of
the company continues to remain poor with a cash and bank balance
of only INR41.77 crore as on December 31, 2022 and very low cash
accruals. BHSL is meeting its debt service obligations from the
operational cashflows, leading to a significant increase in cane
payment arrears over the years, which reflects its stretched
liquidity position. Large part of the cane dues pertains to current
sugar season and these will be paid on rolling basis from the sale
of sugar of current season. The principal debt obligation for each
quarter in FY23 is INR108.6 crore and that for FY24 and FY25 is
INR434 crore and INR584 crore respectively.

During FY22, UPPCL has transferred INR1,000 crore from the
receivables of LPGCL to BHSL for payment of its sugarcane farmer
dues pursuant to amendment in the UP Sugarcane (Regulation of
Supplies and Purchase) Act, 1953 – which was notified through the
UP State Gazette on Dec 27, 2021. This Act (of 2021) amends Sec.
17(4) of the Act of 1953, and empowers UP State Government to
adjust the dues payable to the sugarcane farmers – from group
companies having receivables from UP Government/UP State entities.
In the financials for FY22 the aforesaid amount is reflected under
the head "other current payable". Separately, State Bank of India
has also moved to NCLT against BHSL on account of default. The next
hearing before the NCLT is scheduled in the first fortnight of
March 2023.

BHSL, a part of the 'Shishir Bajaj Group', is one of the largest
sugar manufacturing companies in the country and also the largest
industrial alcohol manufacturer in India. BHSL has 14 sugar
factories with an aggregate capacity of 1.36 lakh tonne of
sugarcane crushed per day (TCD). It has six distilleries with
capacity to produce 800 kilo litre per day (KLPD) of industrial
alcohol and owns co-generation plants having power generating
capacity of 449 MW.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2022, placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2022, December 9, 2022, December 19, 2022.

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

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

Mysore (Karnataka) based, Balaji Industries (BI) was established on
May 10, 2012 and promoted by Mr. D. V. Narayana. The firm is mainly
engaged in processing of Bengal fried gram and polishing gram.


DURGASHREE CASHEWS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durgashree
Cashews (DC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2022, placed the rating(s) of DC under the 'issuer non-cooperating'
category as DC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 3, 2022, December 13, 2022, December 23, 2022.

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

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

Durgashree Cashews (DC) was established in 2009 as a partnership
firm by Mr. B. Satish Shetty and Mrs. Suhasini S Shetty. The firm
is engaged in processing of raw cashew nut into cashew kernels, the
process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
through imports from Dubai, Singapore, Indonesia, African countries
like Benin, Togo, Ivory Coast, and Tanzania etc. The firm also
purchases raw cashews locally from farmers. Imports constitute 90%
of the total purchases. The firm sells the cashew kernels
throughout India through agents.  Goa, Karnataka, Maharashtra,
Punjab and Rajasthan are the major states covered by the firm. The
firm also generates income from sale of by-products cashew shells,
cashew husk and rejections.


INTEGRATED SPACES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Integrated
Spaces Limited (ISL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated December 10, 2021, placed
the rating(s) of ISL under the 'issuer non-cooperating' category as
ISL had failed to provide information for monitoring of the rating
exercise as agreed to in its Rating Agreement. ISL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated March 3,
2023 February 21, 2023, February 20, 2023, February 15, 2023,
February 13, 2023, February 9, 2023.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

At the time of last rating on December 10, 2021, the following were
the rating weakness.

Key Rating Weakness

* Irregularity in debt servicing: There were delays in debt
servicing due to weak liquidity position of the company.

Integrated Spaces Limited (ISL) was a partnership firm was
established in 1995 as "Shah construction and company". Later in
May 2008 it has changed its constitution to Private Limited Company
and rename company as "Integrated Spaces Limited'. ISL is engaged
into development of residential, commercial and hybrid projects,
TDR (Transfer of development rights) in Mumbai. ISL undertook
development spectrum such as SRA rehabilitation, rehabilitation of
Tenants, and redevelopment of Housing societies. Integrated Space
limited is group company of INTEGRATED group wherein there are
other companies like Integrated Coreinfra Ltd and Integrated Esate
Management Pvt. Ltd which are also engaged into construction and
real estate activities.


J. P. STEEL: CRISIL Reaffirms B+ Rating on Long/Short Term Debts
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of J. P. Steel Udyog (JPSU).

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Long Term Rating       -         CRISIL B+/Stable (Reaffirmed)
   Short Term Rating      -         CRISIL A4 (Reaffirmed)

The ratings continue to reflect modest scale of operations amid
intense competition and large working capital requirement of JPSU.
These weaknesses are partially offset by the extensive experience
of the partners in the steel trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: The steel
industry comprises several small players catering to regional
demand. The consequent intense competition and limited value
addition in the final product may continue to constrain
scalability, pricing power and profitability.

* Large working capital requirement: Gross current assets have been
115-292 days for the past three fiscals and stood at 292 days as on
March 31, 2022, driven by high debtors of 136 days and huge
work-in-progress and finished goods inventory of 85 days.

Strength:

* Extensive experience of the partners: The partners have two
decades of experience in the steel industry; their strong
understanding of market dynamics and established relationships with
suppliers and customers will continue to support the business risk
profile.

Liquidity: Poor

Bank limit utilisation was around 47% for the 12 months through
November 2022. In the absence of any repayment obligation over the
medium term, the entire cash accrual -- projected at more than INR1
crores per annum – will aid financial flexibility. Current ratio
stood at 1.16 times on March 31, 2022. Low gearing and moderate
networth should support liquidity.

Outlook: Stable

JPSU will continue to benefit from the extensive experience of its
partners and their established relationship with clients.

Rating Sensitivity factors

Upward factors

* Sustained revenue growth of 20% per annum and stable operating
margin, leading to higher-than expected cash accrual
* Improvement in the working capital cycle

Downward factors

* Revenue dropping by 20% each fiscal and steep decline in
profitability, leading to lower-than-expected cash accrual less
than 0.05 crores
* Large, debt-funded capital expenditure
* Further stretch in the working capital cycle

JPSU, set up in 1991, trades in heavy melting steel scrap and cold
rolled coil bundled scrap; it is based in Kolkata. Mr Jagannath
Shaw, Mr Manish Jaiswal, Mr Bandana Jaiswal, Mr Binod Jaiswal and
Mr. Ashok Jaiswal are the partners.


JAYPEE INFRATECH: Committee Formed to Implement Suraksha Plan
-------------------------------------------------------------
The Economic Times reports that a five-member monitoring committee
has been formed for the implementation of Suraksha Group's
resolution plan to acquire Jaypee Infratech Ltd, as per the order
of the insolvency tribunal NCLT.  On March 7, the National Company
Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee
Infratech, a development that came as a relief for more than 20,000
stuck homebuyers.

In a regulatory filing, JIL informed that ". . . in compliance with
the order of the NCLT, an 'Implementation and Monitoring Committee'
has been formed in accordance with the approved resolution plan,"
ET relays.

According to ET, the members of the IMC (Implementation and
Monitoring Committee) include Jaypee Infratech's Interim Resolution
Professional (IRP) Anuj Jain.

Suraksha ARC Managing Director and Chief Executive Officer Aalok
Dave is also part of the IMC. Suraksha Realty has also appointed
Suresh Kumar Bansal to the panel, ET relates.

Kuldeep Kumar, who represents homebuyers in the Committee of
Creditors (CoC), is also part of the IMC.

On behalf of assenting lenders, Sanjay Kumar Sipani has been
appointed in the IMC.

Last week, the NCLT ordered that a monitoring committee will be set
up by Interim Resolution Professional (IRP) in seven days, and it
will take all necessary steps for expeditious implementation of the
resolution plan, ET recalls.

"The monitoring committee would supervise and monitor the progress
of the construction of units, related infrastructure development on
a day-to-day basis and file report before this Adjudicating
Authority (NCLT) on a monthly basis," the NCLT bench had said.

ET notes that the corporate Insolvency Resolution Process (CIRP)
against JIL was started in August 2017 over an application by an
IDBI Bank-led consortium.

In the fourth round of the bidding process to find a buyer for JIL
in 2021, the Suraksha group won the bid with 98.66% votes.

As per the resolution plan, Suraksha Group will infuse INR250 crore
in Jaypee Infratech and also arrange a INR3,000 crore loan for the
completion of around 20,000 apartments in various stalled projects
over the next four years.

                       About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.


KARPAGAMOORTHY AUTOMOBILES: CARE Keeps C Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Karpagamoorthy Automobiles (SKA) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 7,
2022, placed the rating(s) of SKA under the 'issuer
non-cooperating' category as SKA had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SKA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 3, 2022, December 13, 2022, March 3,
2023.

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

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

Sree Karapagamoorthy Automobiles was established by Mr. K.R.C.T.
Ganesan in the year 2003 and he is the Managing Partner of the
firm. The other partners include Mrs. Pandari Boi, Mr. G. Karpaga
Manikandan, Ms. G. Karpaga Priyanka. All partners are members of a
family and Mr. Ganesan takes care of the affairs of the business.
The registered office of the firm is located in Karaikudi,
Sivagangai district Tamil Nadu. It has four other branches and one
stock yard in Sivagangai and Ramanathapuram districts of Tamil
Nadu. The firm is the authorised dealer of TATA motors Limited (TML
rated ICRA AA; positive/ICRA A1+) for Heavy and Light commercial
vehicles. The firm's revenue is predominantly attracted from sale
of TATA ACE range of models, popularly known as "Chota Hathi". It
is also involved in purchase and sale of spare parts, accessories
and auxiliary items and services of TATA motor automobiles. The
firm purchases vehicles and spare parts directly from TML
manufacturing units in Gurgoan, Bangalore, Pantnagar, and Kolkata.

LAKSHMAN AND CO: CRISIL Withdraws B Rating on INR15cr Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Lakshman And Co. and subsequently withdrawn the ratings at the
company's request and on receipt of a no-objection certificate from
the bankers. The withdrawal is in line with CRISIL Ratings' policy
on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting        3        CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Overdraft Facility      0.2      CRISIL B/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Packing Credit         15        CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Pledge Loan             2        CRISIL B/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Proposed Long Term      9        CRISIL B/Stable (Rating
   Bank Loan Facility               Reaffirmed and Withdrawn)

Key Rating Drivers & Detailed Description

Strengths:

* Established presence in the industry: The company benefits from
the promoters' four decade-long experience in the industry, their
established track record and robust relationships with suppliers
globally. This helps in procuring adequate raw material from
various parts of the world and continues to support business risk
profile.

* Moderate Financial risk profile: Financial risk profile remains
moderate with estimated gearing of less than 0.17 times in fiscal
2021. Further in the absence of any major debt funded capex plans,
capital structure is expected to remain at similar levels over the
medium term.

Weakness:

* Modest scale of operations amid intense competition: scale of
operations continues to remain modest due to intense competition as
reflected by reduced operating income of less than INR4.25 crore in
FY 2021 from INR17.61 crore in the previous fiscal. The same is due
to slow revenue collection in the first half of fiscal 2021 owing
to lockdown imposed to curb the spread of Covid 19. In addition to
that, there is also limited differentiation in the technology
involved in the processing of cashew nuts. Moreover, the domestic
cashew processing industry has many small players, leading to
intense competition in both the organized and unorganized
segments.

* Exposure to volatility in raw cashew and cashew kernel prices:
Operating margins have fluctuated over the past couple of years due
to significant volatility in the prices of raw cashew nuts and
cashew kernels. Also, these prices are impacted by global demand -
supply scenario of cashew nuts. Estimated operating margin has
remained below 1% in fiscal 2021 owing to volatile raw material
prices.

Liquidity: Stretched

Bank limit utilisation is low at around 22.54 percent for the past
12 months ended June 2022.  Cash accrual are expected to be over
INR0.7-1 crores million which are sufficient against term debt
obligation of INR0.4-0.5 over the medium term. In addition, it will
be act as cushion to the liquidity of the company. Current ratio
are healthy at 4.51 times on March31, 2021. Low gearing and
moderate net worth support its financial flexibility, and provides
the financial cushion available in case of any adverse conditions
or downturn in the business

Outlook: Stable

CRISIL Ratings believes Lakshman will maintain its business risk
profile over the medium term backed by its established track record
in the industry.

Rating Sensitivity factors

Upward factors

* Improvement in revenue and sustenance of EBITDA margin leading to
cash accurals above INR1.5 crores
* Improvement in working capital cycle and capital structure

Downward factors

* Substantial decline in revenue or decline in operating margins
resulting in net cash accruals of less than INR0.5 crore
* Stretch in working capital cycle

Incorporated in 1965, Lakshman is a partnership concern engaged in
import and processing of cashew nuts which are exported as well as
sold in the domestic market. Lakshman was established by Late P.
Lakshman Pillai and is currently managed by Mr. Prashant Prabhakar,
one of the five partners.


P.M. CARIAPPA: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M.
Cariappa (P) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2022, placed the rating(s) of P under the 'issuer non-cooperating'
category as P had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. P continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2022, December 9, 2022, December 19, 2022.

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

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

P.M. Cariappa (PMC), established in 1998, is Karnataka based sole
proprietorship concern engaged in the trading of Stationery,
Invitation, Greeting Cards, and paper Products all-over Dubai. The
firm procure the raw materials from domestic market based on the
order flow. The business was originally established and controlled
by Mr. P.M. Cariappa. After his demise during 2018, the business is
being managed by his brother Mr P.M. Vasanth, who has almost more
than two decade of experience in the same line of business.


REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Real Grow
Exim Private Limited (RGEPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 24,
2021, placed the rating(s) of RGEPL under the 'issuer
non-cooperating' category as RGEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RGEPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 9, 2022, November 29,
2022, March 3, 2023.

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

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

Real Grow Exim Private Limited (RGEPL), incorporated in May 2012,
is promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata
Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL
commenced its operations from June 2014 and is engaged in trading
of aqua feed for fish and prawns feeds in and around West Godavari
district, Andhra Pradesh. The promoters have long established
presence in the fish feed industry through several other group
companies viz. Reddy and Reddy Imports and Exports, Nutrient Marine
Foods Limited, Reddy and Reddy Motors, Reddy and Reddy Automobiles
and Nexus Feeds Ltd. Which are engaged in fish and prawns
feed/shrimp processing business.


RELIANCE CAPITAL: SC Agrees to Hear Torrent Plea vs. NCLAT Order
----------------------------------------------------------------
Business Standard reports that the Supreme Court has agreed to hear
on March 20, the appeal filed by Torrent Investment Ltd against the
National Company Law Appellate Tribunal (NCLAT) order allowing the
second round of auctions of Reliance Capital assets.

With the apex court hearing underway, the second auction of
Reliance Capital (RCap) assets scheduled for March 20 will not take
place now, the lawyers privy to the matter told Business Standard.

The NCLAT on March 2 allowed another round of bidding for the
assets of RCap. This was to help Indian lenders seek better offers
from the two bidders, Hinduja group and Ahmedabad-based Torrent
group.

According to Business Standard, the appellate tribunal said the SC
has made it clear that the commercial wisdom of the CoC is
paramount and hence it is setting aside the National Company Law
Tribunal (NCLT) order.

Torrent had moved NCLT to stop the second round of auction after
its offer of INR8,640 crore appeared as the highest bid, the report
says. The Hindujas made an offer of INR9,000 crore after the
auction closed.

After NCLT ruled in Torrent's favor, the lenders moved NCLAT.

Business Standard relates that Torrent argued in NCLAT that the
objective of the Insolvency and Bankruptcy Code (IBC) was to
prevent prolonged negotiations conducted by CoC under the garb of
value maximisation and curtail unnecessary delays on account of
unsolicited bids and litigation that ensued.

The mischief caused by unsolicited late bids and consequent
delay-induced value destruction has been well recognised in the
legislative material and hence, its offer should be allowed,
Torrent had said.

According to Business Standard, RCap's lenders have submitted
before the NCLAT that the CoC is being prevented from discovering
the best price in the corporate insolvency resolution process and
the NCLT has acted beyond its jurisdiction at a stage where even
signed plans were not placed before the CoC for consideration.

                       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.


SHIRISH HOTELS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shirish
Hotels Private Limited (SHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.85       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2021, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2022, November 22, 2022, December
2, 2022.

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

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

The ratings assigned to the bank facilities of SHPL have been
revised on account of non-availability of requisite information.
The ratings further factored accumulating of net losses as well as
weak debt coverage indicators during FY22.

Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. YugandharDande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs. Uma Devi Dande (Director). The company is
engaged in hospitality business and offers services in the area of
restaurants, bar, banquet hall, rooms, and coffee shop. Mr.
YugandharDande is also the proprietor of "Shirish Hotels (SH)"
under which the proprietor runs a hotel located at Panjagutta,
Hyderabad. SH is engaged in bar & restaurants. Currently, the
company is managed by Mr. YugandharDande and his son Mr. Shanmug
Shirish who looks after overall operations of the company.

SIVA ENGINEERING: CRISIL Reaffirms B+ Rating INR17cr Secured Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
rating on the bank facilities of Siva Engineering Company (SEC).

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)

   Proposed Long Term     3.34      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility     

   Secured Overdraft     17         CRISIL B+/Stable (Reaffirmed)
   Facility                

   Working Capital        1         CRISIL B+/Stable (Reaffirmed)
   Term Loan                

   Working Capital
   Term Loan              3         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect moderate scale of operation and
susceptibility to risks inherent in tender-based operations.  These
weaknesses are partially offset by the extensive experience of the
partners and modest financial risk profile

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue was subdued at INR86.44 crore
for fiscal 2022 because of intense competition in the Civil
construction sector. Though business performance continues to
improve (despite disruptions caused by Covid-19) because of a
comfortable order book, small scale will continue to limit
operating flexibility over the medium term.


* Susceptibility to risks inherent in tender-based operations:
Revenue and profitability depend entirely on the ability to win
tenders. Also, entities in this segment face intense competition,
which restricts operating margin. Also, given the cyclicality
inherent in the construction industry, ability to maintain
profitability through operating efficiency becomes critical.

Strengths:

* Extensive experience of the partners: Presence of over three
decades in the Civil construction business has enabled the partners
to understand market dynamics and establish strong relationships
with suppliers and customers.

* Moderate financial risk profile: Debt protection metrics are
moderate, with interest coverage and net cash accrual to adjusted
debt ratios of 1.26 times and 0.04 time, respectively, for fiscal
2022. The financial risk profile is moderate. Capital structure is
moderate marked by gearing and networth of 1.80 times and INR16.25
crore respectively as on March 31, 2022.

Liquidity: Stretched

Average Bank limit utilisation is moderate at around 65 percent for
the past twelve months ended December 2022.  Cash accrual are
expected to be over INR1.81crores in FY23 which are sufficient
against term debt obligation of INR1.35crores in same period.
Current ratio is comfortable at 1.94 times on March 31, 2022.

Outlook: Stable

The firm will continue to benefit from the extensive experience of
its partners and their established relationships with clients.

Rating Sensitivity factors

Upward factors:

* Sustained increase in revenue and operating profitability leading
to higher cash accrual
* Steady improvement in working capital cycle with receivables of
less than 90 days

Downward factors:

* Decrease in revenue to less than INR60 crore or fall in
profitability leading to lower-than-expected cash accrual
vWeakening of financial risk profile, including liquidity, due to
substantial increase in working capital requirement or debt-funded
capital expenditure or higher than expected capital withdrawal.

Set up in 1978 as a partnership firm, SEC constructs bridges,
buildings and water-treatment plants in Tamil Nadu. Its operations
are managed by Mr R Muthuswamy and Mr Siva Subramaniam.


SND LTD: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SND Ltd.
(SNDL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      271.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     100.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 31, 2019,
placed the rating(s) of SNDL under the 'issuer noncooperating'
category as SNDL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SNDL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated between
October 30, 2022 and November 14, 2022.

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

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

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on December 14, 2021, the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of Companies):

Key weaknesses

* Delays in debt servicing: There are continued delays in debt
servicing obligation. The company has not serviced the interest and
instalments on the debt as per Auditor's report of FY21.

Liquidity: Poor

Cash flow mismatches due to short credit period of 7 days from the
date of invoice compared to billing cycle of around 80 days thus
creating funding gaps for operational purpose and leading to
additional working capital requirements. The same has resulted in
delays in debt servicing

SND Limited (SNDL) is a power distribution franchisee within three
urban circles (Civil lines, Mahal and Gandhibag) of Nagpur. In
September 2010, Maharashtra State Electricity Distribution Company
Limited (MSEDCL) invited competitive bids to appoint the franchisee
for the aforementioned three urban circles of Nagpur. The term of
franchise is for 15 years, which is extendable by mutual consent.
The bidding was based on 'Input-based franchisee model' and SNDL
emerged as the successful bidder. The Distribution Franchisee
Agreement (DFA) was signed by the company with MSEDCL on February
23, 2011, and it took over power distribution within these circles
with effect from May 01, 2011. SNDL was promoted by the Spanco
group (Spanco Limited), which was unable to achieve financial
closure for the project and this resulted in SNDL owing an overdue
up to INR230 crore to MSEDCL as on August 31, 2012. Subsequently,
Spanco group entered into a share 'subscription-cum-shareholders'
agreement with Essel Utilities Distribution Company Limited (EUDCL)
of the Essel group to sell majority stake in SND. In September
2012, EUDCL received the approval of MSEDCL to acquire up-to 99% of
the stake in SND in consideration for settling of dues of MSEDCL.
Consequently, EUDCL holds up-to 99% equity stake and balance is
with Spanco group. The total cost incurred stood at INR340 crore
funded through debt of INR195 crore, through MSEDCL capital grant
of INR48 crore and balance through equity & internal accruals. The
previous management (Spanco) had spent INR110 crore.


SOLAPUR SOLAR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Solapur
Solar Energy Private Limited (SSEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.98       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2021, placed the rating of SSEPL under the 'issuer non-cooperating'
category as SSEPL had failed to provide information for monitoring
of the rating. SSEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and emails dated October 29, 2022, November 8, 2022,
November 18, 2022 and March 6, 2023.

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

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

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on December 13, 2021 the following was
the rating weakness:

Key weaknesses

* Delays in servicing of debt obligations: As per the feedback from
the lender, there are delays in servicing of the debt obligations.

SSEPL was incorporated in 2014 as a 100% subsidiary of Sunil Hitech
Engineers Ltd (SHEL) to implement suitable solar power generation
projects. Solar Energy Corporation of India (SECI), a central
government SPV had invited bids to implement solar power projects
for a total quantum of 750 MW out of which SHDPL was successfully
awarded with a 5MW project under the Jawaharlal Nehru National
Solar Mission (JNNSM) scheme. SHDPL won the bid at a Viability gap
funding (VGF) of INR6.75 crore or INR1.35 crore per MW. The company
achieved COD on July 17, 2015 and had entered into a power purchase
agreement (PPA) for 25 years with SECI for purchase and sale of
contracted capacity (CUF) of minimum 7.014 million kwh (MU) and
maximum 9.077 million kwh (MU).


SOLUTREAN BUILDING: CARE Lowers Rating on INR12.18cr Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Solutrean Building Technologies Limited (SBTL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.18       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 14,
2021, placed the rating(s) of SBTL under the 'issuer
non-cooperating' category as SBTL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SBTL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 30, 2022, November 9, 2022, and March 7,
2023.

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

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

The rating has been revised on account of non-availability of
requisite information.

Incorporated in 2009, Solutrean Buildings Technologies Limited
(SBTL) has been primarily engaged in the designing and construction
of residential/group housing project. The company has been promoted
by Mr. Sandeep Sahni and his family members, all having vast
experience in this line of activity. In the past, the promoter
group has been involved in designing, engineering and construction
of more than 10 projects, mainly located in and around Delhi/NCR.


SUNLIGHT PULP: CRISIL Withdraws D Rating on INR14.71cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Sunlight Pulp & Paper Private Limited (SPPPL) and subsequently
withdrawn the ratings at the company's request and on receipt of a
no-objection certificate from the bankers. The withdrawal is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.29      CRISIL D (Rating Reaffirmed
                                      and Withdrawn)

   Term Loan               14.71      CRISIL D (Rating Reaffirmed
                                      and Withdrawn)

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the promoters: The promoters have over a
decade of experience in the industrial paper industry; their strong
understanding of market dynamics and healthy relationships with
customers and suppliers should continue to support the business.

Weakness:

* Delays in debt servicing: SPPPL has delayed servicing of term
loan interest and repayment of principal for September 2022 due to
poor liquidity. Further, one monthly installments of the term loans
have been delayed since very long, for that reason penal interests
are charged on continuous basus. Latest EMI delays are in
September-2022. Company has not paid EMI of INR5 lacs around till
date of GECL loan of INR1.58 Cr in September-22 where due date is
15th September,2022. In other two Term loans, EMIs are paid on 17th
September,2022 where due date is 15th September.

* Below-average financial risk profile: Financial risk profile
should remain constrained by low cash accrual. Networth was
negative at INR3.32 crore and total outside liabilities to adjusted
networth ratio negative at 12.70 times as on March 31, 2022. Debt
protection metrics were weak, with interest coverage and net cash
accrual to adjusted debt ratios of -0.90 time and -0.11 time,
respectively, for fiscal 2022.

Liquidity: Poor

Current ratio was low at 0.80 time as on March 31, 2022. Negative
networth and profitability constrain financial flexibility.
However, need-based funding support from the promoters is expected
to continue.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least three months
* Significant improvement in the financial and liquidity risk
profiles

SPPPL, incorporated in February 2018, manufactures kraft paper at
its facility in Savli, Gujarat. Mr Dhiraj Patel, Mr Harilal Patel
and Mr Vasant Patel are the promoters.


SURYA CORPORATION: CRISIL Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Surya Corporation (SC) at 'CRISIL B+/Stable'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the moderate financial risk profile
of the firm and its low profitability. These weaknesses are
partially offset by the extensive experience of the promoters in
the trading business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low profitability: Intense competition and low value addition in
the trading business constrain scalability, pricing power and
profitability. The operating margin of the firm was 1% in fiscal
2022 and is likely to remain subdued over the medium term.

* Moderate financial risk profile: Networth was modest at INR2.68
crore, and total outside liabilities to adjusted networth (TOLANW)
ratio was moderate at 1.42 times, as on March 31, 2022. The
interest coverage and net cash accrual to total debt ratios were
2.43 times and 0.14 time, respectively, for fiscal 2022.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of around three decades in the steel industry. This has
given them an understanding of market dynamics and helped to
establish strong relationships with suppliers and customers.

* Moderate, yet improving, scale of operations: Revenue improved in
fiscal 2022 post a drop during the pandemic-hit fiscal 2021. In the
current fiscal, the firm has posted revenue of INR118 crore till
December 31, 2022 and expects to clock 60-70% revenue growth.
Established customer base and recovery in demand should support the
scale of operations over the medium term.

Liquidity: Adequate

Expected cash accrual of around INR0.42 crore in fiscal 2022
against no debt obligations. Bank limit utilization was moderate at
40-50% for the 12 months through December 2022. Current ratio was
adequate at 1.62 times as on March 31, 2022.

Outlook: Stable

SC will continue to benefit from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward factors:

* Steady increase in revenue and profitability.
* Substantial improvement in the financial risk profile, especially
debt protection metrics.

Downward factors:

* Decline in operating profitability leading to cash accrual of
less than INR0.40 crore.
* Stretched working capital cycle.

Incorporated in 2019, SC trades thermo mechanically treated (TMT)
bars and wire rods. Also, the firm sells TMT bars under its brand,
Ultra Gold TMT, which are produced on contract manufacturing basis.
It is promoted by Mr Dinesh Patel, Mr Mukesh Patel and Mr Pankaj
Patel.


SVS ENTERPRISES: CARE Reaffirms B+ Rating on INR5cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
SVS Enterprises (SVS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           5.00       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           1.50       CARE A4 Reaffirmed

Rationale and key rating drivers

The reaffirmation in the ratings assigned to the bank facilities of
SVS continues to be constrained by small scale of operations with
moderate profitability margins in FY22 (FY refers to the period
April 1 to March 31) and 9MFY23, low net worth base, short term
revenue visibility from low order book position, partnership nature
of constitution with inherent risk of withdrawal of capital and
highly fragmented industry with intense competition from other
players due to tender based nature of operations. The ratings also
factor in leveraged capital structure and weak debt coverage
indicators and elongated operating cycle. The ratings, however,
derive its strengths from established track record with experienced
promoter for more than two decades in construction industry, and
stable outlook of construction industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations marked by total operating income
increasing beyond INR25 crores with sustain its PBILDT margin of
above 10% leads to substantial increase in gross cash accruals
(cash profits)

* Improvement in capital structure marked by overall gearing ratio
below unity with improvement in debt coverage indicators with TDGCA
below 7 times and interest coverage ratio above 3 times on
sustained basis

Negative factors

* Any decrease in scale of operation due to unavailability of
orders

* Any deterioration in capital structure above 3 times as a result
of withdrawal of partners' capital or increase in reliance on
debt.

Analytical approach: Standalone

Outlook: Stable. The 'Stable' outlook on the ratings of SVS
reflects CARE's expectation to sustain stable scale of
operations and profitability margins with no significant deviation
in financial risk profile.

Key weaknesses

* Small scale of operations with moderate profitability margins: In
FY22, total operating income of the company increased by about 67%
from INR9.18 crores in FY21 to INR15.32 crores in FY22 on account
of timely execution of existing orders. Despite improvement scale
of operations are relatively small. Further, PBILDT margins
improved by 230 bps i.e., to 9.77% in FY22 from 7.47% in FY21 on
account of reduction in raw material consumption cost and other
operating expenses. PBILDT and PAT levels increased to INR1.50
crores and INR0.44 crores in FY22 against INR0.69 crores and
INR0.25 crores in FY21 respectively. During 9MFY23, SVS has
recorded total operating income of INR7.61 crores with PBILDT and
PAT levels of INR0.93 crores and INR0.44 crores.

* Short term revenue visibility from order book: SVS has an
unexecuted order book position at INR13.31 crore as on
December 31, 2022, which is likely to be completed by June 2023.
These orders are mainly from Indian naval entities thus limiting
the counter-party credit risk for the firm. Order book to TOI ratio
stood at 0.87x of gross billing in FY22. Ability of the company to
add new orders in FY23 is critical from credit perspective.

* Deterioration in capital structure and debt coverage indicators:
The capital structure of the firm deteriorated marked by increase
in overall debt as working capital utilization remained high as on
balance sheet date. Further, the firm availed covid loan worth
INR0.63 crore during FY22. Overall gearing stood at 2.13 x as on
March 31, 2022, as compared to 1.54x as on March 31, 2021. Despite
increase in overall debt levels, debt coverage indicators, Interest
coverage ratio and TD/GCA improved to 2.40x and 6.35x in FY22
compared to 1.82x and 11.76x in FY21. Despite improvement, TDGCA
remained high.

* Elongated operating cycle: The overall operations of the entity
remained working capital intensive due to blockage of funds in
debtors. Though operating cycle marginally improved but remained
high at 129 days in FY22 (PYE: 129 days) on account of increase in
collection period. As the firm caters exclusively the state and
central government institutions; any delay in release of payments
puts a stress on the firm's working capital cycle. As on December
31, 2022, total O/s receivables are INR2.39 crores of which debtors
more than 180 days but below 365 days are around 2.34 crores i.e.
about 98% of total receivables.

* Risk of withdrawal of capital given the partnership nature of
constitution of the entity: The constitution of the entity being a
partnership firm has the inherent risk of possibility of withdrawal
of the partner's capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partner. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of the partners would be
the key factor affecting credit decision of the lenders. The
partners withdrew capital amounting to 0.08 crore in FY21 and
INR0.92 Crores in FY22 respectively.

* Highly fragmented industry with intense competition from other
players due to tender based nature of operations:
The firm receives 100% work orders from government organizations.
All these are tenders based and the revenues are dependent on the
firm's ability to bid successfully for these tenders. Profitability
margins come under pressure because of the competitive nature of
the industry. However, the partners' long industry experience
around two decades mitigates this risk to some extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment which makes the civil construction space
highly competitive.

Key strengths

* Established track record with experienced promoter for more than
two decades in construction industry: SVS was established in the
year 2002 as a partnership firm; hence, it has established track
record of operations. The Managing Partner of the firm is Mr. B.
Srinivasa Rao, who is a civil engineer by qualification, has an
experience of more than two decades in subcontract works and
manages the day-to-day operations of the firm. Due to long term
presence in the market, the promoter has established good
relationships with its customers and suppliers which enables the
firm to bag new orders.

* Stable Industry outlook: The construction industry contributes
around 8% to India's Gross domestic product (GDP). Growth in
infrastructure is critical for the development of the economy and
hence, the construction sector assumes an important role. The focus
of the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long run.

Liquidity:

The liquidity position of the firm remains stretched marked by low
cash accruals vis-a-vis repayment obligations. Average utilisation
of working capital limits stood high at 80% during past 12 months
December 31, 2022. The cash and bank balance stood low at INR0.06
crore as on March 31, 2022, while its cash flow from operating
activity was negative at INR0.54 crore in FY22. Furthermore, the
firm has availed additional term loans worth INR0.63 crore in
FY22.

SVS Enterprises (SVS) was established in 2002 as a partnership
frim. The firm is a class I contractors with Military Engineer
Services (MES), Director General of Naval projects. The firm's
registered office is located at Visakhapatnam, Andhra Pradesh. The
firm is involved in civil contract works i.e., construction of
buildings for the state and Central government departments. SVS
purchases its raw material such as steel, cement etc., from the
dealers located in and around Vishakhapatnam. The firm constructs
buildings mainly for local government entities like Andhra Pradesh
Medical Service & Infrastructure Development Corporation (APMSIDC),
Andhra Pradesh Capital Region Development Authority (APCRDA), etc.


TAJ GRANITES: CARE Lowers Rating on INR15.94cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Taj Granites Private Limited (TGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.94      CARE D Revised from CARE B+;
   Facilities                      Stable

   Long Term/            3.80      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of TGPL is
primary due to delays in debt servicing owing to delays in receipt
of export receivables.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay free track record of 90 days in servicing of debt
obligations backed by efficient management of receivables.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in Debt servicing: There are frequent instances of delays
in repayment of term loan on account of delays in receipt of export
receivables.

Liquidity - Stretched

The liquidity position of the company stood stretched marked by
inadequate cash accruals to meet debt repayment obligation, low
cash and bank balance, high utilization of working capital limit
and elongated working capital cycle. Working capital cycle of
company stood elongated at 122 days in FY22 worsening from 104 days
in FY21 on account of high inventory holding period. Given the high
inventory, the current ratio stood healthy at 1.17 times, however,
quick ratio stood below unity at 0.59 times as on March 31, 2022.
The average utilization of working capital limit remained high at
90% during last 12 months ended February 2023. TGPL has also
availed an enhancement in its fund-based limit to support its
working capital requirement. GSPL has inadequate cash accruals to
meet its fixed repayment obligation worth INR3.02 crore, the gap is
expected to be met through promoter's fund infusion. The promoters
have infused unsecured loans worth INR0.88 crore in FY22. Further
they have infused INR0.37 crore of unsecured loans during 9MFY23.


Furthermore, Cash and bank balance remained low at INR0.87 crore as
on March 31, 2022. However, TGPL reported cash flow from operations
(CFO) worth INR11.37 crore during FY22 against a negative CFO of
INR11.32 during FY21. This was on account of higher operating
profitability as well as efficient management of its trade
payables.

Jaipur (Rajasthan) based Taj Granites Private Limited was
incorporated in 1991 by Mr. Arvind Kumar Agarwal, Mr. Ashish Tayal
and Mrs. Uma Garg. Later in 1995, the company was taken over by Mr.
Pradeep Kumar Pareek and Mr. Prabhulal Purohit. The company is
engaged in processing and export of marbles & granites wherein the
company majorly purchases marble blocks from the mines which are
owned by the directors. The company exports the finished products
to Europe, Middle East, North America, etc.

VARAHI LIMITED: CRISIL Withdraws B+ Rating on LT/ST Debts
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Varahi Limited (Varahi) to
'CRISIL B+/Stable/CRISIL A4/Issuer not cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of Varahi following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL Ratings is migrating the
ratings on bank facilities of Varahi from 'CRISIL B+/Stable/CRISIL
A4/Issuer Not Cooperating to 'CRISIL B+/Stable/CRISIL A4'. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Long Term Rating         -         CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING';
                                      Rating Withdrawn)

   Short Term Rating        -         CRISIL A4 (Migrated from
                                      'CRISIL A4 ISSUER NOT
                                      COOPERATING'; Rating
                                      Withdrawn)

Varahi was set up by promoters, Mr Pramit Sanghavi and Mr Dewang
Sanghavi in 1993. The company was earlier a manufacturer of plastic
bottles, jars, and caps for the fast-moving consumer goods
industry, at five facilities: one each in Delhi, Pant Nagar
(Uttarakhand) and Noida, and two in Baddi, Himachal Pradesh.
However, after acquisition by MTL, Varahi will operate as IOCL's
exclusive stockist and distributing agent for polymer in
Uttarakhand.




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

BEN'S PIANO: Court to Hear Wind-Up Petition on March 17
-------------------------------------------------------
A petition to wind up the operations of Ben's Piano & Furniture
Carriers Limited will be heard before the High Court at Auckland on
March 17, 2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 8, 2022.

The Petitioner's solicitor is:

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


MAITAI CONSTRUCTION: Creditors' Proofs of Debt Due on April 7
-------------------------------------------------------------
Creditors of Maitai Construction Limited; George Saunders Boat
Builders Limited; Jznz Limited;  Melon Health Limited; and Muir and
Associates Limited are required to file their proofs of debt by
April 7, 2023, to be included in the company's dividend
distribution.

Maitai Construction commenced wind-up proceedings on Feb. 27,
2023.

George Saunders Boat Builders and Jznz Limited commenced wind-up
proceedings on March 2, 2023.

Melon Health commenced wind-up proceedings on March 7, 2023.

Muir and Associates commenced wind-up proceedings on March 8,
2023.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


PR IMPORTS: Rodgers Reidy Appointed as Receivers
------------------------------------------------
Geoff Brown and Lynda Smart of Rodgers Reidy on March 9, 2023, were
appointed as receivers and managers of PR Imports Limited.

The receivers and managers may be reached at:

          Rodgers Reidy
          32C Sheffield Crescent
          Burnside
          Christchurch 8053


RAINBOW GROUP: Goes Into Receivership
-------------------------------------
Tina Morrison at Stuff.co.nz reports that receivers have been
appointed to childcare services Rainbow Corner and Porse, with
their licenses and operations suspended with immediate effect.

According to Stuff, Stephen White and John Fisk of PwC said they
had been appointed as receivers of The Rainbow Group of Companies,
which includes 13 Rainbow Corner early childhood education centres
(ECE) across New Zealand, a network of Porse in-home based
childcare providers and a private training establishment, which
together employed about 130 staff.

"We are yet to have fully established the factors contributing to
the financial issues faced by the group, but expect that
suspensions and cancellation of a number of ECE licenses - which
have attracted recent media scrutiny - will have contributed,"
Stuff quotes Mr. White as saying.

A consequence of the receivership is that any ECE licenses held by
companies in receivership were automatically suspended upon the
appointment of the receivers. Accordingly, the receivers have had
to suspend childcare operations with immediate effect.

"We appreciate that these closures will cause a number of families
significant disruption in the coming days, but unfortunately there
was no alternative option under the circumstances," Mr. White said.
"The receivers are working closely with the Ministry of Education
to minimise the impact on families to the greatest extent
possible".

Inland Revenue had earlier applied to put the Rainbow Corner Group
of Companies, and three subsidiaries, into liquidation, Stuff
notes. The application was to have been heard in the High Court at
Auckland on March 24.

The Rainbow Corner Group is owned by Rrahul and Bhavini Dosshi.

A number of educators had contacted Stuff, raising concerns about
not having received pay.

And earlier this month, the Ministry of Education confirmed six
Wellington Porse early childhood educators had given up their
licences, with 186 children registered between them.

Earlier in the year, the ministry suspended nine Porse licences in
Auckland and Christchurch, and auditors had been brought in to
investigate operations, Stuff recalls.

Stuff adds that Mr. White said the receivers will be briefing staff
and contacting customers and other stakeholders in coming days to
update them on the impact of the receivership, while also
determining options available to maximise recoveries for the
group's creditors.


SAFARI BBQ: Court to Hear Wind-Up Petition on March 24
------------------------------------------------------
A petition to wind up the operations of Safari Bbq Products Limited
will be heard before the High Court at Auckland on March 24, 2023,
at 10:00 a.m.

Safari Vervaardiging CC filed the petition against the company on
Dec. 7, 2022.

The Petitioner's solicitor is:

          Matthew Cargill Sumpter
          Chapman Tripp
          Level 34
          15 Customs Street West
          Auckland


SANDERS MANUFACTURING: Garry Whimp Appointed as Administrator
-------------------------------------------------------------
Garry Whimp of Blacklock Rose Limited on March 6, 2023, was
appointed as administrator of Sanders Manufacturing Limited.

The administrator may be reached at:

          c/o Blacklock Rose Limited
          PO Box 6709
          Auckland 1142




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

ENG LEE: Creditors' Meetings Set for March 31
---------------------------------------------
Eng Lee Engineering Pte Ltd will hold a meeting for its creditors
on March 31, 2023, at 9:00 a.m., via audio visual communication.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidator(s);

   c. to appoint a committee of inspection of not more than 5
      members, if thought fit; and

   d. any other business.

Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate
Advisory Pte Ltd were appointed as joint and several Provisional
Liquidators of the company on March 3, 2023.


HUNTINGTON GROUP: Court to Hear Wind-Up Petition on March 31
------------------------------------------------------------
A petition to wind up the operations of The Huntington Group Pte
Ltd Pte Ltd will be heard before the High Court of Singapore on
March 31, 2023, at 10:00 a.m.

Huntington Search Partners Pte. Ltd. filed the petition against the
company on March 3, 2023.

The Petitioner's solicitors are:

          Remy Choo Chambers LLC
          6A Upper Cross Street
          Singapore 058326


KIA HOE: Court to Hear Wind-Up Petition on March 31
---------------------------------------------------
A petition to wind up the operations of Kia Hoe Construction Pte
Ltd will be heard before the High Court of Singapore on March 31,
2023, at 10:00 a.m.

MI Polymer Concrete Pipes (S) Pte. Ltd. filed the petition against
the company on March 8, 2023.

The Petitioner's solicitors are:

          Oon & Bazul LLP
          36 Robinson Road
          #08-01/06 City House
          Singapore 068877


OLD VILLAGE: Creditors' Meetings Set for March 29
-------------------------------------------------
Old Village Cafe Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on March 29, 2023, at 10:30 a.m., via
Zoom.

Agenda of the meeting includes:

   a. to receive a full statement of the Company's affairs
      together with a list of creditors and the estimated amounts
      of their claims;

   b. to nominate liquidator(s) or to confirm members' nomination
      of liquidator(s);

   c. to consider and if thought fit, appoint a Committee of
      Inspection consisting of not more than 5 members, for the
      purpose of winding up the Company; and

   d. any other business.


SUN ELECTRIC: Founder Ordered to Pay Claimant for 'Friendly Loan'
-----------------------------------------------------------------
The Business Times reports that it has been three years since the
lights went out on Sun Electric Power (SEP) - Singapore's first
solar company - but the fallout continues.

BT relates that on Feb. 4, the Singapore High Court ordered Matthew
Peloso, founder of the wound-up solar company, to pay Kumar Vikram
some SGD366,025 at 5.33% per annum interest from the date of the
claim.  Mr. Peloso was also ordered to pay judgment and costs of
SGD3,061.20.

The court decision followed a claim by Vikram filed against Mr.
Peloso in late November last, BT notes.

The electricity retailer for mid-size and large businesses is under
liquidation after commodity house RCMA Asia won the bid in court to
wind up the firm in September, according to The Business Times.

RCMA pushed to wind up the firm on the basis that SEP was unable to
pay some SGD7.5 million, which mostly entailed "incentive payments"
for assuming SEP's market making role in the electricity futures
market, as it was cash flow and balance sheet insolvent, according
to court documents obtained by BT.


TOM N TOMS: Court to Hear Wind-Up Petition on March 17
------------------------------------------------------
A petition to wind up the operations of Tom N Toms International
Pte Ltd will be heard before the High Court of Singapore on March
17, 2023, at 10:00 a.m.

Arion Entertainment Singapore Limited filed the petition against
the company on Feb. 20, 2023.

The Petitioner's solicitors are:

          Bayfront Law LLC
          79 Robinson Road #14-01
          Singapore 068897




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

HANKOOK TIRE: Daejeon Plant Fire Adds to Company's Woes
-------------------------------------------------------
The Korea Times reports that a fire at a manufacturing plant of
Hankook Tire & Technology, Korea's largest tire manufacturer, is
adding to concerns about the firm's bleaker corporate outlook for
the foreseeable future, according to market watchers, March 13.

According to the report, the fire destroyed over 400,000 tires in
Daejeon, on March 12, hospitalizing 11 people including rescue
workers and firm employees being treated mostly for toxic smoke
inhalation. It took about 10 hours to extinguish the fire,
according to fire authorities.

The profit-denting incident is the latest in a series of
developments unfavorable to the tire manufacturer in recent months,
the report says.

Company CEO Cho Hyun-bum was arrested last week on charges of
breach of trust and embezzlement of a combined KRW20 billion ($15
million), fueling concerns that the firm under his leadership will
see a slump in exports of its key products and delays in overseas
investments, the Korea Times says.

The Korea Times notes that stalled labor talks pose another risk to
Hankook, as indicated by months of standoffs between the firm
management and 2,000 hardline workers affiliated with the Korean
Confederation of Trade Unions (KCTU), one of the nation's two
umbrella unions.

The non-hardline union members at Hankook agreed last October to a
5% increase in salary and KRW1 million in bonuses, but KCTU members
called this unacceptable considering inflation, the report
relates.

Last week's arrest renewed fears that the leadership vacuum will
have a lasting impact this time, compared to one about three years
ago when Cho stepped down as CEO in June 2020 over previous bribery
and embezzlement charges, the report states.

The Korea Times says the 2020 case led to a prison term suspended
for four years following his arrest in November 2019.

Stakes are higher now, market watchers said, because Cho will not
be able to avoid prison if he is found guilty on the latest
charges, since he was released on a suspended sentence in 2020.

The prosecution initiated an investigation into Cho, prompted by a
Fair Trade Commission (FTC) fine of KRW8 billion against the firm
for antitrust law violations, according to the report.

Hankook bought, according to the antitrust agency findings,
products made by an affiliate at a higher price and at a profit
margin far higher than market rates.

The prosecution is looking into whether the higher-than-usual
increases in the affiliate's profit between February 2014 and
December 2017 benefited Cho's family.

Cho is facing allegations that he used company funds to renovate
his home and buy expensive cars, the report says.

Hankook Tire & Technology Co., Ltd. manufactures and distributes
tire and tube products. The Company produces passenger car tires,
electric car tires, sport utility vehicle tires, and other related
products. Hankook Tire & Technology markets its products throughout
South Korea.



                           *********


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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