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

                     A S I A   P A C I F I C

          Friday, March 17, 2023, Vol. 26, No. 56

                           Headlines



A U S T R A L I A

CONCEPT MARKETING: Second Creditors' Meeting Set for March 20
KITSUNEI PTY: First Creditors' Meeting Set for March 22
MORTGAGE HOUSE 2023-1: S&P Assigns B(sf) Rating on Class F Notes
PROPSOL CHILDCARE: First Creditors' Meeting Set for March 21
PURELY BYRON: First Creditors' Meeting Set for March 22

STEELFAB GLOBAL: First Creditors' Meeting Set for March 23
SUN CABLE: Andrew Forrest Buys Out Most Creditors
THINK TANK 2023-1: S&P Assigns B(sf) Rating on Class F Notes


C H I N A

[*] CHINA: Party Calls for Plan to Deal With Village Debts


I N D I A

AKL INFRACON: CARE Keeps B Debt Rating in Not Cooperating Category
AZEEN AGRO: CARE Keeps B+ Debt Ratings in Not Cooperating Category
BINDAL COIR: CARE Keeps B- Debt Rating in Not Cooperating
BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category
C.M. BUILDS: CARE Keeps B- Debt Rating in Not Cooperating Category

EVEREST HOLOVISIONS: CARE Keeps B Debt Ratings in Not Cooperating
EXCEL GENERATORS: CARE Keeps B Debt Rating in Not Cooperating
FINE WOOD: CARE Lowers Rating on INR12cr LT Loan to B-
FPL AUTOMOBILES: CARE Keeps B Debt Rating in Not Cooperating
G K ROOFINGS: CARE Keeps B- Debt Rating in Not Cooperating

HALO ENERGIE: CARE Lowers Rating on INR14.19cr LT Loan to B
HERITAGE DISTILIARIES: CARE Lowers Rating on INR13.81cr Loan to B-
HOTEL HARIMANGLA: CARE Lowers Rating on INR75.55cr LT Loan to D
J.N. TAYAL: CARE Keeps B Debt Rating in Not Cooperating Category
JAI KRISHNA: CARE Keeps B+ Debt Rating in Not Cooperating Category

JAI MATA: CARE Keeps C Debt Rating in Not Cooperating Category
JAYPEE INFRA: YEIDA to Challenge NCLT Decision to Reject Claims
KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category
OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating
OMANSH ENTERPRISES: Insolvency Resolution Process Case Summary

OSM PROJECTS: Insolvency Resolution Process Case Summary
POINT TEXTILES: CARE Keeps C Debt Rating in Not Cooperating
RANGOLI WOOD: CARE Keeps B- Debt Rating in Not Cooperating
REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category
REMIRA MOTORS: CARE Keeps B- Debt Rating in Not Cooperating

ROY APPARELS: CARE Keeps B Debt Rating in Not Cooperating Category
SARASWATHI BROILERS: CARE Keeps B- Debt Rating in Not Cooperating
SIMPLEX INFRASTRUCTURES: SBI Files Insolvency Plea Against Firm
SUMIT TEXSPIN: CARE Withdraws D Rating on Long Term Bank Debt
SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating

TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
VASISTA MARINE: Ind-Ra Withdraws BB Long Term Issuer Rating
[*] Lenders to Miss March Target to Resolve Key Insolvency Cases


N E W   Z E A L A N D

COMPANY 586742: Creditors' Proofs of Debt Due on April 20
INDUSTRIAL RESALE: BDO Tauranga Limited Appointed as Liquidators
INDUSTRIAL RESALE: Grant Bruce Reynolds Appointed as Liquidator
STUDWORX LIMITED: Creditors' Proofs of Debt Due on April 14
WEP BUILDERS: Court to Hear Wind-Up Petition on March 23



S I N G A P O R E

ALPHA DX: Deloitte Appointed as Judicial Managers
CATALYST MEDIA: Creditors' Proofs of Debt Due on April 17
PARK BENCH: Creditors' Meeting Scheduled for March 29
RIAU CAPITAL: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Economy Contracted 7.8% in 2022

                           - - - - -


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

CONCEPT MARKETING: Second Creditors' Meeting Set for March 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Concept
Marketing Pty Ltd has been set for March 20, 2023 at 11:30 a.m. at
the offices of WA Insolvency Solutions, a division of Jirsch
Sutherland at Suite 6.02, Level 6, 109 St Georges Terrace in Perth
and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 17, 2023 at 4:00 p.m.

David Hurt and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Feb. 10, 2023.


KITSUNEI PTY: First Creditors' Meeting Set for March 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Kitsunei Pty
Ltd will be held on March 22, 2023, at 8:00 a.m. via Microsoft
Teams Meeting.

Matthew Leslie Joiner and Stephen Earel of Cor Cordis were
appointed as administrators of the company on March 10, 2023.


MORTGAGE HOUSE 2023-1: S&P Assigns B(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Osmium Series 2023-1. Mortgage
House RMBS Osmium Series 2023-1 is a securitization of residential
mortgages originated by Mortgage House of Australia Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 3.2% of the loans in the portfolio,
and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS
Osmium Series 2023-1

  Class A1-S, A$125.00 million: AAA (sf)
  Class A1-L, A$250.00 million: AAA (sf)
  Class A2, A$75.00 million: AAA (sf)
  Class B, A$19.50 million: AA (sf)
  Class C, A$12.00 million: A (sf)
  Class D, A$8.00 million: BBB (sf)
  Class E, A$5.00 million: BB (sf)
  Class F, A$3.00 million: B (sf)
  Class G1, A$1.25 million: Not rated
  Class G2, A$1.25 million: Not rated


PROPSOL CHILDCARE: First Creditors' Meeting Set for March 21
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Propsol
Childcare Delivery Pty Ltd will be held on March 21, 2023, at 10:00
a.m. at the offices of Vincents at Level 34, 32 Turbot Street in
Brisbane and via virtual meeting technology.

Nick Combis of Vincents Chartered Accountants was appointed as
administrators of the company on March 9, 2023.


PURELY BYRON: First Creditors' Meeting Set for March 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Purely Byron
Pty Ltd will be held on March 22, 2023, at 11:00 a.m. via virtual
meeting only.

Cameron Gray and Justin Holzman of DW Advisory were appointed as
administrators of the company on March 10, 2023.


STEELFAB GLOBAL: First Creditors' Meeting Set for March 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Steelfab
Global Pty Ltd will be held on March 23, 2023, at 10:00 a.m. at the
offices of GTS Advisory at Level 2, 68 St Georges Terrace in Perth
and via virtual meeting facilities.

Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on March 13, 2023.


SUN CABLE: Andrew Forrest Buys Out Most Creditors
-------------------------------------------------
Elouise Fowler at The Australian Financial Review reports that
Andrew Forrest's Squadron Energy has bought out most creditors of
the AUD35 billion Sun Cable megaproject, putting the iron ore mogul
in prime position to control any creditor vote as multiple bidders
line up to nab the project.

The Australian Financial Review's Chanticleer column revealed Mr.
Forrest had reached agreements with a majority of creditors by
value and number since the collapse of the business.

This gives Mr. Forrest control of creditor votes over rival bidder
Mike Cannon-Brookes' Grok Ventures if voluntary administrator FTI
Consulting chooses to structure the deal via a deed of company
arrangement.

According to the report, the administrator, which said multiple
investors have submitted initial bids for the megaproject, may not
go down this path as there are other ways to structure a sale that
do not require a creditor vote.

But it gives an upper hand to Mr. Forrest as the battle over Sun
Cable heats up, with the administrator saying on March 15 that Mr.
Cannon-Brookes and Mr. Forrest face competition to control the
venture in which they were formerly aligned partners.  

"The shortlisted bidders include a range of potential buyers
including parties that are not existing Sun Cable shareholders,"
administrator FTI Consulting said on March 15, describing interest
as "strong". The project was forced into administration in
January.

The Financial Review reported Grok is expected to be working
alongside partners, with one source suggesting Japan's Softbank and
Infradebt, an infrastructure debt provider backed by Atlassian
co-founder Mr. Cannon-Brookes, are in the mix.

Other potential parties that sources have suggested might be
interested in the asset include Spain's Iberdrola, Macquarie's
infrastructure arm, Canadian giant Brookfield, and Singapore's GIC,
as well as Australian infrastructure player Quinbrook.

The Financial Review relates that FTI said that it and Moelis, the
investment bank running the sale process, were now seeking "to
progress a shortlist of bidders through to the submission of
binding proposals by end of April 2023" with a view to completing a
sale at the end of May.

The latest development in the fate of the much-hyped project, which
is intended to deliver solar power by underwater cable from
northern Australia to Singapore, comes after a falling-out between
Mr. Cannon-Brookes and Mr. Forrest over whether the cable is
viable, the report states.

While Grok still supports the idea of a 4,200-kilometre undersea
high-voltage power line from Darwin to Singapore, Squadron's
interest lies in the huge solar farm proposed near Tennant Creek in
the Northern Territory, which potentially could be used to power
green hydrogen production, the Financial Review notes.

Christopher Hill, David McGrath and John Park of FTI Consulting
were appointed as voluntary administrators of Sun Cable Pty Ltd in
January 2023.

The administrators have not been appointed to any of the Company's
subsidiaries.


THINK TANK 2023-1: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of residential mortgage-backed, floating rate, pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2023-1 Trust.

Think Tank Residential Series 2023-1 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Think Tank, available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider and National Australia Bank Ltd. as liquidity
facility provider. The transaction documents for the bank account
and liquidity facility include downgrade language consistent with
our counterparty criteria.

  Ratings Assigned

  Think Tank Residential Series 2023-1 Trust

  Class A1, A$600.00 million: AAA (sf)
  Class A2, A$87.75 million: AAA (sf)
  Class B, A$20.25 million: AA (sf)
  Class C, A$16.12 million: A (sf)
  Class D, A$11.25 million: BBB (sf)
  Class E, A$6.75 million: BB (sf)
  Class F, A$4.13 million: B (sf)
  Class G, A$3.75 million: Not rated




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

[*] CHINA: Party Calls for Plan to Deal With Village Debts
----------------------------------------------------------
Yicai Global reports that one of China's political parties has
called for a plan to dispose of all village debts after an official
survey found that the collective amount owned by the country's
700,000 villages tallied CNY900 billion (USD129.2 billion) in the
first half of 2019.

A comprehensive plan is needed to deal with the issue, the central
committee of the China Democratic League said in a proposal
submitted during the ongoing Two Sessions, the country's key annual
policy setting meetings, Yicai Global relates.

According to Yicai Global, the CDL, one of China's eight political
parties other than the Communist Party, put forward measures
including hiring qualified accounting firms and auditors to examine
village accounts and asking higher-level officials or village
leaders dedicated to dealing with debt issues. It also suggested
that salaries and promotions for local officials should be
connected to the extent that they deal with debts in their areas.
Villages are also encouraged to develop and make profits.

And village-level debt risk is worsening, the CDL said, citing a
survey by the Ministry of Agriculture and Rural Affairs.

Yicai Global says the CDL listed various reasons for the rising
debts. Some villages have lacked adequate funding for local
services such as elderly care or projects to improve drinking water
quality. The funds are supposed to be provided by higher
county-level and district-level finance departments, but sometimes
they do not materialize or are inadequate. Some have also launched
local businesses, some of which have lost money due to poor
management. Houses built with money borrowed in these villages
cannot make profit due to the lack of tenants or few visitors.

Villages tend to borrow money from individuals in order to pay off
bank loans and interest, as securing funds from banks, credit
cooperatives and other lenders has become increasingly hard. As a
result, many villagers have become creditors, Yicai Global states.

The more famous the village, the more debts they bear, said Zhou
Li, a professor at Renmin University of China's School of
Agricultural Economics and Rural Development, wrote in a recent
article, Yicai Global relays. The debts quickly accumulate and
expand like a rolling snowball as the villages continuously bring
in projects.

The debts build up because of a mismatch between the supply and
demand for funding, non-standardized fund management, and messy
accumulated debts, said Zhou, adds Yicai Global.




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

AKL INFRACON: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AKL
Infracon Private Limited (AIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

Rationale & Key Rating Drivers

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

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

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

AKL Infracon Private Limited (AIPL) was initially set up as a
proprietorship entity in the name of 'AK Engineers' in the year
1982. Later in June 2013, it was incorporated as a private limited
company and the name of the company was changed to the current one.
Currently; the company is managed by the three promoters Mr. Arup
Kr Som, Mrs Lila Som and Mr. Sayantan Som. Since its inception, the
company has been engaged in civil construction activities in the
segment like construction of buildings, road, bridge, water supply
system etc.

AZEEN AGRO: CARE Keeps B+ Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azeen Agro
Private Limited (AAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.37       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      5.01       CARE B+; Stable/CARE A4;
   Term Bank                       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 11,
2022, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL 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. AAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 27, 2022, December 7, 2022, December
17, 2022.

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

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

Ahmedabad (Gujarat) based AAPL is private limited company
established in July 2013 by Mr. Dilawar Vhora and Mr. Tarikahmed
Vhora. The company is engaged in cotton ginning and oil milling to
produce cotton bales and cotton seeds and also trading of raw
cotton. The manufacturing unit of the firm is located at Ahmedabad
(Gujarat). APPL is part of established Azeen group which is into
same line of business since 1953 through other entities namely
Azeen Exim Private Limited and Parvin Cotex Private Limited engaged
in the business ginning and pressing of raw cotton as well as oil
extraction activities.


BINDAL COIR: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bindal Coir
Private Limited (BCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2022, placed the rating(s) of BCPL under the 'issuer
non-cooperating' category as BCPL 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. BCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 26, 2022, December 6, 2022, December
16, 2022.

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

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

Bindal Coir Private Limited (BCPL), based in New Delhi, was
incorporated in 1996 as a private limited company. The company is
currently being managed by Mr. Sandeep Gupta and Mrs. Manju Gupta.
BCPL is engaged in manufacturing of Pillows and Mattresses at its
facility located in Sampla, Haryana.


BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTS Knitss
Process Private Limited (BKPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.05       CARE A4; 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 10,
2022, placed the rating(s) of BKPPL under the 'issuer
non-cooperating' category as BKPPL 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. BKPPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 26, 2022, December 6,
2022, December 16, 2022.

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

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

Tamilnadu based, B T S Knitss Process Private Limited (BKPPL) was
incorporated on August 24, 2005 and is promoted by Mr. P. Shiva
Kumar (Managing Director) along with his family members as
directors of the company. The company is engaged in dying of
various kinds of fabric at its manufacturing unit located at
Tirupur, Coimbatore District, Tamilnadu. Customers and suppliers of
BKPPL are located in and around Tirupur, Tamilnadu.



C.M. BUILDS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C.M. Builds
Private Limited (CBPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 7,
2022, placed the rating(s) of CBPL under the 'issuer
non-cooperating' category as CBPL 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. CBPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 3, 2023, March 6, 2023, 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).

C M Builds private limited (CBPL) is a Private Limited company
incorporated in February 1994 by its directors Mr. M. H. K.
Kaleelur Rahuman, Mr. M. Fackeer Mohideen, Mr. M. Jahir Hussain and
Mrs. M. H. K. Hyrunnisa having its registered office at Chennai.
The company involves in constructing residential properties in and
around Tamilnadu. CBPL having property development as its core
portfolio, have executed over 10 projects in and around Chennai,
primarily residential space since incorporation.


EVEREST HOLOVISIONS: CARE Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Everest
Holovisions Limited (EHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.44       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           5.25       CARE B/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 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 EHL under the 'issuer
non-cooperating' category as EHL 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. EHL
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).

Established as Ojasmit Holovision Limited in 1997, Everest
Holovision Limited (EHL) is an ISO 9001:2000 certified company and
an accredited member of International Hologram Manufacturers
Association (IHMA) and Authentication Solution Providers'
Association (ASPA, erstwhile Hologram Manufacturers Association of
India). EHL is a professionally managed company by Mr. R. D.
Surana, (chairman & MD) is a highly educated businessman having
wide and rich experience in the different industries. EHL engaged
in manufacturing of holographic solutions (such as holographic
stickers, films, integrated labels, stamping foils, shrink sleeves,
strip, wads, etc.). EHL operates through its manufacturing facility
located at Silvassa, Gujarat. EHL's products find application in
diverse fields of printing, pharmaceuticals, automobile and others
for brand establishment, brand protection and promotion purposes.

EXCEL GENERATORS: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Excel
Generators Private Limited (EGPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2022, placed the rating(s) of EGPL under the 'issuer
non-cooperating' category as EGPL 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. EGPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 26, 2022, December 6, 2022, December
16, 2022.

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

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

Excel Generators Private Limited (EGPL) was incorporated in 1996,
promoted by Mr. Madhavan along with his spouse Mrs. Sheela
Madhavan. The company is engaged in assembling of DG sets and
providing services like installation, testing, commission and
annual maintenance services. EGPL is an authorized distributor for
rotary UPS from Euro-Diesel S.A., Belgium.

FINE WOOD: CARE Lowers Rating on INR12cr LT Loan to B-
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Fine Wood Products Private Limited (FWPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable  

   Short Term Bank     20.00       CARE A4; 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 21,
2022, placed the rating(s) of FWPPL under the 'issuer
non-cooperating' category as FWPPL 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. FWPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 7, 2022, December 17,
2022, December 27, 2022.

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

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

The ratings assigned to the bank facilities of FWPPL have been
revised on account of non-availability of requisite information.
The revision also considers decline in scale of operation as well
as continued losses during FY21.

Fine Wood Products Private Limited (FWPPL), initially set up as a
proprietorship firm by the Garg family in 1999, and reconstituted
as a private limited company in November 2008, manufactures plywood
/veneers and markets its products under the brand 'Fine Inc' mainly
in South India. The Group's plywood/veneer factory is located in
Pondicherry, India under FWPPL (Installed capacity of plywood of
30,000 CBM per year & veneer of 25,000 CBM per year). Mr Ashok
Kumar Garg is responsible for the day-to-day management.

FPL AUTOMOBILES: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of FPL
Automobiles Private Limited (FAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE B; 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 FAPL under the 'issuer
non-cooperating' category as FAPL 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. FAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 3, 2023, March 6, 2023, 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).

FPL Automobiles Private Limited (FAPL) was incorporated in the year
2014 by Mr. N. Mohan, Mr. V. Sekar, Mrs. S. Suganthi & Mrs. M.
Padma. Prior to establishing FAPL, the directors had previous
experience in textile engineering & plastic manufacturing. FAPL has
a group entity called Formulated Polymers Limited which is engaged
in manufacturing of formulated polymers. FAPL is the authorized
dealer of Hyundai Motor Company (ranked 2nd best automobile dealer
all over Tamil Nadu) for vehicles and spare parts. FAPL has been
receiving best performance award for the three years consecutively
called 'Grand Champion' from Hyundai on account of its out growing
performance. As a result, Hyundai has approved two more service
centres to FAPL which is likely to be established in Chromepet &
Koyambedu in Chennai. It currently has three operating showrooms in
Chennai, Tamil Nadu. With effect from March 2018 FAPL started
operating in Chromepet & received best-volume retail award from
Hyundai in January 2018. The company procures the vehicles and
spare parts directly from Hyundai's manufacturing unit in Chennai.
The registered office is located in Chennai, Tamil Nadu.


G K ROOFINGS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G K
Roofings India Private Limited (GKRIPL) continues to remain in the
'Issuer Not Cooperating' category.

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

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2022, placed the rating(s) of GKRIPL under the 'issuer
non-cooperating' category as GKRIPL 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. GKRIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 26, 2022, December 6,
2022, December 16, 2022.

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

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

Tamil Nadu based, G K Roofings India Private Limited (GKRIPL) was
established as a Private Limited company in the year 2003 promoted
by Mr. K. Prathiban (Managing Director) along with other family
members as shareholders of the company. Currently, the company is
engaged in manufacturing and installation of steel structures and
roofing sheets at its plant located at Thirumullaivoyal, Chennai
with an installed capacity of 75 tons per month. The company
derives 90% of the revenue from BHEL (PAN India) and the remaining
10% from the customers located in and around Tamil Nadu. The
company purchases the raw material from various suppliers located
in Tamil Nadu.

HALO ENERGIE: CARE Lowers Rating on INR14.19cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Halo Energie Private Limited (HEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.19       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2021, placed the rating(s) of HEPL under the 'issuer
non-cooperating' category as HEPL 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. HEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 13, 2022, December 3, 2022, 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(s).

The ratings assigned to the bank facilities of HEPL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of operations,
accumulating of net losses and weak debt coverage indicators during
FY22.

Analytical approach: Standalone

Outlook: Stable

Halo Energie Private Limited (HEPL) was founded in 2013 and
promoted by Mr. Himadeep Nallavadla and Ms. Chamundeswari
Nallavadla along with Ms. C Vijayalakshmi. The first project
commissioned by HEPL, of 5MW power, is installed on over 33 acres
of land located near Kommireddipally village in Mehabubnagar
district in Telangana. This project was commissioned in two phases
of 2MW and 3MW out of the 5MW and the project achieved Commercial
Operational Date (COD) on October 2, 2014 for 2MW and on September
12, 2016 for the balance 3MW in Telangana. HEPL has executed this
project under 3rd party open access mechanism. The power is being
purchased by 3 high consumption customers located in Hyderabad.
HEPL has entered Power Purchase Agreements (PPAs) with Idea
Cellular Limited, Omega Hospitals (a unit of Hyderabad Institute of
Oncology Private Limited and iLabs Hyderabad Technology Centre
Private Limited for supply of power.


HERITAGE DISTILIARIES: CARE Lowers Rating on INR13.81cr Loan to B-
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Heritage Distiliaries Private Limited (HDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.81       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2022, placed the rating(s) of HDPL under the 'issuer
non-cooperating' category as HDPL 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. HDPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 27, 2022, December 7, 2022, December
17, 2022.

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

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

The ratings assigned to the bank facilities of HDPL have been
revised on account of non-availability of requisite information.

The revision also considers decline in overall profitability,
increased debt levels and deteriorating capital structure during
FY22.

Heritage Distiliaries Private Limited (HDPL) was incorporated in
February 1999 by Mr. Kartik Swain, Mrs. Kanchan Swain, Mr. Rashmi
Kanta Pattnayak and Mr. Suryakanta Swain. Initially, the company
was into bottling business of Indian Made Foreign Liquor (IMFL)
till 2012. However, the company has discontinued the bottling
business thereafter and it has leased out its bottling plant (land,
building and plant & machineries) to United Spirits Limited (USL)
as per lease agreement dated from May 25, 2013. The company entered
into a lease out agreement with USL for leasing out its complete
bottling plant for 5 years with effect from April 2013. Further,
the aforesaid deed of lease agreement dated May 25, 2013 entered
into between the parties stands extended and shall continue for a
period of 11 years with effect from July 3, 2017.


HOTEL HARIMANGLA: CARE Lowers Rating on INR75.55cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hotel Harimangla Private Limited (HHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      75.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

   Long Term/           0.45       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Revised from
   Bank Facilities                 CARE B+; Stable/CARE A4 and
                                   moved to ISSUER NOT COOPERATING

                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from HHPL to monitor
the ratings vide email communications dated November 28, 2022,
January 3, 2023, January 31, 2023, February 3, 2023, February 6,
2023, February 8, 2023, February 13, 2023 and March 10, 2023 along
with numerous phone calls. However, despite our repeated requests,
the company has not provided requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Hotel Harimangla Private
Limited's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING/ CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of HHPL have been
revised on account of non-availability of requisite information.
Further, the revision is also considers the ongoing delays in debt
servicing on account of liquidity stress recognize from lender
feedback.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: Based on feedback received from
the banker, HHPL has not paid the loan instalment obligations which
stand overdue since January 2023. There are ongoing delays in debt
servicing, the classification of the account is SMA – 2 as on
date.

Bharuch (Gujarat) based Hotel Harimangla Private Limited (HHPL) is
a private limited company incorporated on February 17, 1997, and
managed by directors Mr. Natwarlal Prajapati, Mr. Amit Prajapati
and Ms. Usha Prajapati. The company is engaged into the business of
hospitality. HHPL has developed and now managing hotel named
'Regenta Central Harimangla' owned by Royal Orchid Hotels Limited
(ROHL) which comprises 104 rooms since 2013. Further, HHPL is
developing hotel 5-star hotel 'Hyatt' owned by Hyatt India
Consultancy Private Limited which comprises of 151 rooms with
amenities like gym, swimming pool, BQT hall, conference hall,
restaurant, spa, and saloon since 2018.


J.N. TAYAL: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J.N. Tayal
Steels Private Limited (JTSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.29       CARE B; 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 11,
2022, placed the rating(s) of JTSPL under the 'issuer
non-cooperating' category as JTSPL 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. JTSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 27, 2022, December 7,
2022, December 17, 2022.

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

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

Incorporated in 2008, JTP is a private limited company with its
registered office in Guwahati, Assam. The company is engaged in the
manufacturing and selling of steel ingots at its manufacturing
facility located in Guwahati, Assam.


JAI KRISHNA: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Krishna
Steel Private Limited (JKSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 7,
2022, placed the rating(s) of JKSPL under the 'issuer
non-cooperating' category as JKSPL 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. JKSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 6, 2023, March 7, 2023,
March 08, 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).

Jai Krishna Steels Private Limited (JKSPL) was incorporated in
September, 2010 and started its commercial operations from 2012.
The registered office of the company is situated at Patna, Bihar.
JSPL has been engaged in manufacturing and trading of MS structure
and MS TMT bars at its plant located at Patna district of Bihar
with an installed capacity of 46,500 metric tons per annum (MTPA).
The company derives major revenue from manufacturing activities and
very minor revenue from trading activities.


JAI MATA: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Mata Di
Paper Mills Private Limited (JMDPMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       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 21,
2022, placed the rating(s) of JMDPMPL under the 'issuer
non-cooperating' category as JMDPMPL 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. JMDPMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a
letter/email dated December 7, 2022, December 17, 2022, December
27, 2022, March 09, 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).

Jai Mata Di Paper Mills Private Limited (JMDPMPL) incorporated in
September 2008, was promoted by one Sharma family of Raipur.
JMDPMPL is engaged in the manufacturing of Kraft paper with an
installed capacity of 13,200 MTPA. The manufacturing facility of
the company is located near Bilaspur in Chhattisgarh. The
day-to-day affairs of the company are looked after by Mr. S B
Sharma, Director, with adequate support from other director - Mr.
Aditya Sharma.


JAYPEE INFRA: YEIDA to Challenge NCLT Decision to Reject Claims
---------------------------------------------------------------
The Economic Times reports that Yamuna Expressway Industrial
Development Authority (YEIDA) plans to move insolvency appellate
tribunal NCLAT against NCLT's decision to reject its claims while
approving the resolution plan of Suraksha Group to acquire Jaypee
Infratech Ltd (JIL). YEIDA will contest rejection of its claims for
additional compensation payable to the farmers and others, which
was rejected by the Principal bench of the National Company Law
Tribunal (NCLT) last week while approving the bid of Suraksha
Group, ET says.

When contacted, advocate Amar Gupta said, "YEIDA will be
challenging the order of the NCLT approving plan of Suraksha to the
extent the plan does not make adjudicate provisions for YEIDA's
claim."

However, Gupta, a Partner at J Sagar & Associates, said the parties
are also discussing for an amicable resolution of differences, ET
relates.

An official of YEIDA, who did not want to be quoted, said, "we will
appeal within stipulated time frame."

Section 61(2) of the Insolvency & Bankruptcy Code stipulates that
an appeal against NCLT order must be filed within 30 days before
NCLAT. Though NCLAT may allow appeal after the expiry of 30 days,
if it is satisfied that there was sufficient cause for not filing
within the time frame.

Meanwhile, NCLAT on March 14 adjourned the plea filed by Jaiprakash
Associates Ltd (JAL), which has challenged NCLT order relating to
the distribution of INR750 crore in the Jaypee Infratech matter, ET
reports.

"As prayed, list this appeal on March 16, 2022," NCLAT said while
adjourning the hearing.

YEIDA, which had entered into a Concession Agreement with Jaypee in
February 2003, had filed claims for INR6,111.59 crore, mainly on
account of pending works and External Development Charges (EDCs),
unexecuted external development works and other future works,
according to ET.

It had also sought 64.7% additional compensation payable to
farmers, from whom it had acquired land. Accordingly, YEIDA had
raised a demand/claim of approximately INR1,689 crore towards the
additional compensation payable to the farmers, ET relates.

However, NCLT rejected the claims saying that it "find no
illegality committed by the SRA/Suraksha by treating the claim of
YEIDA as an operational debt and making a provision towards its
payment in accordance with the provisions of IBC, 2016".

The Corporate Insolvency Resolution Process (CIRP) against JIL
started in August 2017 on an application filed by 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 many
as 12 banks and more than 20,000 homebuyers have voting rights in
the Committee of Creditors (CoC).

                       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.


KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kufri Fun
Campus Private Limited (KFCPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      8.50       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 7,
2022, placed the rating(s) of KFCPL under the 'issuer
non-cooperating' category as KFCPL 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. KFCPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 3, 2022, December 13,
2022, March 1, 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).

Kufri Fun Campus Private Limited (KFCPL) was incorporated in 2006
and started its commercial operations in August, 2013 and is
promoted and managed by Mr. Baldev Singh Thakur and Mr. Vikas
Agarwal. FCP owns and operates a theme park called 'Kufri Fun
Campus' located at Shimla, Himachal Pradesh. FCP also owns and
operates Food and Beverages (F&B) outlets, retail and merchandise
shops as well as banquet hall inside the theme park. Apart from
this, FCP has provided hotel named 'Twin Towers' on lease to Colors
of India Tours Private Limited w.e.f. April 2018.


OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ocean
Healthcare Private Limited (OHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.10       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 7,
2022, placed the rating(s) of OHPL under the 'issuer
non-cooperating' category as OHPL 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. OHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 3, 2023, March 6, 2023, 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).

Ocean Healthcare Private Limited (OHPL) was incorporated in 2013
and is currently being managed by Mr. Siddharth Baid and Mr.
Venkateesh Veera. The company started trial productions in December
2015 with commercial productions from April 2016. OHP is engaged in
manufacturing of pharmaceutical formulations which are available in
multiple dosage forms including tablets, capsules, gels and dry
powder.


OMANSH ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Omansh Enterprises Limited
Office No 153, 1st Floor, Vardhman Premium Mall
Opposite Kali Mata, Deepali Chowk
        Pitampura, North West DL 11034

Insolvency Commencement Date: February 20, 2023

Estimated date of closure of
insolvency resolution process: August 19, 2023 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Gagan Gulati
       A-179, First Floor
              Sudershan Park, New Delhi 110015
       Email: advocategulati@gmail.com
              omansh.cirp@gmail.com

Last date for
submission of claims: March 6, 2023


OSM PROJECTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: OSM Projects Private Limited
OSM House, Plot No. 53, Pragati Vihar
Sector-59, Fadirabad, Haryana 121004

Insolvency Commencement Date: February 16, 2023

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

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Narender Kumar Sharma
       Plot No. 112A, Phase-V, Udyog Vihar
              Gurugram, Haryana 122016
       Email: nksharma.fcs@gmail.com
              cirp.osmprojects@gmail.com

Last date for
submission of claims: March 2, 2023


POINT TEXTILES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Point
Textiles Private Limited (PTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.64       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           1.50       CARE A4; ISSUER NOT
   Bank 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 6,
2022, placed the rating(s) of PTPL under the 'issuer
non-cooperating' category as PTPL 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. PTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 22, 2022, December 2, 2022, December
12, 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).

Tiruppur (Tamil Nadu) based Point Textiles Private Limited (PTPL)
was incorporated in January 2005 as a Private Limited Company
promoted by Mr. P Balasubramaniam and Mr. N Shanmuga Sundara m. The
promoters of the company have two decades of experience in textile
industry. PTPL is involved in dyeing process of all types of
fabrics and yarn with capacity of 9 tonnes per day. The company
provides its dying process services to government contractors which
in turn exported to overseas customers. The company is not directly
involved in exports. Presently, the day to day operations of the
company is managed by Mr. P Balasubramaniam. The company has
availed COVID-19 moratorium from March 2020 to August 2020 for its
bank facilities.


RANGOLI WOOD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rangoli
Wood Private Limited (RWPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.25       CARE B-; 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 6,
2022, placed the rating(s) of RWPL under the 'issuer
non-cooperating' category as RWPL 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. RWPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 22, 2022, December 2, 2022, December
12, 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).

Morbi-based (Gujarat) RWPL was incorporated in June, 2013 as a
Private Limited Company by the Patel and Pandya families. Mr.
Dineshkumar Bhagvanjibhai Patel, Mr. Kantilal Devrajbhai Patel and
Mr. Bhavnesh Dinubhai Pandya are the directors in RWPL. The Company
is into business of manufacturing different composition, size,
grades and thickness of plywood, block boards, flush doors and core
veneer which find application in the furniture industry. The
company operates from its manufacturing facilities located at
Chopdava, Gandhidham- Gujarat with an installed capacity of 10 Lakh
Square Meters Per Annum (LSMPA) as on March 31, 2018. RWPL imports
its primary raw materials from countries like Indonesia, Malaysia,
Vietnam and China while it purchases other materials from local
market and sells the finished goods directly or via dealers to
various states in India.


REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reena
Tinaaz Private limited (RTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     175.00       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 12,
2022, placed the rating(s) of RTPL under the 'issuer
non-cooperating' category as RTPL 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. RTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 28, 2022, December 8, 2022, December
18, 2022.

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

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

Reena Tinaaz Private Limited (RTPL) is a Mumbai based company which
was established in 2012. The company is engaged in trading of FMCG
products such as soaps, shampoos, biscuits, detergents and
cigarettes (of various brands) belonging to reputed brands such as
ITC, Godfrey Philips, Parle, Hindustan Unilever Ltd (HUL),
Britannia etc. RTPL procures the products in bulk quantity from
authorized distributors of these brands and then sells them to the
wholesalers and retailers. The promoter of company, Mr Uday
Kantilal Desai was earlier carrying out FMCG trading business under
his proprietorship firm "Reena Agency" upto January 2015, after
which the entire business was transferred to RTPL. The area of
business of RTPL is concentrated in and around Mumbai city and its
suburbs. The company has its designated warehouses at Vikhroli and
Bhandup in Mumbai.

REMIRA MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Remira
Motors Private Limited (RMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.11       CARE B-; 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 10,
2022, placed the rating(s) of RMPL under the 'issuer
non-cooperating' category as RMPL 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. RMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 26, 2022, December 6, 2022, December
16, 2022.

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

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

Remira Motors Private Limited (RMP) was incorporated in March 2016
as a private limited company and is currently being managed by Mr.
Amit Singh Brar and Mr. Jagmohan Singh Brar. RMP commenced
commercial operations in July 2016. The company is an authorised
dealer of passenger and utility vehicles of Maruti Suzuki India
Limited. RMP operates a 3S facility (sales, spares and service) and
is also engaged in purchase and sale of preowned cars at its
showroom/ workshop located at Moga (Punjab). Besides DOPL, the
directors are also associated with another group concerns namely
Bel Nutrition Private Limited and Brar Enterprises Limited.

ROY APPARELS: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Roy
Apparels Private Limited (RAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.86       CARE B; 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 24,
2022, placed the rating(s) of RAPL under the 'issuer
non-cooperating' category as RAPL 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. RAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 10, 2022, December 20, 2022, December
30, 2022.

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

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

Roy Apparels Private Limited (RAPL) was incorporated on April 8,
2008 and the registered office of the company is situated at
Kolkata, West Bengal. Since its inception, the company has been
engaged in manufacturing of apparels such as T-shirts, caps,
shirts, trousers, sportswear, jackets, sweat shirts for advertising
& promotions or even everyday work-wear for corporates as per their
specification. Currently the company has four manufacturing units
located in Kolkata (2 units) and South 24 Parganas (2 units) with
an aggregate installed capacity of 10,000 pieces of apparels per
day. The unit-3 and unit-4 plants which are located in South 24
Parganas have started the commercial operations in October 2017 and
March 2018 respectively. Further the company has availed moratorium
on interest and principal repayment of term loan from its lender
(Deutsche Bank; facility not rated by CARE) from March 2020 to
August 2020.

SARASWATHI BROILERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saraswathi
Broilers Private Limited (SBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; 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 SBPL under the 'issuer
non-cooperating' category as SBPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 6, 2023, March 7, 2023, March 8, 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).

Saraswathi Broilers Private Limited (SBPL) was promoted by Mr.
Damodaran, who began as a small time poultry trader in early
1980's. The operations were streamlined and expanded by Mr. D
Saivenugopal, son of Mr. Damodaran who joined the family business
in the year 1995.

SIMPLEX INFRASTRUCTURES: SBI Files Insolvency Plea Against Firm
---------------------------------------------------------------
The Economic Times of India reports that State Bank of India (SBI)
has filed an insolvency petition against Kolkata-based engineering,
procurement and construction (EPC) company Simplex Infrastructures
in the National Company Law Tribunal (NCLT) for recovery of its
dues after attempts to restructure its loans did not succeed.

ET relates that the company owes lenders led by Punjab National
Bank (PNB) a total of INR9,600 crore and is one of the largest
accounts to be taken to the bankruptcy courts in recent times. The
NCLT is likely to hear the petition later this month.

Simplex Infrastructures Ltd. introduced the Simplex system of
piling in India and South East Asia. The Company also undertakes
other civil & structural construction projects besides its
activities related to water & sewerage plant treatment
technologies, environmental engineering, cooling towers, mechanized
building construction and construction of roads & express ways.


SUMIT TEXSPIN: CARE Withdraws D Rating on Long Term Bank Debt
-------------------------------------------------------------
CARE has reaffirmed and simultaneously withdrawn the outstanding
rating of CARE D; ISSUER NOT assigned to the bank facilities of
Sumit Texspin Private Limited (STPL) with immediate effect.

The ratings assigned to the bank facilities of STPL continue to
take into account instances of delays in debt servicing. The rating
withdrawal is at the request of STPL and 'No Objection Certificate'
received from the bank that has extended the facilities rated by
CARE.

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

                                   ISSUER NOT COOPERATING and
                                   Withdrawn

Analytical Approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

At the time of last rating dated January 24, 2022, the following
was the weakness (updated based on FY22 Audit Report available from
Registrar of Companies)

Key Rating Weaknesses

* Delays in debt servicing: There are delays in debt servicing
recognized from FY22 Audit report available from Registrar of
Companies.

Sumit Texspin Pvt. Ltd. (STPL), incorporated in June, 2001, is
based out of Bhilwara and is engaged in the business trading of
Fabrics and since last 15 years. Till March 31, 2017, company is
mainly involved in Yarn trading and investment activities. STPL has
purchased the defunct units (spinning and weaving plants) of Suzuki
Textile Ltd. (STL)) as per the agreement dated March 14, 2017 at
the consideration of Rs.70 crore for all movable and immovable
fixed assets including land, buildings, plant and machinery and
miscellaneous assets lying in the unit.


SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Plastics Manufacturing Private Limited (SPMPL) continues to remain
in the 'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2022, placed the rating(s) of SPMPL under the 'issuer
non-cooperating' category as SPMPL 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. SPMPL 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).

Bhiwani (Haryana) based Surya Plastics Manufacturing Private
Limited (SPMPL) was incorporated as a Private Limited Company in
2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company
commenced its operation in January 2016. The company is engaged in
manufacturing of non -woven fabric and Poly Propylene (PP) tape.
The key raw material i.e. Plastic granules are procured from
distributors of Reliance Industries Limited (RIL), IOC Ltd and
Haldia Petro Chemicals Ltd and also from open market of Delhi and
local traders in Bhiwani (Haryana). The company markets non-woven
fabric through dealers located in Delhi, Haryana and Rajasthan etc.

TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Texool
Limited (TL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           2.80       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

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

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

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

Texool Limited (TL) was incorporated in the year 1995 by the Sajdeh
family. TL is engaged in manufacturing and export of shoddy yarns
and rendered unserviceable used clothing through recycling. It is
an export-oriented unit (EOU) with its facility in Kandla SEZ,
Gujarat.


VASISTA MARINE: Ind-Ra Withdraws BB Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vasista Marine's
Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR400 mil. Fund-based limits is
     withdrawn; and

-- The 'IND BB' rating on the INR10 mil. Non-fund-based limits is

     withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Incorporated in 2003 as a partnership firm by Srinivasa Raju and
Krishna Veni, Vasista Marine is engaged in the processing and
exports of frozen shrimps, prawns, aquaculture black tiger shrimp
and vannamei products.


[*] Lenders to Miss March Target to Resolve Key Insolvency Cases
----------------------------------------------------------------
Business Standard reports that Indian lenders are set to miss the
March-end deadline to resolve several key bankruptcy accounts,
including that of Reliance Capital (RCap) and Videocon Industries.
This is resulting in blockage of funds worth over INR1 trillion.

The banks were targeting to conclude the entire process by
March-end so that they could resolve these accounts, the report
says.

Other unresolved accounts include Future Retail, Lanco Amarkantak,
Reliance Broadcast, and Srei Infrastructure Finance.

"Even though the higher bidder in some cases has been identified,
it would be difficult to close the case in March due to
litigation," Business Standard quotes a banker as saying.

Once an account is settled with the highest bidder paying the bid
amount, part of the bank's locked fund in an account is freed and
could be used for lending purposes.

Business Standard relates that lenders said in Videocon Industries
account, the claim worth INR63,000 crore is pending resolution with
Twin Star Holding, a promoter entity of Vedanta group, making the
highest bid of INR3,000 crore.

The case is pending in the Supreme Court after Twin Star appealed
against a National Company Law Appellate Tribunal (NCLAT) stay on
its offer.

The matter is pending in the apex court since January 2022,
Business Standard discloses.

In the Reliance Capital account, lenders are awaiting the fate of
an appeal filed by the Torrent group against an NCLAT order, for a
second auction, Business Standard says.

Torrent emerged the highest bidder in the first auction with an
offer of INR8,640 crore.

RCap was sent for debt resolution under IBC in November 2021 after
it defaulted on loans worth INR24,000 crore.

Business Standard notes that lenders are also seeking to sell land
assets of Reliance Communications (RCom) in Navi Mumbai after their
efforts to auction the company were marred by litigation.

Lenders had referred the company to bankruptcy court after it
defaulted on loans worth INR45,000 crore.

Similarly, lenders with exposure of INR25,000 crore in Future group
companies have started the bankruptcy process against Future Retail
and Future Enterprises. They are planning to complete the process
by September this year, according to Business Standard.

In the case of electricity generator Lanco Amarkantak, government
owned PFC, REC, SJVN and DVC have made an offer of INR3,000 crore,
outbidding Reliance and Adani groups, says Business Standard.

Among the resolved cases, the National Company Law Tribunal (NCLT)
cleared the acquisition of Jaypee Infratech by Mumbai-based
Suraksha group, thus resolving dues of over INR23,000 crore.

Two long-pending accounts - Lavasa Corporation and Reliance Naval
Defence were also resolved but with very low recovery for the
banks, adds Business Standard.




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

COMPANY 586742: Creditors' Proofs of Debt Due on April 20
---------------------------------------------------------
Creditors of Company 586742 Limited (formerly FCL 630 Limited) are
required to file their proofs of debt by April 20, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2023.

The company's liquidators are:

          Jared Waiata Booth
          Tony Leonard Maginness
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


INDUSTRIAL RESALE: BDO Tauranga Limited Appointed as Liquidators
----------------------------------------------------------------
Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga Limited
on March 10, 2023, were appointed as liquidators of Modern Kitchens
(2020) Limited.

The liquidator may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


INDUSTRIAL RESALE: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on March 10,
2023, was appointed as liquidator of Industrial Resale (2013)
Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


STUDWORX LIMITED: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------------
Creditors of Studworx Limited are required to file their proofs of
debt by April 14, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 10, 2023.

The company's liquidator is:

          Bryan Edward Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


WEP BUILDERS: Court to Hear Wind-Up Petition on March 23
--------------------------------------------------------
A petition to wind up the operations of Wep Builders Limited will
be heard before the High Court at Christchurch on March 23, 2023,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 20, 2022.

The Petitioner's solicitor is:

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




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

ALPHA DX: Deloitte Appointed as Judicial Managers
-------------------------------------------------
The Business Times reports that the High Court on March 15 granted
an order to place Catalist-listed Alpha DX Group under judicial
management.

Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche were
appointed as the joint and several judicial managers of the
company, it noted in a bourse filing on March 16, BT relays.

According to the report, Tan and Lim will thus be empowered and
authorised to exercise all powers and entitlements of directors of
the company conferred by the Companies Act and the company's
constitution.

Trading of Alpha DX's shares continues to be suspended for now. The
counter last closed at SGD0.112 before the suspension kicked in on
March 11, BT notes.

"Further announcements on the above will be made in due course as
and when there are material developments," the disclosure stated.

BT says Alpha DX flagged uncertainty over its ability to continue
as a going concern in March last year, given that negotiations with
its creditors have either deteriorated or not yielded desired
outcomes.

Kydon Holdings Pte Ltd filed the petition against the company on
Jan. 12, 2023.

Singapore-based Alpha DX Group Ltd operates as a holding company.
The Company, through its subsidiaries, engages in providing digital
transformation services in the learning and educational sectors.
Alpha DX Group serves clients worldwide.


CATALYST MEDIA: Creditors' Proofs of Debt Due on April 17
---------------------------------------------------------
Creditors of Catalyst Media Group Private Limited are required to
file their proofs of debt by April 17, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2023.

The company's liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore
          80 Robinson Road #02-00
          Singapore 068898


PARK BENCH: Creditors' Meeting Scheduled for March 29
-----------------------------------------------------
A meeting of the creditors in the proceedings of Park Bench
Delicatessen Pte Ltd will be held on March 29, 2023.

Cameron Duncan and David Kim of KordaMentha were appointed as
provisional liquidators of the company on March 14, 2023.


RIAU CAPITAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 3, 2023, to
wind up the operations of Riau Capital Pte. Ltd.

Hup Hin Transport Co Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Don Ho
          David Ho
          DHA+Pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942




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

SRI LANKA: Economy Contracted 7.8% in 2022
------------------------------------------
Reuters reports that Sri Lanka's economy shrank 7.8% in 2022 from
the previous year, government data showed on March 15, as the
country struggled with its worst financial crisis in more than
seven decades.

The island's fourth-quarter GDP contracted 12.4%, according to the
figures.

Sri Lanka's growth is expected to shrink by 3% this year, Moody's
Investors Service said on March 13 but growth is expected to
rebound in 2024, Reuters relates.

According to Reuters, economic mismanagement coupled with the
impact of the COVID-19 pandemic left Sri Lanka severely short of
dollars for essential imports at the start of last year tipping the
country into the worst financial crisis since Independence from the
British in 1948.

Sri Lanka is waiting for a $2.9 billion bailout program from the
International Monetary Fund (IMF) to be finalised on March 20,
Reuters notes.

"These numbers are broadly in line with expectations. In the last
three months of 2022 Sri Lanka was hit by very high inflation, fuel
shortages and high interest rates," Reuters quotes Sanjeewa
Fernando, Senior Vice President Research at Asia Securities as
saying.

"For the rest of this year, with IMF funds expected, the central
bank should be able to keep the currency strengthened, eventually
reduce interest rates, and continue to see inflation ease."

Reuters relates that the state-run Census and Statistics Department
said that the agriculture sector shrank 4.6%, while industries
contracted 16%, and services dropped 2%, from a year earlier.

Sri Lanka's economy shrank 11.8% in the July-September quarter from
a year ago, the second-worst quarterly contraction ever for the
country, Reuters notes.

Sri Lanka aims to announce a debt-restructuring strategy in April
and step up talks with commercial creditors ahead of an IMF review
of a bailout package in six months, its central bank governor told
Reuters on March 9.

                          About Sri Lanka

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

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

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

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

Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.

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



                           *********


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

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

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

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

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



                *** End of Transmission ***