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

                     A S I A   P A C I F I C

          Wednesday, March 29, 2023, Vol. 26, No. 64

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2023-1: Moody's Gives (P)B2 Rating to AUD6MM F Notes
ARMORGALV (AUST): First Creditors' Meeting Set for April 4
CALLIDE C: Plant to be Revived in September Despite Bankruptcy
CLEAR EDGE: Second Creditors' Meeting Set for April 3
PREMIUM ESTATE: First Creditors' Meeting Set for April 4

RIVET MINING: First Creditors' Meeting Set for April 3
SEAFARMS GROUP: Directors Take Back Control of Project Sea Dragon
UNIQ PROPERTY: First Creditors' Meeting Set for April 3


C H I N A

YANLORD LAND: S&P Affirms 'BB-' LT ICR on Financial Discipline


I N D I A

AZINOVA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
B.S.E.S INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BALA VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
BANSAL LUMBERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BRISTOL TOURIST: CRISIL Keeps D Debt Ratings in Not Cooperating

BSR TECHINFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
ETA POWERGEN: CRISIL Keeps D Debt Ratings in Not Cooperating
FULGENT REAL: Insolvency Resolution Process Case Summary
GHARDWAR REAL: Insolvency Resolution Process Case Summary
KHOKHAR INFRASTRUCTURE: Ind-Ra Cuts LT Issuer Rating to 'D'

MADHUR NOURISHMENT: Liquidation Process Case Summary
NARMADA SOLVENT: CRISIL Assigns B+ Rating to INR21.7cr Term Loan
PAWAR PATKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
PLAZA COMPUTERS: CRISIL Keeps D Debt Rating in Not Cooperating
PUSHKAR PROPERTIES: CRISIL Keeps B Ratings in Not Cooperating

PVS MEMORIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
QUALIT AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
RELIANCE CAPITAL: CoC Decides to Hold a Second Auction on April 4
SANYA MOTORS: CRISIL Moves B Debt Ratings in Not Cooperating
SHAH MOTILAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SHIVALIK ENGINEERING: CRISIL Keeps B Rating in Not Cooperating
SREI GROUP: Administrator Files NARCL's 'Fit and Proper' Approval
UMASHREE RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
UNITED EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED VIKAS: CRISIL Keeps B Debt Rating in Not Cooperating

UPS CONSTRUCTIONS: CRISIL Keeps B Debt Rating in Not Cooperating
USK AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating Category
UTM ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
VAISHNO ASSOCIATES: CRISIL Keeps B Debt Rating in Not Cooperating
WAXSEN LIFESCIENCE: Insolvency Resolution Process Case Summary

WINSUN CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
WORLDSTAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
ZEPHYR FABRIC: CRISIL Keeps D Debt Ratings in Not Cooperating
[*] INDIA: Only 15% Insolvency Cases Resolved in Oct-Dec 2022 Qtr.


J A P A N

JOLED INC: Files for Bankruptcy With US$260MM in Liabilities


N E W   Z E A L A N D

BULLRUSH APPS: Court to Hear Wind-Up Petition on May 31
GUARDIANS (NZ): Court to Hear Wind-Up Petition on May 5
TALICA INVESTMENTS: Creditors' Proofs of Debt Due on April 11
VIVID PROFESSIONAL: Court to Hear Wind-Up Petition on May 5
ZUCCHINI BROS: Laing Insolvency Appointed as Liquidators



S I N G A P O R E

BOXUAN MEDICAL: Members' Final Meeting Set for April 28
JAKUBSTADT HOLDINGS: Court to Hear Wind-Up Petition on April 14
MICROSOFT SINGAPORE: Members' Final Meeting Set for April 28
RYDER SINGAPORE: Members' Final Meeting Set for April 27


S O U T H   K O R E A

EASTAR JET: Resumes Flight Operations After Pandemic-Driven Hiatus

                           - - - - -


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

ALLIED CREDIT 2023-1: Moody's Gives (P)B2 Rating to AUD6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by AMAL Trustees Pty Ltd as
trustee of Allied Credit ABS Trust 2023-1 (P).

Issuer: AMAL Trustees Pty Ltd as trustee of Allied Credit ABS Trust
2023-1 (P)

AUD7.5 million Class A-X Notes, Assigned (P)Aaa (sf)

AUD172.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD59.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD25.8 million Class B Notes, Assigned (P)Aa2 (sf)

AUD9.9 million Class C Notes, Assigned (P)A2 (sf)

AUD6.9 million Class D Notes, Assigned (P)Baa2 (sf)

AUD8.7 million Class E Notes, Assigned (P)Ba2 (sf)

AUD6.0 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.2 million Class G1 and AUD7.5 million Class G2 Notes
(together, the Class G Notes) are not rated by Moody's.

Allied Credit ABS Trust 2023-1 (P) is a cash securitisation of
loans backed by auto, motorcycle, marine or other assets by Allied
Credit Pty Ltd (Allied Credit, unrated). This is Allied Credit's
fourth term ABS transaction.

The loans are to either consumer (67.2%) or commercial (32.8%)
borrowers based in Australia. The loans are backed by motor
vehicles (97.8%), motorcycles (0.4%), marine assets (0.6%) or
recreational vehicles (1.2%).

All receivables were originated and are serviced by Allied Retail
Finance Pty Ltd (ARF, unrated), a wholly owned subsidiary of Allied
Credit. All receivables were underwritten by Allied Credit in
accordance with its credit policy.

Allied Credit, a privately owned company, was established in 2010
with the primary focus on financing of motorcycle and marine
consumer loans. In 2019, Allied expanded into financing of auto
loans.

Allied Credit's total loan book was around AUD2.3 billion as of
December 31, 2022. Allied Credit's origination volumes of retail
auto loans grew significantly over 2022, following its acquisition
of the auto dealer finance portfolio in December 2021 from
Macquarie Leasing Pty Limited (Macquarie Leasing), a wholly owned
subsidiary of Macquarie Bank Limited (A2/P-1/A1(cr)/P-1(cr)).

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 2.00% of the rated notes balance, the legal structure,
the experience of ARF as servicer and presence of AMAL Asset
Management Limited as a back-up servicer.

According to Moody's, the transaction benefits from granular
composition of the pool with good geographic diversification.

The key challenge is the presence of the Class A-X Notes. These
notes are not collateralised and repaid senior in the waterfall
from the available income, which reduces the excess spread
available to cover losses.

Another challenge is the limited historical performance data
available for motor vehicle loans. With just over three and a half
years of performance data available, the future performance of
these loans could be subject to greater variability than the
current data indicates.

Key transactional features are as follows:

Once step-down conditions are satisfied, all notes, including the
Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 32.5% subordination to
the Class A1 and Class A2 Notes and no unreimbursed charge-offs.

National Australia Bank Limited (Aa3/P-1/Aa2(cr)/P-1(cr)) will
provide an interest rate swap in the transaction, hedging the
interest rate mismatch between the assets bearing a fixed rate of
interest, and floating rate liabilities. At closing, the notional
balance of the swap will correspond to the total amount of the
Notes, other than Class A-X and Class G Notes. The swap notional
will follow a schedule based on the amortisation rate  of the
underlying receivable assuming certain prepayment rate.

AMAL Asset Management Limited is the back-up servicer. If ARF is
terminated as servicer, AMAL will take over the servicing role in
accordance with the standby servicing deed and its back-upservicing
plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 22%. Moody's mean default for
this transaction is 5.0%. The assumed recovery rate is 35%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

The pool consists of 67.2% consumer loans and 32.8% of commercial
loans.

Interest rates in the portfolio range from 4% to 17%, with a
weighted average interest rate of 9.4%.

Loans with balloon payments at the end of the term represent
around 16.3% of the pool. All of these loans are secured by auto.

The weighted average seasoning of the portfolio is 6.7months,
while the weighted average remaining term of the portfolio is 58.1
months.

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

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

Up

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

Down

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


ARMORGALV (AUST): First Creditors' Meeting Set for April 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Armorgalv
(Aust) Pty Limited will be held on April 4, 2023, at 10:00 a.m. via
virtual meeting at Zoom.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisory was
appointed as administrator of the company on March 23, 2023.


CALLIDE C: Plant to be Revived in September Despite Bankruptcy
--------------------------------------------------------------
The New Daily reports that plans to bring central Queensland's
troubled Callide C coal-fired power station back online are slated
to go ahead despite its co-owners sliding into voluntary
administration.

According to the report, the power station, near Biloela, has been
plagued with issues, having catastrophically failed after an
explosion in its turbine hall in May 2021.

The resulting outage hit more than 470,000 homes and businesses
between the NSW border and Cape York.

Part of a cooling tower collapsed at the power station in October
last year, 16 months after the explosion.

Both its C3 and C4 generating units remain offline after the
incidents.

Deloitte turnaround and restructuring partners Grant Sparks and
Richard Hughes were on March 24 announced as voluntary
administrators over four IG Energy Group entities: IG Power, IG
Energy Holdings, IG Power Holdings and IG Power Marketing.

IG Energy trades as Genuity, and was formerly known as InterGen.

The companies have a 50% stake in Callide C in a joint venture with
state-owned CS Energy, which operates the power station.

The New Daily relates that administrators were appointed because
shareholders disagreed about the venture's future funding, Deloitte
said.

However, Mr. Hughes suggested there would be minimal disruption to
restoring the power station, after CS Energy announced a staged
return to unit C3 from September 30 and to unit C4 from October 31
this year.

"At this early stage in the external administration process, we
have been communicating with all stakeholders to assure them we
will be pursuing a restructuring solution that would ensure minimal
disruption to any plans to bring the Callide C Power Station, which
remains under CS Energy's operational control, back online later
this year," the report quotes Mr. Hughes as saying.

According to the report, CS Energy said in a statement it was
advised administrators were appointed to a number of Genuity Group
entities.

It remained "business as usual" for CS Energy staff at Callide C,
the company said.

"We remain committed to the safe and timely reinstatement of the
Callide C Power Station units 3 and 4, and are working through our
options to achieve this," CS Energy said.

CS Energy owns the entirety of Callide B, which is the second power
plant comprising the Callide Power Station.


CLEAR EDGE: Second Creditors' Meeting Set for April 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of Clear Edge
Offices 350 Collins Pty Ltd and Clear Edge Offices 555 Bourke
Street Pty Ltd has been set for April 3, 2023 at 10:30 a.m. via
Zoom conference.

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 31, 2023 at 4:30 p.m.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of the company on Feb. 28, 2023.


PREMIUM ESTATE: First Creditors' Meeting Set for April 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Premium
Estate Bottlers Pty Ltd will be held on April 4, 2023, at 3:00 p.m.
via Zoom meeting.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of the company on March 23, 2023.


RIVET MINING: First Creditors' Meeting Set for April 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Rivet Mining
Services Pty Ltd and Blondie Trading Pty Ltd will be held on April
3, 2023, at 11:00 a.m. via teleconference (Microsoft Teams) or at
Level 5, EY Building, 11 Mounts Bay Road in Perth.

Samuel John Freeman, Adam Nikitins and Clare Baily of Ernst & Young
were appointed as administrators of the company on March 22, 2023.


SEAFARMS GROUP: Directors Take Back Control of Project Sea Dragon
-----------------------------------------------------------------
Business News Australia reports that the directors of embattled
prawn company Seafarms Group Ltd have managed to devein a AUD13.9
million debt owed to a construction contractor as they look to
revive an ambitious aquaculture project, following a legal
manoeuvre that cast the net of administrators over Project Sea
Dragon (PSD) and came back with a fresh haul.

Seafarms called in Shaun McKinnon and Andrew Fielding of BDO
Business Restructuring as voluntary administrators last month for
the proposed AUD1.9 billion PSD - a prawn farming project spanning
the Northern Territory and Western Australia that was put in the
freezer following a review by previous leadership but has since
been revisited.

In November last year, the group announced another reassessment had
taken place with visits to large prawn farming operations in
Ecuador, which gave encouraging signs to management about the
technical possibilities of their vision that includes 10,000ha of
ponds in Legune Station, NT with harvests to be processed in a
plant over the border in Kununurra, WA, BNA relays.

These positive steps appeared to be undone financially by a
decision from the Royal Institution of Chartered Surveyors that
Seafarms owed AUD13.9 million to construction contractor Canstruct
over money owed after the suspension of works on the project in
December 2021 and the termination of contracts in April 2022,
according to BNA.

On February 15, SFG CEO Rod Dyer said it was this decision by the
adjudicator that made voluntary administration a necessary step for
PSD.

Less than six weeks later, the group has announced a breakthrough
that may breathe new life into the project, BNA says. After the
market closed on March 24 it was announced that Seafarms and the
administrators had entered into a Deed of Company Arrangement
(DOCA), through which Seafarms will make a AUD3.5 million
contribution funded from cash reserves.

In a release, Seafarms said the DOCA meant control of Project Sea
Dragon would be returned to the directors, and that claims against
Project Sea Dragon by Canstruct would be discharged, BNA relays.

According to BNA, the DOCA entails returns of 100 cents to the
dollar for employees and small claim creditors owed less than
AUD300,000, while the balance of funds will be distributed to
non-small claim creditors at a rate estimated to be around 10-11
cents per dollar owed.

The West Australian had previously reported PSD owed AUD53.5
million to its landlord at Legune Station, but in its announcement
on March 27 Seafarms clarified that figure related to the maximum
amount that would have been due and payable over the entire term of
the Legune lease, which it states "remains on foot" with rental
payments made throughout the administration process.

"Project Sea Dragon expects to continue with its lease of the
Legune area post effectuation of the DOCA," Seafarms stated.

BNA adds that the company reported the DOCA also discharges all
other claims against PSD other than claims from excluded creditors,
of which there is only one - AAM Licensees, the Legune landlord.
The company claims there were no amounts outstanding to the
landlord at the date of the administrators' appointment.


UNIQ PROPERTY: First Creditors' Meeting Set for April 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of UniQ
Property Pty Ltd will be held on April 3, 2023, at 11:00 a.m. at
the offices of SV Partners, Level 17, 200 Queen Street in Melbourne
and via telephone.

Peter Gountzos and Michael Carrafa of SV Partners were appointed as
administrators of the company on March 22, 2023.




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C H I N A
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YANLORD LAND: S&P Affirms 'BB-' LT ICR on Financial Discipline
--------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' long-term issuer credit
rating on Yanlord Land Group Ltd. At the same time, S&P affirmed
the 'B+' long-term issue rating on the senior unsecured notes that
Yanlord guarantees.

The stable rating outlook reflects S&P's view that Yanlord will
effectively control its leverage and maintain adequate liquidity
with disciplined land acquisitions and investments over the next
12-24 months.

S&P affirmed the ratings because it expects Yanlord to maintain
financial discipline to preserve liquidity and control debt. The
company's adjusted debt could decline by 7%-10% in 2023 and 5%-10%
in 2024. This reflects controlled land acquisitions and some debt
repayment with internal resources.

Yanlord has a land bank that can sustain development and property
sales for about three years. As such, the company has no imminent
need to replenish its land bank.

S&P expects controlled land investments in 2023, before Yanlord
gradually resumes land acquisitions in 2024-2025. The company is
not likely to increase land spending meaningfully until the
property market sustainably recovers and private developers' access
to capital markets improves.

Yanlord's attributable land investments plunged by 75% to Chinese
renminbi (RMB) 1.94 billion in 2022, from RMB7.64 billion in 2021.
The company was light on acquisitions to preserve liquidity. It
opted to collaborate with other partners and acquire only minority
interests in projects (1%-25.5%).

Liquidity should be adequate in 2023, although the liquidity buffer
could shrink. Yanlord will likely maintain adequate liquidity. This
is despite a decline in the company's cash to short-term debt
coverage ratio, due to a spike in short-term debt. Support will
come from its intact banking relationships, cost-cutting,
manageable counterparty risks for joint ventures (JVs), and limited
refinancing risk.

Yanlord has been managing liquidity by reducing land investments
and cutting operating expenses. Although the company relies on JV
partnerships extensively for property development, it has a good
record of financial management and manageable counterparty risks
for JVs that mitigate the risk of cash accessibility at the project
level. Most of Yanlord's JV partners are state-owned enterprises.

S&P believes Yanlord has manageable refinancing risk. Of the
company's total short-term debt of RMB16.6 billion as of Dec. 31,
2022, almost half were construction loans in China and Singapore.
Apart from that, about 17% was secured borrowings pledged with
hotel and investment properties in China and Singapore. Yanlord
could repay construction loans with cash flow from project
presales. The company could also roll over debt when it starts
constructing new projects.

Still, Yanlord's liquidity buffer could shrink. The company is
likely to repay its outstanding U.S. dollar senior notes equivalent
to RMB2.3 billion with internal resources. This is because Chinese
developers still do not have access to offshore debt markets.
Yanlord's cash from operations could also decline over the next
12-24 months due to lower contracted sales.

Contracted presales could drop in 2023-2024 and operating scale
could shrink beyond 2024-2025. This is due to Yanlord's low
acquisition rate.

S&P expects contracted presales to decline by 26%-32% to RMB46
billion-RMB50 billion in 2023 and be flat in 2024. This compares
with the RMB68.1 billion in 2022, which was up 14% year on year.
The drop mainly reflects reduced salable resources and potentially
lower sell-through rates because of a higher portion of salable
resources in lower Tier-2 and Tier-3 cities.

Yanlord's operating scale could further shrink. This is if the
company remains light on acquisitions beyond 2024 and gradually
becomes a construction agency rather than a developer.

That said, Yanlord can largely secure revenue bookings for the next
two to three years. This is given the company's abundant
unrecognized contracted presales as of end-2022 and quality salable
resources the company owns.

S&P said, "We estimate revenue will surge to RMB48 billion-RMB52
billion in 2023, from RMB28.7 billion in 2022. The main drivers
will be increased consolidated contracted presales for recognition,
including from the bestselling Yanlord Arcadia project. Contracted
presales for this project totaled RMB20 billion in 2021-2022.

"We thus expect leverage to temporarily improve to 3.4x-3.6x in
2023, before climbing again to 5.0x-5.3x in 2024-2025. The increase
will reflect reduced EBITDA from a smaller operating scale and the
gradual resumption of land acquisitions.

"The stable outlook on Yanlord reflects our expectation that it
will control debt and maintain adequate liquidity with disciplined
land acquisitions and investments."

Although Yanlord's operating scale could contract in the long run
if the company does not resume consistent land acquisitions, the
company could still maintain its credit metrics over the next two
to three years. This is because it has sufficient salable resources
and abundant unrecognized contracted presales.

S&P said, "We could downgrade Yanlord if its consolidated or
look-through debt-to-EBITDA ratio weakens to above 5x and
consolidated EBITDA interest coverage falls below 2.0x for a
sustained period. This could happen if: (1) revenue recognition is
weaker than our expectation due to delays in project completions;
(2) sales execution and profitability are significantly weaker than
our expectation due to weak market demand; and 3) the company fails
to control debt and finance costs with aggressive debt-funded
investments.

"We could upgrade Yanlord if the company maintains its consolidated
and look-through debt-to-EBITDA ratio below 4x for a sustained
period. This could happen if it enhances property sales for
stronger revenue growth, significantly improves its profitability,
and strikes a good balance between debt growth and land
replenishments."

ESG credit indicators: E-3; S-2; G-3

Environmental and governance factors are moderately negative
considerations in our credit rating analysis of Yanlord. The
company faces environmental and social risks that are generally in
line with its industry peers.

Governance factors constraining Yanlord are its board structure and
the strong influence of controlling shareholder, Mr. Zhong Sheng
Jian. Mr. Zhong is the company chairman and CEO, with an
approximate 71.55% stake in the company (excluding treasury
shares).




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AZINOVA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Azinova Constructions Private Limited
Shop No. FF19 Harmony Hall, Goregaon Link Road,
Goregaon West, Mumbai - 400104

Insolvency Commencement Date: March 3, 2023

Estimated date of closure of
insolvency resolution process: August 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Jayesh Natvarlal Sanghrajka
       405-407, Hind Rajasthan Building,
       Dadar East, Mumbai – 400014
       Email: jayesh@jsandco.in
       Email: cirp.azinova @gmail.com

Last date for
submission of claims:  March 17, 2023


B.S.E.S INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B.S.E.S India
Private Limited (BSESIPL) continue to be ‘CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating’.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit           10.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              2.31       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BSESIPL for
obtaining information through letters and emails dated December 24,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

‘The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.’

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSESIPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BSESIPL is consistent with ‘Assessing Information Adequacy
Risk’. Based on the last available information, the ratings on
bank facilities of BSESIPL continues to be ‘CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 1969 as Bharat Spares and Engines, the firm was
converted into a private limited company in 1995. BSESIPL is
engaged in sale of diesel engine, industrial pumps, and mining
equipment. Mr Laxman Singh Rathore, Mr Kedar Singh Rathore and Mr
Ranjeet Singh Rathore are the key promoters of the Udaipur
(Rajasthan)-based company.


BALA VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bala Venkata
Narasimha Cold Storage Private Limited (BVNCSPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              5.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BVNCSPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BVNCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BVNCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BVNCSPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in September 2016, BVNCSPL, promoted and managed by
Mr. K Srinivas, N Sreelatha, T Vanitha and P Narashimhulu, is
currently setting up a cold storage unit at Hyderabad, Telangana.


BANSAL LUMBERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bansal
Lumbers Private Limited (BLPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Import Letter         12          CRISIL A4 (Issuer Not
   of Credit Limit                   Cooperating)

   Working Capital        1          CRISIL B+/Stable (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with BLPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BLPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

BLPL, incorporated in 2003, processes and trades in timber. The
company, located in Delhi, is promoted by Mr Ashish Bansal and Mr
Mangat Rai Bansal.


BRISTOL TOURIST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bristol
Tourist Complex (BTC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              15         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              35         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BTC for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BTC continues to be 'CRISIL D Issuer Not Cooperating'.

BTC was set up by Mr Gurpreet Singh and his mother, Ms Sharanjit
Kaur. The firm operates a five-star hotel in Zirakpur, a satellite
town near Chandigarh. BTC has tied up with Park Plaza to manage its
hotel.


BSR TECHINFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BSR Techinfra
(BSRT) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            0.1        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BSRT for
obtaining information through letters and emails dated December 24,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSRT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSRT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSRT continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

BSRT, promoted by Mr. Bhanwar Singh Rathore, Mr. Sampat Raj
Chaplot, Mr. Dinesh Toshniwal, Mr. Sanjay Rathi and Mr. Rajendra
Singh Shekhawat, was incorporated in 2017 as a partnership firm.
BSRT, undertakes toll collection on a contractual basis for
Rajasthan State Road Development & Construction Corporation Limited
(RSRDC).


ETA POWERGEN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ETA Powergen
Private Limited (ETA) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        18.88       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    11.34       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        1.78       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with ETA for
obtaining information through letters and emails dated December 31,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.


'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ETA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ETA continues to be 'CRISIL D Issuer Not Cooperating'.

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group. ETA
Powergen owned and operated a 10-megawatt (MW) biomass power plant
in Tamil Nadu. The plant, which commenced operations in May 2009,
used juliflora as biomass fuel. The company had short-term
agreements with industrial customers for sale of power. The plant
ceased operations in July 2015.


FULGENT REAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Fulgent Real Estate Private Limited
Shop No. FF19, HDIL Harmony Mall,
        Goregaon Link Road,
Goregaon (West), Mumbai - 400104

Insolvency Commencement Date: March 3, 2023

Estimated date of closure of
insolvency resolution process: August 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Jayesh Natvarlal Sanghrajka
       405-407, Hind Rajasthan Building,
       Dadar East, Mumbai - 400014
       Email: jayesh@jsandco.in
       Email: cirp.fulgent@gmail.com

Last date for
submission of claims:  March 17, 2023


GHARDWAR REAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ghardwar Real Estate Private Limited
        F/40, 1st Floor, Raghuleela Mega Mall,
        Nr Poisar Bus Depot,
Kandivali (West) Mumbai - 400067

Insolvency Commencement Date: March 3, 2023

Estimated date of closure of
insolvency resolution process: August 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Jayesh Natvarlal Sanghrajka
       405-407, Hind Rajasthan Building,
       Dadar East, Mumbai - 400014
       Email: jayesh@jsandco.in
       Email: cirp.ghardwar@gmail.com

Last date for
submission of claims:  March 17, 2023


KHOKHAR INFRASTRUCTURE: Ind-Ra Cuts LT Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Khokhar
Infrastructure Private Limited's (KIPL) Long-Term Issuer Rating to
'IND D' from 'IND BB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit downgraded with
     IND D rating; and

-- INR300 mil. Non-fund-based working capital limit downgraded
     with IND D rating.

Key Rating Drivers

The downgrade reflects KIPL's default on term loans (not rated by
us) due to delays in the debt servicing.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

Incorporated in 2007, KIPL, a first-A class contractor registered
in Jharkhand and Bihar, is engaged in the construction of roads and
bridges.


MADHUR NOURISHMENT: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Madhur Nourishment Products LLP
C-713 BSEL Tech Park, Plot No.39/5 & 39/5A,
        Sector 30A, Opp.: Vashi Railway Station, Vashi,
        Navi Mumbai, Mumbai City, Maharashtra 400703

Liquidation Commencement Date: March 1, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Prashant Jain
     A501, Shanti Heights, Plot No. 2,3,9B/10,
            Sector 11, Koparkharine, Thane,
            Navi Mumbai- 400709
            Email id: ipprashantjain@gmail.com

     B-610, BSEL Techpark, Sector 30 A,
            Opp. Vashi Railway Station,
            Navi Mumbai – 400703
     Email: liq.madhurnourishment@gmail.com

Last date for
submission of claims:  March 31, 2023


NARMADA SOLVENT: CRISIL Assigns B+ Rating to INR21.7cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Narmada Solvent Extraction LLP (NSEL)

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits      15         CRISIL B+/Stable (Assigned)

   Term Loan              21.7       CRISIL B+/Stable (Assigned)

The rating reflects NSEL's exposure to risks related to ongoing
project and its expected leveraged capital structure. These
weaknesses are partially offset by its extensive industry
experience of the promoters and adoption of latest machinery in
steady industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project: NSEL is a new unit
with operation expected to start by next fiscal. Hence the project
implementation risk is high. Demand risk is also expected to be
moderate as the industry is highly fragmented marked by low entry
barriers with small capital and technological requirements. Also,
will be exposed to intense competition from other players in the
segment. Timely completion and successful stabilization of its
operations at the new unit will remain a key rating sensitivity
factor.    

* Expected leveraged capital structure: NSEL is expected to have an
average financial risk profile with high gearing and moderate debt
protection metrics. The project is aggressively funded through a
debt-equity ratio 1.13 time (excluding working capital component)
infusion of funds by the promoters in a timely manner remains
critical.


Strengths:

* Extensive experience of the partners: The partners have an
experience of over 10 years in cotton industry. In 2021, they have
started Narmada Refined Oil Industries LLP which is involved in
filtering and packaging of edible oil. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

* Adoption of latest machinery in steady industry: NSEL is
currently in process of setting a new unit, the unit installed is
equipped with latest equipment & technology. Therefore, the
adoption of latest machinery in steady soyabean oil extraction
industry would support its business profile.

Liquidity: Stretched

The net cash accruals are expected to be moderately sufficient for
the repayment of obligation. The promoters are having other
business and they will be infusing funds in case of any
requirements. Release of loans and infusion of funds by the
promoter in a timely manner remains critical.

Outlook: Stable

CRISIL Ratings believes that NSEL will benefit over the medium term
from its partners extensive industry experience.

Rating Sensitivity factors

Upward factors:

* Stabilizes operations at its proposed plant in time
* Reports significant revenue and profitability leading to a cash
accrual of more than 4.00 crore.

Downward factors:

* Faces a considerable delay in the commencement of its operations
* Generates significantly low cash accruals during its initial
phase of operations leading to NCA/RO of less than 1.1 times
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

NSEL was established as limited liability partnership firm January
2022. It is based in Beed-Maharashtra and currently setting up a
unit for manufacturing of soyabean oil extraction plant of 300MT
per day capacity and de oiled cake (DOC) unit.

The firm is owned and managed by Mr. Anil Sandipan Shelke, Mr.
Madhav Ambadas Nirmal, Mr. Ashok Anantrao Dhumal and Mr. Kalyan
Sahebrao Abuj. It is expected to commence its operation from July
2023.


PAWAR PATKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pawar Patkar
and D. S. Contractors Associates Private Limited (Pawar) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with Pawar for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Pawar, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Pawar
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Pawar continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 2010 by Mr. R D Pawar, Pawar undertakes
government-funded civil construction projects in Nashik,
Maharashtra.


PLAZA COMPUTERS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Plaza
Computers (PC) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit          7        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PC for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PC
continues to be 'CRISIL D Issuer Not Cooperating'.

PC, set up in 1994-95 as a proprietorship firm by Mr. Sudeep Goel,
manufactures and exports women's readymade garments and its
facility is at Devli in New Delhi. Mr. Goel set up PCG in 2003. Its
manufacturing facility is in Noida, Uttar Pradesh.



PUSHKAR PROPERTIES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pushkar
Properties Private Limited (PPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working        5        CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

   Secured Overdraft       5        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with PPPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2002, PPPL is promoted Mr P Kruthivas, who manages
operations. The company undertakes residential real estate projects
in Chennai.


PVS MEMORIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVS Memorial
Hospital Private Limited (PMHPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Overdraft     7.5       CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with PMHPL for
obtaining information through letters and emails dated December 30,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMHPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1992, PMHPL operates a multi-specialty hospital in
Kochi. Mr PV Chandran, Mr PV Gangadharan, Mr PV Nidish, Ms PV Mini
and Mr Jayagovind P are the promoters.


QUALIT AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Qualit Agro
Processors (QAP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Line of Credit         13         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Packing Credit          7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with QAP for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of QAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QAP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Qualit agro Processors is a proprietorship firm engaged in the
processing and trading of agro commodities. The firm is based out
of Rajapalayam, TN. It was established in 2009 by Mr. Valliyin
selvan.


RELIANCE CAPITAL: CoC Decides to Hold a Second Auction on April 4
-----------------------------------------------------------------
Business Standard reports that the committee of creditors (CoC) of
Reliance Capital (RCap) has decided to hold a second auction on
April 4 to sell the bankrupt company's assets.

The decision to hold a second auction was decided on March 27 in a
formal meeting of the CoC, Business Standard relates. Both Torrent,
the highest bidder in the first round, and the Hinduja group have
shown a lukewarm response to the lenders in an informal meeting
held on March 24.

According to Business Standard, lenders said they would hold the
second auction to maximise the value of the assets but bidders said
the company's life insurance venture had lost value after the Union
Budget increased tax on high-value insurance schemes.  

                       About Reliance Capital

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

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

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

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

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


SANYA MOTORS: CRISIL Moves B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sanya
Motors Private Limited (SMPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inventory Funding
   Facility               1.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inventory Funding
   Facility               8.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-
   Based Bank Limits     15         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan        6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated March 3,
2023 and March 8, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SMPL to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2004, SMPL, based in Aurangabad, is an authorised
dealer of TML in Maharashtra with 3S facilities (showroom, spares
and service centre). Mr Sachin Mulay is the promoter of the
company.


SHAH MOTILAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shah Motilal
Foods Limited (SMFL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          3        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          2.87     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          1.8      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.33     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SMFL for
obtaining information through letters and emails dated December 30,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMFL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Based in Hyderabad (Telangana) and set up in April 2012, SMFL is
engaged in processing and trading of milk and milk products. The
day-to-day operations of SMFL are managed by Mr. Rajesh Gandhi.


SHIVALIK ENGINEERING: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shivalik
Engineering Industries Limited (SEIL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit          12.5         CRISIL B/Stable Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan            16.78        CRISIL B/Stable Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan            23.22        CRISIL B/Stable Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SEIL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SEIL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SEIL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its ratings on Rs. 16.78 Crore & Rs.
23.22 Crore of Term Loan facility & Rs. 12.5 Crore of Cash Credit
facility on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL Ratings' policy on withdrawal of its ratings on bank
loans.

Analytical Approach

CRISIL Ratings has combined the financial and business risk
profiles of SEIL and Shivalik Power and Steel Pvt Ltd (SPSPL), as
both entities, together referred to as the Shivalik group, are
under a common management and have strong operational linkages.

SEIL was incorporated in 2011 by Mr Giriraj Singhania and Mr Vishal
Sharma. It started commercial operations in 2015. The company
manufactures iron casting components majorly for the automobile
industry for OEMs. Its fully automated manufacturing unit, with
installed capacity of 30,000 tonne per annum (TPA) is in Hathkhoj,
Industrial Estate, Bhilai.



SREI GROUP: Administrator Files NARCL's 'Fit and Proper' Approval
-----------------------------------------------------------------
Financial Express reports that the administrator of two insolvent
Srei companies has received the Reserve Bank of India's "fit and
proper" approval for state-backed National Asset Reconstruction
Company (NARCL) and he submitted the same before the National
Company Law Tribunal (NCLT) for its consideration, sources with
knowledge of the matter said.

FE relates that the approved resolution plan of NARCL was submitted
by the administrator, Rajneesh Sharma, to the Kolkata bench of the
NCLT on February 18 for its approval. The consolidated committee of
creditors (CoC) for the two Srei companies approved the resolution
plan of NARCL with the highest voting amongst the bidders.

The resolution plan of the government-owned ARC was approved with a
89.25% voting share of the consolidated CoC for Srei Infrastructure
Finance (SIFL) and Srei Equipment Finance (SEFL).

"The Administrator received the No Objection letter from RBI for
NARCL on March 23. He submitted it before the NCLT on the next
day," the sources cited above told FE. An e-mail sent to the
administrator remained unanswered till press time.

Notably, the tribunal is hearing the case related to Adisri
Commercial, the erstwhile promoter company of two insolvent Srei
firms, urging it to set aside its order that had admitted the
debt-laden firms for insolvency proceedings, and consider
application on the fresh settlement offer to the creditors, FE
relates.

According to FE, Adisri Commercial, which has around 60% stake in
Srei Infrastructure Finance (SIFL), questioned the NCLT's order on
initiating the corporate insolvency resolution process (CIRP)
against SIFL and its subsidiary Srei Equipment Finance (SEFL) since
it disclosed "error apparent on face of records" as the dates of
defaults mentioned in the order allegedly fall within a period when
initiation of corporate insolvency resolution process (CIRP) is
barred under Section 10A of the Insolvency and Bankruptcy Code.

FE relates that the Kanorias, the erstwhile promoters of two Srei
companies, also proposed to withdraw SIFL and SEFL from insolvency
proceeding under Section 12A of the IBC. The appeal was made
through Adisri Commercial. As per the resolution offer, submitted
by the erstwhile promoters, creditors' entire claim of around
INR32,000 crore would be repaid using multiple financial
instruments such as upfront cash, NCD's, OCD's and equity over
time. Kanorias have claimed that their fresh settlement offer to
the creditors is "highest" among existing bid offers.

Moreover, Authum Investment and Infrastructure, whose financial bid
was adjudged the second-highest in net present value (NPV) terms
after the challenge mechanism process concluded, filed a petition
before the tribunal, challenging the process, adopted by the CoC
for the Srei companies, in which NARCL became the highest bidder.

The hearing in the matters will continue on March 31, FE notes.

                          About Srei Group

SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.

The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.


UMASHREE RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Umashree Rice
Mills Private Limited (URM) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan         3.9       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with URM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of URM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on URM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
URM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2015, Raipur, Chhattisgarh-based URM is engaged in
rice milling. Mr Shambhu Tekriwal manages the operations.


UNITED EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Exports continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Purchase-         15         CRISIL D (Issuer Not
   Discounting                       Cooperating)
   Facility               
                                     
   Cash Credit            35         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         33         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          2         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              17         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with United
Exports for obtaining information through letters and emails dated
December 24, 2022 and February 17, 2023 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of United Exports, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on United Exports is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the
ratings on bank facilities of United Exports continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

United Exports was set up as a partnership firm in 1983. Its
current partners are Mr Harish Narang and Mr Sudhanshu Narang. It
mills and processes basmati and non-basmati rice for sale in the
domestic and international markets.


UNITED VIKAS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of United Vikas
Samiti (UVS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       1         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with UVS for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UVS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UVS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

UVS was registered in 1996, as a not-for-profit society and is
managed by Mr. Farha Ikram. It is located at Badaun town-ship of of
Uttar Pradesh. The society provides free meals under mid-day meal
scheme, women welfare Programme and various other government
mandated schemes.


UPS CONSTRUCTIONS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of UPS
Constructions Private Limited (UPS) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         15         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with UPS for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UPS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UPS continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

UPS was formed on December 15, 2005, in the Begusarai district of
Bihar. The company undertakes turnkey projects, related to civil
construction, erection equipment and piping, process heaters, oil
pipeline terminals, insulation, tankage piping, for various
petrochemical players. Mr Upendra Prasad Singh, Mr Bijendra Prasad
Singh, Mr Pankaj Kumar, Mr Kanchan Kumar, Mrs Urmila Devi and Mrs
Richa Sinha are the promoters.


USK AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of USK Agro
Sciences continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         1.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with USK for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of USK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USK continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

USK is a Maharashtra-based partnership firm incorporated in 1999 by
Mr. Umakant Mali and Mrs. Manisha Sambhaji Chavan. USK is engaged
in manufacturing of Plant growth regulators, pesticides,
herbicides, insecticides and fungicides.


UTM ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of UTM
Engineering Private Limited continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2.7       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      1.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           5.8       CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with UTM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UTM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UTM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UTM continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

UTM was established by Mr Krupa Sindhu Mandal and Mr Rajesh Singh
at Gurugram (Haryana) in 2014. The company undertakes tunnel
construction and mining activities for government and private
companies. Operations commenced in April 2015.


VAISHNO ASSOCIATES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaishno
Associates Vidyut Projects LLP (VAVPL; part of the Vaishno group)
continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         26         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VAVPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VAVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAVPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Vaishno Associates (VA) and
VAVPL. This is because the two entities, together referred to as
the Vaishno group, have a common promoter and operational and
financial fungibility.

Set up in 2005 as a proprietorship concern, Jaipur-based VA
manufactures structural items, such as low transmission
distribution panels, transformer platforms, switches, and other
related equipment. Mr RK Babutta is the group's promoter.

VAVPL was incorporated in August 2015 to run the EPC business of
VA. It undertakes turnkey projects for erecting, planning, and
commissioning of electrical lines, power transmission/distribution,
alternating current-direct charge conversion, substation projects,
grid station, and shifting of utility lines for state electricity
boards in Rajasthan.


WAXSEN LIFESCIENCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Waxsen Lifescience Private Limited
411, Atlanta Estate,
        Near Virwani Indl, Estate Western Express Highway,
Goregaon (E) Mumbai City
        Maharashtra 400063 India

Insolvency Commencement Date: March 3, 2023

Estimated date of closure of
insolvency resolution process: August 30, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Ritesh Prakash Adatiya
       B-401, The First B/h ITC Narmada Hotel,
       Keshawbaugh PartyPlot, Vasrapur,
              Ahmedabad - 380015
       Email: riteshadatiya@gmail.com
       Email: cirp.wlpl@gmail.com

Last date for
submission of claims:  March 17, 2023


WINSUN CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Winsun
Ceramic Private Limited (WCPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.6        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           5          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             4.1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with WCPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WCPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

WCPL was set up in April 2014, by the Morbi-based promoters, Mr
Bharat Fulji Kachrola, Mr Mukesh Magan Kachrola, and 10 others. The
company, which commenced operations in January 2015, manufactures
wall glazed tiles.


WORLDSTAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Worldstar
Fabrics LLP (WF) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            18         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with WF for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of WF
continues to be 'CRISIL D Issuer Not Cooperating'.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.


ZEPHYR FABRIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zephyr Fabric
Trading LLP (ZF; part of Oneworld Group) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              3        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ZF for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ZF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ZF
continues to be 'CRISIL D Issuer Not Cooperating'.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

ZF, formed in 2015, trades in fancy wear material. WF, OIPL, ORPL,
OS, UFPL, TIPL, MDC, WOT, and ODS are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
readymade garments.



[*] INDIA: Only 15% Insolvency Cases Resolved in Oct-Dec 2022 Qtr.
------------------------------------------------------------------
The Economic Times reports that only 15% of the 267 insolvency
cases admitted in company law tribunals during October to December
2022 reached resolution with overall recovery of just 27% of
claimed amount, the IBBI data showed. As much as 45% cases were
concluded through liquidation, according to a Kotak Securities
analysis of the latest data from the Insolvency and Bankruptcy
Board of India (IBBI).

On quarter-on-quarter basis, the second quarter of FY23 saw 256
cases in NCLTs (National Company Law Tribunals), massively down
from the yearly run-rate of 2,000 cases in FY20, ET discloses.

According to the analysis, one-third of all liquidations happened
because no resolution plans were received. Of the 1,901 cases
resolved so far, in 1,229 cases, the banker decided to go in for a
liquidation, while in 600 cases, no resolution plans were received,
ET relays.

In 56 cases, the resolution plan was rejected for non-compliance
and in the remaining 16 cases, the debtor contravened provisions of
the resolution plan.

Also most cases (76%) that ended up in liquidation were either
non-functional and/or part of past BIFR (Board for Industrial and
Financial Reconstruction) process and the rest were due to other
reasons, according to ET.

The brokerage, however, considers the low admissions and resolution
levels as signs of corporate India being comfortably placed and
observes that as a result the direction of cases and outstanding
claims will likely stay low as legacy stress gets resolved.

ET adds that the report further said that as much as 45% of 267
closed cases in the third quarter were concluded via liquidation,
while only 15% cases were resolved with an average haircut of 73%
on admitted claims.

Also, the time taken to resolve is still high but is coming down
from peak levels seen in Q2 of FY21, which was the pandemic year.

As of Q3, about 64% of the ongoing cases have crossed 270 days
since admission, another 14% crossed 180 days. Given this delay,
the number of cases facing liquidation is likely to stay high,
warned the report, adding the average resolution duration is 590
days, the report discloses.

Of the total admitted cases in Q3, nearly half (42%) are from the
manufacturing space, 18% from real estate, 13% from retail/
wholesale trade and 7%, ET notes. And this shows that corporate
India continues to be in a healthy shape with no new signs of
stress, especially from the large companies, which dominated the
initial years of the IBC process.

But the report has warned that a significant proportion of new
cases will be coming in from borrowers in the mid and small
enterprise segments, which were impacted by the pandemic.

The total amount of debt resolved through the IBC stands at INR8.3
lakh crore now and overall financial creditors have so far taken a
haircut of 73% on admitted claims, while the amount yielded on
resolution as a percentage of liquidation value is 160%, adds ET.




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

JOLED INC: Files for Bankruptcy With US$260MM in Liabilities
------------------------------------------------------------
The Japan Times reports that JOLED, an organic light-emitting diode
display company created through a merger of Panasonic and Sony
operations, said March 27 it has filed for court protection with
debt totaling JPY33.7 billion (US$260 million).

According to the report, the company said it will pull out of the
display manufacturing business and close its factories in Ishikawa
and Chiba prefectures. Regarding its roughly 380 employees, the
struggling venture said it will lay off about 280 who are not
involved in development.

The Japan Times relates that the company had suffered from weakened
demand for OLEDs and increased competition with its rivals, it
said, while adding that it took more time and cost than expected to
achieve stable production.

Japan Display, a former shareholder of the company and a maker of
liquid crystal displays, will take over its technological
development business, it said.

According to The Japan Times, the move comes despite a vast amount
of funding from state-backed fund INCJ. The fund has long supported
JOLED, betting on its potential. The total amount of its financial
support amounts to about JPY140 billion.

"It breaks my heart that JOLED had to decide to file for court
protection," the report quotes Mikihide Katsumata, president of
Innovation Network Corporation of Japan (INCJ), in a statement, as
saying.

JOLED was set up in 2015 by Panasonic, Sony, INCJ and Japan
Display, merging the two Japanese tech giants' OLED operations to
compete against Asian rivals.

The Japan Times says the idea was to cut into a display market
dominated by South Korean and Chinese makers with thinner,
energy-saving OLEDs. But it struggled with mass production and
could not beat cheaper rival products, leaving the company with no
choice but to seek court protection.

INCJ is the top shareholder of JOLED, with a 56.8% stake, according
to Japan Display. Among other major shareholders, car parts
manufacturer Denso owns 16.1% of the company.




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

BULLRUSH APPS: Court to Hear Wind-Up Petition on May 31
-------------------------------------------------------
A petition to wind up the operations of Bullrush Apps Limited will
be heard before the High Court at Auckland on May 31, 2023, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 19, 2022.

The Petitioner's solicitor is:

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


GUARDIANS (NZ): Court to Hear Wind-Up Petition on May 5
-------------------------------------------------------
A petition to wind up the operations of Guardians (NZ) Limited and
will be heard before the High Court at Auckland on May 5, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 14, 2022.

The Petitioner's solicitor is:

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


TALICA INVESTMENTS: Creditors' Proofs of Debt Due on April 11
-------------------------------------------------------------
Creditors of Talica Investments Limited are required to file their
proofs of debt by April 11, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 21, 2023.

The company's liquidator is:

          Richard Anthony Johnston
          Level 1, One Jervois Road
          PO Box 91842
          Victoria Street West
          Auckland 1142


VIVID PROFESSIONAL: Court to Hear Wind-Up Petition on May 5
-----------------------------------------------------------
A petition to wind up the operations of Vivid Professional Services
Limited will be heard before the High Court at Auckland on May 5,
2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 14, 2022.

The Petitioner's solicitor is:

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


ZUCCHINI BROS: Laing Insolvency Appointed as Liquidators
--------------------------------------------------------
Trevor Edwin Laing and Emma Margaret Laing of Laing Insolvency
Specialists on March 17, 2023, were appointed as liquidators of
Zucchini Bros Dunedin Limited.

The liquidators may be reached at:

          Laing Insolvency Specialists Limited
          PO Box 2468
          Dunedin 9044




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

BOXUAN MEDICAL: Members' Final Meeting Set for April 28
-------------------------------------------------------
Members of Boxuan Medical Equipment Pte. Ltd. will hold their final
meeting on April 28, 2023, at 10:00 a.m., at at 6 Shenton Way,
#33-00 OUE Downtown 2, in Singapore.

At the meeting, Lim Loo Khoon and Tan Wei Cheong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JAKUBSTADT HOLDINGS: Court to Hear Wind-Up Petition on April 14
---------------------------------------------------------------
A petition to wind up the operations of Jakubstadt Holdings Pte Ltd
will be heard before the High Court of Singapore on April 14, 2023,
at 10:00 a.m.

TG (Balmoral) Pte Ltd filed the petition against the company on
March 16, 2023.

The Petitioner's solicitors are:

          AM Legal LLC
          10 Anson Road
          #14-10 International Plaza
          Singapore 079903


MICROSOFT SINGAPORE: Members' Final Meeting Set for April 28
------------------------------------------------------------
Members of Microsoft Singapore Investments Pte Ltd will hold their
final general meeting on April 28, 2023, at 10:00 a.m., at One
Raffles Quay, North Tower Level 18, in Singapore.

At the meeting, Aaron Loh Cheng Lee, the company's liquidators,
will give a report on the company's wind-up proceedings and
property disposal.


RYDER SINGAPORE: Members' Final Meeting Set for April 27
--------------------------------------------------------
Members of Ryder Singapore Pte. Ltd. and Ryder-Ascent Logistics
Pte. Ltd. will hold their final meeting on April 27, 2023, at 10:00
a.m., via electronic means.

At the meeting, Lin Yueh Hung and Ng Kian Kiat, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.




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

EASTAR JET: Resumes Flight Operations After Pandemic-Driven Hiatus
------------------------------------------------------------------
The Korea Times reports that Eastar Jet, a Korean budget carrier,
said March 26 it resumed flights starting with a domestic route,
three years after it suspended operations amid the COVID-19
pandemic outbreak and a court-led restructuring.

The report relates that the the company resumed 20 flights between
Gimpo, west of Seoul, and the southernmost island of Jeju,
including the first Jeju-bound ZE205 plane that departed at 6:50
a.m., the air carrier said.

According to the report, Eastar Jet said it plans to hold
promotional events for passengers boarding the flights for the
day.

Eastar Jet will operate 10 Gimpo-Jeju flights from Sunday through
Tuesday before increasing the flights to 12 a day, or 168 per
week.

Eastar Jet, a China-focused carrier, had operated 23 planes
covering 38 domestic and international routes before it suspended
most of its flights over the pandemic in March 2020, the report
notes.

It obtained an air operator certificate (AOC) from the Ministry of
Land, Infrastructure and Transport in February to restart the
services.

It plans to increase the number of its chartered planes to 10 from
the current three by the end of this year.

In 2021, Eastar Jet applied for court receivership after failing to
find a strategic investor, The Korea Times recalls. Jeju Air, a
leading South Korean low-cost carrier, dropped its plan to acquire
the troubled airline.

In November 2021, local property developer Sung Jung Co. acquired
the entire stake in Eastar, but it handed over its stake to a
private equity fund in January this year, the report relates.

Eastar Jet aims to achieve KRW146 billion ($112 million) in sales
this year, its CEO Cho Joong-seok said earlier. The company
reported KRW551 billion in sales in 2019 before the pandemic broke
out.

Eastar Jet is a low-cost airline with its headquarters in
Banghwa-dong, Gangseo-gu, Seoul, South Korea.



                           *********


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

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

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

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