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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

          Monday, April 17, 2023, Vol. 26, No. 77

                           Headlines



A U S T R A L I A

CONVERGENCE.TECH: First Creditors' Meeting Set for April 20
GATEWAY PARRAMATTA: First Creditors' Meeting Set for April 19
LANSKEY HOLDING: First Creditors' Meeting Set for April 21
MEDISUPPLIES (AUST): Second Creditors' Meeting Set for April 20
MILKRUN: Was Onboarding Goget Car Deliveries Weeks Before Closure

POP CANBERRA: First Creditors' Meeting Set for April 19


C H I N A

AIWAYS AUTOMOBILE: To Pay Salaries Late Again
COUNTRY GARDEN: Borrows HKD900MM to Refinance Bank Loan


I N D I A

AFP MANUFACTURING: Ind-Ra Cuts Long Term Issuer Rating to BB
ANU TECH: Ind-Ra Corrects January 24, 2023 Rating Release
ART CLUB: CRISIL Moves B+ Debt Ratings from Not Cooperating
AXXELENT PHARMA: Ind-Ra Affirms BB+ Long Term Issuer Rating
BALAJI ENAMEL: CRISIL Reaffirms B Rating on INR3cr Cash Debt

CABBANA INFRASTRUCTURES: Ind-Ra Gives 'D' Long Term Issuer Rating
CENTURY SHELTORS: Ind-Ra Assigns 'D' NonConvertible Debt Rating
DUDHGANGA VEDGANGA: CRISIL Moves B+ Rating to Not Cooperating
FLASH FORGE: CARE Lowers Rating on INR48cr LT Loan to B+
FUTURE RETAIL: Gets NCLT Approval to Push Resolution Deadline

G AND T INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
GAIA PROPERTIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
GANESH RESIDENCY: CARE Keeps B- Debt Rating in Not Cooperating
INDIAN STEEL: NCLT Clears ArcelorMittal Unit's Revival Plan
J MODI: CRISIL Assigns D Rating to INR7.34cr Working Capital Loan

K R F LIMITED: CARE Lowers Rating on INR24.19cr LT Loan to B-
KAILASH TRADING: CARE Keeps D Debt Rating in Not Cooperating
M A SUSTAINABLE: CRISIL Assigns B+ Rating to INR11.4cr Debt
MADHAV COPPER: CRISIL Lowers Rating on INR10cr LT Loan to B
MALWA FRESH: CRISIL Moves B Debt Ratings to Not Cooperating

O2Z TRADING: CRISIL Moves B+ Debt Ratings to Not Cooperating
OSHINA EXPO: CARE Keeps B Debt Rating in Not Cooperating Category
OSIAN COMMOTRADE: CRISIL Lowers Rating on LT/ST Debts to D
PYRO ELECTRIC: CARE Keeps B+ Debt Rating in Not Cooperating
RNP SCAFFOLDING: CRISIL Withdraws B+ Rating on INR25cr Cash Loan

SAI LEKSHMI: CRISIL Lowers Rating on LT/ST Debts to D
SAMMAN LAL: CARE Keeps B Debt Rating in Not Cooperating Category
SANTHIGIRI AYURVEDA: CRISIL Reaffirms D Rating on INR6.7cr Loan
SMT. BHARTO: CARE Lowers Rating on INR7.50cr LT Loan to B-
SUSHEELA TEXFAB: CARE Keeps D Debt Rating in Not Cooperating

TRINITY CLEANTECH: CRISIL Reaffirms B+ Rating on INR6.5cr Debt
VALUVANADU CAPITAL: CRISIL Assigns B+ Rating to INR10cr LT Loan
VEDANTA LTD: $150M Bank Debt Trades at 16% Discount
VEDANTA LTD: $50M Bank Debt Trades at 16% Discount


J A P A N

TEPCO HOLDINGS: S&P Withdraws 'B' Issuer Credit Rating


M A L A Y S I A

AIRASIA X: Seeks New Extension to Submit PN17 Regularisation Plan


N E W   Z E A L A N D

ABBOTTSWAY GARDEN: Court to Hear Wind-Up Petition on May 5
BROOKSIDE FARM: Creditors' Proofs of Debt Due on May 29
NEW LINE: Court to Hear Wind-Up Petition on April 26
REDEMPTION SOLUTIONS: Creditors' Proofs of Debt Due on May 10
WAIKLEEN WATERBLASTING: Court to Hear Wind-Up Petition on April 28



S I N G A P O R E

JUNTOSTARC PTE: Commences Wind-Up Proceedings
ONB TECHNOLOGIES: Court to Hear Wind-Up Petition on April 21
PANORAMA (S84): Court to Hear Wind-Up Petition on April 21
SOLAR HOME: Commences Wind-Up Proceedings
WILLEAD PROPERTIES: Commences Wind-Up Proceedings



S O U T H   K O R E A

BALAAN CO: Faces Uncertain Future as Operating Loss Doubled


S R I   L A N K A

SRI LANKA: Bondholders Send Debt Rework Proposal to Government

                           - - - - -


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A U S T R A L I A
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CONVERGENCE.TECH: First Creditors' Meeting Set for April 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Convergence.Tech Australia (Aus) Pty Ltd will be held on April 20,
2023, at 10:30 a.m. via Microsoft Teams video teleconferencing.

Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of the company on April 6, 2023.


GATEWAY PARRAMATTA: First Creditors' Meeting Set for April 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Gateway
Parramatta One Commercial Pty Ltd will be held on April 19, 2023,
at 9:00 a.m. via Microsoft Teams video teleconferencing.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on April 6, 2023.


LANSKEY HOLDING: First Creditors' Meeting Set for April 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lanskey
Holdings Pty Ltd will be held on April 21, 2023, at 11:00 a.m. at
the offices of Cor Cordis at Level 7, 201 Charlotte Street in
Brisbane and via Microsoft Teams.

Stephen Earel and Barry Wight of Cor Cordis were appointed as
administrators of the company on April 11, 2023.


MEDISUPPLIES (AUST): Second Creditors' Meeting Set for April 20
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Medisupplies
(Aust) Pty Ltd has been set for April 20, 2023 at 11:00 a.m. via
virtual meeting only.

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 April 18, 2023 at 5:00 p.m.

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


MILKRUN: Was Onboarding Goget Car Deliveries Weeks Before Closure
-----------------------------------------------------------------
SmartCompany reports that earlier last week, Milkrun announced that
it was closing its doors and letting go of its entire workforce.
However, according to sources it was beginning to roll out car
deliveries over the last month via carshare network GoGet, with new
drivers being onboarded as late as two weeks ago.

Milkrun was originally launched in late 2021 and quickly banked two
significant rounds of funding - AUD11 million and AUD75 million
respectively. The latter included contributions from AirTree as
well as Grok Ventures and Skip Capital, the report notes.

SmartCompany says the 'instant grocery delivery' app offered
customers delivery under ten minutes. This was achieved through
'dark warehouses' scattered throughout the inner city suburbs of
Sydney and Melbourne.

These 'hubs' would be tasked with packing an order within 90
seconds of it landing, which generally required multiple people
picking simultaneously. The company used e-bike startup Zoomo for
riders to make the deliveries on.

According to a source who wished to remain anonymous, this business
model began to branch out within the last month of Milkrun's
operations, SmartCompany relays.

SmartCompany relates that the company had begun the process of
onboarding drivers to fulfil larger orders via use of GoGet, an
Australian carshare network that can be booked instantly. According
to the source, this was also to help fulfil order that were further
out from the hubs. Unlike Uber Carshare (formerly Car Next Door),
GoGet owns its entire fleet. According to the company there is a
focus on vehicle redundancy, meaning there's always vehicles
available to book. This is particularly important for its business
customers.

So it makes sense this would be the kind of car-delivery approach
that Milkrun would take, SmartCompany states.

"They were onboarding new drivers last week still. So the closure
was very very abrupt and it didn't seem like their changes had the
time to play out," the source said to SmartCompany.

"I was onboarded as a rider initially, and eventually got set up as
a driver as well. I didn't actually get to do a car delivery
because I only just set myself up as a driver the week gone and am
now away. Cars worked through GoGet, and I think the intention was
to facilitate larger orders so they'd turn a greater profit per
order."

Despite the closure and criticism of the business model, overall
sentiment from sources has been largely positive about Milkrun,
particularly its people and its fight to survive, says
SmartCompany.

"During onboarding they were really open about the company having
been thinned recently, but they were very productive and efficient
about creating new approaches to turn things around," the source
said.

"They were also very efficient with their onboarding, and had some
urgency about it which told me they really needed more staff."

According to the source, the news of the closure was a shock,
particularly because of what they called Milkrun 'proactively'
trying different approaches, SmartCompany relays.

"I've only been working just over a month . . . the same hiring
round as I went through was the first onboarding of delivery
drivers. It was also the first switch back to a casual workforce,
so it seemed like they were really employing strategies to change
things," the source said.

"The stores were really busy and there was constantly shifts
available and more help needed. They still are contacting us asking
for shifts to be picked up."

SmartCompany contacted Milkrun but the company declined to comment.
April 14 was the last day of trade for the business.


POP CANBERRA: First Creditors' Meeting Set for April 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Pop Canberra
Pty Ltd will be held on April 19, 2023, at 11:00 a.m. at the
offices of SV Partners at Level 17, 200 Queen Street in Melbourne
or via telephone or Microsoft Teams conferencing.

Fabian Kane Micheletto and Michael Carrafa of SV Partners were
appointed as administrators of the company on April 5, 2023.




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C H I N A
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AIWAYS AUTOMOBILE: To Pay Salaries Late Again
---------------------------------------------
Yicai Global reports that Aiways Automobile has told employees that
the Chinese new energy vehicle startup will postpone paying March
wages due to 'objective reasons.' It follows a similar delay in
February.

"There is a delay in salary payments, but the company continues to
operate as normal," Shanghai-based Aiways said on April 11. It did
not say when March wages will be paid but in February, salaries
were paid seven days late, the report says.

Aiways, which is backed by internet giant Tencent Holdings, runs a
research and development center in Shanghai, a methanol-to-hydrogen
research center and production base in Denmark as well as a
European sales center and a R&D center in Munich, Germany.

According to Yicai Global, Shenzhen-based Tencent pumped in CNY1.2
billion (USD174 million) in October 2017. Other investors in the
startup include Mingchi New Energy Innovation Investment Center,
which invested CNY1 billion in May 2019, ridehailing firm Didi
Chuxing Technology and battery giant Contemporary Amperex
Technology.


COUNTRY GARDEN: Borrows HKD900MM to Refinance Bank Loan
-------------------------------------------------------
The Standard reports that a unit of Country Garden has borrowed
HK$900 million from a Hong Kong-based private lender to refinance a
bank loan, a source said, as debt-laden Chinese developers seek to
diversify their funding.

The Standard relates that the subsidiary of China's third-largest
builder by sales received the new financing from Flow Capital (HK),
an investment firm, said the source. The two-year financing, which
is backed by guarantees from the listed parent and a property in
Hong Kong, is meant to refinance a HK$700 million bank loan, the
report notes.

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

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




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

AFP MANUFACTURING: Ind-Ra Cuts Long Term Issuer Rating to BB
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded AFP
Manufacturing Company Private Limited's (AMCPL) Long-Term Issuer
Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR245 mil. Term loan due on July 2024 downgraded with IND BB
     (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  Issuer not cooperating based on the
best available information.

Key Rating Drivers

The downgrade is pursuant to Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the circular, any issuer with
an investment-grade rating remaining non-cooperative with a rating
agency for more than six months should be downgraded to a
sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect AMCPL's credit strength as the company has been
non-cooperative with the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

Company Profile

Incorporated in 1999, AMCL manufactures salted snacks and other
ready-to-eat snacks, including bakery items such as rusks,
biscuits, sweets and confectionary products. The company commenced
operations in 2007. Anil Kumar Aggarwal is the promoter.


ANU TECH: Ind-Ra Corrects January 24, 2023 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Anu Tech Infra'S
rating relase published on January 24, 2023 to correctly state the
rating action on the unsupported rating.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has migrated Anu Tech Infra
Private Limited's (ATIPL) standalone rating to the non-cooperating
category. As per Reserve Bank of India, every credit enhancement
(CE) rating needs to be complied with its guidelines i.e. Guidance
Note dated 22 April 2022. The agency does not have sufficient
information whether the outstanding 'IND BBB(CE)'/Stable/'IND
A3+(CE)' rating of the proposed fund-based limits will comply with
the Reserve Bank of India's guidelines or not. Therefore, Ind-Ra
has re-assigned 'IND BBB(CE)'/Stable/'IND A3+(CE)' rating to 'IND
B'/'IND A4' in line with the unsupported rating and has
simultaneously migrated it to the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND B
(ISSUER NOT COOPERATING)' on the agency's website.

-- INR200 mil. Proposed fund-based limits reassigned and migrated

     to non-cooperating category with IND B (ISSUER NOT  
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- Unsupported rating* migrated to non-cooperating category and
     withdrawn.

*The unsupported rating has been withdrawn as CE rating guidelines
does not applicable to ATIPL.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 23, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Jaipur-based ATIPL was incorporated in July 2021. It provides
infrastructure solutions and supplies raw material for
infrastructure projects to its group company, Dara Engineering and
Infrastructure Private Limited (DEIPL) and other infrastructure
companies. Dharmesh Bishnoi holds about 55% stake in Anu Tech
Infra.

DEIPL was incorporated as a proprietorship in 2001 and was later
converted into a private limited company by Papu Ram Bishnoi. The
company undertakes engineering, procurement and construction
projects in the water pipelines and road construction segments.
Papu Ram Bishnoi holds about 99.99% stake in DEIPL.


ART CLUB: CRISIL Moves B+ Debt Ratings from Not Cooperating
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Art Club Pvt Ltd (ACPL) to
'CRISIL B+/Stable Issuer Not Cooperating'. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating the rating on bank facilities of ACPL
to 'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        35         CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Long Term Loan        60         CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')
   Proposed Fund-
   Based Bank Limits     15         CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

The rating reflects vulnerability to cyclicality in the hospitality
industry, the modest financial risk profile of the company and
delay in completion and operationalisation of project. These
weaknesses are partially offset by the extensive industry
experience of the promoters and expected completion of construction
of club in fiscal 2024.

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability to cyclicality in the hospitality industry: The
hotel industry is susceptible to changes in the domestic and
international economy. Typically, the industry follows a six-year
cycle. Players which have high financial leverage are more
vulnerable to cyclicality owing to their fixed financial
commitments. The business profile is constrained by intense
competition, which restricts scale of operations and operating
flexibility.

* Modest financial risk profile: Gearing and total outside
liabilities to total networth (TOLTNW) ratio were above 24 times
and above 55 times, respectively, as on March 31, 2022. Debt
protection metrics were subdued owing to high gearing and negative
accrual because of the ongoing projects, and are expected at
similar levels over the medium term.

* Delay in project: The project has been delayed from its original
deadline which was previously expected to complete and become
operational from Dec 2018 and Dec 2019 for club and hotel
respectively. As per revised scheduled completion date, the club is
expected to complete by in fiscal 2024 and hotel will take another
12-15 months to become operational. Any further delay in starting
of operations of club and hotel will remain key monitorable and
rating sensitivity factor.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over two decades in the hotels and resorts industry.
This has given them an understanding of market dynamics and enabled
established relationships with suppliers and customers, which will
support the business.

* Expected completion of projects: The club is expected to
operationalise in fiscal 2024 and the hotel will take further 12-15
months. The financial progress of projects is 75-80%. The offtake
in project after completion will remain monitorable.

Liquidity: Poor

Expected cash accrual of negative INR1.6-3.1 crore per annum will
be insufficient to cover yearly term debt obligation of INR2.5-8.5
crore over the medium term. Current ratio was healthy at 16.4 times
as on March 31, 2022. The promoters will likely extend support by
way of equity and unsecured loans to meet working capital
requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes ACPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Commencement of operations resulting in positive net cash
accrual
* Improvement in the financial risk profile with TOLTNW below 5
times

Downward factors:

* Delay in commencement of operations beyond December 2023
* Sharp decline in membership fee collection

ACPL is an Ahmedabad-based company owned and managed by Mr
Ashokkumar Thakkar and Ms Dharmistha Thakkar. The company will
operate a fully integrated leisure, sports, entertainment and
business activity club named Club Babylon, and a five-star hotel
under operation agreement with Starwood Hotels and Resorts India
Pvt Ltd under the brand Four points by Sheraton. The hotel will
have 230 rooms and amenities such as banquet hall, meeting room,
restaurants and coffee shops.


AXXELENT PHARMA: Ind-Ra Affirms BB+ Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Axxelent Pharma
Science Private Limited's (APSPL) Outlook to Positive from Stable
while affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR1,879.20 bil. (increased from INR670 mil.) Term loan due on

     October 2029 Outlook revised to Positive from Stable;
     affirmed with IND BB+/Positive rating.

Analytical approach: The Positive Outlook reflects Ind-Ra's
expectations of a significant improvement in the company's revenue
and profitability, leading to improved credit metrics on the back
of the successful commencement of the Phase II of its operations.
Also, the investment from KR Impex India PTY LTD (a limited
liability company registered in Australia) in form of equity and
non-convertible debentures (NCDs), which is coming in five tranches
beginning March 2023, will boost APSPL's liquidity.

Key Rating Drivers

APSPL completed the construction of Phase I, which comprises an
oral dosage manufacturing facility, in December 2022. The Phase II
would involve constructing an injectables manufacturing facility
which will entail a cost of INR640 million and is scheduled to be
completed by September 2023. Both the facilities are located at
Sricity Tada, Andhra Pradesh. The management expects to
commercialize operations at the facilities from FY24. The company
has already completed the construction of a research and
development department (part of phase one) in January 2021 where it
has entered into contracts from customers located in Hungary,
China, the United Kingdom Australia and the US. The management
expects to book a top line of INR490 million in FY24, based on an
order book of INR614.7 million as of March 20, 2023.

The ratings, however, remain constrained by the time and cost
overrun risks associated with APSPL's under-construction
manufacturing facility. There have been marginal delays in the
construction of both the phases by APSPL due to delays in getting
the license from the respective authorities due to a change in the
district jurisdiction. The total capex envisaged for the project is
INR2,424 million, including a funding for abbreviated new drug
applications. The project is being funded through a promoter's
equity contribution of INR943 million and the remaining INR1,481
million through term loans from banks, where the company has
already received a sanction for the entire term loan and an equity
of INR730.64 million had already been infused at end-December 2022.
  Ind-Ra expects the scale of operations to have been small in FY23
since operations started in Phase I only from December 2022 and
FY25 will be the first full year of operations.

Liquidity Indicator – Stretched: The total capex envisaged for
the project, including funding for abbreviated new drug
applications is INR2,424 million; at end-December 2022, APSPL had
incurred a total of INR1,760 million on capex, which was financed
through term loans and through equity. The management is also
planning to raise another term loan of INR400 million for capex
which is yet to be sanctioned. APSPL has received an investment of
INR820 million from KR Impex India in the form of equity and NCDs,
which will be utilized for working capital requirements. APSPL will
receive the whole amount in five tranches, beginning March 2023.
According to the management, if, in any case, there is an instance
of project cost overrun, the promoters will infuse capital through
equity. The debt repayment will start from November 2023; APSPL has
debt repayments of INR262 million in FY24 and INR285 million in
FY25., and the moratorium period is three years where interest is
serviced by the promoter.

Moreover, Ind-Ra expects that the debt service coverage ratio and
the overall credit metrics will be weak during the initial years of
commencement of operations, before an improvement could be seen in
the ratios in line with the improvement in the scale of operations.
The rating also derives comfort from the debt service reserve
account equivalent to 4.85% of the loan i.e. disbursed amount with
their bank.

The ratings are, however, supported by the minimal off-take risk in
view of the promoter's diverse experience of over three decades in
the pharmaceutical industry. The company is leveraging the
promoter's operating track record to establish strong relationships
with its customers and thus obtain contracts.

Rating Sensitivities

Positive: A significant improvement in the revenue and
profitability, timely investment from the investor and revenue
visibility from Phase II facilities, all leading to an improvement
in the liquidity position and improved credit metrics with the net
leverage below 3.5x in FY25 and beyond, all on a sustained basis,
could lead to a positive rating action.

Negative: Any further delay in the project completion and
lower-than-Ind-Ra-expected revenue visibility, leading to an
inability to generate operating profit and continued stress in the
liquidity position will be negative for the ratings.

Company Profile

Incorporated in October 2019, APSPL is a research and
service-driven pharmaceutical company focused on contract
development and contract manufacturing of oral solid, injectable,
oral liquid and topical dosage forms for clients across the US,
Europe, and Asia.


BALAJI ENAMEL: CRISIL Reaffirms B Rating on INR3cr Cash Debt
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank loan facilities of Balaji Enamel Industry
(BEI).
    
                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL B/Stable (Reaffirmed)

   Import Letter
   of Credit Limit        5          CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           0.5        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of the proprietor in
the writing slates business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: BEI's business risk profile is
constrained by its modest scale in an intensely competitive
industry. The firm registered operating revenue of INR17.20 crore
in fiscal 2022. The small scale of operations will continue to
limit operating flexibility.

* Weak financial risk profile: The capital structure is highly
leveraged as reflected in modest networth which stood at INR88 lacs
and high gearing and total outside liabilities to tangible networth
(TOL/TNW) ratio of 5.91 times and 15.49 times, respectively, as on
March 31, 2022. Debt protection metrics are subdued, as indicated
by interest coverage of 1.20 times in fiscal 2022.

Strength:

* Extensive industry experience of the proprietor: The proprietor's
experience of over 10 years in the business has given her a strong
understanding of the market dynamics and helped establish healthy
relationships with suppliers and customers

Liquidity: Stretched

The bank limit was fully utilised during the 12 months through
March 2022. Cash accrual is expected around INR12-20 lakh and will
barely cover term debt obligation. Current ratio was low at 0.91
time as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes BEI will continue to benefit from the
extensive experience of its proprietor.

Rating Sensitivity factors

Upward factors:

* Better financial risk profile, with TOLTNW ratio less than 3
times, enhancing liquidity
* Improvement in the working capital cycle

Downward factors:

* Decline in net cash accrual to below INR5 lakh on account of fall
in revenue or operating profit
* Substantial increase in working capital requirement, weakening
liquidity and financial risk profile

Established in 2010, BEI is owned and managed by Mrs Yakkali Bala
Sulochana. The firm manufactures and trades in writing slates. Its
manufacturing facility is in Markapur, Andhra Pradesh, with
installed capacity of 200,000 slates per day.


CABBANA INFRASTRUCTURES: Ind-Ra Gives 'D' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cabbana
Infrastructures Private Limited (CIPL) a Long-Term Issuer Rating of
'IND D'.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limits (long-term)
     assigned with IND D rating; and

-- INR113.72 mil. Term loan (Long-term) due on August 2024
     assigned with IND D rating.

Key Rating Drivers

The rating reflects CIPL's default on the rated term loan in
February 2023 due to its tight liquidity position, which has led to
the account categorized in SMA 1.

Rating Sensitivities

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

Company Profile

Incorporated in 2008, CIPL is a five-star hotel located in
Jalandhar, Punjab.



CENTURY SHELTORS: Ind-Ra Assigns 'D' NonConvertible Debt Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Century Sheltors
Developers Pvt Ltd (CSDPL) a Long-Term Issuer Rating of 'IND D'.

The instrument-wise rating action is:

-- INR1.50 bil. Non-convertible debentures (long-term)* due on
     September 30, 2024 assigned with IND D rating.

*Yet to be issued

Key Rating Drivers

The ratings reflect CSDPL's delays in debt servicing from December
2022 until 22 February 2023. The pending dues were cleared on 22
February 2023.  CSDPL had previously obtained funding of INR2,550
million through NCDs from Asia Pragati (strategic investor).  The
NCDs had a scheduled repayment in December 2022, which was delayed
by 53 days and subsequently repaid in February 2023. The company
has one ongoing residential project, Century Ethos, in Bangalore,
India.

CSDPL is planning to issue fresh NCDs worth INR1,500 million. The
money raised from the NCDs will be provided to another group
company, Century Silicon City, via intercorporate deposits. The
funding will be used for re-financing the existing loan in the
Century Silicon City.

Rating Sensitivities

Positive: Timely debt servicing for three consecutive months will
result in a rating upgrade.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on CSDPL, due to either their
nature or the way in which they are being managed by the entity.
For more information on Ind-Ra's ESG Relevance Disclosures, please
click here.

Company Profile

Incorporated in 2007, CSDPL is engaged in buying, selling, renting
and operating of self-owned or leased real estate such as apartment
building and dwellings, non-residential buildings, and developing
and subdividing real estate into lots.


DUDHGANGA VEDGANGA: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shree
Dudhganga Vedganga Sahakari Sakhar Karkhana Limited (SDKL) to
'CRISIL B+/Stable Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Sugar Pledge           60        CRISIL B+/Stable (ISSUER NOT  
   Cash Credit                      COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SDKL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SDKL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from SDKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on SDKL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SDKL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'

SDKL was incorporated at Bidri Kolhapur in 1963. The cooperative
society has more than 60,000 members, of which around 60% are cane
growers. The sugar mill has a command area of around 218 villages
near Kolhapur. The chairman, Mr Krishnarao Parasharam Patil is a
former Member of the Legislative Assembly of Radhanagari and
Bhudargad talukas. SDKL produces sugar at its plant in Kolhapur,
and has an installed capacity of 7,500 TCD (expanded from 4,500 TCD
during the previous season).  The sugar mill has a 30 MW captive
power generation capacity, which is fueled using bagasse generated
in sugar production.

The society would be setting up a molasses-based distillery plant
(60 KLPD) during the current season.


FLASH FORGE: CARE Lowers Rating on INR48cr LT Loan to B+
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Flash Forge Private Limited (FFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      48.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/Short     35.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term Bank     82.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers.

CARE Ratings Ltd. had, vide its press release dated February 1,
2022, placed the rating(s) of FFPL under the 'issuer
non-cooperating' category as FFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2022, December 28, 2022, April 06,
2023.

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

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

The ratings assigned to the bank facilities of FFPL have been
revised on account of non-availability of requisite information.
The ratings further factored in decline in scale of operations,
incurring of net losses as well as increase in debt levels during
FY21 compare to FY20.

Analytical approach: Standalone

Outlook: Stable

In 1991, Flash Forge Private Limited (FFPL) was incorporated as a
forging firm and subsequently the company has diversified into a
wide array of Engineering Products, System Equipment, and Turnkey
Project execution straddling four different industries: Defense,
Power, Railway, and Oil & Gas. The company has forayed into the
field of system integration and is also undertaking several system
integration projects for the Indian Navy. The company also does
ship production and ship repair for the Indian Navy.

FUTURE RETAIL: Gets NCLT Approval to Push Resolution Deadline
-------------------------------------------------------------
Financial Express reports that debt-laden Future Retail has
received approval from the bankruptcy court to extend the date to
complete its resolution process by another 90 days to July 15. The
current deadline is April 16.

According to the report, the Mumbai bench of the National Company
Law Tribunal (NCLT), which heard the petition filed by Futture
Retail's resolution professional on April 13, granted the exclusion
of 90 days from the Corporate Insolvency Resolution Process, the
company said in a stock exchange update.

The order was pronounced orally by NCLT on April 13, and a "written
order is awaited", it said.

On April 10, Future Retail had said it has received 49 expressions
of interest from prospective resolution applicants, including from
Reliance Industries, Adani Group and Jindal Power, to acquire its
assets through the ongoing insolvency process, FE notes.

FE relates that Mukesh Ambani-helmed Reliance expressed interest
through Reliance Retail Ventures, the holding company of all its
retail businesses, and Adani Group via April Moon Retail (a joint
venture between Adani Airports and Flemingo Group), after FRL
lenders invited fresh bids.

Others such as UK-based travel retailer WH Smith Travel, JC Flowers
Asset Reconstruction and Burgundy Hospitality have also expressed
interest, according to a provisional list released by the
resolution professional. Future Retail is expected to release a
final list soon, the report says.  

                          About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer.  According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.


G AND T INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G and T
Industries Private Limited (GTIPL) continues to remain in the
'Issuer Not Cooperating' category.

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

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2022, placed the rating(s) of GTIPL under the 'issuer
non-cooperating' category as GTIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GTIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 19, 2022, December
29, 2022, April 6, 2023.

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

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

Tamil Nadu based, G and T Industries Private Limited (GTIPL) was
established in the year 2013 as Private Limited Company, promoted
by Mr. G. Prakash Kumar and family. GTIPL plant is located at
Pulliline Village, Varalakshmi Nagar, Vadaperumbakkam, Chennai,
Tamil Nadu. The company is engaged in manufacturing of electrical
wires like copper wires, winding wires and aluminum wires with an
installed capacity of 200 MT per month. The company started its
commercial operations from October 2016.


GAIA PROPERTIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Gaia
Properties and Infrastructure India Private Limited (GPIIPL) to
'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility      2.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      3.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GPIIPL for
obtaining information through letters and emails dated March 14,
2023 and March 18, 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 GPIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GPIIPL 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 GPIIPL to 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the ratings CRISIL Ratings has consolidated the
business and financial risk profiles of GPIPL and Symbiosis
Properties And Infrastructures India Private Limited (SPIPL)
(together referred as Symbiosis group) as both the companies have
common promoters with significant operational and financial
fungibility.

SPIPL and GPIPL based out of Kozhikode, Kerala is into residential
real-estate development since 2007. It has executed over 3 projects
so far and does project under the brand name - "Good Earth". The
group has one on-going project Good Earth - Barefoot on the Hills.


GANESH RESIDENCY: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Residency LLP (SGRL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.65       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2022, placed the rating(s) of SGRL under the 'issuer
non-cooperating' category as SGRL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SGRL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2022, December 30, 2022, January 9,
2023.

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

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

Shree Ganesh Residency LLP was established as a limited liability
partnership firm in February 2015 and is currently being managed by
Mr. Ashok Kumar Aggarwal, Mr. Anand Kumar Aggarwal and Mr. Kailash
Narayan Gupta sharing profits and losses in 25%, 25% and 50%
respectively. SGR is engaged in real estate business and is
currently developing its residential project named 'Shree Ganesh
Residency' at Jhansi, Uttar Pradesh. Besides SGR, the directors are
also engaged in other group concerns namely Jhansi Hotel, Kailash
Stone Products Private Limited, Sun International School, Shraddha
Marketing and Prachi Medical Agency.


INDIAN STEEL: NCLT Clears ArcelorMittal Unit's Revival Plan
-----------------------------------------------------------
The Economic Times reports that a bankruptcy court on April 13
approved the application of the world's largest steelmaker,
ArcelorMittal, to acquire Indian Steel Corp.

ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT), comprising judicial member Kuldip Kumar Kareer and
technical member Shyam Babu Gautam, cleared ArcelorMittal
subsidiary AM Mining Pvt Ltd's revival plan for Indian Steel.

                         About Indian Steel

Incorporated in 2002, Indian Steel Corporation Limited (ISCL), is
involved in manufacturing cold rolled (CR) coils and sheets along
with galvanised plain (GP), galvanized corrugated (GC) sheets and
colour-coated galvanised sheets. The company's manufacturing
facilities are located at Bhimasar village near Kandla port,
Gandhidham (Gujarat), in proximity to the Mundra port.

ISCL was jointly promoted by the Ruchi Group of Industries, India,
and Mitsui & Co. Ltd., Japan, in 2002. It commenced operations from
2004. Mitsui acquired a 20% stake in the company but sold it in
FY2021.

In FY2021, on a provisional basis, the company reported a net loss
of INR195 crore on an OI of INR776 crore, compared with a net loss
of INR67 crore on an OI of INR902 crore in the previous year.

India Resurgence Asset Reconstruction Company, which is backed by
Bain Capital and Piramal Enterprises, initiated debt resolution
proceedings against the company in October 2021. Ajay Joshi serves
as the resolution professional.

Indian Steel's verified financial creditors' claim stood at
INR2,704 crore, according to The Economic Times of India, citing
disclosure made by the RP. Nearly 70% of the company's verified
debt has been acquired by India Resurgence ARC from various
lenders. Punjab National Bank holds about 20% of the debt.  State
Bank of India, the largest lender exited by selling its INR929
crore debt to India Resurgence ARC for INR360 crore in 2019, a
recovery of 40%, according to ET.

Attempts to recast the company's debt did not progress and by 2018
it defaulted to lenders, the people told ET.  Competition from
global players, cyclical downturns and stretched liquidity profile
affected the company's performance, according to a rating report by
Icra Ltd.


J MODI: CRISIL Assigns D Rating to INR7.34cr Working Capital Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the bank
facilities of J Modi Venture Private Limited. (JMVPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Working
   Capital Facility      0.66        CRISIL D (Assigned)

   Working Capital
   Loan                  7.34        CRISIL D (Assigned)

The ratings reflect the delay in servicing of debt obligation and
modest scale of operations. These weaknesses are partially offset
by extensive experience of the promoters in the iron and steel
trading business.

Analytical Approach

Unsecured loans from related parties, outstanding at INR2.18 crores
as on March 31,2022 have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt obligation:  JMVPL's weak liquidity is
reflected in delay in the repayment of interest payments and
continuous overdrawls beyond 30 days in the cash credit account.

* Modest scale of operations: JMVPL had temporarily suspended
operations post fiscal 2019 owing to multiple shocks from
demonetization, pandemic and the focus on recovering stuck debtors
of over INR23.70 crores as on March 31,2022. Hence, JMVPL's
business risk profile is constrained by its scale of operations in
the intensely competitive steel trading industry. Significant ramp
up in the scale of operations remains a key monitorable in the
medium term.

Strength:

* Extensive experience of the promoters: The promoters' decade long
experience in the steel and iron trading industry has enabled them
a deep understanding of the market dynamics, which should support
its business risk profile in the medium term. With operations
expected to recommence from September 2023 onwards, the promoters
past experience should enable to steadily ramp up in its
operations.

Liquidity: Poor

Liquidity is poor, as reflected by delay in payment of interest
obligations on the cash credit facility and continuous overdrawls
in the cash credit account beyond 30 days.

Rating Sensitivity factors

Upward factors:

* Timely servicing of debt consistently for three months improving
the liquidity profile of the company
* Improvement in business risk profile marked by steady ramp in
scale of operations and operating profitability

JMVPL, incorporated in the year 2011 is engaged in the trading of
iron and steel and is promoted by Mr. Jatin Modi and Ms. Ami Modi.


K R F LIMITED: CARE Lowers Rating on INR24.19cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
K R F Limited (KRFL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.19       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2022, placed the rating(s) of KRFL under the 'issuer
non-cooperating' category as KRFL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KRFL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2022, December 24, 2022, January 3,
2023.

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

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

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a decline in scale
of operations and profitability in FY21.

KRF was incorporated as a proprietorship firm in 1962 and later
converted into public limited company in 1992. KRF is engaged in
the manufacturing of various garment accessories such as woven
labels, printed labels, paper tags, buttons, hangers, bar code
stickers, etc. The company has a total of 9 manufacturing
facilities in Delhi-NCR.

KAILASH TRADING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kailash
Trading Corporation (KTC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 03,
2022, placed the rating(s) of KTC under the 'issuer
non-cooperating' category as KTC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2022, December 30, 2022, April 6,
2023.

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

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

KTC established in 2001 by Mr. K Chandrasekhar is engaged in
trading of engineering and commodity plastics. On the commodity
plastics segment KTC acts as a consignment agent of LG and on the
engineering plastics segment it imports polymers like hostaform,
celanex and sells them to Tier 1 and Tier 2 OEM's of automobile and
electronic industries. The firm operates out of Chennai and has a
warehouse of capacity 4000 sq. Ft.


M A SUSTAINABLE: CRISIL Assigns B+ Rating to INR11.4cr Debt
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of M A Sustainable Recycling LLP
(MASRL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Foreign Exchange
   Forward                 2          CRISIL A4 (Assigned)

   Letter of Credit        6          CRISIL A4 (Assigned)

   Letter of Credit       70          CRISIL A4 (Assigned)

   Proposed Short Term
   Bank Loan Facility      0.6        CRISIL A4 (Assigned)

   Standby Line
   of Credit              11.4        CRISIL B+/Stable (Assigned)

The ratings reflect the exposure to the cyclical and fragmented
nature of the ship-breaking industry, and exposure to regulatory
and environment hazard risk. These weaknesses are partially offset
by the extensive industry experience of the partners and location
of yard at Alang (Gujarat), which has unique geographical features
suitable for ship-breaking operations.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to the cyclical and fragmented nature of ship-breaking
industry: The industry is cyclical in nature and the viability of
ship-breaking business is inversely correlated with the
international freight index. If the freight index is low, revenue
earned by ships declines, and therefore, it is more profitable to
dispose old ships, thus, improving the prospects for the
ship-breaking industry. When the freight index is high, old ships
become costly. Therefore, entities in this segment undertake ship
breaking activities based on the viability of the business in a
particular year, which, in turn, depends on the price of old ships
and steel scrap prices.

The counter-cyclical nature of the business implies that
shipbreaking remains highly susceptible to periods of high economic
activity and results in irregular cash flows. Entities in this
segment must compete with other players when the availability of
vessels is low. The players are also competing with ship breakers
in China, Bangladesh, and Pakistan. Consequently, the availability
of ships and the viability of the business during an uptrend in
global economic activity remains uncertain.

* Exposure to regulatory and environment hazard risk: The
ship-breaking industry is highly regulated with strict working and
safety standards to be maintained by the shipbreakers for their
labourers and environmental compliance. Furthermore, the Government
of India enacted the Recycling of Ships Act, 2019 (Act). The
preamble of this Act mentions that it is an Act to provide for the
regulation of recycling of ships by setting certain standards and
laying down the statutory mechanism for enforcement of such
standards and related matters. Thus, any adverse circumstances or
event may affect business operations of entities.

Strength:

* Extensive industry experience of the partners: The partners' over
two decades of experience in the ship breaking industry; strong
understanding of market dynamics and healthy relationships with
customers and suppliers should continue to support the business.
The partners have established links with cash buyers of ships and
ship-owners, and this will help them to ramp-up operations in this
entity. Further, the firm's group company's yard is Class LR
(Lloyd' Register - UK) certified in addition to Class NK (Nippon
Kaiji Kyokai - Japan) certification, which enables it to bid for
ships at competitive rates.

* Location of yard at Alang, which has unique geographical features
suitable for ship-breaking operations: The unit operates in Alang
ship recycling yard, which already has many re-rolling mills and
steel profile cutters and therefore, has a ready market for its
products. Also, Alang constitutes nearly 90% of India's
ship-breaking activities and is the country's largest ship-breaking
cluster. The unique geographical features of the area include a
high tidal range, wide continental shelf, adequate slope, and a mud
free coast. These conditions are ideal for a wide variety of ships
to be beached easily during high tide. It accommodates nearly 140
plots spread over 10 km stretch along the coast of Alang.

Liquidity: Stretched

In the absence of debt obligation as on March 31, 2023, modest cash
accrual of around INR28 lakh supports liquidity. Partners' fund
support will be available during any exigency. However, capital
infusion from the partners to buy a new vessel remains crucial to
aid liquidity. At present, the entity does not have any inventory
to be dismantled and there are no letters of credit repayment
obligations.

Outlook: Stable

CRISIL Ratings believes MASRL will benefit from the extensive
experience of its partners.

Rating Sensitivity Factors

Upward Factors

* Increase in revenue and profitability, leading to net cash
accrual of more than INR3 crore.
* Improvement in the financial risk profile

Downward Factors

* Rise in leverage to over 3 times or losses on account of low
scrap realisation or volatile foreign exchange rates.
* Significantly low cash accrual during the initial phase of
operations.
* Increase in working capital requirements weakening the financial
risk and liquidity profiles

Established in December 2022, MASRL is owned and managed by Mr
Riyazhusen Sabbirali Masani, Mr Asfaqhusen Sabbirali Masani and Mr
Mohamed Asfaqhusain Masani. MASRL is into ship-breaking and supply
of reconditioning equipment. It operates a shipbreaking plot in
Alang ship breaking yard, which was recently acquired by the Masani
family.


MADHAV COPPER: CRISIL Lowers Rating on INR10cr LT Loan to B
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Madhav Copper Limited (MCL) to 'CRISIL B/Negative'
from 'CRISIL BB-/Negative'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8        CRISIL B/Negative (Downgraded
                                    from 'CRISIL BB-/Negative')

   Proposed Long Term     10        CRISIL B/Negative (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Negative')

The rating action reflects deterioration in business risk profile
and moderate financial risk profile. Company had not generated any
revenue during 9MFY23 against INR123 crore during FY22 due to no
operation in company due to ongoing search of state goods and
service tax (SGST) department. Subsequently company has reported
losses of INR3.26 crore during 9MFY23 (against 2.44 crore in FY22).
Team will continue to monitor impact and outcome of the event.

The rating reflects sharp decline in revenue and profitability and
vulnerability to fluctuations in raw material prices. However,
these weaknesses are partially offset by MCL's moderate financial
profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Sharp decline in revenue and profitability: During fiscal 2022,
revenue of company declined sharply from INR384 crore in FY21 to
INR123 crore. Due to ongoing investigation, company had not
generated any revenue during 9MFY23. Simultaneously, company
incurred losses of INR3.26 crore during 9MFY23.

* Susceptibility to volatile raw material prices: Key input,
copper, is an open market commodity, traded globally on exchanges.
Hence, its prices are volatile, and affected the margin of company.
This, coupled with intense competition, affects growth in revenue
and profitability.

Strengths:

* Moderate financial risk profile: MCL had a net worth of INR44.21
and gearing of 0.15 times as on March 31, 2022. Debt protection
metrics were average, with interest coverage and net cash accrual
to total debt ratios of 2.1 times and over 0.07 times,
respectively, for fiscal 2022. CRISIL rating believes that
financial risk profile will continue to remain moderate supported
by networth.

Liquidity: Stretched

Bank limit utilisation is moderate below 5% of the sanctioned INR8
crore limit. Cash accruals are expected negative over the medium
term against no repayment obligations. Low gearing and moderate net
worth support its financial flexibility. However, the overall
liquidity remains contingent to the outcome of the ongoing GST
evasion investigation and the final liability on the company.

Outlook: Negative

CRISIL Ratings believes that ongoing investigation may continue to
disrupt the normal operations and adversely impact the financial
profile.

Rating Sensitivity factors

Upward factors

* Favourable outcome in the ongoing investigation
* Sustained revenue growth of 20%, backed by higher volume, with
steady margin
* Significant and sustained improvement in the working capital
cycle resulting in better return ratio

Downward factors

* Stretch in working capital cycle with gross current assets of
over 120 days, indicating weakening of business profile
* Implication of company in the investigation and imposition of
high penalties.

MCL was set up as a private limited company in 2012 and
reconstituted as a public limited company in 2017. Promoted by Mr
Nilesh N Patel, Mr Rohit B Chauhan, and Ms Divya A Monapara,
Bhavnagar (Gujarat)-based MCL manufactures and trades in enameled
and submersible wires. It is a part of the Madhav group.


MALWA FRESH: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Malwa
Fresh Foods (MFF) to 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Long Term Loan         5         CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              2.45      CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             12.77      CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MFF for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of MFFto confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from MFF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on MFF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of MFF
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

MFF was set up in December 2013 as a partnership firm by Mr. Rahul
Garg, Mr. Amit Garg, Mr. Sukhwinder Singh, Mr. Ajay Gupta and Mr.
Inderjit Singh. The firm has set up a controlled-atmosphere cold
storage facility with capacity of 6500 tonnes (with 32 chambers) at
Rampura Phul, Punjab. Commercial operations began in April 2017. It
provides cold storage facility for potatoes and apples, along with
other products, for institutional customers. The firm also trades
in fruits and vegetable and will use 50% of the capacity post
expansion by 1,000 tonne in fiscal 2020 for trading stock.


O2Z TRADING: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of O2z
Trading & Industries Private Limited (O2Z) to 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        38.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with O2z for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of O2Z to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from O2Z, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on O2Z is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of O2Z
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'

O2Z was incorporated in 2013 by the Zaroo family. The company is
primarily into the export of Kashmiri handicraft items crafted by a
group of 200 local artisans. O2z has its showrooms in Mumbai,
Delhi, Muscat, Kuwait & UAE. O2Z has recently completed
construction of a 5 MW hydro power plant on a small tributary river
of Ahlan at Ichoo district of Anantnag in J&K. The project was
commissioned in March 2020 and is promoted by Mr. Obaid Ishaq Zaroo
and Mr. Ovaice Ishaq Zaroo.


OSHINA EXPO: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oshina Expo
Private Limited (OEPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

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

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2022, placed the rating(s) of OEPL under the 'issuer
non-cooperating' category as OEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. OEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 13, 2022, December 23, 2022, January 2,
2023.

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

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

Oshina Expo Private Limited (OEPL) was established as a
proprietorship concern in 2002 by Mr Samit Jain and his family and
the firm was converted in 2012 into a private limited company. OEPL
is engaged in the business of trading (constitutes 100% of total
sales) of footwear such as shoes, sandals and slippers, etc. for
both men and women. The company has four associate companies M.B.
Rubber Pvt. Ltd, JRS Footwears Pvt. Ltd, Lakhani Infinity Footcare
Pvt. Ltd and Zee Footwears Pvt. Ltd. which are engaged in the same
line of business.

OSIAN COMMOTRADE: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Osian Commotrade
Private Limited (OCPL) to 'CRISIL D/CRISIL D; issuer not
cooperating' from 'CRISIL B/Stable/CRISIL A4; issuer not
cooperating'. The downgrade reflects delay in debt servicing.

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

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with OCPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 OCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OCPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information, CRISIL
Ratings has downgraded the ratings to 'CRISIL D/CRISIL D; issuer
not cooperating' from 'CRISIL B/Stable/CRISIL A4; issuer not
cooperating'

The downgrade reflects delay in debt servicing.

OCPL was incorporated on March 31, 2010, promoted by Mr Pankaj
Baid. The company trades in multiple products such as plastic
granules, hard coke, steel and steel spares, cotton yarn, synthetic
yarn, and agricultural commodities such as pulses, rice, and cashew
nuts, in the domestic market.


PYRO ELECTRIC: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pyro
Electric Instruments Goa Private Limited (PEIGPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.93       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      9.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 4,
2022, placed the rating(s) of PEIGPL under the 'issuer
non-cooperating' category as PEIGPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PEIGPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a
letter/email dated December 21, 2022, December 31, 2022, January
10, 2023.

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

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

Pyro Electric Instruments Goa Private Limited (PEIGPL) is a Goa
based, company incorporated in June 1991 by Shri Madhusudan D.
Bichu, his sons, and Kawaso Japan Electric Industrial Co Ltd which
holds a 10% stake. The entity is engaged in the manufacturing of
temperature sensors at its manufacturing facility located at
Bicholim, Goa. PEIGPL was also engaged in trading of temperature
and pressure gauges. The Pyro group has 5 entities with PEIGPL as
its flagship company. The group has 6 manufacturing plants in India
and Joint Ventures (JV) partners in USA, UK, and Japan. Further,
the company has agent and partners in Malaysia, Middle East,
Thailand and S Korea. PEIGPL procures raw material i.e. Flanges,
Round Rods, Transmitters, Elements, MI Cable from the domestic
supplier based out in Mumbai, Maharashtra, Gujarat and imports from
Germany, Sweden and UK. The company sells its finished products to
refineries, petrochemical plants, power plants, metallurgical
industries, and nuclear power plants PAN India and exports 14 –
15% to Japan, UAE and OMAN, amongst others.


RNP SCAFFOLDING: CRISIL Withdraws B+ Rating on INR25cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
RNP Scaffolding & Formwork Private Limited (RNP) on the request of
the company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting        5        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            25        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RNP for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 RNP. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on RNP is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
continued the ratings on the bank facilities of RNP to 'CRISIL
B+/Stable Issuer not cooperating'.

RNP was established as a private-limited company in 2013 and
started operations from January 2014. It manufactures aluminum
scaffolding and formworks used in construction, real estate and
industrial sectors; it also trades in steel pipes. Operations are
managed by the director, Mr Ramesh Patil.


SAI LEKSHMI: CRISIL Lowers Rating on LT/ST Debts to D
-----------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Sai Lekshmi Foods (SLF) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to NPA classification of its account.

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

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SLF for
obtaining information through letters and emails dated July 12,
2022, September 14, 2022, and April 11, 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 SLF, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that the rating action on SLF is
consistent with 'Assessing Information Adequacy Risk'. Based on
best-available information, CRISIL Ratings has downgraded its
rating on the bank facilities of SLF to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to NPA classification of its account.

Set up as a proprietorship firm in 1996, SLF processes raw cashew
nuts and sells cashew kernels. SLF operates seven facilities in
Kollam (Kerala) with combined processing capacity of around 10
tonnes per day. Its operations are managed by proprietor Mr. N
Krishnan Kutty.


SAMMAN LAL: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samman Lal
Sher Singh Papers Private Limited (SLSSPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2022, placed the rating(s) of SLSSPPL under the 'issuer
non-cooperating' category as SLSSPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SLSSPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2022, January 5,
2023, January 15, 2023.

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

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

Samman Lal Sher Singh Papers Private Limited (SLSSPPL) was
established in 1962 and is engaged in the distributorship of paper
and paper-based products including paper, duplex boards, folding
box boards, dairy products etc. The company is managed by Mr.
Shanti Kumar Jain, chairman of the company, who has been associated
with (SLSSPPL) since 1972 and Mr. Mukul Gupta, the Managing
Director, associated with SLS since 1984.


SANTHIGIRI AYURVEDA: CRISIL Reaffirms D Rating on INR6.7cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the bank
facilities of Santhigiri Ayurveda Siddha Vaidyasala (SASV).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.7        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.3        CRISIL D (Reaffirmed)

The rating reflects delay in servicing of debt obligations, modest
scale of operations, limited geographical diversity and aggressive
capital structure. These weaknesses are partially offset by
established distribution network of being a part of the Santhigiri
Ashram and healthy debt protection metrics

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt obligations: SASV has delayed
servicing its term loan obligation in February 2023 due to
lower-than-expected revenues and high fixed costs leading to lower
net cash accruals.

* Modest scale of operations: Revenue was modest at INR38 crore in
fiscal 2022, expected to be around Rs. 45-50 crore in fiscal 2023.
Intense competition, from other local players offering Ayurvedic
formulations and treatments, may continue to constrain scalability,
pricing power and profitability.

* Limited geographical diversity: The society derives almost 80% of
its revenue from Kerala, and thus, faces high geographical
concentration risk. Hence, revenue growth will continue to get
constrained due to limited presence in other geographies and any
change in preference of customers.


* Aggressive capital structure: Moderate networth estimated at 5-6
crores as on March 31,2023 (INR1.75 crore as on March 31,2022) and
high reliance on outside borrowings alongwith stretch creditors
(158 days as on March 31,2022)  has kept the capital structure
leveraged.  . While gearing is expected to improve   to below 2
times as on March 31, 2023 (7.42 times as on March 31 2022) ,
driven by  steady accretion to reserves, the sustenance of the same
would be key monitorable for the medium term.

Strengths:

* Established distribution network: Association with the Santhigiri
Asharam has helped the society build a vast distribution network,
comprising 27 centers and nearly 600 medical representatives. The
established distribution network has resulted in steady demand for
its product. It has a diversified product profile with around 500
ayurveda hereditary medicines. The established distributorship
network supports the company's business risk profile in the medium
term.

* Healthy debt protection metrics: Debt protection metrics are
comfortable marked by estimated interest coverage and net cash
accrual to adjusted debt ratios of above 6 times and 0.5 times for
fiscal 2023, compared to 4.78 times and 0.34 times for fiscal 2022.
Steady profitability should help the company to continue to
maintain debt protection measures in similar range over the medium
term

Liquidity: Poor

Liquidity is likely to remain under pressure over the medium term.
Bank limit was fully utilised for the 12 months through January
2023.

Rating Sensitivity factors

Upward Factors:

* Timely repayment of debt obligations for 90 days
* Improvement in working capital cycle and liquidity profile

SASV was set up in 1978 by Navajyothisree Karunakara Guru, founder
of Santhigiri Ashram. The society manufactures ayurvedic medicines
at its facility in Thiruvananthapuram; it also provides ayurvedic
treatments through 27 centers.


SMT. BHARTO: CARE Lowers Rating on INR7.50cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Smt. Bharto Devi Educational Trust (SBDET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 25,
2022, placed the rating(s) of SBDET under the 'issuer
non-cooperating' category as SBDET had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SBDET continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 11, 2023, January 21,
2023, January 31, 2023.

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

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

Gurugram, Haryana based Smt. Bharto Devi Educational Trust (SBDET)
was established in 2017. Mr. Yogesh Dahiya is the trustee of the
trust and the trust was setup with an objective to provide
educational services. SBD operates as school in the name of
"Imperial Heritage School" in Sector – 4, Gurugram. The school
provides primary and secondary education from Nursery to IX
standard and is affiliated with The Central Board of Secondary
Education (CBSE). SBDET has gradually expanded the scale of
operations over the years and had total student strength of 268
during academic year 2020-21. Moreover, the trust has also filed
application for the affiliation of XII standard.

SUSHEELA TEXFAB: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Susheela
Texfab Private Limited (STPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2022, placed the rating(s) of STPL under the 'issuer
non-cooperating' category as STPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. STPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2022, December 16, 2022, December
26, 2022.

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

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

Pilkhuwa (Uttar Pradesh) based Susheela Texfab Private Limited
(STPL) was incorporated in 2012 by Mr Anil Kumar Tanwar and Mr
Randheer Singh Rana. SPL is currently engaged in manufacturing of
various types of knitted fabrics. The manufacturing unit is located
at Pilkhuwa, Uttar Pradesh, with installed capacity of 3,500 metric
tonne per annum as on February 28, 2018. The major raw materials
are cotton yarn and dyes which the company procures from various
spinning mills across the country. The company caters to domestic
as well as international market.

TRINITY CLEANTECH: CRISIL Reaffirms B+ Rating on INR6.5cr Debt
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Trinity Cleantech Pvt Ltd (TCPL). The ratings also reflect TCPL's
small scale of operations in the intensely competitive transformers
industry and large working capital requirement. These weaknesses
are partially offset by the extensive experience of the promoter,
his healthy relationships with customers and suppliers and TCPL's
above-average financial risk profile

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         12        CRISIL A4 (Reaffirmed)
   
   Bank Guarantee          8        CRISIL A4 (Reaffirmed)
  
   Cash Credit             4.5      CRISIL B+/Stable (Reaffirmed)

   Cash Credit             6.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        3.6      CRISIL A4 (Reaffirmed)

   Letter of Credit        2.4      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3        CRISIL B+/Stable (Reaffirmed)

Analytical Approach

Unsecured loans of INR54 crore as on March 31, 2022, from the
promoters have been treated as neither debt nor equity as these are
expected to remain in the business and are interest-free.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations in the intensely competitive
transformers industry: Intense competition continues to constrain
scalability, and therefore, pricing power and profitability.
Revenue is 33.24 crore in fiscal 2022.

* Large working capital requirement: Operations are working capital
intensive as reflected in gross current assets of 448 days as on
March 31, 2022. Its large working capital management requirements
arise from its high debtors of 135 days as on March 31, 2022. The
firm relies on its creditors which were around 31 days as on March
31, 2022 and its bank lines to finance its working capital
requirements.

Strengths:

* Extensive experience of the promoter and his healthy customer and
supplier relationships: Benefits from the promoter's experience of
around three decades and his healthy relationships with suppliers
and customers should continue to support the business risk
profile.

* Above-average financial risk profile: Networth and gearing are
expected to be moderate at INR23.88 crore and 0.28 times,
respectively, as on March 31, 2023. Interest coverage and total
outstanding liabilities to tangible networth ratios are expected to
remain subdued at 1.92 time and 0.14 time, respectively, in fiscal
2023. The metrics are expected to improve gradually, backed by ramp
up in revenue and repayment of loans.

Liquidity: Stretched

Bank limit utilisation is moderate at around 63 percent for the
past twelve months ended January 2023. Cash accrual are expected to
be over INR2-4 crore which are sufficient  against term debt
obligation of INR1 crore over the medium term. In addition, it will
be act as cushion to the liquidity of the company.

Current ratio are healthy at 5.73 times on March31, 2022.

The promoters are likely to extend support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes TCPL will continue to benefit from the
extensive experience of the promoter.

Rating Sensitivity factors

Upward factors:

* Decline in GCAs to below 250 days
* Sustained revenue growth and stable profitability, leading to
higher cash accrual

Downward factors:

* Decline in revenue by 25% and operating margin by 200 basis
points
* Increase in working capital requirement, leading to further
stretch in liquidity

Established in 2012, TCPL manufactures amorphous metal distribution
transformers. Commercial production began in February 2016 and
operations are managed by Mr LP Sashi Kumar. In fiscal 2020, the
company also ventured into setting up infrastructure such as
charging stations for electric vehicles.


VALUVANADU CAPITAL: CRISIL Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility and non convertible debentures of
Valuvanadu Capital Limited (Valuvanadu Capital)

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable (Assigned)


The rating primarily takes into weak asset quality, average
resource profile and modest earnings profile. These weaknesses are
partially offset by the extensive experience of the promoters &
management, adequate capital position backed by regular equity
infusion.

Valuvanadu Capital started its operations during fiscal 2021 and
established its presence across the state of Kerala within 5
districts viz Malappuram, Coonoor, Thrissur, Calicut, and Palakkad.
The company operates out of 23 branches in these regions. It mainly
offers 4 types of loans i.e. Gold loan (72%), Mortgage loan (1%),
Business loan (11%) and Personal loan (16%). As on September 22,
their AUM Loan Book stands at INR27.7 crore (INR14.7 crore as of
March 2022).

Analytical Approach

For arriving at the rating, CRISIL Ratings has evaluated the
standalone business and financial risk profile of Valuvanadu
Capital.

Key Rating Drivers & Detailed Description

Weakness:

* Weak asset quality: The company reports GNPA at 90+dpd. As of
December 31, 2022, 90+dpd & 180+dpd stood at 38% & 14%,
respectively as against 40% & 17% as on September 30, 2022. And as
on March 31, 2022, 90+dpd stood at 5% & 180+dpd stood at 3%as
against on March 31, 2021, 90+dpd stood at 51% and 180+dpd stood at
nil and. The asset quality of the company is very volatile since it
is a new business which is establishing itself. Since, the company
is majorly into gold loans, its chances of incurring ultimate
losses is very low.
* Average resource profile: The company is funded by Subordinated
debt and NCDs in fiscal 2022. Prior to that, it had no external
borrowings and was funded by the capital infused by promoters.
Valuvanadu Capital is in the process to raise more funds through
external borrowings from banks. It now in the process of developing
banking relations with South Indian Bank & Catholic Syrian Bank.

* Modest earnings profile: The company reported a profit of INR0.17
crore as of September 2022. The company has been reporting profits
for last 2 years i.e., fiscal 2022, the PAT was 0.007 crores &
fiscal 2021, the PAT was 0.04 crores. The earnings profile
evidenced by a RoA of 1% as on September 30, 2022. The operating
cost stood at 7.7% as on September 30, 2022 as against 5.7% as of
March 2022

Strengths:

* Strong profile of board of directors and extensive experience of
the promoters: The promoters have a vast experience in the lending
space of more than 20 years. Mr Nidheesh P.C, the Managing
director, He has been associated with the Company since inception
as promoter & he was also associated with Mannapuram for 16 years
before this as regional branch manager & later, as CEO of an NBFC
segment. Other directors have also been associated with NBFCs
lending space.

* Adequate capital position along with regular equity infusion: The
capital position is adequate with comfortable net worth and gearing
of INR6.0 crore and 4.3 times respectively as on September 30,
2022, and as on March 31, 2022, the networth stood at INR3.3 crores
and the gearing was 4.6 times. The steady state gearing is expected
to be always maintained below 5 times. The promoters have infused
equity in fiscal 2022 of INR1.17 crore & have again infused capital
in the H1 of fiscal 2023 of INR2.5 crores. They infused another 1
crore in December 2022. The promoters have plan to infuse further
3-3.5 crores in the coming fiscal.

* Growing scale of operations: Valuvanadu Capital commenced its
operations in October 2020 i.e., after the pandemic. As on December
31, 2022, the AUM stood at INR37.63 as against September 30, 2022,
the AUM stood at INR27.7 crore and INR14.7 crore as on March 31,
2022, registering in a growth of more more than 200%. There has
been a growth in disbursement as well. As on September 30, 2022, it
disbursed INR31.2 crore as against INR17.8 crore on March 31, 2022.
The company deals with Gold loan, Mortgage loan, Business loan, and
Personal loan, though company expects to focus on gold loan going
forward, keeping the gold loan proportion to at least 90%.
Geographically they are concentrated in Kerala with 23 branches,
but they plan on expanding to newer geographies being Karnataka,
Tamil Nadu & Telangana in coming fiscal.

Liquidity: Stretched

Company's Liquidity profile remains stretched with the liquid
balance being 8.3 crore as on February 28, 2023 against the debt
obligations & operating expenses of 2.1 crores for the next two
months. The current liquidity position of the company remains at a
cover of 4.1 times considering collections.

Outlook: Stable

CRISIL Ratings believes that the company will benefit from its
adequate capital position over medium term and support from
promoter will also continue.

Rating Sensitivity Factors

Upward factor:

* Improvement in asset quality, with gross non-performing assets
(90+ dpd) consistently below 5%
* Improvement in scale of operations with gearing remaining below 4
times
Substantial improvement in earnings profile, with return on assets
maintained above 2%

Downward factor:

* Moderation in the capitalisation metrics, with significant jump
in gearing to over 6 times while scaling up the portfolio.
* Significant deterioration in asset quality thereby impacting
capitalisation or earnings

Valuvanadu Capital Limited is an unlisted public company
incorporated on 16th April 1986. It is classified as a public
limited company and has its registered office in New Delhi. They
received their NBFC license in November 2020 and started its NBFC
operations in October 2021. The promotors & management of the
company have vast experience of around 22 years in the field of
gold loan financing.


VEDANTA LTD: $150M Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which Vedanta Ltd is a
borrower were trading in the secondary market around 84.4
cents-on-the-dollar during the week ended Friday, April 14, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $150 million facility is a Term loan that is scheduled to
mature on July 26, 2026.  The amount is fully drawn and
outstanding.

Vedanta Limited is an Indian multinational mining company
headquartered in Mumbai, India, with its main operations in iron
ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and
Odisha. The Company's country of domicile is India.

VEDANTA LTD: $50M Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which Vedanta Ltd is a
borrower were trading in the secondary market around 84.4
cents-on-the-dollar during the week ended Friday, April 14, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $50 million facility is a Term loan that is scheduled to mature
on July 26, 2026.  The amount is fully drawn and outstanding.

Vedanta Limited is an Indian multinational mining company
headquartered in Mumbai, India, with its main operations in iron
ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and
Odisha. The Company's country of domicile is India.




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

TEPCO HOLDINGS: S&P Withdraws 'B' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings has withdrawn its issue credit rating on the
domestic commercial paper program established by Tokyo Electric
Power Co. Holdings Inc. (Tepco Holdings) (BB+/Negative/B) at the
company's request.

At the time of withdrawal, the issue credit rating was 'B'.




===============
M A L A Y S I A
===============

AIRASIA X: Seeks New Extension to Submit PN17 Regularisation Plan
-----------------------------------------------------------------
Free Malaysia Today reports that AirAsia X Bhd (AAX) has submitted
an application to Bursa Securities for a further three-month
extension from April 29, 2023 until July 28, 2023 for the carrier
to submit its Practice Note 17 (PN17) regularisation plan.

Free Malaysia Today relates that the company had previously
submitted an application for a six-month extension up to April 28,
2023 for it to submit its regularisation plan and the stock
exchange approved this application, AAX said in a filing with Bursa
Malaysia on April 13.

Capital A and AAX are currently working on their respective
regularisation plans which entail the potential disposal of Capital
A's aviation assets to AAX.

The deadline falls on April 28 for AAX to submit its plan to Bursa
Securities, followed by July 7 for Capital A, the report notes.

Capital A fell into PN17 status on Jan. 14, 2022, while AAX did so
on Oct. 27, 2021, after huge pandemic-related losses which resulted
in negative shareholders equity for both companies.

AirAsia X Bhd (AAX) recently posted a net profit of MYR153.48
million for its sixth quarter (Q6) ended Dec 31, 2022 on the back
of strong revenue of MYR339.29 million, the report discloses.

Free Malaysia Today says the mid-range affiliate airline of AirAsia
Aviation Group also carried 337,638 passengers during the quarter,
boosted by the year-end peak travel season.

There are no comparative figures as AAX's financial period was
changed from Dec. 31, 2020 to June 30, 2021.

                          About AirAsia X

AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a
long-haul, low-cost airline operating primarily in the Asia-Pacific
region.

AAX had triggered the criteria for PN17 classification in October
2021, after its external auditors, Messrs Ernst & Young PLT, had
expressed a disclaimer of opinion in the airline's audited
financial statements for the 18-month financial period ended  June
30, 2021. It has up to 12 months to regularise its condition from
Oct. 29, 2021.




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

ABBOTTSWAY GARDEN: Court to Hear Wind-Up Petition on May 5
----------------------------------------------------------
A petition to wind up the operations of Abbottsway Garden Nz
Limited will be heard before the High Court at Auckland on May 5,
2023, at 10:45 a.m.

Auckland Council filed the petition against the company on Feb. 7,
2023.

The Petitioner's solicitor is:

          Kelly Frances Quinn
          135 Albert Street
          Auckland


BROOKSIDE FARM: Creditors' Proofs of Debt Due on May 29
-------------------------------------------------------
Creditors of Brookside Farm Trust Limited are required to file
their proofs of debt by May 29, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 3, 2023.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051


NEW LINE: Court to Hear Wind-Up Petition on April 26
----------------------------------------------------
A petition to wind up the operations of New Line Ceilings Limited
will be heard before the High Court at Wellington on April 26,
2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 16, 2023.

The Petitioner's solicitor is:

          Deepika Belinda Padmanabhan
          Legal Services, 11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


REDEMPTION SOLUTIONS: Creditors' Proofs of Debt Due on May 10
-------------------------------------------------------------
Creditors of Redemption Solutions Limited are required to file
their proofs of debt by May 10, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 3, 2023.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


WAIKLEEN WATERBLASTING: Court to Hear Wind-Up Petition on April 28
------------------------------------------------------------------
A petition to wind up the operations of Waikleen Waterblasting
Limited will be heard before the High Court at Auckland on April
28, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 23, 2022.

The Petitioner's solicitor is:

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




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

JUNTOSTARC PTE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Juntostarc Pte Ltd, on April 5, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Saw Meng Tee
          Lim Bee Lian
          EA Consulting
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


ONB TECHNOLOGIES: Court to Hear Wind-Up Petition on April 21
------------------------------------------------------------
A petition to wind up the operations of ONB Technologies Pte Ltd
will be heard before the High Court of Singapore on April 21, 2023,
at 10:00 a.m.

Europ Assistance Holding S.A. filed the petition against the
company on March 30, 2023.

The Petitioner's solicitors are:

          FC Legal Asia LLC
          36 Armenian Street
          #03-03, Singapore 179934


PANORAMA (S84): Court to Hear Wind-Up Petition on April 21
----------------------------------------------------------
A petition to wind up the operations of Panorama (S84) Pte Ltd will
be heard before the High Court of Singapore on April 21, 2023, at
10:00 a.m.

Goh Thiam Chwee filed the petition against the company on March 30,
2023.

The Petitioner's solicitors are:

          CTLC Law Corporation
          No. 3 Raffles Place
          #06-01 Bharat Building
          Singapore 048617


SOLAR HOME: Commences Wind-Up Proceedings
-----------------------------------------
Members of Solar Home Pte Ltd, on April 10, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          EA Consulting
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


WILLEAD PROPERTIES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Willead Properties Pte Ltd, on April 12, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mdm Goh Hwee Cheng
          10 Jalan Besar
          #15-06 Sim Lim Tower
          Singapore 208787




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

BALAAN CO: Faces Uncertain Future as Operating Loss Doubled
-----------------------------------------------------------
The Korea Times reports that the online luxury goods shopping
platform Balaan is facing growing doubts over the feasibility of
its business after its operating loss doubled last year, from 2021,
due to high marketing and advertising expenses, according to
industry officials April 13.  According to the report, the
company's auditor Samdo Accounting's remarks that questioned
Balaan's financial viability have further fueled concerns over the
luxury goods sales platform.

Balaan's sales grew 71 percent in 2022 to KRW89.1 billion ($67.91
million) from 2021, with its transaction value also jumping 127
percent to reach KRW680 billion.

However, the company's operating loss doubled from KRW18.6 billion
in 2021 to KRW37.4 billion in 2022. Balaan's net loss also
increased two-fold from KRW19 billion to KRW38 billion, over the
same period, the Korea Times discloses.

"Balaan's current financial status indicates that there are
significant uncertainties that could raise questions about its
viability as a continuing company," Samdo Accounting Firm said in a
report filed to DART, the Financial Supervisory Service's
electronic disclosure board, the Korea Times relays.

The Korea Times says Balaan's high spending on advertisements led
to its increased operating losses. The luxury shopping platform
spent 38.6 billion won on advertising last year, double the amount
it spent in the previous year.

The company hired renowned actress Kim Hye-soo as its commercial
model in September 2021 to focus on raising brand awareness. Its
aggressive marketing was a prerequisite to compete against big
rivals such as Tren:be and Must It.

Until last year, Balaan's expenditure to expand its business
exceeded that of the investment it received - affecting its
cashable assets to decrease sharply from KRW21.3 billion in late
2021 to KRW3.2 billion in late 2022.

But Balaan paints a less dire picture.

"(Samdo Accounting Firm's assessment) was made based on accounting
standards, not to warn that the company is at actual risk. The
auditor only gave its opinion to give additional information that
it required, so it is reflected as an 'appropriate opinion' in the
report," the report quotes a Balaan official as saying.

The firm will start minimizing its spending on marketing and focus
on securing financial solvency this year, the report notes. The
company ended its advertisement contract with actress Kim last
year. It also attracted a Series C investment of KRW25 billion
earlier this month to raise funds for debt repayments, the report
notes.

Based in Seoul, South Korea, Balan is an online fashion marketplace
that connects luxury Europe boutiques with millennials around the
world.




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

SRI LANKA: Bondholders Send Debt Rework Proposal to Government
--------------------------------------------------------------
Reuters reports that a committee of Sri Lanka's international
private creditors sent its first debt rework proposal to the
country's authorities regarding more than $12 billion in bonds
outstanding, according to three sources with direct knowledge of
the matter.

It is the first bondholder proposal after the island nation of 22
million people defaulted on its debt a year ago. It marks a first
formal step to engage with the country's authorities, said one of
the people, who asked not to be named because discussions are
private, Reuters relays.

Details of the proposal were not immediately available.

According to Reuters, the group of about 30 creditors includes
global investment companies Amundi Asset Management, BlackRock, HBK
Capital Management and T. Rowe Price Associates.

Bondholders and government officials met in Washington last week,
with legal and financial advisers for both sides present, two
sources said.

Separately, the Paris Club of creditor governments said on April 14
it aims to start negotiations to restructure Sri Lanka's bilateral
debt after a committee was set up by French, Japanese and Indian
finance ministers, and representatives of Sri Lanka, Reuters
reports.

China, Sri Lanka's biggest bilateral creditor, did not join the
announcement even though it holds the key to solving debt woes for
some low- and middle-income countries.

"If we can cooperate, if we can equally and fairly share the
burden, I think we can solve the problem," Reuters quotes People's
Bank of China Governor Yi Gang as saying in a seminar during the
International Monetary Fund and World Bank spring meetings in
Washington, when asked whether China could join a Japan-initiated
common platform to coordinate restructuring of Sri Lanka's debt.

After the COVID-19 pandemic that ruined the tourist sector, a spike
in prices of imports following the start of the war in Ukraine, and
economic mismanagement, Sri Lanka fell into its worst financial
crisis in more than seven decades.

The country secured last month a $2.9 billion program from the IMF
to tackle its huge debt burden, Reuters notes.



                           *********


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
Peter Chapman at 215-945-7000.



                *** End of Transmission ***