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

                     A S I A   P A C I F I C

          Wednesday, May 31, 2023, Vol. 26, No. 109

                           Headlines



A U S T R A L I A

C & N BAY: First Creditors' Meeting Set for June 5
DIVINE COMPANY: Second Creditors' Meeting Set for June 9
MADE BY COW: Collapses Into Voluntary Administration
MOOCHIES HOLDINGS: First Creditors' Meeting Set for June 7
PINDAN ASSETS: Second Creditors' Meeting Set for June 6

SLATTER GROUP: Appoints Ernst & Young as Liquidators
SOUTH LAKE: First Creditors' Meeting Set for June 8


B A N G L A D E S H

BANGLADESH: Receives JPY331 Billion Aid from Jica


C H I N A

DONGFENG LIGHTWEIGHT: Dongfeng Auto Distances Itself From Firm
NEW CHINA: Court Declare Trust Firm Bankrupt
WUHAN: Finance Regulator Urges Hundreds of Firms to Repay Debt


I N D I A

ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
AGRAWAL IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
ASANSOL MUNICIPAL: CRISIL Assigns C Rating to INR10cr LT Bond
BALDOVINO: CRISIL Keeps D Debt Ratings in Not Cooperating
BASE ELECTRICAL: Liquidation Process Case Summary

GO FIRST: Executives Discuss Revival Plans With DGCA Officials
INFINIA SOLUTIONS: Insolvency Resolution Process Case Summary
KABBAGE INDIA: Voluntary Liquidation Process Case Summary
KALPANA NATURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KAMAKSHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating

KASUKURTHI SUJATHA: CRISIL Keeps D Ratings in Not Cooperating
KRC CONSTRUCTIONS: Ind-Ra Moves BB- Rating to Non-Cooperating
KRISHNAGAR BAHARAMPORE: CRISIL Keeps D Ratings in Not Cooperating
LAMIYA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
LEELAP CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating

LHASA HOTEL: CRISIL Keeps D Debt Rating in Not Cooperating
LINERS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
M/S KAVERI: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
MAESTRIA PAINTS: Liquidation Process Case Summary
MAGNA RESEARCH: Liquidation Process Case Summary

NAVAGIRI SPINNING: Ind-Ra Assigns B+ Bank Loan Rating
PCP INTERNATIONAL: CRISIL Lowers Rating on LT/ST Debt to D
PJM MINERALS: Insolvency Resolution Process Case Summary
PN WRITER: Ind-Ra Cuts Long Term Issuer Rating to 'D'
POWER MAX: Insolvency Resolution Process Case Summary

RADHEY GOVINDAM: CRISIL Withdraws D Rating on INR13cr LT Loan
RENAISSANCE URBAN: Insolvency Resolution Process Case Summary
ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
RUDRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
S. GANESH: CRISIL Keeps D Debt Ratings in Not Cooperating

S.R.K. FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAPNA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
SEVEN SEAS: CRISIL Keeps D Ratings in Not Cooperating Category
SHAHJAHANPUR EDIBLES: CRISIL Keeps D Ratings in Not Cooperating

SHANTI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SIDDHIVINAYAKA AGRO: CRISIL Keeps C Ratings in Not Cooperating
SSMP INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
STANDARD AUTOGEARS: CRISIL Keeps D Ratings in Not Cooperating
STEELWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating

SUSHITEX INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SUSTAINABLE AGRO: Ind-Ra Keeps D Issuer Rating in NonCooperating
SWARNA ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating
TREVA HEALTH: Voluntary Liquidation Process Case Summary
WRITER LIFESTYLE: Ind-Ra Cuts Long Term Issuer Rating to 'D'



M A L A Y S I A

MEDIA CHINESE: Net Loss Widens to MYR9.4MM in 4Q Ended March 31


N E W   Z E A L A N D

K & R HAULAGE: Creditors' Proofs of Debt Due on July 6
MANKIND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
ODL CONSTRUCTION: Creditors' Proofs of Debt Due on June 14
SYNERGY INVESTMENTS: Court to Hear Wind-Up Petition on June 27
WOLF DEVELOPMENTS: Court to Hear Wind-Up Petition on July 6



P H I L I P P I N E S

DITO TELECOMMUNITY: Renews US$1.175B Bridge Facility With Lenders


S I N G A P O R E

ASTER MARINE: Final Meeting Set for June 27
G9 SINGAPORE: Creditors' Proofs of Debt Due on June 27
LIVING SOLUTIONS: Creditors' Proofs of Debt Due on June 30
PWC ADMINISTRATION: Members' Final Meeting Set for June 30
UNITED GLOBAL: Commences Wind-Up Proceedings


                           - - - - -


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

C & N BAY: First Creditors' Meeting Set for June 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of C & N Bay
Investments Pty Ltd will be held on June 5, 2023, at 10:00 a.m. via
virtual meeting only.

Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of the company on May 24, 2023.


DIVINE COMPANY: Second Creditors' Meeting Set for June 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Divine
Company Pty Ltd has been set for June 9, 2023 at 11:00 a.m. via
virtual meeting by Zoom 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 June 8, 2023 at 5:00 p.m.

Desmond Teng and John Refalo of Moore Recovery were appointed as
administrators of the company on May 5, 2023.


MADE BY COW: Collapses Into Voluntary Administration
----------------------------------------------------
SmartCompany reports that rising interest rates, inflation and
supply chain concerns have all played a part in the collapse of
innovative dairy startup Made by Cow, the company revealed over the
weekend.

Back in 2016, Made by Cow became the first company to gain
regulatory approval to legally sell unpasteurised or raw milk in
Australia, after years of working on the concept.

SmartCompany says the milk, which retailed for AUD7.95 for a 1.5
litre bottle, was made using a 'cold pressure' method to kill
harmful bacteria and therefore make it safe to sell to consumers.

The sale of unpasteurised milk has long been prohibited in
Australia, however, Made by Cow said its process ensured an "equal
level of safety as heat pasteurisation".

SmartCompany relates that Made by Cow soon gained national
exposure, with its milk products eventually stocked across selected
Coles and Woolworths stores, as well as hundreds of independent
grocers and health-food stores. According to the company, its milk
was being sold by more than 1,000 stockists.

In 2016, the company also told SmartCompany it would be paying
dairy farmers 50% more per litre of milk than major dairy
processors.

However, CEO Wade Porter took to social media this week to explain,
"with a heavy heart", that the business will be closing,
SmartCompany reports.

Kate Conneely and Scott Kershaw from KordaMentha were appointed to
oversee the voluntary administration of CBH Fresh Pty Ltd, trading
as Made by Cow, on March 25.

According to a notice on its website, the company has already
ceased operations, SmartCompany relays. The first meeting of
creditors is due to be held on Tuesday, June 6, in Sydney.

According to reports, the company's shareholders include ROC
Capital, Light Warrier Investments and Bega.


MOOCHIES HOLDINGS: First Creditors' Meeting Set for June 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Moochies
Holdings Pty Ltd will be held on June 7, 2023, at 11:00 a.m.
virtually by Microsoft Teams Teleconference.

Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on May 26, 2023.


PINDAN ASSETS: Second Creditors' Meeting Set for June 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of Pindan Assets
Pty Ltd has been set for June 6, 2023 at 1:00 p.m. virtually via
Microsoft Teams.

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 June 2, 2023 at 5:00 p.m.

Samuel John Freeman of Ernst & Young was appointed as administrator
of the company on May 1, 2023.



SLATTER GROUP: Appoints Ernst & Young as Liquidators
----------------------------------------------------
News.com.au reports that a prominent residential building company
in Western Australia has gone bust.  On May 29, the Slatter Group
WA Pty Ltd, trading as the Slatter Group, appointed liquidators to
wind up the company.

Samuel John Freeman and Clare Anne Baily of big four accounting
firm Ernst & Young (EY) are the joint liquidators of the operation,
news.com.au discloses.

The company held a general meeting where attendees voted for it to
be put into voluntary liquidation.

The Slatter Group had been in business for 20 years. It built both
residential homes as well securing government contracts, mostly for
the education sector.

Indeed, the company was reportedly engaged in several large
government projects such as the Murdoch University Senate
conference room, an early learning centre at Penrhos College and
refurbishing the Aquinas College's boarding house.

The website is still live and states: "At Slatter Residential, we
believe that forging strong relationships with our clients is the
first step towards bringing their dreams to reality."

When news.com.au contacted them, their phone lines rang out.

An EY spokesperson told news.com.au that "The liquidators are
urgently assessing the position of the company and will be writing
to the company's clients regarding existing building contracts and
reporting to creditors in due course.

"The company has ceased trading upon the appointment."


SOUTH LAKE: First Creditors' Meeting Set for June 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of South Lake
Developments Limited will be held on June 8, 2023, at 11:00 a.m.
via virtual meeting only.

Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on May 29, 2023.




===================
B A N G L A D E S H
===================

BANGLADESH: Receives JPY331 Billion Aid from Jica
-------------------------------------------------
Dhaka Tribune reports that the Japan International Cooperation
Agency (Jica) pledged and disbursed JPY331 billion, equivalent to
BDT25,156 crore in the past fiscal year as an aid for five major
development projects in Bangladesh.

This is the second-highest amount of aid support to Bangladesh
since Jica began providing official development assistance (ODA) in
March 1974, reads a press release.

According to Dhaka Tribune, Bangladesh received JPY373 billion, the
highest amount of ODA from Jica, in the 2020 fiscal year spanning
from April 2020 to March 2021.

Dhaka Tribune relates that the latest commitment and disbursement
of the ODA loan came for five key projects – an amount of
JPY133.399 billion for the Dhaka Mass Rapid Transit Development
Project (Line 5 Northern Route) (II): JPY32.462 billion for
Southern Chittagong Regional Development Project; JPY105.362
billion for Matarbari Port Development Project (II); JPY55.729
billion for Chittagong-Cox's Bazar Highway Improvement Project (I)
and JPY4.228 billion for Project for the Construction of Dual Gauge
Double Line between Joydebpur-Ishwardi Section (E/S).

The record ODA can be attributed to the steady progress of the
ongoing mega projects. This solidifies Jica's long-standing history
of cooperation with Bangladesh, the report says.

Jica's disbursement in Japan FY 2022 amounted to JPY261 billion,
slightly below the JPY264 billion disbursement during FY 2021.

Over the past decade, Jica has steadfastly expanded its
collaboration with Bangladesh through ODA loans, grants and
technical cooperation schemes, effectively meeting the country's
growing demand for heightened economic and social infrastructures,
according to the report.

In the coming years, Jica aims to continue working with Bangladesh
to realize its development agenda.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2022, Moody's Investors Service has placed the Government
of Bangladesh's Ba3 long term issuer and senior unsecured ratings
on review for downgrade. Short term issuer ratings are affirmed at
Not Prime and the outlook was stable before being placed under
review.





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

DONGFENG LIGHTWEIGHT: Dongfeng Auto Distances Itself From Firm
--------------------------------------------------------------
Yicai Global reports that Dongfeng Automobile has nothing to do
with Dongfeng Lightweight Truck, the biggest debtor on a blacklist
recently made public by the government of Wuhan, a major city in
central China, the Chinese auto giant said May 30.

Dongfeng Auto has no equity relations nor business contact with
Dongfeng Lightweight, which owes CNY23.5 million (USD3.3 million)
to the municipal government, the Wuhan, Hubei province-based
company said, Yicai relays. There is no creditor or debtor
relations between the two parties nor with the government agency
Wuhan Changjiang Asset Operation Management.

According to Yicai, the names of 259 companies that owe money to
the Wuhan government were listed in a notice in the local newspaper
on May 26, demanding payment for debts dating back to 2018.

Yicai says rumors were swirling that the automaker, which is under
state-owned car giant Dongfeng Motor Corp. and also makes
lightweight trucks, is connected to heavily indebted Dongfeng
Lightweight.

Dongfeng Lightweight was insolvent as of its last financial report
released in 2017 with debts of CNY36.1 million and assets of just
CNY8.1 million (USD1.2 million), according to Yicai. Set up in
1991, the company was a unit of Wuhan Industrial State-Owned
Holding Group, which went out of business in 2014. Despite a few
other investors coming on board after that, the firm has not been
operating since 2015.


NEW CHINA: Court Declare Trust Firm Bankrupt
--------------------------------------------
Caixin Global reports that New China Trust Co. Ltd., formerly
controlled by embattled conglomerate Tomorrow Holding Co. Ltd., was
declared bankrupt on May 26, one year after entering insolvency
proceedings.

A court in Southwest China's Chongqing municipality ruled that the
trust firm was unable to pay off due debt and its assets weren't
able to cover all of its liabilities, Caixin relates.

New China Trust Co. Ltd. provides financial services. The Company
offers money trusts, chattel trusts, real property trusts,
negotiable securities trusts, and other services.


WUHAN: Finance Regulator Urges Hundreds of Firms to Repay Debt
--------------------------------------------------------------
Reuters reports that the financial regulator of China's Wuhan city
publicly exposed 259 firms with debt to the government and urged
them to immediately pay up, local media reported on May 27.

The rare action from Wuhan's finance bureau on May 26 comes as
local governments in China become increasingly pressed by higher
debt and expenses. Wuhan was the epicentre of the COVID-19 pandemic
that began in 2019.

The borrowed funds ranged from just over CNY10,000 to more than
CNY10 million ($1.45 million), with the total amount exceeding
CNY100 million ($14.47 million), Yicai reported, citing a debt
collection list jointly published by the regulator and Wuhan
Yangtze River Asset Management Co, Reuters relays.

Debtors include district finance bureaus, scientific research
units, state-owned enterprises, units of listed companies as well
as private firms, Reuters discloses citing a screenshot of the list
shared by Yicai.

The debtors, their corresponding guarantors and successors were
requested to repay their debts to the asset management firm
immediately after May 26, Yicai reported.

State-owned Wuhan Yangtze River Asset Management Co is a
professional platform responsible for the disposal of various
non-performing assets in the central city, according to its
official website.

It is delegated to recover the above-mentioned borrowed funds for
the government to the maximum extent, Yicai reported.

Like most places in China, Wuhan government's revenue has taken a
big hit in recent years weighed down by COVID, a faltering economy
and a prolonged property crash, Reuters notes.

Wuhan's local budget revenue slid 8.5% year-on-year in the first
quarter of 2023, according to data released by local the finance
bureau.




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

ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aditya Agro -
Chhindwara (Aditya Agro) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan    0.28        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             6.44        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Aditya Agro
for obtaining information through letter and emails dated February
25, 2023 and April 29, 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 Aditya Agro, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Aditya Agro is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Aditya Agro continues to be 'CRISIL D Issuer Not
Cooperating'.

Aditya Agro, a partnership firm set up in 2013, is promoted by
Suryawanshi family of Chhindwara, Madhya Pradesh. It is
constructing a warehouse with capacity of 27,000 tonnes for
agricultural products in Chhindwara.


AGRAWAL IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agrawal Iron
& Industries (AGRIN) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.68       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        12          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.32       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with AGRIN for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 AGRIN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGRIN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGRIN continues to be 'CRISIL D Issuer Not Cooperating'.

AGRIN processes iron ore and manufactures iron-cum-manganese ore
pellets at its unit in Bastar, Chhattisgarh. The firm is promoted
by Mr Anil Agrawal.


ASANSOL MUNICIPAL: CRISIL Assigns C Rating to INR10cr LT Bond
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL C' rating to the bond
programme of Asansol Municipal Corporation (AMC).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bond LT                10.0       CRISIL C (Assigned)

The rating reflects delay by AMC in servicing of two loans from the
Life Insurance Corporation of India (LIC), disbursals of which date
back to 1986 and 1993 respectively. While the debt is secured by
the state guarantee from West Bengal government, obligation for
repayment of the same lie with AMC. The loan has an outstanding
balance of INR0.67 crore as on November 30, 2017. The rating also
factors in the corporation's dependence on support from the state
government and modest service arrangements and low collection
efficiency. The weaknesses are partially offset by the moderate
economic base of Asansol, driven by demographic profile.

Analytical Approach

For arriving at the rating, CRISIL Ratings has applied its criteria
for urban local bodies.

Key Rating Drivers & Detailed Description

Weakness:

* Low debt raising capacity, marked by defaults on institutional
loans: AMC has informed that it had taken two loans from LIC
(guaranteed by the government of West Bengal) between 1986 and
1993. AMC has not made payments against the loans since August
2008. The amount outstanding on the same stood at INR0.67 crore as
of November 2017. Data on the current outstanding is not available.
While the loans were secured by a state government guarantee, LIC
had not invoked the guarantee. Poor track record of repayment of
financial obligations limits the ability of AMC to raise debt.

* Dependence on support from the state government: AMC's own
revenue sources include property tax and non-tax revenue, which
constitute 42-49% of revenue, while grants from the state
government account for the balance. While the corporation does not
levy octroi or receive GST compensation, the state government
supports AMC through assigned revenue and grants. Majority of the
capital expenditure is funded by the state government through
grants under various schemes. Timeliness and adequacy of funds from
the state government remain key rating sensitivity factors.

* Modest service arrangements and low collection efficiency:

AMC's overall property tax collection efficiency is low. The
corporation charges fees to bulk users for the services it provides
for water supply. No tariff is charged for sewerage and drainage
and solid waste management. The recovery of maintenance cost
through user charges is low.

The water supply service of AMC is weak with per capita water
supply slightly lower than the standard per capita water
consumption, low population and area coverage (~65%). To achieve
the goal of universal coverage, AMC plans to fill the gaps in the
distribution network, add required capacity for elevated storage
and increase the per capita under AMRUT 2.0 and 15th Finance
Commission schemes. The solid waste management services of AMC are
average with 85% door-to-door collection, but with 26% segregation
and some waste treatment. Despite being a part of obligatory
services, AMC has limited sewerage network coverage with no user
charges for this service as of now. There has been average progress
in e-governance, and limited progress in implementation of
geographic information systems (GIS).

Strengths:

* Moderate financial risk profile: The corporation's revenue
receipt fell to INR103 crore in fiscal 2022 from INR111 crore in
fiscal 2021, with the corporation incurring an operating deficit of
INR9 crore in fiscal 2022 compared with an operating surplus of
INR32 crore in fiscal 2021. Revenue was constrained by the decline
in state aid. The financial risk profile of AMC is driven by
need-based financial support from the state government.

* Moderate economic base, driven by demographic profile:
Asansol is a Tier III city in West Bengal. It is the second largest
and second most populated city of West Bengal and the 33rd largest
urban agglomeration in India. Asansol is the district headquarters
of Paschim Bardhaman district. The economy of Asansol is
diversified, driven by steel and coal industries, railways, and
trade and commerce. Many reputed companies such as Burn Standard
Company, Reckitt & Benkizer Ltd, and The McDowell have their units
in Asansol. With a literacy rate of >80%, Asansol has a strong
educated youth base.

Liquidity: Poor

Although AMC has adequate liquidity. The corporation has defaulted
in repayment obligation of LIC loan backed by State Government of
West Bengal which dates back multiple decades. The outstanding of
the said loans are INR0.67 crore as of November 2017.

Rating Sensitivity Factors

Upward factors

* Resolution of the loans from LIC by clearing the overdues
* Sustained growth in revenue receipts with share of own revenues
contributing over 50%
* Significant improvement in property tax collection efficiency and
cost recovery of services

Downward factors

* Any irregularities in servicing of bond payments
* Large, debt-funded capex weakening the debt protection metrics
for instance operating surplus to debt ratio of below 0.1 time

AMC is the civic body that governs Asansol in the Asansol Sadar
subdivision of the Paschim Bardhaman district of West Bengal. It is
the second largest and second most populated city of West Bengal.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         4          CRISIL D (Issuer Not
   Credit                            Cooperating)

   Foreign Discounting    6          CRISIL D (Issuer Not
   Bill Purchase                     Cooperating)

CRISIL Ratings has been consistently following up with Baldovino
for obtaining information through letter and emails dated February
25, 2023 and April 29, 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 Baldovino, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Baldovino is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Baldovino continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

M/S Baldovino was set up in 2010 as a proprietorship concern by Mr.
Rikin Shah. The firm is also engaged in cutting and polishing of
diamonds.


BASE ELECTRICAL: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Base Electrical and Electronic Solutions Private Limited
40-B,S.M.S. Layout-North,
        Ondipudur Coimbatore-641016,
        Tamilnadu, India

Liquidation Commencement Date: May 1, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Vasudevan Gopu
     G.V Enclave, 18/30, Ramani Street
            K.K. Pudur Saibaba Colony
            (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna
Road),
            Coimbatore-641038, Tamilnadu, India
            Email: vasudevanacs@gmail.com
            Email: vasudevangopu.ip@gmail.com
            Email: beespl.liq@gmail.com

Last date for
submission of claims: May 31, 2023

GO FIRST: Executives Discuss Revival Plans With DGCA Officials
--------------------------------------------------------------
BQ Prime reports that senior executives of crisis-hit Go First,
which is undergoing insolvency resolution process, on May 29
discussed its revival plans with officials of aviation regulator
DGCA, according to a source.

BQ Prime relates that the meeting, held in the national capital,
came against the backdrop of the Directorate General of Civil
Aviation, last week, asking the grounded airline to submit its
revival plan within 30 days.  

"DGCA had called the entire management team of Go First on Monday
to discuss the resumption plan. At the meeting, the team presented
the road map for revival of operations," a source told PTI on the
condition of anonymity.

Without divulging specific details, the source said that all
stakeholders are keen to see the airline taking wings again, the
report relays.

"The airline will shortly come out with a way forward. As of now,
it is heading in the right direction," the source said.

Currently, the airline has suspended operations till May 30.

According to BQ Prime, the source indicated that suspension of
flights would be extended by a few more days as DGCA will take time
to take a final decision on the revival road map submitted to it.

BQ Prime meanwhile reports that Go First has offered its captains
INR1 lakh per month as 'retention allowance,' in addition to their
salary, as per a communication sent out to them on May 28.

"First officers, in addition to their present salary, will get an
additional INR50,000 per month as retention allowance," it said.

These allowances will be paid from June, the report notes.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.  

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

On May 10, the National Company Law Tribunal (NCLT) accepted Go
First's voluntary insolvency petition.  The NCLT bench appointed
Abhilash Lal as the interim resolution professional to look after
the affairs of Go First and also suspended its board as part of the
insolvency resolution process.


INFINIA SOLUTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Infinia Solutions & Services Private Limited
B-105, Meena Apartments,
        79 Kasturba Road Malad West Mumbai,
        Mumbai City MH-400064

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: October 25, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Anil Tayal
       201, Sagar Plaza, Plot No. 19,
              District Centre Laxmi Nagar,
              New Delhi, National Capital Territory of Delhi,
110092
              Email: caaniltayal@gmail.com
              Email: cirp.infinia@gmail.com

Last date for
submission of claims: May 12, 2023

KABBAGE INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Kabbage India Private Limited
No. 23, 1st Floor, Lella Galleria, The Leela Palace,
        HAL Airport Road Bangalore KA 560008 India

Liquidation Commencement Date: May 2, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Ms. Sumana Rao
     No. 56. 4th Floor Cross, 2nd Sector,
            Nobonagar Bannerghatta Road, Bengaluru-560076 India
            Eamil: csraosumana@gmail.com
     Mobile No: 9448521179

Last date for
submission of claims: June 1, 2023

KALPANA NATURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalpana
Natural Forest Products Private Limited (KNFPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              7          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KNFPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 KNFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KNFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KNFPL continues to be 'CRISIL D Issuer Not Cooperating'.

KNFPL was founded by the Korba (Chhattisgarh)-based Agrawal family,
and is a part of the Plam group. The company undertakes real estate
projects and trades in tendu leaves. It is developing a residential
real estate project, Palm Enclave, in Bilaspur (Chhattisgarh).


KAMAKSHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamakshi
Steels Private Limited (KSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KSPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 KSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSPL continues to be 'CRISIL D Issuer Not Cooperating'.

KSPL was set up in 2003 by Mr P Krishna Reddy. The company
manufactures mild steel billets and ingots, and TMT bars. It is
based in Vijayawada.


KASUKURTHI SUJATHA: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kasukurthi
Sujatha Constructions Private Limited (KSCPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         80         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            70         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank          70         CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          30         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with KSCPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 KSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up as a partnership concern in 1999 by Mr. K Jagan Mohan Rao
and his wife Mrs. K Sujatha, KSCPL was reconstituted as a private
limited company in 2004. The company primarily installs gas
pipelines, high-density polyethylene cables, and high-tension
electricity lines. It is based in Hyderabad (Telangana).


KRC CONSTRUCTIONS: Ind-Ra Moves BB- Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.R.C.
Constructions Private Limited's (KRCCPL) Long-Term Issuer Rating
to the non-cooperative category and has simultaneously withdrawn
it.

The instrument-wise rating actions are:

-- INR36 mil. Fund-based working capital limit^ migrated to non-
     cooperating category and withdrawn;

-- INR134 mil. Non-fund based working capital limit* migrated to
     non-cooperating category and withdrawn; and

-- INR11 mil. Term loan^ due on November 2026 migrated to non-
     cooperating category and withdrawn.

^ Migrated to 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

*Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because the issuer did not participate in the rating exercise
despite requests and follow-ups by the agency and has not provided
information pertaining to interim financials, sanctioned bank
facilities, statements and utilization levels, business plans and
projections for the next three years and information on corporate
governance. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.

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

Company Profile

Incorporated in August 2016, KRCCPL is engaged in the installation
and construction of power distribution lines, power substations and
renewable energy channels in Chhattisgarh.


KRISHNAGAR BAHARAMPORE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sew
Krishnagar Baharampore Highways Limited (SKBHL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              100        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               50        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               25        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               25        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             150.32      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              25         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              75         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              50         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SKBHL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 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 SKBHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKBHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKBHL continues to be 'CRISIL D Issuer Not Cooperating'.

SKBHL is a wholly owned SPV of SEW Transportation Networks Ltd,
which is a 100% subsidiary of Sew Infrastructure Ltd (SIL). SIL was
awarded a build-operate-transfer contract by NHAI for converting
the 78-km stretch between Krishnagar and Baharampore in West Bengal
to four lanes from two lanes (from 115 km to 193 km on National
Highway-34, which connects Kolkata to Dalkhola in northern West
Bengal). The project is being implemented by SKBHL at a project
cost is INR1,155 crore.

The scheduled COD for the project was in July 2014. However, owing
to delays in project implementation, land acquisition, lag in
equity infusion by the promoters, and delay in disbursement of the
term loan, the project has been delayed by almost six years. The
company completed 65.02 km (85%) out of total stretch of 76.358 km
by December 2018, and applied for PCOD. Post recommendation from
IE, NHAI approved PCOD on February 10, 2020 for the 65.02 km of
stretch. De-scoping of 3.9 km of land has been done, 2.1 km land
has been made available and work on the same is progressing and
balance 5 km land is yet to be made available by NHAI.

The company has received 4 annuities till date, one each in July
and January, starting July 2020.



LAMIYA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lamiya Silks
(LS) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term     0.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LS for
obtaining information through letter and emails dated February 28,
2023 and April 29, 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 LS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LS
continues to be 'CRISIL D Issuer Not Cooperating'.

LS is based out of Kerala and is engaged in the retailing of
readymade garments. The firm was established in 2008 by Mr.Abdul
Jabbar. The firm has 6 showrooms in Kerala.


LEELAP CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Leelap
Clothing Private Limited (SRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           13.25       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        23          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       3          CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with SRPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRPL continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2008, SRPL retails ready-made garments, sarees,
cosmetics, toys and accessories. It has two multi-brand outlets in
Chennai with total built-up area of around 70,000 square feet. Its
day-to-day operations are managed by Mr. Vinod Sharma.


LHASA HOTEL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lhasa Hotel &
Restaurant (LHR) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Overdraft Facility       5.8        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with LHR for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 LHR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LHR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LHR continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2009, LHR operates a hotel and restaurant in
Dharamshala. Operations are managed by Mr. Karthikeya Bhardwaj, son
of Mr. Kul Prakash Bhardwaj.


LINERS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Liners India
Limited (LIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          12.5         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Bill          1           CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Import Letter         6.5         CRISIL D (Issuer Not
   of Credit Limit                   Cooperating)

   Proposed Long Term    0.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Non Fund     4.5         CRISIL D (Issuer Not
   based limits                      Cooperating)

CRISIL Ratings has been consistently following up with LIL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 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 LIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

LIL was incorporated in 1974, as a partnership firma and in 1994 it
was converted to a public limited company (closely held).The Entity
is involved in manufacture of automobile cylinder liners.


M/S KAVERI: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s. Kaveri Agro
Industries Private Limited's (KAIPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund based working capital limits affirmed with IND

     BB+/Stable/IND A4+ rating;

-- INR30.5 mil. (reduced from INR37.2 mil.) Term loan due on
     December 2027 affirmed with IND BB+/Stable rating;

-- INR10 mil. Proposed non-fund based limits is withdrawn (the
     company did not proceed with the instrument as envisaged);
     and

-- INR2.8 mil. Proposed term loan is withdrawn (the company did
     not proceed with the instrument as envisaged).

Key Rating Drivers

The affirmation reflects KAIPL's continued small scale of
operations, despite an increase in the revenue to INR367.99 million
in FY23 (FY22: INR326.43 million; FY21: INR237.89 million) due to
higher yield of better quality raw material (mango) during the
season (April to July 2022). In FY22, the revenue improved owing to
an increase in realization, along with a higher yield of finished
products (mango  pulp) due to the availability of better quality
mangoes. However, Ind-Ra expects the revenue to decline in FY24 due
to the adverse impact of untimely rainfall, which will lead to a
lower availability of raw material. Usually, the mango crop season
starts from April but it was delayed by at least 15 days in  FY24.
The ratings also factor in the seasonality of business, which
limits revenue visibility.

The ratings also reflect KAIPL's continued average EBITDA margin of
8.24% in FY22 (FY21: 6.42%) with a return on capital employed of
14.1% (12.4%). The EBITDA margins improved in FY22 due to better
absorption of fixed costs. As per management estimates, KAIPL
achieved EBITDA margin of 7.35% in FY23. Ind-Ra expects the margin
to remain at similar levels over the medium term due to the similar
nature of operations.

Liquidity Indicator- Stretched: The cash flow from operations
declined to INR3.54 million in FY22 (FY21: INR9.78 million) due to
the payment of statutory liabilities and an increase in short-term
loans and advances. However, the free cash flow turned positive to
INR3.36 million in FY22 (FY21: negative INR23.83 million) in the
absence of any major capex plans. KAIPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company's average maximum
utilization of the fund-based limits was 20.28% during the 12
months ended April 2023. The net working capital cycle shortened to
26 days in FY22 (FY21: 56 days), due to a decrease in the inventory
holding period to 10 days (43 days) as majority of the orders were
executed by March 2022. The company had cash and cash equivalents
of INR3.93 million at FYE22 (FYE21: INR2.22 million). It has
scheduled debt repayments of INR8.49 million and INR8.36 million in
FY24 and FY25, respectively.

However, the ratings remain supported by KAIPL's comfortable credit
metrics with the gross interest coverage (operating EBITDA/gross
interest expenses) of 5.14x in FY22 (FY21: 4.32x) and the net
financial leverage (total adjusted net debt/operating EBITDAR) of
1.29x (2.71x). The improvement in the credit metrics was due to an
increase in the absolute EBITDA to INR26.88 million in FY22 (FY21:
INR15.28 million) and debt repayment. The agency estimates the
gross interest coverage to have improved further to 5.31x and the
net leverage to 1.18x in FY23. Ind-Ra expects the overall credit
metrics to remain comfortable in the medium term due to the
scheduled repayment of term loans and the absence of any
debt-funded capex plans.

The ratings continue to be supported by KAIPL's promoters' over
three decades of experience in the agricultural industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics and liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
exceeding 4.5x or a further pressure on the liquidity position, all
on a sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in 1993, KAIPL manufactures and supplies mango pulps.
Its manufacturing unit is located in Krishnagiri, Tamil Nadu and
has a production capacity of 150 metric tons per day.


MAESTRIA PAINTS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: M/s Maestra Paints India Pvt. Ltd
H. No. 6-3-349/15/17, Flat No 103,
        Dwarakapuri Colony,
        Punjagutta, Hyderabad Telangana 500082

Liquidation Commencement Date: May 1, 2023

Court: National Company Law Tribunal Hyderabad Bench-II

Liquidator: Medarametla Rama Rao
     Flat No. 122, Vasavi Indraprastha,
            Street No. 1 Czech Colony,
            Sanath Nagar, Hyderabad,
            Telangana 500018, India
            Email: ramarao_metla@yahoo.com
            Tel #: 9849748750
            Email: liq.mpipl@gmail.com

Last date for
submission of claims: June 1, 2023

MAGNA RESEARCH: Liquidation Process Case Summary
------------------------------------------------
Debtor: Magna Research and Solutions Private Limited
GT. 1651, PatilNagar, Tal. Haveli, Pune,
        Pune Maharashtra, India 412114

Liquidation Commencement Date: May 2, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Dinesh Gopal Mundada
            403, Fortune House, Baner-Pashan,
            Link Road Baner, Pune
            Maharashtra 411045
            Email: mundada2007@gmail.com
            Mobile No: 9833866332
            Email: magnaliquidator@gmail.com
            Mobile No: +91-9833866332

Last date for
submission of claims: June 1, 2023

NAVAGIRI SPINNING: Ind-Ra Assigns B+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Navagiri Spinning
Mills Private Limited's (NSMPL) bank facilities as follows:

-- INR120 mil. Fund-based working capital limit assigned with
     IND B+/Stable/ IND A4 rating; and

-- INR470 mil. Term loan due on August 2030 assigned with IND B+/

     Stable rating.

Key Rating Drivers

The rating reflects the under-construction status of NSMPL's cotton
yarn manufacturing unit in Tiruppur, Tamil Nadu. The company was
incorporated in January 2022 to set up a cotton yarn spinning mill
with an installed capacity of 12,768 spindles translating into
3,518 metric tons per annum. The construction of the unit is
underway and the management has informed the agency that the
commercial operations will commence from January 2024.

The company will also undertake capex of INR600 million in FY25 for
phase 2 of the project. NSMPL will install an additional 14,592
spindles converting to 4400 MT per annum.  This will be funded
through a debt of INR400 million and unsecured loans of INR200
million.

Liquidity Indicator - Poor: To meet the project cost of  INR774.4
million, NSMPL has availed a term loan of INR470 million, of which
INR334.2 million was issued in the form of capex letter of credit
in December 2022. It is a sub-limit of the term loan. The promoters
have invested INR130 million as equity and will infuse the
remaining committed funding of INR174.4 million in the form of
unsecured loans. NSMPL has received sanction for working capital
limits of INR120 million, which will be disbursed post commencement
of operations. In the event of a delay in the capex completion, the
expenses will be funded by the promoters; however, its debt service
coverage ratio may be impacted. Furthermore, NSMPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company has a
debt repayment of INR55.3 million each in FY24 and FY25.

Ind-Ra opines NSMPL's profitability will be vulnerable to
volatility in cotton and yarn prices and competition from
established market players.

The ratings however are supported by the unit's locational
advantage as it is situated close to the Tiruppur cotton market.
Tiruppur is a major textile and knit wear hub. Moreover, special
industrial parks have been developed in Tiruppur to support the
textile industry.

The ratings are also supported by the promoters' three decades of
experience in the textile business along with the presence of an
irrevocable & unconditional corporate guarantee from the group firm
– M/s Navagiri Apparel.

Rating Sensitivities

Positive: The timely commencement of operations and the subsequent
achievement of stable operating profitability will be positive for
the ratings.

Negative: Any delay in the commencement of operations and achieving
stability in the operating performance after the commencement of
commercial operations, affecting the company's debt serviceability,
could be negative for the ratings.

Company Profile

Established in January, 2022, NSMPL manufactures knitted and
crocheted fabrics at its installed capacity of 12,768 spindles in
Tiruppur. Amaravathipalayam Shanmugam and S Kalaranis are the
promoters. The registered office is in Coimbatore, Tamil Nadu.


PCP INTERNATIONAL: CRISIL Lowers Rating on LT/ST Debt to D
----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of PCP
International Limited (PCPIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4'.

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

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

CRISIL Ratings has been following up with PCPIL for obtaining
information through letters and emails dated 31 March 2023, 7 April
2023, 11 April 2023 and 3 May 2023, apart from telephonic
communication. However, the issuer has remained non cooperative.

Investors, lenders and all other market participants should
exercise due caution with reference to the ratings
assigned/reviewed with the suffix 'Issuer not cooperating' as the
ratings are arrived at without any management interaction and are
based on best-available or limited or dated information on the
company. Such noncooperation 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 PCPIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCPIL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has downgraded the ratings
on bank facilities of PCPIL to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4' as the entity has
delayed servicing its debt obligation, as per publicly available
information.

Incorporated in 1969 by promoter, Mr HS Meijee, Chandigarh-based
PCPIL erects, fabricates, and commissions boiler turbines for power
plants under a boiler, turbine, and generator package.


PJM MINERALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: PJM Minerals and Industries Private Limited
Plot No. 14, Misal Layout, Nagbhumi Society,
        Jaripatka Nagpur, MH 440014 India

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: October 25, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Yatinkumar Sumatilal Shah
       Flat No- 103, Tower 2, Maple, Runwal Greens,
              Near Fortis Hospital, Mulund Link Road,
              Nahur, Mulund West, Bhandup, Mumbai Suburban
              Maharashtra - 400078
              Email ID: yatinshah01@yahoo.co.in
              Email ID: cirp.pjmminerls@gmail.com

Last date for
submission of claims: May 18, 2023

PN WRITER: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded P.N. Writer &
Company Pvt Ltd.'s (PNW) Long-Term Issuer Rating to 'IND D' from
'IND BB+'. The Outlook was Stable.

The instrument-wise rating action is:

-- INR146.9 mil. (reduced from INR297.5 mil.) Term loan due on  
     May 2026 downgraded with IND D rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of PNW and its wholly owned subsidiary, Writer Lifestyle Private
Limited (WLPL; 'IND D') in view of the strong legal, operational
and strategic linkages between the entities. The agency has
factored in liquidity support from other group companies, including
Writer Business Services Limited ('IND A'/Stable), while arriving
at the rating of the company.

Key Rating Drivers

The downgrade reflects the delays in PNW's debt servicing of the
term loan during the past 12 months, as confirmed by the banker.
This is consistent with India Ratings' Default Recognition and
Post-Default Curing Period Policy.

Liquidity Indicator - Poor: On a consolidated basis, PNW's
liquidity is dependent on continuous support from the group
companies and director to service the external debt. The company
has total repayment obligations of INR517.6 million and INR361.9
towards term loan, dropline overdraft limit and non-convertible
debentures in FY24 and FY25, respectively, at a consolidated level.
The consolidated cash flow from operations is estimated to have
remained negative in FY23 (FY22: negative INR31 million, FY21:
negative INR178 million) owing to continued subdued operating
performance and high interest expenses. As per the management, the
consolidated cash and bank balances is estimated to have increased
to INR88.7 million at FYE23 (FYE22: INR33 million). In FY23, PNW
and WLPL received incremental loans of INR40.7 million and INR432
million, respectively, from group companies to meet the debt
service obligations. For FY24, the management has budgeted
additional debt of INR92 million and INR579.6 million in PNW and
WLPL, respectively, from the directors and group companies.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

PNW is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality. As a standalone entity, PNW derives
revenue through rental income from a residential property in Bandra
West, Mumbai (St. Leo Apartments; a seven-storey building with an
area of 857 square meters) and some commercial properties leased to
Writer Business Services. WLPL, a wholly owned subsidiary of PNW,
in engaged in the hospitality business, operating a luxury resort,
Hilton Shillim Estate Retreat and Spa, in Lonavala, near Mumbai.


POWER MAX: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Power Max (India) Pvt. Ltd.
Stephen Court, 18A Park Street,
        5th Floor, Flat No. 5J, Lift No. 03, Kolkata-700071
  
Insolvency Commencement Date: May 1, 2023

Estimated date of closure of
insolvency resolution process: October 27, 2023

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Tarun Kumar Ray
       Binayak, 28/2B, K M Naskar Road,
              First Floor Kolkata-700040
              Email: Tarun.ray123@yahooo.com

       29C, Bentinck Street, 2nd Floor, Kolkata-700069,
              Email: cirp.powermax@gmail.com

Last date for
submission of claims: May 15, 2023

RADHEY GOVINDAM: CRISIL Withdraws D Rating on INR13cr LT Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Shri Radhey Govindam Resort
Private Limited (SRGRPL; part of the Sharda group) to 'CRISIL
D/Issuer not cooperating'. CRISIL Ratings has withdrawn its rating
on bank facility of SRGRPL following a request from the company and
on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL Ratings is migrating the ratings on bank
facilities of SRGRPL from 'CRISIL D/Issuer Not Cooperating to
'CRISIL D'. The rating action is in line with CRISIL Ratings'
policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          13        CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

Analytical Approach

For arriving at the rating CRISIL Ratings has combined business and
financial risk profiles of Choudhary Infraheight Private Limited
(CIPL) and SRGRPL. This is because the two entities together
referred as Sharda group are in same line of business, owned by
common promoters and have business and financial linkages.

SRGPL, incorporated in 2013 by Mr Manish Kumar, is a
Rajasthan-based real estate company that develops residential row
houses in Bhilwara (Rajasthan).

CIPL, incorporated in 2013 by Mr Manish Kumar, is a Rajasthan-based
real estate company that develops residential row houses in
Chittorgarh (Rajasthan).


RENAISSANCE URBAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Renaissance Urban-Infra Private Limited
Registered Office:
601, 6th Floor Hubtown Solaris,
        Saiwadi, N.S. Phadke Road,
        Near Gokhale Bridge, Andheri (E), Mumbai-400069

Corporate Office/Warehouse:
Renaissance Industrial Smart City,
        Kalyan Padgha State Highway 222,
        Village Vashere, Post Amane, Maharashtra 421302

Insolvency Commencement Date: May 2, 2023

Estimated date of closure of
insolvency resolution process: October 29, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Divyesh Desai
              Moore Singhi Advisors LLP, B2-402, Marathon Innova,
              4th Floor, Off Ganpatrao Kadam Marg,
              Lower Parel, Mumbai, Maharashtra, 400013
              Email: divyeshdesai@singhico.com
              Email: cirp.ruipl@gmail.com

Last date for
submission of claims: May 17, 2023

ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roysons
Ceramics Private Limited (RCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             12.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D Issuer Not Cooperating'.

RCPL, incorporated in August 2016, manufactures products such as
general castable, calcined clay, high alumina castable and mortar,
magnesite ramming mass, and bed materials. The plant in Burdwan
(West Bengal) has production capacity of 31,200 tonne per annum.
Commercial operations started from February 2018. Mr Saubhik Ray,
Mr Subhankar Ray and Mr Gopal Ray are the directors.


RUDRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rudra
Enterprises (RER) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RER for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 RER, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RER
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RER continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2000 as partnership firm, RER trades in home appliances
of the LG brand and in lubricant products for Castrol India Ltd.
Rudra Enterprises, based in Ranchi, is promoted by Mr. Varun Pratap
Singh, Mr. Rudra Pratap Singh, Mr. Abhay Pratap Singh, and Mr. Sheo
Prasad Singh, who have over a decade's experience in the industry.



S. GANESH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. Ganesh and
Nagendra Co (SGN) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Letter         4.5        CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Overdraft Facility     2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.0        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SGN for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SGN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGN continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1960 as a proprietorship firm by Mr Balaganesan, SGN is a
wholesale trader of inorganic chemicals in Nagercoil, Tamil Nadu.



S.R.K. FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.R.K.
Fabrics (SRK) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.2        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRK for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SRK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRK continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2008 and based in Ludhiana (Punjab), SRK
manufactures knitted fabrics. The firm has a manufacturing unit in
Ludhiana with a capacity of around 5 tonnes per day, and is owned
and managed by Mr. Sachin Kaushal.


SAPNA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sapna Gems
(SG) continue to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Packing Credit           3          CRISIL D (Issuer Not
                                       Cooperating)

   Post Shipment           12          CRISIL D (Issuer Not
   Credit                              Cooperating)

   Proposed Short Term      5          CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with SG for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SG
continues to be 'CRISIL D Issuer Not Cooperating'.

SG, set up in 1978 as a partnership firm, mainly trades in polished
diamonds. The firm also cuts and polishes diamonds. It derives 97%
of its revenue from trading, and 3% from processing. SG currently
has two partners: Mr Popatlal Shah and Mr Devendra Shah.


SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SAS Trading
Company (STC) continue to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5           CRISIL C (Issuer Not
                                     Cooperating)

   Term Loan             1.92        CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STC for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 STC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STC continues to be 'CRISIL C Issuer Not Cooperating'.

STC, set up in August 2014 in Kollam (Kerala), trades in polyvinyl
chloride (PVC) pipes, sanitary items, tiles, home improvement
products, and construction products. The firm is promoted by Mr.
Ajithkumar K, Ms. Mini Kumari D, and Mr. Sarju S.


SEVEN SEAS: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seven Seas
Hospitality Private Limited (SSHPL) continue to be 'CRISIL D Issuer
Not Cooperating'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     11         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      6.25      CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       13.74      CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

   Term Loan              83.18      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              36.81      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              62.27      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSHPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SSHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006 and promoted by the Dang group, SSHPL offers
banqueting and catering services at three banquet halls at Lawrence
Road, Delhi, with combined seating capacity of 1500 people. The
company has set up a five-star
hotel-cum-restaurant-cum-banquet-hall at Rohini, Delhi.


SHAHJAHANPUR EDIBLES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shahjahanpur
Edibles Private Limited (SEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEPL continues to be 'CRISIL D Issuer Not Cooperating'.

Shahjahanpur Edibles Pvt. Ltd (SEPL) was set up in 2014 and is
currently promoted by Mr. Shivkumar Agarwal and his family. The
company is engaged in manufacturing of Liquid Glucose, Malto
Dextrin Powder and Gluten in Shahjahanpur, Uttar Pradesh. Its
promoters have two decades of experience in trading of food grains
and gunny bags.


SHANTI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shanti Agro
Foods Private Limited (SAFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           24.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.46       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.04       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAFPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAFPL continues to be 'CRISIL D Issuer Not Cooperating'.

SAFPL was established as a partnership firm, Shanti Agro Foods, in
2008 by Mr Sahil Verma and Mr Bishanbar Lal. In 2014, the business
operations were taken over by SAFPL with Mr Sahil Verma and Mr
Bishanbar Lal as directors. The company mills and processes basmati
and non-basmati rice. Its facility at Nilokheri in Karnal, Haryana,
has milling and sorting capacity of around 10 tonne per hour.


SIDDHIVINAYAKA AGRO: CRISIL Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Siddhivinayaka Agro Extractions Private Limited (SSAEPL) continue
to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term     5          CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SSAEPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SSAEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSAEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSAEPL continues to be 'CRISIL C Issuer Not
Cooperating'.

SSAEPL was established in 1988 as a private limited company by Mr.
Purshottam Pallod and his family members. The company is engaged in
processing of soya bean seeds to produce soya-bean oil, and
soya-bean de-oiled cakes. The company's plant is located in
Zaheerabad, Andhra Pradesh.



SSMP INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SSMP
Industries Limited (SSMP) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        10.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSMP for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SSMP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSMP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2007 in New Delhi, SSMP is a closely held
public-limited company. SSMP processes fruit pulp, largely mango
pulp. The company generates majority of its revenue via export of
pulp, under the brand Garden Fresh, to the Middle East countries.


STANDARD AUTOGEARS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Standard
Autogears Private Limited (SAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting      3           CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting      0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Open Cash Credit      3           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash         0.5         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SAPL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 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 SAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continues to be 'CRISIL D Issuer Not Cooperating'.

SAPL, incorporated in 1997 in Mohali (Punjab) by Mr. Anil Atri,
manufactures ceiling fan blades and refrigerator components. It has
a fan blade manufacturing plant in Mohali with capacity of 100,000
packs.


STEELWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Steelways
Enterprises (SE) continue to be 'CRISIL D Issuer Not Cooperating'.

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

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

CRISIL Ratings has been consistently following up with SE for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL D Issuer Not Cooperating'.

SE was set up in 1983 as a partnership firm by Delhi-based Sharma
family. After a family separation, SE was reconstituted as a
proprietorship firm owned by Mr. B N Sharma. SE trades in tool
steels and alloy steels, such as cold work tool steel, plastic
mould steel, stainless steel, high-speed steel, and die block
steel, in the National Capital Region, Punjab, and Uttar Pradesh.
Mr. B N Sharma and his son Mr. Pawan Sharma actively manage the
firm's day-to-day operations.


SUSHITEX INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sushitex
Industries Private Limited (SIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing        13.5        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term    4.57        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan            18           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SIPL, set up in 2011, manufactures fabric used for making shirts.
Its manufacturing facilities are in Tarapur (Maharashtra) and
operations are managed by Mr. Harish Arya and his family members.


SUSTAINABLE AGRO: Ind-Ra Keeps D Issuer Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sustainable
Agro-commercial Finance Limited's (SAFL) debt facilities' rating in
the non-cooperating category. The detailed rating action is given
below:

-- INR700 mil. Subordinated debt (Long-term) INE511S08015 issued
     on March 31, 2015 coupon rate 9% June 30, 2021 due on
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR3.265 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING:  The rating was last published on
June 1, 2022. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the rating.

The issuer did not participate in the rating 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 D
(ISSUER NOT COOPERATING)' on the agency's website. This is in
accordance with Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Company Profile

Mumbai-based SAFL is a non-banking finance company providing
agriculture and allied financial services. Jain Irrigation System
Limited directly holds a 49% stake in SAFL and an additional 21%
through common promoters. International Finance Corporation
Washington and Mandala Capital AG Limited hold 10% and 20% stakes
in SAFL, respectively.


SWARNA ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swarna
Academy of Sciences (SAS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/           4.5        CRISIL D (Issuer Not
   Overdraft facility                Cooperating)

   Proposed Long Term     1.0        CRISIL D (Issuer Not  
   Bank Loan Facility                Cooperating)

   Term Loan              2.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAS for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 SAS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAS continues to be 'CRISIL D Issuer Not Cooperating'.

SAS was founded in 2007, in Vijaywada, Andhra Pradesh by Mrs M
Swarna Devi and other associates. SAS operates an institute called
MVR College of Engineering and Technology, offering post-graduate
courses in engineering, business management (MBA), technology.


TREVA HEALTH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Treva Health Care Private Limited
c/o USV Private Limited, Arvind Vithal Gandhi Chowk,
        B.S.D Marg, Govandi, Mumbai 400088

Liquidation Commencement Date:  May 8, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Neena J Bhatia
     C 93, Snehadhara,
            Dadabhai CrossRoad No.3
            Vile Parle West, Mumbai 400056
            Email: njbatia21@gmail.com
            Telephone No: 9870002130

Last date for
submission of claims: June 6, 2023

WRITER LIFESTYLE: Ind-Ra Cuts Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Writer Lifestyle
Private Limited's (WLPL) Long-Term Issuer Rating to 'IND D' from
'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR307.4 mil. (reduced from INR924.5 mil.) Term loan (long
     term) due on June 2025 downgraded with IND D rating; and

-- INR137.3 mil. (reduced from INR150.0 mil.) Bank overdraft
     (short term) downgraded with IND D rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of WLPL and its parent, P.N. Writer & Company Pvt. Ltd. (PNW; 'IND
D') in view of the strong legal, operational and strategic linkages
between the entities. The agency had also considered liquidity
support coming from other group companies including Writer Business
Services Private Limited ('IND A'/Stable) while arriving at the
rating of the company.

Key Rating Drivers

The downgrade reflects the delays in WLPL's debt servicing of the
term loan during the past 12 months. This is consistent with India
Ratings' Default Recognition and Post-Default Curing Period
Policy.

Liquidity Indicator - Poor: On a consolidated basis, PNW's
liquidity is dependent on continuous support from the group
companies and director to service the external debt. The company
has total repayment obligations of INR517.6 million and INR361.9
towards term loan, dropline overdraft limit and non-convertible
debentures in FY24 and FY25, respectively, at a consolidated level.
The consolidated cash flow from operations is estimated to have
remained negative in FY23 (FY22: negative INR31 million, FY21:
negative INR178 million) owing to continued subdued operating
performance and high interest expenses. As per the management, the
consolidated cash and bank balances is estimated to have increased
to INR88.7 million at FYE23 (FYE22: INR33 million). In FY23, PNW
and WLPL received incremental loans of INR40.7 million and INR432
million, respectively, from group companies to meet the debt
service obligations. For FY24, the management has budgeted
additional debt of INR92 million and INR579.6 million in PNW and
WLPL, respectively, from the directors and group companies.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

WLPL is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality. WLPL is a wholly owned subsidiary of PNW.
As a standalone entity, WLPL is engaged in the hospitality
business, operating a luxury resort, Hilton Shillim Estate Retreat
and Spa, in Lonavala, near Mumbai.




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

MEDIA CHINESE: Net Loss Widens to MYR9.4MM in 4Q Ended March 31
---------------------------------------------------------------
theedgemalaysia.com reports that Media Chinese International Ltd
said its net loss widened to MYR9.38 million in the fourth quarter
ended March 31, 2023 (4QFY2023), from MYR3.41 million a year
earlier, mainly due to a reduction in government subsidies.

This is the group's weakest quarterly earnings since 1QFY2020, when
it posted a net loss of MYR24.33 million.

In a bourse filing, Media Chinese said its bigger loss was also due
an increase in provision for long service payment of about US$1.16
million (MYR5.34 million) for the group's employees in Hong Kong,
in accordance with the Employment and Retirement Schemes
Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022,
theedgemalaysia.com discloses.

According to theedgemalaysia.com, quarterly revenue rose 5.13% to
MYR138.57 million from MYR131.81 million in 4QFY2022, helped by the
group's travel business which continued to pick up momentum amid
global travel recovery. It recorded a 12-fold increase in turnover
to US$2.87 million from US$233,000, as a result of which loss
before tax narrowed to US$336,000 from MYR391,000.

Meanwhile, the group's publishing and printing segment saw its
quarterly revenue fall 3.7% to US$28.50 million, from US$29.61
million a year ago, the report says. Though the economy in the
group's core markets has started to normalise, market improvement
was muted by rising costs and weakening consumer demand, said Media
Chinese.

The segment posted a loss before tax of US$1.39 million, compared
with a profit before tax of US$363,000 in 4QFY2022.

Media Chinese declared an interim dividend of 0.67 sen, payable on
July 7.

For the full year, Media Chinese's net loss narrowed to MYR1.08
million, from MYR1.77 million in FY2022, as revenue grew 8.39% to
MYR585.94 million from MYR540.58 million, theedgemalaysia.com
discloses.

According to the report, Media Chinese group chief executive
officer Francis Tiong said FY2024 will remain challenging for its
publishing and printing segment, as high inflationary pressure will
weigh on consumer and business sentiment, leading to an adverse
impact on the markets' advertisement spend.

However, on a positive note, Tiong said the newsprint price, which
is currently at a high level, is expected to gradually come down in
the short to medium term, and this will make a positive
contribution to the segment's performance in FY2024,
theedgemalaysia.com relays.

Tiong said the impact of artificial intelligence (AI) is the
biggest challenge facing the media industry today.

"While AI offers opportunities for media companies to grow and
innovate, it also poses significant challenges that need to be
addressed. Moving forward, the group will continue to develop
strategies to adapt to these technological changes in order to
leverage the potential of AI while mitigating associated risks,"
theedgemalaysia.com quotes Tiong as saying.

"Moving forward, the group will continue to focus on cost
optimisation and seek ways to further improve the efficiency of its
operations, while at the same time explore opportunities to grow
its existing and new markets by leveraging on synergies among its
business units. This will allow the group to navigate through
challenging business conditions while remain efficient and
effective in its operations," he added.

Media Chinese's share price closed unchanged at 16 sen on Monday
(May 29), giving the group a market capitalisation of MYR270
million, adds theedgemalaysia.com.

Media Chinese International Limited, through its subsidiaries,
publishes Chinese newspapers, periodicals, and books in Hong Kong,
Malaysia, the United States, Canada and China. The Company also
provides travel and travel-related services. In addition, the
Company provides advertising, internet contents, and travel-
related services through its various portals.




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

K & R HAULAGE: Creditors' Proofs of Debt Due on July 6
------------------------------------------------------
Creditors of K & R Haulage Limited are required to file their
proofs of debt by July 6, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 25, 2023.

The company's liquidator is:

           Lynda Smart
           Rodgers Reidy
           PO Box 39090
           Harewood
           Christchurch 8545


MANKIND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
-------------------------------------------------------------
Creditors of Mankind Investments Limited are required to file their
proofs of debt by June 23, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 25, 2023.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


ODL CONSTRUCTION: Creditors' Proofs of Debt Due on June 14
----------------------------------------------------------
Creditors of ODL Construction Limited are required to file their
proofs of debt by July 14, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 25, 2023.

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


SYNERGY INVESTMENTS: Court to Hear Wind-Up Petition on June 27
--------------------------------------------------------------
A petition to wind up the operations of Synergy Investments Limited
will be heard before the High Court at Wellington on June 27, 2023,
at 10:00 a.m.

Spencer Holmes Limited filed the petition against the company on
March 7, 2023.

The Petitioner's solicitor is:

          Michael Wolff
          Level 10, 57 Willis Street
          Wellington


WOLF DEVELOPMENTS: Court to Hear Wind-Up Petition on July 6
-----------------------------------------------------------
A petition to wind up the operations of Wolf Developments Limited
will be heard before the High Court at Christchurch on July 6,
2023, at 10:00 a.m.

McVicar Building Supplies Limited filed the petition against the
company on May 10, 2023.

The Petitioner's solicitor is:

          Holly Maree Cassin
          Cavell Leitch Limited
          BNZ Centre
          Level 3, 111 Cashel Mall
          Christchurch 8011




=====================
P H I L I P P I N E S
=====================

DITO TELECOMMUNITY: Renews US$1.175B Bridge Facility With Lenders
-----------------------------------------------------------------
Bilyonaryo.com reports that DITO Telecommunity Corp., the
telecommunications firm led by Davao-based businessman Dennis Uy,
has successfully renewed its $1.175 billion bridge facility with
its Chinese lenders, Bank of China and China Minsheng Banking Corp
Ltd.

The bridge facility serves as interim financing and will be repaid
and absorbed through a $3.9 billion project finance long-term
facility that DITO's senior management is currently finalizing,
with the aim of closing the deal within this year, Bilyonaryo.com
relates citing a statement from DITO CME Holdings, the listed
entity of DITO Telecommunity.

Earlier this year, DITO Telecommunity committed to securing a $3.9
billion project finance loan facility, the report recalls. The
company has been grappling with mounting losses since its launch in
2021.

To bolster its financial position, DITO signed a shareholder loan
agreement in February with China Telecom International Investment
Private Ltd., securing PHP5.2 billion, Bilyonaryo.com says.

Including the recent bridge facility renewal, DITO's total
borrowings from CTIIPL in 2021 and 2022 now stand at P10.4 billion,
Bilyonaryo.com notes.

Bilyonaryo.com adds that the company is actively working towards
finalizing the long-term project finance facility, which will
provide a significant boost to its financial capabilities as it
continues to establish itself as a major player in the
telecommunications industry.

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.




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S I N G A P O R E
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ASTER MARINE: Final Meeting Set for June 27
-------------------------------------------
Members and creditors of Aster Marine Pte. Ltd. will hold their
final meeting on June 27, 2023, at 10:00 a.m., via electronic
means.

At the meeting, Toh Ai Ling, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


G9 SINGAPORE: Creditors' Proofs of Debt Due on June 27
------------------------------------------------------
Creditors of G9 Singapore I Pte. Ltd. are required to file their
proofs of debt by June 27, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 26, 2023.

The company's liquidators are:


          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


LIVING SOLUTIONS: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------------
Creditors of Living Solutions (Singapore) Pte. Ltd. are required to
file their proofs of debt by June 30, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2023.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


PWC ADMINISTRATION: Members' Final Meeting Set for June 30
----------------------------------------------------------
Members of PWC Administration Services Pte. Ltd. will hold their
final general meeting on June 30, 2023, at 10:00 a.m., at at 7
Straits View, Marina One, East Tower, Level 12, in Singapore.

At the meeting, Chan Kheng Tek, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


UNITED GLOBAL: Commences Wind-Up Proceedings
--------------------------------------------
Members of United Global Holding Pte Ltd, on May 25, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908



                           *********


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-
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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.

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