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

                     A S I A   P A C I F I C

          Monday, June 19, 2023, Vol. 26, No. 122

                           Headlines



A U S T R A L I A

ABC GROUP: Second Creditors' Meeting Set for June 21
ANALYTICA LIMITED: First Creditors' Meeting Set for June 22
ELLUME LTD: Collapses Into Liquidation After AUD58MM Bailout Fails
GENERAL EDUCATION: First Creditors' Meeting Set for June 21
INNERTELLIGENCE (AUST): First Creditors' Meeting Set for June 21

SEAFARMS GROUP: Starts Fund Raising Talks Despite Legal Action
TML PURCHASING: Second Creditors' Meeting Set for June 21


C H I N A

GUANGZHOU R&F: Fitch Affirms Then Withdraws 'RD' IDR


F I J I

FIJIFIRST PARTY: In Balance Sheet Insolvency


I N D I A

ADINATH SORTEX: CRISIL Withdraws B Rating on INR7cr Cash Loan
AMBICA COATSPIN: Ind-Ra Affirms BB+ Long Term Issuer Rating
AMITY LEATHER: CRISIL Withdraws B Rating on INR7cr Cash Loan
ASOKE TIMBER: Ind-Ra Cuts Long Term Issuer Rating to 'D'
BABA PURAN: Ind-Ra Keeps B Term Loan Rating to Non-Cooperating

BALAJI STAKE: Insolvency Resolution Process Case Summary
BHANDARI FOILS: CARE Keeps D Debt Ratings in Not Cooperating
BHANWAR SINGH: CARE Keeps C Debt Rating in Not Cooperating
BRAJESH CONSTRUCTION: Liquidation Process Case Summary
CEEAN COMMERCE: Voluntary Liquidation Process Case Summary

GO FIRST: Hopes to Resume Daily Flights by Month End
GOLDEN AGRARIAN: CRISIL Lowers Rating on INR25cr Cash Loan to D
HAL-KO-INFRA PROJECTS: CRISIL Cuts Rating on INR2.25cr Loan to B-
IMPACT METALS: Insolvency Resolution Process Case Summary
INDERA ETHNICS: CARE Lowers Rating on INR5.0cr LT Loan to C

INTEC INDIA: Insolvency Resolution Process Case Summary
J.M.L. MARKETINGS: Liquidation Process Case Summary
JBF PETROCHEMICALS: GAIL Completes Insolvency Resolution Process
JOSEPH LESLIE: CRISIL Lowers Debt Rating on LT/ST Loan to D
JUMBO FINVEST: CARE Keeps D Debt Rating in Not Cooperating

K K POLYCOLOR: CARE Keeps D Debt Rating in Not Cooperating
KARTICK CHANDRA: CARE Keeps C Debt Rating in Not Cooperating
KIRAN UDYOG: Insolvency Resolution Process Case Summary
MEDIPARK HEALTHCARE: CRISIL Moves B+ Ratings to Not Cooperating
MICRO INDUSTRIAL: CARE Keeps C Debt Rating in Not Cooperating

MOONHOUSE PROJECT: Ind-Ra Affirms BB Long Term Issuer Rating
NASHIK FORGE: Insolvency Resolution Process Case Summary
PACT INDUSTRIES: CRISIL Lowers Ratings on LT/ST Debt to D
PAREKH PETROCHEMICALS: CRISIL Withdraws B+ Long/Short Term Rating
PRAKHYYAT INFRA: CRISIL Withdraws D Rating on INR14cr Loan

SHINCO OVERSEAS: Voluntary Liquidation Process Case Summary
SILON GRANITO: CRISIL Raises Rating on INR10.51cr Term Loan to B
SKILLED CONSTRUCTION: CRISIL Cuts Rating on INR3.24cr Loan to B-
SOCIAL CHANGE: CRISIL Cuts Rating on INR14.65cr LT Loan to D
SONIC CERAMIC: CARE Keeps D Debt Ratings in Not Cooperating

SPEL GRANITO: Insolvency Resolution Process Case Summary
SPICEJET: NCLT Moves Wilmington SP's Insolvency Plea to July 17
SRB PAPERTECH: CRISIL Withdraws B Long/Short Term Rating
SRIBALAJI HATCHERIES: CRISIL Cuts Rating on INR9cr Cash Loan to D
SUHASINI BUILDER: CRISIL Moves B+ Debt Rating to Not Cooperating

SUPER SHINE: Insolvency Resolution Process Case Summary
SUPREME MANOR: Insolvency Resolution Process Case Summary
TENNY JOSE: CARE Keeps D Debt Ratings in Not Cooperating Category
UNILEC ENGINEERS: Insolvency Resolution Process Case Summary
VENTO POWER: CARE Keeps D Debt Rating in Not Cooperating Category

VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
VISTA PRINT: CARE Assigns D Rating to INR15cr Bank Loans


M O N G O L I A

TRANSPORT & DEVELOPMENT: Moody's Affirms 'B3' LT Issuer Ratings


N E W   Z E A L A N D

BITCACHE LIMITED: Court to Hear Wind-Up Petition on July 13
FARGO INTERNATIONAL: Creditors' Proofs of Debt Due on July 11
METRO TRADE: Court to Hear Wind-Up Petition on June 23
MKOD DEVELOPMENTS: Creditors' Proofs of Debt Due on July 20
NEWMARKET LAW: Creditors' Proofs of Debt Due on July 20



P H I L I P P I N E S

VERMIRICH FOODS: BIR Raids Firm Over PHP800M Excise Tax Deficiency


S I N G A P O R E

ARMSTRONG S.E.: Creditors' Proofs of Debt Due on July 16
AWILCO RIG: Court to Hear Wind-Up Petition on June 30
CEL-FORT PTE: Creditors' Proofs of Debt Due on July 16
HYFLUX AQUOSUS: Creditors' Proofs of Debt Due on July 16
MARZUK INT'L: Court to Hear Wind-Up Petition on June 23



S O U T H   K O R E A

HARU INVEST: Crypto Platform Halt Investor Withdrawals


S R I   L A N K A

BANK OF CEYLON: Fitch Affirms LongTerm Foreign Currency IDR at 'CC'

                           - - - - -


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

ABC GROUP: Second Creditors' Meeting Set for June 21
----------------------------------------------------
A second meeting of creditors in the proceedings of ABC Group
Holdings Pty Ltd has been set for June 21, 2023 at 4:30 p.m. via
webinar facilities 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 19, 2023 at 4:00 p.m.

Graham Robert Killer and Matthew Byrnes of Grant Thornton were
appointed as administrators of the company on Dec. 15, 2022.


ANALYTICA LIMITED: First Creditors' Meeting Set for June 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Analytica
Limited will be held on June 22, 2023, at 11:00 a.m. via virtual
meeting on Microsoft Teams.

Scott Matthew Clout of David Clout & Associates was appointed as
administrator of the company on June 12, 2023.


ELLUME LTD: Collapses Into Liquidation After AUD58MM Bailout Fails
------------------------------------------------------------------
Liam Walsh at The Australian Financial Review reports that a AUD58
million deal to bail out the failed Australian arm of Ellume, a
once soaring biotechnology star supplying COVID-19 tests, has
fallen over.

AFR relates that the financial lifeline had been proposed by a Gold
Coast firm with controversial links to testing, but Ellume's
administrators said it failed to come up with the required funds.

It means Ellume's Australian arm - the head of the group - has
tumbled into liquidation, costing at least 40 jobs and imperilling
almost AUD200 million in creditor claims. The Australian business
owned the shares in its North American subsidiary, which is not in
administration and has a contract with the US Department of
Defense.

"We are disappointed with the outcome, and it's unfortunate that
the company has had to be placed into liquidation after the
promising . . . proposal," FTI Consulting's Joanne Dunn, one of
Ellume's administrators, told The Australian Financial Review.

AFR says Brisbane-based Ellume was a biotechnology start-up
initially concentrating on influenza tests. It was founded in 2010
by Sean Parsons, who developed the idea after working as a Brisbane
doctor in medical emergency during the swine-flu epidemic, and its
backers included former mining magnate Paul Darrouzet.

The outfit switched its attention to coronavirus home tests when
COVID-19 spread globally in 2020, finding a market in the US. It
was already bleeding money but a key disaster struck with a recall
in late October 2021 after some tests had false positives.

That recall cost AUD37 million alone, according to an
administrators' report, AFR relays. Other reasons for failure cited
by the directors included the US government rolling out free rapid
antigen tests, smashing demand for Ellume's product, and an
inability to raise new funds.

According to AFR, the administrators also cited other potential
factors including a loss of key staff and low levels of investment
in non-COVID-19-related products following the pandemic. Ellume
appointed Ms Dunn and John Park in August last year.

Creditors, which include unsecured noteholders, were owed between
AUD195 million and AUD234 million, although almost AUD35 million of
that came from related entities, AFR discloses.

A white knight appeared after a sale process with Hough
Consolidated signing a debt-restructuring deal to revive the
company, AFR notes. It would pay US$38 million (AUD58 million)
along with ongoing operating costs in acquiring Ellume.

While AUD3.2 million had been paid for operations so far, Hough
Consolidated had not paid an additional AUD1.25 million by this
week, despite deadline extensions, the administrators said.

AFR says the administrators will now attempt to sell assets
including two Brisbane manufacturing facilities with robot arms and
intellectual property. The fate of the remaining staff of about 40
is still uncertain with some further losses possible.

"If we're able to find someone that might be interested in the
operations of one of the facilities - they may take on some of the
staff. It also depends on what the US Ellume business continues to
do. That business might take on some of the Australian staff as
well," AFR quotes Ms. Dunn as saying.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Ellume Limited on Aug. 31, 2022.


GENERAL EDUCATION: First Creditors' Meeting Set for June 21
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of General
Education Pty Ltd will be held on June 21, 2023, at 2:00 p.m. via
virtual facilities.

Philip Campbell Wilson of Grant Thornton Australia was appointed as
administrator of the company on June 8, 2023.


INNERTELLIGENCE (AUST): First Creditors' Meeting Set for June 21
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Innertelligence (Aust) Pty Ltd will be held on June 21, 2023, at
9:15 a.m. at the offices of Woodgate & Co. at Level 2, 6-10
O'Connell Street in Sydney and via telephone conference
facilities.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of the company on June 13, 2023.


SEAFARMS GROUP: Starts Fund Raising Talks Despite Legal Action
--------------------------------------------------------------
John McCarthy at InQueensland reports that Queensland-based
Seafarms Group has recommitted to a AUD1.5 billion prawn project
called Project Sea Dragon and started fund raising negotiations
despite legal action trying to stop it.

According to InQueensland, Chief executive Rod Dyer said the
project, which involves prawn hatcheries, growing facilities and
processing centres in the NT and Western Australia, had financial
modelling that was "sufficiently complete" and other data,
including a revised business case, was well progressed.

However, the project has a court case hanging over it from
contractor Canstruct which has been seeking to liquidate the
project and in February, Project Sea Dragon was put into voluntary
administration, InQueensland relates. A subsequent deed of company
arrangement was meant to discharge the claims by Canstruct,
including the AUD13.9 million that was payable.

Then in April, Canstruct lodged applications for liquidators to be
appointed to Project Sea Dragon. Mr. Dyer said the court action was
an "unwarranted distraction" but would not prevent the company from
progressing its funding, nor its final investment decision.

However, that was not the only problem for Project Sea Dragon which
had the aim of producing year-round prawns for the export market
with 10ha prawn production ponds, InQueensland notes.

A project review in 2022 identified some key risks, but Mr. Dyer
said this was addressed through a new assessment.

"This assessment found there were no technical reasons why Project
Sea Dragon should not proceed and that we are now progressing
financial and business case modelling for the project as the next
step in determining the future of the project," the report quotes
Mr. Dyer as saying.

Those "key risks" related to the 10ha ponds "and the absence of
finance which Mr. Dyer said had been addressed.

"We have taken these concerns seriously and have re-evaluated all
aspects of the project," Mr. Dyer said.

"The board is now pleased to advise that we are re-engaging with
previous and new funders as well as debt providers for the future
funding requirements of Project Sea Dragon.

"The board will assess the updated business case and funding
arrangements before making a final investment decision for PSD."

InQueensland adds Mr. Dyer said the company had all the approvals
needed for the first stage of the project which would enable 15,000
tonnes of product a year.

SeaFarms also owns the north Queensland Crystal Bay Prawns.


TML PURCHASING: Second Creditors' Meeting Set for June 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of TML Purchasing
Pty Ltd has been set for June 21, 2023 at 2:00 p.m. via
teleconference 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 20, 2023 at 4:00 p.m.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on May 29, 2023.




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

GUANGZHOU R&F: Fitch Affirms Then Withdraws 'RD' IDR
-----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on Guangzhou R&F Properties Co. Ltd. and its
subsidiary, R&F Properties (HK) Company Limited (RFHK), at 'RD'
(Restricted Default). It has also affirmed RFHK's senior unsecured
rating and the rating on the RFHK-guaranteed notes issued by Easy
Tactic Limited at 'C', with the Recovery Ratings of 'RR5'.

At the same time, Fitch has chosen to withdraw the ratings on
Guangzhou R&F and RFHK for commercial reasons.

KEY RATING DRIVERS

Loans Deemed to be in Default: Based on the auditor's report in the
company's 2022 financial statements, CNY29 billion of Guangzhou
R&F's bank and other borrowings were deemed to be in default or
cross-default as of end-March 2023. Fitch believes this is because
loans from onshore banks and financial institutions have not been
formally extended, even though the company does not expect the
lenders to demand immediate repayment of the overdue loans.

Unsustainable Capital Structure: The group faces around CNY5
billion in capital-market debt maturities in 2023-2024, following a
maturity extension in 2022. The extension has eased repayment
pressure in the near term, but Fitch believes the company's capital
structure remains unsustainable in the absence of significantly
stronger sales. Fitch estimates that Guangzhou R&F will require
CNY40 billion in contracted sales (2022: CNY33 billion, 5M23:
CNY10.6 billion) to be free cash flow neutral, which could be
challenging.

Weak Contracted Sales: Contracted sales declined by 52% yoy to
CNY10.6 billion in 5M23 and monthly contracted sales have averaged
at around CNY2 billion since July 2022, compared with around CNY10
billion in 2021. Fitch believes a significant increase in sales is
unlikely, given a weakened brand and limited ability to launch new
projects for sale.

Further Asset Disposals: The company continues to seek to dispose
assets to provide additional liquidity, and believes its hotel
portfolio can attract investor interest. The company completed
CNY4.9 billion of asset disposals in 2022, including the sale of a
50% stake in a development project in the UK for HKD2.7 billion,
three hotels in Beijing, Fuzhou and Zhenjiang for CNY1.3 billion
and other development projects.

DERIVATION SUMMARY

The 'RD' rating reflects that the company remains in default on
certain bank and other borrowings.

RATING SENSITIVITIES

Sensitivities are not applicable, given the withdrawal of the
ratings.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: The company had CNY2.2 billion of unrestricted
cash as of end-2022, insufficient to cover CNY43.7 billion of
short-term debt.

ISSUER PROFILE

Founded in 1994, Guangzhou R&F is a property developer focusing on
medium- and high-end property development. The company also engages
in hotel development, commercial operations, property management
and architectural and engineering design. RFHK is Guangzhou R&F's
wholly owned offshore investment and financing platform.

ESG CONSIDERATIONS

Guangzhou R&F has an ESG Relevance Score of '4' for Management
Strategy, reflecting persistently weak contracted sales and an
unsustainable capital structure, despite a debt extension. This has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
Guangzhou R&F
Properties Co. Ltd.   LT IDR RD  Affirmed              RD
                      LT IDR WD  Withdrawn             RD

R&F Properties (HK)
Company Limited       LT IDR RD  Affirmed              RD
                      LT IDR WD  Withdrawn             RD

   senior unsecured   LT     C   Affirmed    RR5        C

   senior unsecured   LT     WD  Withdrawn   RR5        C

Easy Tactic Limited

   senior unsecured   LT     C   Affirmed    RR5        C

   senior unsecured   LT     WD  Withdrawn   RR5        C



=======
F I J I
=======

FIJIFIRST PARTY: In Balance Sheet Insolvency
--------------------------------------------
FijiVillage reports that the FijiFirst Party is in balance sheet
insolvency as it has a net liability position of $1.025 million and
a working capital deficiency of $1.356 million while it's current
assets for the year ending December 31, 2022 is $291,891.

According to the audited accounts signed off by BDO, the FijiFirst
recorded a net deficit amounting to $1.656 million for the year
ended December 31, 2022.

Cash on hand and at bank balance as atDecember 31, 2022 was
$252,761.

According to FijiVillage, BDO said notwithstanding this position,
the financial accounts have been prepared on a going concern basis
of accounting.

It said the party has plans to raise adequate funding by way of
donations after the lifting of the suspension, and settle its
current overdue payable balances and meet its other commitments as
and when it arises.

FijiVillage relates that BDO said in the audit report submitted to
the Fijian Elections Office that the FijiFirst Party is also
negotiating with certain suppliers for further time for settlement
of overdue balances, and the party is confident that extended time
at normal commercial terms will be allowed by the suppliers.

Based on these assumptions together with support from party workers
and party supporters, the Central Executive Committee and
management has concluded that the going concern basis of accounting
remains appropriate for the preparation of the financial accounts,
FijiVillage relays.

Last year, FijiFirst got $2.227 million in donations and $337,500
in funding for their parliamentary office.

The party said donations comprise money received from individuals,
and there was no revenue from fundraising activities or membership
registration fees.

FijiVillage adds that the audit report also said there were no
donations in kind for the year ended December 31, 2022.

Their total revenue was $2.565 million while their total
expenditure for the general election year was $4.222 million.

The Fijian Elections Office is currently verifying the audited
accounts of the political parties.




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

ADINATH SORTEX: CRISIL Withdraws B Rating on INR7cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Adinath Sortex (Adinath) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Adinath for
obtaining information through letters and emails dated October 21,
2022 and December 30, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Adinath, set up in 2013, processes and sorts various
agro-commodities such as wheat, maize and soya bean meal, and sells
it under the brand names of Rumali Roti, YES BOSS and Missi Roti.
It is promoted by Mr Shobhag Mal Chajjed and Mr Pankaj Sancheti.
The firm has a processing and sorting plant at Nimbahera,
Rajasthan.


AMBICA COATSPIN: Ind-Ra Affirms BB+ Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Shri
Ambica Coatspin Private Limited (SACPL; erstwhile Shri Ambica
Coatspin) to Stable from Positive, while affirming its Long-Term
Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits Outlook revised
     to Stable from Positive; affirmed with IND BB+/Stable rating;

     and

-- INR206 mil. (reduced from INR220 mil.) Term loan due on
     December 30, 2030 Outlook revised to Stable from Positive;
     affirmed with IND BB+/Stable rating.

Analytical approach: To arrive at the ratings, Ind-Ra has changed
its rating approach to taking a standalone view of SACPL from the
consolidated view of SACPL, along with its group companies, taken
earlier since there are neither any parent-subsidiary linkages nor
any inter-corporate guarantees present among these companies.

The Outlook revision reflects SACPL's modest EBITDA margin despite
an increase in its revenue, according to the provisional financials
of FY23, and Ind-Ra's expectation of this trend to continue over
the medium term.

Key Rating Drivers

In FY23, SACPL's EBITDA margin declined to 8.06% (FY22: 10.7% FY21:
20.31%), despite an increase in its revenue to INR895 million
(INR703 million, INR474 million) resulting from new sales orders,
due to unstable market conditions in cotton prices and intense
competition. The return on capital employed was 10.6% in FY23
(FY22: 9.4%, FY21: 12.4%). Ind-Ra expects the revenue to improve
slightly over the near-to-medium term owing capex completion. The
margin is likely to remain modest at similar levels for FY24. The
scale of operations is small.

Liquidity Indicator - Stretched:  SACPL's average maximum use of
its working capital limits was 77% during the 12 months ended March
2023. SACPL's cash flow from operations decreased to INR30 million
in FY23 (FY22: INR55 million, FY21: INR22 million) due to
unfavorable changes in the working capital. SACPL had a low cash
balance of INR0.5 million at FYE23 (FYE22: INR50.22 million, FYE21:
INR0.13 million), against an increased total outstanding debt of
INR388 million during the year (INR362 million, INR349 million).
SACPL has a debt repayment of around INR55 million and INR66
million in FY24 and FY25, respectively.

SACPL's credit metrics are modest with its interest coverage ratio
(operating EBITDA/gross interest expenses) deteriorating to 1.87x
in FY23 (FY22: 2.23x, FY21: 2.03x) due to an increase in the
interest as well as finance cost during the year. The net leverage
(adjusted net debt/operating EBITDAR) also deteriorated to 5.37x in
FY23 (FY22: 4.15x, FY21: 3.62x), due to an increase in the debt
levels during the year as the company availed a term loan taken for
capex purposes. Ind-Ra expects the credit metrics to improve
slightly during FY24 on the back of a reduction in the debt level
due to the scheduled repayment of the term loans.

The ratings are constrained by the intense competition in the
highly-fragmented textile industry SACPL operates in. The industry
is characterized by the presence of several unorganized,
small-sized players as the entry barriers are low on account of the
low capital requirement and technology intensity, and low
differentiation in end product.

The ratings are, however, supported by the company's promoters who
have an experience of over three decades in the textile industry.
This has led to strong ties with customers and suppliers. Moreover,
the company's operations are spread across India; therefore, the
geographical concentration risk is mitigated to an extent. The
company continues to benefit from its healthy operational synergies
due to its vertically integrated operation with a presence in yarn
manufacturing, weaving and processing. This supports the
profitability and restrains the company's working capital
requirements.

Rating Sensitivities

Negative: Any decline in the scale of operations or deterioration
in the liquidity position with the net leverage remaining above
5.0x will be negative for the ratings.

Positive: An increase in scale of operations, an improvement in the
liquidity position with the net leverage reducing below 4.0x, all
on a sustained basis, will be positive for the ratings.

Company Profile

SACPL commenced operations in 2017 as a partnership firm and
converted into a private limited company in 2022. The firm is
engaged in the manufacturing and trading of yarn. SACPL mainly
sells yarn to its group companies Mahak Synthetics Mills and Shree
Siddhivinayak Cotfab.


AMITY LEATHER: CRISIL Withdraws B Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Amity Leather International (ALI) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Export Packing         2.9        CRISIL B/Stable/Issuer Not
   Credit                            Cooperating (Withdrawn)

   Export Post-           6.1        CRISIL A4/Issuer Not
   Shipment Credit                   Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ALI for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership by Mr L B Kolte and Mr U C Singh in 1979,
ALI manufactures and exports leather footwear for women and
children. Office is in Mumbai.


ASOKE TIMBER: Ind-Ra Cuts Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asoke Timber
Co's (ATC) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from IND BB (ISSUER NOT COOPERATING).

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limits (Long term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits (Short term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

The downgrade reflects ATC's delays in debt servicing of auto
loans.

Key Rating Drivers

The downgrade reflects ATC's delays in debt servicing of auto loans
for more than 30 days.

Rating Sensitivities

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

Company Profile

Set up in 1975, ATC trades timber, veneer, plywood, marble,
granites and tiles.


BABA PURAN: Ind-Ra Keeps B Term Loan Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Baba Puran Dass
Financial Services Ltd.'s term deposits in the non-cooperating
category. 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 these ratings. The rating will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR20 mil. Term deposits maintained in the non-cooperating
     Category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: 'Issuer did not cooperate; based on
best available information'.  

The rating was last reviewed on January 23, 2019. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the rating.

Company Profile

Incorporated in 1995, Baba Puran Dass Financial Services is a
deposit-taking non-banking financial asset finance company. The
company primarily finances used passenger vehicles and new
two-wheelers on a hire and purchase basis.


BALAJI STAKE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Balaji Stake Rice Industries Limited

Registered Office:
        H.No. 2-2-534/1, Ram Nagar, Hanmakonda,
        Warangal, Telangana India-506001

        Factory Office:
        27-1-3/1/A, Seethampet Road, Hasanparthy,
        Hanamkonda, Telangana-506371

Insolvency Commencement Date: May 22, 2023

Estimated date of closure of
insolvency resolution process: November 21, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Ganesh Venkata Siva Rama Krishna Remani
       302, Nahar Business Centre,
              Chandivali Mumbai-400072
              Email: ganesh.remani@nliten.in
                     cirp.balajistakerice@gmail.com
              Phone No: +91 9967500010
              Phone No: +91 9967598910

Last date for
submission of claims: June 8, 2023

BHANDARI FOILS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhandari
Foils & Tubes Limited (BFTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      90.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    103.26       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of BFTL under the 'issuer non-cooperating'
category as BFTL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BFTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023.

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

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

Incorporated in 1993, BFTL (CIN: U74110TN1993PLC024327) is promoted
by the Bhandari group based out of Chennai. BFTL is engaged into
the business of manufacturing stainless steel (SS) welded tubes and
pipes, bright annealing tubes, cold rolled SS coils, strips and
foils and pipe fittings. BFTL's manufacturing unit is located at
Dewas, Madhya Pradesh and had an installed capacity for
manufacturing of 15,000 metric tons per annum (MTPA) of SS tubes,
strips, section/components and bright annealing tubes along with
8,000 MTPA for cold-rolled SS (CRSS) coils, strips and foils as on
March 31, 2020.


BHANWAR SINGH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhanwar
Singh Rathore (BSR) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     14.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 9, 2022,
placed the rating(s) of BSR under the 'issuer non-cooperating'
category as BSR had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BSR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2023, May 5, 2023, May 15, 2023.

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

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

Rajasthan based BSR was formed as a proprietorship concern by Mr
Bhanwar Singh Rathore. The firm is engaged in the business of toll
tax collection and also engaged in the business of the retailing of
petroleum products of Indian Oil Corporation Limited. The firm has
a retail outlet located at Village Goyla, Near Sarwar, District
Ajmer (Rajasthan). The toll tax collection points was located at
Nasirabad-Kekri-Deoli Road (SH-26), Jaipur-Jobner-Kuchaman-Nagaur
Road (SH-90), PaliNadol-Gomati ka Chouraha Road.


BRAJESH CONSTRUCTION: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Brajesh Construction Pvt Ltd
2348/Bldg. No.-49, Shree Sai Krupa Chs Ltd.,
        Gandhi Nagar, Near Apna Bazar, Bandra (East),
        Mumbai, Mumbai City MH 400051 India

Liquidation Commencement Date:  May 10, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Megha Agrawal
            (Partner in Synergy Insolvency Professionals LLP)
     001, Shivranjini Apartments,
            In Circle of Congress Nagar Garden, Congress
            Nagar, Nagpur-400012.
            E-mail: ip.meghaagrawal@gmail.com

            Plot no. 72, Anjaneya Niwas,
            Opp. Dew Trinity Hospital,
            Hindustan Colony, Near Sai Mandir,
            Wardha Road, Nagpur 440015
            E-mail: liquidation.bcpl@gmail.com

Last date for
submission of claims: June 24, 2023

CEEAN COMMERCE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Ceean Commerce Pvt. Ltd
P-17, 3rd Floor, Kalakar Street,
        Kolkata WB 700007

Liquidation Commencement Date:  May 22, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Niraj Kumar Agrawal
     Swastik, 334/157, Jessore Road,
            F No-3H, Kolkata-700089
            Email: ceean.vl.2023@gmail.com
            Phone: 9830016006

Last date for
submission of claims: June 21, 2023

GO FIRST: Hopes to Resume Daily Flights by Month End
----------------------------------------------------
Bloomberg News reports that Go Airlines India Ltd., which filed for
bankruptcy protection in May, hopes to resume operations by the end
of the month and restore 94% of its daily flights, a person
familiar with the matter said.

In a revival plan submitted to the aviation regulator, the airline
said it can operate 157 daily flights domestically, compared with
the 167 it flew previously, the person said, asking not to be
identified because the matter is private, Bloomberg relays. The
carrier abruptly halted flights last month, blaming problems with
the Pratt & Whitney engines that power its fleet.

According to Bloomberg, Go hoped the regulator may approve its
proposal last week, allowing it to resume flights in the next two
weeks, the person said. The airline previously said it aimed to
restart flights in May, but that proved over-optimistic and never
materialized.

The carrier is also waiting for creditors to approve additional
funding, the person said, declining to specify the amount of
investment needed, Bloomberg relates.

The airline, which rebranded as Go First about two years ago,
controls 6.4% of the Indian aviation market - one of the
fastest-growing in the world. It plans to deploy 22 aircraft and
reserve four jets for future needs, the person, as cited by
Bloomberg, said. After losing about 175 pilots during the recent
turbulent times, Go still has more than 500 pilots - enough to fly
some 30 planes - and doesn't need to immediately hire more, the
person said.

                           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.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, the 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.

GOLDEN AGRARIAN: CRISIL Lowers Rating on INR25cr Cash Loan to D
---------------------------------------------------------------
CRISIL Rating has downgraded its rating on the bank facilities OF
Golden Agrarian Private Limited (GAPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with GAPL for
obtaining information through letters and emails 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 GAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GAPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on publicly available information, a notice was published by
the National Company Law Tribunal on IBBI in response to the
petition filed by the Punjab national Bank u/s 7 of IBC code
stating the total amount claimed to be in default is
INR64,50,82,808/- (Rupees sixty four crores fifty lakhs eighty two
thousand eight hundred and eight only). Hence, CRISIL Rating has
downgraded its rating on the bank facilities to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

GAPL was established in 1980 as a partnership firm, Samra
Industries, by Mr Harendra Jeet Singh and his brother, Mr Sardar
Malkeet Singh. It was reconstituted as a private limited company in
2012. GAPL is currently managed by Mr Rajvir Singh. The company
processes basmati and non-basmati rice at its plant in Faridkot,
Punjab, which has a total milling capacity of 12 tonne per hour.


HAL-KO-INFRA PROJECTS: CRISIL Cuts Rating on INR2.25cr Loan to B-
-----------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Hal-ko-Infra Projects (HI) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/ CRISIL D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2           CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit           2.25        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Bank         1.51        CRISIL A4 (Upgraded from
   Guarantee                         'CRISIL D')

   Working Capital       0.49        CRISIL B-/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

The upgrade reflects timely servicing of working capital facility
and term debt obligations for over 90 days; however liquidity
continues to remain poor with high bank limit utilization in past
12 months ended May 2023.

The ratings continue to reflect subdued business performance, below
average financial risk profile.  These weaknesses are partially
offset by company's longstanding presence in the civil construction
business.

Analytical Approach

CRISIL Ratings has treated unsecured loan (from friends and
relatives) of INR2.16 crore as on March 31, 2023 as debt as
expected to be repaid over medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Decline in scale of operations and significant geographical
concentration in the highly fragmented construction industry: Due
to low turnover, company is executing the projects as a
sub-contractor since they are not able to directly bid for the
government projects. Moreover, the contracts are undertaken mainly
of Maharashtra and Karnataka regions, leading to significant
exposure to geographical concentration risk. Company remains
exposed to changes in policies related to civil infrastructure,
socio-economic and political conditions in this region. The company
has outstanding order book of INR71 crore as of May 2023. The
company estimated to achieve operating income of INR30 crore for
fiscal 2023 with operating margin estimated at 15%. Timely
execution of projects and sustenance of operating margin in near
term remains to be seen.

* Below average financial risk profile: Firm has modest networth of
INR2.1 crore as on March 31, 2022. Networth is estimated to be
around INR4.5-5 crore as on March 31, 2023. The TOL/ANW ratio was
at 3.6 times as on March 31, 2022, and likely to remain in the
range of 1-2 times on account of moderate improvement in networth.
However, leverage levels are expected to remain high, constraining
the financial risk profile.

Strengths:

* Partners' extensive experience in the civil construction
business: Partners- Mr Subhash Kotekar and Mr Amol Halurkar have
experience of over two decades in the construction industry. The
firm benefits from their extensive experience and understanding of
the dynamics of the market.

Liquidity: Poor

Bank limits of INR2.25 crore have utilization of 86% in 12 months
ended May 2023, however the company had instances of full
utilization in certain months. Net cash accruals expected to be
over INR2.7-3.8 crore which is likely to be sufficient against
repayment obligations of INR0.09-0.22 crore in medium term. Timely
debt repayments will be a key monitorable. Firm has no major debt
funded capex plans over medium term.

Outlook: Stable

CRISIL Ratings believes HI will benefit from its partners'
extensive industry experience and its moderate order book.

Rating Sensitivity factors

Upward factors:

* Sustainable improvement in the business risk profile, where net
cash accrual is above INR3.5 crore
* Improvement of financial risk profile and improved working
capital cycle leading to better liquidity position

Downward factors:

* Lower than expected revenue and or operating margin resulting in
accruals below INR1 crore
* Stretch in working capital cycle or higher than expected debt
funded capex resulting to weakening of financial risk profile,
particularly liquidity

Established in 2008 and based in Mumbai, HI undertakes construction
projects, such as construction of roads and bridges, schools,
building, dams, water supply projects, and water treatment plants.


IMPACT METALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Impact Metals LTD
        Sy No. 296/7/4, IDA Bollaram
        Bollaram, Jinnaram Mandal Bollaram-502325
        Telangana, India

Insolvency Commencement Date: May 25, 2023

Estimated date of closure of
insolvency resolution process: November 21, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Malireddy Ramana Reddy
       Flat No 202, H. No. 8-3-191/155 (16/A)
              Sai Saurabh Residency, Vengal Rao
              Nagar, Hyderabad- 500038,
              Telangana, India
              Email: ramanareddycsrp@gmail.com

              Nirmal Tower, Dwarakapuri Colony,
              Beside Sai Baba Temple,
              Punjagutta, Hyderabad-500082,
              Telangana, India
              Email: impact.cirp@gmail.com

Last date for
submission of claims: June 8, 2023

INDERA ETHNICS: CARE Lowers Rating on INR5.0cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Indera Ethnics and Designs Private Limited (IEDPL), as:

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

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 16, 2022,
placed the rating(s) of IEDPL under the 'issuer non-cooperating'
category as IEDPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IEDPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 1, 2023, April 11, 2023, April 21, 2023.

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

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

The ratings assigned to the bank facilities of IEDPL have been
revised on account of Non-availability of requisite information.
The revision also considered incurred net losses during FY22.

Analytical approach: Standalone

Outlook: Stable

Incorporated in April 2005, Indera Ethnics and Designs Private
Limited (IEDPL) was promoted by the Singh family of Rourkela,
Odisha. The company is into retailing of sarees (mill made &
handloom cloth), readymade garments (men, women & kids), hosiery
goods, optical jewelry, artificial jewelry, plastic items, linens &
accessories for door mats, table covers and cushion covers along
with tailoring services through its showrooms. The company
presently operates through 2 owned showrooms under the name 'Indera
Textiles' located at Rourkela, Odisha. The company deals in both
branded and non-branded readymade apparels.

INTEC INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Intec India Limited
House No. 19-B, Ground Floor, Arjun Nagar,
        Sandarjung Enclave, New Delhi-110029

Insolvency Commencement Date: June 26, 2023

Estimated date of closure of
insolvency resolution process: November 22, 2023

Court: National Company Law Tribunal, New Delhi Bench-VI

Insolvency
Professional: Dr. Lekhraj Bajaj
       107, Agarwal Prestige Mall,
              Adjoining to M2K
              Pitampura, Delhi-110034
              Email: lekhrajbajaj@rediffmail.com
                     intec.cirp@gmail.com

Last date for
submission of claims: June 9, 2023

J.M.L. MARKETINGS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: J.M.L. Marketings Private Limited
C-13, U.P.S.I.D.C., Industrial Area,
        Naini Allahabad UP-211010

Liquidation Commencement Date:  May 26, 2023

Court: National Company Law Tribunal, Allahabad Bench

Liquidator: Mr. Madan Mohan Dhupar
     Flat No. 301, Gracious Tower,
            S P R Imperial Estate,
            Sector 82, Faridabad, Haryana- 121004
            Email: dhuparmm@gmail.com

            8/28, 3rd Floor, WEA, Abdul Aziz Road,
            Karol Bagh, New Delhi-110005
            Email: cirp.jmlmarketings@gmail.com

Last date for
submission of claims: June 26, 2023

JBF PETROCHEMICALS: GAIL Completes Insolvency Resolution Process
----------------------------------------------------------------
CNBC-TV18 reports that GAIL (India) Ltd on June 8 said the company
has released payment to all stakeholders of JBF Petrochemicals Ltd
(JBFPL) and has completed the corporate insolvency resolution
process (CIRP) in 15 months.

CNBC-TV18 relates that the company, in an exchange filing, said the
transaction closure of JBF Petrochemicals Ltd is one of the fastest
in the history of the National Company Law Tribunal (NCLT) in the
post-COVID period.

It has already infused a total resolution plan amount of INR2,101
crore and acquired a 100 percent stake in JBFPL. Accordingly, JBFPL
has become a wholly-owned subsidiary of GAIL with effect from June
1, 2023.

According to CNBC-TV18, GAIL had outbid a consortium of Indian Oil
Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) in the
insolvency process run by IDBI Bank to recover INR5,628 crore of
dues to financial and operational creditors.

JBF Petrochemicals was incorporated in 2008 to set up a 1.25
million tonne per annum capacity purified terephthalic acid (PTA)
plant at the Mangalore Special Economic Zone.

IDBI and other banks had lent JBF money to build the PTA plant for
$603.81 million with technology support from BP and 50,000 tonnes
per month of the feedstock of paraxylene from state-controlled
chemical producer OMPL, CNBC-TV18 notes.

The plant, which is a backward integration project for JBF
Industries' polyester plants, was commissioned in 2017 but stopped
operations after the company defaulted on its loans in the same
year. The default led to the lenders dragging it to IBC.

Initially, three parties - a consortium of IOC-ONGC, MPCI Pvt Ltd
and GAIL - submitted bids in August 2022 to acquire JBF, the report
notes.

They were asked to improve their financial proposals and cure
defects. On the last date - September 22, 2022 - revised resolution
plans were received only from the IOC-ONGC consortium and GAIL, the
NCLT order said.

CNBC-TV18 mptes that GAIL has an existing petrochemical plant at
Pata, Uttar Pradesh, with a polymer production capacity of 8,10,000
tonnes per annum. It is aiming to build a propane dehydrogenation
plant in Usar, Maharashtra, by next year, which will have a
nameplate capacity of 5,00,000 tonnes a year of polypropylene.

                      About JBF Petrochemicals

JBF Petrochemicals, a subsidiary of polyester producer JBF
Industries, was set up September 2008 to operate a planned 1.25m
tonnes/year purified terephthalic acid (PTA) plant at Mangaluru in
the southern Karnataka state.

The plant, which is a backward integration project for JBF
Industries' polyester plants, was commissioned in 2017 but stopped
operations after the company defaulted on its loans in the same
year, according to ICIS.

On Feb. 1, 2022, JBF Petrochemicals' creditors decided to initiate
insolvency proceedings for the company, which has more than INR50
billion in debt.


JOSEPH LESLIE: CRISIL Lowers Debt Rating on LT/ST Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Joseph Leslie Dynamiks Manufacturing Private Limited (JLDMPL) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating action reflects the delay in servicing interest
obligations on account of the working capital term loan. On
June 6, 2023, the company disclosed about the delay in interest
servicing for the month of May 2023 due to delay in receiving
cashflows from customers.

The ratings also reflect the delay in servicing debt obligations,
modest scale of operations, working capital intensive operations,
volatile operating margins, and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters

Analytical Approach

Unsecured loans from the promoters of INR8.50 crore outstanding as
on March 31, 2023 has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt obligations: JLDMPL's weak liquidity is
reflected in the delay in servicing of term debt obligations.

* Modest scale of operations: While revenues increased from over
INR26.70 crores in fiscal 2022 to an estimated INR55-60 crores in
fiscal 2023 due to new product additions resulting in bagging of a
large work order, the scale of operations continue to remain modest
due to limited demand in the industry. Modest scale of operations
constrains bargaining power, scalability and pricing. Furthermore,
while an outstanding orderbook of over INR22 crores outstanding as
on May 2023 to be executed by September 2023 provides short term
revenue visibility, the company should bag additional orders to
sustain the increased scale in operations in fiscal 2023, which
remains a key monitorable for the medium term.

* Volatile operating margins: Operating margins have remained
volatile in the range of 0.5-19.5% for the past few fiscals. This
is due to varied product mix having different margins, with the
company recording abnormal margins in fiscal 2021 due to reduction
in overhead costs and salary cuts. However, the same have remained
constant at over 9-9.5% in fiscals 2022 and 2023 and are expected
to continue at similar levels in the medium term.

* Working capital-intensive operations: Gross current assets are
sizeable and are estimated at over 300-310 days as on March
31,2023, driven by debtors of 200-210 days and inventory of over
60-70 days. Debtors are larger than previous levels in fiscal 2023
due to outstanding receivable from a single large customer, which
is expected to be realized in fiscal 2024. Additionally, while
inventory days had increased in fiscals 2022 and 2021 due to pile
up of inventory, the same have subsided in fiscal 2023. Working
capital cycle is expected to improve over the medium term through
expected reduction in debtor days, though continue to remain
large.

* Below-average financial risk profile: Networth is modest at
INR9-9.5 crore as on March 31,2023 an increase from over INR7.43
crore as on March 31,2022. The capital structure is aggressive as
reflected in total outside liabilities to adjusted networth
(TOLANW) and gearing estimated to be higher than 4 times and 3
times respectively as on March 31, 2023 (compared to 3.80 times and
2.58 times respectively as on March 31,2022). Debt protection
measures have improved with interest coverage and net cash accruals
to adjusted debt ratios estimated at above 2 times and 0.07 times
respectively for fiscal 2023, compared to 1.07 times and 0.02 times
for fiscal 2022. Financial risk profile is expected to improve in
absence of any plans for major debt funded capex.

Strengths:

* Extensive experience of the promoters: Presence in the personal
protection equipment industry since 1956 and healthy relationships
with customers should continue to support the business. Also, the
commencement of in-house production of a few products has helped
the company to establish its brand. Its long track record of
supplying safety equipment and gas detection products has helped it
to participate and win tenders floated by customers in the oil and
gas and mining sectors and other public sector entities.

Liquidity: Poor

Liquidity is poor as reflected in delay in servicing of term debt
obligations.

Rating Sensitivity Factors

Upward factors:

* Track record of timely repayment of debt for at least 90 days
* Sustained improvement in scale and operations at stable operating
margins leading to higher net cash accrual
* Healthy cushion between net cash accruals and repayment
obligations to above 1 time.

LDMPL was incorporated in 1987 as Joseph Leslie Drager
Manufacturing Pvt Ltd by Mumbai-based Leslie family and Dragerwerk,
AG, Germany (Drager). The name was changed to JLDMPL post
disassociation with Drager in fiscal 2013. JLDMPL trades and
manufactures equipment and paraphernalia used in gas detection,
respiratory protection, search and rescue, and disaster management.
Its manufacturing unit is in Vasai, Maharashtra.


JUMBO FINVEST: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jumbo
Finvest (India) Limited (JFIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     525.03       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings limited had, vide its press release dated November 8,
2019 placed the ratings of JFIL under the 'issuer non-cooperating'
category as JFIL had failed to provide information for monitoring
of the rating exercise as agreed in its rating agreement including
no default statement since the month of October 2019. JFIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated April 4, 2023,
March 25, 2023 and March 15, 2023.

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

The rating reaffirmation of the facilities/Instruments of JFIL at
CARE D; ISSUER NOT COOPERATING factors in ongoing delays in
servicing of the company's scheduled debt obligations.

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

Analytical approach: Standalone

Detailed description of the key rating drivers: At the time of last
rating on April 29, 2022, following were the key rating strengths
and weaknesses (updated from information available from registrar
of company):

Key weaknesses

* Ongoing delays: As per annual report FY22, there are ongoing
delays in debt servicing of principal and interest on term loan due
to poor liquidity.

JFIL was promoted by Mr. Ajay Singh and his family members in 1998
for carrying on a tractor dealership in the name of Ajay Tractors
Pvt. Ltd. In 2003, its tractor dealership business was discontinued
and the company was registered as a non-deposit
taking Non-Banking Finance Company (NBFC) with Reserve Bank of
India (RBI). JFIL is engaged in secured and unsecured lending
mainly for loan against property, personal loans and vehicle
financing through its 150 operational branches (as on June 30,
2018) in Rajasthan, Maharashtra and Madhya Pradesh.

K K POLYCOLOR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K K
Polycolor Asia Limited (KKPAL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.04       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of KKPAL under the 'issuer non-cooperating'
category as KKPAL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KKPAL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023.

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

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

K K Polycolor Asia Limited (KKPAL) was incorporated during May 2009
to be engaged in manufacturing of plastic based products like
calcium compounds and color masterbatch. The company set up its
manufacturing unit at Alampur in Howrah district of West Bengal
with an installed capacity of 10,000 Metric Tonnes Per Annum
(MTPA). The manufactured products are used as major raw materials
in plastic products manufacturing units for coloring and
flexibility. The day-to-day affairs of the company are looked after
by Mr. Kishore Kumar Ladha, Managing Director, with adequate
support from the other two directors and a team of experienced
personnel.

KARTICK CHANDRA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kartick
Chandra Agro Products Private Limited (KCAPPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.14       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 3, 2022,
placed the rating(s) of KCAPPL under the 'issuer non-cooperating'
category as KCAPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KCAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2023, March 29, 2023, April 8, 2023.

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

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

Kartick Chandra Agro Products Private Limited (KCAPPL),
incorporated in the year 2015, is a West Bengal based company,
promoted by Mr. Arun Ghosh and Mr. Tarun Kanti Ghosh. KCAPPL is
engaged in the business of providing cold storage services to
potato growing farmers and potato traders on a rental basis, having
an installed storage capacity of 4,00,000 packet per annum in
Burdwan district of West Bengal. Mr. Arun Ghosh, having more than
three decades of experience in the cold storage industry, looks
after the overall management of the company along with the other
directors Mr. Tarun Kanti Ghosh and supported by the team of
experienced professionals.

KIRAN UDYOG: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Kiran Udyog Private Limited
27, B/7, New Rohtak Road, New Delhi,
        Delhi - 110005
   
Insolvency Commencement Date: May 24, 2023

Estimated date of closure of
insolvency resolution process: November 20, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Shashi Bhushan Prasad
       G-4/9, 1st Floor, Near Krishna Mandir,
              Malviya Nagar, New Delhi - 110017
              Email: shashibpd@gmail.com

              E-43, LGF, Panchsheel Park,
              New Delhi - 110017
              Email: cirpkiranudyog@gmail.com

Last date for
submission of claims: June 7,  2023

MEDIPARK HEALTHCARE: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Medipark Healthcare Private Limited (MHPL) to 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        5.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility    0.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MHPL for
obtaining NDS through letters/emails dated March 31, 2023, April
28, 2023 and May 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated May 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of MHPL to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

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

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

Incorporated in 2015, MHPL provides healthcare services through its
150-bed tertiary multispecialty hospital in Patna, Bihar. The
hospital provides varied services such as computed tomography
scanning, pathology, microbiology, X-ray, physiotherapy, dietetics
and nutrition and dental care. The hospital, named Medipark
Hospital, started commercial operations in November 2017. It is
promoted by Mr Avinash Kumar Singh, Dr Anil Kumar, Dr Shashwat
Kumar and Dr Annu Babu.


MICRO INDUSTRIAL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Micro
Industrial Corporation (MIC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/            0.50      CARE C; Stable/CARE A4
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 7, 2022,
placed the rating(s) of MIC under the 'issuer non-cooperating'
category as MIC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MIC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2023, May 3, 2023, May 13, 2023.

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

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

Micro Industrial Corporation (MIC) a part of 'Action Group' is
engaged in manufacturing, distribution and trading of shoes in
various segments under the brand name of 'DotCom, Flotter, Health
Plus, Forina, School Time, Fun Time and Micro'. The group has
in-house processes right from designing to processing, finishing
and quality control and the products are processed from units
operated by MIC (1 in Delhi and 1 in Bahadurgarh). MIC is engaged
in manufacturing and selling of footwear.


MOONHOUSE PROJECT: Ind-Ra Affirms BB Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Moonhouse Project
Limited's (MPL) Long-Term Rating at 'IND BB' and has simultaneously
withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limit* affirmed and withdrawn; and

-- INR180 mil. Non-fund-based limit^ affirmed and withdrawn;

*Affirmed at 'IND BB'/Stable before being withdrawn
^Affirmed at 'IND A4+' before being withdrawn

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 of Rating Withdrawal.

Key Rating Drivers

The affirmation reflects MPL's continued small scale of operations
with a marginal decline in the revenue to INR378.37 million in FY22
(FY21: INR393.20 million) owing to the significant impact of the
COVID-19 pandemic across industries, leading to lower orders in
hand. As per management, MPL achieved a higher revenue of INR450.01
million due to the execution of a higher number of orders. As of
April 30, 2023, MPL has limited type of projects for the railways
and has an unexecuted order book of INR1,574.69 million, which will
be executed by FY25. Ind-Ra expects the revenue to remain at a
similar level in FY24 due to the similar nature of orders leading
to a similar execution cycle.  

Liquidity Indicator - Poor: MPL's debtor days increased to 199 in
FY22 (FY21: 128), despite the net working capital cycle remaining
negative at 75 days (negative 58 days). Its average peak use of the
fund-based working capital limits was 95.23% for the 12 months
ended May  2023. MPL does not have any capital market exposure and
relies on a single bank to meet its funding requirements. The cash
flow from operations declined to INR6.28 million in FY22 (FY21:
INR21.53 million) It had a cash balance of INR37.14 million at
FYE22 (FYE21: INR55.98 million). MPL has scheduled repayments of
INR11.19 million  and INR7.46 million in FY24 and FY25,
respectively.

However, the ratings remain supported by MPL's comfortable credit
metrics owing to the absence of any significant external
borrowings. In FY22, the net leverage (total adjusted net
debt/operating EBITDAR) increased to 1.76x (FY21: 0.35x) and the
interest coverage (operating EBITDA/gross interest expense) reduced
to 3.65x (4.91x) because of an increase in the borrowing and
associated interest expenses. Ind-Ra expects the credit metrics to
have remained comfortable   in FY23 due to the absence of any
debt-led capex plan, and the trend to continue in FY24.  

The ratings continue to benefit from MPL's healthy EBITDA margins
of 12.41% in FY22 (FY21: 11.04%) with a return on capital employed
of 17.7% (22.1%). The margins depend on the nature of tenders filed
and the company is engaged in subcontracting. Ind-Ra expects the
EBITDA margins to have remained stable on a year-on-year basis in
FY23, and the trend could follow in FY24 due to the similar nature
of orders.

The ratings also remain supported by the promoters' experience of
over 14 years in the civil construction business.

Company Profile

Established in 2009, MPL is a private limited construction firm
located in Dhanbad (Jharkhand) with branch offices in West Bengal
and Odisha. The firm undertakes civil works for both government and
private companies.


NASHIK FORGE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nashik Forge Private Limited
H-149 MIDC, Ambad, Nashik, 422010
        Maharashtra, India

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: Vaishali Arun Patrikar,
       A-2, Shantidoot Society,
              Parvati Darshan, Pune 411009
              Email: vapatrikar@gmail.com
                     ip.nashikforge@gmail.com

Last date for
submission of claims: June 9, 2023

PACT INDUSTRIES: CRISIL Lowers Ratings on LT/ST Debt to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Pact Industries Limited (PIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' as the entity has delayed servicing its debt
obligation, as per publicly available information.

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

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management of PIL,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. CRISIL Ratings believes that rating
action on PIL is consistent with 'Assessing information adequacy
risk'.

Established in 1990 by Mr Avtar Singh and Mr Harpreet Singh,
Punjab-based PIL is a public limited company listed on the Bombay
Stock Exchange. It manufactures and trades in knitted fabric and
also steel and iron rods and ingots. Products are sold to local
customers.


PAREKH PETROCHEMICALS: CRISIL Withdraws B+ Long/Short Term Rating
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Parekh Petrochemicals (PP)
to 'CRISIL B+/Stable/CRISIL A4/Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of PP 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 PP from 'CRISIL B+/Stable/CRISIL
A4/Issuer Not Cooperating to 'CRISIL B+/Stable/CRISIL A4'. The
ratings action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

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

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

Established as a proprietary concern in 2001 by Parekh family, PP
trades in polymers.


PRAKHYYAT INFRA: CRISIL Withdraws D Rating on INR14cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Prakhyyat Infraprojects Private Limited (PIPL) on the request of
the company and receipt of a no objection certificate and no dues
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans

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

   Drop Line                 1         CRISIL D/Issuer Not
   Overdraft Facility                  Cooperating (Withdrawn)

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

   Term Loan                14         CRISIL D/Issuer Not
                                       Cooperating (Withdrawn)

   Term Loan                 5         CRISIL D/Issuer Not
                                       Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PIPL was promoted in 2008 by Mr. Naresh Sharma, Mr. Rakesh Jain,
Mr. Sandeep Bagla, Mr. Sumeet Balotia, Mr. Manish Shah, and Mr.
Satyanarayan Rathi. The promoters are business acquaintances with
interests mainly in the textile sector. The company develops
commercial real estate and is implementing a commercial project, K
Square, comprising warehouses and industrial buildings near
Bhiwandi (Maharashtra). Its registered office is in Mumbai.


SHINCO OVERSEAS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Shinco Overseas Private Limited
A-8/1, Naraina Industrial Area, Delhi-110028

Liquidation Commencement Date:  May 27, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Deepak Gupta
     607, 6th Floor, Rattan Jyoti Building,
            Rajendra Place, New Delhi-110008
            Email: deepak@drassociates.org
            Contact No: 9811423486

Last date for
submission of claims: June 26, 2023

SILON GRANITO: CRISIL Raises Rating on INR10.51cr Term Loan to B
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Silon Granito LLP (SGL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable' and reaffirmed its 'CRISIL A4' rating on the
short-term bank facility.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.5        CRISIL A4 (Reaffirmed)

   Cash Credit            6          CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Fund-         4.98       CRISIL B/Stable (Upgraded
   Based Bank Limits                 from 'CRISIL B-/Stable')

   Term Loan             10.51       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Working Capital        2.01       CRISIL B/Stable (Upgraded
   Term Loan                         from 'CRISIL B-/Stable')

The upgrade in rating reflects the enhancement in the financial
risk profile and expectation of improvement in the business risk
profile aided by sustained revenue growth and operating margin and
efficient working capital management. Revenue has increased
consistently over the last two years, INR65.87 crore in fiscal 2022
to INR66.77 crore in fiscal 2023 as against INR39.47 crore in
fiscal 2021, on account of strong demand, higher realisation and
better market reach.

The ratings continue to reflect the firm's large working capital
requirement and modest financial risk profile. These weaknesses are
partially offset by the extensive experience of the partners in the
ceramic tiles industry and their funding support, and the strategic
location of the plant.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Despite improvement, financial
risk profile remains average as reflected in total outside
liabilities to adjusted networth ratio of 4.25 times and gearing of
3.12 times as on March 31, 2023. Debt protection metrics were also
modest with interest coverage and net cash accrual to adjusted debt
ratios of 3.10 times and 0.21 time, respectively, in fiscal 2023.

* Large working capital requirement: Operations will remain working
capital intensive over the medium term. Gross current assets were
sizeable at 112 days as on March 31, 2023, driven by receivables
and inventory of over 73 and 39 days, respectively. However,
payables of 50 days partially support working capital. Receivables
and inventory are expected to improve in the medium term.

Strengths:

* Extensive experience of the partners and their funding support:
The partners' decade-long experience in the ceramic tiles industry,
their strong understanding of local and overseas market dynamics,
and healthy relationships with suppliers and customers should
continue to support the business. Need-based funding support from
the partners is forthcoming as seen in unsecured loan of INR5.54
crore as on March 31, 2023.

* Strategic location of the plant: The firm's manufacturing
facilities are in Morbi, Gujarat, which is India's ceramic hub
accounting for 70-80% of overall ceramic tile production. The
location of the unit facilitates easy access to clay (key raw
material), contractors, skilled labour and critical infrastructure
such as gas and power. Also, transportation cost is low as Morbi is
near the major ports of Kandla and Mundra.

Liquidity: Stretched

Expected cash accruals of INR5.9-6.0 crore should cover term debt
obligation of INR4.0 crore over the medium term and support
liquidity. Bank limit utilisation averaged a high 97.8% for the 13
months through April 2023. Current ratio was moderate at 1.11 times
on March 31, 2023. Need-based funding support from the partners is
expected to continue.

Outlook: Stable

CRISIL Ratings believes SGL will continue to benefit from the
extensive experience of its partners and their funding support.

Rating Sensitivity Factors

Upward Factors

* Increase in revenue and sustained operating margin leading to
cash accrual of more than INR7 crore
* Improvement in working capital cycle.

Downward Factors

* Decline in revenue and operating margin resulting in cash accrual
of less than INR4.75 crore.
* Cash withdrawals and/or large debt-funded capital expenditure,
weakening the financial risk profile.

Set up in 2017, SGL is a partnership concern of Mr Vinodkumar
Nakrani and Mr Vasantlal Dethariya and manufactures ceramic
vitrified tiles.


SKILLED CONSTRUCTION: CRISIL Cuts Rating on INR3.24cr Loan to B-
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Skilled Construction Company Limited (SCCL) to
'CRISIL B-/Stable' from 'CRISIL B+/Stable' and reaffirmed its
'CRISIL A4' on short-term rating.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          3.3       CRISIL A4 (Reaffirmed)

   Overdraft Facility      3.24      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      1.34      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Working Capital         0.87      CRISIL B-/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in financial risk
profile with stretch in liquidity marked by insufficient net cash
accrual against repayment obligation and fully utilized bank lines
for past 12 months ended March 2023. Moreover, revenue declined
from INR19 crore in FY22 to around INR12 crore in fiscal year 2023
which has further weakened its business profile.

The rating continues to reflect SCCL's susceptibility to
tender-based operations, modest scale of operations and modest
financial risk profile. These weaknesses are partially offset by
its extensive industry experience of the promoters

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to Tender-based Operations: Revenue and
profitability entirely depend on the company's ability to win
tenders. Also, entities in this segment face intense competition,
thus requiring SCCL to bid aggressively to get contracts, which
restricts the operating margins to a moderate level. Also, given
the cyclicality inherent in the construction industry, the ability
to maintain margins through operational efficiencies becomes
critical.

* Modest Scale of Operations: SCCL's business risk profile is
constrained by its modest scale of operations, marked by revenues
of around INR12 crores in FY2023. The company's net worth was also
modest at INR2.63 crores as on 31st March 2023. SCCL's modest scale
of operations is expected to continue to limit its operating
flexibility.

* Modest Financial Risk Profile: Gearing and TOL TNW were high at
1.70 and 2.79 times respectively on 31st March 2023. The company's
debt protection metrics were modest as reflected in interest
coverage and NCATD of 1.23 and 0.03 times in FY2023.

Strength:

* Extensive Industry Experience of the Promoters: The promoters of
SCCL have an experience of more two decades in the civil
construction industry. This has given them an understanding of the
dynamics of the market and has enabled them to establish strong
relationships with suppliers and customers.

Liquidity: Poor

Bank limit utilisation is high at around 99.71 percent for the past
twelve months ended March 2023. Cash accruals are expected to be
over INR0.17 crores which are insufficient against term debt
obligation of INR0.84 crores over the medium term.  In addition,
USL will be infused on need basis which will be act as cushion to
the liquidity of the company. Current ratio is moderate at 1.39
times on March31, 2023. The promoters are likely to extend support
in the form of equity and unsecured loans to meet its working
capital requirements and repayment obligations.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Improvement in revenues by over 20-25% and substance of margin at
9%, leading to higher cash accruals
* Improvement in accrual for sufficient net cash accrual (NCA) to
repay the debt obligation

Downward factors:

* Decline in profitability below 4% leading to fall in cash
accruals.
* Any large, debt-funded capital expenditure that weakens capital
structure
* Stretch in working capital cycle, thus causing strain to the
company's liquidity risk profile

Incorporated in the year 1991, SCCL is a Kochi-based
civil-construction player that is owned and managed by Mrs. Sobha
Sunil, Mr. R. Prasad, Mr. Jose Philip and Mr. Roney Siby Jacob.
SCCL is engaged in civil construction activities, such as
construction of bridges and roads for government agencies.


SOCIAL CHANGE: CRISIL Cuts Rating on INR14.65cr LT Loan to D
------------------------------------------------------------
CRISIL Ratings has revised the ratings on Long term bank facilities
of Social Change and Development Trust (SCAD) have been downgraded
to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL B-/Stable'
                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit/            2         CRISIL D (ISSUER NOT
   Overdraft facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Cash Credit/           10.8       CRISIL D (ISSUER NOT
   Overdraft facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Cash Credit/           12.75      CRISIL D (ISSUER NOT
   Overdraft facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Cash Credit/            1.5       CRISIL D (ISSUER NOT
   Overdraft facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan          0.5       CRISIL D (ISSUER NOT   
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan          7         CRISIL D (ISSUER NOT   
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan          0.62      CRISIL D (ISSUER NOT   
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term     14.65      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable')

CRISIL Ratings has been consistently following up with SCAD for
obtaining NDS through letters/emails dated Feb 28, 2023,
March 31, 2023, April 28, 2023, May 25, 2023, May 31, 2023, and
June 6, 2023 among others, apart from telephonic communication.
After non-receipt of NDS for 2 consecutive months, we also sent a
letter dated May 25, 2023 reminding the issuer to share the NDS.
However, the issuer has remained non cooperative. CRISIL Ratings
has also tried to reach out to the lenders of SI to confirm timely
debt servicing during these months,but awaits any feedback.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation 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 NDS from SCAD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on SCAD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on Long term bank facilities of
SCAD have been downgraded to 'CRISIL D/Issuer Not Cooperating' from
'CRISIL B-/Stable' owing to delay in debt servicing as confirmed by
the lenders. Company has not disclosed regarding these delays in
the NDS provided in February 2023.

SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr. Cletus
Babu. The trust operates various institutes offering graduate and
postgraduate courses.


SONIC CERAMIC: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sonic
Ceramic Private Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.84       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 17, 2022,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2023, April 12, 2023, April 22, 2023.

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

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

Morbi (Gujarat) based SCPL was incorporated in October 2007 as a
private limited company by six promoters to undertake a green field
project for manufacturing of wall tiles. SCPL recently completed
its project in Morbi (Gujarat) with installed capacity of 52800
Metric Tonnes of wall tiles Per Annum (MTPA). The company has
completed project and commenced operations from April 2018 onwards.
The promoters of the company have long experience in the ceramic
industry through their association with different established
entities. These entities are engaged in manufacturing of vitrified
tiles, wall tiles and floor tiles. These associate concerns of SCPL
are Suzlon Ceramic, Shubham Ceramic, Mega Vitrified Private Limited
and Armano Vitrified LLP.


SPEL GRANITO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Spel Granito Private Limited
S.No. 488, Nr. Pavadiyari Temple
        Tal. Morbi, Dist Morbi
        Jasmatgadh Rajkot 363630 Gujarat

Insolvency Commencement Date: May 19, 2023

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

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Premraj Ramratan Laddha
       304, Abhijit-3, Above Pantaloon,
              Mithakhali – Law Garden Road,
              Ellis Bridge, Ahmedabad (Guj.) 380006
              Email: premladdha@yahoo.com
                     spel.insol@gmail.com

Last date for
submission of claims: June 11, 2023

SPICEJET: NCLT Moves Wilmington SP's Insolvency Plea to July 17
---------------------------------------------------------------
The National Company Law Tribunal on June 16 adjourned the
insolvency pleas filed by aircraft lessor Wilmington SP Trust
Services against SpiceJet and listed it for July 17.

The senior counsel appearing for SpiceJet argued that Aircastle
(Ireland) and Wilmington SP Trust Services were the same entity and
so this was the third petition filed by Aircastle (Ireland).

Aircastle (Ireland) has filed two separate petitions to initiate a
corporate insolvency resolution process against the airline. The
invoices raised by Wilmington for aircraft leases were in the name
of Aircastle (Ireland), the lawyer claimed.

The counsel appearing for Wilmington argued that the Directorate
General of Civil Aviation had registered Wilmington as a separate
entity from Aircastle (Ireland), and the two cannot be treated as
the same.

The tribunal had raised questions about the maintainability of the
second insolvency plea filed by Aircastle on June 13. It asked the
petitioner to satisfy the court if two petitions by the same
operational creditor against the same corporate debtor could be
filed.

The two petitions filed by Aircastle (Ireland) and the one by
Wilmington SP Trust are now listed for July 17.

Besides these two aircraft lessors, engine leasing company Willis
Lease Finance Corp has also filed an insolvency plea against
SpiceJet, which is listed for July 4.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.  

This is the third case filed against the airline, according to The
Economic Times.  Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.

Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.

SRB PAPERTECH: CRISIL Withdraws B Long/Short Term Rating
--------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of SRB Papertech Private
Limited (SRB) to 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL Ratings has withdrawn its ratings on bank
facility of SRB 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 SRB from
'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'. The ratings action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

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

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

Incorporated in 2017 in Jaipur (Rajasthan) and promoted by Mr
Ranjeet Singh, SRB manufactures kraft paper.


SRIBALAJI HATCHERIES: CRISIL Cuts Rating on INR9cr Cash Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating to the bank facilities of
Sribalaji Hatcheries Private Limited (SHPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Cash Credit            5          CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan         1.8        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Rupee Term Loan        4.2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Rupee Term Loan        2.2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade is on account of delays in servicing the term debt
obligation for the month of December 2022 on account of weak
liquidity.

The rating reflects the company's modest scale of operations, weak
financial risk profile and susceptibility to inherent industry
risks in the poultry industry and to volatility in prices of raw
material. This is partially offset by the extensive industry
experience of the promoter and the company's established track
record with integrated operations.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Intense
competition in the poultry industry has kept the scale of
operations modest, as reflected in operating income of around INR72
crore in fiscal 2022. This limits the company's bargaining power
with customers.

* Leveraged capital structure: SHPL is estimated to have a weak
financial risk profile over the medium term with high gearing and
modest debt protection metrics. Gearing is at -1.67 times in fiscal
2023. Debt protection metrics are likely to be weak, as indicated
by interest coverage estimated to be at -1.19 times in fiscal
2023.

* Susceptibility to inherent industry risks and to volatility in
feed prices: The poultry industry is vulnerable to outbreak of
diseases that leads to a fall in sales volume and the selling
price. The segment is also affected by seasonality in demand
because of religious sentiments, leading to volatility in the
prices of end products.

Strength:

* Extensive experience of the promoter: Industry presence of around
four decades has enabled the promoter to successfully backward
integrate by setting up a breeding farm, hatchery unit, and feed
mill and establish a strong relationship with the key supplier
Venkateshwara Hatcheries Pvt Ltd (Venkateshwara Hatcheries).

Liquidity: Poor

Bank limit utilisation was high at around 100% percent for the
twelve months ended April 2023 and the company had also relied on
temporary overdraft limits for funding its working capital
requirements. Also, cash loss of INR15 crore in fiscal 2023
impacted the liquidity.

However net cash accruals are projected to be negative and
insufficient against the repayment obligation. Unsecured loans are
infused by the promoter to repay the term debt obligations.

Current ratio was low at 0.54 times on March31, 2023 due to large
accumulated losses. Negative net worth also limits its' financial
flexibility.

Rating Sensitivity factors

Upward factors:

* Timely repayment of debt obligations continuously for atleast 90
days
* Substantial increase in net cash accrual to INR1 crore
* Improvement in liquidity with moderation in bank limit
utilization

Incorporated in April 2013 in Chittoor, Andhra Pradesh, and
promoted by Mr Sundar Naidu, SHPL breeds broiler and layer chicks
(exclusive layer franchise of Venkateswara Hatcheries) and also
processes feed.


SUHASINI BUILDER: CRISIL Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Suhasini Builder (SB) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      20       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SB for
obtaining NDS through letters/emails dated March 31, 2023, April
28, 2023 and May 31, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated May 25, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SB to confirm timely debt servicing during
these months, but awaits any feedback.

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

Detailed Rationale

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

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

Established in 2014 as a partnership concern by Mr Anand Gopal
Maity and Mr Nilakshaya Karan, SB primarily constructs apartments
and villas and has one ongoing project.


SUPER SHINE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Super Shine Agrofoods Private Limited
F-55-56 Agrofood Park,
        Matsya Industrial Area Alwar-301030
        Rajasthan

Insolvency Commencement Date: June 1, 2023

Estimated date of closure of
insolvency resolution process: November 28, 2023 (180 Days)

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Anoop Bhatia
              C-44, Model Town, Malviya Nagar,
              Jaipur Rajasthan-302017
              Email: ip.anoopbhatia@gmail.com
              Email : cirp.supershine@gmail.com

Last date for
submission of claims: June 16, 2023

SUPREME MANOR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Supreme Manor Wada Bhiwandi Infrastructure Private Limited
Supreme House, Pratap Gadh,
        Plot No. 94/C, Opp IIT,
        Powai Mumbai-400 076

Insolvency Commencement Date: May 19, 2023

Estimated date of closure of
insolvency resolution process: November 15, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Sudip Bhattacharya
       903 Queensgate CHS,
              Hiranandi Estate, Off Ghodbaner Road,
              Thane-West, Mumbai-400607
              Email: resolutionsudip@gmail.com
                     supreme.manor.cirp@gmail.com

Last date for
submission of claims: June 2, 2023

TENNY JOSE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tenny Jose
Limited (TJL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     27.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 30, 2022,
placed the rating(s) of TJL under the 'issuer non-cooperating'
category as TJL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TJL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 15, 2023, April 25, 2023, May 5, 2023.

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

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

Tenny Jose Limited (TJL) was incorporated on October 11, 2011. TJL,
located at Thrissur, Kerala is engaged in trading and
distributorship of steel, paper and paper products through its
warehouses in Aluva and Vizag (Kerala), and Chennai (Tamil Nadu).
During FY19, sales from paper and paper products contributed 82.34%
(PY: 95.13%) and steel contributed 17.66% (4.87%) to the total
income of TJL.


UNILEC ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unilec Engineers Limited
11/114 Sadar Bazar
        Delhi Cantt, New Delhi-110010

Insolvency Commencement Date: May 16, 2023

Estimated date of closure of
insolvency resolution process: November 18, 2023

Court: National Company Law Tribunal, New Delhi Bench-III

Insolvency
Professional: Rajneesh Kumar Aggarwal
       C-60, 3rd Floor, C-Block Community Centre,
              Janak Cinema Complex,
              Janak Puri, New Delhi-110058
              Email: ca@arkadvisors.in
                     ip.unilec@gmail.com

Last date for
submission of claims: June 5, 2023

VENTO POWER: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vento Power
and Energy Limited (VPEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     152.59       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 28, 2022,
placed the rating(s) of VPEL under the 'issuer non-cooperating'
category as VPEL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 11, 2023, February 21, 2023, March 3, 2023.

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

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

Vento Power and Energy Ltd is a Special purpose vehicle (SPV) of
Essel Green Energy Private Limited (EGEPL) and has developed solar
PV project of total capacity 40 MW in Kalahandi District of Odisha.
The Power Purchase Agreement (PPA) has been executed between VPEL
and the power distribution company - Solar Energy Corporation of
India Limited (SECI) for the purchase of solar power for a period
of 25 years. In September 2021, the project was acquired by Adani
Renewable Energy Limited, a wholly owned subsidiary of Adani Green
Energy Limited.


VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinayak
International - Jaipur (VIJ) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 8, 2022,
placed the rating(s) of VIJ under the 'issuer non-cooperating'
category as VIJ had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VIJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2023, May 4, 2023, May 14, 2023.

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

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

Jaipur (Rajasthan) based, Vinayak International (VI) was formed as
a proprietorship concern by Mr. Vikas Agarwal. The firm was earlier
engaged in the business of trading of Hot rolled (HR) coil, cold
rolled (CR) coil, galvanized Plain (GP) sheet, G-3 sheets and
Pre-painted galvanized iron roofing sheet (PPGI). However, from
2011, VI got engaged in de-coiling of HR and CR coils and further
manufacturing of GP sheet, G-3 sheets and PPGI roofing sheets. The
firm also has windmills having production capacity of 600 Kilowatt
(KW).

VISTA PRINT: CARE Assigns D Rating to INR15cr Bank Loans
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vista
Print Private Limited (VPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            6.00      CARE D Assigned

   Short Term Bank
   Facilities            9.00      CARE D Assigned

Rationale and key rating drivers

The rating assigned to the bank facilities of VPPL takes into
account delays in repayment of term loans and overdrawals in fund
based working capital limits due to stretching of payment from
debtors leading to poor liquidity position.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delays/Defaults free track record of 90 days.
* Infusion of equity/unsecured loans or turnaround in operation
with execution of orders leading to improvement in liquidity
Position

Analytical approach: Standalone.

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing and Overdrawals in fund based working
capital limits: There have been multiple instances of delays in
payment of EMIs for GECL loan. Also, there has been overdrawals in
the CC account for over 30 days, majorly due to stretching of
payment from debtors leading to poor liquidity position.

Liquidity: Poor

The company has poor liquidity position marked by delays in payment
of EMIs for GECL loan and overdrawals in the CC account for over 30
days.

Vista Print Private Limited (VPPL), a company primarily engaged in
the business of printing had been started in the year 2002. The
company has its Registered Offices at Tulsi Narayan Path Jorhat in
the state of Assam. The company has been printing all the issues of
the ABP Group under an exclusive contract with the ABP group (i.e.,
The Telegraph, T3, Shananda, Ananda Bazar Pottrika etc.) for over
two decades now. It was in the year 2012-13 that the Company
decided to foray into the business of carrying out Electrical
Contracts, under which it carries out installation of substations,
power grids, etc. for state electricity distribution companies like
Assam Power Distribution Company Ltd and Tripura State Electricity
Corporation Ltd. The company is headed by its Managing Director, Mr
Subroto Sharma having experience of more than 4 decades in the
business of printing. Furthermore, he is supported by Mrs. Bornali
Sharma, the other promoter who has more than two decades of
experience in this line of business, along with a team of
experienced professional are also engaged in the operations of the
company.




===============
M O N G O L I A
===============

TRANSPORT & DEVELOPMENT: Moody's Affirms 'B3' LT Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed Transport and Development
Bank JSC's (TransBank) B3 foreign-currency and local-currency
long-term issuer ratings and bank deposit ratings, b3 Baseline
Credit Assessment (BCA) and Adjusted BCA, B3 foreign-currency
long-term Counterparty Risk Rating (CRR), B2 local-currency
long-term CRR, B2(cr) long-term Counterparty Risk (CR) Assessment,
NP foreign-currency and local-currency short-term issuer ratings,
bank deposit ratings and CRRs, and NP(cr) short-term CR
Assessment.

At the same time, Moody's has changed the outlooks on issuer
ratings and bank deposit ratings to negative from stable.

RATINGS RATIONALE

The change in outlook to negative from stable reflects Moody's view
that there is downside risk to TransBank's loan performance over
the next 12 months, in light of the bank's high credit
concentration in corporate loans, particularly in mining,
construction and wholesale and retail trade sectors. These sectors
accounted for 70% of its gross loans and 38% of its total assets as
of March 31, 2023.

While the outlook on the Mongolian economy and commodity sector is
improving, there is a risk that the bank's credit costs may
increase significantly considering the loan concentration and the
low loan loss reserves/problem loans ratio, which fell to 49.4% as
of the end of 2022 from 166.8% as of the end of 2021. The bank also
plans to grow its loans aggressively at 50%-60%, which may put
higher pressure on the bank's funding and liquidity than Moody's
expectations.

Moody's has nevertheless affirmed TransBank's B3 ratings and its b3
BCA because of the bank's strong capital position and good
liquidity. The bank's tangible common equity (TCE)/risk weighted
assets (RWA) stood at 25.7% as of the end of 2022, providing some
buffer should loan losses materialize. The bank's liquidity was
also high with its banking assets/tangible banking assets at 48.1%
as of the end of 2022, which is in line with rated Mongolian banks
that typically have large liquid securities holdings.

TransBank's b3 BCA reflects the bank's (1) very high asset risk,
(2) weak funding from its reliance on wholesale funding and high
depositor concentration because of its limited deposit franchise,
(3) its modest profitability because of high funding costs and
increased credit costs. Mitigating these risks are the bank's good
liquidity, consisting primarily of the Government of Mongolia's (B3
stable) debt and central bank bills, and its modest capitalization
that incorporates Moody's view that the bank's accelerating loan
growth will result in its very high capitalization gradually
declining to a level comparable to its commercial bank peers'.

Moody's has not incorporated affiliate support for TransBank, and
therefore, the bank's Adjusted BCA is in line with its BCA of b3.

No government support uplift is reflected in TransBank's long-term
ratings because Moody's assumes a low level of government support
for the bank given its importance to the Mongolian banking system
is limited with a market share of 2.5% as of the end of 2022.
Furthermore, the bank's BCA is already at the same level as the
Mongolian government's issuer rating of B3.

Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. TransBank's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which positions the
preliminary CRRs and CR Assessment one notch above the bank's
Adjusted BCA. Moody's then adds the same uplift of government
support as applied to the bank's long-term issuer rating, subject
to country ceiling by currency.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

FACTORS THAT COULD LEAD TO AN UPGRADE

An upgrade of TransBank's ratings is unlikely, given the negative
outlook.

Moody's could revise the outlook back to stable if TransBank
strengthens its asset quality, such that the bank's credit costs
stay below 2% and its new nonperforming loan (NPL) formation ratio
remains below 2% on a sustained basis, without substantial
weakening in its capitalization, funding and liquidity.

FACTORS THAT COULD LEAD TO AN DOWNGRADE

Moody's could downgrade the bank's ratings if its BCA is downgraded
or the sovereign rating is downgraded, or both.

The bank's BCA could be downgraded if (1) the bank's asset quality
in its mining and construction loan book remains weak, such that
its new NPL formation ratio rises meaningfully, (2) there is a
sudden deposit outflow, or (3) its liquid banking assets/tangible
banking assets ratio declines below 35% on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Transport and Development Bank JSC, headquartered in Ulaanbaatar,
Mongolia, had total assets of MNT1,162.0 billion (USD337.4 million)
as of the end of 2022.



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

BITCACHE LIMITED: Court to Hear Wind-Up Petition on July 13
-----------------------------------------------------------
A petition to wind up the operations of Bitcache Limited will be
heard before the High Court at Auckland on July 13, 2023, at 10:45
a.m.

Philip Charles Creagh filed the petition against the company on May
24, 2023.

The Petitioner's solicitor is:

          Mihai Dorin Pascariu
          Hamilton Locke (NZ) Limited
          Level 35, Vero Centre
          48 Shortland Street
          Auckland 1010


FARGO INTERNATIONAL: Creditors' Proofs of Debt Due on July 11
-------------------------------------------------------------
Creditors of Fargo International Limited are required to file their
proofs of debt by July 11, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 13, 2023.

The company's liquidators are:

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


METRO TRADE: Court to Hear Wind-Up Petition on June 23
------------------------------------------------------
A petition to wind up the operations of Metro Trade Services
Limited will be heard before the High Court at Auckland on June 23,
2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 4, 2023.

The Petitioner's solicitor is:

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


MKOD DEVELOPMENTS: Creditors' Proofs of Debt Due on July 20
-----------------------------------------------------------
Creditors of MKOD Developments Limited are required to file their
proofs of debt by July 20, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Pritesh Patel of Patel & Co as
liquidators on June 8, 2023.


NEWMARKET LAW: Creditors' Proofs of Debt Due on July 20
-------------------------------------------------------
Creditors of Newmarket Law Centre Limited are required to file
their proofs of debt by July 20, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 12, 2023.

The company's liquidators are:

          Benjamin Francis
          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland




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

VERMIRICH FOODS: BIR Raids Firm Over PHP800M Excise Tax Deficiency
------------------------------------------------------------------
Philippine News Agency reports that the Bureau of Internal Revenue
(BIR) has conducted simultaneous raids on a major manufacturer of
sweetened beverages and one of its distributors following the
firm's failure to pay excise taxes amounting to PHP800 million.

Led by BIR Commissioner of Internal Revenue Romeo D. Lumagui, Jr.
and Atty. Jethro M. Sabariaga, Assistant Commissioner of the
Bureau's Large Taxpayers Service (LTS), BIR representatives raided
the warehouse of Vermirich Foods Corporation, manufacturer of
various juices, located in Cavite Light Industrial Park on June 15,
according to an agency news release late Thursday evening [June
15].

The raid was part of the bureau's ramped-up campaign against tax
evasion and illicit trade.

According to PNA, BIR said that based on its records, Vermirich
failed to file excise tax returns and pay the excise taxes due on
the sweetened beverages they manufactured from 2018 to the
present.

"This is in violation of Sections 130, 150-B, 254, and 263 of the
National Internal Revenue Code (NIRC) of 1997, as amended, which
pertains to the filing and payment of Excise Taxes," the BIR said.

PNA relates that Vermirich also failed to secure the appropriate
permit to operate as a manufacturer of sweetened beverage products
subject to excise taxes, in violation of Section 154 of the same
Code.

The BIR said the PHP800 million deficiency excise taxes incurred by
the firm include interests, surcharges, fines, and the 12 percent
value-added tax (VAT) on sweetened beverages, over the said period,
PNA relays.

Simultaneously, BIR representatives conducted a raid at S&R
Membership Shopping located at 32nd Street and 5th Avenue,
Bonifacio Global City, Taguig, PNA reports.

PNA, citing information on file with the Bureau, relates that S&R,
a distributor of S&R Lemon Tea and S&R Raspberry Tea, both of which
are powdered juice beverages manufactured by Vermirich, possessed
these untaxed goods, which were then seized by the Bureau during
the raid.

"BIR records also show that S&R had been duly advised by the Bureau
in a letter dated July 6, 2021 to comply with the regulatory
requirements," said BIR.

"As the distributor of Vermirich's products, S&R failed to exercise
due diligence in ascertaining whether the appropriate taxes had
been paid by Vermirich on the sweetened beverages in question.
Consequently, S&R can be held liable for violations of Section 4,
Revenue Regulations No. 20-2018, and Sections 130, 150-B, and 263
of the NIRC," it added.

According to Bilyonaryo.com, the manufacturer has been ordered by
the BIR to suspend its operations until its tax deficiency has been
settled.

Vermirich Foods Corporation manufactures beverage products.




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

ARMSTRONG S.E.: Creditors' Proofs of Debt Due on July 16
--------------------------------------------------------
Creditors of Armstrong S.E. Asia Clean Energy Fund Pte. Ltd. are
required to file their proofs of debt by July 16, 2023, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Chan Li Shan
          c/o Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


AWILCO RIG: Court to Hear Wind-Up Petition on June 30
-----------------------------------------------------
A petition to wind up the operations of Awilco Rig 1 Pte Ltd will
be heard before the High Court of Singapore on June 30, 2023, at
10:00 a.m.

Awilco Drilling Plc filed the petition against the company on June
8, 2023.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          1 Marina Boulevard, #28-00
          One Marina Boulevard
          Singapore 018989


CEL-FORT PTE: Creditors' Proofs of Debt Due on July 16
------------------------------------------------------
Creditors of Cel-Fort Pte. Ltd. are required to file their proofs
of debt by July 16, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 14, 2023.

The company's liquidator is:

          Tan Chin Ren
          26 Eng Hoon Street
          Singapore 169776


HYFLUX AQUOSUS: Creditors' Proofs of Debt Due on July 16
--------------------------------------------------------
Creditors of Hyflux Aquosus (Singapore) Pte Ltd are required to
file their proofs of debt by July 16, 2023, to be included in the
company's dividend distribution.

The company's liquidator is:

          Cosimo Borrelli
          c/o One Raffles Place
          Tower 2, #10-62
          Singapore 048616


MARZUK INT'L: Court to Hear Wind-Up Petition on June 23
-------------------------------------------------------
A petition to wind up the operations of Marzuk International Pte
Ltd will be heard before the High Court of Singapore on June 23,
2023, at 10:00 a.m.

Transasia Private Capital Limited and TA Private Capital Security
Agent Limited filed the petition against the company on May 29,
2023.

The Petitioner's solicitors are:

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




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

HARU INVEST: Crypto Platform Halt Investor Withdrawals
------------------------------------------------------
Bloomberg News reports that two crypto lenders with links to South
Korea halted withdrawals in quick succession, a reminder of
lingering risks even after regulators around the world tightened
oversight of the industry.

Token prices appeared to shrug off the statements from Delio and
Haru Invest, underlining the relatively small corner of the crypto
lending market affected by the trouble at the two companies, notes
the report. Still, the freezes highlight the dearth of investor
protections that persist among digital-asset lenders, almost a year
after a wave of failures took down firms from Celsius Network to
Vauld.

There was a "sudden surge of withdrawals on our end in the
aftermath of Haru Invest's withdrawal suspension," said Delio Chief
Executive Officer James Jung via LinkedIn, Bloomberg News relates.
"We have thus temporarily suspended withdrawals to calm the
situation." Jung said it's too early to say when his firm may
resume withdrawals, and couldn't give an estimate of the size of
Delio's crypto deposits.

Delio and Haru both advertise double-digit yields for investors who
lend crypto on the platforms. That business model came under heavy
scrutiny last year, as operators that made risky investments with
client money to deliver promised returns unraveled when prices
crashed, costing investors billions of dollars.

"The source of the issue is centralized platforms offer superficial
yields to attract investors, and by doing so, they have to leverage
up their positions," said Cici Lu, founder of blockchain adviser
Venn Link Partners, the report relays. "Centralized platforms who
run on unsustainable business models are not out of the woods."

Haru Invest earlier cited a problem with a service provider for its
suspension and subsequently tweeted that it's taking legal action
against a company for allegedly providing management reports
containing false information. Haru Invest CEO Hyungsoo Lee didn't
respond to requests for comment.

Delio holds a so-called Virtual Asset Service Provider license in
South Korea and is based in Seoul's Gangnam district, Jung said.
Haru's website says it's headquartered in Singapore, although it
doesn't have a digital payments token provider license there. Its
office in Singapore's central business district appeared empty when
a Bloomberg reporter visited on Thursday. Haru also has an office
in Seoul, its website shows.

"The Services provided through Haru Platform are currently not
regulated by any banking or securities regulator in any
jurisdiction," its website says. "Virtual Assets held in an account
with Haru are not protected by any depositor or investor protection
insurance scheme."




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

BANK OF CEYLON: Fitch Affirms LongTerm Foreign Currency IDR at 'CC'
-------------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ceylon's (BOC) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CC'. The rating
does not carry an Outlook because of the potential for high
volatility at this rating level, in line with Fitch's rating
definitions. At the same time, Fitch has maintained BOC's Long-Term
Local-Currency IDR of 'CCC-' and National Rating of 'A(lka)' on
Rating Watch Negative (RWN).

Fitch has also affirmed BOC's Short-Term IDR at 'C', Viability
Rating (VR) at 'cc' and Government Support Rating at 'ns'.

KEY RATING DRIVERS

Ratings Affirmed: BOC's VR, Foreign-Currency and Short-Term IDRs
continue to reflect a high risk of failure from a probable default
on the sovereign's domestic debt obligations, which could threaten
the bank's solvency as well as elevate risks to its funding and
liquidity profile.

The bank's Long-Term Local-Currency IDR is one notch above that of
Sri Lanka, reflecting its view of a lower risk the authorities will
impose restrictions on banks servicing their local-currency
obligations than non-payment by the sovereign. This approach is
consistent with Fitch's criteria under certain circumstances when
bank and sovereign ratings are both at very low levels.

Downside Risks to Ratings: The RWN on the bank's Long-Term
Local-Currency IDR reflects heightened near-term downside risks to
its credit profile from potential capital and funding stress as
default risk on domestic debt increases while access to
foreign-currency funding remains constrained. This, together with
the potential for the bank's creditworthiness relative to other
entities on the Sri Lankan national ratings scale to further
deteriorate, underpins the RWN on BOC's National Rating.

Debt Restructuring Weighs on OE: The impending restructuring of the
sovereign's domestic and foreign debt, and the ensuing risks to the
broader economic environment could exacerbate the risks to banks'
already stressed credit profiles, further hindering their
operational flexibility. The negative outlook on the operating
environment (OE) reflects the downside risks that would stem from
further deterioration in the economic environment.

OE Risks Pressure Business Profile: BOC's business profile reflects
the elevated vulnerability to heightened risks in the domestic
market, which continue to affect its ability to generate and defend
business volume. Limited lending opportunities, tight liquidity and
the deterioration in the sovereign's credit profile led to the
share of net loans in the bank's total assets dropping to 52.5% by
end-1Q23 (2021: 63.6%).

High Sovereign Exposure: BOC's risk profile is affected by its
significant exposure - over half of its total assets - to the
sovereign's weak credit profile via its loan-book exposures,
off-balance-sheet liabilities and investment securities, making the
bank vulnerable to the sovereign's repayment capacity and liquidity
position.

Worsening Asset Quality: BOC's asset-quality metrics will remain
highly dependent on the creditworthiness of the sovereign due to
the bank's high sovereign exposure via its loans, off-balance-sheet
liabilities and securities holdings. The bank's core asset-quality
metric - impaired (stage 3) loans ratio - inched up to 13.6% by
end-1Q23 (end-2022: 12.9%, 2021: 10.2%) due to a contraction in
gross loans. The bank's large holdings of local- and
foreign-currency government securities exacerbate risks to its
asset quality.

Profit Pressure Continues: The sovereign default on
foreign-currency debt and ensuing economic challenges increase the
possibility of BOC becoming structurally unprofitable for a
sustained period. The negative outlook on the score reflects the
downside risk to its profitability from the potential domestic debt
restructuring, which could erode earnings in the absence of
forbearance. BOC's operating profit/risk-weighted asset ratio
continued to drop to 1.3% in 1Q23 (2022: 2.4%, 2021: 3.8%) on
narrower net interest margins and a contraction in the loan book.

Debt Restructuring Could Weaken Capitalisation: BOC's regulatory
common equity Tier 1 (CET1) ratio stood at 11.8% at end-1Q23, while
its holdings of sovereign securities were nearly 7x its CET1
capital. Fitch thinks the potential restructuring of the
sovereign's domestic debt, in addition to a possible haircut on
foreign-currency securities, could have a significant effect on the
bank's solvency. The bank could require recapitalisation to restore
viability in the absence of further regulatory forbearance.

Funding and Liquidity Risks Persist: Fitch believes the bank's
funding and liquidity profile remains under pressure. Stress on
foreign-currency liquidity has eased somewhat, reflected in the
bank having met its obligations, but its access to foreign-currency
wholesale funding remains constrained by the sovereign's weak
credit profile (Long-Term IDR: RD).

The bank's local-currency funding and liquidity position is
currently more manageable. That said, Fitch believes any
local-currency debt restructuring would elevate the bank's funding
and liquidity stress, given the predominance of local-currency
funding and the significant amount of local-currency government
securities held for statutory liquidity. It could also raise the
likelihood of restrictions being placed on the bank's ability to
service its obligations.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Fitch would downgrade BOC's VR and IDRs if Fitch perceives there is
an increased likelihood that the bank would default on or seek a
restructuring of its senior obligations to non-government
creditors. The bank's National Rating is sensitive to a change in
the bank's creditworthiness relative to other Sri Lankan issuers.

Fitch expects to resolve the RWN on BOC's Long-Term Local-Currency
IDR and the National Rating when the impact of funding and capital
stresses on the bank's credit profile becomes more apparent, which
may take longer than six months.

Potential triggers that could lead to a downgrade include:

- funding stress that impedes the bank's repayment ability

- significant banking-sector intervention by authorities that
constrain the bank's ability to service its obligations

- a temporary negotiated waiver or standstill agreement following a
payment default on a large financial obligation

- Fitch's belief that the bank has entered into a grace or cure
period following non-payment of a large financial obligation

- a reduction in the CET1 ratio below the regulatory minimum (4.5%
without any buffers), even if there is regulatory forbearance
regarding such a shortfall.

A downgrade of the sovereign's Long-Term Local-Currency IDR could
also lead to a downgrade of the bank's ratings.

A deterioration in its key credit metrics beyond its base-case
expectations relative to peers would also lead to increased
downward pressure on the bank's ratings, which are driven by its
intrinsic financial strength.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Fitch believes positive rating action on the Long-Term
Foreign-Currency IDR, Short-Term IDR and VR is unlikely in the near
term, given the sovereign's weak credit profile, the bank's strong
linkage to the sovereign, and the broader challenging economic
conditions.

There is limited scope for upward rating action on the Long-Term
Local-Currency IDR in light of the RWN, and the negative outlook
Fitch has on several VR factors.

There is limited scope for upward rating action on the National
Rating given the RWN. The resolution of the Rating Watch with an
affirmation could be driven by its view that risks from funding
stresses have abated, both at the individual bank as well as the
sector, to the extent that Fitch believes the bank's ability to
service its obligations in local and foreign currency is not
hindered.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

BOC's Basel II Sri Lankan rupee-denominated subordinated debt is
rated two notches below its National Long-Term Rating, in line with
Fitch's baseline notching for loss severity for this type of debt
and its expectations of poor recovery. The RWN on the subordinated
debt stems from the RWN on the National Long-Term Rating.

The Government Support Rating of 'ns' reflects its assessment that
there is no reasonable assumption of government support being
forthcoming.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

BOC's subordinated debt rating will move in tandem with the
National Long-Term Rating.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The rating is already at its lowest level and thus has no downside
risk.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The Government Support Rating is constrained by the sovereign
rating. An upward revision is possible, provided the sovereign's
ability to provide support significantly improves. However, this
appears unlikely in the near-to-medium term.

VR ADJUSTMENTS

The operating environment score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The business profile score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: business
model (negative).

BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day-to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka Ltd.

ESG CONSIDERATIONS

BOC has an ESG Relevance Score of '4' for Governance Structure due
to ownership concentration, with a 100% state shareholding and
several related-party transactions with the state and state-owned
entities, which has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

BOC has an ESG Relevance Score of '4' for Financial Transparency.
It reflects its view that the recent regulatory forbearance
measures announced by the Central Bank of Sri Lanka could distort
the true solvency and liquidity position of the bank, thereby
limiting financial transparency. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt           Rating                             Prior
   -----------           ------                             -----
Bank of Ceylon  LT IDR    CC    Affirmed                     CC
                ST IDR    C     Affirmed                      C
                LC LT IDR CCC-  Rating Watch Maintained     CCC-
                Natl LT   A(lka)Rating Watch Maintained    A(lka)
                Viability cc    Affirmed                     cc
                Gov’t Support ns Affirmed                    ns

   Subordinated Natl LT BBB+(lka)Rating Watch Maintained BBB+(lk)


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

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

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

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

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



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