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

                     A S I A   P A C I F I C

          Friday, June 23, 2023, Vol. 26, No. 126

                           Headlines



A U S T R A L I A

151 DEGREE: First Creditors' Meeting Set for June 28
CHOCOLATE & CONFECTIONERY: Appoints External Administrators
FACADE PAINTING: Second Creditors' Meeting Set for June 29
SOFC PROJECTS: Second Creditors' Meeting Set for June 27
SUCCESS HIRE: First Creditors' Meeting Set for June 29

VOTRAINT NO. 534: First Creditors' Meeting Set for June 28


C H I N A

CHINA AIRCRAFT: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable


I N D I A

BHATTER INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
BOSS COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
BRITEX COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
BYJU'S ALPHA: DoubleLine OCF Marks $182,688 Loan at 18% Off
CAPCO WATER: CRISIL Keeps D Debt Ratings in Not Cooperating

COOPER-STANDARD INDIA: ICRA Lowers Rating on INR55cr Loan to B/A4
D C METALS: CRISIL Keeps D Rating in Not Cooperating Category
D. D. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
DHS HOTELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
DILIGENT MEDIA: ICRA Keeps D Debt Rating in Not Cooperating

EVERLAST ROOFING: ICRA Keeps B+ Debt Ratings in Not Cooperating
GO FIRST: Seeks Up to $122 Million in Additional Funds
KRIPA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMI SATYANARAYANA: ICRA Keeps D Ratings in Not Cooperating
LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating

MAGNASOFT CONSULTING: ICRA Lowers Rating on INR13cr LT Loan to B
MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating
MANTRA PACKAGING: ICRA Keeps B Debt Ratings in Not Cooperating
NANDYALA SATYANARAYANA: ICRA Keeps B+ Ratings in Not Cooperating
P.S.R. GRANITES PVT: ICRA Reaffirms B+ Rating on INR0.25cr Loan

P.S.R. GRANITES: ICRA Reaffirms B+ Rating on INR0.50cr LT Loan
PIONEER GLOBEX: ICRA Keeps D Debt Ratings in Not Cooperating
PRINCE ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
SBA EDUCATION: CRISIL Keeps D Debt Rating in Not Cooperating
SHANGRI-LA INDUSTRIES: ICRA Keeps B- Ratings in Not Cooperating

SIPAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SIRI SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SODE VADIRAJA: ICRA Keeps D Debt Rating in Not Cooperating
SPICEJET LTD: Settles All Past Liabilities with Nordic Aviation
YOJANA POULTRY: ICRA Reaffirms B+ Rating on INR8.33cr Term Loans



M A L A Y S I A

KAPAR ENERGY: Resolves MYR596 Million Tax Dispute with IRB


N E W   Z E A L A N D

AS RETAIL: Creditors' Proofs of Debt Due on July 20
BOBUX INT'L: Owes Creditors and Staff NZD4.3MM, Receivers Say
D&A TRANSPORT: Creditors' Proofs of Debt Due on July 28
NEED A: Creditors' Proofs of Debt Due on July 12
RNM ENTERPRISES: Grant Bruce Reynolds Appointed as Liquidator

SD MOTORSPORTS: Court to Hear Wind-Up Petition on July 3


S I N G A P O R E

ASIA-PACIFIC SHIPYARD: Commences Wind-Up Proceedings
BINGBLING PTE: Court to Hear Wind-Up Petition on July 7
GEO MILLENIUM: Court to Hear Wind-Up Petition on June 30
HARAVAN ASIA: Creditors' Proofs of Debt Due on July 22
THYME FOOD: Court to Hear Wind-Up Petition on June 30



S O U T H   K O R E A

TERRAFORM LABS: Founder Gets 4-Mos. Jail Term for Forged Documents

                           - - - - -


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

151 DEGREE: First Creditors' Meeting Set for June 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of 151 Degree
Dental Pty Ltd will be held on June 28, 2023, at 11:30 a.m. at the
offices of PricewaterhouseCoopers at One International Towers,
Watermans Quay in Barangaroo and via virtual meeting technology.

Andrew Scott and Daniel Walley were appointed as administrators of
the company on June 16, 2023.


CHOCOLATE & CONFECTIONERY: Appoints External Administrators
-----------------------------------------------------------
News.com.au reports that one of Australia's oldest chocolate brands
has collapsed into administration and is seeking buyers urgently.

On June 21, Chocolate & Confectionery Company Pty Ltd and a related
entity appointed external administrators.

These entities owned and manufactured Ernest Hillier Chocolates, a
prestige chocolate brand stocked in major supermarket chains,
including Woolworths, Coles and Aldi.

Ernest Hillier Chocolates has been operating since 1914 and its
products are supplied across Australia and New Zealand, all coming
from a manufacturing facility in Coburg, Melbourne.

However, the supply chain crisis proved too much for the
confectionary business, with the rising cost of raw materials and
shipping fees significantly impacting margins, according to the
company directors, news.com.au relays.

At the end of May, the department of State Revenue began winding up
proceedings against the company over unpaid tax debts.

Alan Walker and Glenn Livingstone, partners at insolvency firm WLP
Restructuring, have been appointed as the administrators,
news.com.au discloses.

They said in a statement provided to news.com.au they were "seeking
urgent expressions of interest from parties that could recapitalise
or acquire the business and its assets".

They also revealed that all operations have ceased and employees
have been stood down while they look for buyers.

"It's unfortunate that such a storied chocolate manufacturer has
encountered distress amid rising operating costs, but we are
working with all stakeholders to do everything possible to save
this iconic brand," Mr. Walker said.

"We are working closely with all affected parties as we move with
urgency to understand the business's affairs and find a suitable
buyer or investor.

"While this process is underway, we have had to make the
unfortunate decision to cease manufacturing activity and stand down
employees at this stage."

He added that these workers were on standby to restart production
for the next owners, if a sale eventuated, news.com.au relates.

According to the report, the first statutory meeting of creditors
will be held at the end of this month, on June 30.

Back in 2015, the chocolate maker also went into administration but
it managed to turn the situation around, the report notes.


FACADE PAINTING: Second Creditors' Meeting Set for June 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Facade Painting
Pty Ltd has been set for June 29, 2023 at 10:00 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via
Zoom video conferencing.

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 28, 2023 at 4:00 p.m.

Liam Thomas Bailey and Nicholas Wollinski of O'Brien Palmer were
appointed as administrators of the company on June 8, 2023.


SOFC PROJECTS: Second Creditors' Meeting Set for June 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of SOFC Projects
Pty Ltd has been set for June 27, 2023 at 11:00 a.m. via virtual
meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 26, 2023 at 5:00 p.m.

Anthony Elkerton and Cameron Gray of DW Advisory were appointed as
administrators of the company on May 22, 2023.


SUCCESS HIRE: First Creditors' Meeting Set for June 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Success Hire
Pty Ltd will be held on June 29, 2023, at 10:30 a.m. at the offices
of Worrells at Level 2, AMP Building 1 Hobart Place in Canberra and
via virtual meeting technology.

Stephen John Hundy of Worrells was appointed as administrator of
the company on June 19, 2023.


VOTRAINT NO. 534: First Creditors' Meeting Set for June 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Votraint No.
534 Pty. Limited will be held on June 28, 2023, at 12:00 p.m. at
the offices of O'Brien Palmer at Level 9, 66 Clarence Street in
Sydney.

Nicholas Wollinski and Daniel Frisken of O'Brien Palmer were
appointed as administrators of the company on June 19, 2023.




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

CHINA AIRCRAFT: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed China Aircraft Leasing Group Holdings
Limited's (CALC) Long-Term Issuer Default Rating (IDR) at 'BB+' and
Short-Term IDR at 'B'. The Outlook on the Long-Term IDR is Stable.
Fitch has also affirmed the long-term rating on the senior
unsecured notes and the MTN programme issued by CALC Bond 3 Limited
and CALC Bonds Limited, respectively, at 'BB+'.

These rating actions are taken in conjunction with Fitch's global
aircraft leasing sector review, covering 10 publicly rated
companies. For more information on the sector review, see "Fitch
Ratings Completes Aircraft Lessor Peer Review, Sector Outlook
Remains Neutral", available at www.fitchratings.com.

State-owned China Everbright Group (CEG) owns 19% of CALC's
effective equity interest through China Everbright Limited (CEL,
BBB/Stable). CALC Bond 3 Limited and CALC Bonds Limited are both
registered in the British Virgin Islands, and serve as wholly owned
debt issuing subsidiaries of CALC.

KEY RATING DRIVERS

Notching-Up Approach: CALC's IDR benefits from two notches of
uplift from its Standalone Credit Profile (SCP) of 'bb-'. The
uplift reflects Fitch's expectation for modest potential support
from state-owned CEG and affiliated entities within the group,
including China Everbright Bank Company Limited (BBB/Stable). The
application of the notching-up approach, instead of top-down, is
driven by CEG's limited shareholding control, the lack of common
branding and the complexities on legal commitments to CALC spanning
CEG and CEL.

The two-notch uplift reflects CALC's meaningful alignment with
CEG's strategic objective of cultivating a world-leading aircraft
lessor, CEG's strong operational and managerial control over CALC,
and CEG's record of providing ordinary funding and liquidity
support to CALC. CEG's development strategy was approved by China's
Ministry of Finance and China Huijin Investment Ltd, an investment
company wholly owned by the Chinese government. Fitch expects any
support required by CALC would be immaterial relative to CEG's
ability to provide support.

Modest Standalone Credit Profile: Fitch's assessment of CALC's SCP
reflects its small scale, high leverage, and high lessee and
geographic concentration relative to higher-rated peers, as well as
significant financing and refinancing needs for a large order book
and substantial debt maturities in the next two to three years.
However, these risks are mitigated by the company's quality fleet,
limited exposure to troubled airlines and adequate funding access
and liquidity profile.

Moderate Asset Quality Risk: CALC has maintained an in-demand and
fuel-efficient fleet with average age of 8.5 years and average
remaining lease term of 6.5 years at end-2022. Fitch estimates that
84% of CALC's portfolio was Tier 1 assets, which reduces
asset-quality risk during downturns. CALC's exposure to lessees
domiciled in China is high, with around 62% of its portfolio (based
on Fitch estimates of aircraft values) leased to Chinese airlines.
Its exposure is mainly to the three largest domestic airlines and
their affiliates, which Fitch expects to benefit from government
support if needed.

High Leverage: CALC's leverage, measured by debt-to-tangible
equity, is high at between 9.0x and 10.0x from 2019 to 2022,
relative to 2.0x to 4.0x for most other Fitch-rated lessors. The
high leverage leaves CALC limited headroom to withstand potential
asset-quality deterioration from its small and concentrated
portfolio. Nonetheless, the company's liquid narrow-body aircraft
portfolio and its limited exposure to troubled airline companies
reduce potential impairment risk and support its operating cash
flow.

Adequate Funding Access: CALC had a large order book of 226
aircraft and total aircraft purchase commitments of HKD85 billion
(approximate USD11 billion) at end-2022, with deliveries through
2027. Fitch estimates CALC's financing needs and aircraft purchase
commitments at more than USD4 billion in 2023, and expect its
liquidity coverage for the next 12 months to remain weaker than
peers.

However, CALC's funding and liquidity profile benefits from large
undrawn committed and uncommitted credit lines, continued access to
secured and unsecured markets, and ordinary support from CEG and
its affiliates. Unsecured debt formed 52% of CALC's total debt at
end-2022, and this was adequately covered at 1.3x by unencumbered
assets.

Profitability Impacted by Russia Exposure: CALC's net spread
improved to 6.7% in 2022 from 5.7% in 2021, supported by rising
lease yield amid favourable sector dynamics after the Covid-19
pandemic. Nonetheless, its pre-tax income to average assets
decreased to 1% in 2022 from 1.7% in 2021, due to the rise in
impairment charges to 1.5% of its net aircraft assets in 2022 from
0.5% in 2021 after it fully wrote off two aircraft leased to
Russian airlines.

Stable Outlook: The Stable Outlook on the IDR reflects Fitch's
expectation that CALC's leverage will not rise above 10x for a
sustained period, that it will maintain sufficient liquidity to pay
for the large order book while supported by a stable operating
environment in China, and that CALC's operational and strategic
linkages with CEG will be unchanged. The Stable Outlook also
reflects the stable credit profiles of CEL and CEG.

RATING SENSITIVITIES

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

A material deterioration in asset performance; heightened risk
appetite for growth beyond its expectations; leverage in excess of
10x for a sustained period; reduced unsecured funding below 50%;
and/or reduced liquidity relative to debt maturities and order book
commitments, could result in a reduction in Fitch's assessment of
CALC's SCP, and thus, the IDRs.

A weakening in the linkage between CEG and CALC, such as a dilution
in ownership or control; or a reduction in CALC's strategic role to
CEG; or reduced liquidity support from CEG and its affiliates,
would also lead to a downgrade.

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

A sustained decrease in leverage to below 5.5x without
deterioration in its asset quality and profitability, coupled with
strengthened funding and liquidity relative to its financing needs,
could lead to an improvement in Fitch's assessment of CALC's SCP,
and hence the IDRs.

Stronger linkages between CALC and CEG could be positive for the
rating, which could arise from more explicit legal ties between
CALC and CEG, or a meaningful increase in CEG's shareholding and
control through board representation in CALC could also lead to an
upgrade.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The rating on the senior unsecured notes issued by CALC Bond 3
Limited, the MTN programme under CALC Bonds Limited and the senior
unsecured notes issued under the MTN programme are equalized with
CALC's 'BB+' Long-Term IDR, as the notes are unconditionally and
irrevocably guaranteed by CALC, and will at all times rank at least
equally with all other present and future unsecured and
unsubordinated obligations of CALC and CALC Bond 3 Limited or CALC
Bonds Limited.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on the notes and the MTN programme will to move in
tandem with any changes to CALC's Long-Term IDR.

ADJUSTMENTS

The Asset Quality score has been assigned below the implied score
due to the following reason: Concentrations

The Funding and Liquidity score has been assigned above the implied
score due to the following reason: Business model/funding market
convention

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is expected
to be a score of 3 for the combined entity. This means ESG issues
are credit-neutral or have only a minimal credit impact on the
entity, either due to their nature or to the way in which they are
being managed by the entity.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
China Aircraft
Leasing Group
Holdings Limited    LT IDR BB+  Affirmed   BB+
                    ST IDR B    Affirmed    B

CALC Bond 3
Limited

   senior
   unsecured        LT     BB+  Affirmed   BB+

CALC Bonds
Limited

   senior
   unsecured        LT     BB+  Affirmed   BB+



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

BHATTER INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Bhatter
Industries (SBI) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SBI for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Shree Bhatter Industries (SBI) was established in 2011 as a
partnership firm based out of Jodhpur (Rajasthan). The firm is
engaged in processing of guar seeds to produce guar gum splits and
the bye-products, guar korma, and guar churi. The firm has an
installed capacity to process about 40 tonnes per day (TPD).


BOSS COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Boss Cotton And Oil Industries in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B-(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.95        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.55        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2014 as a partnership firm, Boss Cotton and Oil
Industries (BCOI) is involved in cotton ginning and cotton seed
crushing operations to produce cotton bales, cotton seeds, cotton
seed oil and cotton seed oil cake. The manufacturing facility of
the firm is located at Rajkot, Gujarat and is equipped with 40
ginning machines, 1 pressing machine and 10 crushing machines.


BRITEX COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Britex Cotton
International Limited (BCIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       30         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       43         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BCIL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BCIL was incorporated in 1996, promoted by Mr. Bhadresh Mehta, a
first-generation entrepreneur from Mumbai. The company trades in
yarn, fabrics, and cotton, and operates mainly in the Indian
market.


BYJU'S ALPHA: DoubleLine OCF Marks $182,688 Loan at 18% Off
-----------------------------------------------------------
DoubleLine Opportunistic Credit Fund has marked its $182,688 loan
extended to Think & Learn Private Limited to market at $150,146 or
82% of the outstanding amount, as of March 31, 2023, according to a
disclosure contained in DoubleLine OCF's Form N-CSR for the
Quarterly Period ended March 31, 2023, filed with the Securities
and Exchange Commission.

DoubleLine OCF is a participant in a Senior Secured First Lien Term
Loan (3 Month LIBOR USD + 6.00%, 0.75% Floor) to Think & Learn
Private Limited. The loan accrues interest at a rate of 10.93% per
annum. The loan matures on November 24, 2026.

DoubleLine Opportunistic Credit Fund (NYSE: "DBL") was formed as a
closed-end management investment company registered under the
Investment Company Act of 1940, as amended.  The Fund is currently
operating as a diversified fund. The Fund was organized as a
Massachusetts business trust on July 22, 2011 and commenced
operations on January 27, 2012.

Think & Learn Private Limited, doing business as Byju's, provides
online educational services.


CAPCO WATER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Capco Water
Solutions Private Limited (CWSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CWSPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1995, CWSPL is owned and managed by Mr. M B Kocha
and family. It is based in Mumbai and engaged in the designing,
manufacturing and installation of water disinfection systems and
products such as chlorine gas feed and instrumentation, electro
chlorination and chlorine dioxide generators.


COOPER-STANDARD INDIA: ICRA Lowers Rating on INR55cr Loan to B/A4
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Cooper-Standard India Pvt. Ltd. (CSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/         55.00        [ICRA]B/[ICRA]A4; ISSUER NOT
   Short Term-                     COOPERATING; Rating downgraded
   Fund Based/                     from [ICRA]B+/[ICRA]A4;
   Non Fund                        ISSUER NOT COOPERATING and
   Based Others                    outlook revised from Negative
                                   to Stable and continues to
                                   remain under 'Issuer Not
                                   Cooperating' category  

Rationale

The rating downgrade is because of lack of adequate information
regarding CSI performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Cooper-Standard India Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance and
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due but despite repeated requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information

CSI (formerly known as Metzeler Automotive Profiles India Private
Limited) started operations from November 1993 by manufacturing
high performance automotive body seal and glass runs. Over the past
few years, the company has diversified into manufacturing
thermoplastic elastomeric (TPE) profiles and chrome strips. At
present, CSI's plants are located in Bawal (Haryana), Sahibabad
(Uttar Pradesh), Chennai and Sanand (Gujarat). Till January 2015,
it operated as a 74:26 joint venture entity between CSAI and Toyoda
Gosei Company Limited, Japan (TGCL). However, effective from
January 30, 2015, CSAI acquired TGCL's stake in CSI, thus making it
a 100% subsidiary of CSAI.

D C METALS: CRISIL Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D C Metals
(DCM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             30        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DCM for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1984, DCM, a partnership concern based in Mumbai,
trades in iron and steel products. It is promoted by the Bhansali
family, led by Mr. Keshrimal Bhansali and his brothers. The family
has been engaged in this line of business for over 70 years.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           30          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             20          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DDIL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1957, DDIL is a closely held public limited company
and has been an authorised dealer for Maruti Suzuki India Ltd since
1995. The company operates 12 showrooms, 9 workshops, 6 body shops
and 3 True Value showrooms in Uttarakhand, Haryana and Delhi NCR.
The company is promoted by Mr Rajeev Gambhir and his family
members.


DHS HOTELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of DHS Hotels Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.30        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         18.12        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.26        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          9.32        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2010, DHS Hotels Private Limited (DHSHPL) is
promoted by Mr. Venkata Rao Vadlamudi & others. The company runs a
138-room five-star hotel (with restaurant, convention centre and
banquette hall facility) in Tirupati (Andhra Pradesh), a city which
draws millions of tourists and devotees annually from all over the
world. The company has a brand and management collaboration with
ITC Hotels Limited for its brand 'Fortune Select'. The hotel's
commercial operations started in the January 2013.


DILIGENT MEDIA: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Non-convertible Debentures of Diligent Media
Corporation Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Non-convertible     250.00     [ICRA]D ISSUER NOT COOPERATING;
   Debenture (NCD)                Rating Continues to remain
   Programme                      under the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Until October 9, 2019, DMCL published DNA, an English daily
newspaper, which was circulated in Mumbai and Ahmedabad. As per a
scheme of arrangement and amalgamation among ZMCL, DMCL, Mediavest
India Private Limited and Pri-Media Services Private Limited,
ZMCL's demerged print media undertaking has been vested with DMCL,
while Mediavest India Private Limited and Pri-Media Services
Private Limited have been amalgamated with DMCL with effect from
April 1, 2017. Further, DMCL was listed on the stock exchange in
December 2017, with a mirror shareholding of ZMCL. As on March 31,
2020, the promoters held a 62.17% stake in DMCL.

EVERLAST ROOFING: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Everlast Roofing in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable)/ [ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         4.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Everlast Roofing (Everlast), a partnership firm formed by Mr Kumar
and Mr Mathivanan in 2013, manufactures corrugated colour-coated
steel roofing sheets for factories, warehouses, parking sheds, etc.
The firm manufactures three kinds of roofing sheets namely
Flexi-profile, Hi-rib profile and Tile profile from its
manufacturing facilities located in Chennai and Madurai (Tamil
Nadu). The firm's current partners are Mr Mathivanan and his son Mr
Thinakaraj.



GO FIRST: Seeks Up to $122 Million in Additional Funds
------------------------------------------------------
Reuters reports that Go First, which is under bankruptcy protection
as it tries to resume operations, has sought additional funds at a
lenders meeting on June 21, banking sources told Reuters.

Reuters relates that the airline is asking for between INR4 billion
and INR6 billion (US$122 million) in additional funds, the sources
said, with lenders expected to evaluate proposals in the next 48
hours.

None of the bankers wished to be identified because they were not
authorised to speak to the media, Reuters notes.

According to Reuters, Go First plans to resume operations in July
and operate 78 daily flights with 22 aircraft, one of the bankers
said, adding that the airline will also require approval from
India's aviation watchdog.

The planned resumption of operations depends on a number of factors
including regulatory approvals, a second banker said.

The Go First bankruptcy filing lists Central Bank of India, Bank of
Baroda, IDBI Bank and Deutsche Bank among its creditors, which are
owed INR65.21 billion in total, Reuters discloses.

                           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.

KRIPA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Kripa
Agro (SKA; part of the Metalore group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Foreign Documentary     5         CRISIL D (Issuer Not
   Bills Purchase                    Cooperating)

CRISIL Ratings has been consistently following up with SKA for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SKA, Metalore Overseas Pvt
Ltd (MOPL) and KS Impex Ltd (KSIL). This is because the three
entities, together referred to as the Metalore group, are in the
same line of business, have operational and financial linkages, and
are under the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


LAKSHMI SATYANARAYANA: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Sri Lakshmi Satyanarayana Raw & Boiled Rice Mill in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        25.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sri Lakshmi Satyanarayana Raw & Boiled Rice Mill (SLSRBRM) was
established in the year 1985 by Mr. N. Surya Narayana Reddy and is
engaged in the milling of paddy and produces raw and boiled rice.
The firm has a milling unit in Penuguduru village of East Godavari
district of Andhra Pradesh with an installed capacity of 350MTPD.
The firm sells rice, broken rice and bran. Boiled rice is sold in
the open markets of Kerala and exported through agents. In the
domestic market, the firm sells its products under the brand name
"Coconut Tree".


LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lancy
Constructions (LC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     13         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LC for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1973 in Mangalore as a proprietorship firm by Mr. Lancy
Mascarenhas, LC manufactures RMC for the construction industry and
also undertakes civil construction projects.


MAGNASOFT CONSULTING: ICRA Lowers Rating on INR13cr LT Loan to B
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Magnasoft Consulting Private Limited (MCPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        13.00       [ICRA]B; ISSUER NOT COOPERATING;
   Fund-based-                   Rating downgraded from [ICRA]B+
   Cash Credit                   ISSUER NOT COOPERATING, outlook
                                 revised from Negative to Stable
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long Term-         2.00       [ICRA]B; ISSUER NOT COOPERATING;
   Fund-based-                   Rating downgraded from [ICRA]B+
   Term Loan                     ISSUER NOT COOPERATING, outlook
                                 revised from Negative to Stable
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 category


Rationale

The rating downgrade is because of lack of adequate information
regarding MCPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Magnasoft Consulting India Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance and ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information

Incorporated in 2000, Magnasoft Consulting Private Limited (MCPL)
is a small-sized Information Technology (IT) company offering
Geographic Information System (GIS) based solutions across service
and product offerings such as laser scanning, and 3D modelling,
spatial solutions development, digital photogrammetry, spatial data
management and engineering services primarily to aid engineering &
consultancy firms in aerial & land survey, GIS mapping, etc. (which
in turn cater to end customers such as Government, oil & gas,
telecom and mining companies). The company primarily caters to
clients based in Americas,  Europe, Africa and Middle East among
others across vertical sectors such as energy, transportation and
water & land administration. The company also has its presence in
product lines: NorthStar - which is an integrated school bus &
child safety system that uses a hybrid of technologies including
GPS, GPRS, RFID, webcam and CCTV that works on cloud computing
platform, and Toggr – which is a wearable child wrist watch
currently in POC phase.

Headquartered in Bangalore, the company has two wholly owned
subsidiaries in USA and London. The company was founded by Mr.
Bobbie H Kalra and is a subsidiary of Coffee Day Trading Limited
(erstwhile Global Technology Ventures Limited), a Bangalore-based
venture investment company, which is part of the Coffee Day Group
that operates the coffee retail chain under the brand name "Café
Coffee Day". CDTL holds 77.88% stake in Magnasoft Consulting India
Private Limited.

MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahadev
Profiles Private Limited (MPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan        5.4         CRISIL D (Issuer Not
                                     Cooperating)
   Proposed Long Term
   Bank Loan Facility    1.1         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and
pre-stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.


MANTRA PACKAGING: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Mantra
Packaging Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        (2.25)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Mantra Packaging Pvt. Ltd. (MPPL) was incorporated as a private
limited company in June 2010 and commenced manufacturing operations
from September 2011. MPPL is engaged in the manufacturing of
various types of plastic bags that find applications as grocery
bags, retail shopping and apparel bags, garbage can liners,
industrial, food, and agricultural packaging and protective
covering for painting, etc. The company's registered office is in
Mumbai and its manufacturing facility is at Silvassa (Dadra & Nagar
Haveli).


NANDYALA SATYANARAYANA: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Nandyala Satyanarayana in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.10        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.90        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term/        127.50        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Fund based                      Rating Continues to remain
   Cash Credit                     under issuer not cooperating
                                   category

   Short Term-         0.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Nandyala Satyanarayana (NS), a proprietorship concern which
commenced operations in 1985, is a Government recognised Star
export house, and is engaged in export of food products to the
customers in South East Asian countries like Thailand, Vietnam,
Philippines, Malaysia, Singapore etc. The entity is located in
Tadepalligudam of West Godavari district of Andhra Pradesh. NS
mainly deals in exports of various spices predominantly Dry
Chillies.


P.S.R. GRANITES PVT: ICRA Reaffirms B+ Rating on INR0.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of P.S.R.
Granites Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.25        [ICRA]B+ (Stable); Reaffirmed
   Fund Based/CC                    

   Short Term-
   Fund based          9.25        [ICRA]A4; Reaffirmed

   Long term/          0.50        [ICRA]B+ (Stable)/[ICRA]A4;
   Short term                      Reaffirmed
   Unallocated         
  
Rationale

The ratings are constrained by the P.S.R. Group's (P.S.R. Granites
and P.S.R. Granites Pvt. Ltd.) small scale of operations with
revenues of INR96 crore in FY2023 (previous year [PY]: INR85
crore). The same are estimated to touch INR105-110 crore in FY2024.
The P.S.R. Group's liquidity position is stretched due to high
debtors and is reflected in the fully utilised fund-based working
capital limits during the last 12 months ended on March 31, 2023.
The P.S.R. Group's operations also remain exposed to high
geographical concentration risk as 82-90% of the exports have been
made to China in the last four years. Further, the revenues are
vulnerable to factors such as the performance of the housing real
estate sector in the export markets and the highly fragmented
nature of the granite processing industry with intense competition,
which leads to limited pricing flexibility. The ratings, however,
favourably factor in the extensive experience of the promoter in
the granite quarrying and export business for more than two decades
and established relationship with customers, which resulted in
repeat business.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the Group will continue to benefit from the extensive
experience of its promoter in the granite quarrying and export
business industry.

Key rating drivers and their description

Credit strengths

* Experience of promoter in granite quarrying industry: The
promoter of the Group, Mr. Palakurthi Sridhar, has more than two
decades of experience in the granite quarrying and export business,
which has helped the Group establish its business in the domestic
and export markets. The Group has three quarries in operation and
two granite processing units in Telangana with a total processing
capacity of 3,50,000 MT per annum, where the granite is processed
into rough blocks before being
exported.

* Established relationships with customers: The Group's customer
profile comprises manufacturers of granites products. Although the
customer concentration has remained high (85-90% of the total sales
came from the top-5 customers in FY2022 and FY2023), established
relationship with distributors resulted in repeat business.

Credit challenges

* Small scale of operations: The P.S.R. Group has a small scale of
operations with revenues of INR96 crore in FY2023 (PY: INR85
crore). The revenues are estimated to touch INR105-110 crore in
FY2024. The P.S.R. Group's liquidity position is stretched due to
high debtors and is reflected in the fully utilized fund-based
working capital limits during the last 12 months ended on March 31,
2023.

* High geographical concentration: The geographical concentration
risk is high as the Group mainly exports granite blocks to China.
The Group's 82-90% of the revenues came from China over the last
four years. Nonetheless, the Group has established relationships
with customers in the export market, which led to repeat orders
over the years.

* Intense competition in granite industry: The granite industry
witness's intense competition among players from the domestic
and overseas countries as well as from other substitute products.
Further, the revenues are vulnerable to factors such as the
performance of the housing real estate sector in the export markets
and the highly fragmented nature of the granite processing industry
with intense competition, which leads to limited pricing
flexibility.

Liquidity position: Stretched

The liquidity position of the entity remains stretched, as
reflected in the fully utilized working capital limits in the last
12 months ended in March 2023. Further, the Group has sizeable
repayment obligations in FY2024 and FY2025 worth INR9-10 crore (for
the equipment loans availed). Thus, timely liquidation of the
existing inventory or infusion of funds by the promoter will remain
critical for timely servicing of the debt obligations, going
forward.

Rating sensitivities

Positive factors – The ratings can be upgraded if there is an
improvement in the Group's scale of operations, leading to healthy
cash accruals and an improvement in its overall liquidity profile.

Negative factors – The rating can be downgraded in case of a
sharp decline in revenues and operating margins and a deterioration
in the working capital position, worsening its liquidity position.

P.S.R. Granites Pvt. Ltd. and P.S.R. Granites, incorporated in
2004, are involved in the mining and export of rough blocks of
granites. The PSR Group operates three quarries in Telangana at
present. The Group also owns two processing facilities with a total
capacity of 3,50,000 MT per annum where the granite is processed
into rough blocks and majorly exported (80-90% of
total revenues) to China. The operations are managed by Mr.
Palakurthi Sridhar.


P.S.R. GRANITES: ICRA Reaffirms B+ Rating on INR0.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of P.S.R.
Granites, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.50        [ICRA]B+ (Stable); Reaffirmed
   Fund Based/CC                    

   Short Term-
   Fund based         10.00        [ICRA]A4; Reaffirmed

   Long term/          4.50        [ICRA]B+ (Stable)/[ICRA]A4;
   Short term                      Reaffirmed
   Unallocated        
                                   
Rationale

The ratings are constrained by the P.S.R. Group small scale of
operations with revenues of INR96 crore in FY2023 (previous year
[PY]: INR85 crore). The same are estimated to touch INR105-110
crore in FY2024. The P.S.R. Group's liquidity position is stretched
due to high debtors and is reflected in the fully utilised
fund-based working capital limits during the last 12 months ended
on March 31, 2023. The P.S.R. Group's operations also remain
exposed to high geographical concentration risk as 82-90% of the
exports have been made to China in the last four years. Further,
the revenues are vulnerable to factors such as the performance of
the housing real estate sector in the export markets and the highly
fragmented nature of the granite processing industry with intense
competition, which leads to limited pricing flexibility.

The ratings, however, favourably factor in the extensive experience
of the promoter in the granite quarrying and export business for
more than two decades and established relationship with customers,
which resulted in repeat business.  

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the Group will continue to benefit from the extensive
experience of its promoter in the granite quarrying and export
business industry.

Key rating drivers and their description

Credit strengths

* Experience of promoter in granite quarrying industry: The
promoter of the Group, Mr. Palakurthi Sridhar, has more than two
decades of experience in the granite quarrying and export business,
which has helped the Group establish its business in the domestic
and export markets. The Group has three quarries in operation and
two granite processing units in Telangana with a total processing
capacity of 3,50,000 MT per annum, where the granite is processed
into rough blocks before being exported.

* Established relationships with customers: The Group's customer
profile comprises manufacturers of granites products. Although the
customer concentration has remained high (85-90% of the total sales
came from the top-5 customers in FY2022 and FY2023), established
relationship with distributors resulted in repeat business.

Credit challenges

* Small scale of operations: The P.S.R. Group has a small scale of
operations with revenues of INR96 crore in FY2023 (PY: INR85
crore). The revenues are estimated to touch INR105-110 crore in
FY2024. The P.S.R. Group's liquidity position is stretched due to
high debtors and is reflected in the fully utilised fund-based
working capital limits during the last 12 months ended on March
31, 2023.

* High geographical concentration: The geographical concentration
risk is high as the Group mainly exports granite blocks to China.
The Group's 82-90% of the revenues came from China over the last
four years. Nonetheless, the Group has established relationships
with customers in the export market, which led to repeat orders
over the years.

* Intense competition in granite industry: The granite industry
witnesses intense competition among players from the domestic and
overseas countries as well as from other substitute products.
Further, the revenues are vulnerable to factors such as the
performance of the housing real estate sector in the export markets
and the highly fragmented nature of the granite processing industry
with intense competition, which leads to limited pricing
flexibility.

Liquidity position: Stretched

The liquidity position of the entity remains stretched, as
reflected in the fully utilized working capital limits in the last
12 months ended in March 2023. Further, the Group has sizeable
repayment obligations in FY2024 and FY2025 worth INR9-10 crore (for
the equipment loans availed). Thus, timely liquidation of the
existing inventory or infusion of funds by the promoter will remain
critical for timely servicing of the debt obligations, going
forward.

Rating sensitivities

Positive factors – The ratings can be upgraded if there is an
improvement in the Group's scale of operations, leading to healthy
cash accruals and an improvement in its overall liquidity profile.

Negative factors – The rating can be downgraded in case of a
sharp decline in revenues and operating margins and a deterioration
in the working capital position, worsening its liquidity position.

P.S.R. Granites Pvt. Ltd. and P.S.R. Granites, incorporated in
2004, are involved in the mining and export of rough blocks of
granites. The PSR Group operates three quarries in Telangana at
present. The Group also owns two processing facilities with a total
capacity of 3,50,000 MT per annum where the granite is processed
into rough blocks and is mainly exported (80-90% of
total revenues) to China. The operations are managed by Mr.
Palakurthi Sridhar.


PIONEER GLOBEX: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Pioneer Globex Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        15.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Pioneer Globex Pvt. Ltd. (PGPL) was initially established as a
partnership firm in the year 2008 with the name Pioneer Exports.
Later on, the firm's name was changed to Pioneer Globex in June
2013. In November 2013, the firm was converted into private limited
company with the company name as Pioneer Globex Pvt. Ltd. It is a
group firm of Sheth Ship Breaking Corporation (SSBC); a partnership
firm involved in ship breaking activities. Both the firms are being
managed by same promoters Mr. Narendra N. Shah, Mr. Hardik N. Shah,
Mr. Pravin G. Shah and Mr. Vijaybhai S. Sanghavi having experience
of more than 20 years in the business of ship breaking.


PRINCE ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-term rating of Prince
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         (2.50)       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Interchangeable                 to remain under 'Issuer Not
   Limits                          Cooperating' category

   Short Term-         8.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category


ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Promoted by Mr. Trilok Kumar Gothi, PE is a proprietorship concern
that commenced operations in 2009 as a trader of colour coated
coil/sheet, TMT bar, CR coil/sheet, HR coil/sheet, steel tubes and
GI pipes. The firm has its registered office in Andheri,a sales
office in Masjid Bundar, Mumbai and a rented warehousing facility
in Taloja MIDC.


SBA EDUCATION: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SBA Education
Society (SBAES) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        10.1        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBAES for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in May 2007, SBAES offers educational courses in engineering
and management. The trust owns two colleges ' Kruti Institute of
Technology and Engineering (KITE) and Kruti School of Business and
Management (KSBM) - in Raipur (Chhattisgarh). KITE, started in
2008, offers graduate and post-graduate courses in engineering. The
institute is approved by the All India Council for Technical
Education and is affiliated to the Chhattisgarh Swami Vivekananda
Technical University, Bhilai (Chhattisgarh). KSBM, started in 2012,
offers graduate and post-graduate courses in management and is
affiliated to the Pandit Ravishankar Shukla University, Raipur.


SHANGRI-LA INDUSTRIES: ICRA Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Shangri-La Industries
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         35.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2008, Shangri-La Industries Private Limited (SIPL)
commenced manufacturing operations in FY2018. It is involved in the
contractual manufacturing of tablets, capsules, ointments and
related packing materials on a principal-to principal basis. The
manufacturing facility of the company is in Sikkim. Prior to
FY2018, SIPL was involved in stonechipping
activities.

SIPAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Sipai Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.30        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 1995 as a partnership firm, Sipai Industries (SI) is
involved in the business of ginning and pressing of raw cotton as
well as crushing of cottonseeds. Its manufacturing facility,
located in Rajkot in Gujarat, is equipped with 36 ginning machines,
1 pressing machine and 5 expellers with an installed capacity of
150 MT per day. The partners of the firm have extensive experience
in the cotton industry.

SIRI SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siri Smelters
and Energy Private Limited (SSEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.45        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             8.55        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SSEPL was incorporated in 2011 and its day-to-day activities are
managed by its managing director, Mr. Mohan Sajja. The company
manufactured ferro alloys, and has temporarily closed down its
manufacturing activities at its plant in Bobbili (Andhra Pradesh).


SODE VADIRAJA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Shri Sode Vadiraja Mutt Education Trust in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         21.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Shri Sode Vadiraja Mutt Education Trust was incorporated in the
year 2009 and manages an engineering college named by Shri Madhwa
Vadiraja Institute of Technology and Management (SMVITM), in Udupi
district, Karnataka. The college started functioning from July 2011
and is affiliated to Visvesvaraya Technological University (VTU)
and is also AICTE approved (All India Council for Technical
Education) and recognized by Government of Karnataka. The trust was
formed by Shree Vishwa Vallabha Theertha Swamiji for undertaking
educational and research activities. The members of the trust are
Shree Vishwa Vallabha Theertha Swamiji, Shri P. Srinivas Tantry and
Shri Rathna Kumar. The main objective of the trust is to set up and
operate government aided and private courses/programs in the field
of technical education, training and research in engineering and
technology.


SPICEJET LTD: Settles All Past Liabilities with Nordic Aviation
---------------------------------------------------------------
MoneyControl reports that SpiceJet has entered into a settlement
agreement with Nordic Aviation Capital (NAC), the airline announced
via a release on June 21. Nordic Aviation has been a major lessor
for the airline's Q400 aircraft.

MoneyControl relates that the agreement between the airline and the
aviation company settles all past liabilities for the Q400s leased
by NAC to SpiceJet, the release said. As of June 21, the airline
operates five Q400 aircraft from NAC in its fleet.

MoneyControl says the budget airline also announced that three
additional Q400 aircraft will also be inducted into the fleet.
These planes had been repossessed by the NAC. SpiceJet aims to
achieve a major restoration of its fleet with the induction of the
three planes.

                            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.

YOJANA POULTRY: ICRA Reaffirms B+ Rating on INR8.33cr Term Loans
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Yojana
Poultry Pvt. Ltd. (YPPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.35        [ICRA]B+ (Stable); reaffirmed
   Fund Based-                     and removed from Issuer Not
   Cash Credit                     Cooperating' category

   Long Term-          8.33        [ICRA]B+ (Stable); reaffirmed
   Fund Based-                     and removed from Issuer Not
   Term Loans                      Cooperating' category

   Long-term/          5.54        [ICRA]B+ (Stable)/[ICRA]A4;
   Short-term–                     reaffirmed and removed from
   Unallocated                     Issuer Not Cooperating

Rationale

The ratings for YPPL continue to remain constrained by its modest
scale of operations resulting in limited economies of scale and
vulnerability of its profit margins to volatility in key raw
material prices that are largely driven by agroclimatic conditions,
international prices and demand from the poultry sector. Moreover,
operating in the highly fragmented and competitive poultry industry
limits its pricing flexibility and exposes it to the inherent
industry cyclicality in addition to risk of disease outbreaks.

The ratings, however, continue to draw comfort from the extensive
experience and established track record of YPPL's promoters in the
poultry business. ICRA also notes the company's established brand
presence in the Pune region, and its low customer concentration
risks, given the presence of multiple sales channels.

The Stable outlook on the long-term rating reflects ICRA's opinion
that YPPL will continue to benefit from the extensive experience of
its promoters and from its established brand presence in its key
markets.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in the poultry sector:
Incorporated in 1998, YPPL has a long operational track record in
the poultry business. Further, the company continues to benefit
from the extensive experience of its promoters, Mr. Laxman Bhosale
and Mr. Vijendra Bhosale, of more than three decades in the poultry
business that highlights their proven expertise and credibility in
the poultry sector.

* Established brand presence in Pune region ensuring revenue
visibility: Over the years, the company has established a good
brand presence and recognition in the Pune region, which ensures
revenue visibility. YPPL receives a significant portion of its
revenues from the sale of eggs. The company has established its
brand, Power Eggs, in the Pune region.

* Sales booked through multiple sales channels leading to low
customer concentration risks: The company has established multiple
sales channels over the years that, in turn, has lowered its
customer concentration. Sales take place from its companyowned shop
in Yerawada (Pune) as well as through wholesalers. Further, YPPL
also sells to distributors who sell them to ~300 shops in and
around Pune.

Credit challenges

* Modest scale of operations limits benefits from economies of
scale: Despite posting a consistent growth in recent years, YPPL's
scale of operations continue to remain modest, with an estimated
top line of INR97 crore in FY2023, resulting in limited economies
of scale.

* Operations in highly fragmented and competitive industry experts
pressure on margins to an extent: The Indian poultry industry is
highly fragmented, with many small and medium-sized organised and
unorganised players in the field. Thus, the prevailing high
competition limits YPPL's ability to command a premium on its
product offerings, exerting pressure on its
margins to an extent.

* Exposure to volatility in raw material prices could impact
profitability: The raw material cost of soya and maize is a major
expense for the company, accounting for around 85–90% of its
total cost. Prices of these commodities are largely driven by
agro-climatic conditions, international prices (which determine
domestic supply), Government regulations and demand from the
poultry sector. Given the limited ability of YPPL to pass on any
price fluctuations in key raw materials, any adverse movement in
raw material prices could impact its profitability metrics as was
witnessed in FY2022, when YPPL's margins declined to 4.9% because
of higher feed costs. Moreover, due to firming of raw material
prices, margins for FY2023 are also
estimated to remain under pressure.

* Exposed to cyclicality associated with the poultry sector:
Operating in the poultry industry, YPPL stands inherently exposed
to the cyclicality associated with the sector. Any slowdown in the
industry or disease outbreaks could, therefore, impact the revenues
as well as profitability of the company.

Liquidity position: Stretched

YPPL's liquidity continues to remain stretched with modest internal
accrual generation and minimal cash balances. Further, its working
capital limits continue to be almost fully utilised (average of 93%
for the 12-month period ended March 2023). Against this, the
company's debt repayment obligations stand at ~Rs. 2.1–2.3 crore.
Moreover, the level of internal accrual generations remains
contingent upon the company's earnings stability and scale up of
revenues.

Rating sensitivities

Positive factors – ICRA could upgrade YPPL's ratings if the
company demonstrates improvement in revenues and internal accrual
generation, leading to improvement in liquidity and debt protection
indicators on a sustained basis.

Negative factors – The ratings may be downgraded if there is any
significant decline in revenues or profitability leading to further
stress in the liquidity, or if the company undertakes any sizeable
debt-funded capex, impacting its coverage metrics.

Incorporated in 1998, YPPL is engaged in farming layer birds and
selling eggs, birds, manure, medicine and feed. Egg sales forms the
largest chunk of YPPL's revenue, generating around 70-80% of YPPL's
revenue. The corporate office of YPPL is in Pune, Maharashtra, with
the company booking most of its sales from the Pune region and
surrounding territories. The company purchases day old chicks
(DOCs) of layer birds from Venky's, which undergo brooding and
laying stages. YPPL has commercial layer farms at Bhima, Ural and
Malthan areas of Pune with a collective layer capacity of 5,10,000
birds and brooding capacity of 80,000 birds. The company has three
feed mills, one each at its layer farms, with a production capacity
of 4MT/hour. The eggs are also sold under the brand, 'Power Eggs',
which has considerable brand recognition in and around Pune and
Mumbai.




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

KAPAR ENERGY: Resolves MYR596 Million Tax Dispute with IRB
----------------------------------------------------------
The Edge reports that Tenaga Nasional Bhd (TNB) and Malakoff Corp
Bhd's joint venture company, Kapar Energy Ventures Sdn Bhd (KEV),
has ironed out its MYR595.95 million tax dispute with the Inland
Revenue Board (IRB).

After reaching the out-of-court settlement, KEV has withdrawn its
judicial review application at the High Court to challenge the
notices of assessment from the IRB amounting to MYR595.95 million,
according to Malakoff's bourse filing on June 21, The Edge
relates.

"The out-of-court settlement is not expected to have any material
impact on the earnings and net assets of Malakoff for the financial
year ending Dec. 31, 2023 (FY2023)," it added.

This was also corroborated by TNB's filing, which noted the
settlement has no material impact on the utility giant's financial
position.

The Edge says the quantum of the out-of-court settlement was
undisclosed.

KEV is a 40%-associate of Malakoff, with the remaining 60% stake
held by TNB's wholly-owned unit TNB Power Generation Sdn Bhd.

KEV, on Nov. 1, 2021, received notices of assessment for the years
2011, 2012 and 2014, and notices of additional assessment for 2013,
2015, 2016, 2017 and 2018, all dated Oct. 29, 2021, amounting in
the aggregate to MYR595.95 million, The Edge recalls.

KEV had filed its judicial review application to challenge the
notices on Nov. 16, 2021.

Kapar Energy Ventures Sdn Bhd (KEV) operates the second-largest
thermal power plant in Malaysia with a generation capacity of
2,200MW. It is the only power station in Malaysia with triple fuel
firing capability (gas, oil and coal).




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

AS RETAIL: Creditors' Proofs of Debt Due on July 20
---------------------------------------------------
Creditors of As Retail 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 14, 2023.

The company's liquidators are:

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


BOBUX INT'L: Owes Creditors and Staff NZD4.3MM, Receivers Say
-------------------------------------------------------------
Stuff.co.nz reports that children's footwear brand Bobux owes
creditors and staff more than NZD4.3 million, a receivers' report
showed.

Bobux went into receivership in April after battling Covid-19
supply chain disruption and overspending on an IT upgrade.

McGrathNicol partners Conor McElhinney and Andrew Grenfell were
appointed receivers and managers of Bobux Europe and Bobux
International by its lender, BNZ.

In a report lodged with the Companies Office, Mr. McElhinney said
Bobux owed BNZ NZD4.1 million, while Inland Revenue was owed
NZD146,000 in GST and PAYE, Stuff discloses.

Bobux employees were owed a further NZD113,000 in unpaid wages and
entitlements, the report showed.

According to Stuff, Mr. McElhinney said it was too early to say if
there would be money available from the receivership for unsecured
creditors, after repayment of preferential and secured creditors.

Bobux was bought by Australia's Munro Footwear Group (MFG) in May,
after an "accelerated" sale process, necessary to preserve the
value of the business, he said.

"Factories had to stop production as the receivers could not
guarantee payment. Consequently, delaying a sale would have meant
the next season of product would be delivered too late, and the
future season would not be sold, irreparably damaging the
business."

Bobux was established more than 30 years ago by Aucklanders Colleen
and Chris Bennett, and made high-quality shoes, boots and sandals
for children and toddlers.  Its footwear sold in more than 40
countries, including the United States, Australia and Italy, as
well as online.


D&A TRANSPORT: Creditors' Proofs of Debt Due on July 28
-------------------------------------------------------
Creditors of D&A Transport Limited are required to file their
proofs of debt by July 28, 2023, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ)
          PO Box 45220
          Te Atatu Peninsula
          Auckland 0651


NEED A: Creditors' Proofs of Debt Due on July 12
------------------------------------------------
Creditors of Need A Doctor Limited are required to file their
proofs of debt by July 12, 2023, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


RNM ENTERPRISES: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on June 15, 2023, was
appointed as liquidator of R N M Enterprises Limited.

The liquidators may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


SD MOTORSPORTS: Court to Hear Wind-Up Petition on July 3
--------------------------------------------------------
A petition to wind up the operations of SD Motorsports Limited will
be heard before the High Court at Tauranga on July 3, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 28, 2023.

The Petitioner's solicitor is:

          T. Saunders
          Inland Revenue, Legal Services,
          Home Straight
          PO Box 432
          Hamilton




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

ASIA-PACIFIC SHIPYARD: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Asia-Pacific Shipyard Pte Ltd, on June 13, 2023, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Ng Kian Kiat
          Ms. Yap Hui Li
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


BINGBLING PTE: Court to Hear Wind-Up Petition on July 7
-------------------------------------------------------
A petition to wind up the operations of Bingbling Pte Ltd will be
heard before the High Court of Singapore on July 7, 2023, at 10:00
a.m.

United Overseas Bank Limited filed the petition against the company
on June 16, 2023.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098



GEO MILLENIUM: Court to Hear Wind-Up Petition on June 30
--------------------------------------------------------
A petition to wind up the operations of Geo Millenium System Pte
Ltd will be heard before the High Court of Singapore on June 30,
2023, at 10:00 a.m.

Tan Kiah Wee filed the petition against the company on June 1,
2023.

The Petitioner's solicitors are:

          WongPartnership LLP
          12 Marina Boulevard
          Level 28
          Marina Bay Financial Centre Tower 3
          Singapore 018982



HARAVAN ASIA: Creditors' Proofs of Debt Due on July 22
------------------------------------------------------
Creditors of Haravan Asia Pte. Ltd. are required to file their
proofs of debt by July 22, 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:

          Mitani Masatoshi
          c/o 10 Anson Road
          #14-06 International Plaza
          Singapore 079903


THYME FOOD: Court to Hear Wind-Up Petition on June 30
-----------------------------------------------------
A petition to wind up the operations of Thyme Food & Services Pte
Ltd will be heard before the High Court of Singapore on June 30,
2023, at 10:00 a.m.

Lee Three Brothers Pte Ltd filed the petition against the company
on June 16, 2023.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937




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

TERRAFORM LABS: Founder Gets 4-Mos. Jail Term for Forged Documents
------------------------------------------------------------------
ABC News reports that a court in Montenegro has sentenced
cryptocurrency entrepreneur Do Kwon - who is charged in the US with
a multi-billion-dollar fraud - and his ally to four months in
prison for using forged passports.

Kwon is the former chief executive of South Korea-based Terraform
Labs, the company behind the stablecoin TerraUSD that collapsed in
May 2022.

The ABC recalls that local media report Kwon was detained in March
alongside Han Chang-joon - who is Terraform Labs' former finance
officer - as they tried to board a flight to Dubai in Podgorica,
Montenegro.

The pair were charged with forging official documents and the basic
court in Podgorica placed them both in 30-day pre-trial detention,
the report says.

The ABC relates that police said after arresting them, they had
found doctored Costa Rican passports, a separate set of Belgian
passports, laptop computers and other devices in their luggage.

The sentence follows a court hearing last week at which Kwon
dropped his request for checking the authenticity of the Costa
Rican passports after Interpol's confirmation they were fake.

South Korean and US authorities have sought the extradition of Kwon
and Han and the handover of the computers, the report notes.

In late May, the higher court scrapped a bail of EUR800,000 ($1.2
million) for the pair, saying it could not be taken as a solid
guarantee, nor their promise they would not run away once released
from detention.

According to the report, the basic court said on June 19 that time
already spent in detention since the pair's arrest on March 23
would be included in the sentence, state-owned RTCG television
reported.

Mr. Rodic said he was yet to consult with his clients about further
steps and a possible appeal.

TerraUSD was designed as a "stablecoin," a currency that is pegged
to stable assets like the US dollar to prevent drastic fluctuations
in prices.

However, around US$40 billion in market value was erased for the
holders of TerraUSD and its floating sister currency, Luna, after
it plunged far below its US$1 peg, the ABC notes.

The ABC notes that Kwon and five others connected to Terraform are
wanted on allegations of fraud and financial crimes in relation to
the implosion of the firm's digital currencies in May 2022.

South Korea asked Interpol in September to circulate a "red notice"
calling on the agency's 195 member nations to find and apprehend
Kwon, the report states.

It is believed the duo were hiding in Serbia but moved to
Montenegro after South Korean investigators tracked their
whereabouts.

The South Korean Justice Ministry said investigators had asked
Serbian authorities to detain them, the ABC adds.

Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a
price-stable cryptocurrency. The Company seeks to power the
next-generation payment network and grow the real GDP of the
blockchain economy. Terraform labs provides financial
infrastructure for the next generation of decentralized
application.



                           *********


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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