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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 30, 2023, Vol. 26, No. 131

                           Headlines



A U S T R A L I A

D & W PLUMBING: First Creditors' Meeting Set for July 4
FLEXIBLE HOMES: Goes Into Voluntary Liquidation
FUNCTIONAL FITNESS: Second Creditors' Meeting Set for July 4
GINTONICA: Online Gin Retailer Calls in Administrators
HWT GROUP: First Creditors' Meeting Set for July 6

MAGNOLIA CAPITAL: ASIC Obtains Travel Restraint vs. Former Director
MURRAY & ROBERTS: Court Grants Extension of Meeting to Aug. 31
TBTC SYDNEY: Second Creditors' Meeting Set for July 4
TRIDENT PLASTICS: Cor Cordis Appointed as Voluntary Administrators
WILLIAMS STEEL: Second Creditors' Meeting Set for July 3

ZIP MASTER 2023-1: S&P Assigns B (sf) Rating to Class F Notes


I N D I A

AMIT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
ANDAN SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating
ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
BEC FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating
BHADRA INTERNATIONAL: ICRA Reaffirms D Rating on INR168.67cr Loan

BR PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating
CLASSIC CORRUGATIONS: ICRA Keeps B Ratings in Not Cooperating
D. JAMNADAS: CARE Keeps B- Debt Rating in Not Cooperating
DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
DURGA POLYSTERS: ICRA Keeps B+ Debt Ratings in Not Cooperating

GO FIRST: Resolution Professional Submits Flight Plan to DGCA
KESAR MULTIMODAL: CARE Keeps D Debt Rating in Not Cooperating
KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating
KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
LANCO SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating

LAXMI LAL: CARE Lowers Rating on INR4cr LT Loan to B-
LOCKSMITHS INDUSTRIES: ICRA Withdraws B- Rating on INR4.2cr Loan
MANGAL TRADING: CARE Keeps B- Debt Rating in Not Cooperating
NAIR COAL: CARE Keeps C Debt Rating in Not Cooperating Category
NATRAJ INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating

NATURAL SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
PUREWAL STONE: CARE Keeps C Rating in Not Cooperating Category
R. B. CONSTRUCTION: CARE Lowers Rating on INR32.75cr Loan to B-
RADHE INDUSTRIES: CARE Lowers Rating on INR3.44cr LT Loan to B-
RAJSHREE CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating

SAYA AUTOMOBILES: ICRA Lowers Rating in INR55cr LT Loan to D
SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
STANDARD CONSULTANTS: ICRA Keeps B+ Ratings in Not Cooperating
VIJAY AND COMPANY: CARE Lowers Rating on INR4.84cr LT Loan to B-
VINAYAK CARS: CARE Keeps D Debt Rating in Not Cooperating

WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating
[*] INDIA: IBBI Forms Panel of 400 IPs to Expedite Process


N E W   Z E A L A N D

BLACK STAG: Grant Bruce Reynolds Appointed as Liquidator
KAURI GLEN: Court to Hear Wind-Up Petition on July 3
LVO'S PROPERTY: Court to Hear Wind-Up Petition on July 7
PAWPALS PLAYCARE: Creditors' Proofs of Debt Due on July 24
TAWHARAU HOUSING: Creditors' Proofs of Debt Due on Aug. 11



S I N G A P O R E

GENERAL ENERGY: Court Enters Wind-Up Order
HOSPITALITY & TOURISM: Court to Hear Wind-Up Petition on July 14
KEONG INDUSTRIES: Court Enters Wind-Up Order
PBJ EVENTS: Court to Hear Wind-Up Petition on July 14
TK INVESTCO: Commences Wind-Up Proceedings



S R I   L A N K A

SRI LANKA: Cabinet Approves Domestic Debt Restructuring Plan


T H A I L A N D

STARK CORPORATION: Finds Ways to Avoid Delisting

                           - - - - -


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

D & W PLUMBING: First Creditors' Meeting Set for July 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of D & W
Plumbing Civil Contractors Pty Ltd will be held on July 4, 2023, at
11:00 a.m. via teleconference only.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of the company on June 22, 2023.



FLEXIBLE HOMES: Goes Into Voluntary Liquidation
-----------------------------------------------
News.com.au reports that building companies are falling like
dominoes and yet another one has been added to the heap as it
became the latest victim of the crisis on June 27.

Perth-based builder Flexible Homes Pty Ltd went into voluntary
liquidation on June 27, according to a notice filed with the
Australian Securities and Investments Commission (ASIC).

Gregory Quin and Kim Wallman of insolvency firm HLN Mann Judd have
been appointed as joint liquidators, news.com.au discloses.

The website and Instagram page for Flexible Homes have already been
shut down.

It comes as earlier this week there were reports of frustrated
customers unable to contact the company, especially as the office
was shut down earlier this month, leaving them nowhere to turn,
according to news.com.au.

So far it appears 19 homeowners were customers of Flexible Homes
and will now be impacted, according to The West Australian.


FUNCTIONAL FITNESS: Second Creditors' Meeting Set for July 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Functional
Fitness Training Pty Ltd and Fritz Fitness Lifestyle Management Pty
Ltd has been set for July 4, 2023 at 10:00 a.m. via teleconference
from the offices of Cor Cordis at 'One Wharf Lane', Level 20,
171Sussex Street in Sydney.

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 July 3, 2023 at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of the company on May 29, 2023.


GINTONICA: Online Gin Retailer Calls in Administrators
------------------------------------------------------
David Adams at SmartCompany reports that online craft gin hotspot
Gintonica has fallen into administration, becoming the latest
boutique retailer to falter in a difficult economic environment for
consumer-facing startups.

SmartCompany, citing documents listed by the Australian Securities
and Investments Commission on June 23, says Gintonica has appointed
David Ross of I & R Advisory as administrator.

The first meeting of creditors will take place on July 3.

Launched in 2017 by distilling industry figure David Box, Gintonica
billed itself as a "central resource" for consumers interested in
Australia's booming craft gin scene.

Along with an online bottleshop, Gintonica also offered monthly
subscriptions providing enthusiasts with 50ml samples from leading
craft distilleries, and a popular line of gin advent calendars
featuring 30ml tasters.

SmartCompany notes that the company recently moved into the whisky
sector with its WhiskyRocks offerings and sample packs.

Capitalising on the same equity crowdfunding wave which has seen
massive investment in craft breweries and distilleries, Gintonica
secured more than AUD240,000 in funding through Birchal as of June
last year, recalls SmartCompany.

In May 2022, Mr. Box told Birchal backers that "exciting plans are
underway" regarding a potential exit for the business.

Mr. Box officially announced Gintonica was officially up for sale
last month, SmartCompany relays.

"Time to pass the baton to fresh passion, new ideas and better
skill sets," Mr. Box wrote on LinkedIn.

Gintonica, its stock, and customer databases were up for sale,
Drinkstrade reported, with Mr. Box saying he would continue
supplying 50ml and 30ml bottling services to distillers under the
Spirited Bottlers moniker, SmartCompany relates.

Now in administration, Gintonica has suspended order processing,
with customers awaiting shipments urged to contact the business
directly, the report says.


HWT GROUP: First Creditors' Meeting Set for July 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of HWT Group
Australia Pty Ltd will be held on July 6, 2023, at 11:00 a.m. at
the offices of SV Partners at 22 Market Street in Brisbane and via
phone conference.

Terrence John Rose and Terry Grant van der Velde of SV Partners
were appointed as administrators of the company on June 26, 2023.



MAGNOLIA CAPITAL: ASIC Obtains Travel Restraint vs. Former Director
-------------------------------------------------------------------
The Federal Court has extended interim travel restraint orders
previously obtained by Australian Securities and Investments
Commission (ASIC) against Mitchell Atkins, an undischarged bankrupt
and former director of private lending firm Magnolia Capital.

The initial ex parte orders made by the Court on June 19, 2023
prohibited Mr. Atkins from leaving Australia without the consent of
the Court and required him to surrender to the Sydney Registry of
the Court all passports held by him and any airline tickets for
travel outside Australia until further order.

On June 26, 2023, the Court ordered that the interim orders remain
in place until further order of the Court.  

The orders were sought as part of ASIC's investigation into Mr
Atkins and companies in the Magnolia Group. ASIC's preliminary
investigation into the failure of the Magnolia Group indicate that
it operated a private lending business sourcing capital from
private investors and that approximately AUD40 million in investor
losses are presently unaccounted for.

ASIC's investigation is continuing.

The matter will next appear before the Court for a final hearing on
Aug. 11, 2023.  

Mitchell Atkins was sole director of a group of companies trading
as Magnolia Group, comprising a large number of corporate entities,
many of which were placed into liquidation between August 2022 and
May 2023.

Mr Atkins and the business operated by the Magnolia Group included
an authority to operate as an authorised representative of
Guildfords Funds Management Pty Ltd.


MURRAY & ROBERTS: Court Grants Extension of Meeting to Aug. 31
--------------------------------------------------------------
Darren Parker at Mining Weekly reports that the Federal Court of
Australia has granted the administrators of Murray & Roberts'
(M&R's) Australian holding company Murray & Roberts Pty Ltd (MRPL)
an extension to the convening period for a second creditors meeting
to August 31.

Mining Weekly relates that the extension, which was granted on June
27, will allow for a revised deed of company arrangement (DOCA)
proposal to be finalised in order for M&R to regain control of
subsidiary RUC Cementation Mining Contractors and for any relevant
conditions to the DOCA proposal to be satisfied.

According to the report, M&R in March reported that it, MRPL and
the administrators had entered into a binding DOCA term sheet that
could result in RUC reverting to M&R's ownership by the end of
June.

M&R lost control of RUC when MRPL and its subsidiary Clough entered
into voluntary administration in December 2022.

Mining Weekly says the terms of the revised DOCA proposal remain
confidential at this stage and include certain conditions
precedent. These include credit approval and MRPL creditors
approving the DOCA proposal at the second meeting of creditors.

Information about the DOCA proposal will be available in the
administrators' report to creditors ahead of the second creditors
meeting, Mining Weekly states. Should the conditions precedent to
the DOCA be met, it is expected that the DOCA will be implemented
shortly after the second creditors meeting.

It will be the objective of any revised DOCA proposal that, upon
completion of the proposed DOCA, MRPL will come out of
administration.

Thereafter, control of MRPL and RUC will revert to M&R by MRPL
becoming a subsidiary of Cementation APAC, Mining Weekly notes.

Mining Weekly adds that M&R believes the reinstatement of RUC
within the group will re-establish the full scale and capability of
the group's core multinational mining platform.   

                        About Clough Group

Perth-based Clough Group builds industrial projects in the energy,
resources and infrastructure sector.

On Dec. 5, 2022, Clough's South African owners, Murray & Roberts,
appointed Sal Algeri, Jason Tracy, Glen Kanevsky and David Orr of
of Deloitte as voluntary administrators of Clough Limited and
related entities on Dec. 5, 2022. The related entities are: Murray
& Roberts Pty Ltd, Clough Projects Australia Pty Ltd, Clough
Projects International Pty Ltd, Clough Engineering Pty Ltd, Clough
Projects Pty Ltd, Clough Operations Pty Ltd, Clough Overseas Pty
Ltd, Clough Seam Gas Pty Ltd, Clough Engineering & Integrated
Solutions (CEIS) Pty Ltd, E2o Pty Ltd, and Sharp Resources Pty
Ltd.

On Feb. 3, 2023, Webuild signed the contract with the Deloitte
Administrators of Clough Limited in Australia to acquire Clough
assets.


TBTC SYDNEY: Second Creditors' Meeting Set for July 4
-----------------------------------------------------
A second meeting of creditors in the proceedings of TBTC Sydney
North Pty Limited has been set for July 4, 2023 at 3:00 p.m. via
virtual meeting.

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 July 3, 2023 at 4:00 p.m.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on May 29, 2023.


TRIDENT PLASTICS: Cor Cordis Appointed as Voluntary Administrators
------------------------------------------------------------------
Daniel Juratowitch and Rachel Burdett of restructuring advisory
firm Cor Cordis were appointed Voluntary Administrators of Trident
Plastics (SA) Pty Ltd and Tranmor Enterprises Pty Ltd on 26 June
2023.

Trident Plastics is one of the largest custom moulders in Australia
offering a full suite of services from development and design, to
manufacturing of plastics products catering to a diverse range of
clients. The group employs approximately 160 employees.

Plastic products have been made at the St Clair plant since the
mid-1980s, and the formation of Trident Plastics in 1995 allowed
the business to expand into manufacturing.

In 2020, the purchase of the assets of Maxiplas Pty Ltd
complemented their existing business. The Company secured large
rotational moulding machines and additional injection moulding
machines, together with water tanks and water retention systems for
both residential, commercial, and agricultural use. The Tranmor
Enterprises entity operates the rotational moulding business using
the trademarked Maxiplas name.

The directors of the company chose to place the Company into
administration following manufacturing and supply chain challenges,
together with the impact of Covid-19 and the unplanned and
unexpected relocation costs associated with Maxiplas.

"We've commenced an urgent review of Trident Plastics' financial
position.  We will be providing regular updates to all stakeholders
as we work through the voluntary administration process whilst
looking at all future options for the Companies", said the
Administrators.


WILLIAMS STEEL: Second Creditors' Meeting Set for July 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Williams Steel
Co Pty Ltd has been set for July 3, 2023 at 11:00 a.m. via
electronic meeting.

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

Liam William Paul Bellamy and Trajan John Kukulovski of RRI
Advisory were appointed as administrators of the company on May 26,
2023.


ZIP MASTER 2023-1: S&P Assigns B (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master
Trust - Series 2023-1. Zip Master Trust - Series 2023-1 is a
securitization of a buy now, pay later line of credit receivables
to consumers originated by zipMoney Payments Pty Ltd. (Zip).

The ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on the rated notes.

-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
its rating on the providers fall below the applicable rating.

-- The legal structure of the master trust is established as a
special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Ratings Assigned

  Zip Master Trust – Series 2023-1

  Class A1, A$100,000,000: AAA (sf)
  Class A2, A$18,500,000: AAA (sf)
  Class B, A$13,500,000: AA (sf)
  Class C, A$14,000,000: A (sf)
  Class D, A$19,500,000: BBB (sf)
  Class E, A$12,500,000: BB (sf)
  Class F, A$12,000,000: B (sf)
  Class G, A$10,000,000: Not rated




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

AMIT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings of Amit Enterprises Housing
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        75.00       [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. 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.

The promoters of Amit Enterprises Group started real estate
operations in 1983 and have so far executed projects with over 2.8
million square feet (m sq. ft) of saleable area. Additionally, over
5.8 m sq. ft of area, spread across residential and commercial
projects, was under various stages of development as of August
2018. Amit Enterprises Housing Limited, incorporated in 2008, is
involved in the development and sale of real estate projects and is
a part of the Pune-based Amit Enterprises Group. As of August 2018,
the firm was executing five residential and one commercial
projects.


ANDAN SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Nandan
Saha Steel Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         53.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         16.20        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     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.

Incorporated in 2003, Nandan Saha Steel Private Limited trades in
construction materials like TMR rebars, stirrups, footings, cement,
concrete blocks; consumer electronics and mobile handsets; tractor
and other goods like steel doors and pigments. The company is an
authorised distributor of Tata Steel Limited (for Tata Tiscon and
Tata Pravesh brands), Tata International Limited (for Tata Stryder
brand), Tata Pigments Limited, Samsung Mobiles and consumer
electronics, and UAL Industries Limited (for AAC Blocks). It is
also an authorised dealer of Mahindra Tractors and C&F agent of ACC
Cements in different areas in West Bengal.

ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Ashritha Health Care Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         9.65       [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.

Incorporated in 2012, AHPL is promoted by its Dr. Bhargavi Reddy
(MBBS, MD) and Dr. Shekhar Reddy (BDS). The promoters also run a
25-bedded hospital on a rented premise in Thippasandra, Bangaluru
names "Dr Bhargavi Reddy Women and Childcare Hospital". The
hospital provides treatment in various department viz. gynecology,
pediatrics, general physician among others.


BEC FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bec
Fertilizers Limited (BFL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      63.70       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

BEC Fertilizers Limited (BFL) was incorporated in 2013 by Mr Veenu
Jain, Mr Viren Jain and Mr Arjun Jain. BFL is into manufacturing of
Single Super Phosphate (SSP, phosphatic fertilizer) as well as is
into conversion to value-added Granulated SSP. The company has
plants located at Bharuch in Gujarat, Pulgaon in Maharashtra and
Bilaspur in Chhattisgarh.


BHADRA INTERNATIONAL: ICRA Reaffirms D Rating on INR168.67cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Bhadra
International (India) Private Limited's (Bhadra International),
as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term loans        168.67      [ICRA]D; reaffirmed

   Working capital
   facilities         26.55      [ICRA]D; reaffirmed

   Short-term–
   Non-fund based     38.00      [ICRA]D; reaffirmed

Rationale

The rating factors in the continued delays in repayment of Bhadra
International's debt obligations owing to the adverse impact of the
pandemic on its ground handling services. The company had
discontinued providing ground handling services at Calicut,
Coimbatore, Mangalore, Trichy and Trivandrum airports from October
2020. It does not generate any revenue and the business operations
have been suspended since the last 2-1/2 years.

Key rating drivers and their description

Credit strengths
Not applicable

Credit challenges

* Account continues to be NPA due to no business operations: There
are no business operations presently in the entity and
hence it continues to be classified as NPA.

Liquidity position: Poor

The company's liquidity position is poor.

Rating sensitivities

Positive factors – The rating could be upgraded if the company
demonstrates a track record of regular debt servicing.

Negative factors – Not applicable.

Bhadra International is promoted by Mr. Prem Bajaj, who holds 62.5%
of the company's total equity, while the balance is held by GPC
Mauritius IX LLC. Incorporated in 2000, it is involved in providing
ground handling services, ramp services and allied services at
airports across India. The company had entered into a technical
collaboration with Novia International Consulting ApS (Denmark) in
2007 and was awarded concession from the Airport Authority of India
(AAI) to provide comprehensive ground handling services at seven
airports including, Chennai, Trichy, Coimbatore, Kolkata, Calicut,
Trivandrum and Mangalore.


BR PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BR
Properties (BP) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

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

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

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

B.R. Properties (BP) was established in the year 2005 by Mr. Kanak
Deka but after remaining dormant for around 5 years; the entity
commenced operation from April 2010. The entity is engaged in sales
of land and land lease rental services. The entity has long term
lease agreement with Shriram Transport Finance Company Limited for
the period of 12 years starting from May 2014, Project
Implementation Unit JICA Assisted for the period of 5 years
starting from April 2016, Gammon Engineers& constructions Pvt. Ltd.
for the period of 4 years starting from April 2018, TCI Supply
Chain Solutions for the period of 5 years starting from September
2015 and Essel Propack Limited for a period of 9 years starting
from June 2018. The firm receives lease rentals income from its
clients.

CLASSIC CORRUGATIONS: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Classic Corrugations
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-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.11        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.39        [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.

Classic Corrugations Pvt. Ltd. (CCPL) was incorporated in April
2011 and started its commercial operations from July 2013 onwards.
The company is engaged in the business of manufacturing kraft paper
based corrugated boxes. CCPL has an installed capacity to process
~18000 MTPA of kraft paper at its sole manufacturing facility
located in Daskroi area near Ahmedabad, Gujarat. CCPL is a closely
held entity with the members of the Todi family being the key
stakeholders.


D. JAMNADAS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of D.
Jamnadas And Company (DJC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

Rationale & Key Rating Drivers

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

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

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

Established in the year 1939, D. Jamnadas and Company (DJC) is
proprietorship was started by Mr. Jamnadas Naranji Shanghvi and in
the year 1958 his son Mr. Dhirajlal Shangavi took the charge of the
firm. DJC is engaged into trading of chemicals viz. Butyl Acrylate
Monomer (BAM), Methyl acrylate (MA), Acrylic acid (AA), plastic
reagents etc. which finds application in pharmaceutical industry.
DJC has head office located at Masjid Bundar and four godowns at
Bhiwandi (rented).

DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Deco Equipments 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–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         8.19       [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.

Incorporated in 1989, Deco Equipments Private Limited manufactures
custom-made axel parts, break assembly related parts, engine &
transmission components, earth moving components etc., which finds
its application in commercial vehicles and construction equipments.
DEPL is a closely held company and managed by Mr. Deric Fernandis,
Managing Director who served as an Engineer at Machinery
Manufactures Corporation – textile division for 8 years before
starting DEPL in 1989. DEPL's manufacturing facility is located in
Hebbal industrial area at Mysore in Karnataka and presently employs
around 160 workers (85 permanent employees and the rest on
contractual basis).


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

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-        (2.00)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category
  
   Long Term/          0.03        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term-         38.21        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     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

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 2001, Durga Polysters Private Limited (DPPL),
promoted by Mr. Kunj Bihari Sultania and Mr. Vipul Desai, is
engaged in dyeing and printing of polyester greige fabric on job
work basis. The fabrics processed by the company are used for
making saris and dress materials. The company was incorporated in
2001 and was dormant since then. The present promoters brought the
company from the erstwhile promoters and subsequently setup a dye
processing unit at Surat, Gujarat. The unit started commercial
production from February 2010. It undertakes dyeing and printing
activities for its customers on job-work basis. The company has its
processing facilities located at outskirts of Surat on a land bank
of 15222 sq mt which comprises of two buildings of G+2 spread
across 6373 sq mt and 4103 sq mt respectively.


GO FIRST: Resolution Professional Submits Flight Plan to DGCA
-------------------------------------------------------------
Financial Express, citing sources, reports that Go First on June 28
indicated to the Director General of Civil Aviation (DGCA) that it
plans to restart operations across 78 routes and 160 flights daily.
The airline's resolution professional, Shailendra Ajmera,
submitted a resolution plan to the civil aviation regulator for the
resumption of operations but no specific timelines seem to have
been mentioned. Sources said that the DGCA will examine the
resolution plan, FE relates.

As per the plan, GoFirst, which halted operations on May 3, will
initially run the airline with 26 aircraft and four planes on
stand-by, FE relays. While lenders have given an in-principle
approval to a financial package to revive the airline, bankers have
said they were waiting for the authorities to come up with a viable
plan before they approach their boards for an approval.

Go First has sought an interim funding of around INR450 crore from
the lenders. The committee of creditors (CoC) comprises Central
Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.

The airline owes INR6,521 crore to its financial creditors, FE
discloses citing company filings with the National Company Law
Tribunal. Of this, INR1,300 crore has been drawn under the
emergency credit line guarantee scheme (ECLGS). Upon including the
dues of the vendors, the total dues of the airline stand at
INR11,463 crore.

                           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.


KESAR MULTIMODAL: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kesar
Multimodal Logistics Limited (KMLL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      99.11       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE has been seeking information from KMLL to monitor the rating
vide e-mail communications dated June 20, 2023. However, despite
our repeated requests, KMLL has not provided the requisite
information for monitoring the ratings. Kesar Multimodal Logistics
Limited (KMLL) has not paid the surveillance fees for the rating
exercise agreed to in its Rating Agreement. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on KMLL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Kesar Multimodal
Logistics Limited (KMLL) continues to reflect the ongoing delays in
the servicing of debt obligations.

Analytical approach: Consolidated

Consolidated financials of Kesar Terminals and Infrastructure
Limited (KTIL) along with its subsidiary KMLL has been considered
for analysis purpose. KTIL has extended corporate guarantee to the
bank facilities availed by KMLL.

Outlook: Not applicable

Detailed description of the key rating drivers:

Key strengths: Not Applicable

Key weaknesses

* Delays in Debt Servicing: There are on-going delays in servicing
of interest and principal. The account has been classified as
Non-Performing Asset (NPA) by the bankers.

Liquidity: Stretched

The liquidity of the company is stretched. The company has posted
losses in FY22 and there is continuous delay in debt servicing.

Services Services Transport Services Logistics Solution Provider
Incorporated on September 2011, Kesar Multimodal Logistics Limited
(KMLL) is a project SPV created to set up a composite logistic hub
on a land area of 88.3 acres provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. The company is a part
of Kilachand group having a track record of more than seven decades
in various business segments such as sugar, distillery, storage and
other agro products. The two main companies of the group are Kesar
Enterprises Ltd (KEL) which is involved in the manufacture and sale
of sugar, industrial alcohol, extra neutral alcohol (ENA) and
country liquor and Kesar Terminals and Infrastructure Ltd (KTIL)
which is involved in handling of bulk liquid storage at Kandla Port
for three decades. Kesar Terminals and Infrastructure Ltd (KTIL)
was incorporated in 2008 to take over the storage division of Kesar
Enterprises Ltd (KEL; rated CARE D). The storage division was
demerged from KEL with the intention to expand the business. KEL is
engaged in manufacturing of sugar and also has a distillery unit.
KTIL in association with KEL has set up a Special Purpose Vehicle
named "Kesar Multimodal Logistics Limited" (KMLL) in FY12 to
execute its project of setting up a Composite Logistic Hub on an
area of 88.3 acres of leased land provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. With effect from Feb.
16 2018, KMLL has become wholly owned subsidiary of KTIL.


KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krushnaraj
Bio Fuel Private Limited (KBFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2022,
placed the rating(s) of KBFPL under the 'issuer non-cooperating'
category as KBFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KBFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 22, 2023, May 02, 2023, March 5, 2022.

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

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

Krushnaraj Bio Fuel Private Limited (KBFPL) was incorporated by Mr.
Sourabh Dahiwal and Mr. Sunil Mangwani on August 31, 2018. The
company's manufacturing facility for production of bioethanol is
located at near Borwand, Nanded.


KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of KTC Foods 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          5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–       110.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         9.01       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         0.99       [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. 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 2010, KTC is primarily involved in the rice -milling
business. The company has an installed production capacity of 24
tons per hour. It sells rice in Punjab, Haryana, Uttar Pradesh,
Rajasthan, Delhi, and many southern and eastern states. KTC sells
broken rice under the brand name, 'Barfi', in the southern states.



LANCO SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term ratings and short-term ratings of
Lanco Solar Energy Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term        425.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–        150.00      [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. 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.

Lanco Solar Energy Private Limited (LSEPL) is a 100% subsidiary of
Lanco Infratech Limited. LSEPL was established in June 2009 and is
engaged in providing design & engineering, procurement of
equipment's and complete construction of solar power projects. The
company has so far executed turnkey EPC contracts for ~250.0 MW
solar power projects located majorly in Rajasthan, Gujarat, and
Maharashtra.

LAXMI LAL: CARE Lowers Rating on INR4cr LT Loan to B-
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shri Laxmi Lal Patel (SLLP), as:

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

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 22, 2022,
placed the rating(s) of SLLP under the 'issuer non-cooperating'
category as SLLP had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SLLP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.

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

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

The ratings assigned to the bank facilities of SLLP have been
revised on account of non-availability of requisite information.

Udaipur (Rajasthan) based SLLP was formed in 1990 as a
proprietorship concern by Mr. Laxmi Lal Patel. SLLP is mainly
engaged in the business of construction, installation and
commissioning of water supply lines and construction & repair of
roads as well as planning, designing, engineering, erection,
installation and commissioning of various projects for government
departments. SLLP is registered 'AA' class (highest in the scale of
AA to E) approved contractor with Public Works Department (PWD),
Rajasthan.


LOCKSMITHS INDUSTRIES: ICRA Withdraws B- Rating on INR4.2cr Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Locksmiths Industries Private Limited at the request of the company
and based on the No Objection Certificates/Closure Certificate
received from the bankers. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.25        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                     

   Short Term-         5.25        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Withdrawn

   Long Term/         (3.00)       [ICRA]B-(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Withdrawn

Established in 1992, Locksmiths Industries Private Limited (LIPL)
is promoted by Mr. Nimesh Kishore Sheth and family. LIPL is engaged
in the business of assembling and supplying locking systems and
hardware used in carry-bags, suitcases and trolleys. The company is
also involved in trading accessories used in office furniture such
as locks, drawers and slides. The company at present has a
manufacturing facility in Dombivali. The company is a major
supplier of combination locks in the domestic market and supplies
to reputed players such as Samsonite, VIP, Aristocrat, Delsey,
Alacmetal, Ideal Carlton, and Safari etc. This segment accounts for
~40% of its total operating income. Combination locks assembled by
LIPL are Transportation Security Administration (TSA) certified. In
FY2019, on provisional basis, the company reported a net profit of
INR0.3 crore on an operating income of INR21.7 crore, as compared
to a net profit of INR0.2 crore on an operating income of INR11.1
crore in the previous year.


MANGAL TRADING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mangal Trading Company (SMTC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

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

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

Haryana based, Shree Mangal Trading Company (SMTC) is a
proprietorship firm established in 2014 by Mr. Ram Niwas Yadav. The
firm is engaged in trading of mixed scraps (plastic scrap, metal
scrap and paper scrap) and grit (crushed stone). The firm has an
associate concern, namely, K N D Real Estate & Builders (KND). KND
is a proprietorship firm of Mr. Ram Niwas Yadav established in
2004. The firm is engaged in sale and purchase of land.


NAIR COAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nair Coal
Services Private Limited (NCSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      9.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 3, 2022,
placed the rating(s) of NCSPL under the 'issuer non-cooperating'
category as NCSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NCSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 19, 2023, April 29, 2023, May 9, 2023.

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

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

Nair Coal Services Private Limited (NCSPL), incorporated in 1984,
is a Nagpur-based company, was promoted by Mr. Suresh Nair and Mr.
Susheel Nair. The company is a liasioning and supervising agent for
logistics of coal and caters to various electricity and steel
companies.

NATRAJ INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Natraj Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   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.

Established in 1995 as a partnership firm by the Patel family of
Junagadh, Natraj Industriestrades agro commodities, processes
groundnuts and crushes oilseeds. The trading portfolio of the firm
includes groundnuts, seeds and oil, castor seeds and oil, groundnut
seeds and oil, wheat, cotton etc. The company has suspended its
operation currently.


NATURAL SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings of Natural Sugar and Allied
Industries 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
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–       140.00       [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. 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 1998, Natural Sugar and Allied Industries Limited
(NSAIL) is mainly involved in manufacture of sugar and by products.
NSAIL is based out of Ranjani in Osmanabad district of Maharashtra
and operates an integrated sugar unit having 5000 tons per day
(TCD) of sugar crushing capacity, 23 Mega Watt (MW) power
cogeneration unit and 30 Kilo Litres per day (KLPD) distillery
unit. The company has another sugar unit in Yawatmal with 2500 TCD
crushing capacity, which was acquired in March 2016. NSAIL is also
involved in manufacture of processed milk 2 and milk products and
has a processing unit with 70,000 litres per day of installed
capacity. The company is promoted by Mr. B.B.Thombare who has over
40 years of experience in the industry.

PUREWAL STONE: CARE Keeps C Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Purewal
Stone Crusher (PSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.67       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 16, 2022,
placed the rating(s) of PSC under the 'issuer non-cooperating'
category as PSC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2023, March 11, 2022, May 22, 2023.

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

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

Nainital, Uttarakhand based, Purewal Stone Crusher (PSC) was
established in year 2013 and the commercial operations started from
March, 2015. It is currently managed by Mr Dilbag Singh Purewal.
The firm crushes and processes river bed material (RBD), boulders
into stone chips, stone grits and sand stone that find usage in the
construction industry.


R. B. CONSTRUCTION: CARE Lowers Rating on INR32.75cr Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
R. B. Construction (RBC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.75       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2022,
placed the rating(s) of RBC under the 'issuer non-cooperating'
category as RBC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RBC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2023, April 20, 2023, April 30, 2023.

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

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

The ratings assigned to the bank facilities of RBC have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

M/s. R.B. Construction (RBC) was set up as a partnership firm in
April, 2005 by Shri Abhijit Maitra and his family members of
Murshidabad, West Bengal for carrying out different types of
construction activities. The firm is engaged in the business of
construction and maintenance of roads for Public Works Department
(PWD), Pradhan Mantri Gram SadakYojna (PMGSY), National Highways
Authority of India (NHAI) and other government departments. The
firm mainly caters to clients and projects present in West Bengal.

RADHE INDUSTRIES: CARE Lowers Rating on INR3.44cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Radhe Industries Vadodara (SRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.44       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2022,
placed the rating(s) of SRI under the 'issuer non-cooperating'
category as SRI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SRI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 21, 2023.

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

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

The ratings assigned to the bank facilities of SRI have been
revised on account of non-availability of requisite information.

Vadodara, Gujarat based Shree Radhe Industries (SRI) was
established in 2013 as a partnership firm by Mr. Rajkumar Ladia,
Mr. Vishal Ladia and Ms. Leena Ladia. The firm is engaged into
manufacturing of silicon rubber composite insulators (i.e.
transmission insulator, distribution insulator, bus post
insulators, surge arrester and medium voltage switchgear). SRI is
an ISO 9001:2015 certified firm and its manufacturing facility is
located at Savli, Gujarat. It has an associate concern named Krsna
Transmission Hardware Manufacturing Pvt. Ltd. (KTHL) which is
engaged in manufacturing of hardware fittings & accessories for
transmission lines, distribution lines and substation.


RAJSHREE CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajshree
Corporation (RC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2022,
placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 21, 2023.

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

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

Surat (Gujarat) based, RC was established as a partnership firm
during August 2018 by Mr. Ankitkumar Savaliya, Mr. Ravi Kumar
Davariya, Mr. Harikrushna Patel, Mr. Rameez Ahmd Tapali, Mr. Mohmed
Hussain Tapali and Mr. Mohmed Saeed Tapali. RSC is currently
executing a commercial project named 'Rajshree City Center' (RERA
Registration No. PR/GJ/SURAT/SURAT CITY/SUDA/CAA04157/291118) with
241 units at Surat. The implementation of Rajshree Corporation
commenced from November 2018 onwards.

SAYA AUTOMOBILES: ICRA Lowers Rating in INR55cr LT Loan to D
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Saya
Automobiles Ltd (SAL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        55.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+(Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Issuer rating        -        [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating downgraded from
                                 [ICRA]B+(Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

* Material event: There is a Press release announcement by
Directorate of Enforcement (ED) on June 14, 2023, stating Saya
Automobiles Limited and its directors are currently under
investigation for money laundering and forgery for the purpose of
defrauding Canara Bank and Canara Bank also Declared the Company as
NPA.

Since there was a lack of cooperation by the entity in terms of
information sharing, no intimation of default was received from the
client or the lender at the occurrence of the default on time. ICRA
checked and found information of default on 20th June 2023.

* Impact of material event: The rating is based on limited
information on the entity's performance since the time it was last
rated on January 12, 2023. 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.

ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.

Saya Automobiles Ltd (SAL) is an authorized dealer of Maruti Suzuki
India Limited, the largest passenger vehicles manufacturing company
in India. SAL was established in 1984 and started its MSIL
dealership operations in 1989. It has one showroom each of Maruti
and Nexa cars and spare parts along one additional body shop and
service centre of Maruti. Mr. Ramesh Handa, 73, is the managing
director of the company. He has intense experience of more than
three decades in the car dealership business and C.N.G fitment in
all types of buses and cars for the last thirty years. The company
has dedicated showroom for Maruti and Nexa cars. Its showroom and
work shop for Maruti cars situated at GT Karnal Road, New Delhi and
work shop cum bodyshop at Sirsapur Badli, New Delhi. SAL's nexa
showroom is located at Janakpuri district centre, New Delhi.

SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SRK Group
(SG) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      41.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 13, 2022,
placed the rating(s) of SG under the 'issuer non-cooperating'
category as SG had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 2023, May 9, 2023, May 19, 2023.

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

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

SRK Group (SRK) is a partnership firm constituted in September 2012
to develop a residential cum commercial project 'Mansarovar' near
Kamrej in Surat – Gujarat. It is a partnership amongst three
partners sharing equal profits to jointly develop the project. The
project is envisaged to be developed on 7.94 Lakh square feet
(lsft) land owned by SRK and have total estimated saleable area of
around 13.88 lsft.


STANDARD CONSULTANTS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Standard Consultants Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-        15.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     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.

Standard Consultants Limited (SCL), incorporated in May 1992, had
been involved in importing and trading in Compressed Natural gas
(CNG) and Liquefied Petroleum gas (LPG) kits till 2012, following
which it ventured into the execution of electrical turnkey
projects, supplying erection testing commissioning and construction
of sub-stations and transmission lines from 33/11KV to 300KV.


VIJAY AND COMPANY: CARE Lowers Rating on INR4.84cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vijay and Company (VC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.84       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 27, 2022,
placed the rating(s) of VC under the 'issuer non-cooperating'
category as VC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2023, April 22, 2023, May 2, 2023.

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

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

The ratings assigned to the bank facilities of VC have been revised
on account of non-availability of requisite information.

Vijay and Company was established in 2008 with an objective to
enter into the rice milling and processing business. The
manufacturing unit of the entity is located at Nawapara, Abhanpur,
Raipur, Chhattisgarh. The current installed capacity of the unit is
28800 metric tons per annum (MTPA). The entity is procuring raw
paddy from the local farmers. Mr. Vijay Agarwal
(Proprietor) who has around 29 years of experiences in similar line
of business is looking after the day to day operation of the
entity.

VINAYAK CARS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinayak
Cars Private Limited (VCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of VCPL under the 'issuer
non-cooperating' category as VCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 21, 2023.

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

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

The ratings assigned to the bank facilities of VCPL have been
revised on account of delays in debt servicing recognized from
publicly available information i.e. CIBIL Check.

Vinayak cars Private Limited (VCPL) was incorporated in 2007 and is
headed by Mr. Suresh Kumar Bafna. The company is engaged in the
business of auto-dealership for Skoda and bike dealership of Yamaha
and Benelli. The company has 4 showrooms (2 showrooms for Skoda and
one each for Yamaha & Benelli) and 2 workshops for Skoda cars, all
located in Bengaluru.


WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Waterline 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-         27.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     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.

Incorporated on March 28, 2008, Waterline Hotels Private Limited
("WHPL") owns a 122-room five-star hotel under the name Holiday Inn
& Suits. The hotel is located at Whitefield, an IT hub in
Bangalore, and has been operational since August 2011. Besides,
Holiday Inn & Suits, the company has also developed a residential
project Miraya Rose in Whitefield, Bangalore. The project was
completed in December 2017. The total project cost was around
INR156 crore, which was funded through a debt of INR68.0 crore and
promoter contribution of INR6.0 crore, while the remaining was
funded through customer advances.


[*] INDIA: IBBI Forms Panel of 400 IPs to Expedite Process
----------------------------------------------------------
Business Standard, citing The Economic Times, reports that for the
first time, the Insolvency and Bankruptcy Board of India (IBBI) has
prepared a common panel of 400 insolvency professionals (IPs) from
those registered with it.

Business Standard relates that an official said the insolvency
regulator will share the list with the arbitrating authority to
choose from to oversee cases of resolution from July 1. 17
insolvency professional entities (IPEs) have also been separately
registered with the IBBI to supervise resolution, according to the
list put out by the regulator on June 27.

According to the report, the official said that the creation of the
panel will help prevent administrative delays in the appointment of
IPs and speed up the resolution process. The IBBI had asked IPs to
submit their expression of interest by June 25 for being a part of
the panel earlier this month.

Business Standard says the professionals featured in the list will
be eligible to be appointed as interim resolution professionals
(IRPs), resolution professionals (RPs), liquidators, and bankruptcy
trustees under various sections of the Insolvency and Bankruptcy
Code (IBC). According to the IBBI, the list will be renewed
periodically and the IPs will be appointed between July 1 and
December 31. Previously, the insolvency regulator was required to
recommend the name of an IP only after receiving a reference from
the National Company Law Tribunal (NCLT) in a corporate insolvency
resolution process (CIRP).

Due to a strong insolvency ecosystem, Delhi had the highest number
of selected professionals, with 85, followed by Maharashtra with
64, West Bengal with 36, and Gujarat and Tamil Nadu with 35 each,
the reort notes. The list mentions the names of the IPs along with
the areas in which they have handled cases. The list will also be
given to the Debt Recovery Tribunal.




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

BLACK STAG: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on June 23, 2023, was
appointed as liquidator of Black Stag Projects Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


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

Peter George Barton and Dulcie Mary Barton filed the petition
against the company on May 15, 2023.

The Petitioner's solicitor is:

          G. D. Stringer
          c/- Cooney Lees Morgan
          ANZ Centre, Level 3
          247 Cameron Road


LVO'S PROPERTY: Court to Hear Wind-Up Petition on July 7
--------------------------------------------------------
A petition to wind up the operations of LVO'S Property Maintenance
Limited will be heard before the High Court at Auckland on July 7,
2023, at 10:45 a.m.

Plumbing World Limited filed the petition against the company on
May 24, 2023.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          c/o Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011


PAWPALS PLAYCARE: Creditors' Proofs of Debt Due on July 24
----------------------------------------------------------
Creditors of Pawpals Playcare Limited are required to file their
proofs of debt by July 24, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 23, 2023.

The company's liquidators are:

          Hamish John Pryde
          CS Insolvency
          c/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston


TAWHARAU HOUSING: Creditors' Proofs of Debt Due on Aug. 11
----------------------------------------------------------
Creditors of Tawharau Housing Limited are required to file their
proofs of debt by Aug. 11, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 20, 2023.

The company's liquidators are:

          Wendy Somerville
          Malcolm Hollis
          Tawharau Housing Limited
          c/o PwC
          PO Box 243
          Wellington 6140




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

GENERAL ENERGY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on June 16, 2023, to
wind up the operations of General Energy International Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01, Parkview Square
          Singapore 188778


HOSPITALITY & TOURISM: Court to Hear Wind-Up Petition on July 14
----------------------------------------------------------------
A petition to wind up the operations of Hospitality & Tourism
Training Centre Pte. Ltd. will be heard before the High Court of
Singapore on July 14, 2023, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 23, 2023.

The Petitioner's solicitors are:

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


KEONG INDUSTRIES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on June 16, 2023, to
wind up the operations of Keong Industries Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01, Parkview Square
          Singapore 188778


PBJ EVENTS: Court to Hear Wind-Up Petition on July 14
-----------------------------------------------------
A petition to wind up the operations of PBJ Events & Florals Pte.
Ltd. will be heard before the High Court of Singapore on July 14,
2023, at 10:00 a.m.

Jimenez Lilybeth Feliciano filed the petition against the company
on June 20, 2023.

The Petitioner's solicitors are:

          NLC LAW ASIA LLC
          30 Cecil Street
          #11-04 Prudential Tower
          Singapore 049712


TK INVESTCO: Commences Wind-Up Proceedings
------------------------------------------
Members of TK Investco 2 Pte Ltd and TK Investco 3 Pte Ltd on June
23, 2023, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Eunice Hooi Lai Fann
          1 Harbourfront Avenue #14-07
          Keppel Bay Tower
          Singapore 098632




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

SRI LANKA: Cabinet Approves Domestic Debt Restructuring Plan
------------------------------------------------------------
The Associated Press reports that Sri Lanka's Cabinet on June 28
approved a program to restructure the country's staggering domestic
debt as the island nation struggles to emerge from an economic
crisis that has engulfed it since last year.

According to the AP, the domestic debt restructuring is required as
part of a bailout package obtained from the International Monterey
Fund, under which nearly $3 billion in government budgetary support
will be disbursed in stages. Sri Lanka's total debt exceeds $83
billion, of which $41.5 billion is foreign and $42.1 billion is
domestic.

The AP relates that the restructuring program was approved at a
special Cabinet meeting on June 28, the president's office said in
a statement. It did not provide details of the program, which is to
be submitted to Parliament for approval at a special session on
Saturday [July 1].

Sri Lankan President Ranil Wickremesinghe said on June 28 that
restructuring of both foreign and domestic debt is necessary for
the country to come out of the crisis, the AP relays. He said the
program would not affect the stability of state-owned and
commercial banks or the deposits in about 50 million accounts.

Sri Lanka announced last year that it was suspending repayment of
foreign loans because of a severe foreign currency crisis triggered
by the COVID-19 pandemic, excessive borrowing by the government and
efforts by the central bank to stabilize the Sri Lankan rupee with
scarce foreign reserves.

Sri Lanka sought the support of the IMF, which approved a bailout
package in March, the report notes.

According to the report, the government previously said it is
seeking to reduce the country's foreign debt by $17 billion through
restructuring. It has already begun talks with foreign creditors
including groups such as Paris Club and countries including India
and China to restructure the debt.

Debt restructuring can take various forms, including bailouts,
renegotiating terms of loans and writing off or reducing the amount
owed for some loans.

Sri Lanka's economic crisis, the worst in its history, caused
severe shortages of food, medicine, fuel, cooking gas and
electricity last year. That led to massive street protests that
forced then-President Gotabaya Rajapaksa to flee the country and
resign.

The AP says the economy has shown signs of improvement since
Wickremesinghe took over as president last July. Shortages have
been alleviated, power cuts have ended and the rupee has begun to
strengthen.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on April 26, 2023, affirmed its long-term and
short-term foreign currency sovereign credit ratings on Sri Lanka
at 'SD/SD'.  At the same time, S&P affirmed its 'CCC-' long-term
and 'C' short-term local currency sovereign ratings.  The outlook
on the long-term local currency rating remains negative. S&P also
retained its transfer and convertibility assessment at 'CC'.  The
negative outlook on the long-term local currency rating reflects a
high risk to commercial debt repayments over the next six months in
the context of Sri Lanka's economic, external, and fiscal
pressures.




===============
T H A I L A N D
===============

STARK CORPORATION: Finds Ways to Avoid Delisting
------------------------------------------------
Bloomberg News reports that Stark Corporation Public Company
Limited, the Thai industrial cable maker at the centre of an
accounting scandal and debt default that rattled financial markets,
plans to restructure its debt to stave off a forced delisting.

Stark has seen its shares sink by 99% this month after defaulting
on some of its THB30 billion (US$842 million) in liabilities. It
has also revealed that PricewaterhouseCoopers (PwC) found
irregularities in its past accounting, requiring it to restate
financial reports to show consecutive years of net losses, the
report relates.

According the report, the scandal marked a dramatic downfall for
the company, a former comics publisher transformed into a
manufacturer of cable wire and other industrial products through a
series of acquisitions. Its top shareholder is Vonnarat
Tangkaravakoon, a businessman from one of Thailand's wealthiest
families. Mr Vonnarat is now company director, tasked with keeping
it afloat after the departure of its chief executive officer
(CEO).

"The company is not complacent and will urgently take action" to
resolve its negative shareholders' equity, which is a major
criterion for the Stock Exchange of Thailand (SET) to remove its
stock from trading, Mr. Vonnarat said in a statement, Bloomberg
relays.

Under the restructuring plan, Stark may ask creditors to swap their
debt into equity, the company said in exchange filing late on June
28. It also cited the possibility of securing funds through cost
cuts and the sale of some assets. The company will also try to
convince its major creditors not to pursue an accelerated debt
payment, it said.

Bloomberg says Stark's troubles have rattled investors, who were
already growing nervous about Thailand after its May election ended
in a political impasse. Officials have sought to quell those
worries by promising tougher regulations and initiating a criminal
investigation.

It was still unclear who was responsible for the accounting
problems. PwC's findings included fake payments involving the
company's unnamed former officers.   

According to Bloomberg, the Department of Special Investigation
(DSI) has seized more than 100 million baht worth of assets from
Stark, said DSI director-general Suriya Singhakamol. DSI's asset
seizure comes amid reports that alleged fraud by company's former
executives could cause a damage of as much as 100 billion baht,
according to the report.

The DSI has called people in for questioning and may be able to
name suspects in two weeks, Suriya was quoted as saying. Stark has
not responded to queries from Bloomberg.

Bloomberg adds that the Securities and Exchange Commission (SEC)
has stepped up its cooperation with law enforcement and private
organisations to look into legal violations by the company,
Thawatchai Pittayasophon, the regulator's deputy secretary-general,
said on June 26.

Headquartered in Bangkok, Thailand, Stark Corporation Public
Company Limited -- https://www.starkcorporation.com/ -- together
with its subsidiaries, engages in the electric wire and cable
business in Thailand and internationally. It manufactures,
distributes, trades in, and provides service test for wire products
made from copper and aluminum, which are used in electrical
transition, telecommunications, and construction applications. The
company also offers manpower services; human resource management
and recruitment services for the petroleum industry; warehouses
rental services; transportation services; and consultancy services
related to petroleum business. In addition, it engages in the
manufacture of electric wires, cables and non-ferrous; import and
manufacture copper and aluminuium for cable wire; tolling of copper
rod; sales and distribution of accessories for energy and
telecommunication applications; and develop the infrastructure
relating to energy and digital technology, as well as trading of
other materials. The company was formerly known as Siam Inter
Multimedia Public Company Limited and changed its name to Stark
Corporation Public Company Limited in July 2019.



                           *********


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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