---

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

                     A S I A   P A C I F I C

          Wednesday, July 5, 2023, Vol. 26, No. 134

                           Headlines



A U S T R A L I A

AUSTRALIAN 5: Second Creditors' Meeting Set for July 7
FLEXIBLE HOMES: Builder Goes Into Liquidation
FLYING BUILDER: First Creditors' Meeting Set for July 7
KEYSTONE INTERIORS: First Creditors' Meeting Set for July 10
MISCAMBLE COMPANY: Second Creditors' Meeting Set for July 7

PUZZLE COFFEE: First Creditors' Meeting Set for July 10
THINK TANK 2023-2: S&P Assigns Prelim B(sf) Rating on Cl. F Notes


C H I N A

BYTON LTD: Two Subsidiaries Face Potential Bankruptcy Liquidation
SHIMAO GROUP: To Restructure Existing Hotel Loans
ZHONGWANG GROUP: Founder Fall from China's Rich List to Bankruptcy


I N D I A

10I COMMERCE: Insolvency Resolution Process Case Summary
A.M. KOTHARI: CARE Keeps B- Debt Rating in Not Cooperating
APEX TUBES: CARE Lowers Rating on INR10.00cr LT Loan to D
ATTIVO ECONOMIC: Insolvency Resolution Process Case Summary
BIO GREEN: Insolvency Resolution Process Case Summary

CALYX LENORA: Insolvency Resolution Process Case Summary
HITESH PLASTICS: ICRA Lowers Rating on INR28cr Term Loan to B+
INDIAN CLOTHING: Insolvency Resolution Process Case Summary
KISSAN RICELAND : Insolvency Resolution Process Case Summary
LANCO SOLAR: ICRA Keeps D Debt Rating in Not Cooperating Category

M POWER: CARE Lowers Rating on INR25cr LT Loan to B+
M.B. PARIKH: CARE Keeps B- Debt Rating in Not Cooperating
MAGIC EXPRESS: Insolvency Resolution Process Case Summary
MANGLAM APARTMENTS: Insolvency Resolution Process Case Summary
MINDLOGICX INFRATEC: Insolvency Resolution Process Case Summary

MITCON CONSULTANCY: ICRA Keeps B+/A4 Ratings in Not Cooperating
MONDO CULINARY: Insolvency Resolution Process Case Summary
MONTANA TILES: ICRA Keeps B Debt Ratings in Not Cooperating
NEW BABA: CARE Keeps B- Debt Rating in Not Cooperating Category
NIRIMAL CARS: Insolvency Resolution Process Case Summary

NIRMAN ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating
PARIMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating
PATNA OFFSET: CARE Keeps B- Debt Rating in Not Cooperating
PRAJAPATI DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating
R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating

R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
R. S. MIRGANE: CRISIL Keeps D Debt Ratings in Not Cooperating
RELIANCE INNOVENTURES: Insolvency Resolution Process Case Summary
ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
RUDRA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating

SATYA WAREHOUSE: CRISIL Keeps D Debt Ratings in Not Cooperating
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SENTINI HEALTHCARE: ICRA Assigns B+ Rating to INR26cr Term Loan
SHIMLA TOLLS: ICRA Keeps C Debt Rating in Not Cooperating
SHUBH MOTORS: ICRA Lowers Rating on INR43.50cr Cash Credit to B+

SPEEDO CARGO: CARE Keeps B- Debt Rating in Not Cooperating
SUPERSHINE ABS: CARE Lowers Rating on INR13.85cr LT Loan to C
TECH CONNECT: CARE Lowers Rating on INR8.68cr LT Loan to D
VINIT KNITTINGS: CARE Lowers Rating on INR7.00cr LT Loan to D
ZEE ENTERTAINMENT: NCLAT Closes Insolvency Case



N E W   Z E A L A N D

AMAK CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 1
NIKAU CREATIVE: Court to Hear Wind-Up Petition on July 7
NORTH CARE: Court to Hear Wind-Up Petition on July 10
RHYLEYS SALT: Creditors' Proofs of Debt Due on July 21
SYNERGY INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 1

[*] NZ: Late Debt Repayments Rise to Highest Level in 4 Years


S I N G A P O R E

CRADLE WEALTH: Court to Hear Wind-Up Petition on July 14
CROWNSTON LINE: Court to Hear Wind-Up Petition on July 14
IGLOBE PLATINUM: Creditors' Proofs of Debt Due on Aug. 3
SAL TRADING: Court to Hear Wind-Up Petition on July 14
SBCC INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 3


                           - - - - -


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

AUSTRALIAN 5: Second Creditors' Meeting Set for July 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Australian 5
Star Pty Ltd has been set for July 7, 2023 at 2:00 p.m. via online
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 5, 2023 at 5:00 p.m.

Mathew Gollant of CJG Advisory was appointed as administrator of
the company on Oct. 13, 2022.



FLEXIBLE HOMES: Builder Goes Into Liquidation
---------------------------------------------
Rhys Tarling at The Property Tribune reports that Perth-based
builders Prostruct and Flexible Homes have folded, the latest
companies to go under amidst an industry grappling with increased
construction costs and supply chain issues.

According to the report, the Australian Securities and Investments
Commission (ASIC) site showed Flexible Homes and Prostruct to be in
liquidation as of June 27, 2023.

HLB Mann Judd's Gregory Paul Quin and Kimberley Stuart Wallman have
been appointed liquidators for Flexible Homes, and WA Insolvency
Solutions' (a division of Jirsch Sutherland) Jimmy Trpcevski and
David Hurt for Prostruct, the report discloses.

The Prostruct website lists a few commercial projects, including a
two-storey warehouse in Henderson and an office fit-out in
Jandakot.

Flexible Homes website and social media appear to have been erased,
but it is speculated that up to 19 homes could be affected by its
insolvency, the report says.

The Property Tribune notes that the news of these two collapses
came days after Parcel Property pulled the plug on its apartment
development arm. It also happens amidst the ongoing and broader
challenges in the building and construction industry is facing.


FLYING BUILDER: First Creditors' Meeting Set for July 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of The Flying
Builder Pty Ltd will be held on July 7, 2023, at 11:00 a.m. via
virtual meeting in Zoom.

Chad Rapsey and Mitchell Griffiths of Rapsey Griffiths Turnaround +
Advisory were appointed as administrators of the company on June
28, 2023.


KEYSTONE INTERIORS: First Creditors' Meeting Set for July 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Keystone
Interiors Pty Ltd will be held on July 10, 2023, at 11:00 a.m. via
virtual meeting only.

Michael Gregory Jones of Jones Partners was appointed as
administrator of the company on June 28, 2023.


MISCAMBLE COMPANY: Second Creditors' Meeting Set for July 7
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Miscamble
Company Pty Ltd has been set for July 7, 2023 at 10:00 a.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 6, 2023 at 5:00 p.m.

Lindsay Stephen Bainbridge and Timothy James Bradd of Pitcher
Partners were appointed as administrators of the company on March
21, 2023.


PUZZLE COFFEE: First Creditors' Meeting Set for July 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Puzzle
Coffee Concepts Pty Ltd will be held on July 10, 2023, at 11:00
a.m. at the offices of Jirsch Sutherland at Level 30, 140 William
Street in Melbourne and via Zoom.

Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were
appointed as administrators of the company on June 28, 2023.


THINK TANK 2023-2: S&P Assigns Prelim B(sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
nine classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by BNY Trust Co. of Australia
Ltd. as trustee of Think Tank Commercial Series 2023-2 Trust.

Think Tank Commercial Series 2023-2 Trust is a securitization of
loans to commercial borrowers, secured by first-registered
mortgages over Australian commercial or residential properties
originated by Think Tank Group Pty Ltd. (Think Tank).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 3.0% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$250,000, funded from day
one by Think Tank, available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Think Tank Commercial Series 2023-2 Trust

  Class A1, A$300.00 million: AAA (sf)
  Class A2, A$72.50 million: AAA (sf)
  Class B, A$41.50 million: AA (sf)
  Class C, A$33.50 million: A (sf)
  Class D, A$23.00 million: BBB (sf)
  Class E, A$12.50 million: BB (sf)
  Class F, A$9.00 million: B (sf)
  Class G, A$3.00 million: Not rated
  Class H, A$5.00 million: Not rated




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

BYTON LTD: Two Subsidiaries Face Potential Bankruptcy Liquidation
-----------------------------------------------------------------
Caixin Global reports that two subsidiaries of electric-vehicle
(EV) startup Byton Ltd. are facing potential bankruptcy liquidation
after a Chinese court accepted applications from several creditors
to force the businesses to begin the process.

Caixin relates that the proceedings are the latest in a series of
blows for Nanjing-based Byton, which has yet to start mass
production of its first model, originally scheduled to hit market
in the fourth quarter of 2019. The firm has largely been out of
action for three years after suspending its China operations in
2020 due to financing issues.

Byton Ltd. operates as an electric vehicle company that designs
cars as a fully connected smart device on wheels.



SHIMAO GROUP: To Restructure Existing Hotel Loans
-------------------------------------------------
The Standard reports that Shimao Group said it entered into a
definitive agreement to restructure the existing project loan
facilities of the two Tung Chung hotels with the project lenders
last month and Goldman Sachs is now expecting a higher default rate
for Chinese high-yield property dollar bonds.

According to The Standard, the embattled Chinese developer said
Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton
Hong Kong Tung Chung may become part of an asset package - as
supplemental credit enhancement for the proposed restructuring of
the offshore debt by Shimao.

For the first five months of this year, Shimao said it recorded a
total contract sales of CNY23.86 billion (HK$25.79 billion) and an
aggregate contracted sold area of 1.58 million square meters.

Meanwhile, Goldman Sachs raised its projection of the default rate
for Chinese high-yield property dollar bonds to 28 percent, as
missed payments and policy uncertainty continue to weigh on the
country's real estate sector, according to The Standard.

Separately, a study by Fitch Ratings found that the complicated
group structure is a common character for the defaulted Chinese
developers, as it constrained the ability of Chinese real estate
companies to access cash from project companies, especially in a
time of severe industry downturn, The Standard relays.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific on July
5, 2022, Shimao Group has missed the interest and principal payment
of a US$1 billion offshore bond due on July 3, 2022.


ZHONGWANG GROUP: Founder Fall from China's Rich List to Bankruptcy
------------------------------------------------------------------
The Straits Times reports that Mr. Liu Zhongtian, who founded
Zhongwang Group and built it into Asia's biggest maker of aluminum
extrusion products while launching himself onto the Forbes list of
China's richest billionaires, now finds himself under legal
restraint with his company in bankruptcy and much of his wealth
evaporated.  

According to the report, Zhongwang was set to file a reorganisation
plan on June 20, nine months after creditors applied for a
bankruptcy restructuring of the manufacturer's hundreds of
subsidiaries and affiliates.

China Zhongwang Holdings Limited is principally engaged in the
manufacturing and sales of aluminum products. The Company operates
through four business segments: aluminum extrusion products for
industrial markets, aluminum deep-processed products, aluminum
extrusion products for construction markets and aluminum
flat-rolled products. The Company is also involved in the
investment holding, the manufacturing of machinery and special
vehicle and parts, as well as the provision of financial services
through its subsidiaries.



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

10I COMMERCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: 10i Commerce Services Private Limited
Wework, 1st Floor, Block L Embassy Tech Village,
        Outer Ring Road, Devarabisanahalli Banglore,
        Karnataka, India-560103

Insolvency Commencement Date: June 12, 2023

Estimated date of closure of
insolvency resolution process: December 9, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Surendra Raj Gang
       GT Restructuring Services LLP,
              L 41 Connaught Circus, New Delhi
              National Capital Territory of Delhi-110001
              Email: Surendra.Raj@in.gt.com
                     IP.10icspl@in.gt.com

Last date for
submission of claims: June 26, 2023

A.M. KOTHARI: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.M.
Kothari (AMK) continues to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      3.00       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 17, 2022,
placed the rating(s) of AMK  under the 'issuer non-cooperating'
category as A 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. A continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 3, 2023, May 13, 2023, May 23, 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).

AMK is a Nagpur (Maharashtra) based partnership firm, the firm is
engaged in the construction of roads and is registered as a Class
1A contractor with the Public Works Department of the Government of
Maharashtra (PWD Maharashtra).


APEX TUBES: CARE Lowers Rating on INR10.00cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Apex Tubes Private Limited (ATPL), as:

                       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 and Revised from
                                   CARE B-; Stable

   Short Term Bank     17.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 17, 2022,
placed the rating(s) of ATPL under the 'issuer non-cooperating'
category as ATPL 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. ATPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 3, 2023, May 13, 2023, May 23, 2023, June 23, 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 ATPL have been
revised on account of non-availability of requisite information.

The rating revision also considers delays in debt servicing as
recognized from publicly available information i.e., CIBIL
filings.

ATPL incorporated in 1992, is promoted by Mr M. P. Mudgal. ATPL is
engaged in the manufacturing of diverse range of stainless tubes
and pipes (SS tubes) like condenser heater tubes, welded pipes,
electric fusion welded pipes (EFW) and seamless pipes and other
tubes. The manufacturing facility of the company is located at
Behror, Rajasthan.

ATTIVO ECONOMIC: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Attivo Economic Zone (Mumbai) Private Limited
IPCL Building, Plot No. X-1, 2 & 3 Block - EP
        Sector-V, Salt Lake City,
        Kolkata-700091

Insolvency Commencement Date: June 9, 2023

Estimated date of closure of
insolvency resolution process: December 6, 2023

Court: National Company Law Tribunal, Kolkata Bench (Court I)

Insolvency
Professional: Mr. Bimal Kanti Choudhury
       77A/50 Raja S.C. Mallick Road,
              8 S.P.B. Block, Kolkata 700092
              Email: bimalkantichoudhury@gmail.com
                     ip.attivo@gmail.com

Last date for
submission of claims: June 23, 2023

BIO GREEN: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Bio Green Papers Limited
Plot No. 409, 1st Floor, Sai Krupa Market
        Hyderabad TG 500036 India

Insolvency Commencement Date: May 30, 2023

Estimated date of closure of
insolvency resolution process: December 5, 2023

Court: National Company Law Tribunal, Hyderabad Bench-I

Insolvency
Professional: Machar Rao Meenavalli
       H. No: 7-1-636/24A, Model Colony,
              Near ESI Hospital, Erragadda,
              Hyderabad, West Marredpally,
              Telangana-500038
              Email: mmrao.ca@gmail.com
                     rpbiogreen@gmail.com
              Mobile No: 9848811125

Last date for
submission of claims: June 23, 2023

CALYX LENORA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Calyx Lenora Realty LLP
        CTS NO. 1621/80, Office No. 401, 4th Floor,
        Supreme Ikon, Baner, Near Sakal Nagar NA
        Pune Maharashtra 41107

Insolvency Commencement Date: June 6, 2023

Estimated date of closure of
insolvency resolution process: December 3, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Atul Transukhlal Mehta
       D613/614, Neelkanth Business Park,
              Nathani Road, Vidyavihar West,
              Mumbai, Maharashtra 400086
              Email: cirp.calyxlenorarealtyllp@gmail.com
                     mehtaatul@gmail.com

Professional
Representative of
Creditors in a class:

             1. Viashali Arun Patrikar
         A2 Shantidoot Society, Parvati Darshan,
         Opp. Muktangan English School,
                Pune, Mahrashtra 411009
                Email: vapatikar@gmail.com

             2. Mr. Pramodkumar Ramesh Ladda
  106, B-Wing Sr No. 55, Sukhniwas,
                15th August Chowk, Mangalwar Peth,
                Pune, Maharashtra 411011
                Email: info@csladda.com

             3. Mr. Harshad Deshpande
  403, Kumar Millennium
                Shivatirtha Nagar Kaman,
                Opp Krishna Hospital, Paud Road, Kothrud
                Pune, Maharashtra, 411038
                Email: harshad_de@hotmail.com

Last date for
submission of claims: June 28, 2023

HITESH PLASTICS: ICRA Lowers Rating on INR28cr Term Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Hitesh
Plastics Private Limited, as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-         6.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
   Others                          from [ICRA]A4+ and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-         28.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

As part of its process and in accordance with its rating agreement
with Hitesh Plastics Private Limited, ICRA has been trying to seek
information from the entity 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. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Incorporated in 1989, HPPL manufactures plastic caps and closures.
The company is promoted by Mr. K. L. Mundhra, who has more than
three decades of experience in plastic container manufacturing
business. HPPL operates from its Jalgaon plant in Maharashtra, with
an installed capacity of 5,400 million caps per annum.


INDIAN CLOTHING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Indian Clothing League Private Limited
C-243A, Phase VIII Focal Point
        Ludhiana Punjab 141010

Insolvency Commencement Date: May 2, 2023

Estimated date of closure of
insolvency resolution process: October 29, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Desh Deepak
       House Number 1099/1, Sector 37-B,
              Chandigarh, U.T. 160036
              Email: deshdeepak297@gmail.com
                     rp.iclpl@gmail.com

Last date for
submission of claims: May 16, 2023

KISSAN RICELAND : Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kissan Riceland Private Limited
Jind Road Kaital, Haryana-136027

Insolvency Commencement Date: June 9, 2023

Estimated date of closure of
insolvency resolution process: December 6, 2023 (180 Days)

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Sanjay Kumar Aggarwal
       # C-20, Block-C, Wave Estate
              Sector 85 SAS Nagar,
              Mohali-160 055 (Punjab)
              Email: sanjayaggarwal.fcs@gmail.com
                     ip.kissanriceland @gmail.com
              Mobile No: 98761 05414

Last date for
submission of claims: June 23, 2023

LANCO SOLAR: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Lanco Solar 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–       940.00       [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.

Lanco Solar Private Limited (LSPL) established in July 2008 is a
100% subsidiary of Lanco Solar Energy Private Limited (LSEPL),
which in turn is a subsidiary of Lanco Infratech Limited (LITL).
LSPL is setting up 1800 Metric Tonne per annum (MTPA) (increased
from initially envisaged capacity of 1250 MTPA) Polysilicon
manufacturing capacity and 100 MW (increased from initially
envisaged capacity of 80 MW) solar wafer manufacturing capacity.
LSPL has been allotted 250 acres of land in District Rajnandgaon of
Chhattisgarh for the implementation of the project.


M POWER: CARE Lowers Rating on INR25cr LT Loan to B+
----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
M Power Micro Finance Private Limited (M Power), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term            25.00      CARE B+; Stable Rating removed
   bank facilities                 from ISSUER NOT COOPERATING
                                   category; revised from CARE BB+

                                   (Rating Watch with Developing
                                   Implications); and removed from

                                   Rating Watch with Developing
                                   Implications; Stable outlook
                                   Assigned

Rationale and key rating drivers

The revision in the rating of M Power has been due to the Company
incurring net losses in FY21, FY22 and 9MFY23, albeit reducing
leading to erosion in net worth and significant decline in on book
portfolio with the Company not able to raise incremental funding
lines over the past two years.

The rating continues to derive strength from support of promoters
in the form of equity infusion and rise in off-balance sheet
portfolio supported by BC partners. The ability of the company to
improve the asset quality and profitability while increasing the
scale of operations would remain the key rating sensitivities.

Rating sensitivities: Factors likely to lead to rating actions

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

* Significant rise in the scale of operations while maintaining
asset quality.

* Improving profitability with credit costs under control.

Negative factors - Factors that could, individually or
collectively, lead to positive rating action/upgrade:
• Continued net losses resulting in further erosion of net
worth.
• Lack of significant scale up in loan book over medium term.

Analytical approach: Standalone

Outlook: Stable

The stable outlook factors in CARE Ratings Limited's (CARE
Ratings') expectation that M Power will be able to grow its scale
of operations while maintaining adequate profitability.

Detailed description of the key rating drivers:

Key weaknesses

* Weak profitability: Due to significant rise in the credit costs,
M Power reported net losses of INR4.57 crore in FY21, which further
increased to INR18.34 crore in FY22. In 9MFY23, however, with
improving collection efficiency, credit costs lowered, resulting in
reduction in net losses to INR6.23 crore. With the rising share of
off-balance sheet portfolio, fee and other income significantly
increased from 3.92% of average assets for FY22 to 19.72% for
9MFY23.

* Inability to raise incremental funds: As the company's financial
condition has deteriorated in the last two years, it has not been
able to raise any incremental funds and has been relying on funding
from the promoters. Consequently, total borrowings decreased from
INR43.49 crore as on March 31, 2022 to INR16.93 crore as on
December 31, 2022. It led to a decrease in gearing from 9.82x to
2.06x between the same periods. However, due to high share of
off-balance sheet portfolio, asset under management (AUM)/net worth
stands at 16.59xas on December 31, 2022.

* Weak asset quality: M Power's asset quality has been
deteriorating since FY21. Slippages coupled with declining loan
book size, resulted in rise in gross non-performing assets (GNPA)
of 9.75% in FY21 to 35.41% as on March 31, 2022. In 9MFY23, GNPA in
absolute terms decreased from INR13.21 crore as on March 31, 2022
to INR9.57 crore as on December 31, 2022. However, due to declining
loan book, GNPA ratio further increased to 57.23% as on December
31, 2022. M Power has not been doing any fresh disbursements on its
own book for the last two years. Disbursements happen only through
BC partners- Hinduja Leyland Finance, MAS Financial Services
Limited and DCB bank. Considering unsecured nature of loans
extended by the company and weak profitability levels, the ability
to contain its asset quality remains crucial from the credit
perspective.

* Regulatory risks and demographical risks inherent in the
industry: The microfinance sector continues to be impacted by the
inherent risk involved, viz., socio-political intervention risk and
regulatory uncertainty and risks emanating from unsecured lending
and marginal profile of borrowers who are vulnerable to economic
downturns besides operational risks related to cashbased
transaction.

Key strengths

Support from promoters: M Power has been getting timely support
from its promoters in the form of equity infusion. INR1 crore was
infused into the company in December 2022 and then again INR1 crore
was infused in March 2023.

The company is promoted by K. M. Vishwanathan, Managing Director &
CEO, and K. V. Balaji, COO. K.M. Vishwanathan has over three
decades of experience in banking and financial services. He was
associated with HDFC Bank, Cholamandalam and Karnataka Bank at
senior management level. K. V. Balaji has more than two decades of
experience in commercial lending and has expertise in sales
strategy, team management and human resources. Rise in AUM
supported by BC partners: M Power's AUM increased from INR93 crore
as on March 31, 2022, to INR136 crore as on December 31, 2022,
which was mainly due to off book portfolio in the form of BC
partners. Managed portfolio increased from INR55.62 crore as on
March 31, 2022, to INR119.62 crore as on December 31, 2022. Around
92% of AUM is off book (BC and DA) and only 8% is on book.

Liquidity: Stretched

As on March 31, 2023, the company had cash and bank balance of
INR4.59 crore against which the company has debt obligations
including interest of INR8.39 crores upto 12 months. Liquidity,
however, will be further supported by short tenure of its standard
lending portfolio of INR4.37 crore.

M Power was incorporated in November 2009 and non-banking finance
company (NBFC) license was granted by Reserve Bank of India (RBI)
in April 2010. Subsequently, it got registered as NBFC-MFI with RBI
on June 22, 2016. The Company commenced its operations from Gujarat
and has gradually expanded its operations to neighbouring states of
Maharashtra and Rajasthan. It is focused toward its micro-credit
business and follows the JLG model for risk mitigation, with
business being targeted towards under-privileged women in groups of
10. Each center has typically three to five groups. M Power is
promoted by K. M. Vishwanathan and K. V. Balaji, who earlier held
senior positions at HDFC Bank, Cholamandalam and Karnataka Bank.



M.B. PARIKH: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.B. Parikh
& Sons (MPS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 17, 2022,
placed the rating(s) of MPS under the 'issuer non-cooperating'
category as MPS 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. MPS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 3, 2023, May 13, 2023, May 23, 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).

M.B. Parikh & Sons (MBPS) was established in the year 1914 by Late
Mr Manilal Parikh. Presently Mr Sanjeev Vardhibhai Parikh, Mr
Sourabh Sanjeev Parikh and Mr Aditya Sanjeev Parikh are managing
the firm as partners. The firm is engaged in trading of food grains
viz. Pulses, Dal, Rice, Wheat, Poha, Jawar, Sabudana, Rawa, Maida
etc. MBPS operates out of its registered office at Kolhapur,
Maharashtra.


MAGIC EXPRESS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Magic Express Technology Private Limited
Office No. 118, 1st Floor, Anjani Complex,
        Opp. Guru Nanak Petrol Pump, A.K. Road,
        Chakala, Andheri (E) Mumbai 400099

Insolvency Commencement Date: June 9, 2023

Estimated date of closure of
insolvency resolution process: December 6, 2023

Court: National Company Law Tribunal, Mumbai Bench-V

Insolvency
Professional: Mr. Arun Kapoor
       G-601, Army Co-operative Housing Society,
              Sector-09 Nerul (East), Navi
              Mumbai, Maharashtra-400706
              Email: arun.kapoor58@yahoo.in

              c/o Ancoraa Resolution Private Limited,
              1412, 14th Floor, Real Tech Park,
              Sector 30 A, Vashi,
              Navi Mumbai- 400 703
              Email: cirp.magicexpress@ancoraa.com

Last date for
submission of claims: June 26, 2023

MANGLAM APARTMENTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Manglam Apartments Limited
F-35/4, Ground Floor,
        Okhla Industrial Area,
        Phase-II, New Delhi

Insolvency Commencement Date: June 9, 2023

Estimated date of closure of
insolvency resolution process: December 6, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Alok Kumar Agarwal
       605, Suncity Business Tower,
              Golf Course Road, Sector 54,
              Gurgaon, Haryana, 122002
              Email: alok@insolvencyservices.in

              C-100, Sector-2,
              Noida, UP201301
              Email: Mangalam.apartments.cirp@gmail.com

Last date for
submission of claims: June 30, 2023

MINDLOGICX INFRATEC: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mindlogicx Infratec Ltd
Unit-1, Techllano 10/1-B,
        Graphite India Road Hoodi Village,
        K R Puram Hobli Bangalore KA 560048 India

Insolvency Commencement Date: June 9, 2023

Estimated date of closure of
insolvency resolution process: December 6, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Smt. Ramanathan Bhuvaneshwari
       C-006., Pioneer Paradise,
              24th Main Road, 7th Phase,
              JP Nagar, Bangalore-560078
              Email: Mindlogicxinfratec.cirp@gmail.com
                     bhoona.bhuvan@gmail.com

Last date for
submission of claims: June 26, 2023

MITCON CONSULTANCY: ICRA Keeps B+/A4 Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
MITCON Consultancy and Engineering Services 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/         5.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term                    ISSUER NOT COOPERATING; Rating
   Fund Based/                   Continues to remain under
   Non Fund Based                'Issuer Not Cooperating'
   Others                        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.

MITCON Consultancy and Engineering Services Private Limited was
formed jointly by IDBI, IFCI, SICOM, MIDC, MSSIDC and various banks
as a technical consultancy organisation in 1982. The company
provides corporate solutions in power generation, energy
efficiency, renewable energy, climate change and environmental
management, banking, infrastructure, and biotechnology sectors.


MONDO CULINARY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mondo Culinary Private Limited
Unit No 4, A, WICEL
        Opp. Seepz; MIDC Marol,
        Andheri (east), Mumbai MH 400093

Insolvency Commencement Date: June 12, 2023

Estimated date of closure of
insolvency resolution process: December 9, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Alok Kumar Murarka
       B-503, Unique Estate, Beverly Park, Kanakia,
              Mira Road-East, Thane, Maharashtra- 401 107
              Email: ipalok.murarka@gmail.com

              A-301, Padmalaya CHS, Shimpoli Village,
              Borivali-West, Mumbai-400092
              Email: cirp.mcpl@gmail.com

Last date for
submission of claims: June 28, 2023

MONTANA TILES: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Montana Tiles Pvt. Ltd. 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-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.25        [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 December 2013, Montana Tiles Private Limited (MTPL)
is engaged in the manufacture of digitally printed ceramic glazed
wall tiles of three sizes i.e. 10X15, 12X18 and 12X24. The
manufacturing unit of the company is in Morbi, Gujarat, with an
installed capacity of 45,000 MTPA. The company has commenced its
commercial production from February 2015. The company is promoted
and managed by Mr. Manoj Sharma, Mr. Mahesh Padsumbia, Mr. Manoj
Bhumbharia and Mr. Pawankumar Mangal having experience in the line
of ceramic business.


NEW BABA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Baba
Rice Mill (NBRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.80       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 9, 2022,
placed the rating(s) of NBRM under the 'issuer non-cooperating'
category as NBRM 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. NBRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2023, May 5, 2023, May 15, 2023.

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

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

Karnataka based, New Baba Rice Mill (NBRM) was established in 2013
and promoted by Mr. H. Basha and his family members. The firm has
four partners i.e. Mr. H. Basha, Mr. H. Peerasab, Mr. H.
Shaikshavali and Mr. H. Yusuf Sab. All the partners have more than
two decades of experience in the same line of business. NBRM is
engaged in processing and selling of rice. The rice processing unit
of the firm is located at Sindhanur road, Siruguppa, Ballari,
Karnataka. Apart from rice processing and selling, the firm is also
engaged into selling off by-products such as broken rice and rice
bran. The main raw material, paddy, is majorly procured from paddy
merchants and farmers located in Andhra Pradesh, Telangana and
Karnataka region. The firm sells rice and other by-products to the
rice dealers located in Bangalore, Mysore, Goa and Mumbai. The
installed capacity of the firm is 900 tonnes of rice per day.


NIRIMAL CARS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nirmal Cars Private Limited

Registered Office:
        E-12 (B) VKI Area
        Jaipur-302013 Raj

Principal Office:
        Ground Floor, G-1, A-2, Corporate Tower,
        J. L.N Marg
        Jaipur-302013 Rajasthan

Insolvency Commencement Date: June 15, 2023

Estimated date of closure of
insolvency resolution process: December 12, 2023 (180 Days)

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Sourabh Malpani
       Guru Kripei Plot No. 93,
              Neelkanth Colony, Queens Road,
              Jaipur, Rajasthan-302021
              Email: malpanijp@gmail.com
                     cirp.nirmalcars@gmail.com

Last date for
submission of claims: June 30, 2023

NIRMAN ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nirman
Engineers and Contractors (NEC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     17.00       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 9, 2022,
placed the rating(s) of NEC under the 'issuer non-cooperating'
category as NEC 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. NEC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2023, May 5, 2023, May 15, 2023.

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

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

Nirman Engineers & Contractors (NEC) is a partnership firm based
out of Bangalore, Karnataka and is a Class I government civil
contractor engaged in construction of roads and canals in the state
of Karnataka since 1993. The firm receives government contracts on
tender basis which are typically executable over the span of 12-18
months. The outstanding order book of the firm is INR13.00 crore as
on March 28, 2019.

PARIMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Parimala Cotton Ginning and Pressing Factory (SPCGPF) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.25       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 16, 2022,
placed the rating(s) of SPCGPF under the 'issuer non-cooperating'
category as SPCGPF 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. SPCGPF 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 17, 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).

Beed, Maharashtra based SPCGPF, started with its commercial
production in the year 2003 as a partnership firm. The firm was set
up to undertake the business of cotton ginning and cotton oil
extraction. The manufacturing unit is located at Beed.


PATNA OFFSET: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patna
Offset Press (POP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.89       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       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 31, 2022,
placed the rating(s) of POP under the 'issuer non-cooperating'
category as POP 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. POP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2023, April 26, 2023, May 6, 2023.

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

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

Established in April, 1992 as a proprietorship concern by Patna
based Singh family, M/s Balmiki Press later converted into
Partnership firm in the name of Patna Offset Press (POP) on April
1, 2008. Since its formation the entity is engaged in the business
of off-set printing, pre-press (i.e. designing, processing etc.)
and post-press (i.e. binding, lamination etc.) related activities
at Patna, Bihar. Mr. Vinay Singh (aged 44 years), having over two
decades of experience in the printing industry, looks after the
overall management of the entity with adequate support from other
partners i.e. Mr. Amit Kumar Singh and Mrs. Supriti Singh and a
team of experienced personnel.


PRAJAPATI DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prajapati
Developers (PD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       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 28, 2022,
placed the rating(s) of PD under the 'issuer non-cooperating'
category as PD 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. PD 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).

Analytical approach: Standalone

Outlook: Stable

Prajapati Developers was established in 2006 as a partnership firm
which is engaged in buying of land, developing and selling of the
property (residence and commercial).


R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P.
Printers (RPP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

RPP was set up as a partnership firm in 2005 and is owned and
managed by Mr. Nitin Gupta. The firm prints colouring books and
notebooks at its printing facility at Noida, Uttar Pradesh.


R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. S.
Enterprises (Ludhiana) (RSE) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Exchange       3          CRISIL D (Issuer Not
   Forward                           Cooperating)

   Proposed Long Term     2.95       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              6.05       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

RSE was established in 2001 as a proprietorship concern in Ludhiana
(Punjab) by Mr. Rachit Tuli. The firm manufactures textiles and
trades in fabric and has a knitting capacity of 8 tonnes per day.
The proprietor's family has over six decades of experience in the
textiles industry.


R. S. MIRGANE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. S. Mirgane
(RSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              0.75       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

R.S. Mirgane is a Solapur based, proprietorship firm of Mr.
Rajendra S. Mirgane. The firm is a class I contractor for
irrigation projects in Maharashtra. In 2011-12 the firm has also
entered into real estate business, and is currently in process of
building a 3, 25,000 square feet township in Barshi, Solapur.


RELIANCE INNOVENTURES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Reliance Innoventures Private Limited
502, Plot No 91/94, Prabhat Colony,
        Santacruz-East Mumbai MH 400055 India

Insolvency Commencement Date: June 15, 2023

Estimated date of closure of
insolvency resolution process: December 12, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Bhrugesh Amin
       BDO Restructing Advisory LLP,
              Level 9, The Ruby, Northwest Wing,
              Senapati BapatRoad, Dadar (W),
              Mumbai 400028, India
              Email: bhrugeshhamin@bdo.in
                     riplirp@bdo.in

Last date for
submission of claims: June 29, 2023

ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royal
Pressing and Components - Kashipur (RPC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.0        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2010, RPC, a proprietorship concern of Mr Surendra Pal
Singh Tomar, manufactures sheet metal and molding components for
automotive companies.


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

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

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

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

Detailed Rationale

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

RA, set up as a partnership firm by Mr Pankaj Sharma and Mr Sunil
Kumar in 2016, started commercial operations in August 2016. The
firm mills and processes basmati rice. Its production facilities at
Alipur in New Delhi have a milling and sorting capacity of 8 tonne
per hour.


SATYA WAREHOUSE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya
Warehouse (SATYA) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             4.83        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             7.67        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2012, Satya is a partnership firm promoted by Mr. Ram
Kumar Yadav, Mr. Ashok Yadav, and their friends. The firm has
constructed a warehouse with capacity of 70,000 tonne for
agricultural products in Hisar (Haryana). It has signed a 10-year
offtake agreement with HAFED.


SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Savute
Textiles Private Limited (STPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company's day to
day operations are managed by its director Mr. Stephen Logan and Mr
Gopinathan.


SENTINI HEALTHCARE: ICRA Assigns B+ Rating to INR26cr Term Loan
---------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Sentini
Healthcare India Private Limited (SHIPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         26.00        [ICRA]B+ (Stable); Assigned
   Fund Based-                     
   Term Loan                       
                                   
   Long Term-          2.00        [ICRA]B+ (Stable); Assigned
   Fund Based-                     
   Cash Credit                       

Rationale

The assigned rating considers experience of SHIPL management in the
healthcare industry and presence of the Sentini Group as a
healthcare provider in Vijayawada through a 175-beded hospital
operated under Sentini Hospitals Private Limited. The company is
setting up a multi-speciality hospital at Suryaraopeta in
Vijayawada (Andhra Pradesh) at an estimated project cost of INR37.0
crore, which would be funded through a INR28.0-crore bank debt,
INR4.0-crore equity and INR5.0-crore unsecured loans from
promoters. The company incurred INR15.0 crore till May 31, 2023,
which was funded through INR11.3 crore of bank debt and INR4.7
crore of promoters' funds. The rating is constrained by execution
and stabilisation risks as timely completion of the project within
the budgeted cost and successful ramp-up of operations remains
crucial. ICRA notes that repayment of term loans is expected to
commence from September 2023, while the hospital will be
operational from March 2024. SHIPL's promoters are expected to
support the debt obligations through timely infusion of funds
during this period. The rating also considers intense competition
in the industry from a number of organised and unorganised players
in the region.

The Stable outlook on the rating reflects ICRA's expectation that
the company will successfully complete the project without any time
or cost overrun and it would receive timely infusion of funds from
the promoters to support its liquidity.

Key rating drivers and their description

Credit strengths

* Experience of the management in the healthcare industry: The
company's management has a long track record and experience in the
healthcare industry. The promoters of the company operate a 175-bed
multi-speciality hospital in Vijayawada under the brand name,
'Sentini Hospitals Private Limited', which offers treatment in
cardiology, gastroenterology, urology, nephrology, and neurology
etc.

* Favourable outlook for healthcare sector over the medium term:
India remains an under-invested and under-penetrated market with
private sector hospitals occupying over 70% market share. On the
supply side, India currently faces a significant shortage of beds
and investments by the Government on hospital bed addition are
limited. This provides private sector players the opportunity to
consolidate their position. The demand outlook for healthcare
services is stable, given the underlying fundamentals, including an
ageing population, increasing health insurance penetration, rising
incidence of lifestyle diseases, higher disposable incomes,
increasing healthcare awareness and robust growth in medical
tourism.

Credit challenges

* Execution and stabilisation risk: The company is setting up a
hospital in Vijayawada at an estimated project cost of INR37.0
crore, which would be funded through INR4.0 crore of promoters'
equity, INR28.0 crore of bank debt and INR5.0 crore of unsecured
loans from promoters. The company incurred ~Rs. 15.0 crore of cost
till May 31, 2023, which was funded through bank debt and unsecured
loans from promoters. The company faces execution risks as the
construction of the hospital is still in progress. Moreover, its
repayments would commence from September 2023 and SHIPL would be
relying on promoters' funds to meet its debt obligations. Timely
completion of the project without cost overruns and successful ramp
up of operations remain key monitorables.

* Geographical concentration and intense competition: The hospital
is exposed to geographical concentration risk as it will operate a
single hospital in Vijayawada. The risk is accentuated by
competition from other hospitals in the vicinity. Further, it
remains exposed to regulatory risks and challenges, as prevalent in
the sector.

Liquidity position: Stretched

The company's liquidity position is stretched. SHIPL has already
incurred INR15.0 crore till May 31, 2023 and is expected to incur
~INR23.0 crore towards setting up the hospital over the next eight
months. This project cost will be funded by INR16.7 crore of bank
debt and INR5.3 crore of promoters' funds. The company has a
repayment obligation of INR1.5–2.0 crore in FY2024, for which it
would be relying on timely infusion of promoters' funds.

Rating sensitivities

Positive factors – ICRA could upgrade SHIPL's ratings if the
company successfully completes the project within the budgeted time
and cost with successful ramp up in scale and profitability.

Negative factors – Negative pressure on SHIPL's rating could
arise if any delay in project execution or any cost overrun,
significantly impacts its liquidity.

Sentini Healthcare India Private Limited was incorporated in 2022
by Mr. Seshagiri Rao along with the company's other directors, Mrs.
Padma Movva and Mr. Anand Srinivas Movva. It is setting up a
125-bed hospital in Vijayawada, Andhra Pradesh, whose commercial
operations are likely to start from March 2024. The hospital's main
concentration will be on specialities like neurology, gynecology
and oncology. The company is promoted by the Sentini Group, headed
by Dr. Padma Movva.


SHIMLA TOLLS: ICRA Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term ratings of Shimla Tolls and
Projects Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         1.50       [ICRA]C; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

   Long-term–         5.15       [ICRA]C; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        32.00       [ICRA]C; 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.

Shimla Tolls & Projects Pvt. Ltd. (STPPL) is a special purpose
vehicle (SPV) promoted by Shri Parmod Sood (44.16%), Shri Kawaljeet
Singh Duggal (49.16%), M/s P. K. Construction Shimla Pvt. Ltd.
(6.67%) and M/s A.N.S. Constructions Ltd. (0.01%) to develop the
parking complex at lift area in Shimla with a parking capacity of
700 car spaces through public private partnership (PPP) on design,
build, operate and transfer (DBOT) basis. The project was awarded
by Himachal Pradesh Infrastructure Development Board (HPIDB), for a
concession period of 30 years. The concession agreement between the
Shimla Municipal Corporation (Authority) and STPPL (Concessionaire)
was signed on February 26, 2011.

SHUBH MOTORS: ICRA Lowers Rating on INR43.50cr Cash Credit to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shubh
Motors Private Limited's (SMPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         43.50        [ICRA]B+ (Stable) rating
   Fund Based-                     reaffirmed and revised from
   Cash Credit                     'ISSUER NOT COOPERATING'
                                   category/assigned for enhanced
                                   amount

   Long-term–
   Fund-based–
   Term Loans          6.00        [ICRA]B+ (Stable); assigned

   Long-term–
   Unallocated
   Limits             10.50        [ICRA]B+ (Stable); assigned

Rationale

The rating factors in SMPL's track record as an authorised dealer
of Maruti Suzuki India Limited (MSIL) and the strong market
position of its principal, MSIL, in the domestic passenger vehicles
(PV) segment. The rating also derives comfort from the long
experience of the promoter family in the auto dealership business.

The ratings are, however, constrained by the company's thin profit
margins and inherent competitive intensity in the automotive
dealership business. With high dependence on debt, the company's
financial profile is weak, as reflected by high leverage and weak
coverage metrics. The rating also factors in the expected shift of
Nexa business from SMPL to another group entity over FY2024 and
FY2025, which will impact SMPL's revenues and profit margins, going
forward.

The Stable outlook indicates ICRA's expectation that SMPL will
benefit from the established position of its dealership and of
MSIL, coupled with a stable demand outlook supported by new
launches from the principal.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in auto dealership business:
SMPL is promoted by the Kemtani family. The promoters have
experience of two decades in the automobile dealership business.

* Dominant market position of MSIL in the domestic PV segment:
While MSIL's market share in the domestic PV segment moderated to
~41% in FY2023 from ~43% in FY2022, it has sustained its leadership
position, driven by the success of its new models and healthy
performance of the existing models.

Credit challenges

* Weak profit margins as prevalent in automobile dealership
industry: The dealership business is characterised by thin margins
and low bargaining power of the dealer, as margins on vehicles are
determined by the principal. The inherently low value addition and
intense competition in the auto dealership business from other
dealers of same original equipment manufacturers (OEMs) as well as
other OEMs result in low operating profit margins (OPM) for the
company. SMPL's OPM remained in the range of 2.0–2.5% over the
past three fiscals till FY2023 and is expected to remain thin going
forward as well.

* Leveraged capital structure and weak financial profile: SMPL's
financial risk profile remains weak with elevated debt levels. As
on March 31, 2023, SMPL's leverage remained high with Total
Debt/OPBDITA of 11.06 times and interest coverage of 1.02 times.
Moreover, with plans to shift Nexa operations to another group
entity over FY2024 and FY2025, SMPL's revenues and profit margins
will be impacted, which will keep its financial profile weak. The
liquidity position is expected to remain stretched with weak cash
flow from operations and minimal buffer in working capital limits.

Liquidity position: Stretched

SMPL's liquidity position is stretched due to a limited cushion in
the cash credit and other working capital limits. The company has
been utilising more than 90% of its sanctioned cash credit limits
of INR8 crore and 80% of its sanctioned inventory funding limits of
INR35.5 crore (including INR2.0 crore of ad-hoc limits). SMPL also
has substantial repayment obligations of more than INR3.0 crore in
FY2024. The cash accruals from the business are likely to be
inadequate for the term loan repayment. Hence, the existing free
cash balances (INR2.85 crore as on March 31, 2023) are likely to
get depleted for debt servicing; alternatively, the promoters are
expected to infuse interest-free unsecured loans as and when
required.

Rating Sensitivities

Positive factors – ICRA could revise the ratings upwards in case
there is a sustained improvement in profitability leading to an
improvement in its credit profile. Specific metric for upgrade
could be interest coverage of more than 2.0 times on a sustained
basis.

Negative factors – ICRA could downgrade the ratings in case there
is a weakening of credit metrics or deterioration in liquidity
profile.

SMPL was incorporated in 2003 and is an authorised dealer of MSIL
for its passenger cars. SMPL is engaged in the sale of new
vehicles, old vehicles, sale of spares, servicing, running a
driving school, etc. It currently runs eleven 2-S (Sales-Service)
centres and seven 1-S (Sales/Spares/Service) centres in Madhya
Pradesh. SMPL has 15 sales outlets. SMPL is managed by the Kemtani
family, which is also involved in the real estate and hospitality
businesses.


SPEEDO CARGO: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Speedo
Cargo (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.10       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 3, 2022,
placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC 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. SC continues to be
non-cooperative 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).

Raipur (Chhattisgarh) based, Speedo Cargo (SC) was established as a
proprietorship entity in August 1997 by Mr. Gumeet Singh Hora. The
entity has been engaged in providing cargo handling, freight
transport by road and other transportion services. Currently, the
entity procures orders mostly through tender and executes orders
floated by the various Govt. and large private entities.


SUPERSHINE ABS: CARE Lowers Rating on INR13.85cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Supershine ABS Platers Private Limited (SAPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.85       CARE C; 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 June 14, 2022,
placed the rating(s) of SAPPL under the 'issuer non-cooperating'
category as SAPPL 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. SAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2023, May 10, 2023, May 20, 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 SAPPL have been
revised on account of non-availability of requisite information.

The rating also considers the increase in net loss and leveraged
capital structure in FY22 compared to FY21.

Analytical approach: Standalone

Outlook: Stable

Incorporated in February 2004 as a private limited company by Mr.
Suresh Shah, SABS is engaged in surface finishing on various ABS
(Acrylonitrile Butadiene Styrene) plastics & metals. The services
of the company are catered to the manufacturers of pens, automobile
parts and household articles to various states & union territories
across India, viz. Pondicherry, Tamil Nadu, Maharashtra, Daman,
Goa, etc.


TECH CONNECT: CARE Lowers Rating on INR8.68cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tech Connect Services Private Limited (TCSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.68       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 21, 2022,
placed the rating(s) of TCSPL under the 'issuer non-cooperating'
category as TCSPL 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. TCSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 7, 2023, May 17, 2023, May 27, 2023, June 23, 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 rating assigned to the bank facilities of VKPL have been
revised on account of delays in debt servicing recognized from
Audit report of FY21 available from registrar of the companies.

Analytical approach: Standalone

Outlook: Not Applicable

New Delhi-based, Tech Connect Services Private Limited (TCSPL) was
incorporated in June, 2008. The company is currently managed by Mr.
Mohana Bharat, Mr. Harkirat Singh and Mr. V. Sankaranarayanan. The
company is engaged in providing consultancy and undertakes EPC
(Engineering, Procurement and Construction) contract for setting up
audio/video conferencing system which includes supply,
installation, testing, commissioning, repair & maintenance of
equipment's.


VINIT KNITTINGS: CARE Lowers Rating on INR7.00cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vinit Knittings Private Limited (VKPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of VKPL under the 'issuer non-cooperating'
category as VKPL 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. VKPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2023, May 10, 2023, May 20, 2023, June 23, 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 rating assigned to the bank facilities of VKPL have been
revised on account of delays in debt servicing recognized from
Audit report of FY22 available from registrar of the companies.

Delhi based Vineet Knittings Private Limited (VKPL) was established
in December, 1993 as a Private Limted company and is currently
managed by Shri Sudama Arora, Shri Vaneet Arora, Shri Manoj Arora
and Smt. Rachna Arora. The firm is engaged in the manufacturing of
knitted fabrics which is used in purse and cushion covers.


ZEE ENTERTAINMENT: NCLAT Closes Insolvency Case
-----------------------------------------------
The New Indian Express reports that the National Company Law
Appellate Tribunal (NCLAT) on July 3 disposed of the appeal filed
by ZEE Entertainment Enterprise Ltd (ZEEL) promoters after the
media major reached a settlement with IndusInd Bank following
payment of all dues to the financial creditor.

According to the report, the latest development comes as a relief
for the promoters of Zee Entertainment who are under pressure after
the Securities and Exchange Board of India (Sebi) passed an interim
order which barred Punit Goenka and Subhas Chandra from holding any
key positions.

The Express says ZEEL is merging with rival Culver Max
Entertainment Pvt Ltd, formerly known as Sony Pictures Networks
India, which will create India's biggest media empire. A joint
application was moved by Punit Goenka, Managing Director and CEO of
ZEEL, and IndusInd Bank bringing on record the settlement agreement
dated March 29, 2023 reached between the financial creditor and the
leading media & entertainment firm.

Counsel appearing for the parties submitted that as per the
settlement agreement, all payments have been made before June 30,
2023. They also requested to close the Corporate Insolvency
Resolution Process against ZEEL, the report adds.

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.




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

AMAK CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 1
----------------------------------------------------------
Creditors of Amak Construction Limited are required to file their
proofs of debt by Aug. 1, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 2023.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


NIKAU CREATIVE: Court to Hear Wind-Up Petition on July 7
--------------------------------------------------------
A petition to wind up the operations of Nikau Creative Properties
Limited will be heard before the High Court at Auckland on July 7,
2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 18, 2023.

The Petitioner's solicitor is:

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


NORTH CARE: Court to Hear Wind-Up Petition on July 10
-----------------------------------------------------
A petition to wind up the operations of North Care Limited will be
heard before the High Court at Hamilton on July 10, 2023, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 29, 2023.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


RHYLEYS SALT: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
Creditors of Rhyleys Salt & Batter Limited and Sahota Contracting
Limited are required to file their proofs of debt by July 21, 2023,
to be included in the company's dividend distribution.

Rhyleys Salt & Batter Limited commenced wind-up proceedings on June
19, 2023.

Sahota Contracting Limited commenced wind-up proceedings on June
21, 2023.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


SYNERGY INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 1
------------------------------------------------------------
Creditors of Synergy Investments Limited are required to file their
proofs of debt by Aug. 1, 2023, to be included in the company's
dividend distribution.

The High Court at Wellington appointed Iain Bruce Shephard and
Jessica Jane Kellow of BDO Wellington as liquidators on June 27,
2023.


[*] NZ: Late Debt Repayments Rise to Highest Level in 4 Years
-------------------------------------------------------------
Radio New Zealand reports that the squeeze on household and
business finances has gotten tighter with the numbers behind in
their repayments rising to the highest level in four years,
according to credit reporting firm Centrix.

Its latest monthly report showed 426,000 people behind in their
payments, up from 411,000 in April. That represents 11.7 percent of
active consumer borrowers, and is the highest since March 2019, RNZ
discloses.

RNZ says the level of mortgage arrears increased to 1.3 percent,
the highest since 2020, with rises also for buy-now-pay-later,
consumer, auto, and unsecured personal loans.

According to RNZ, Centrix managing director Keith McLaughlin said
hopes that April's decline showed households were getting on top of
debts and coping with higher interest rates had been dashed, and
the latest numbers showed economic realities.

"Some Kiwi households and businesses are walking an economic
tightrope," the report quotes Mr. McLaughlin as saying. "While
homeowners contend with rising mortgage interest rates and the
financial squeeze, business owners are grappling with downturned
activity and spending."

He said the rise in arrears for unsecured loans to 10 percent
pointed to consumers borrowing just to make ends meet in the face
of rising costs, RNZ relays.

Overall, credit arrears were 4 percent higher than a year ago.

RNZ adds Mr. McLaughlin said debt pressures were also building for
the business sector, with credit defaults up for most industries,
notably 22 percent on a year ago for the property and rental
sector, and around 16 percent for construction, retail, and
hospitality.

"It's no secret a recession was the Reserve Bank's goal to help
curb spending. What remains to be seen is how the rest of 2023
plays out for consumers and businesses on the front line."

Credit demand was mixed with a 27 percent fall in mortgage lending
on a year ago, tracking the decline in the property market, but
there was an increase in other consumer lending, especially vehicle
loans, RNZ relays.

The number of business liquidations dipped slightly on April, but
compared to a year ago were 35 percent higher, which Mr. McLaughlin
said reflected a tougher attitude to tax arrears by Inland Revenue
and a decline in personal spending which was pressuring cashflow,
RNZ discloses.




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

CRADLE WEALTH: Court to Hear Wind-Up Petition on July 14
--------------------------------------------------------
A petition to wind up the operations of Cradle Wealth Solutions Pte
Ltd will be heard before the High Court of Singapore on July 14,
2023, at 10:00 a.m.

Periasamy Ramachandran and Nallathamby Poongkoddy filed the
petition against the company on June 21, 2023.

The Petitioner's solicitors are:

          Lee Bon Leong & Co.
          79 Anson Rd #11-01
          Singapore 079906


CROWNSTON LINE: Court to Hear Wind-Up Petition on July 14
---------------------------------------------------------
A petition to wind up the operations of Crownston Line Pte Ltd will
be heard before the High Court of Singapore on July 14, 2023, at
10:00 a.m.

Cars & Coffee Gem Pte. Ltd. filed the petition against the company
on June 20, 2023.

The Petitioner's solicitors are:

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


IGLOBE PLATINUM: Creditors' Proofs of Debt Due on Aug. 3
--------------------------------------------------------
Creditors of Iglobe Platinum Fund Limited are required to file
their proofs of debt by Aug. 3, 2023, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


SAL TRADING: Court to Hear Wind-Up Petition on July 14
------------------------------------------------------
A petition to wind up the operations of Sal Trading Pte Ltd will be
heard before the High Court of Singapore on July 14, 2023, at 10:00
a.m.

Central Sugars Refinery Sdn. Bhd. filed the petition against the
company on June 20, 2023.

The Petitioner's solicitors are:

          Clasis LLC
          12 Marina Boulevard
          #30-03 Marina Bay Financial Centre Tower 3
          Singapore 018982


SBCC INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 3
---------------------------------------------------------
Creditors of SBCC Investments Pte. Ltd. are required to file their
proofs of debt by Aug. 3, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 2023.

The company's liquidators are:

          Koh Swee Tian
          7 Temasek Boulevard
          #04-01 Suntec Tower One
          Singapore 038987



                           *********


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.



                *** End of Transmission ***