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

                     A S I A   P A C I F I C

          Monday, July 10, 2023, Vol. 26, No. 137

                           Headlines



A U S T R A L I A

BRUNEL CHAUFFEUR: Second Creditors' Meeting Set for July 13
GLOBAL BUILDERS: Second Creditors' Meeting Set for July 13
INNERTELLIGENCE (AUST): Second Creditors' Meeting Set for July 13
REAL DYNO: Second Creditors' Meeting Set for July 13
VILLAGE GROUP: Second Creditors' Meeting Set for July 13

[*] AUSTRALIA: Builder Collapses Surge Over Last 12 Months


C H I N A

DALIAN WANDA: Moody's Lowers CFR to B1, Alters Outlook to Negative
HUOBI EXCHANGE: Balances and Trade in Serious Decline
INNER MONGOLIA BAOTOU: Fitch Affirms 'BB+'  LT IDR, Outlook Stable


I N D I A

ABP APPARELS: Insolvency Resolution Process Case Summary
ANUBANDANA INFRATECH: CRISIL Keeps D Rating in Not Cooperating
ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
ASHPEARL SHIPPING: Insolvency Resolution Process Case Summary
ASMITHA MICROFIN: CRISIL Keeps D LT Rating in Not Cooperating

B. J. GRAIN: CARE Keeps D Debt Rating in Not Cooperating
B. S. ROADWAYS: CARE Lowers Rating on INR8.99cr LT Loan to B-
BASAVAPOORNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
BAVA INFRASTRUCTURE: CRISIL Moves D Rating in Not Cooperating
BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating

BHIMASHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
BLUE BLEND: CARE Keeps D Debt Rating in Not Cooperating Category
CDIGITAL ARTS: Insolvency Resolution Process Case Summary
DHARITRIMAA URJA: Insolvency Resolution Process Case Summary
ELENA POWER: Liquidation Process Case Summary

EPITOME RESIDENCY: Insolvency Resolution Process Case Summary
EXCELL AUTOVISTA: CARE Keeps B+ Debt Rating in Not Cooperating
FOSSIL LOGISTICS: Insolvency Resolution Process Case Summary
G.M. KOTHARI: CARE Keeps B- Debt Rating in Not Cooperating
GO FIRST: SIAC Directs Pratt & Whitney to Supply Engines

GOEL JEWELRY: Liquidation Process Case Summary
JANAK ENTERPRISE: CRISIL Moves D LT/ST Ratings to Not Cooperating
JSW HYDRO: Fitch Affirms BB+ Rating on $707MM Notes Due 2031
K. RADHAKRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
KOTSON'S PRIVATE: Insolvency Resolution Process Case Summary

MURLI ELECTRODE: CARE Lowers Rating on INR4cr LT Loan to D
P.P. RUBBER: CARE Keeps B Debt Rating in Not Cooperating Category
PAVANSUT PAPER: CRISIL Cuts Rating on Long/Short Term Debts to D
PINNACLE ENGINES: Voluntary Liquidation Process Case Summary
PRITHVIRAJ PLASTICS: Insolvency Resolution Process Case Summary

RICHA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
S.K. HITECH: CARE Keeps D Debt Rating in Not Cooperating Category
SAI AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
SETHI CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
SHIVA SHAKTI: Insolvency Resolution Process Case Summary

SUMITA TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPER IRON: CARE Lowers Rating on INR12cr LT Loan to B-
SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA-LANDMARK: Insolvency Resolution Process Case Summary
SYNTEX TRADING: Insolvency Resolution Process Case Summary

T. K. ROADLINES: CARE Lowers Rating on INR8.83cr LT Loan to B-
TATA CHEMICALS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating Category
VAISHNAV CASTING: CRISIL Keeps D Debt Ratings in Not Cooperating
VIBHA AGRO: Insolvency Resolution Process Case Summary

VISION ROOFINGS: CARE Lowers Rating on INR4.07cr LT Loan to B-
VISWABHARATHI EDUCATIONAL: CRISIL Keeps D Ratings in Not Coop.
VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
VRP BUILDTECH: Insolvency Resolution Process Case Summary
WOODVILLE PALACE: CRISIL Keeps D Debt Rating in Not Cooperating



J A P A N

TOSHIBA CORP: Tender Offer to Be Delayed Until August or Later
[*] JAPAN: 27% of Nursing Homes Face Bankruptcy Due to Price Hikes


N E W   Z E A L A N D

HUKA VIEW: Court to Hear Wind-Up Petition on July 18
INFINITY CONSTRUCTION: Court to Hear Wind-Up Petition on July 13
KAURI GLEN: Creditors' Proofs of Debt Due on Aug. 1
KHUSHBIR TRANSPORT: Court to Hear Wind-Up Petition on July 21
TJSROOFING LIMITED: Creditors' Proofs of Debt Due on July 27



S I N G A P O R E

KAFFE 7: Creditors' Proofs of Debt Due on Aug. 7
ROLF VENTURES: Creditors' Meeting Set for July 20
SEADRILL OFFSHORE: Creditors' Proofs of Debt Due on Aug. 6
SEVAN DRILLING: Creditors' Proofs of Debt Due on Aug. 6
TOP-NTL PTE: Creditors' Proofs of Debt Due on Aug. 6



T H A I L A N D

STARK CORPORATION: Former Chairman Faces Arrest Warrant

                           - - - - -


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A U S T R A L I A
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BRUNEL CHAUFFEUR: Second Creditors' Meeting Set for July 13
-----------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Brunel Chauffeur Drive and Limousines Pty Ltd;
     - Alternative Chauffeured Transporation Pty Ltd;
     - The Purple Olive Group; and
     - Redy2Go

has been set for July 13, 2023 at 10:30 a.m. at the offices of
Hogansprowles at Level 9, 60 Pitt Street in Sydney and virtually by
video conferencing platform Zoom.

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 12, 2023 at 4:00 p.m.

Christian Sprowles, Michael Hogan, and Christian Sprowles of
HoganSprowles were appointed as administrators of the company on
July 7, 2023.


GLOBAL BUILDERS: Second Creditors' Meeting Set for July 13
----------------------------------------------------------
A second meeting of creditors in the proceedings of Global Builders
Warehouse Pty Ltd has been set for July 13, 2023 at 11:00 a.m. at
the offices of Hamilton Murphy Advisory at Level 21, 114 William
Street in Melbourne.

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 12, 2023 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on March 31, 2023.


INNERTELLIGENCE (AUST): Second Creditors' Meeting Set for July 13
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Innertelligence
(Aust) Pty Ltd has been set for July 13, 2023 at 10:30 a.m. at the
offices of Woodgate & Co. at Level 2, 6-10 O'Connell Street in
Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 12, 2023 at 10:30 a.m.

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


REAL DYNO: Second Creditors' Meeting Set for July 13
----------------------------------------------------
A second meeting of creditors in the proceedings of Real Dyno
Performance Pty Ltd (trading as RealDyno Performance Pty Ltd) has
been set for July 13, 2023 at 10:00 a.m. via virtual meeting
technology.

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 12, 2023 at 5:00 p.m.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of the company on June 20, 2023.


VILLAGE GROUP: Second Creditors' Meeting Set for July 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Village Group
Management Services Pty Ltd has been set for July 13, 2023 at 3:30
p.m. at the offices of BRI Ferrier at Level 30, 'Australia Square',
264 George Street in Sydney and 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 12, 2023 at 4:00 p.m.

Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on June 7, 2023.



[*] AUSTRALIA: Builder Collapses Surge Over Last 12 Months
----------------------------------------------------------
SmartCompany reports that construction company collapses have
surged over the last 12 months, as Australian builders battle the
end of COVID-era economic stimulus, vulnerabilities in
long-established payment models, and the impact of rapid inflation
and interest rate rises.

Data released by the Australian Securities and Investments
Commission (ASIC) last week showed 7,578 companies entered
administration or had an external controller appointed for the
first time in the 2022-2023 financial year to June 18, SmartCompany
discloses.

By comparison, 4,912 collapsed in the year prior.

According to SmartCompany, businesses in the construction sector
saw the greatest increase by number of any sector over that period,
with 2,117 going entering administration or external control,
compared to 1,284 in 2021-2022.

SmartCompany says big names to collapse over the last financial
year includes Porter Davis, which left around 1,700 homes
unfinished and owed creditors an estimated $147 million when it
appointed liquidators in March.

But ASIC's daily tally of company collapses is dotted with smaller
firms, many of which have been squeezed out of business by uniquely
difficult conditions.

Contributing factors include COVID-19 fiscal support, including the
Homebuilder grant, which offered up to $25,000 in grants for new
home construction and renovation works, SmartCompany notes.

SmartCompany says the massive uptake of that scheme flooded the
construction sector with new projects.

However, lingering supply chain shortages pushed up the price of
materials like steel and timber, and labour market tightness made
the fight for workers more competitive, making it harder for
builders to break even on contracts they signed before costs rose.

Speaking to SmartCompany, construction industry professionals at
small and boutique firms said the rapid boom and bust has exposed
deep flaws in the sector.

Tim Walker, managing director of TCON, a small high-end home
builder in Melbourne, said he has watched four comparable firms go
under in the past week alone.

In his view, long-held rules around when builders can be paid for
their work are not compatible with unavoidable supply chain
blowouts.

In Victoria, builders may be paid a portion of the total build cost
once they have completed a home's base, frame, lock-up (which
includes external walls, roofing, and flooring), and fixing
(internal details like cladding and shelving).

But Mr. Walker said the lead times for crucial assets have blown
out, adds SmartCompany.




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DALIAN WANDA: Moody's Lowers CFR to B1, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Dalian Wanda Commercial
Management Group Co., Ltd.'s (DWCM) corporate family rating to B1
from Ba2.

Moody's has also downgraded the following ratings:

Wanda Commercial Properties (HK) Co. Limited's (Wanda HK) CFR to
B3 from B1

The senior unsecured ratings on the bonds issued by Wanda
Properties Global Co. Limited, Wanda Properties Overseas Limited
and Wanda Properties International Co. Limited to B3 from B1.

Wanda Properties Global, Wanda Properties Overseas and Wanda
Properties International are wholly owned subsidiaries of Wanda HK.
The rated bonds are guaranteed by Wanda HK and supported by deeds
of equity interest, purchase undertakings and keepwell deeds
between DWCM, Wanda HK and the bond trustee.

Moody's has also changed the rating outlook on DWCM and its
subsidiaries to negative from ratings under review. This concludes
the rating review initiated on May 5, 2023.

"The downgrade reflects DWCM's deteriorated access to funding,
which will diminish the company's liquidity buffer over time and
constrain its financial flexibility in managing its operating and
refinancing needs. Such a development would no longer support the
company's previous rating at the Ba-category," says Alfred Hui, a
Moody's Analyst.

"The negative outlook reflects Moody's concerns that negative
developments in DWCM's parent company, Dalian Wanda Group Co.,
Ltd., would continue to drag down DWCM's credit and liquidity
profile. The sizable amount of a repurchase obligation for the
pre-IPO capital of DWCM's property management subsidiary will add
liquidity pressure to DWCM if the subsidiary cannot be listed by
the end of 2023," adds Hui.

RATINGS RATIONALE

DWCM's access to funding has weakened materially due to contagion
risk and negative news surrounding its parent. Moody's expects the
company will rely on new channels of secured financings, which
generally carry a shorter tenor and higher funding cost than
secured bank loans, to replenish its liquidity. It is also
uncertain whether DWCM can have continued access to this type of
funding sources and raise sufficient funds to support its operating
and refinancing needs amid investors' higher risk aversion.

Although DWCM's liquidity remains adequate, Moody's believes DWCM's
liquidity buffer has declined meaningfully in the second quarter of
2023, as it repaid around RMB7.5 billion of onshore bonds in the
quarter. DWCM has around RMB6.7 billion of onshore bonds maturing
and puttable and USD1 billion of offshore bonds coming due from
July 2023 to June 2024. Its liquidity buffer will continue to
narrow if it is not able to raise sufficient new funding to address
these maturities and puttable bonds.

DWCM's liquidity will face additional pressure if it is unable to
complete the IPO of its commercial property management subsidiary,
Zhuhai Wanda Commercial Management Group Co., Ltd. (Zhuhai Wanda),
by the end of 2023, as it would have to repay the pre-IPO fund,
with an agreed return, to strategic investors. In 2021, DWCM
completed a RMB38 billion pre-IPO funding of Zhuhai Wanda. Moody's
notes there has been limited progress in Zhuhai Wanda's IPO in the
second quarter of 2023.

Further, Moody's notes that some of Dalian Wanda Group's financings
have prepayment clauses tied to the IPO of Zhuhai Wanda. Any
difficulties in the parent's ability to address its debt repayment
could have spillover impact on DWCM's liquidity and access to
funding.

Moody's is also concerned that DWCM will have to provide funding
support to Dalian Wanda Group, if the latter does not have
sufficient funds to address its operating and refinancing needs.
DWCM incurred a cash outflow of RMB11 billion in the second half of
2022 to Dalian Wanda Group's property arm to prepay the acquisition
cost of malls under construction. While Dalian Wanda Group has been
working on plans to replenish liquidity, such as by conducting
asset disposals or partnerships with other institutions, their
execution entails high uncertainty in view of the weak market
conditions.

The downgrade of Wanda HK CFR, which incorporates a two-notch
parental uplift, follows the downgrade of its parent DWCM and
reflects the company's weak liquidity.

Moody's expectation of support considers DWCM's 100% ownership of
Wanda HK, the parent's full control over the company, Wanda HK's
role as the primary platform for DWCM's offshore funding and
investment, as well as DWCM's track record of providing timely
funding support to Wanda HK.

Wanda HK's standalone credit profile is constrained by its small
operating scale, exposure to the seasonality and volatile operating
conditions of its hotel business, weak liquidity, weak credit
metrics for its standalone credit profile and thin equity base.
These weaknesses are mitigated by operational and funding support
from its parent.

In terms of environmental, social and governance (ESG)
consideration, the Credit Impact Scores of CIS-4 for both DWCM and
Wanda HK reflect Moody's view that ESG attributes, especially their
high exposure to governance risk, have pressured their ratings.

The governance risk is driven by DWCM's aggressive financial and
risk management in view of a sizable repurchase obligation of the
pre-IPO funding if it cannot be completed by the designated
timeline. It also considers the composition of both DWCM and Wanda
HK's board structure that features concentrated ownership, which
indicates that influence from the largest shareholder could
materially change its financial policy and strategy. The governance
risk also considers the companies' complex organization structure
and low transparency on areas such as its corporate actions and
wealth management products, as well as its weak disclosure on
related-party transactions, which could lead to fund leakage.

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

DWCM's ratings are unlikely to be upgraded given the negative
outlook.

However, Moody's could return DWCM's outlook to stable if the
company (1) maintains normal operations; (2) satisfactorily manages
its liquidity and refinancing risks while improves its access to
funding; and (3) manages related-party transactions that in turn
could lower its cash leakage and contagion risk associated with the
parent.

However, DWCM's ratings could be downgraded if Moody's assesses
that (1) its operations, governance practices, liquidity or funding
access further weakens, or (2) the company's contagion risk
associated with the parent remains at an elevated level.

Wanda HK's ratings are also unlikely to be upgraded given the
negative outlook. However, Moody's could return Wanda HK's outlook
to stable if DWCM's outlook returns to stable.

On the other hand, Moody's could downgrade Wanda HK's rating if
DWCM's rating is downgraded.

Moody's could also downgrade Wanda HK's rating if (1) the company's
standalone credit profile deteriorates; (2) DWCM reduces its
ownership in the company; or (3) its strategic and economic
importance to DWCM declines.

The principal methodology used in rating Dalian Wanda Commercial
Management Group Co., Ltd. was REITs and Other Commercial Real
Estate Firms published in September 2022.

Dalian Wanda Commercial Management Group Co., Ltd. (DWCM) develops
and operates commercial properties in China. As of the end of 2022,
the company operated 472 retail malls with an aggregate gross floor
area (GFA) of 65.6 million square metres in China.

As of December 31, 2022, the company was 44.31% owned by Dalian
Wanda Group Co., Ltd. (Dalian Wanda Group). The chairman of Dalian
Wanda Group, Wang Jianlin, also directly and indirectly owned
53.39% stake in the company as of the same date.

Wanda Commercial Properties (HK) Co. Limited is the primary
offshore funding and investment platform for DWCM. The company's
main assets include a 65.04% equity interest in Hong Kong-listed
Wanda Hotel Development Company Limited.

HUOBI EXCHANGE: Balances and Trade in Serious Decline
-----------------------------------------------------
Ana Nicenko at Finbold reports that amid a wide-reaching regulatory
offensive against some of the largest cryptocurrency exchanges in
the world, crypto trading platform Huobi seems to be dealing with a
different (but not entirely unrelated) kind of trouble, which has
seen its crypto reserves dwindle.

As it happens, the amount of Bitcoin (BTC) in Huobi's crypto
wallets has dropped from 410,000 BTC in 2020 to the current mere
26,000 BTC as its Ethereum (ETH) and Tether (USDT) balances are
"also flatlining," according to the observations shared by crypto
market expert Willy Woo in a tweet on July 5, Finbold relays.

Indeed, cryptocurrency exchanges have observed a significant
decline in their reserves after the United States Securities and
Exchange Commission (SEC) increased its regulation by enforcement
strategy in the sector, culminating in lawsuits against Binance and
Coinbase.

Not long after, the balance of the flagship decentralized finance
(DeFi) asset on exchanges dropped to a three-year low, following a
massive outflow of more than $2 billion in Bitcoin leaving crypto
exchanges in a single week, as Finbold reported on June 22.

As Mr. Woo further noted, the web traffic to Huobi was also "taking
a decent hit," dropping from 30.2 million visits in March to a mere
7.2 million in May, indicating a decline of 36.93% in visits during
the previous month, as well as a whopping 76.16% drop over the
course of two months, Finbold relates.

Meanwhile, Huobi's native token HT is changing hands at the price
of $2.70, recording a 93.17% drop from its all-time high (ATH) of
$34.66 it had reached on May 12, 2021, as well as declining 0.71%
in the last 24 hours, 0.47% across the previous week, and 6.12% on
its monthly chart, as of the July 7 data, Finbold discloses.


INNER MONGOLIA BAOTOU: Fitch Affirms 'BB+'  LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based steel producer Inner
Mongolia Baotou Steel Union Co., Ltd.'s (BSUC) Long-Term
Foreign-Currency Issuer Default Rating (IDR) and foreign-currency
senior unsecured rating at 'BB+'. The Outlook is Stable.

BSUC's ratings are derived from Fitch internal assessment of the
consolidated credit profile of its immediate parent, Baotou Iron &
Steel (Group) Co., Ltd. (BISC). BSUC's ratings are linked to the
creditworthiness of BISC under Fitch Parent and Subsidiary Linkage
Rating Criteria due to strong linkages between the two entities.
BISC is 77% owned by the Inner Mongolia Autonomous Region and Fitch
assess its creditworthiness based on the four factors set out in
Fitch Government-Related Entities Rating Criteria. The Stable
Outlook reflects Fitch expectation that BSUC's operations are
sustainable, with continued operational, management and financial
support from BISC.

KEY RATING DRIVERS

Parent's Strong State Linkages: BISC is the world's largest rare
earth producer and received 75% (historically around half) of the
annual rare earth ore production quota issued by China's Ministry
of Industry and Information Technology in 2022. BISC has China's
largest reserves of rare earths and niobium, in which the country
has a near monopolistic position. The government deems BISC's rare
earth and niobium reserves as a national strategic reserve and an
important political tool.

BISC is also the largest industrial company in the Inner Mongolia
Autonomous Region by revenue and provides significant employment
opportunities, with 57,600 employees at end-2022. This reinforces
social stability.

'High' Operational, Strategic Support Incentive: Fitch assess
BISC's operational and strategic incentive to support BSUC as
'High'. BISC owns 55% of BSUC, its main steel operating subsidiary,
which accounted for more than 70% of the group's total assets and
around 40% of consolidated EBITDA at end-2022. In addition, BISC
has absolute management control over BSUC, with significant
management overlap. Some of group's rare earths also serve as raw
material for BSUC's steel products.

'Medium' Legal Incentive for Support: Fitch believe that BISC has a
'Medium' legal incentive to support BSUC, as it continuously
guarantees a significant part of BSUC's bank debt. BISC provided
guarantees to over 70% and 40% of BSUC's total debt in 2022 and
2021, respectively. According to management, guarantees will
decrease from the 2022 level but Fitch expect the guarantee
percentage to remain meaningful.

Leverage to Drop: BSUC's and BISC's leverage (net debt/EBITDA) rose
to 5.7x and 3.6x in 2022 (2021: 3.3x and 2.6x), respectively, on
weak steel profitability amid high raw-material costs and a low
steel average selling price (ASP). BSUC's leverage profile
outperformed BISC's as its rare earth operations generated over
CNY9 billion in EBITDA on increased volume and a favourable ASP.
Fitch expect both companies' leverage to improve in 2023-2026 on
normalising steel raw-material costs and solid rare earth earnings,
despite a capex pickup for environmental upgrades.

Financial Flexibility Offsets High Leverage: BSUC's financial
flexibility remains healthy with EBITDA interest coverage of 4.1x
in 2022 (2021: 5.7x), benefitting from decent funding costs given
its good banking relationships and BISC's government-related entity
status. BSUC had CNY22 billion in short-term debt and CNY14 billion
in long-term debt outstanding at end-2022, against CNY5 billion in
cash on hand and CNY9 billion in unused available credit
facilities.

However, over 65% of short-term debt is bank borrowings, which
Fitch expect to roll over given its strong banking relationships.
BSUC obtained around CNY40 billion in bank facilities in the last
decade, which increased to over CNY50 billion by end-2022 with
support from major commercial and policy banks.

DERIVATION SUMMARY

Fitch rate BSUC on a top-down basis from its parent under Fitch
Parent and Subsidiary Linkage Rating Criteria. Fitch internal
assessment of BISC's credit profile is based on Fitch
Government-Related Entities Rating Criteria.

BSUC's rating is derived from the same methodology that Fitch use
for Aluminum Corporation of China Limited (A-/Stable) and Zhaojin
Mining Industry Company Limited (BB+/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer

Revenue of around CNY70 billion in 2023 as declining steel ASP will
be partially offset by a volume increase. Revenue to remain at
around CNY70 billion in 2024 as steel prices continue to
normalise.

EBITDA margin to improve to 9.5% in 2023 from lower raw material
costs before rising further to average over 10% in 2024-2026 on
continued raw material cost reduction.

Capex of 2%-3% of revenue for BSUC during 2023-2026; capex will be
used mainly for environment-related facility upgrades and
automation.

RATING SENSITIVITIES

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

An upward revision in Fitch's internal assessment of the
creditworthiness of Inner Mongolia Autonomous Region

Increase in the likelihood of support from the Inner Mongolia
government

An upward revision in Fitch's internal assessment of the
creditworthiness of BISC

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

A downward revision in Fitch's internal assessment of the
creditworthiness of Inner Mongolia

Weakening likelihood of support from the Inner Mongolia government

Weakening linkages between BISC and BSUC

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: BSUC had CNY22 billion in short-term debt
outstanding at end-2022, compared with CNY5 billion in cash on hand
and CNY9 billion in unused available credit facilities. The credit
facilities are uncommitted, but Fitch believe they are adequate, as
committed facilities are uncommon in China. BSUC's debt maturity is
concentrated, with short-term debt accounting for over half of
total debt. Fitch expect BSUC to be able to continue rolling over
its bank borrowings, which make up 65% of short-term debt, in light
of its good banking relationships and support from BISC.

ISSUER PROFILE

BISC is engaged in iron ore and rare earth mining and steel
production with BSUC as its main operating subsidiary. BSUC has the
capacity to produce around 17 million tonnes of steel products
annually. Its main products include pipes, flat steel, section
steel and long products. BSUC expanded its business profile to
include iron ore and rare earth mining in recent years, supported
by asset injections from BISC.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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



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ABP APPARELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: ABP Apparels Private Limited

Registered Office:
        97 Gayari Chambers, Near Railway Station,
        Vadodara Gujarat-390007

        Corporate Office:
        Unit No. 112, Building 17,
        Samhita International Complex, Sakinaka,
        Andheri East, Mumbai 400072

Insolvency Commencement Date: June 15, 2023

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

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Santanu Bhattacharjee
       Godrej Central Tower D,
              Flat No. 1001, Shell Colony,
              Chembur (East), Mumbai City,
              Maharashtra, 400071
              Email: santanub100@gmail.com

              Think Capital Insolvency Professionals LLP
       1011-1012, Dalamal Tower, Free Press Journal Marg,
              211, Nariman Point, Mumbai 400 021,
              Maharashtra, India
              Email: ip.abpapparels@gmail.com

Last date for
submission of claims: June 29, 2023

ANUBANDANA INFRATECH: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anubandana
Infratech Private Limited (AIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AIPL 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2010 and promoted by Mr. K Sridhar, AIPL constructs
and sells residential apartments in Karnataka and Andhra Pradesh.



ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ARG
Developers Private Limited (ADPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.37       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 16, 2022,
placed the rating(s) of ADPL under the 'issuer non-cooperating'
category as ADPL 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. ADPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2023, May 22, 2023, June 26, 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).

ARG Developers Private Limited (ADPL) was initially incorporated in
2007 with the name of ARG Developer Private Limited. Later on, in
the year 2008, the name of the company was converted and assumed
its current name ADPL. ADPL is a flagship company of ARG Group,
incorporated with the objective to work on the real estate
projects.

ASHPEARL SHIPPING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ashpearl Shipping Services Private Limited
G17/7, Shahu Nagar, Jasmine Mill Road,
        Dharavi, Mahim(E) Mumbai MH 400017

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: November 2, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Manisha Sanjay Agrawal
       Towers Near NIT, Sadar,
              Nagpur, Maharashtra, 440001
              Email: m_taiyal@yahoo.com
                     aspearl.cirp@gmail.com

Last date for
submission of claims: May 20, 2023

ASMITHA MICROFIN: CRISIL Keeps D LT Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asmitha
Microfin Limited (Asmitha Microfin) continues to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Long Term Rating        1,000       CRISIL D (ISSUER NOT
                                       COOPERATING)

CRISIL Ratings has been consistently following up with Asmitha
Microfin 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 Asmitha Microfin, which
restricts CRISIL Ratings' ability to take a forward looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Asmitha Microfin is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Asmitha Microfin
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2002 as a non-banking financial company, Asmitha microfin
is an MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank (Bangladesh). As on September 30,
2020, Asmitha microfin had an outstanding loan portfolio of
Rs.777.4 crore. The entire portfolio was based in AP and Telengana.
Reserve Bank of India (RBI) has cancelled NBFC license of Asmitha
microfin on February 22, 2019.


B. J. GRAIN: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. J. Grain
(BJG) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 23, 2022,
placed the rating(s) of BJG under the 'issuer non-cooperating'
category as BJG 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. BJG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 9, 2023, May 19, 2023, May 29, 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 October 2015, as a proprietorship entity, B. J.
Grain (BJG) is engaged in trading of grains and pulses. The firm
started its commercial operations from February 2016.


B. S. ROADWAYS: CARE Lowers Rating on INR8.99cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
B. S. Roadways (BSR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.99       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.30       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 7, 2022,
placed the rating(s) of BSR under the 'issuer non-cooperating'
category as BSR had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BSR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2023, May 3, 2023, May 13, 2023.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Howrah (West Bengal) based, B. S. Roadways (BSR) was constituted as
a partnership firm on June 11, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.

Currently BSR is managed by three partners namely, Mr. Bhupinder
Singh Gujral, Mrs. Simran Gujral and Mrs. Paranita Gujral. Since
its inception, the firm is engaged in transportation of LPG
tankers. The firm participates in tenders floated by various oil
companies and executes orders mainly for BPCL, IOCL and HPCL.
Currently the firm has work orders from BPCL, IOCL and HPCL for
transportation bulk LPG by road for three and a half year ended in
April 2018.


BASAVAPOORNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Basavapoorna Poultry Farm (BPF) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       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 14, 2022,
placed the rating(s) of BPF under the 'issuer non-cooperating'
category as BPF 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. BPF 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).

Karnataka based Basavapoorna Poultry Farm (BPF) is a partnership
firm established in 2000 by Mr. N. Sridhar and his wife Mrs. N.
Anuradha. The firm is engaged in layer poultry farming and
wholesale trading of eggs. The firm has existing installed capacity
of 4,00,000 layers in 19 sheds. The firm sells its products, eggs,
cull birds, and manure majorly to customers in Goa, Karnataka and
Maharashtra. The firm purchases inputs for feeding of birds like
maize, soya, broken rice, shell grit and minerals from local
traders. The day to day operations of the firm are managed by Mr.
N. Sridhar.


BAVA INFRASTRUCTURE: CRISIL Moves D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Bava
Infrastructure Developers Private Limited (BIDPL) to 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Overdraft            11        CRISIL D (ISSUER NOT
   Facility                       COOPERATING; Rating Migrated)
   
   Proposed              5        CRISIL D (ISSUER NOT
   Overdraft                      COOPERATING; Rating Migrated)
   Facility              
                                  
CRISIL Ratings has been consistently following up with BIDPL for
obtaining information through letter and email dated May 29, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BIDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIDPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BIDPL to 'CRISIL D Issuer not cooperating'.

BIDPL was incorporated in 2009.Based out of Mangalore, Karnataka,
the company is engaged in civil construction works. BIDPL is owned
& managed by Mr. Moideen Bava, Mr. Mahsoof Ahmed and Ms. Nageena
Moideen Bava.


BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bella Jewelry
Private Limited (BJPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           7.5        CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Proposed Short         2.49       CRISIL D (Issuer Not
   Term Bank                         Cooperating)
   Loan Facility          
                                       
CRISIL Ratings has been consistently following up with BJPL 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 BJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJPL continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2004 as a partnership firm between Mr. Dauji Johari, Mr.
Sharad Johari, and Ms. Prabha Johari, the firm was reconstituted as
a private limited company with the current name in 2007. The
company manufactures and exports diamondstudded gold jewellery. Its
manufacturing unit is in Santacruz Electronics Export Processing
Zone, Mumbai.


BHIMASHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Bhimashankar Agro Coldchain & Processingproducer Company Limited
(BACPCL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.12       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 22, 2022,
placed the rating(s) of BACPCL under the 'issuer non-cooperating'
category as BACPCL 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. BACPCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.

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

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

BACPCL is a limited company incorporated in June 2016. BACPCL is
engaged in the business of cold storage plant with an installed
capacity to process and store around 5000 MT of potatoes.


BLUE BLEND: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Blend
(India) Ltd. (BBIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated June 19, 2018, placed the
rating of BBIL under the 'Issuer noncooperating' category as BBIL
had failed to provide information for monitoring as agreed in its
Rating Agreement. BBIL continues to be non-cooperative despite
repeated requests for submission of information through e-mail
dated June 21, 2023.

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

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

The rating assigned to BBIL factors in non-payment of dividend on
preference shares rated by CARE. The rated instrument is dividend
bearing in nature with dividend rate of 1% p.a.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

Key Rating Weaknesses

* Non-payment of dividend on preference shares: Due to accumulated
losses of past several years, BBIL did not declare any dividend on
equity shares. Preference shares rated by CARE are non-cumulative,
non-convertible and bearing dividend rate of 1% p.a. The company
has not paid dividend on this instrument due to poor liquidity
position.

Liquidity: Poor

The liquidity of the company is poor which is evident by its
inability to pay dividends and continuous losses.

Incorporated in 1981 as a private limited company, Blue Blends
(India) Ltd (BBIL) is engaged in the manufacturing of denim
fabrics. BBIL was later reconstituted as public limited company in
1983 and is listed on the Bombay Stock Exchange (BSE). The company
is promoted and managed by the Arya family, led by Mr. Anand Arya,
who has over 3.5 decades of experience in the textile industry.
BBIL has its administrative office in Mumbai and a manufacturing
plant located at Ahmedabad, with an installed capacity of 18
million metric tonnes/annum (utilized about 80% in FY17). BBIL
sells its product through its wide network of dealers and
distributors all over India.


CDIGITAL ARTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Cdigital Arts and Crafts Private Limited
Floor-Grd, 69/72 West More Building,
        Sir Pochkhanwala Road, Worli Colony,
        Mumbai 400030

Insolvency Commencement Date: May 12, 2023

Estimated date of closure of
insolvency resolution process: November 11, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Lalit Zaverchand Shah
       Office No-421, Grohitam Building,
              4th Floor, Sector-19,
              Vashi, Navi Mumbai-400703
              Email: lalitshahca@gmail.com
                     ip.cdigital.cirp@gmail.com

Last date for
submission of claims: May 29, 2023

DHARITRIMAA URJA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dharitrimaa Urja Private Limited
Plot No. 25, DSIIDC Shed, Scheme-II, Basement,
        Okhla Industrial Area, Phase-II
        New Delhi 110020 India

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, UP 201301
              Email: dharitrimaa.cirp@gmail.com

Last date for
submission of claims: June 30, 2023


ELENA POWER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Elena Power and Infrastructure Limited
House No. 854-A, 3RD Floor,
        Block E1 Gali No. 51,
        Molarband Extn.
        Badarpur New Delhi-110044

Liquidation Commencement Date: June 12, 2023

Court: National Company Law Tribunal, New Delhi Bench II

Liquidator: Mr. Ashok Arora
     13/8, Pant Nagar, Jangpura Extn.,
            Opp Jangpura Post Office, New Delhi-110014
            Email: ashok.arora79@yahoo.com
                   elena.cirp@gmail.com

Last date for
submission of claims: July 15, 2023

EPITOME RESIDENCY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Epitome Residency Private Limited
One BKC, A Wing 1401, Plot No. C-66, G Block,
        Bandra Kurla Complex, Bandra (East),
        Mumbai Bandra Suburban 400051

Insolvency Commencement Date: June 12, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ashok Venkatrao Barbole,
       Opp Pooja Hotel Near Ashok Hotel,
              Tilak Nagar, Latur, Maharashtra 413512.
              Email: caashokbarbole2009@gmail.com

              c/o Incorp Restructuring Services LLP
              405-407, Hind Rajasthan Building,
              D.S. Phalke Road, Dadar East, Mumbai 400014
              Email: cirp.epitome@gmail.com

Representative
of Creditors in a Class:

              Mr. Prasad Kamalakar Dharap
              Mr. Hirachand Nemichand Bafna
              Mr. Mahesh Kumar Gupta

Last date for
submission of claims: June 29, 2023


EXCELL AUTOVISTA: CARE Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Excell
Autovista Private Limited (EAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       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 15, 2022,
placed the rating(s) of EAPL under the 'issuer non-cooperating'
category as EAPL 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. EAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 21, 2023.

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

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

Excell Autovista Private Limited was incorporated in the year 2005
by Mr Madhup Kumar Agarwal and family members. The company is an
authorised dealer of Four-wheelers of Maruti Suzuki India Limited.
The Registered office is located at Bandra, Mumbai with showrooms
and workshops in suburbs of Mumbai and in cities like Navi Mumbai
and Pune. The company also deals in used cars, spare parts and
accessories.


FOSSIL LOGISTICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Fossil Logistics Private Limited
2nd Floor, Azeema Sheriff Centre,
        No. 538 Anna Salai, Teynampet,
        Chennai 600018, Tamil Nadu

Insolvency Commencement Date: June 15, 2023

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

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Radhakrishnan Dharmarajan
       c/o RDH Co., Flat No. 31,
              59, 'Krishna', 1st Avenue,
              100-Ft. Road,
              Ashok Nagar, Chennai 600083
              Email: dharma@rdhandco.com
                     cirp.fossil@gmail.com

Last date for
submission of claims: July 1, 2023

G.M. KOTHARI: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.M.
Kothari (GK) 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      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 22, 2022,
placed the rating(s) of GK under the 'issuer non-cooperating'
category as GK 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. GK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.

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

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

GMK 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).


GO FIRST: SIAC Directs Pratt & Whitney to Supply Engines
--------------------------------------------------------
BQ Prime reports that a Singapore arbitral tribunal has directed
Pratt and Whitney to supply five engines every month to insolvent
carrier Go First from August till December. The tribunal asked the
parties involved to provide it with quarterly updates on the
resolution proceedings and compliance with their order.

According to BQ Prime, the tribunal asked the parties involved to
provide it with quarterly updates on the resolution proceedings and
compliance with their order.

BQ Prime relates that a Pratt and Whitney spokesperson said the
engine-maker "respects the interim arbitration ruling" and will
"comply with the order until it is otherwise modified".

"We look forward to vigorously defending ourselves during the
merits proceedings, where the business and legal issues will be
determined and resolved," it added, notes the report.

On March 13, Go Airlines filed an appeal with the Singapore
International Arbitration Centre, or SIAC, against Pratt and
Whitney, alleging that the engine-maker had failed to comply with
their arbitral award, BQ Prime recalls.

On March 31, SIAC issued an interim relief order directing P&W to
dispatch at least 10 serviceable spare leased engines without delay
by April 27 and another 10 such engines per month until December.

BQ Prime says the order was issued in response to Go First's claim
that the engine delays had caused significant financial losses and
had forced the airline to ground many aircraft. However, the relief
arising out of that order is replaced by this current order.

                           About Go First

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

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

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

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

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

GOEL JEWELRY: Liquidation Process Case Summary
----------------------------------------------
Debtor: Goel Jewelery & Mart Private Limited
2204 Gurdwara Road,
        New Delhi DL-110005

Liquidation Commencement Date: June 16, 2023

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

Liquidator: Mr. Arvind Mittal
     H. No. 1900, Phase-3, J J Colony,
            Madanpur Khaddar, SanitaVihar, New Delhi,
            National Capital Territory of Delhi, 110076
            Email: arvindmittal81@yahoo.in

            F-29, DLF Centre Point, Opposite Bata Flyover,
            Sec-11, Faridabad, Haryana-121006
            Email: cirp.gjmpl@gmail.com

Last date for
submission of claims: July 16, 2023

JANAK ENTERPRISE: CRISIL Moves D LT/ST Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Janak
Enterprise (JE) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with JE for
obtaining information through letter and email dated May 29, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of JE to 'CRISIL D/CRISIL D Issuer not cooperating'.

JE was established in 2004 as a partnership firm by Mr Dhaval
Hasmuklal Shah and Ms Kuntiben Dhaval Shah. The firm manufactures
and exports specialty dyes such as inkjet dyes, digital textile
printing ink dyes and stationery dyes. Its facility is in Narol in
Ahmedabad, Gujarat.


JSW HYDRO: Fitch Affirms BB+ Rating on $707MM Notes Due 2031
------------------------------------------------------------
Fitch Ratings has affirmed India-based JSW Hydro Energy Limited's
USD707 million senior secured notes due 2031 at 'BB+'. The Outlook
is Stable.

The notes are issued directly by JSW Hydro, an indirectly fully
owned subsidiary of JSW Energy Limited, which owns two operational
hydropower projects - the 1,091 megawatt (MW) Karcham Wangtoo (KW)
hydro power plant on the Satluj river and the 300MW Baspa II (B2)
plant on the Baspa river - both in the Indian state of Himachal
Pradesh.

RATING RATIONALE

The rating reflects the credit quality of the hydropower project
portfolio, supported by a robust cost-plus regulatory framework
with no hydrology risk for the developer. KW has contracted a large
part of its capacity with PTC India Limited, which is owned by
various central-government entities, at a low tariff and B2 has
contracted most of its capacity with the Himachal Pradesh State
Electricity Board Limited (HPSEBL).

The rating is constrained at 'BB+' due to uncertainty around the
terms and conditions of future debt refinancing and the systemic
risk from its exposure to state-owned power-distribution companies,
even though the project portfolio's financial profile is stronger
than that commensurate for a 'BB+' credit assessment.

KEY RATING DRIVERS

Established In-House O&M Team - Operation Risk: Midrange

JSW Hydro uses conventional commercially proven technology and has
a capacity-weighted operating history of around 13.5 years. An
in-house operation and maintenance (O&M) team runs the plants. Both
are well-maintained and have consistent operating performance.
Replacement contractors are available, and spare parts are
carefully managed as the plants are in remote locations. The
assessment is constrained to 'Midrange' as operating cost forecasts
are not validated by an independent technical advisor and a
maintenance reserve account is not included in the bond's terms.

JSW Hydro subscribes to comprehensive industrial all-risk
insurance, which provides adequate coverage against losses from
business interruption.

No Hydrology or Curtailment Risk - Revenue Risk (Volume): Stronger

JSW Hydro's regulated business model supports its credit profile,
ensuring profitability over the medium term as long as projects are
available, irrespective of actual off-take. Each plant's fixed
costs are payable by the customer if JSW Hydro achieves regulatory
benchmark availability, which is set at a plant availability factor
(PAF) of 90% for the current regulatory period.

There is no hydrology risk, as the contracts allow for any
shortfall in energy charges due to non-operational issues to be
recovered in the following year. Both projects have exceeded the
design energy generation (P90 equivalent approved by authorities)
in 90% of their operating years. Curtailment risk is limited given
take-or-pay contracts and the "must-run" status of the plants.

Prices Support Revenue Recovery - Revenue Risk (Price): Stronger

Fitch assesses price risk as 'Stronger' because tariffs have a
limited impact on profit as long as availability is maintained. The
plants also operate under an established tariff-setting framework.
JSW Hydro's two-part, cost-plus tariff structure provides for
fixed-price payments based on available capacity to cover O&M
costs, depreciation, loan interest, taxes and a regulated return on
equity. It also allows normalised variable costs to be passed on to
off-takers.

JSW Hydro contracts its saleable capacity, excluding free power of
12%-18%, to PTC and state-owned HPSEBL. KW has take-or-pay
long-term agreements with PTC, which is one of India's largest
power traders, while B2 is contracted with state-owned HPSEBL. PTC
sells the energy to four state-owned distribution companies.

Bullet Debt, Ring-Fenced Structure - Debt Structure: Midrange

Fitch assesses the debt structure as 'Midrange' due to the bond's
bullet structure. However, refinancing risk is mitigated by a
mandatory cash sweep and cash lock-up for about 52% of principal
under our rating case. The remaining refinancing risk is low, given
the remaining life of the hydro projects and the issuer's good
access to banks and capital markets.

Noteholders are protected by the ring-fenced structure and
covenants. The bond pays fixed interest rates, but the other
covenants are primarily 'Midrange', including a lock-up test at the
backward-looking graded debt service coverage ratio (DSCR) and a
six-month debt service reserve account. No additional indebtedness
is allowed other than a working-capital basket of USD55 million.
Risks arising from the US dollar and Indian rupee exchange rate are
mitigated through hedging arrangements. The bond is directly issued
by JSW Hydro.

PEER GROUP

The most active region in terms of hydropower projects is Latin
America, with Brazil featuring a number of such rated projects.
However, these peers are not comparable with JSW Hydro as they are
rated on National Rating scales.

JSW Hydro's bond is rated at the same level as Continuum Energy
Levanter Pte. Ltd.'s senior secured notes (Continuum RG1, senior
secured rating: BB+/ Stable). Continuum RG1 has a renewable energy
portfolio comprising wind (90%) and solar (10%) projects. JSW Hydro
has a stronger regulatory framework and better financial profile
than Continuum RG1, but its rating is capped at 'BB+' due to the
uncertainty around the terms and conditions of its future debt
refinancing and the systemic risk from the ultimate exposure to
state-owned power-distribution companies.

JSW Hydro can also be compared with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured rating: BB+/Stable)
and Adani Green Energy Limited Restricted Group 2 (AGEL RG2, senior
secured rating: BBB-/Stable). Both peers have exposure to state
distribution companies and sovereign-backed off-takers. AGEL RG1's
'Midrange' debt structure is similar to that of JSW Hydro,
reflecting refinancing exposure upon bond maturity and protective
structural features, justifying the same rating for both. However,
AGEL RG2 has a 'Stronger' debt structure due to limited exposure to
refinancing risk, as most of the note principal is amortising. This
justifies its higher rating.

RATING SENSITIVITIES

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

Average synthetic annual DSCR in Fitch's rating case dropping
persistently to below 1.3x.

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

Fitch does not expect a rating upgrade in the near term, given
uncertainty around the terms and conditions of future debt
refinancing and the systemic risk from its ultimate exposure to
state-owned power distribution companies.

TRANSACTION SUMMARY

JSW Hydro consists of two operational run-of-the-river hydro
projects, KW and B2, located in the state of Himachal Pradesh,
India. The issuance is a USD707 million 10-year senior secured
note, with proceeds used to refinance initial Indian rupee debt.

CREDIT UPDATE

JSW Hydro's PAF in the financial year ended March 2023 (FY23) was
around 96.2% (97% in FY22). This remained well above the regulatory
benchmark availability set at the PAF of 90%, which is the key
operating performance parameter based on the capacity charge - 50%
of the annual fixed charge - that is payable to the company
irrespective of the actual plant load factor.

Aggregate gross generation for the two plants increased in FY23 to
5,637 million units (MU), from 5,564MU in FY22, 5.5% above
aggregate gross design energy of 5,344MU. Gross generation in FY23
was 1.3% higher than FY22.

Total revenue from the two projects in FY23 fell to INR13.76
billion from INR19.12 billion in FY22, despite higher generation,
due to a one-off write-back in FY22 for a provision of INR6.65
billion made previously.

On March 17, 2022, the central regulator approved the final true-up
order for the first and part of the second tariff control periods.
The approved amount was lower than provisions made by the company.
The INR3.76 billion in dues owed by the company to PTC over the
difference between the regulatory order and accrued revenue were
paid over the six months from April-September 2022.

Receivable days at the portfolio level increased to 40 days by
end-March 2023 from 29 days a year earlier due to the write-back of
provisions in FY22. B2's receivables increased to INR787 million in
FY23 from INR664 million in FY22. KW's receivables declined to
INR658 million in FY23 from INR808 million in FY22.

KW has a rated capacity of 1,091MW, which the authority raised from
1,000W earlier. JSW Hydro is currently selling 45MW of the 91MW
increase as short-term power in India's power exchange. Government
approval to export the remaining capacity is still pending.

FINANCIAL ANALYSIS

Fitch assumes JSW Hydro will refinance its bullet bond upon
maturity with debt that will fully amortise over the remaining life
of the power purchase agreements. Fitch also assumes a higher
refinancing interest rate of 12%, reflecting the uncertainty at the
time of maturity in eight years. Fitch focuses on the average DSCR
over the refinancing period until the end of the power purchase
agreements, given the bullet structure.

Fitch's base case includes full design energy as well as secondary
energy production assumptions, and plant availability at around
98%, in line with the long-term operational history. Fitch has
applied a 15% stress on the provisional amount of tariff true-up
liabilities of INR2.28 billion carried forward by management into
FY24, and assumed that the settlement will occur in FY25, the year
following the end of the second tariff period. Our base case
generates an average annual DSCR of 2.19x during the FY32-FY46
refinancing period.

Fitch's rating-case production assumptions include design energy
production, a 50% production haircut on secondary energy from the
base case and 90% plant availability, in line with the minimum
required availability. Fitch also applies a 15% stress on operating
expenses and, despite the pass-through nature of the tariff, an
additional 5% of the operating and maintenance stress to be
absorbed without pass through. Fitch reduces return on equity by
0.2% at each five-year tariff determination period to account for
revised tariff-calculation regulations, and tariff true-up
liabilities' provisions and settlements are similar to those in the
base case. Along with a higher refinancing rate, the assumptions
generate an average annual DSCR of 1.80x under Fitch's rating
case.

SECURITY

The US dollar senior notes are secured by movable and immovable
project assets, rights under project documents, share pledges and
project accounts.

ESG CONSIDERATIONS

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


K. RADHAKRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K.
Radhakrishna Naik (KRN) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.02       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.36       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of KRN under the 'issuer non-cooperating'
category as KRN 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. KRN 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).

K.Radhakrishna Naik (KRN) is a proprietorship firm established in
1978 by Mr K. Radhakrishna Naik in Udayagiri, Karnataka. The firm
is a class I civil contractor for Public Works Department (PWD),
Karnataka for undertaking civil constructions of buildings, roads
etc. Over the last two years, KRN has constructed roads and bridges
in Bantwal and Mangalore regions of Karnataka for Karnataka Rural
Road Development Agency (KRRDA) and Public Works Department,
Karnataka. The firm subcontracts 30% of its labour work to various
other contractors.

KOTSON'S PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kotson's Private Limited

Registered Office:
        A-20B, 2nd Floor, R.G. City Center,
        Plot No. 4 D.D.A Community Centre
        Motia Khan, Paharganj,
        New Delhi, Delhi-110055

        Head Office & Unit-I:
        217A, 218 to 220 & 230A MIA
        Desula, Alwar 301030
        Rajasthan, India

        Unit-II:
        C-21, U.P.S.C., Site C
        Sikanda, Agra-282007, UP

        Unit-III:
        E-1 TO E-12, D-9 to D-16 UPSIDC
        Industrial Area, Bajpur Road
        Sultanpur, Ultrakhand-263401

Insolvency Commencement Date: June 9, 2023

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

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Alok Kaushik
       G-105, Sai Baba Aptt,
              Sector-9, Rohini, New Delhi,
              National Capital Territory of Delhi, 110085
              Email: alok_kaush@yahoo.com

              B-307/C, North Ex Mall,
              Sector-9, Rohini Delhi-110085
              Email: cirp.kotsons@gmail.com
              Mobile: +91 9875921492

Last date for
submission of claims: June 27, 2023

MURLI ELECTRODE: CARE Lowers Rating on INR4cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Murli Electrode Private Limited (MEPL), as:

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

   Short Term Bank       1.00      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 22, 2022,
placed the rating(s) of MEPL under the 'issuer non-cooperating'
category as MEPL 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. MEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023 and June 27, 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 have been revised on account of non-availability of
requisite information. The revision further considers the delays in
debt servicing as recognized from publicly available information
i.e., CIBIL filings.

Nagpur based, Murli Electrode Private Limited (MEPL) was
incorporated on June 23, 1998, by Mr. Murli Maloo, Mr. Mahesh
Maloo, Mr. Dinesh Maloo and Mr. Harish Maloo. MEPL is engaged in
the manufacturing of various types of welding electrodes, welding
consumables and wires.

P.P. RUBBER: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.P. Rubber
Products Private Limited (PRPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.77       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       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 15, 2022,
placed the rating(s) of PRPPL under the 'issuer non-cooperating'
category as PRPPL 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. PRPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 21, 2023.

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

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

Jaipur based, P.P. Rubber Products Private Limited (PRPPL) was
incorporated in 1991 and promoted by Mr Prem Prakash Poddar. The
company is engaged in the manufacturing of hawai chappals, canvas
shoes, polyurethane (PU) footwear and school shoes for all age
groups. PRPPL's sole manufacturing facility is located in Jaipur,
Rajasthan.


PAVANSUT PAPER: CRISIL Cuts Rating on Long/Short Term Debts to D
----------------------------------------------------------------
Due to lack of management co-operation towards non-payment of fees,
CRISIL Ratings has migrated the rating on bank facilities of
Pavansut Paper Mill Private Limited (PPMPL) to 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
company's management has co-operated and shared the requisite
information for a comprehensive review of the ratings.

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

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

Consequently, CRISIL Ratings is downgrading the ratings to 'CRISIL
D/CRISIL D' due to delays by PPMPL in payment of interest on the
Guaranteed Emergency Credit Line (GECL) loan on account of weak
liquidity.

The profitability of PPMPL is susceptible to volatility in input
prices, and the company has a modest scale of operation and large
working capital requirement. However, it benefits from the
extensive experience of the promoters in the industrial paper
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility of profitability to volatility in input prices:
Volatility in the prices of the key raw materials, domestic and
imported wastepaper, leads to unstable operating margin. Any
significant deviation in raw material prices will affect the
profitability of PPMPL.

* Modest scale of operations and large working capital requirement:
Revenue declined to INR36.29 crore in fiscal 2023 from INR55.35
crore in the previous fiscal owing to volatility in paper prices
and lower demand. The working capital cycle has been stretched, as
indicated by gross current assets (GCAs) of 207-210 days over the
three fiscals through 2022. The GCAs were at 207 days as on March
31, 2022, compared with 170 days for some of its peers. The large
working capital requirement arises from sizeable receivables and
inventory. The company has to provide extensive period and holds
large inventory.

Strengths:

* Extensive industry experience of the promoters: Experience of
over 10 years in the industrial paper industry has given the
promoters an understanding of the dynamics of the market and helped
establish relationships with suppliers and customers. CRISIL
Ratings believes PPMPL will continue to benefit from the expertise
of its promoters.

Liquidity: Poor

Liquidity is poor as reflected in delays in interest servicing by
the company and bank limit utilisation was high at 98% on average
for the 12 months through May 2023. Cash accrual is expected at
INR1.00-1.50 crore and will be insufficient to meet term debt
obligation of INR2.00 crore yearly over the medium term. The
promoters are likely to extend support in the form of unsecured
loan to meet working capital requirement and debt obligations.

Current ratio was moderate at 1.19 times on March 31, 2022.

Rating Sensitivity Factors

Upward factors

* Timely payment of interest on debt for at least 90 straight
days.
* Improvement in the business risk profile augmenting liquidity.

Incorporated in 2015, PPMPL manufactures kraft paper. Its
manufacturing facility is in Morbi, Gujarat. The company is
promoted by Mr Shailesh Patel and Mr Ravi Patel and their family
members.


PINNACLE ENGINES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Pinnacle Engines India Private Limited
HD-024, WeWork Futura, Sr No 133(P), CTS No 4944,
        Magarpatta Road, Kirtane Baugh,
        Magarpatta, Hadapsar, Pune 411028

Liquidation Commencement Date:  June 15, 2023

Court: National Company Law Tribunal Bangalore Bench

Liquidator: Vinod Sunder Raman
     B-703, Arvind Skylands Apartments,
            Shivanahalli, Jakkur Main Road,
            Yelahanka, Bengaluru 560064
            Email: vinod@vrconsulting.biz
            Telephone number: +91-9845884410

Last date for
submission of claims: July 15, 2023

PRITHVIRAJ PLASTICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Prithviraj Plastics Private Limited
262, Ganvathan, Malavadi,
        Daund Pune MH 413801 India

Insolvency Commencement Date: May 9, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Manisha Sanjay Agrawal
       Towers Near NIT, Sadar,
              Nagpur, Maharashtra, 440001
              Email: m_taiyal@yahoo.com
                     prithviraj.cirp@gmail.com

Last date for
submission of claims: May 24, 2023

RICHA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richa
International (RI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         6          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RI 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 RI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Richa International, a partnership firm, was set up in 1993 by Mr.
Anil Dani in Mumbai. The firm exports agricultural commodities,
mainly maize, rice, and sugar. It also exports commodities such as
millet, sorghum and turmeric occasionally.


S.K. HITECH: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Hitech
Industries (SHI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 10, 2022,
placed the rating(s) of SHI under the 'issuer non-cooperating'
category as SHI 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. SHI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2023, May 6, 2023, May 16, 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).

Davanagere (Karnataka) based S K Hitech Industries (SHI) was
established in the year 2014 as Partnership Firm by Mr. H Syed
Jameel, Ms. Syeda Rehana, Ms. Shahataj Banu and Mr. Shaik Abdul
Khuddus. The firm is engaged in processing of paddy to produce
rice, broken rice, bran and husk with the installed capacity of 14
ton per hour. Ms. Syeda Rehana, the Managing Partner, of the firm
looks after the day-to-day operations.


SAI AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai
Automobiles (SA) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 10, 2022,
placed the rating(s) of SA under the 'issuer non-cooperating'
category as SA 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. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2023, May 6, 2023, May 16, 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).

Berally (Karnataka) based SAI was established in 1994 by Mr.
Gonaguntla Jayaprakash as an authorized dealer & distributor of
Bajaj Auto Limited for passenger vehicles and MAN Trucks India
Private Limited for commercial vehicle segment. SAI has total of 11
outlets based in two districts of Karnataka namely Berally and
Koppal. SAI is also engaged into providing service and selling
spare for the vehicles.


SETHI CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sethi
Constructions (SC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.75       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 11, 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
March 27, 2023, April  6,2023, April 16, 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).

Sethi Construction (SC), was established in the year 1972, is a
Kolkata (West Bengal) based partnership firm, promoted by the Sethi
family. Since its inception the firm is engaged in civil,
mechanical and electrical works on behalf of various public and
private entities. Sethi Construction is 'S class' certified civil
constructor with the Military Engineer Services (MES)and Defence
Research Development Organisation (DRDO) the firm has also
established relation with the Private department like Belani
Projects Limited and Simplex Infrastructures Limited. Mr. Harmeet
Singh Sethi has more than a decade of experience in civil
construction industry. He looks after the day to day operations of
the entity along with other two partners and other technical and
non-technical professionals who are having long experience in this
industry.


SHIVA SHAKTI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shiva Shakti Grains (India) Private Limited
Village Sidhwan Kalanaur Road,
        Gurdaspur Punjab-143521

Insolvency Commencement Date: June 8, 2023

Estimated date of closure of
insolvency resolution process: December 4, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Dewan Asparan Nabi
       Flat No. 167, First Floor, Sunny Basant
              Mohali Royal Residency,
              Sector-117, Airport Road TDI Club,
              Sahibzada Ajit Singh Nagar, Punjab-160055
              Email: danaasparan@yahoo.com

              SCO-818, 1st Floor, Above Yes Bank,
              NAC, Manimajra, Chandigarh-160101
              Email: cirpshivashakti@gmail.com
              Mobile: 9875921492

Last date for
submission of claims: June 22, 2023

SUMITA TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sumita Tex
Spin Private Limited (Sumita) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bank Guarantee           2          CRISIL D (ISSUER NOT
                                       COOPERATING)

   Bank Guarantee           0.5        CRISIL D (ISSUER NOT
                                       COOPERATING)

   Cash Credit             11.5        CRISIL D (ISSUER NOT
                                       COOPERATING)

   Cash Credit              5.5        CRISIL D (ISSUER NOT
                                       COOPERATING)

   Funded Interest          4.53       CRISIL D (ISSUER NOT
   Term Loan                           COOPERATING)

   Funded Interest          2.24       CRISIL D (ISSUER NOT   
   Term Loan                           COOPERATING)

   Letter of Credit         2.5        CRISIL D (ISSUER NOT
                                       COOPERATING)

   Long Term Loan          13.61       CRISIL D (ISSUER NOT
                                       COOPERATING)

   Long Term Loan          11.78       CRISIL D (ISSUER NOT
                                       COOPERATING)

   Proposed Long Term     102.28       CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

   Working Capital         29.18       CRISIL D (ISSUER NOT
   Term Loan                           COOPERATING)

   Working Capital         14.38       CRISIL D (ISSUER NOT
   Term Loan                           COOPERATING)

CRISIL Ratings has been consistently following up with Sumita 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 Sumita, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Sumita is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Sumita continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its manufacturing
unit is in Silvassa (Dadra and Nagar Haveli).


SUPER IRON: CARE Lowers Rating on INR12cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Super Iron Foundry (SIF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      8.00       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 6, 2022,
placed the rating(s) of SIF under the 'issuer non-cooperating'
category as SIF 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. SIF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 22, 2023, May 2, 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 SIF have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Super Iron Foundry (SIF) was incorporated as a partnership firm in
1977 by Saklecha family of Kolkata to manufacture cast iron with an
installed capacity of 8,000 MTPA. The firm is engaged in
manufacturing of cast iron products including Manhole frame &
covers, Valve boxes, Water meter boxes & their adapter rings,
surface boxes, catch basin and their grates etc. SIF, for over a
period of 40 years, caters to the municipal, water works,
automobile and other industries. It is a Star Export House
recognized by the Govt. of India and is a 100% EOU.


SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Exim
Limited (SEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Long Term Rating         -          CRISIL D (ISSUER NOT
                                       COOPERATING)

   Short Term Rating        -          CRISIL D (ISSUER NOT
                                       COOPERATING)

CRISIL Ratings has been consistently following up with SEL 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 SEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SEL, incorporated in 1989, is a Surat (Gujarat)-based company that
processes and trades in products such as coal, specialised yarn,
and polymer resins; it also provides logistic services and is an
authorised distributor of Indian Oil Corporation Ltd for selling
plastic granules. The operations are managed by Mr J P Saboo.


SURYA-LANDMARK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Surya-Landmark Developers Private Limited

Registered Office:
        603, Nandlal CHS Ltd., Riddhi Palace,
        S.V. Road, Borivali (West),
        Mumbai - 400092, Maharashtra, India

        Principal Office:
        Ganesh Manish CHS, Office No. 2,
        1st Floor, S.V. Road, Opp. Bank of Baroda,
        Kandivali (West), Mumbai - 400067
        Maharashtra, India  

Insolvency Commencement Date: June 9, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Prakul Thadi
       Flat No. 1405, J Block,
              Rainbow Vistas, Green Hills Road,
              Moosapet, Hyderabad – 500018,
              Telangana, India
              Email: prakulthadi@hotmail.com

              D. No. 470/12, HIG-1, Block-5,
              APHB, Baghlingampally,
              New Nallakunta, Hyderabad - 500044
              Email: cirp.suryalandmark@gmail.com

Last date for
submission of claims: June 24, 2023

SYNTEX TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Syntex Trading & Agency Private Limited
Shop No. 28, 1st Floor, Krishna Arcade,
        Yashwant Shrusti Khaira,
        Boisar Boisar Palghar
        Thane MH 401501 India  

Insolvency Commencement Date: June 9, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Avil Menezes
       106, 1st Floor, Kanakia Atrium 2,
              Cross Road 'A', Chakala MIDC,
              Andheri (East), Mumbai 400093
              Email: avil@caavil.com
                     irp.syntextrading@gmail.com

Last date for
submission of claims: June 26, 2023

T. K. ROADLINES: CARE Lowers Rating on INR8.83cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
T. K. Roadlines (TKR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.83       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.30       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 TKR under the 'issuer non-cooperating'
category as TKR 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. TKR 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).

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

Analytical approach: Standalone

Outlook: Stable

Howrah (West Bengal) based, T. K. Roadlines (TKR) was constituted
as a partnership firm on June 25, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.

TATA CHEMICALS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Tata Chemicals Limited (TCL). The rating outlook remains
stable.

"The rating affirmation reflects Moody's view that the improvement
in TCL's financial profile will be sustained over the next 18-24
months, amid a relatively bleak macroeconomic environment that
could somewhat moderate earnings, and even as capital expenditure
on new capacities picks up. Even so, with its consolidated gross
debt/EBITDA leverage at 2.0x-2.5x, EBITDA/interest coverage of
8.0x-9.0x and with retained cash flows comprising more than a
quarter of its debt, TCL's financial profile will remain solid for
its Ba1 CFR," says Kaustubh Chaubal, a Moody's Senior Vice
President.

The stable outlook reflects Moody's view that TCL will maintain
revenue growth across all its businesses, while maintaining its
leading position in the global soda ash industry. In addition, the
stable outlook reflects Moody's expectation that TCL will retain
its measured approach to growth and prudently deploy any cash
surpluses in EBITDA-accretive investments.

RATINGS RATIONALE

TCL's business profile is diversified across products and
geographies (United States of America (Aaa stable), the United
Kingdom (Aa3 negative), India (Baa3 stable), and Kenya (B3 ratings
under review for downgrade)). Basic chemical products (soda ash,
sodium bicarbonate and salt) comprised around 80% of the company's
consolidated revenue for the fiscal year ending March 2023 (fiscal
2023), with balance revenues accruing from specialty products, such
as agricultural chemicals. Relatively resilient and defensive
demand for sodium bicarbonate and salt has provided significant
diversification benefits to TCL, especially given the inherent
cyclicality of the end-user industry for soda ash.

The company's leading market position across its various operating
businesses is an underlying strength: TCL is the world's
third-largest soda ash producer; the world's sixth-largest sodium
bicarbonate producer; India's leading producer of vacuum evaporated
iodized salt; a leading agricultural chemicals manufacturer in
India; and a leading producer of pure-dried vacuum salt products in
the UK.

Demand for soda ash will be fueled by robust demand for glass (used
in buildings, construction, automobiles, solar panels, food and
beverage packaging), silicates (used in industrial manufacturing),
powdered detergents, and newer applications such as lithium
carbonate (used in lithium-ion electric vehicle batteries) and flue
gas treatments (to remove sulphur emissions in various industrial
applications). In particular, new applications of soda ash and its
derivative product sodium bicarbonate – such as lithium
carbonate, solar glass and flue gas treatments – will likely
drive around 75% of global growth in soda ash, amid a growing focus
on net-zero carbon emission targets.

With no major new soda ash capacity expansions outside of China
over the next few years and sustained demand, soda ash prices may
not moderate substantially, even as costs, in particular energy
costs, slide. Moody's expects that overall global demand for soda
ash will likely mirror global economic growth, with GDP for the
G-20 countries expanding by 2.1% in 2023 and 2.2% in 2024 after
increasing by 2.7% in 2022.

TCL's production costs remain lower compared to synthetic soda ash
producers, given that two-thirds of its soda ash is produced
through an energy efficient, natural process (entailing mining the
trona ore and processing it into sodium carbonate). This
competitive cost advantage positions TCL well on the industry cost
curve, insulating it from the inherent cyclicality that most
synthetic soda ash producers are exposed to. As such,
notwithstanding some moderation in end-product prices, Moody's
expects TCL's EBITDA margin to remain at around 19%-20%.

Meanwhile, TCL's capital expenditure will pick up over the next few
years, with an estimated INR80 billion ($1 billion) toward
investments in debottlenecking and brownfield expansions. These
investments will likely strain its free cash flow generation over
the next 12-18 months. Still, its consistent absolute gross debt
reduction over the last three years has positioned TCL in good
stead, even if part of the capital expenditure is funded through
incremental debt.

TCL's Ba1 CFR continues to reflect the company's leading position
in global soda ash markets, in particular due to its competitive
cost structure. This underpins its sustained strong profitability,
which will lead to better leverage and coverage metrics. The
company's good liquidity is also an underlying strength.

On balance, TCL's Ba1 rating also reflects its relatively small
scale compared with that of its global chemical industry peers, as
well as its exposure to the inherent cyclicality in end-user
markets. The Ba1 CFR continues to incorporate a one-notch uplift,
given Moody's expectation of timely, ongoing and extraordinary
support from its parent, Tata Sons Ltd., when needed.

OUTLOOK

The stable outlook reflects Moody's view that TCL will maintain
revenue growth across all its businesses, as well as its leading
position in the global soda ash industry.

In addition, the stable outlook continues to reflect the agency's
expectation that TCL will retain its measured approach to growth
and that it will prudently deploy any surplus cash toward
EBITDA-accretive investments.

LIQUIDITY

TCL has good liquidity. Its cash and cash equivalents of $200
million as of March 2023 and its Moody's-estimated cash flow from
operations of $480 million over the 18 months until September 2024
should be sufficient to cover its basic cash needs towards
scheduled debt repayments, maintenance capital expenditure and
modest dividends.

Intra-year working capital volatility will cause TCL to continue
relying on working capital facilities to tide over temporary
mismatches. The company relies on multi-year revolving credit
facilities at its US, UK, and Singapore subsidiaries, and on
364-day working capital facilities in India. Nevertheless, its
large balance sheet liquidity provides a significant buffer. More
importantly, thanks to its association with the Tata brand, TCL
continues to have long-standing relationships with Indian and
multinational banks. Moreover, Moody's expects the company to
refinance the $228.5 million loan due in September 2024
sufficiently ahead of its maturity, as well as roll-over its
short-term working capital facilities.

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

TCL's relatively small global scale, in comparison with global
chemical companies, may limit any upward rating momentum.

Specific financial metrics that could lead to an upgrade include
Moody's-adjusted debt/EBITDA leverage substantially below 2.5x,
retained cash flow/adjusted debt of at least 25%, and positive free
cash flow generation; all on a sustained basis. More importantly, a
significantly larger global scale or a more meaningful and
sustained debt reduction will be key for a higher rating.

Downgrade pressure on the CFR could develop if a deterioration in
global soda ash markets causes TCL's consolidated EBITDA margin to
drop below 18% on a sustained basis. Other leading indicators for a
lower rating include adjusted debt/EBITDA leverage in excess of
4.5x, adjusted EBITDA/interest coverage less than 4.0x or retained
cash flows/adjusted debt falling below 15%; all on a sustained
basis.

Any revision to Moody's assumptions of support from Tata Sons could
also prompt a review of the one-notch uplift to TCL's Ba1 CFR.

The principal methodology used in these ratings was Chemicals
published in June 2022.

Tata Chemicals Limited (TCL) is the flagship chemical company of
the Tata Group -- India's leading conglomerate -- which owns 37.98%
of the company. TCL is the world's third-largest producer of soda
ash (sodium carbonate), with an overall capacity of 4.1 million
tons per annum (mtpa), and the world's sixth-largest producer of
sodium bicarbonate for industrial, technical and food applications,
with plants in India, the US, the UK and Kenya.

The company holds an effective 100% shareholding in Tata Chemicals
Soda Ash Partnership (TCSAP) through Tata Chemicals North America.
TCSAP operates soda ash mining and production facilities located in
Green River Basin, Wyoming, in the US.

In India, TCL is also present in the agrochemicals segment through
its 50.06%-owned subsidiary, Rallis Ltd. The company is also a
major producer of salt in India and the UK, for food and industrial
end-use. TCL continues to be India's leading edible and vacuum salt
manufacturer.

TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tuscan
Agrow (TA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 13, 2022,
placed the rating(s) of TA under the 'issuer non-cooperating'
category as TA 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. TA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 2023, May 9, 2023, May 19, 2023.

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

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

Tuscan Agrow (TA) was established in the year 2014 as a partnership
firm by Mr. Sathyamoorthy Vasudevan and Mrs. Priya Vasudevan. The
commercial operations of the firm were started from 2015. The
entity has its registered and administrative office located at
Bangalore and is engaged in growing of coffee seeds and allied
products, and yielding about 300 tons of coffee and 30MT of pepper
along with other allied crops every year.


VAISHNAV CASTING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Vaishnav Casting Private Limited (SVCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bank Guarantee           7          CRISIL D (Issuer Not
                                       Cooperating)

   Bank Guarantee           1          CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             32          CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             15          CRISIL D (Issuer Not
                                       Cooperating)

   Letter of Credit        14          CRISIL D (Issuer Not
                                       Cooperating)

   Letter of Credit        28          CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Short Term     30.97       CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Standby Line             5          CRISIL D (Issuer Not
   of Credit                           Cooperating)

   Term Loan               11.35       CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan                5          CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan               50.68       CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with SVCPL 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 SVCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SVCPL and its associate
entities.

SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.


VIBHA AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Flat No. 501, A&B Subhan Sirisampada
        No. 6-3-1090/A/1, Rajbhavan Road,
        Somajiguda, Hyderabad - 500082
   
Insolvency Commencement Date: June 5, 2023

Estimated date of closure of
insolvency resolution process: December 2, 2023

Court: National Company Law Tribunal, Hyderabad Bench-I

Insolvency
Professional: Ram Ratan Kanoongo
       708, Raheja Centre, Nariman Point,
              Mumbai-400021, Maharashtra
       Email: rrkanoongo@gmail.com
                     cirpvibha@gmail.com  
  
Last date for
submission of claims: June 27, 2023

VISION ROOFINGS: CARE Lowers Rating on INR4.07cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vision Roofings (VR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.07       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of VR under the 'issuer non-cooperating'
category as VR 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. VR 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 VR have been revised
on account of non-availability of requisite information.

Karnataka based, Vision Roofings (VR) was established as a
partnership firm in the year 2014 and promoted by Mr. Vishwapratap
Shetty and Mr. Praveena Kumar. VR commenced its business operations
from July, 2014 with FY15 being first year of business operations.
The firm is engaged in manufacture of roofing and cladding sheets,
gutter, down spout pipes and flashings. These products are widely
utilized by clients across various construction industries for
building various factories, sheds, commercial and residential
sites. The firm procures its raw material of PPGI coil (pre-painted
galvanized iron) from
Maharashtra and Nagpur.

VISWABHARATHI EDUCATIONAL: CRISIL Keeps D Ratings in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viswabharathi
Educational Society (VES) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         9.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan       155.0        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     1.6        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL Ratings has been consistently following up with VES 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 VES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VES continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

VES, set up by Dr. D Kanta Reddy in 1995, operates a medical
college and a 750-bed teaching hospital, set up in 2014, in
Kurnool, Andhra Pradesh.

Viswabharathi Super Speciality Hospital, set up in 2005, operates a
multi-speciality hospital in Kurnool. Viswabharathi Cancer
Hospital, set up in 2009, is a single-speciality hospital.


VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vizag
Companys Steel (VCS) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with VCS 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 VCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCS continues to be 'CRISIL D Issuer Not Cooperating'.

VCS was set up in 2002 as a partnership firm by Mr. Ashok Chaudhary
and Mr. Yashwant. The firm trades in thermomechanically treated
bars and billets. It is based in Visakhapatnam, Andhra Pradesh.


VRP BUILDTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s VRP Buildtech Private Limited

Registered Office:
        H. No. A-43, F/f, Front Side Shera Mohalla,
        Garghi, Near East of Kailash, New Delhi 110065

        Principal Office:
        1F-22-26, Ozone Centre Sector
        12 Faridabad Haryana 121007
   
Insolvency Commencement Date: May 30, 2023

Estimated date of closure of
insolvency resolution process: November 26, 2023 (180 Days)

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

Insolvency
Professional: Kamal Agarwal
       487/27 School Road,
              Near Peeragarhi Metro Station,
              New Delhi-110087
              Email: advocate.kamal.aggl@gmail.com
                     cirp.vrpbuildtech@gmail.com
              Mobile: 981113883

Representative of
Creditors in a Class:

              Prabhat Ranjan Sigh
              Shyam Arora
              Gaurav Katiyar

Last date for
submission of claims: June 15, 2023

WOODVILLE PALACE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Woodville
Palace Hotel (WPH) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              20         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with WPH 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 WPH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WPH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WPH continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1980 as a proprietorship firm by Mr Raj Kumar Uday
Singh, WPH operates a hotel, Woodville Palace, in Shimla. The
property comprises 24 rooms, and is currently being renovated and
expanded to 50 rooms.




=========
J A P A N
=========

TOSHIBA CORP: Tender Offer to Be Delayed Until August or Later
--------------------------------------------------------------
The Japan Times reports that a consortium led by investment fund
Japan Industrial Partners Inc. is expected to delay the start of a
tender offer for Toshiba until August or later, sources said on
July 7.

The Japan Times relates that the consortium initially planned to
launch the tender offer as early as late July, but it is taking
time to obtain approval from antitrust regulators in certain
countries, according to the sources.

According to the report, the consortium plans to buy more than
two-thirds of Toshiba's outstanding shares at JPY4,620 per share.
It aims to eventually acquire all Toshiba shares and take the
company private.

Toshiba has been mired in management turmoil since an accounting
scandal surfaced in 2015.

The Japan Times says the company solicited turnaround proposals and
decided on March 23 to accept the JIP-led consortium's acquisition
proposal. The contract between the two sides requires the
consortium to start a tender offer within six months of that date.

                            About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific in early
July, S&P Global Ratings has kept its 'BB+' long-term issuer credit
rating on Toshiba Corp. on CreditWatch with negative implications.
S&P also affirmed at 'B' its short-term issuer credit rating and
commercial paper program rating.


[*] JAPAN: 27% of Nursing Homes Face Bankruptcy Due to Price Hikes
------------------------------------------------------------------
Kyodo News reports that some 27 percent of nursing homes and
related service facilities in Japan may go bankrupt or shut down
operations in a few years if soaring prices and utility costs
continue to put pressure on them, according to a survey by nursing
care groups.

"Nursing care facilities are not able to pass along cost increases
to consumers in the same way as other companies, and this has a
significant impact on their business," said an official of
Minkaikyo, an association of nursing care providers.

According to the report, the group was among those that conducted
the online survey in March covering around 1,200 nursing care homes
and facilities across Japan.

There are also concerns about a potential decline in the quality of
nursing care services as some facilities have either reduced staff
or postponed hiring due to high prices, Kyodo News relates.

Kyodo News says the survey found that over 90 percent of facilities
have been affected by price increases.

When these facilities were asked about their future business plans,
64.3 percent felt they can weather the challenges and continue
operating, followed by those who were worried about shutting down
their operations or going out of business in coming years.
Among multiple answers on how facilities are dealing with increased
costs due to price hikes, the most common was saving electricity
and goods, followed by withdrawing savings and reducing or forgoing
salary increases and bonuses, Kyodo notes.

Some 16.2 percent chose staff reductions and suspension of new
hiring, according to the survey.




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

HUKA VIEW: Court to Hear Wind-Up Petition on July 18
----------------------------------------------------
A petition to wind up the operations of Huka View Dairies Limited
will be heard before the High Court at Whanganui on July 18, 2023,
at 10:00 a.m.

Brandon Ian Gates and Velvaleen Farms Limited filed the petition
against the company on May 15, 2023.

The Petitioner's solicitor is:

          Brittany Gibson
          Treadwell Gordon, Solicitors
          Level 3, Wairere House
          Corner of Somme Parade and Bates Street
          Whanganui


INFINITY CONSTRUCTION: Court to Hear Wind-Up Petition on July 13
----------------------------------------------------------------
A petition to wind up the operations of Infinity Construction
Management Limited will be heard before the High Court at Auckland
on July 13, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 17, 2023.

The Petitioner's solicitor is:

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


KAURI GLEN: Creditors' Proofs of Debt Due on Aug. 1
---------------------------------------------------
Creditors of Kauri Glen 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 Tauranga appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on July 3, 2023.


KHUSHBIR TRANSPORT: Court to Hear Wind-Up Petition on July 21
-------------------------------------------------------------
A petition to wind up the operations of Khushbir Transport Limited
will be heard before the High Court at Auckland on July 21, 2023,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 31, 2023.

The Petitioner's solicitor is:

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


TJSROOFING LIMITED: Creditors' Proofs of Debt Due on July 27
------------------------------------------------------------
Creditors of Tjsroofing Limited and Flooring Fixations Limited are
required to file their proofs of debt by July 27, 2023, to be
included in the company's dividend distribution.

Tjsroofing Limited commenced wind-up proceedings on June 26, 2023.
Flooring Fixations Limited commenced wind-up proceedings on June
27, 2023.

The company's liquidator is:

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




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

KAFFE 7: Creditors' Proofs of Debt Due on Aug. 7
------------------------------------------------
Creditors of Kaffe 7 Pte. Ltd. are required to file their proofs of
debt by Aug. 7, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 30, 2023.

The company's liquidator is:

          Najeeb Assan
          c/o IP Consultants Pte Ltd
          80 Robinson Road #15-02
          Singapore 068898


ROLF VENTURES: Creditors' Meeting Set for July 20
-------------------------------------------------
Rolf Ventures Pte Ltd will hold a meeting for its creditors on July
20, 2023, at 10:00 a.m., at.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Companies, showing the assets and liabilities of the
      Companies;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;

   d. Any other business.


SEADRILL OFFSHORE: Creditors' Proofs of Debt Due on Aug. 6
----------------------------------------------------------
Creditors of Seadrill Offshore Singapore Pte. Ltd. and Seadrill
Australia Pte. Ltd. are required to file their proofs of debt by
Aug. 6, 2023, to be included in the company's dividend
distribution.

The companies commenced wind-up proceedings on June 30, 2023.

The liquidators can be reached at:

          Bob Yap Cheng Ghee
          Toh Ai Ling
          Chan Kwong Shing, Adrian
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


SEVAN DRILLING: Creditors' Proofs of Debt Due on Aug. 6
-------------------------------------------------------
Creditors of Sevan Drilling Rig VI Pte. Ltd. and Sevan Drilling
Pte. Ltd. are required to file their proofs of debt by Aug. 6,
2023, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2023.

The liquidators can be reached at:

          Bob Yap Cheng Ghee
          Toh Ai Ling
          Chan Kwong Shing, Adrian
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


TOP-NTL PTE: Creditors' Proofs of Debt Due on Aug. 6
----------------------------------------------------
Creditors of Top-NTL Pte. Ltd. are required to file their proofs of
debt by Aug. 6, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 30, 2023.

The company's liquidator is:

          Suthasinee Muenlamay
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961




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

STARK CORPORATION: Former Chairman Faces Arrest Warrant
-------------------------------------------------------
The Nation reports that the Department of Special Investigation
(DSI) has issued an arrest warrant for Chanin Yensudchai, former
chairman of Stark Corporation Plc, the industrial cable-maker at
the centre of an accounting scandal.

The Nation relates that DSI deputy director-general Police Major
Yuthana Praedam said on July 6 authorities had learned that Chanin
had fled to Hong Kong and they were trying to determine whether he
was still there or moved elsewhere.

Chanin and other Stark board members resigned in mid-April, the
report recalls.

The alleged fraud at Stark Corporation has affected numerous
shareholders, bondholders, and creditors, inflicting an estimated
damage of THB100 billion.

According to The Nation, representatives from some 11,000 small
shareholders of the company on July 6 filed a complaint with the
DSI against seven individuals they accused of public embezzlement,
money laundering, and violation of the Computer Crime Act, in
connection with the Stark scandal.

The complainants asked the DSI to arrest those involved and prevent
the suspects from leaving the country.

Also, they requested that the DSI work with the Anti-Money
Laundering Office to confiscate the assets of the suspects and
other people involved in the alleged fraud.

Chanin, and Stark's former chief financial officer Sattha
Chantrasettalert, have been formally charged in a stock fraud case,
according to DSI's Yuthana, The Nation relays. He said summons had
been issued for Sattha to meet with DSI investigators for
questioning on July 7, the report notes.

Yuthana said that Sattha was believed to be still in Thailand.

"The DSI is gathering evidence about all the players [in the Stark
scandal]. We have details about what happened in Stark and who did
what. We will later determine who is responsible for criminal
offences," the officer said.

According to the report, Yuthana said the evidence has been
collected from the Securities and Exchange Commission, auditors who
found irregularities in Stark, and other witnesses.

Yuthana estimated that some 80 per cent of known evidence has been
collected, The Nation relates.

"Sattha said the company's accounts were doctored. So, we need to
find out who ordered that and who benefited from it. Our initial
suspicion is that Chanin ordered it and other people were involved
too," the officer said.

                          About Stark Corp

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

As reported in the Troubled Company Reporter-Asia Pacific in late
June 2023, Stark Corporation Public Company Limited plans to
restructure its debt to stave off a forced delisting. Stark has
seen its shares sink by 99% in June 2023 after defaulting on some
of its THB30 billion (US$842 million) in liabilities, according to
Bloomberg News. It has also revealed that PricewaterhouseCoopers
(PwC) found irregularities in its past accounting, requiring it to
restate financial reports to show consecutive years of net losses.



                           *********


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

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

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

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

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



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