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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

          Wednesday, July 12, 2023, Vol. 26, No. 139

                           Headlines



A U S T R A L I A

DUET RECRUITMENT: First Creditors' Meeting Set for July 17
GAUCI CIVIL: Second Creditors' Meeting Set for July 18
INCLING PTY: First Creditors' Meeting Set for July 17
REDZED TRUST 2023-2: Fitch Puts Final BBsf Rating to Class E Notes
SOL Y VINO: First Creditors' Meeting Set for July 17

TOPLACE PTY: In Administration, Founder Wanted on Fraud Charges
VOTRAINT NO. 534: Second Creditors' Meeting Set for July 17


I N D I A

AJM DEVELOPERS: CARE Lowers Rating on INR27cr LT Loan to B+
AMBERTEX SEKHSARIA: CRISIL Moves D Rating from Not Cooperating
B S BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating
B. T. ROADLINES: CARE Lowers Rating on INR8.42cr LT Loan to B-
BANASHANKARI INSTITUTE: CARE Keeps B- Rating in Not Cooperating

BHANSALI JEWELLERY: CARE Lowers Rating on INR10cr LT Loan to B-
BHUPINDER SINGH: CARE Lowers Rating on INR8.72cr LT Loan to B-
CH. GOWRI: Ind-Ra Affirms BB+ LongTerm Issuer Rating
COMFORT SECURITIES: CRISIL Moves B+ Rating from Not Cooperating
CONTEC SYNDICATE: CARE Lowers Rating on INR3.47cr LT Loan to B+

DAS GARAGE: CARE Keeps B Debt Ratings in Not Cooperating Category
EMAAR LEAD: CRISIL Reaffirms B Rating on INR1cr Term Loan
EMERALED MDPS: CRISIL Assigns B+ Rating to INR40cr Term Loan
EQUIPMENT FINANCE: CRISIL Keeps B+ Bond Rating in Not Cooperating
G. S. ROADLINES: CARE Lowers Rating on INR8.67cr LT Loan to B-

GAURAV CONTRACTS: Ind-Ra Assigns BB+ LongTerm Issuer Rating
GO FIRST: Expression of Interest Sought in Carrier's Possible Sale
HANSA METALLICS: Ind-Ra Cuts LongTerm Issuer Rating to 'BB'
HYPER FILTERATION: CARE Keeps B+ Debt Ratings in Not Cooperating
JET AIRWAYS: Jalan-Kalrock Plan Not Working, Creditors Say

JM INTERNATIONAL: Ind-Ra Moves B Issuer Rating to Non-Cooperating
KAMNA MEDICAL: CARE Keeps D Debt Ratings in Not Cooperating
KRUSHIRAJ SUGAR: CARE Lowers Rating on INR14.79cr LT Loan to C
LOKNETE BABURAO: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
M. G. WADHWANI: CARE Keeps B- Debt Rating in Not Cooperating

M/S MECHANO: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
MAA INDIA: CARE Keeps B- Debt Ratings in Not Cooperating Category
MEGA STEEL: CARE Keeps B- Debt Rating in Not Cooperating
NAGAMMAL MILLS: Ind-Ra Moves BB- Issuer Rating to NonCooperating
OMSAI UDYOG: CRISIL Lowers Rating on Long/Short Term Loans to D

R R DISTRIBUTORS: CARE Lowers Rating on INR4.50cr LT Loan to D
R. K. ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
SADBHAV ENGINEERING: Ind-Ra Affirms 'D' LongTerm Issuer Rating
SAHARA INDIA: Siphoned Off Policyholder Funds, Supreme Court Says
SANGHI INDUSTRIES: Ind-Ra Cuts LongTerm Issuer Rating to 'D'

SARATHY AUTOCARS: Ind-Ra Moves BB- Rating to Non-Cooperating
SAYA AUTOMOBILES: CRISIL Lowers Rating on INR45cr Cash Loan to D
SEAWAYS SHIPPING: Ind-Ra Cuts LongTerm Issuer Rating to 'BB+'
SHARVAYA METALS: CARE Keeps B- Debt Rating in Not Cooperating
STAR CITY: CRISIL Moves B+ Debt Ratings in Not Cooperating

VINIT KNITTINGS: CRISIL Lowers Rating on INR7cr Cash Loan to D
WALCHANDNAGAR INDUSTRIES: Ind-Ra Hikes Issuer Rating to 'B'


J A P A N

[*] JAPAN: 27% of Nursing Homes Face Bankruptcy, Survey Shows
[*] JAPAN: Corporate Bankruptcies for 1H 2023 Highest in 5 Yrs


N E W   Z E A L A N D

LUMPY GRAVY: Blacklock Rose Limited Appointed as Administrators
MACES ROAD: Creditors' Proofs of Debt Due on Aug. 25
STONEBROS PROPERTIES: Creditors' Proofs of Debt Due on Aug. 18
TBR DECORATOR: Court to Hear Wind-Up Petition on July 21
VIRAL VENTURES: Creditors' Proofs of Debt Due on Aug. 7



P A K I S T A N

PAKISTAN: Fitch Upgrades Long Term Foreign Currency IDR to 'CCC'
PAKISTAN: Receives US$2BB Financial Support from Saudi Arabia


S I N G A P O R E

DASIN RETAIL: Posts SGD221.5MM Net Loss in H2 Ended December 2022
EMERGENT LOGISTICS: Creditors' Proofs of Debt Due on Aug. 7
MINE BIOMASS: Creditors' Proofs of Debt Due on Aug. 7
MPD (SINGAPORE): Creditors' Proofs of Debt Due on Aug. 8
THRIVE FAMILY: Court Enters Wind-Up Order

TJ HOLDINGS: Placed in Provisional Liquidation
TOCK'S PERFORMANCE: Court Enters Wind-Up Order


S O U T H   K O R E A

MG COMMUNITY: Banks Asked to Ready US$4BB to Support Credit Union

                           - - - - -


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

DUET RECRUITMENT: First Creditors' Meeting Set for July 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Duet
Recruitment Pty Ltd will be held on July 17, 2023, at 11:00 a.m.
via teleconference only.

Stephen Dixon and Ahmed Bise of Hamilton Murphy Advisory were
appointed as administrators of the company on July 5, 2023.


GAUCI CIVIL: Second Creditors' Meeting Set for July 18
------------------------------------------------------
A second meeting of creditors in the proceedings of Gauci Civil
Contracting Pty Limited has been set for July 18, 2023 at 10:30
a.m. via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 17, 2023 at 4:00 p.m.

Steven Arthur Gladman of Hall Chadwick Chartered Accountant was
appointed as administrators of the company on June 20, 2023.


INCLING PTY: First Creditors' Meeting Set for July 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Incling Pty
Ltd will be held on July 17, 2023, at 11:00 a.m. by Microsoft
Teams.

Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on July 8, 2023.


REDZED TRUST 2023-2: Fitch Puts Final BBsf Rating to Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust Series
2023-2's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed 2023-2. This is a separate and
distinct series created under a master trust deed.

ENTITY / DEBT                RATING                   PRIOR
-------------                ------                   -----
RedZed Trust Series 2023-2

A AU3FN0079034         LT  AAAsf    New Rating    AAA(EXP)sf
B AU3FN0079042         LT  AAsf     New Rating    AA(EXP)sf
C AU3FN0079059         LT  Asf      New Rating    A(EXP)sf
D AU3FN0079067         LT  BBBsf    New Rating    BBB(EXP)sf
E AU3FN0079075         LT  BBsf     New Rating    BB(EXP)sf
F AU3FN0079083         LT  BB-sf    New Rating    BB-(EXP)sf
G1                     LT  NRsf     New Rating    NR(EXP)sf
G2                     LT  NRsf     New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The collateral pool is unchanged from the assignment of the
expected rating. It totaled AUD500 million and consisted of 697
obligors with a weighted-average (WA) unindexed and indexed current
loan/value ratio (LVR) of 66.1% at the May 31, 2023 cut-off date.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency
of 17.9% is driven by the WA unindexed current LVR of 66.1%,
low-documentation loans making up 89.3% of the pool, self-employed
borrowers accounting for 95.7% and, under Fitch's methodology,
non-conforming and investment loans forming 16.8% and 43.3%,
respectively.

The portfolio loss at each rating level has increased marginally
from the previous RedZed residential mortgage transaction, RedZed
Trust Series 2022-3, due to a higher proportion of investment,
low-documentation, non-conforming and high current LVR loans.

For example, the 'AAAsf' portfolio loss has increased to 7.3%, from
6.9% for the previous RedZed RMBS transaction. The class A, B, C,
D, E and F notes benefit from subordination of 7.2%, 5.0%, 3.2%,
1.5%, 0.8% and 0.3%, respectively. The notes also benefit from
excess spread, which forms an integral part of each note's credit
enhancement. The transaction has structural features that include
retention and amortisation amounts that redirect available excess
income not used to reimburse losses to repay principal.

Limited Liquidity Risk: The transaction benefits from a liquidity
facility sized at 1.5% of the invested note balance (excluding
class G), with a floor of AUD750,000; this is sufficient to
mitigate payment interruption risk.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite increasing interest rates. GDP growth for the year
to March 2023 was 2.3% and unemployment was 3.6% in May 2023. Fitch
expect GDP growth to slow to 1.5% in 2023, with unemployment
reaching 4.0%, reflecting high inflation combined with a slowdown
in consumer spending.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivities:

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions. Fitch applies recovery rate stress to isolate the
effect of a change in recovery proceeds at the borrower level.

Note: A / B / C / D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

Increase defaults by 15%: AA+sf / AA-sf / A-sf / BBB-sf / B+sf /
B+sf

Increase defaults by 30%: AAsf / A+sf / A-sf / BBB-sf / BB-sf /
Bsf

Reduce recoveries by 15%: AAsf / A+sf / A-sf / BB+sf / Bsf / below
Bsf

Reduce recoveries by 30%: AA-sf / Asf / BBBsf / BB-sf / Bsf / below
Bsf

Increase defaults by 15% and reduce recoveries by 15%: AA-sf / Asf
/ BBB+sf / BBsf / below Bsf / below Bsf

Increase defaults by 30% and reduce recoveries by 30%: Asf / BBB+sf
/ BB+sf / Bsf / below Bsf / below Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade Sensitivities

The class A note is at the highest level on Fitch's scale and
cannot be upgraded. Therefore, upgrade sensitivity scenarios are
not relevant. Sensitivity stress results for the remaining rated
notes are as follows:

Note: B / C / D / E / F

Rating: AAsf/ Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AAsf
/ Asf / BBB+sf / BBBsf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of RedZed's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

DATE OF RELEVANT COMMITTEE
June 22, 2023

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.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document. The appendix also contains a comparison of these RW&Es to
those Fitch considers typical for the asset class as detailed in
the Special Report titled 'Representations, Warranties and
Enforcement Mechanisms in Global Structured Finance Transactions'.

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.

SOL Y VINO: First Creditors' Meeting Set for July 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sol Y Vino
Pty Ltd will be held on July 17, 2023, at 11:00 a.m. via virtual
meeting only.

David Coyne of BRI Ferrier was appointed as administrator of the
company on July 6, 2023.


TOPLACE PTY: In Administration, Founder Wanted on Fraud Charges
---------------------------------------------------------------
News.com.au reports that the company of a fugitive Sydney property
developer has collapsed into administration.

At the end of last week, Jean Nassif's massive building firm
Toplace Pty Ltd filed papers with ASIC that showed it had appointed
administrators, news.com.au relates.

Mr. Nassif founded the business but last month NSW Police issued an
arrest warrant for him in relation to fraud-related charges.

The company filed for voluntary administration through lawyers in
contact with Mr. Nassif.

Antony Resnick and Suelen McCallum of insolvency firm DVT Group are
the appointed administrators, news.com.au discloses.

They are only in charge of the building arm of Toplace Group, not
any of the other streams of the business.

Toplace Pty Ltd has been in operation since 1992 and claims to have
built 30,000 abodes over those years, including residential houses
and apartments, shopping centres and commercial offices.

According to the report, the firm reportedly has not been able to
function as a company for some time after losing its building
licence due to failing to fix serious defects at a Sydney apartment
complex.

The NSW Civil and Administrative Tribunal (NCAT) stripped it of its
licence after failing to comply with a court order.

Several of Mr. Nassif's other business entities have already
collapsed as concerned creditors appointed receivers to ensure they
got back some of their money, according to news.com.au.

In March, insolvency firm KordaMentha was appointed as the receiver
and manager of the firms run by Jean Nassif.

The companies are responsible for the giant Skyview apartment
complex in Sydney's north west, the report notes.

News.com.au relates that tenants were initially barred from moving
into the 900 unit block built by Mr. Nassif in Castle Hill after
signs of cracking were found in the complex's basement.

Mr. Nassif is listed as a director of both 51 OCHR and JKN Finance
which are the owners and developers of the Skyview towers.

Toplace was the builder of Skyview, news.com.au notes.

Mr. Nassif's personal property assets reportedly could sell for as
much as $250 million, the report notes.

News.com.au says Mr. Nassif is understood to be living overseas.

Police believe the 55-year-old has not been in the country for
months, since at least December.

Strike Force Calool was established in April 2021 to investigate
his alleged financial crimes, according to the report.

News.com.au relates that Detective Superintendent Peter Faux said
last month that police were yet to engage overseas governments or
law enforcement agencies in their search, but would do so after
there was more clarity on where he could be.


VOTRAINT NO. 534: Second Creditors' Meeting Set for July 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Votraint No.
534 Pty Ltd has been set for July 17, 2023 at 12:00 p.m. at the
offices of O'Brien Palmer at Level 9, 66 Clarence 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 14, 2023 at 4:00 p.m.

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




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

AJM DEVELOPERS: CARE Lowers Rating on INR27cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
AJM Developers LLP (AJMDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from AJMDL to
monitor the ratings vide various e-mail communications dated June
28, 2023, June 26, 2023, June 22, 2023 and numerous phone calls.
However, despite repeated requests, the firm has not provided the
requisite information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings of AJM Developers LLP's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by AJM Developers LLP
with CARE Ratings Ltd.'s efforts to undertake a review of the
rating outstanding. CARE Ratings Ltd. views information
availability risk as a key factor in its assessment of credit risk.
The revision in the ratings assigned to the bank facilities of AJM
Developers LLP factors in post stabilization risk associated with
debt funded project and presence in a highly competitive and
fragmented industry. The ratings, however, draws comfort from
experienced partners and technically qualified team coupled with
location advantage.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers: As considered in
the last Press Release dated December 02, 2022

Key Weaknesses

* Post stabilization risk associated with debt funded project: The
firm is developing a project of four-star hotel with 54-room in
Dehradun, Uttarakhand. The total project cost of project is Rs
70.32 crore, proposed to be funded through debt of INR27.00 crore
and remaining through equity/unsecured loan infused by partners of
INR43.32 crore. The construction part in the project is around 70%
completed as on October 31, 2022. The firm has incurred INR45.00
crore on the development of the project as on October 31, 2022. The
amount invested is partly funded through equity/ internal accruals
of INR35.20 crore and partly through tied up term debt of INR9.80
crore. The project is expected to complete by March, 2023. Any cost
overrun due to delay in project implementation shall be met out of
partners' contribution. Successful completion of the project within
the time and cost estimates will remain critical for the firm.

* Presence in a highly fragmented and competitive industry: The
Indian hospitality industry is highly fragmented in nature with the
presence of large number of organized and unorganized players
spread across various regions. Cyclical nature of the hotel
industry and increasing competition from already established and
upcoming hotels due to low entry barriers may impact the
performance of AJMDL. Though, the demand for hotel rooms is
expected to steadily grow in the medium term on account of
anticipated increase in commercial and tourism activity and growth
of the economy, however, presence of many luxury hotels in the
vicinity can exert pressure on occupancy and ARR of the hotel in
the medium-term. However, the firm is generating revenue from
diversified business, thus, this risk is partially mitigated to a
great extent.

Key Strengths

* Experienced promoters and technically qualified team: Established
in 2018, AJM Developers LLP (AJMDL) is managed by its partners Mr.
Raj Lumba, Ms. Jasmine Lumba, Mrs. Kiran Lumba and Mr. Surender
Mohan Lumba. Mr. Raj Lumba holds experience of around two decades
in the similar line of business. He is ably supported by Mrs.
Jasmine Lumba and Ms. Kiran Lumba who are graduate and look after
the day to day operations of the firm. Mr. Surender Mohan Lumba
aged 72 years, is a post graduate. He brings in rich experience of
around two decades to the firm. Although the partners have prior
minuscule experience in hospitality segment, they are well-versed
with construction sector and have adequate acumen about various
aspects of business which is likely to benefit AJMDL in the long
run.

* Location advantage: AJMDL is proposing to open a four-star hotel
with convention facility in Dehradun. Dehradun is located in the
Doon Valley on the foothills of the Himalayas. The city is famous
for its picturesque landscape. It is well connected and in
proximity to Himalayan tourist destinations such as Mussoorie, Auli
and the Hindu holy cities of Haridwar and Rishikesh along with the
Himalayan pilgrimage circuit of Chota Char Dham. The city is also
considered ' City of Schools' where students come from all over
India to study. All the above factors may play key role in increase
of the footfall.

Liquidity: Stretched

The liquidity position of the firm remains stretched. Post
project-implementation risk in the form of stabilization and
streamlining of operations to achieve the envisaged scale of
operation and risk arising on account of competitive nature of
industry is yet to been seen.

Dehradun (Uttarakhand) based AJM Developers LLP (AJMDL) was
established in 2018. It is managed by its partners Mr. Raj Lumba,
Mrs. Jasmine Lumba, Ms. Kiran Lumba and Mr. Surender Mohan Lumba.
AJMDL is engaged in construction of four-star category hotel with
convention facility in Dehradun. The firm has acquired ~ 3,553 Sq.
M. land for construction of hotel on chakrata road, near clock
tower which is a renowned landmark in the city. The construction
work of hotel is around 70% completed as on October 31, 2022. It
will be operational in the last quarter of FY23. The hotel will
have 54 rooms, 2 banquet halls, 3 conference rooms, 1 restaurant
cum bar and one basement parking. AJMDL has four group concerns
named J J Buildtech, J J realtech Private Limited, J J Developers &
Real Estate LLP and J J Infra. These concerns construct and rent
out commercial space to reputed entities such as Tata Chroma,
Reliance, Standard Chartered, Big Bazar etc. Later on, rented space
is sold by the group concerns of AJMDL to the investors who are
willing to obtain regular rental income. Ongoing & Completed
contracts: AJMDL is engaged in the construction a hotel with
convention facility in Dehradun (Uttarakhand).


AMBERTEX SEKHSARIA: CRISIL Moves D Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Ambertex Sekhsaria Exports
(ASE) to CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating.  Consequently, CRISIL Ratings is migrating the rating on
bank facilities of ASE to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

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

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

The downgrade reflects delays in payment of post shipment bill for
more than 30 days by the company.

The ratings continue to reflect modest scale of operations, weak
financial risk profile and working capital-intensive nature of
operations. These weaknesses are partially offset by extensive
experience of the proprietor in the industry, and ASE's established
customer base.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in Debt servicing: There has been an instance of delay in
payment of 1 post shipment bill for more than 30 days.

* Modest scale of operations: Scale of operations remain modest,
with operating income expected to be at INR46 crore in FY2023.
While, the revenue has increased from INR24 crores in FY22, it
continues to remain modest. Increase was on account of demand from
export market. The modest scale of operations in intensely
competitive readymade garments industry constrains revenues and
profitability. Operating margin is expected to be at 10.8% in
FY2023 against 5.2% in FY2022.  

* Weak Financial Risk Profile: Total Outside Liabilities to
Adjusted Net Worth (TOLANW) ratio is estimated   at 4.9 times on
account of increment in net worth to INR3.9 crore as on March 31,
2023. Financial Risk Profile is expected to remain weak owing to
deteriorated capital structure and expected small accretion to
reserve and would be key rating sensitivity.

Strengths:

* Extensive industry experience of the proprietor: The
two-decade-long experience of the proprietor in the readymade
garments industry has helped the firm establish healthy
relationships with customers and suppliers, Extensive industry
experience of the proprietor would continue to support the business
risk profile over the medium term.

* Established customer base: Firm has established customer base in
both domestic and overseas markets. Firm's major export customers
include Next, John Lewis, Morrisions, River Island, etc. (in United
Kingdom), Bonobo, Okaidi, Kapora, etc. (in France), Landmark Group
(in Dubai) and Pepe Jeans, Spykar (in India).

Liquidity: Poor

Liquidity is poor with modest net cash accruals and moderately
utilized bank lines. Company has negligible cash and bank balances
at present. There have been delays in payment of post shipment bill
for more than 30 days by the company. No major capex is expected to
be incurred in the medium term. Unsecured loan from promoters as on
Mar 2023 is INR1.58 crore supports liquidity

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement in operating performance

Set up in 1996 as a proprietorship firm by Mr Sunil Sekhsaria, ASE
manufactures and exports readymade garments, primarily shirts and
kids wear etc. Manufacturing facility is in Valsad, Gujarat.


B S BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B S
Buildtech (BSB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      45.00       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 BSB under the 'issuer non-cooperating'
category as BSB 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. BSB 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).

M/s BS Buildtech, incorporated in 2011 is a joint venture between
Baibhaw Construction Pvt. Ltd (BCPL)-70% and M/s Seimens
Construction Tech Private Limited (SCTPL) -30%. M/s BS Buildtech is
constructing a Group Housing Residential Township real estate
project Vaibhav Heritage Height at Greater Noida (West). The
residential township project comprising of seven high rise towers
(B+22), spreading over 5 acres of land, involving 819 flats with
super built-up area of 11.85lsf is being developed at a total
project cost of INR280.40 crore. The project is expected to be
completed by Sept.2018. The project cost is being financed through
promoter contribution of INR29.16 crore, debt of INR45.00 crore and
customer advances of INR206.24 crore. Till March 31, 2016, the firm
has sold off around 420 flats (area – 5.16lsf) comprising around
43.55% of total saleable area for total consideration of INR154.35
crore. The firm has received INR79.98 crore as advances from
customers till March 2016 and has expended around INR149.60 crore
(~53% of the total project cost) on the project.

B. T. ROADLINES: CARE Lowers Rating on INR8.42cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
B. T. Roadlines (BTR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.42       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 10, 2022,
placed the rating(s) of BTR under the 'issuer non-cooperating'
category as BTR 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. BTR 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).

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

Analytical approach: Standalone

Outlook: Stable

Howrah (West Bengal) based, B. T. Roadlines (BTR) 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.

BANASHANKARI INSTITUTE: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Banashankari Institute (BI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

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

Analytical approach: Standalone

Outlook: Stable

Banashankari Sports and Recreational Club was started in the year
1990. It was registered under the Co-operative Act in 1994 as
Banashankari Institute (BI). BI operates as a club in Bengaluru and
offers recreational facilities like indoor and outdoor gaming and
refreshments.

BHANSALI JEWELLERY: CARE Lowers Rating on INR10cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhansali Jewellery House (BJH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       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 20, 2022,
placed the rating(s) of BJH under the 'issuer non-cooperating'
category as BJH 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. BJH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 6, 2023, May 16, 2023, May 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).

The ratings have been revised on account of non-availability of
requisite information.

Analytical approach: Standalone

Outlook: Stable

Nagpur based BJH, established in 2003 is promoted by Mr Jayant
Praful Kumar Bhansali and is engaged in manufacturing and trading
(wholesaling and retailing) of gold, silver and diamond studded
Jewelry and bullion. The entity operates through its two showrooms
which are located at Nagpur.


BHUPINDER SINGH: CARE Lowers Rating on INR8.72cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhupinder Singh (BS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.72       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 10, 2022,
placed the rating(s) of BS under the 'issuer non-cooperating'
category as BS 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. BS 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).

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

Analytical approach: Standalone

Outlook: Stable

Howrah (West Bengal) based, M/S Bhupinder Singh (BS) 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.

CH. GOWRI: Ind-Ra Affirms BB+ LongTerm Issuer Rating
----------------------------------------------------
India Rating and Research (Ind-Ra) has taken the following rating
actions on Ch.Gowri Shankar Infra Build (India) Private Limited:


-- Long-Term Issuer Rating affirmed with IND BB+/Negative rating;

-- INR16.2 mil. Term loan due on December 2026 assigned with IND
     BB+/Negative rating;

-- INR110 mil. Fund-based facilities affirmed with IND BB+/
     Negative rating; and

-- INR250 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

The Negative Outlook reflects CHGS's low order book position and
stretched liquidity position with high average utilization of
fund-based limits of around 97% during the 12 months ended March
2023 with several instances of overutilization of the limit; albeit
regularized on the next day.

Key Rating Drivers

The ratings reflect CHGS's continued medium scale of operations
with its revenue increasing to INR3,251 million in FY22 (FY21:
INR2,758 million), supported by its execution of a higher number of
orders. However, as per the company's FY23 provisional financials,
the revenue declined relatively to INR2,945 million, due to heavy
rains slowing project implementation and non-realization of funds
from Andhra Pradesh government. As of April 2023, the company's
order book stood at INR4,309 million (February 2022: INR6,540
million; January 2021: INR5,668 million), reflecting low order
book-to-revenue ratio of 1.32x. Ind-Ra expects the revenue to
increase as the management plans to diversify geographically as
well as to the private space.

The ratings are constrained by CHGS's concentrated order book. As
of April 2023; Telangana accounted for about 90% of the company's
orders with Andhra Pradesh forming the rest. Furthermore, building
projects such as residential, school, office buildings accounted
for about 91% of its portfolio, while the remaining constituted by
other infrastructure projects such as roads, gardens, provision of
basic amenities to houses.  

Liquidity Indicator – Stretched: Over the 12 months ended March
2023; the average maximum utilization of its fund-based limits was
around 96%. There were three instances of overutilization of funds
during April 2022, June 2022 and September 2022, due to delays in
the receipts of funds from the government. However, they were
regularized within a day and the company received overall
satisfactory feedback from the banker with regard to its account
conduct. While, the average maximum utilization of the
non-fund-based limit during the same time period was 81%, with no
instances of overutilization. During FY22, its increased revenue
supported the cash flow from operations to increase to INR125
million as compared to negative INR31 million in FY21 due to a
lower revenue and higher working capital consumption. The company
maintains repayment obligations of around INR53 million in FY24 and
INR38 million in FY25.

The working capital cycle stood healthy at 38 days during FY22
(FY21: 40), with improved debtor conversion period (10; 17);
However, its inventory days stood at 47 days in FY22 (FY21: 36) and
the creditor days increased to 20 (13).

CHGS's operating margin slightly reduced to 6.8% in FY22 (FY21:
7.09%), due to higher purchase costs as compared to previous year.
The return on capital employed remained at 27%. However, in FY23,
the operating margin stood around 7%, driven by an increase in
average project value, lowering the miscellaneous expenditure.
Ind-Ra expects the operating margin to remain at similar levels in
FY24, led by lower miscellaneous expenditure amid higher average
project value.

CHGS has comfortable credit metrics with its gross interest
coverage (operating EBITDA/gross interest expense) rising to 7.3x
in FY22 (FY21: 6.4x) and the net leverage (total adjusted net
debt/operating EBITDAR) reducing to 1.9x (FY21: 2.0x), owing to its
absolute EBITDA improving to INR219 million (INR195 million).

The ratings also supported by the promoter's three-decade
experience in the civil construction business, leading to
established relationships with its customers and suppliers.

Rating Sensitivities

Negative: Any deterioration in operating performance or inability
to create and sustain a sizeable order book or non-realization of
funds from Andhra Pradesh government or non-resumption of
associated projects or a stress on the liquidity position, leading
to the interest coverage falling below 2x, on a sustained basis,
will be negative for the ratings.

Positive: A sustained improvement in the operating performance,
along with the diversification of order book, both geographically
and in terms of nature of projects and an improvement in the
liquidity position  as well as an improvement in credit metrics, on
a sustained basis, will be positive for the ratings.

Company Profile

CHGS was established in 1986 as a proprietorship firm by Gowri
Shankar. The company is a special class civil contractor and
participates in tenders floated by Telangana and Andhra Pradesh
governments. The company undertakes civil contracts such as
buildings, warehouses, drainage systems, and irrigation works.

It executes civil work contracts of various government departments
including Telangana Housing Board Department, Central Warehousing
Corporation and CPWD Telangana and Andhra Pradesh. Shankar gets the
company's contracts through bidding in e-procurement.



COMFORT SECURITIES: CRISIL Moves B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Comfort Securities Ltd (CSL;
part of the Comfort group) to 'CRISIL B-/Stable/CRISIL A4 Issuer
Not Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of (CSL; part of the
Comfort group) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          30        CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      15        CRISIL B+/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B-/Stable
                                     ISSUER NOT COOPERATING')

The rating factors in the substantial improvement in the Comfort
group's capital position backed by steady accruals. The company's
net worth improved to INR118.9 crore (on a provisional basis) as of
March 31, 2023, from INR115.6 crore as of March 31, 2022.  This
improvement in capital position was driven by healthy gains that
company was able to generate through its arbitrage trading. Comfort
Group significantly scaled up revenues through arbitrage trading
opportunities available in the capital market during past 2-3
years. This led to a substantial improvement in financial risk
profile; ROE return on equity stood at 2.8% in fiscal 2023.

Further, the ratings also reflect extensive experience of promoters
in capital market segment and improving earning profile. These
rating strengths are partially offset by a small scale of
operations and the uncertainties inherent to the capital market
businesses.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Comfort Securities Limited
(CSL), Comfort Fincap Ltd (CFL), and Comfort Commotrade Ltd (CCL).
That's because all these companies, collectively referred to as the
Comfort group, have high management and operational integration.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of promoters in capital market business
The proprietor has more than two decades of experience in the
capital markets business. During year 1994, promoters ventured into
the broking business. Comfort Group is a financial services
organization offering a range of financial products and services
through its group companies. The group also acquired a very loyal
client base over the years. The group is expected to benefit
extensively from its proprietor's industry connections and his deep
understanding of the business.

* Adequate capitalization: Adequate consolidated group net worth of
around INR118.9 crore with a gearing of 0.4 times as on March 31,
2023, as against INR115.6 crore with a gearing of 0.7 times as on
March 31, 2022 (Net worth of INR101.9 & gearing at 0.4 times as on
March 31, 2021). The adjusted net worth (as per adjustments done by
CRISIL Ratings) stood at INR101.1 crore as on March 31, 2023, as
against INR95.7 crore as on March 31, 2022. The capitalisation is
supported by steady accretions. The group had last infused equity
of INR2.4 crore in fiscal 2022.

* Moderate earnings profile: The group's profitability has remained
volatile due to linkages with capital markets. Nevertheless, the
group has remained consistently profitable during last 5-7 years
while managing this inherent volatile scenario. Group's return on
equity stood at 2.8% during fiscal 2023, as compared to 10.3% in
for fiscal 2022. The correction in profitability is more due to
markets being largely stable during fiscal 2023 after experiencing
huge upside and volatility during fiscal 2021 and 2022. The group
reported profit of tax of INR3.3 crore in fiscal 2023 as compared
to INR11.2 crore in fiscal 2022. (PAT of INR27.3 crores in fiscal
2021). The group continues to have high reliance on proprietary
trading income that increases the risk & uncertainty of generating
steady profits. Nevertheless, CRISIL Ratings believes that group
has been in this business for many years and hence their ability to
manage their earnings profile in accordance to market volatility
remains high.  

Weaknesses

* Small scale of operations: Market share has remained low at
around 0.01% in the equity broking segment and 0.02% in futures &
options segment during fiscal 2023. Comfort Fincap Limited
portfolio includes secured long segment – loan against immovable
property, loans against shares. The AUM of Comfort Fincap Ltd (NBFC
– LAS/LAP/bill discounting/unsecured loan) has stood at INR72.5
crore as on March 31, 2023, from INR90.3 crore as on March 31,
2022. The company has registered a degrowth of ~20%. The company
sees opportunity in lending for margin funding through the NBFC arm
over the medium term on account of various restrictions placed on
equity broking entities for debtor financing. With the expected
increase in AUM in future, the contribution of fund-based revenue
will increase significantly over the medium term. However, the
group is likely to remain a small player in the capital market over
the medium term. Though, the AUM is expected to increase going
forward, hence, the contribution of fund-based revenue will
increase significantly over the medium term. However, the group is
likely to remain a small player in the capital market over the
medium term.

* Inherent volatility in the capital markets: The earnings from the
capital markets business (including broking) depend on the extent
of trading activity in the equity and commodity markets, which are
inherently volatile, as they are driven by economic and political
factors and investor sentiments. Moreover, global factors influence
the fortunes of these markets. The global capital markets are
highly volatile due to interdependence. With the group continuing
to depend on equity markets for revenue over the medium term, its
business risk profile is expected to remain susceptible to
volatility in equity markets.

Liquidity: Stretched

The liquidity of the company remains stretched for the current
scale of operations. The company does not have any fund-based
borrowings from financial institutions. The borrowings exposure of
the company is limited to bank guarantee and OD facility. These are
against covered up to 50% FDs by the company.  As on March 31,
2023, company has maintained a cash and bank balance of INR12.8
crore to meet any urgent requirements.    

Outlook: Stable

Comfort group will continue to benefit from adequate capital
position and extensive experience of the promoters in capital
market business.

Rating Sensitivity factors

Upward factors

* Improvement in revenue diversity across business segments

* Cost to income ratio maintained below 75% (excluding POSI/trading
income)

Downward factors

* Substantial increase in cost to income ratio remaining above 95%

* Deterioration in earnings profile leading fall in negative impact
on capital position

* Any challenges faced in operations due to any regulatory actions

The Comfort group, founded in 1994 by Mr Anil Agarwal, operates in
the capital market. Its services include equity broking, commodity
broking, loans against shares, merchant banking, and margin
funding. The group is headquartered in Mumbai. CSL is engaged in
equity broking and is a member of National Stock Exchange and
Bombay Stock Exchange. It is a category I merchant banker. CFL is
an NBFC that provides loans against shares, loans against property,
and margin funding and bill discounting services. CCL undertakes
commodity broking.


CONTEC SYNDICATE: CARE Lowers Rating on INR3.47cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Contec Syndicate Private Limited (CSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.47       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Long Term/Short     21.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB-/CARE A4
                                   and moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE has been seeking information from CSPL to monitor the ratings
vide e-mail communications dated April 19,2023 to June 7,
2023 among others and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Contec Syndicate Private Limited's (CSPL)
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been migrated to INC category due to
non-availability of requisite information due to non-cooperation by
with CARE'S efforts to undertake a review of the rating
outstanding. CARE Ratings views information availability risk as a
key factor in its assessment of credit risk.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes that CSPL will
continue to benefit from promoter's extensive experience and
support through infusion of funds, as required Detailed description
of the key rating drivers:

Key weaknesses

* Geographical & Sectoral concentration risk: Order book is
concentrated with road & bridge works with 100%. Further, the order
book comprises of AP (40.38%) & Karnataka (59.62%) contributing
majority of the total order book, thereby exposing the company
towards geographical concentration risk. Any decrease in
infrastructure spending, slowdown in growth and any regulatory
change in Andhra Pradesh and Karnataka state could adversely affect
the company.

* Susceptibility of profit margins due to volatile material prices:
The construction material is the major cost driver. The prices of
construction material are volatile in nature therefore cost base
remains exposed to any adverse price fluctuations in the prices of
material being major cost components. Accordingly, the profit
margins of the company are susceptible to fluctuation in material
prices. With limited ability to pass on the increase in material
costs in a competitive operating spectrum and any substantial
increase in raw material costs would affect the company's
profitability. However, comfort ca n be drawn from the availability
of price escalation clause in the work orders.

* High reliance on working capital borrowing: The company continues
to have higher level of retention money for the completed projects,
there by collection including retention stood at days for FY21.
This apart, the company had inventory days of 63 days in FY21.
Thereby, the company's fundbased fund working capital limits
remained 100% during FY21 along with higher levels of creditors
level leading to cash flow mismatch, which was partly mitigated by
infusion of unsecured loans from promoters. With improvement in
collection and realization of retention money during FY22, the
total collection including retention has reduced to 185 days.
However, the working capital continues to remain at 100% for the
trailing 12 months ending March 31,2022 due to continuous higher
levels of retention money.

* Fragmented nature of construction sector with tender-based nature
of operations and execution challenges: The infrastructure sector
in India is highly fragmented and competitive with many small and
mid-sized players. This, coupled with the tendering process in
order procurement, results in intense competition within the
industry, fluctuating revenues and restrictions in profitability.
Additionally, continued increase in execution challenges, including
delays in land acquisition, regulatory clearances, aggressive
bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players. All these are tender- based and
the revenues are dependent on the ability of the company to bid
successfully for these tenders. The profitability margins come
under pressure because of competitive nature of the industry.
However, the promoter's long industry experience of nearly five
decades mitigates this risk to some extent.

Key strengths

* Experienced promoters and management: CSPL is promoted by
Ms.Vemulapalli Vishnupriya, Managing Director, who has around 25+
years of experience in the construction industry, is technically
qualified and takes care of finances, dealing with Government
departments and other clientele. Ms. Vunnam Vishnupriya, Executive
Director has 20+ years of experience in construction industry and
is responsible for coordination and takes care of overall
administration of the company. This apart , the company also has
well qualified team of project managers and supervisors to support
the operations.

* Long and established track record of operations: CSPL was
incorporated in January 1996 and thus has more than two decades of
operation in the construction industry. The company has been
executing projects pertaining to construction of roads, bridges and
other infrastructure works. CSPL has successfully executed several
orders across Andhra Pradesh (100% in AP only) amounting to
INR144.04 crore since 2007 out of which INR135.43 crore (94.02%)
belongs to bridge work and remaining INR8.61 crore (5.98%) to road
works. The major projects executed were construction of Two-Lane
Bridge across Budameru Rivulet amounting to INR43.39 crore
(30.12%), Construction of Bridge across Upputeru of West Godavari
District amounting to INR26.04 crore (18.08%), Six Lane Bridge
across Ryves Canal on EPC turnkey system amounts to INR22.04 crore
(15.30%), Construction
of Bridge across Pinneru drain amounting to INR12.06 crore (8.37%)
and others (28.13%).

* Long term revenue visibility from order book: CSPL had
outstanding order book position of INR178.73 crore as on March
15,2022, which translates to order book to Total Operating Income
(TOI) ratio of 4.90x for FY21 reflecting medium to long term
revenue visibility. About 40% of the orders are direct orders and
balance 60% are received on sub-contract basis. Entire projects in
the order book are funded by state governments of Andhra Pradesh
and Karnataka. The company has outstanding order of 106.57 crore,
which has been received from Karnataka Road Development Corporation
Ltd through BSR Infratech India Limited on a back-to-back
subcontract basis.

* Moderate scale of operations with stable profitability margins:
CSPL has witnessed significant growth in total operating income
(TOI) from INR19.56 crore in FY2020 to INR36.44 crore in FY2021
with growth of 86.3% mainly due to revival from impact of covid and
execution of orders-in-hand. Also, the company has achieved top
line of INR37.19 crore in FY22 with a PAT of INR1.99 crore. On
absolute level PBILDT has remained stable at INR6.16 crore (16.56%)
in FY2022 as compared to INR5.75 crore (15.78%) in FY2021. PAT
margin has increased to 5.34% in FY2022 from 4.66% in FY21(FY2020
4.66%) inline increase in improvement in PBILDT level.

* Comfortable capital structure and debt coverage indicators: The
capital structure of CSPL attributes to term loan, working capital
borrowings, and unsecured loans from promoters. Overall gearing
improved and remained comfortable at 0.63x as on March 31,2021
(P.Y: FY20-0.68x) and further improved to 0.41x as on March
31,2022(P) due to scheduled repayments of term loans and accretion
of profits. The debt coverage indicators remained comfortable with
PBILDT interest coverage ratio at 3.67x in FY22(P) (P.Y. FY21:
3.88x). The other debt coverage indicator, Total Debt to GCA is
comfortable at 2.11x as on March 31,2022(P) from 2.95x as on March
31,2021 due to increase in GCA levels and decrease in total debt at
the back of scheduled repayments of term loans.

* Stable Industry outlook: The construction industry contributes
around 8% to India's Gross domestic product (GDP). Growth in
infrastructure is critical for the development of the economy and
hence, the construction sector assumes an important role.
Enforcement of nationwide lockdown against the spread of Covid-19
pandemic has adversely impacted the financial and liquidity profile
of players in the industry. Government of India has undertaken
several steps for boosting the infrastructure development and
revives the investment cycle. The same is expected to gradually
result in increased order inflow and movement of passive orders in
existing order. book. The focus of the government on infrastructure
development is expected to translate into huge business potential
for the construction industry in the long-run.

Liquidity: Stretched

Stretched liquidity is characterized by higher average utilization
of cash credit at 100% for the last 12 months ende d March 2022 due
to higher levels of debtors including retention money leading to
cashflow mismatch, despite generating healthy GCA of INR3.71 crore
against the repayment obligation of INR2.70 crore for FY22. The
comfort is derived from infusion of unsecured loans as and when
required.

M/s. Contec Syndicate Private Limited (CSPL) was established on
30th January 1996. The company is managed by Mrs Vemulapalli
Vishnupriya, Managing Director, a graduate in civil engineering
assisted by Mrs Vunnam Vishnupriya, Executive director. Both the
directors are experienced in civil construction. Since inception,
CONTEC has been actively engaged in civil construction and
Infrastructure development activities Over the last few years,
CONTEC has undergone rapid expansion and is at present working in
various parts of India in different public sector projects. The
Company is under the category of "Special Class Civil Contractors"
with Government of Andhra Pradesh, Telangana, Karnataka &
Chhattisgarh States. The Company has gained experience mainly in
construction of roads, bridges and other infrastructure works.

DAS GARAGE: CARE Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Das Garage
Private Limited (DGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.54       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      2.46       CARE B; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

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

Meerut, Uttar Pradesh based Das Garage Private Limited (DGPL) was
incorporated in 1969 by Mr. Bal Kishan Das and his son Mr. Shyam
Kishan Das. DGPL is engaged in automobile dealership of Hyundai
Motor India Limited (HMIL) for its passenger cars segment.


EMAAR LEAD: CRISIL Reaffirms B Rating on INR1cr Term Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Emaar Lead Company Private Limited (EMAAR). at 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft
   Facility                5         CRISIL A4 (Reaffirmed)

   Working Capital
   Term Loan               1         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect EMAARs modest scale of operation,
susceptibility of operating margins to fluctuations in raw material
prices and regulatory risk pertaining to duty structure and
compliance with environmental norms. These weaknesses are partially
offset by its extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: EMAARs business profile is constrained
by its scale of operations in the intensely competitive lead
industry. EMAARs scale of operations will continue to limit its
operating flexibility.

* Susceptibility of operating margins to fluctuations in raw
material prices: Owing to fluctuations in raw material prices, the
operating profitability has remained low over the years.

* Regulatory risk pertaining to duty structure and compliance with
environmental norms: Lead is hazardous in nature and can cause
serious damage to the environment. Ministry of Environment and
Forests (MOEF) has framed Batteries (Management and Handling)
Rules, 2001. These rules specify that only those who possess
environmentally sound management systems and are registered with
the MOEF/Central Pollution Control Board (CPCB) are allowed to
carry out battery recycling.

Strengths:

* Established relationship with customers: The company has an
established relationship with its clients which lead to regular
demand for its products and repeat orders.

Liquidity: Stretched

Cash accrual are expected to be in the range of INR0.55 crore to
INR0.7 crore per annum over the medium term against term debt
obligation of INR0.5 crore. Bank limit utilisation is moderate at
around 56 percent for the past twelve months ended May 2023.

Outlook: Stable

CRISIL Ratings believe EMAAR will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in profitability leading to NCA/RO of 1.25
times
* Sustained improvement in financial risk profile

Downward factors:

* De-growth in revenue and decline in profitability leading to cash
accruals of less than INR0.5 crore
* Stretch in working capital cycle leading to weak liquidity

Incorporated in 2010, Emaar is engaged in the business of
manufacturing of pure lead products. The company is promoted by Mr.
R. Balaji and Ms. A. Gayathiree and is based out of Tamil Nadu.

EMERALED MDPS: CRISIL Assigns B+ Rating to INR40cr Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facility of Emeraled Mdps Llp (EMDPS LLP).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               40        CRISIL B+/Stable (Assigned)

The rating reflects the extensive experience of the promoters in
the real estate business and strong support from the parent. These
strengths are partially offset by exposure to risk associated with
ongoing projects and susceptibility to cyclicality inherent in the
real estate industry.

Key rating drivers and detailed description

Weaknesses:

* Exposure to risk associated with ongoing projects: Operating
performance will remain susceptible to flow of advances from
customers and timely completion of the project as the project
construction is still at the basement raft stage.

* Susceptibility to cyclicality inherent in the industry: The real
estate sector is cyclical in nature with volatile prices, opaque
transactions and intense competition. Moreover, the multiplicity of
property laws and non-standardised government regulations can
affect the tenure of project execution. The risk is compounded by
aggressive completion timelines and shortage of manpower (project
engineers and skilled labour) in this sector. Apart from these
macro-economic factors, the credit risk profile is expected to be
driven by the level of economic activity and the outlook for the
real estate sector. Any adverse change in the overall economic
environment may impact the real estate market across the region.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of more than two decades in the real estate industry,
leading to strong understanding of local market dynamics and
healthy relationships with customers and suppliers, which should
continue to support the business.

* Operational and financial support from the parent: EMDPS LLP
benefits from synergies with its parent, EHDPL, from which it also
gets need-based funding support by way of equity infusion and
unsecured loans to support its operations.

Liquidity: Stretched

Cash accrual is just sufficient to meet debt obligation. EMDPS LLP
has availed term loan of INR40 crore for which repayment is
expected to start from December 2025.

Outlook: Stable

The firm will continue to benefit from the extensive experience of
its promoters.

Rating sensitivity factors

Upward factors:

* Timely completion of the project with no cost overrun and
adequate cash flow
* Increase in bookings to over 90% with debt reducing
significantly

Downward factors:

* Significant delay in project execution or cost overrun by more
than 25% leading to stretched liquidity
* Slow booking progress leading to deterioration in liquidity

Incorporated in 2021, EMDPS LLP is engaged in real estate
development and is currently developing a township of residential
and commercial units in Faridabad called ANMOL in Sector – 88,
Faridabad.

Incorporated in 2008, EHDPL develops residential real estate and is
currently constructing a residential township, Emerald Heights, in
Sector 88 A, Faridabad. The group is promoted by Mr Bharat Pal
Singh and Mrs Savita Singh.


EQUIPMENT FINANCE: CRISIL Keeps B+ Bond Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of SREI
Equipment Finance Limited (SEFL) continues to remain in the 'Issuer
Not Cooperating' category.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Series A PTCs        175.25       CRISIL B+ ISSUER NOT
                                     COOPERATING; Continues on
                                     'Rating Watch with Negative
                                     Implications'

CRISIL Ratings has been consistently following up with SEFL through
emails dated March 26, 2021, April 2, 2021, July 21, 2021, October
4, 2021, January 7, 2022, April 5, 2022, June 23, 2022, Sept
30,2022, Dec 28,2022, March 23, 2023, March 30, 2023 and April 5
2023. However SEFL has been unable to provide up to date
information on an ongoing basis.

'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 updated information about the originator,
status of the insolvency resolution and access to the cash
collateral in this transaction. CRISIL Ratings believes that the
rating action is consistent with 'Assessing Information Adequacy
Risk'.

On October 4, 2021, RBI superseded the Board of Directors of SIFL
and SEFL owing to governance concerns and payment defaults by SREI
Group Companies. Through an order on October 8, 2021, NCLT Kolkata
bench initiated corporate insolvency resolution process against
SREI Group Companies under the Insolvency and Bankruptcy Code 2016.
Based on application filed by the Administrator, NCLT, vide Order
dated February 14, 2022, has directed consolidated insolvency
resolution process for SEFL and SIFL. Any further development in
this relation shall be closely monitored by CRISIL.

On account of continued weakness in the credit profile of the
servicer, rating on Series A pass-through certificates (PTCs)
issued by 'IIALRT-I Trust' remains at 'CRISIL B+ (SO) Issuer Not
Cooperating'. The rating continues on 'Rating Watch with Negative
Implications'.

The PTCs are backed by IT, Healthcare and Construction Equipment
rental receivables leased out by SREI Equipment Finance Limited
(SEFL) to corporate lessees. The transaction has a timely interest
and ultimate principal structure.

CRISIL Ratings' methodology for rating PTCs factors the credit risk
profile of the originator/servicer along with the expected
collection performance of the underlying pool. Linkage to servicer
is critical from two aspects: 1) Collections or recovery from
underlying contracts and 2) Bankruptcy-remoteness of cash
collateral. CRISIL Ratings has noted that there was a judicial
precedent on access to cash collateral for securitised pools in one
specific originator/servicer. Hence, CRISIL Ratings' believes that
weakening of the credit risk profile of the servicer reduces the
extent of de-linkage of securitised pool rating from the servicer
credit profile.

Key Rating Drivers & Detailed Description

Strengths:

* Credit quality of the obligors: The underlying lessees are of
good credit quality with most of the lessees estimated to have
credit quality equivalent to investment grade.   

Weakness:

* Credit quality of the servicer/lessor: The lessees directly
deposit the lease rentals into the C&P account hence servicing risk
in this transaction is considerably lower than that in typical
securitisation transactions. However, servicing remains critical as
recoveries post default of any of the lessors will be dependent on
the ability of the servicer to effect roll-backs and settlements
with the defaulting parties.

* Heightened Fixed Deposit (FD) accessability risk: Trustee's
ability to access credit collateral by getting approval from SEFL
is a key monitorable.

* Borrower concentration: The pool is concentrated with top 5
lessees constituting the major proportion.

* Receivables are non-financial obligations of the obligors: The
lease rentals are operating obligations of the lessees and not
financial obligations. As per the lease agreements, the lease
obligations are non-cancellable, absolute and unconditional
obligations of the lessees, which provides comfort regarding the
lease repayments.

Liquidity: Poor

The company is under CIRP and the credit enhancement for the PTCs
is on books of the company with lien marked in favor of the Trust,
access to it remains a key monitorable.

CRISIL Ratings has adequately factored these aspects in its rating
analysis.

Rating Sensitivity factors

Upward factors

* Trustee able to demonstrate access to cash collateral in a timely
manner.

Downward factors

* Inability of the Trustee to access cash collateral as set out
under transaction terms.

* Deterioration in pool performance.

                          About the Pool

The pool comprises rental receivables from construction, IT and
healthcare equipment leases originated by SEFL.

                        About the Originator

SEFL is registered with RBI as a non-deposit taking NBFC
(Category-Asset Finance) and provides financial products and
services to a wide spectrum of assets such as construction and
mining equipment, information technology equipment and solutions,
healthcare equipment and farm equipment. It is a wholly owned
subsidiary of Srei Infrastructure Finance Limited (SIFL).

SEFL was a 50:50 joint venture between SIFL, India's only private
sector infrastructure finance company; and BNP Paribas Lease Group
(BPLG), one of the largest leasing groups in Europe. Pursuant to
share purchase agreement dated December 29, 2015, executed between
SIFL, BPLG, SEFL, SREI Growth Trust, Mr. Hemant Kanoria, and Mr.
Sunil Kanoria, BPLG agreed (i) to acquire 2,51,54,317 equity shares
of SIFL representing 5% of total paid up equity share capital and
(ii) in lieu thereof, sell its entire shareholding of 2,98,30,000
equity shares in SEFL representing 50% of the total paid-up equity
share capital to SIFL in accordance with applicable laws. The
transaction was completed on June 17, 2016, when SEFL became a
wholly owned subsidiary of SIFL.


G. S. ROADLINES: CARE Lowers Rating on INR8.67cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
G. S. Roadlines (GSR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.67       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 13, 2022,
placed the rating(s) of GSR under the 'issuer non-cooperating'
category as GSR 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. GSR 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).

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

Analytical approach: Standalone

Outlook: Stable

Howrah (West Bengal) based, G. S. Roadlines (GSR) was constituted
as a partnership firm on June 10, 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.

GAURAV CONTRACTS: Ind-Ra Assigns BB+ LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Gaurav Contracts & Co (GCC):

-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating;

-- INR450 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR150 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR183.5 mil. Term loan due on November 2027 assigned with IND

     BB+/Stable rating.

Key Rating Drivers

Liquidity Indicator - Stretched: The ratings reflects GCC's
stretched liquidity position as indicated by  average maximum
utilization of the working capital limit of 51% over the 12 months
ended April 2023.  According to FY23 provisional financials, the
cash flow from operations declined marginally to INR410 million
(FY22: INR417 million) due to unfavorable changes in working
capital. GCC does not prepare cash flow statement, thus, the cash
flow from operations is Ind-Ra calculated and may not be directly
comparable with the results reported by GCC in few instances. The
firm's working capital cycle elongated to 45 days in FY23 (FY22: 34
days, FY21: 53 days), due to a stretch in the receivable period to
51 days in FY23 (45 days, 62 days) and a decline in the payable
period to 15 days (23 days, 18 days), partially offset by a decline
in the inventory holding period to 9 days (12 days, 9 days). Since
GCC's business is capital intensive in nature, it undertakes capex
for purchasing equipment. The firm undertakes capex based on the
orders in hand, which helps in lowering the risk involved. It
incurred capex of INR840 million in FY23 (FY22: INR172 million,
FY21: INR291 million) for purchase of equipment mostly by raising
term debt from banks and non-banking financial companies. GCC has
repayment obligations of INR573 million and INR513 million for FY24
and FY25, respectively. Since GCC's capex is based on the orders to
be executed, its repayment obligations could increase further with
an increase in debt. It had cash and bank balances of INR144
million at FYE23 (FYE22: INR44 million).

The ratings also reflect GCC modest credit metrics  as indicated by
interest coverage (operating EBITDA/gross interest) of 4.88x in
FY23 (FY22: 4.96x) and net financial leverage (adjusted net
debt/operating EBITDA) of 2.99x (2.0x). The deterioration in credit
metrics was due to a decline in the EBITDA to INR575 million in
FY23 (FY22: INR626 million) and an increase in the overall debt to
INR1,862 million (INR1,299 million). With the industry demand for
continuous debt-funded capex for purchase of equipment, Ind-Ra
expects the credit metrics to be dependent on the amount of capex
planned by the firm to execute orders in hand.

The ratings are constrained by the risks associated with the timely
execution of work orders. GCC's  majority of the debt-funded capex
is towards purchase of machinery and a vehicle fleet for executing
outstanding work orders. Hence, the company is exposed to risks
associated with the timely execution of orders as per the expected
operating parameters.

The ratings also factor in the firm's exposure to regulatory risks
and the presence of penalty clauses in its contract. The rates for
overburden removal and lignite excavation, and transportation are
predefined and dependent on the depth. Penalty charges may be
levied on GCC in case of a shortfall in achieving monthly targets.
Mining operations are also exposed to regulatory risks.

The ratings also reflect GCC's medium scale of operations. The
revenue grew at a CAGR of 25% to INR3,045 million over FY19-FY23
(FY22: INR2,236 million, mainly due to a higher execution of work
orders in hand). As of March 2023, GCC had an unexecuted order book
worth INR4,840 million, of which, management expects, 50%-60% of it
to be executed by FY24. The order book to revenue ratio is around
1.6x. Ind-Ra expects the revenue to improve further in the medium
term backed by GCC’s ability to procure and execute additional
orders.

However, the ratings are supported by GCC's healthy EBITDA margins
of 19% in FY23 (FY22: 28%, FY21: 19%, 30%) with a return in capital
employed of 10.8% (16.5%). The fluctuations in margins is dependent
on the diesel cost incurred for the projects, as realization from
diesel-free projects is higher. Of the four orders in hand, one
order is diesel free. Management has informed Ind-Ra that the firm
has bid for additional projects which are diesel free, and hence,
expects the margins to improve in the medium term.

The ratings also benefit from GCC's established track record of
over three decades in mining contract works with specialization in
overburden removal/excavation of lignite and coal activities, which
has helped the company to grow and expand its customer base. Its
customers include Western Coalfields Ltd and The Singareni
Collieries Co Ltd ('IND AA+'/Stable).

Rating Sensitivities

Positive: An improvement in liquidity, along with an improvement in
the order book to revenue ratio and an improvement in the credit
metrics, with the net leverage declining below 3.0x,  on a
sustained basis, would be positive for the rating.

Negative: A substantial deterioration in the scale of operations or
liquidity or any large debt-funded capex, leading to the net
leverage exceeding 4.0x, on a sustained basis, would be negative
for the rating.

Company Profile

GCC was established in 1994 as a partnership firm. The firm is
engaged in the business of mining contract works specialization in
overburden removal/excavation of lignite/coal and allied
activities. Hiralal Dholu, Kishore Dholu, Govind Dholu and Nikul
Dholu are the promoters.



GO FIRST: Expression of Interest Sought in Carrier's Possible Sale
------------------------------------------------------------------
The Economic Times reports that a resolution professional appointed
to oversee the insolvency process for Go Airlines (India) Ltd has
invited Expression of Interest for the sale of the carrier as part
of the process, an advertisement in ET showed on July 10.

According to the advertisement, the last date for receipt of
interest for the airline is set for August 9, ET relays.

The EoI process means the formal commencement of seeking buyers, or
investors, for a potential investment, as required by Indian law.

According to regulations, the issuance and publication of the Form
G - related to the invitation for EoI - would be the "prescribed
next step for taking the insolvency to its logical conclusion,"
news agency Reuters reported quoting Abhirup Dasgupta, a partner at
HSA Advocates.

Meanwhile, lenders have raised concern over the order of the Delhi
HC that restricts the airline from removing any parts from the
aircraft it intends to fly, ET reports.

ET says the lessors own the aircraft but are now stuck as NCLT has
imposed a ban on recovering the aircraft due to the ongoing IBC
process.

The committee of creditors had earlier okayed funding of INR425
crore. They, however, are worried that such a requirement will be a
hindrance to do business.

On July 7, resolution professional Shailendra Ajmera filed an
appeal in the Delhi High Court challenging the order, ET says.

The airline, branded Go First, stopped flying and appealed for
insolvency proceedings in the National Company Law Tribunal (NCLT)
on May 2 due to cash problems and after it had to ground more than
half of its 54 planes because of supply issues from the American
engine maker.

The grounded airline owes creditors, led by the Central Bank of
India, more than INR6,500 crore. Central Bank has INR1,987 crore of
outstanding loans, including about INR650 crore of post-Covid
emergency lines.

ET had reported last week that an order from the Singapore
arbitration court expected later this month would be key to Go
First's survival.

If the court does not grant Go First relief and direct Pratt &
Whitney (P&W) to replace faulty engines, the airline cannot fly,
possibly putting the whole recovery process into jeopardy, people
familiar with the process told the newspaper.

While the Singapore International Arbitration award had directed
P&W to dispatch around 20 engines by December 2023, the engine
maker had subsequently challenged it citing payment failure by the
airline and the ongoing global supply chain shortage, ET notes. In
its petition which was reviewed by ET, P&W has claimed that the
airline owes it over $100 million.

A person aware of Go First's business plan said that current trends
show that a minimum of six engines could fail by November 2023,
adds ET.

                           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.


HANSA METALLICS: Ind-Ra Cuts LongTerm Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hansa Metallics
Limited's (HML) Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are as follows:

-- INR510 mil. Fund-based working capital limit downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR175 mil. Non-fund-based working capital limit downgraded
     with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR209.9 mil. Term loan due on March 31, 2026 downgraded with
     IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The issuer did not cooperate, based
on the best available information.

Key Rating Drivers

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, any issuer with
an investment grade rating remaining non-cooperative with a rating
agency for more than six months should be downgraded to a
sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect HML's credit strength as the company has been
non-cooperative with the agency since February 28, 2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

Established in 1997, HML manufactures electric resistance welding
cold rolled precision tubes, and has an installed capacity of
48,000MT. It is a closely held public limited company that is
promoted by Surender Garg.



HYPER FILTERATION: CARE Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hyper
Filteration Private Limited (HFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      4.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and Key Rating Drivers

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

Delhi based Hyper Filteration Private Limited (HFPL) was
incorporated in 2000 by Mr. Surender Kumar Gupta and Ms. Anjana
Gupta. The company undertakes EPC (engineering, procurement and
construction) contracts for setting up zero discharge plants for
textile industry, water treatment, sewage treatment and industrial
effluents treatment plants, machinery and equipment's on turnkey
basis. The main raw materials for the company are pipes, sheets and
coils made of mild steel and stainless steel which is procured
domestically.


JET AIRWAYS: Jalan-Kalrock Plan Not Working, Creditors Say
----------------------------------------------------------
Business Today reports that Jet Airways creditors on July 10 told
the Supreme Court that the Jalan-Kalrock resolution plan approved
by the National Company Law Tribunal (NCLT) is not workable. They
called for the airline to be wound up.

Business Today says the insolvency process began in June 2019 and
the NCLT approved a resolution plan submitted by the Jalan-Kalrock
Consortium on June 22, 2021. The plan would see the consortium of
Jalan-Fritsch take over Jet Airways and inject $1.3 billion into
the airline.

However, the creditors have challenged the plan in the Supreme
Court. They argue that the plan is not fair to all of the
creditors, and that it would not be able to revive the airline.

According to the report, the Additional Solicitor General (ASG) N
Venkatraman told the Supreme Court on July 10 that not even a
single penny has been paid to lenders or infused in the debt-laden
airline. On the contrary, the lenders have infused public money of
around INR400 crore, including airport dues.

Business Today relates that the ASG was arguing on behalf of the
resolution professional (RP) of Jet Airways. The RP has challenged
the resolution plan of the Jalan-Fritsch consortium in the Supreme
Court.

The ASG said that the resolution plan is not feasible and that it
would not be able to revive the airline, Business Today relays. He
said that the plan would not provide enough money to pay off all of
the airline's debts, and that it would not be able to attract new
investors.

ASG further added that the DGCA was not ready to renew Jet Airways'
Air Operator's Certificate (AOC), which expired in May. The AOC is
a license issued by the DGCA that allows an airline to operate
flights.

The Jalan-Kalrock consortium had not met its funds infusion target,
and it was getting repeated extensions from the tribunals, the
report states. The creditors' committee (CoC) had said that the
company would have to go into liquidation if it were to recover any
of its dues.

The Supreme Court has listed the next hearing in two weeks, the
report notes. The court has asked the Jalan-Kalrock consortium to
respond to the allegations made by the CoC.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In July 2021, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June 2021, the NCLT approved the
consortium's resolution plan for the troubled carrier.


JM INTERNATIONAL: Ind-Ra Moves B Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated J.M.
International's (JMI) Long-Term Issuer Rating of 'IND B' in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR250 mil. Fund-based working capital limit migrated to non-
     cooperating category and withdrawn.

*Migrated to 'IND B' (ISSUER NOT COOPERATING')/'IND A4 (ISSUER NOT
COOPERATING)' before being withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because JMI did not participate in the rating exercise despite
requests by the agency and has not provided information pertaining
to the audited financials, interim financials, management
certificate and bank limit utilizations. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender and
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.

Company Profile

Established in 1985, Delhi-based JMI is a proprietary firm engaged
in the trading of Indian and imported spices, especially cloves in
the domestic market.



KAMNA MEDICAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamna
Medical Center Private Limited (KMCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.76       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of KMCPL under the 'issuer non-cooperating'
category as KMCPL 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. KMCPL continues to
be no ncooperative 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).

Kamna Medical Center Private Limited (KMC) was incorporated in
August, 2004 and operates a 250 bedded general purpose hospital in
Meerut, Uttar Pradesh. KMC was promoted by Dr. Sunil Gupta, Dr.
Pratibha Agarwal and Dr. Ta nay Garg. It provides a full array of
medical services. Apart from this, the company commenced
paramedical courses in 2007 under the medical college (300 seats
per batch) named "KMC College of Nursing". The medical college is
affiliated to Chaudhary Charan Singh University (Meerut) and also
has approvals from Medical Council of India (MCI).


KRUSHIRAJ SUGAR: CARE Lowers Rating on INR14.79cr LT Loan to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krushiraj Sugar Limited (KSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.79       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 23, 2022,
placed the rating(s) of KSL under the 'issuer non-cooperating'
category as KSL 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. KSL 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).

The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers the
leveraged capital structure marked by high overall debt vis-à-vis
low networth base in FY22.

Analytical approach: Standalone

Outlook: Stable

KSL was incorporated in March 2012 to undertake manufacturing of
khandsari (unrefined sugar) at village Bhose, District. Solapur,
Maharashtra. KSL is promoted by Mr. Mahesh Yashwantrao Patil,
Chairman & Managing Director (CMD), and his brother Mr. Baliram
Yashwantrao Patil.


LOKNETE BABURAO: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Loknete Baburao Patil
Agro Industries Limited's (LBPAIL) bank facility as follows:

-- INR1.20 bil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating.

Key Rating Drivers

Liquidity Indicator - Stretched:  The cash flow from operations is
likely to have turned negative in FY23 at INR37.65 million
(according to Ind-Ra's calculations) on account of a significant
elongation of the company's net working capital cycle to 100 days
(FY22: 43 days). LBPAIL's inventory cycle, which is highly
fluctuating as its sales are subject to month-wise maximum quantity
released by the central government, lengthened to 222 days in FY23
(FY22: 179 days, FY21: 543) due to the restrictions imposed by the
government on the export of sugar for the 2022-23 season. Due to
the payment model of the entity, its creditor days were high at 138
in FY23 (FY22: 153). Consequently, LBPAIL's current ratio for FY23
is likely to have been low at 0.9x in FY23 (FY22: 0.94x). However,
LBPAIL's average maximum utilization of its fund-based limits for
the 12 months ended May 2023 was 34.98%. Ind-Ra draws comfort from
the entity having no term debt service obligations and from the
availability of significant unutilized fund-based working limits.
However, Ind-Ra expects the liquidity to remain stretched over the
near-to-medium term on account of a sustained poor current ratio
and a long net working capital cycle.

Revenue, Margins Likely to Decline in FY24: According to the
provisional financials for FY23, LBPAIL's revenue declined to
INR2,878.5 million in FY23 (FY22: INR3,169.6 million) as the
government tightened the limitations on the export of sugar, thus
putting a cap on the quantity the entity can export. As a result,
the company's overall sugar sales fell to 67,071MT in FY23 (FY22:
84,793MT). The scale of operations is medium. The agency expects
the revenue to further decline in FY24, considering the El Nino
effect in 2023, impacting the arrival of monsoon in Maharashtra,
and the government planning to impose further limitations on
exports, in view of the 2024 general elections.

The entity's EBITDA margin grew significantly to a healthy 15.56%
(FY22: 10.96%), due to the improved realization of sugar to
INR33,013 per MT (INR31,819 per MT). The return on capital employed
was 24.6% in FY23 (FY22: 20.5%). However, Ind-Ra expects the EBITDA
margin to decline to 11%-13% in FY24, on account of the increasing
Fair & Remunerative Price (FRP) of sugarcane.

Comfortable Credit Metrics; Likely to Decline Slightly in FY24:
LBPAIL's credit metrics have improved significantly since FY21, as
the company has paid off its long-term debts as a part of the
management's strategy to rely less on term debt.

The entity's gross interest coverage (operating EBITDA/gross
interest expense) improved to 6.29x in FY23 (FY22: 3.72x) as its
EBITDA increased to INR447.83 million (INR347.29 million).  The net
financial leverage (Ind-Ra adjusted net debt/operating EBITDAR)
also improved to 1.66x in FY23 (FY22: 1.88x) as the company paid
off its long-term loan of INR304.05 million during the year and had
no outstanding term loans at FYE23. However, Ind-Ra expects the
credit metrics to decline slightly in FY24, as the entity increases
the utilization of its fund-based working capital limits.
Nonetheless, they will remain comfortable.

Highly Regulated Industry and Susceptibility to Government
Policies: The sugar industry is highly regulated and is vulnerable
to government policies for various reasons like its importance in
the Wholesale Price Index as it classifies as an essential
commodity. The government resorts to various regulations like
fixing the raw material prices in the form of State Advised Prices
and Fair & Remunerative Prices, besides setting quotas for domestic
sales as well as export of sugar. All these factors impact the
cultivation patterns of sugarcane in the country and thus affect
the profitability of the sugar companies.

Susceptibility to Change in Agro-climatic Conditions: The
production of sugar depends highly on agro-climatic factors such as
the timely onset of monsoon, the intensity, and adequacy of
rainfall, and the government's minimum support price regulations.
The company had to halt its operations for the 2019-20 season due
to drought-like conditions in Solapur significantly impacting its
revenue and profitability for FY20. In addition, the cyclicality of
sugar production results in volatility in sugar prices. However,
the sharp contraction in sugar prices has been curtailed after the
introduction of minimum support price regulations by the Central
Government.

Experienced Promoters and Established Market Position: The promoter
of the company, Rajan Baburao Patil, has more than two decades of
experience in the sugar industry, just like LBPAIL. LBPAIL also
benefits from its healthy relationships with sugarcane farmers
across Solapur district in Maharashtra, which is known for its
sugarcane production.

Rating Sensitivities

Negative: A significant decline in the scale of operations, further
deterioration in the overall liquidity and the current ratio, along
with further elongation of the net working capital cycle, or the
credit metrics weakening, with the interest coverage falling below
1.5x will be negative for the ratings.

Positive: Maintaining the scale of operations, an improvement in
the overall liquidity along with an improvement in the net working
capital cycle and the current ratio, and the interest coverage
sustaining above 2.25x, all on a sustained basis, will be positive
for the ratings.

Company Profile

LBPAIL has been in operation since 1999 when it was established as
a co-operative society by Rajan Baburao Patil and was converted
into an unlisted public company in 2012. The company is managed by
Vikrant Rajan Patil and has a sugar plant at Mohol in Solapur
district of Maharashtra, with an installed capacity of 5,500 tons
crushed per day. The entity also has a 17.4-megawatt cogeneration
plant and a distillery with a capacity of 30 kiloliters per day.


M. G. WADHWANI: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M. G.
Wadhwani (MGW) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       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 23, 2022,
placed the rating(s) of MGW under the 'issuer non-cooperating'
category as MGW 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. MGW 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).

Analytical approach: Standalone

Outlook: Stable

Nagpur-based MGW was established in the year 1985 by Mr M.G.
Wadhwani, first-generation entrepreneur of the firm. MGW is mainly
engaged in crushing of granite boulders (stone crushing).
Furthermore, the firm is also engaged in construction of roads for
the Nagpur Improvement Trust (NIT) and supply of ballast. The firm
is registered as a 'Class A' contractor with NIT and procures
orders through a tender based process.


M/S MECHANO: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s Mechano
Engineering Company's Long-Term Issuer Rating in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn;

-- INR30 mil. Non-fund-based working capital limits^ maintained
     in non-cooperating category and withdrawn; and

-- INR45 mil. Term loan# due on November 2024 maintained in non-
     cooperating category and withdrawn.

*Maintained at IND BB- (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)  before being withdrawn

^Maintained at IND A4+ (ISSUER NOT COOPERATING) before being
withdrawn

# Maintained at IND BB- (ISSUER NOT COOPERATING) before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite repeated requests by the agency, and has not provided
information pertaining to interim financials, sanctioned bank
facilities and utilization levels, business plan and projections
for the next three years, information on corporate governance, and
management certificate. This is in accordance with Ind-Ra's policy
of 'Guidelines on What Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Incorporated in 1983, MEC is a partnership firm that manufactures
large and high precision components for the power (thermal and
hydro), defense, aerospace, construction and process industries.
The company is headed by Shridhar Ramakrishnan.


MAA INDIA: CARE Keeps B- Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa India
Projects (MIP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       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 MIP under the 'issuer non-cooperating'
category as MIP 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. MIP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 21, 2023.

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

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

Analytical approach: Standalone

Outlook: Stable

Maa India Projects (MIP) was established in the year 2013 as a
partnership firm by Mr. Hari Prasad and Mr. Gopi Krishna Apsani.
The firm is a civil contractor and has its registered office
located at Bellary, Karnataka. MIP is engaged in civil construction
such as laying of roads and drain works in the state of Karnataka.
The clientele of the firm includes various departments of Karnataka
Government such as Bruhat Bengaluru Mahanagara Palike (BBMP),
Karnataka Industrial Development Board (KIDB), Chikkaballapur
Municipality etc. The firm purchases inputs required for civil
construction (like cement, steel, etc.) from local suppliers in and
around Karnataka.

MEGA STEEL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mega Steel
Industries (MSI) continues to remain in the 'Issuer Not
Cooperating' category.


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

Analytical approach: Standalone

Outlook: Stable

Bangalore based, Mega Steel Industries (MSI) was started by the
partners Mr. Balaji Iyer, Mr. V Subramani and Mr. Kumar Ramakrishna
Iyer in February 2016 to carry on the business of manufacture of MS
Billets which are used as raw material in the manufacture of TMT
bars. MSI has a branch at Hindupur and is spread across an area of
~2.25 acres of land while the plant at Jigni is spread over ~1.50
acres of land. MSI has an installed capacity of 1600 tons per month
for manufacturing of the MS Billets and about 3200 tons per month
for their associate concern which had started operations in August
2018. The firm procures the raw material for the products from
local suppliers and sells the same locally in Karnataka, Tamil Nadu
and Andhra Pradesh from the both the branch.


NAGAMMAL MILLS: Ind-Ra Moves BB- Issuer Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated  Nagammal Mills
Pvt Ltd.'s Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB-
(ISSUER NOT COOPERATING)' on the agency's website. This in
accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.

The instrument-wise rating actions are:

-- INR20.0 mil. Term loan due on December 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR87.0 mil. Fund-based working capital facilities migrated to

     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR23.0 mil. Non-fund-based working capital facilities
     migrated to non-cooperating category with IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not co-operate, based
on  the best available information. The ratings were last reviewed
on June 1, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 1957, Nagammal Mills is promoted by P. Kumaraswamy.
It is primarily engaged in the production of cotton yarn with a
focus on the production of finer counts of yarn. The company is
located in Nagercoil, Kanyakumari.


OMSAI UDYOG: CRISIL Lowers Rating on Long/Short Term Loans to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of OmSai Udyog India Private Limited (OSUIPL), as:

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

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

CRISIL Ratings has been consistently following up with OSUIPL for
obtaining information through letters and emails dated June 30,
2023, April 3 2023, May 9, 2022, August 29, 2022 and October 31,
2022 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OmSai Udyog India Private
Limited, which restricts CRISIL Ratings' ability to take a forward
looking view on the entity's credit quality. CRISIL Ratings
believes that rating action on OmSai Udyog India Private Limited is
consistent with 'Assessing Information Adequacy Risk.'

The rating on the bank facilities of OmSai Udyog India Private
Limited has been downgraded to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' due to account being classified as NPA.

Established in 2011, Omsai Udyog India Private Limited (OUIPL) is a
Delhi based company which is engaged in the manufacture of copper
wires and enameled copper wires. The company started operations in
December 2013 and FY14 was the first year of operation. The key
promoter is Mr. Archit Sharma who has extensive experience of more
than a decade in the industry.

Status of non cooperation with previous CRA:

Brickwork Ratings India Pvt Ltd and Credit Analysis & Research Ltd
has assigned non-cooperative rating to the bank facilities of OmSai
Udyog India Private Limited vide press release dated June 30, 2022
and Oct. 22, 2019 respectively on account of non-cooperation by
OmSai Udyog India Private Limited with the efforts to undertake a
review of the ratings outstanding.


R R DISTRIBUTORS: CARE Lowers Rating on INR4.50cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
R R Distributors Private Limited (RRDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank      3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 08, 2022,
placed the rating(s) of RRDPL under the 'issuer non-cooperating'
category as RRDPL 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. RRDPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2023, May 4, 2023, May 14, 2023, June 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).

The ratings assigned to bank facilities of RRDPL have been revised
on account of non-availability of requisite information. The rating
revision also considers delays in debt servicing recognised from
publicly available information i.e., possession notice issued by
the lender.

Analytical approach: Standalone

Outlook: Not Applicable

Delhi based, R.R. Distributors Private Limited was incorporated in
August, 1998 as a private limited company with the purpose of
trading of writing, printing paper and paperboards. The company is
managed by Mr. R.K. Gupta and his son Mr. Aman Gupta.


R. K. ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. K.
Enterprise (Howrah) (RKE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.89       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   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 10, 2022,
placed the rating(s) of RKE under the 'issuer non-cooperating'
category as RKE 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. RKE 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).

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

Howrah (West Bengal) based, R.K. Enterprise (RKE) was constituted
as a partnership firm on June 10, 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 Benga.


SADBHAV ENGINEERING: Ind-Ra Affirms 'D' LongTerm Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) had affirmed Sadbhav
Engineering Limited's (SEL)  Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR500 mil. Non-convertible debentures (NCDs)* (Long-term)
     withdrawn (paid in full);

-- INR5.810 bil. Fund-based working capital limit (Long-term/
     Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR20.0 bil. Non-fund-based working capital limit(Long-term/
     Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR1.277 bil. Term loan (Long-term) due on September 2022   
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR413 mil. Proposed fund-based limits (Long-term/Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

*Details in annexure table

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

Key Rating Drivers

The affirmation reflects SEL's continued delays in debt servicing.
The company has been classified as a non-performing asset by its
lenders. Ind-Ra has not been able to ascertain the reason for the
delay, as the issuer has been non-cooperative.

The agency has withdrawn the ratings assigned to the NCDs of SEL
with immediate effect, as the company has repaid the NCDs in full
and there is no amount outstanding under the NCDs as on date basis
the confirmation received from the debenture trustee.

Rating Sensitivities

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

Company Profile

Incorporated in 1988, SEL is an Ahmedabad-based construction
contractor and developer, primarily engaged in road construction,
mining and irrigation.


SAHARA INDIA: Siphoned Off Policyholder Funds, Supreme Court Says
-----------------------------------------------------------------
The Economic Times reports that the Supreme Court on July 10 flayed
the Sahara India Life Insurance Co for failing to recover INR78.15
crore from its major shareholder Sahara India Financial
Corporation, saying it is a "gross defaulter" and has "siphoned
off" its policyholders' money.

ET relates that the observations came from a bench led by Justice
Abhay S Oka while hearing the insurance regulator's appeal
challenging the Securities Appellate Tribunal's decision to stay
its order directing Sahara India Life Insurance Co to transfer its
life insurance business to SBI Life Insurance Co.

When senior counsel Kapil Sibal, appearing for the Sahara company,
argued that INR1,300 crore has been handed over to the insurance
regulator and the company cannot service any policyholder now, the
bench said "You have been given a long rope. Bring back INR78 crore
by Friday. Repeated opportunities were given to you. You don't want
to bring back money and want policyholders to suffer . . . you
can't take this court for a ride". The judges also went on to say
Sahara India Life had "siphoned off money to Sahara India
(Financial Corporation)."

The apex court then posted the matter for further hearing next
Monday [July 17], the report notes.

Sahara India Life Insurance was granted a Certificate of
Registration in 2004 to transact the business of life insurance.

As reported in the Troubled Company Reporter-Asia Pacific on June
7, 2023, regulator IRDAI on June 2 directed SBI Life Insurance
Company to takeover the policy liabilities of around two lakh
policies along with assets of Sahara India Life Insurance Co Ltd
(SILIC) with immediate effect.

According to BQ Prime, the decision was taken at the meeting of the
Insurance Regulatory and Development Authority of India in view of
deteriorating financial health of the Sahara India Life Insurance.


SANGHI INDUSTRIES: Ind-Ra Cuts LongTerm Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sanghi
Industries Limited's (SIL) Long-Term Issuer Rating to 'IND D' from
'IND BB'. The Outlook was Negative.

The instrument-wise rating actions are:

-- INR5.783 bil. Term loan due on FY31 downgraded with IND D
     rating;

-- INR2.80 bil. Non-convertible debentures (NCDs) INE999B07036
     issued on February 23, 2021 coupon rate 14/15/16/18* due on
     February 23, 2027 downgraded with IND D rating;

-- INR1.850 bil. Fund-based limits downgraded with IND D rating;
     and

-- INR1.40 bil. Non-fund-based limits^ downgraded with IND D
     rating.

^INR400 million interchangeable with fund-based limits

*first 12 months/13-24 months/25-36 months/37th month onwards

The downgrade reflects SIL's rescheduling of its interest
obligations on the rated NCDs due to liquidity issues. This is in
line with Securities and Exchange Board of India's Operational
Circular for Credit Rating Agencies dated January 6, 2023, which
states that rescheduling of debt instruments by lenders prior to
the due date of payment to avoid default or bankruptcy will be
treated as default. The agency believes that the rescheduling has
been due to liquidity challenges as the company did not have any
material cash balance on June 30, 2023 and its available liquidity
buffer in the form of unused fund-based limits (after considering
devolved letters of credit) was only around INR20 million, lower
than the interest obligations towards the NCDs.

Key Rating Drivers

Liquidity Indicator - Poor: SIL intimated the stock exchange on 30
June 2023 that its lenders have deferred its interest obligations
on the listed rated NCDs (first NCD; outstanding INR2.8 billion)
for the month of June 2023 to December 30, 2023. The company has
also intimated Ind-Ra that interest obligations on the second,
unlisted NCD (outstanding INR5 billion) for June 2023 has been
deferred to July 30, 2023. The rescheduling in both the cases has
been approved by the debenture trustee as of June 30, 2023, while
the stock exchange approval is pending for the listed NCDs. The
agency believes that the rescheduling has been implemented as the
company did not have sufficient liquidity to meet the interest
obligations towards the two NCDs. Furthermore, there have been two
instances on letter of credit  devolvement in June 2023, which
stand at less than 30 days overdue. According to the management,
despite the promoter infusion of INR0.15 billion in June 2023, the
liquidity issues were exacerbated due to the closure of plant
operations for nearly two weeks starting June 13, 2023 due to the
cyclone Biparjoy.

While SIL has minimal repayment obligations in FY24 as it had
prepaid most of its principal obligations for the year, its
interest obligations remain high (4QFY23: INR0.7 billion).
Excluding redemption premium, the interest servicing obligations
could be INR0.5 billion-0.6 billion each quarter. Ind-Ra opines
that there is low cash flow visibility towards the servicing of
SIL's debt obligations for July 2023 unless there is a substantial
recovery in sale volumes and EBITDA.

In its last rating action commentary dated June 9, 2023, Ind-Ra had
opined that considering the minimal unencumbered cash on the
balance sheet (FYE23: INR9.2 million; FYE22: INR1.4 million) and
limited operational cash flow generation, a significant fund
infusion by the promoters would be essential for the company to
timely service its debt obligations in FY24. The agency had noted
that SIL's promoters infused over INR0.27 billion in SIL during
April-May 2023 and the management had stated that additional funds
would be infused as needed. The promoters in May 2023 monetized
some assets, which provided visibility towards the immediate
liquidity infusion. Furthermore, SIL had a small cushion of around
INR0.2 billion in its fund based working limits at end-April 2023.


In November 2022, SIL raised INR5 billion through the issuance of
NCDs to Kotak Special Situations Fund and INR0.5 billion through an
equity infusion from the promoters, which were used for the
reduction of its debt (prepayment of term debt: INR2.1 billion; the
reduction of working capital debt: INR1 billion) and to fund the
operational requirements. With the resolution of immediate
liquidity challenges, Ind-Ra had expected SIL's performance to
improve 4QFY23 and the company to be able to meaningfully ramp-up
its volume and profitability FY24 onwards, which would have
supported its interest obligations for FY24 and negligible
repayments of INR20 million-25 million. However, against
mid-single-digit growth at the industry level, SIL's sales volumes
were down 44% yoy to 0.4 million tons in 4QFY23, indicating that
the disruptions faced by the company over the past few months have
affected the marketability of its product. This led to suboptimal
variable costs as well as lower fixed cost absorption, which led to
EBITDA losses in 4QFY23.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months along with an improvement in the liquidity position could
lead to a positive rating action.

Company Profile

Incorporated in 1985, SIL has a grinding capacity of 6.1 million
metric tons per annum and a clinker capacity of 6.6 million metric
tons per annum. It also has a 130MW captive thermal power plant,
captive mines, a water de-salination facility, and a captive port
in Kutch which can handle 1mmtpa of cargo. SIL sells ordinary
portland cement, portland pozzolana cement and portland slag cement
in Gujarat, Rajasthan, Maharashtra and Kerala and international
markets of the Middle East, Africa and the Indian sub-continent.


SARATHY AUTOCARS: Ind-Ra Moves BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sarathy Autocars'
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB-(ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR474 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR120.55 mil. Term loan due on June 2022 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The issuer did not co-operate. The
ratings were last reviewed on May 11, 2022. Ind-Ra is unable to
provide an update, as the agency does not have adequate information
to review the ratings.

Company Profile

Kollam (Kerala)-based Sarathy Autocars, established in 1999 as a
partnership firm, is an authorized dealer of Maruti Suzuki India
Limited. It operates 15 showrooms and 17 service centers across the
state.


SAYA AUTOMOBILES: CRISIL Lowers Rating on INR45cr Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Saya Automobiles Limited (SAL) to 'CRISIL D; Issuer not
cooperating' from 'CRISIL B/Stable Issuer not cooperating' due to
delays in servicing of debt obligations, as per publicly available
information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            45         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with SAL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAL
is consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has downgraded its rating on the bank facilities of
SAL to 'CRISIL D; Issuer not cooperating' from 'CRISIL B/Stable
Issuer not cooperating' due to delays in servicing of debt
obligations, as per publicly available information. There is a
Press release announcement by Directorate of Enforcement (ED),
stating Saya Automobiles Limited and its directors are currently
under investigation for money laundering and forgery for the
purpose of defrauding Canara Bank and Canara Bank also Declared the
Company as NPA.

SAL, promoted by Mr. Ramesh Handa and his wife Ms. Uma Handa in
1984, was set up as a limited company and started commercial
operation in 1987 as an authorised dealership for MSIL at GT Karnal
Road, New Delhi. SAL also has an authorised service station for
MSIL at GT Karnal Road, and a workshop and accessories and body
shop at Badli, New Delhi, which has a capacity to provide servicing
facility for 55-60 cars per day at both service stations.


SEAWAYS SHIPPING: Ind-Ra Cuts LongTerm Issuer Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Seaways Shipping
and Logistics Limited's (Seaways) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits downgraded with IND BB+/Stable/
     IND A4+ rating; and

-- INR26.5 mil. Non-fund-based limits downgraded with IND A4+
     rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Seaways and its subsidiaries in view of the operational and
strategic linkages among the entities.

The upgrade in the prior year reflected a substantial improvement
in the consolidated operating performance during FY21-9MFY22, and
the consequent improvement in the financial and liquidity profile.
However, during FY23, there has been significant deterioration in
the operating performance, resulting in the worsening of its
liquidity as well as credit profile.

Note: For all full year FY23 numbers, Ind-Ra has used company
estimates since the provisional/ final numbers are not yet
available.

Key Rating Drivers

Slowdown in Operating Performance in FY23: Against the strong base
of FY22, the consolidated revenue in FY23 declined 18.6% yoy to
INR9,417 million (company estimate; FY22: INR11,564 million),
affected by a secular decline across segments, including non-vessel
operating common carrier (NVOCC), bulk logistics, freight
forwarding and warehousing & supply chain solutions. With the
easing of supply chain backlog in FY23, increased competition in
the NVOCC space led to an 11% yoy volume decline for the company,
which resulted in a revenue decline of 13% yoy for the segment. In
the bulk logistics segment, the company's revenue declined 41% yoy,
due to a volume and realization fall of 33% and 12%, respectively,
on account of the regulatory headwinds, including the higher export
duty imposed on steel and the export ban on rice. Ind-Ra expects
the full-year impact of moderation in global freight rates to
pressure the top line in FY24. Nevertheless, it expects a volume
improvement in the bulk cargo vertical due to the regulatory
tailwinds such as removal of the export duty on steel and lifting
of export ban on selective type of rice along with stabilization in
volumes in other verticals to support the revenue.  

Subdued Profitability and Credit Metrics in FY23: The consolidated
EBITDA margin substantially reduced to 0.3% in FY23 (FY22: 6.2%),
resulting in a lower EBITDA of INR25 million (INR712 million). This
was because of the sizeable decline in the consolidated revenue
along with a decline in the gross contribution from the NVOCC
segment owing to the falling spot freight rates in FY23 compared to
higher dead freight rates which are pre-contracted freight rates to
lock-in vessel space. The agency expects the EBITDA margin in FY24
to improve to a single digit, driven by an improvement in the
profitability of NVOCC segment post the renegotiation of dead
freight rates with space owners.

Owing to the sharp decline in EBITDA, the interest coverage ratio
(EBITDA/gross interest expenses) is estimated to have reduced below
1.0x in FY23 (FY22: 2.9x) while the net leverage (net debt/EBITDA)
worsened to above 45x (0.96x). Seaways' overall debt increased to
about INR1,485 million (including inter corporate deposit (ICDs),
loan from director and lease liabilities) as of March 31, 2023
(March 31, 2022: INR1,337 million). During FY23, the debt servicing
was minimal and is likely to have been supported by cash balances.
The agency believes that the expected improvement in profitability
and company's deleveraging efforts would help revive the interest
coverage ratio. The ability of the company to recover the
operational performance in terms of higher EBITDA and hence improve
the credit metrics, would remain a key monitorable for Ind-Ra.

Liquidity Indicator – Stretched: The consolidated cash and bank
balances of Seaways stood at about INR186.8 million as of March 31,
2023 (March 31, 2022: INR651.8 million), with a sizeable portion
being held at Maxicon Container Line Pte Ltd, a Singapore-based
subsidiary of Seaways. In January 2023, the company had enhanced
its fund-based working capital limit to INR300 million from INR160
million, which was almost fully utilized during the 12 months ended
May 2023. Seaways also utilizes the factoring facilities for
meeting its working capital requirements. The company has a minimal
scheduled term debt repayment of INR15.7 million and INR15.6
million in FY24 and FY25, respectively, which provides some respite
in a stretched liquidity scenario. The outstanding non-convertible
debentures raised by the company to repay the earlier debentures,
have a bullet repayment in FY26. The company extended additional
ICDs to a promoter group company in FY23. Any further cash outflow
in form of ICDs along with fungibility of cash and bank balance
across subsidiaries domiciled in different geographies would remain
a key monitorable for Ind-Ra.

Susceptible to EXIM Volumes and Volatility in Freight Rates:
Seaways' operating performance remains susceptible to the EXIM
volumes, which is linked to global macroeconomic conditions. A
slowdown in the global growth and consequently, the EXIM volumes
could impact the company's operating performance. The company's
operating performance also remains exposed to volatility in the
freight rates. The company is taking constant efforts to
consolidate its customer base and would focus only on profitable
trade routes and commodities to mitigate its susceptibility to
volatility in freight rates.

Established Market Presence: Seaways provides ocean logistics
services and has an operational track record of more than three
decades. The company has an established domestic and international
presence, and has a strong network of own offices and exclusive
agents. Seaways operates across 30 locations in India, and it also
has an international presence, with operations in Singapore,
Malaysia, and the United Arab Emirates through various
subsidiaries. The company, through Maxicon Container Line, carries
out its NVOCC business with an inventory of approximately 16,000
twenty equivalent units, which is present in 23 countries,
including Singapore, India, Malaysia, China, Indonesia, Vietnam,
Thailand, Bangladesh, Oman, Myanmar, and the United Arab Emirates.

Diversified Revenue Profile: Seaways operates across four major
business verticals of NVOCC, freight forwarding, bulk logistics and
warehousing. The company also provides services of project cargo
logistics service and offshore services. The revenue from NVOCC,
freight forwarding, bulk logistics and warehousing accounted for
69%, 20%, 10% and 1%, respectively, of the total revenue during
FY23 (FY22: 64%, 19%, 14% and 1%).

Standalone Performance: During FY22, Seaways' standalone revenue
grew 41% yoy to INR4,074.2 million, supported by a healthy
improvement in the revenue from the freight forwarding and bulk
logistics segment. However, the company saw an EBITDA loss of
INR168.7 million (FY22: profit of INR210.3 million).  The overall
debt declined to INR1,329.7 million as of March 31, 2022 from INR
INR1630.6 million as of March 31, 2021. The company's cash and bank
balances stood at about INR16.9 million as of March 31, 2022 (March
31, 2021: INR96.2 million). Seaways' revenue from operations is
likely to have declined in FY23.

Rating Sensitivities

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

-- a sustained improvement in the revenue and profitability,
leading to the gross interest coverage ratio exceeding 2x, both on
consolidated and sustained bases; and

-- strengthening of the liquidity with reasonable cash fungibility
between the subsidiaries domiciled across geographies, enhanced
flexibility in terms of unutilized working capital limit and
limited support been extended to promoter group companies.

Negative: A further decline in the revenue and profitability
resulting in the interest coverage remaining below 1.5x, on a
sustained and consolidated basis, will be negative for the
ratings.

Company Profile

Seaways, a Hyderabad-based logistics group, offers integrated
logistics solutions with multi-modal capabilities across 100
countries through its own offices and/or strategic partners. The
company has an experience of over 30 years in providing integrated
ocean logistics services in India. Its wholly-owned subsidiary in
Singapore, Maxicon is intra-Asia non-vessel operating common
carrier. Maxicon operates over 16,000 containers, around 60% of
which are owned by its Singapore subsidiary and the group.


SHARVAYA METALS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sharvaya
Metals Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.92       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 23, 2022,
placed the rating(s) of SMPL under the 'issuer non-cooperating'
category as SMPL 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. SMPL continues to be
noncooperative 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).

Analytical approach: Standalone

Outlook: Stable

Sharvaya Metals Private Limited (SMPL) is a part of Superfine group
which is engaged in manufacturing of aluminum extrusion products
since last two decades. SMPL was incorporated as a private limited
company in the year 2014 by Mr. Shreyansh Katariya and Ms. Seema
Bhalgat who are having more than a decade of experience in
business. Company is engaged in manufacturing of aluminum circles
and billets of different measurements and sizes as per the
requirement of clients.


STAR CITY: CRISIL Moves B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Star
City Multispeciality Hospital Private Limited (SCMHPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term     12.51     CRISIL B+/Stable (ISSUER NOT  
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               2.49     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SCMHPL for
obtaining information through letter and email dated June 21, 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 SCMHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SCMHPL 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 SCMHPL to 'CRISIL B+/Stable Issuer not
cooperating'.

Star City Multispeciality Hospital Private Limited, incorporated in
2010, runs a 50-bed multi-speciality hospital in Kalyan. The
company is promoted by Dr. Chandrakant D Shivsharan (laparoscopic
surgeon), Dr. Pravin P Bhujbal, Dr. Pradeep B Shelar, Dr. Bhavesh J
Chauhan, Dr. Umesh V Kapuskar, Dr. Chandan R Singh, and Dr. Rajesh
Pastaria.


VINIT KNITTINGS: CRISIL Lowers Rating on INR7cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded the ratings of Vinit Knittings Private
Limited (VKPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     0.21       CRISIL D (Issuer Not
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

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

Based on the last available information, CRISIL has downgraded the
ratings to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating'. As per information available in the public
domain, there remains delinquency in company account and clarity
about the same from the management and bankers is continuing to
remain awaited.

Incorporated in 2004 and promoted by Mr. Sudama Arora, Mr. Vaneet
Arora, Mr. Manoj Arora, and Ms. Rachna Arora, VKP manufactures
industrial cloth at its unit in Sameypur Extensive Industrial Area
in New Delhi, which has installed capacity of 8 tonne per day.

Status of non cooperation with previous CRA:

VKPL has not cooperated with Credit Analysis & Research Ltd., which
published their ratings as 'issuer not co-operating' through
release dated 14-June-2022. The reason provided by them was
non-furnishing of information by VKPL for monitoring the ratings.

VKPL has not cooperated with Brickwork Ratings India Private
Limited., which published their ratings as 'issuer not
co-operating' through release dated 21-Oct-2019. The reason
provided by them was non-furnishing of information by VKPL for
monitoring the ratings.


WALCHANDNAGAR INDUSTRIES: Ind-Ra Hikes Issuer Rating to 'B'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Walchandnagar
Industries Limited's (WIL) Long-Term Issuer Rating to 'IND B' from
'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR2,145.40 bil. Fund-based working capital limit Long-term
     rating upgraded; short-term rating affirmed with IND
     B/Stable/IND A4 rating; and

-- INR4,595.60 bil. (reduced from INR5,095.60 bil.) Non-fund-
     based working capital limit affirmed with IND A4 rating.

WIL had delayed the servicing of KKR India Financial Services
Private Limited's (KKR) term loan and the non-convertible
debentures issued to KKR India Debt Opportunities Fund II in FY21.
On March 31, 2022, KKR assigned the entire debt of INR2,073 million
to Assets Care and Reconstruction Enterprise Limited (ACRE) for a
settlement value of INR720 million, of which INR620 million was
funded by ACRE and the remaining INR100 million was funded by WIL,
via inter-corporate deposits. As per the standstill agreement
between WIL and ACRE, which was signed on 19 July 2022, all the
existing event of default would be waived during the standstill
period of April 12, 2022 to April 12, 2023. WIL would have to pay
monthly interest of INR8.27 million during the standstill period,
and an aggregate payment of INR250 million at the end of the
standstill period. Furthermore, WIL needed to issue 7% of the total
issued and paid-up share capital in favor of ACRE.

The upgrade reflects WIL successful meeting the standstill
conditions imposed by ACRE for the restructuring of KKR's debt.
Furthermore, Ind-Ra expects WIL's profitability to improve in the
near-to-medium term.

Key Rating Drivers

Successful Execution of Standstill Conditions: WIL repaid the
aggregate amount of INR250 million and monthly interest of INR8.27
million during the standstill period in a timely manner to ACRE,
thereby adhering to the conditions imposed by the latter.
Furthermore, WIL has issued 7% of the total issued and paid-up
share capital, amounting to INR6.42 million, to ACRE. WIL has to
repay the remaining INR370 million along with payment-in-kind loan
of INR39.2 million by March 31, 2025, which will be sourced through
sale of non-core assets.

EBITDA Margin Likely to Improve: Ind-Ra expects WIL's EBITDA
margins to improve over the near-to-medium owing to the likely
execution of high-value orders. WIL incurred an EBITDA loss of
INR346.40 million in FY23 (FY22: EBITDA of INR221.10 million,
margin of 7.39%; FY21: INR197.50 million, 6.06%), due to an
increase in the cost of goods sold and one-time adjustment of
writing off old non-moving WIP inventory worth INR196.4 million and
a provision of INR 241.84 million for doubtful debts. After
excluding the one-time adjustment, the adjusted EBITDA margin stood
at 2.85% and the adjusted EBITDA stood at INR91.84 million. The
ROCE remained negative at 8.71% in FY23 (FY22: negative 0.02%;
FY21: negative 0.47%).

Liquidity Indicator- Poor: WIL's average maximum utilization of the
fund-based limits was 95.53% for the 12 months ended May 2023. Its
cash and cash equivalent stood at INR17.80 million at FYE23 (FYE22:
INR29.40 million; FYE21: INR29.20 million). The cash flow from
operations turned positive at INR267.20 million in FY23 (FY22:
negative INR423.10 million; FY21: INR25.60 million), due to
favorable changes in the working capital. The free cash flow also
turned positive at INR251.50 million in FY23 (FY22: negative INR454
million; FY21: negative INR41 million) due to the improvement in
the cash flow from operations. The net cash conversion cycle
remained stretched but improved to 469 days in FY23 (FY22: 692
days; FY21: 572 days), mainly due to a reduction in the inventory
days to 407 days (581 days; 493days).

During FY09, WIL had received two large-size orders, one from Tamil
Nadu Electricity Board (TNEB), worth around INR11,250 million, and
one from Tendaho Phase-I & II, Ethiopia, worth INR7,000 million-
8,000 million, with a delivery period up to two-to-three years.
However, the projects were delayed, leading to higher inventory and
debtor period, resulting in a cash flow crisis. Consequently, WIL
has very high repayment obligations of INR450 million and INR 268.2
million in FY24 and FY25, respectively, and the repayment of the
same is likely to be funded through the sale of non-core assets.
Ind-Ra expects WIL's liquidity to remain poor in the near term and
gradually improve in the medium term post the repayment of ACRE's
debt.

Scale of Operations Remains Small: In FY23, the company's revenue
marginally improved to INR3,220.90 million (FY22: INR2,991.90
million; FY21: INR3,256.40 million) due to an increase in the
number of orders executed by the company. Its heavy engineering
division (HED) contributed 75.69% to the total revenue in FY23
(FY22: 79.95%; FY21: 86.19%) and the foundry division contributed
around 17.77% (14.05%; 10.62%). The instrumentation division
accounted for the remaining revenue. Within HED, the gear business
contributed around 17.04% to the total revenue in FY23 (FY22:
10.46%; FY21: 10.47%), the aerospace and missile business
contributed 17.03% (23.83%; 29.39%), and the crushing and grinding
business contributed 15.94%% (9.57%; 9.25%). Furthermore, in HED,
the revenue from the nuclear business increased to INR134.59
million in FY23 (FY22: INR32.37 million; FY21: INR322.81 million),
taking its share in the total revenue  to 4.18% (1.09%; 9.91%)). As
on 31 May 2023, WIL had unexecuted orders worth INR9,223 million.
Of this, orders worth INR2,786.50 million were from Nuclear Power
Corporation of India Limited. Ind-Ra expects the revenue to
increase in the near-to-medium term on the back of the execution of
the high-value orders.

Deterioration in Credit Metrics: WIL's credit metrics remained weak
and deteriorated in FY23 owing to the fall in the adjusted EBITDA.
The gross interest coverage (operating adjusted EBITDA/gross
interest expense) weakened to 0.17x in FY23 (FY22: 0.31x; FY21:
0.25x) and the net leverage (total adjusted net debt/operating
adjusted EBITDA) deteriorated to 31.70x (22.17x; 23.07x). Ind-Ra
expects the credit metrics to remain weak in the medium term.

Established Track Record; Experienced Promoters: WIL has been in
existence for more than a century. The company has presence in
areas such as defense, nuclear, missiles, aerospace and industrial
products such as gears, centrifugal, castings and gauges, crushing
and grinding solutions and process equipment. Chakor Lalchand
Doshi, the chairman of the company, has over four decades of
experience in the business.

Rating Sensitivities

Negative: Lower-than-expected profitability, leading to further
deterioration in liquidity, or delay in monetization of non-core
assets, leading to weaker-than-expected credit metrics, on a
sustained basis, would be negative for the rating.

Positive: Improvement in operating profitability, leading to an
improvement in liquidity, and sale of non-core assets, leading to
an improvement in the credit metrics, on a sustained basis, would
be positive for the rating.

Company Profile

Established in 1908, WIL provides engineering, procurement and
construction solutions and supply's machinery and equipment to the
aerospace and missile, defense, nuclear, gears, centrifugal, and
sugar sectors. WIL has the heavy engineering division, foundry
division and instrumentation division.





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

[*] JAPAN: 27% of Nursing Homes Face Bankruptcy, Survey Shows
-------------------------------------------------------------
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," Kyodo quotes an official of
Minkaikyo, an association of nursing care providers, as saying.

Kyodo says 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.

The survey found that over 90 percent of facilities have been
affected by price increases, the report says.

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, Kyodo
relates.
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.

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


[*] JAPAN: Corporate Bankruptcies for 1H 2023 Highest in 5 Yrs
--------------------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies in
Japan for the first six months of 2023 rose 32.1 percent from a
year earlier to a five-year high of 4,042, as businesses took on
increased debt to stay afloat amid the coronavirus pandemic, a
survey by a credit research company showed on July 10.

The rise in failures involving liabilities exceeding JPY10 million
($70,000) comes as many companies have begun repaying interest-free
and unsecured loans, which lenders extended under a government
program in response to the pandemic, Tokyo Shoko Research Ltd.
said, Kyodo relays.

Rising material and labor costs have also affected businesses, the
research firm said.

In total, 322 cases involved companies funded by the emergency
program, almost doubling from a year before. Business insolvencies
resulting from rising prices increased 3.3-fold to 300, according
to the firm.

The number of corporate bankruptcies could increase further,
especially among firms that have been slow to recover from the
pandemic, the firm, as cited by Kyodo, said.

The total liabilities left by bankrupt companies fell 45.3 percent
to JPY934 billion in the six months after surging last year due to
an extraordinarily large debt held by Marelli Holdings Co., a major
auto parts maker, Kyodo discloses.

The company filed for protection with a court in June last year
under Japan's civil rehabilitation law, with debts totaling JPY1.13
trillion, Kyodo recalls.

All 10 industry categories covered by the survey saw an increase
for the first time in 25 years, Tokyo Shoko Research said.

According to the report, the service sector logged the highest
number at 1,351 cases, up 36.1 percent, with many restaurants going
out of business after the government ended its pandemic-related
financial aid.

The construction industry came second at 785, up 36.3 percent, as
it was hit by rising material costs.




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

LUMPY GRAVY: Blacklock Rose Limited Appointed as Administrators
---------------------------------------------------------------
Garry Whimp and Ben Francis of Blacklock Rose on July 10, 2023,
were appointed as administrators of Lumpy Gravy Limited.

The administrators may be reached at:

          Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


MACES ROAD: Creditors' Proofs of Debt Due on Aug. 25
----------------------------------------------------
Creditors of Maces Road Machinery 2020 Limited are required to file
their proofs of debt by Aug. 25, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 4, 2023.

The company's liquidators are:

          Wendy Somerville
          Malcolm Hollis
          c/o PwC
          PwC Christchurch
          PO Box 13244
          City East
          Christchurch 8141


STONEBROS PROPERTIES: Creditors' Proofs of Debt Due on Aug. 18
--------------------------------------------------------------
Creditors of Stonebros Properties Limited are required to file
their proofs of debt by Aug. 18, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 5, 2023.

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340
          Auckland


TBR DECORATOR: Court to Hear Wind-Up Petition on July 21
--------------------------------------------------------
A petition to wind up the operations of TBR Decorator Limited will
be heard before the High Court at Auckland on July 21, 2023, at
10:45 a.m.

M. D. Razib Hossain and Nusrat Nasim filed the petition against the
company on April 17, 2023.

The Petitioner's solicitor is:

          Christina Keil
          c/- Merran Keil
          Barrister, Regent Chambers
          Level 4, 68 Shortland Street
          Auckland


VIRAL VENTURES: Creditors' Proofs of Debt Due on Aug. 7
-------------------------------------------------------
Creditors of Viral Ventures NZ Limited 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 July 4, 2023.

The company's liquidators are:

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





===============
P A K I S T A N
===============

PAKISTAN: Fitch Upgrades Long Term Foreign Currency IDR to 'CCC'
----------------------------------------------------------------
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.

KEY RATING DRIVERS

Easing External Financing Risks: The upgrade reflects Pakistan's
improved external liquidity and funding conditions following its
Staff-Level Agreement (SLA) with the IMF on a nine-month Stand-by
Arrangement (SBA) in June. Fitch expect the SLA to be approved by
the IMF board in July, catalysing other funding and anchoring
policies around parliamentary elections due by October.
Nevertheless, programme implementation and external funding risks
remain due to a volatile political climate and large external
financing requirement.

IMF-Driven Reforms: Pakistan has recently taken measures to address
shortfalls in government revenue collection, energy subsidies and
policies inconsistent with a market-determined exchange rate,
including import financing restrictions. These issues held up the
last three reviews of Pakistan's previous IMF programme, before its
expiry in June.

Most recently, the government amended its proposed budget for the
fiscal year ending June 2024 (FY24) to introduce new revenue
measures and cut spending, following additional tax measures and
subsidy reforms in February. The authorities appeared to abandon
exchange-rate management in January 2023, although guidelines on
prioritising imports were only removed in June.

Implementation Risks: Pakistan has an extensive record of going
off-track on its commitments to the IMF. Fitch understand the
government has already made all the required policy actions under
the SBA. Nevertheless, there is still scope for delays and
challenges to implementation as well as new policy missteps ahead
of the October elections and uncertainty over the post-election
commitment to the programme.

New Funding Unlocked: IMF board approval of the SBA will unlock an
immediate disbursement of USD1.2 billion, with the remaining USD1.8
billion scheduled after reviews in November and February 2024.
Saudi Arabia and the United Arab Emirates have committed another
USD3 billion in deposits, and the authorities expect USD3-5 billion
in other new multilateral funding after the IMF agreement. The SBA
should also facilitate disbursement of some of the USD10 billion in
aid pledges made at the January 2023 flood relief conference,
mostly in the form of project loans (USD2 billion in the budget).

Overall Funding Targets Ambitious: The authorities expect USD25
billion in gross new external financing in FY24, against USD15
billion in public debt maturities, including USD1 billion in bonds
and USD3.6 billion to multilateral creditors. The government
funding target includes USD1.5 billion in market issuance and
USD4.5 billion in commercial bank borrowing, both of which could
prove challenging, although some of the loans not rolled over in
FY23 could now return. USD9 billion in maturing deposits from
China, Saudi Arabia and the UAE will likely be rolled over, as in
FY23.

Narrower External Deficit: Pakistan's current account deficit (CAD)
has narrowed sharply, driven by earlier restrictions on imports and
FX availability, tighter fiscal and economic policies, measures to
limit energy consumption and lower commodity prices. Pakistan
posted current account surpluses in March-May 2023, and Fitch
forecast a CAD of about USD4 billion (1% of GDP) in FY24, after
USD3 billion in FY23 and over USD17 billion in FY22. Fitch forecast
CAD is lower than the USD6 billion in the budget, on the assumption
that not all of the planned new funding will materialise,
constraining imports.

External Deficit Risks: The CAD could widen more than Fitch expect,
given continued reports of import backlogs, the dependence of the
manufacturing sector on foreign inputs, and reconstruction needs
after last year's floods. Nevertheless, currency depreciation could
limit the rise, as the authorities intend for imports to be
financed through banks, without recourse to official reserves.
Remittance inflows could also recover after partly switching to
unofficial channels to benefit from more favourable parallel market
exchange rates.

The 'CCC' Long-Term Foreign-Currency IDR also reflects the
following factors:

Reserves Still Low: Liquid net FX reserves of the State Bank of
Pakistan have hovered around USD4 billion since February 2023, or
less than a month of imports, down from a peak of more than USD20
billion at end-August 2021. The collapse in reserves reflected
large CADs, external debt servicing and earlier FX intervention by
the central bank. Fitch expect a modest recovery for the rest of
FY24 on new external financing flows, although these flows will
also lead to a renewed widening of the CAD.

Volatile Politics: Protests by supporters of former prime minister
Imran Khan and his PTI party sharply intensified in May as Mr Khan
was briefly arrested on corruption charges, culminating in attacks
on army facilities. In the ensuing crackdown, a large number of PTI
members were arrested, with several high-ranking PTI politicians
quitting politics. Nevertheless, the enduring popularity of Mr Khan
and PTI create policy uncertainty around elections.

Fiscal Deficits Remain Wide: Fitch expect the consolidated general
government (GG) fiscal deficit to widen to 7.6% of GDP in FY24,
from an estimated 7.0% in FY23, driven by higher interest costs on
domestic debt, which accounts for the difference between Fitch
forecast and a GG deficit of 7.1% of GDP in the revised FY24 budget
statement (with a lower figure of 6.5% in the medium-term fiscal
framework). Fiscal consolidation will drive a slight improvement in
Fitch forecast GG primary deficit to 0.1% of GDP in FY24, from 0.5%
of GDP in FY23.

High, Stable Debt Level: The GG debt/GDP of 74% at FYE23 is in line
with the median for 'B', 'C' and 'D' rating category sovereigns and
debt dynamics are broadly stable owing to high nominal growth over
the medium term. Nevertheless, debt/revenue (over 600%) and
interest/revenue (nearly 60%) are far worse than that of peers.

Government Considering Bilateral Maturity Extension: The finance
minister recently said that Pakistan would seek maturity extensions
on loans by non-Paris club bilateral creditors, while reaffirming
the government's commitment to timely debt service. Fitch
understand that such maturity extensions would mostly relate to
loans and deposits by China, Saudi Arabia and the UAE, which are
already regularly rolled over.

In 2022, the prime minister and former finance minister raised the
possibility of seeking debt relief from non-commercial creditors,
including the Paris Club, but the authorities now appear to have
moved away from this. Should Paris Club debt treatment be sought,
Paris Club creditors are likely to require comparable treatment for
private external creditors in any restructuring.

ESG - Governance: Pakistan has an ESG Relevance Score (RS) of '5'
for both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch proprietary Sovereign Rating Model
(SRM). Pakistan has a WBGI ranking at the lower 22nd percentile.

RATING SENSITIVITIES

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

-- Public Finances: Increasing likelihood of default, for example
renewed deterioration in external liquidity conditions that could
result from delays in IMF disbursements, or indications that the
authorities are considering debt restructuring.

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

-- Public Finances: Strong performance against IMF programme
conditions, ensuring continued availability of funding.

-- External Finances: Rebuilding of foreign-currency reserves and
further easing of external financing risks.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilized the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within Fitch
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

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

Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.

Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Pakistan has an ESG Relevance Score of '4' for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. As Pakistan
participated in the Debt Service Suspension Initiative in 2020,
this has a negative impact on the credit profile.

PAKISTAN: Receives US$2BB Financial Support from Saudi Arabia
-------------------------------------------------------------
Reuters reports that Pakistan has received $2 billion in financial
support from Saudi Arabia, Finance Minister Ishaq Dar said on July
10, a day before the International Monetary Fund's board is
expected to give final approval for a much-needed $3 billion
bailout.

"I thank Saudi Arabia on behalf of the prime minister and army
chief," Dar said in a recorded video statement, terming it a "great
gesture" from the longtime ally, Reuters relays.

Saudi Arabia deposited the funds with the central bank, Dar said,
boosting foreign exchange reserves when Pakistan had been left with
barely enough to cover a month of controlled imports, Reuters
relates.

According to Reuters, Saudi Arabia pledged the funds in April, but
had held off depositing the money with the State Bank of Pakistan
until it was sure that the IMF bailout would be forthcoming.

"It reflects the growing confidence of our brotherly countries and
the international community in Pakistan's economic turnaround," the
report quotes Prime Minister Shehbaz Sharif as saying.

Teetering on the cusp of a sovereign debt default, Pakistan secured
a last-gasp $3 billion IMF bailout on the last day of June, though
it still needs approval from the IMF board, which is meeting today,
July 11, Reuters says.

Under the nine-month arrangement, Pakistan will receive about $1.1
billion upfront and the IMF will stagger disbursements of the
rest.

Reuters notes that the IMF deal will unlock more bilateral and
multilateral financing in addition to the money from Saudi Arabia,
and Dar has said that he expects Pakistan's foreign exchange
reserves will have risen to $15 billion by the end of this month.

Reuters adds that Sharif's coalition government, which is due to
face a national election later this year, has to undertake more
painful fiscal discipline measures to satisfy the IMF, and the
central bank has raised its policy interest rate to a record high
of 22% while ordinary Pakistanis are struggling with inflation
running at about 29%.

Fitch credit rating agency on July 10 upgraded Pakistan's sovereign
rating to CCC from CCC-, and the bailout has brought some relief to
investors in the country's stocks and bonds, the report adds.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative. The decision to downgrade the ratings is
driven by Moody's assessment that Pakistan's increasingly fragile
liquidity and external position significantly raises default risks
to a level consistent with a Caa3 rating.




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

DASIN RETAIL: Posts SGD221.5MM Net Loss in H2 Ended December 2022
-----------------------------------------------------------------
The Business Times reports that Dasin Retail Trust's net loss for
the second half ended December 2022 widened to SGD221.5 million
from SGD51.8 million in the same period a year ago, statements
prepared on a going concern basis indicated.

On July 10, its trustee-manager said the greater net loss was
mainly due to changes in fair value of investment properties, which
resulted in a wider SGD297.9 million loss from SGD63.9 million in
the previous year, BT relates.

BT says the latest set of results translates to a loss per unit
(LPU) of SGD0.273 compared to a H2 LPU of SGD0.0661 the previous
year. LPU for FY2022 amounted to SGD0.3455, compared to an LPU of
SGD0.0626 the previous year.

Revenue over the half-year period declined 24.7 per cent to SGD37.6
million from SGD50 million in H2 FY2021. The lower topline comes
amid lower contributions from all malls in the trust's portfolio,
which comprises seven retail malls providing direct exposure to the
Guangdong-Hong Kong-Macau Greater Bay Area.

Net property income (NPI) fell 33.6 per cent to SGD20.6 million
from SGD31 million in the previous comparative year, BT discloses.

No distribution has been declared for the period, as the trust has
defaulted on loans worth approximately SGD910 million.

According to BT, following the release of the results, minority
investor advocacy group Securities Investors Association
(Singapore), or Sias, issued a set of questions to DRT relating to
unitholders' concerns over the results, among other matters.

Regarding the loan defaults, Sias asked the trust to explain to its
unitholders the hurdles it faces in disposing some of its assets to
deleverage and address the defaults, BT says. It also requested the
trustee-manager to provide an on-the-ground update on the operating
statuses of DRT's seven malls in Guangzhou.

In relation to the fair value changes in DRT's investment
properties, Sias noted that the trust is now in breach of the
gearing, interest-coverage and loan-to-valuation ratios required
under its offshore facilities, BT relays. It asked the trust to
elaborate on how this would impact the refinancing of both the
offshore and onshore facilities, as well as the progress that has
been made in this area.

DRT's full-year revenue was down 15.8 per cent to SGD85.3 million
from SGD101.3 million in FY2021.

FY2022 NPI stood at SGD47.2 million, down some 31.8 per cent from
SGD69.2 million the previous year, BT discloses.

NPI margin fell 13.1 percentage points to 55.2 per cent for FY2022,
compared to 68.3 per cent previously. The trustee-manager said this
was primarily due to a loss allowance on receivables, excluding
which would have seen NPI margin at 75.6 per cent.

In its outlook, DRT's trustee-manager acknowledged there were
material uncertainties over the trust's ability to remit funds out
of China for the payment of interest expenses for two of its
offshore facilities, as well as essential offshore operating
business expenses, over the next 12 months, relays BT.

It cautioned there could be an impact on the classifications of its
assets and liabilities – along with the ability to realise assets
at their recognised values, and extinguish liabilities at the
amounts stated in the financial statements – should the trust be
unable to continue as a going concern, according to BT.

As at end-2022, DRT's total liabilities at the group level stood at
SGD1.3 billion, compared to SGD1.4 billion in the same period a
year ago.

In addition to its questions on the latest results, Sias asked DRT
to provide an update on the proposed sale of Shiqi Metro Mall and
Xiaolan Metro Mall, as well as that of any other assets, BT says.

It also asked the trust to clearly define the roles and
responsibilities of its management team, including those of chief
executive of the trustee-manager Wang Qiu and chief financial
officer Steven Ng, BT relates. It queried the trust on the board's
level of involvement in operational and strategic matters, as well
as how effective the trustee-manager has been in handling matters
of the trust – especially in relation to the winding-up petition
against Sino Ocean Capital in Hong Kong.

Earlier this month, DRT announced that talks with a “reputable
Chinese entity” over a memorandum of understanding (MOU) had
fallen through; the MOU was related to the trust's restructuring of
its loan maturities. Sias has asked DRT to state all the options
that are being explored in its restructuring, including details on
the individuals who are leading the negotiations, the assets
involved, and the counter-parties, BT relays.

BT adds that the group also noted that some unitholders have
expressed concerns regarding the potential illegality of the
transactions outlined in the MOU. It has therefore requested DRT's
board and management to provide clarity on the transactions in
question, and the potential laws that might be breached.


EMERGENT LOGISTICS: Creditors' Proofs of Debt Due on Aug. 7
-----------------------------------------------------------
Creditors of Emergent Logistics 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 liquidators are:

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


MINE BIOMASS: Creditors' Proofs of Debt Due on Aug. 7
-----------------------------------------------------
Creditors of Mine Biomass Synergies 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:

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


MPD (SINGAPORE): Creditors' Proofs of Debt Due on Aug. 8
--------------------------------------------------------
Creditors of MPD (Singapore) Pte. Ltd. are required to file their
proofs of debt by Aug. 8, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 28, 2023.

The company's liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore  
          80 Robinson Road #02-00
          Singapore 068898


THRIVE FAMILY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 30, 2023, to
wind up the operations of Thrive Family Pte. Ltd.

Waddington Emma Maria filed the petition against the company.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          RSM Corporate Advisory
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


TJ HOLDINGS: Placed in Provisional Liquidation
----------------------------------------------
Farooq Ahmad Mann of M/s Mann & Associates PAC on June 30, 2023,
was appointed as provisional liquidator of TJ Holdings (V) Pte.
Ltd.

TOCK'S PERFORMANCE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on June 30, 2023, to
wind up the operations of Tock's Performance Lab Pte. Ltd.

Purplehive Pte Ltd filed the petition against the company.

The company's liquidator is:

          Farooq Ahmad Mann
          c/o 3 Shenton Way
          #03-06C Shenton House
          Singapore 068805




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

MG COMMUNITY: Banks Asked to Ready US$4BB to Support Credit Union
-----------------------------------------------------------------
Reuters reports that South Korea's financial services regulator has
asked major commercial banks to prepare around $4 billion in
financing to support a credit cooperative hit by customer
withdrawals, two banking sources familiar with the matter said on
July 10.

An official at the Financial Services Commission said it could not
confirm the amount or other details, but it had asked the banks for
cooperation in preparing liquidity through repurchase-agreement
facilities to aid MG Community Credit Cooperatives (MGCCC), Reuters
relates.

"(Authorities) are closely monitoring the liquidity of MGCCC," the
official said, declining to be named due to the sensitivity of the
matter. The commission had no further comment.

According to Reuters, depositors were lining up last week to
withdraw funds from a branch of the cooperative after local media
reported a rise in non-performing loans tied to real estate
projects. The branch, in the city of Namyangju east of Seoul, is
due to be closed soon.

South Korea's top financial authorities pledged on July 9 to ensure
liquidity at the credit cooperative, which has nearly 1,300
branches, saying in a statement that MGCCC's capital ratio and
liquidity far exceeded regulatory ratios and it had sufficient
cash-equivalent assets, Reuters relays.

Sharply rising interest rates and a cooling property market have
raised concerns about the potential impact on Asia's fourth-largest
economy.

Reuters adds that South Korea's five major commercial banks have
signed or are in the process of signing repurchase agreements with
the credit union, said the sources, who declined to be identified
because of the sensitivity of the issue. Repurchase facilities
allow for raising cash in exchange for collateral, such as bonds.

Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank and NongHyup
Bank had been asked to make financing available to MGCCC, although
the actual amount extended to the credit union would depend on
deposit withdrawals, the sources said.

According to Reuters, the sources added that each of the banks was
asked to prepare KRW1 trillion of financing, or KRW5 trillion in
total ($3.84 billion), as potential support.

State-run Korea Development Bank and Industrial Bank of Korea are
also setting up repurchase agreements with the credit union, Yonhap
news agency reported on July 10, citing unnamed financial industry
sources.

MGCCC said in a statement last week that its debt delinquency rate
was manageable and it would work with the Interior Ministry to
improve its financial soundness, Reuters recalls.

The July 9 statement, from officials at the Bank of Korea and the
Ministry of Finance as well as the Financial Services Commission,
added that withdrawals at MGCCC had slowed and new deposits had
been coming in since July 6.

An investor note from Citi last week played down the risks from the
incident but warned of negative effects on economic growth from the
indebted real estate sector.

"We don't see systematic risks from the event," said Kim Jin-wook,
an economist for Citi in Seoul, adding that any negative effects
would likely be far less than those of a missed bond payment by a
theme park developer late last year.

South Korean financial authorities coordinated with financial
groups to set up a liquidity programme last November when a missed
bond payment by theme park developer Gangwon-Jungdo Development
sparked worries about a credit crunch, Reuters recalls.



                           *********


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
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Information contained herein is obtained from sources believed
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