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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

          Thursday, July 13, 2023, Vol. 26, No. 140

                           Headlines



A U S T R A L I A

2 MORNINGS: Second Creditors' Meeting Set for July 17
ANALYTICA LIMITED: Second Creditors' Meeting Set for July 17
AUSTRALIAN MADE: Shuts Down Amid Tough Market Conditions
BINANCE AUSTRALIA: Offices Searched by ASIC as Part of Probe
CALIA AUSTRALIA: Collapses Into Voluntary Administration

CR PLANT: First Creditors' Meeting Set for July 19
FOXI CAPITAL: Second Creditors' Meeting Set for July 17
KANDILLI HOLDINGS: Second Creditors' Meeting Set for July 17
WILUNA MINING: Creditors Approve DOCA Proposal


C H I N A

DALIAN WANDA: Unit Repays US$219 Million in Onshore Notes
TONGCHUANGJIUDING INVESTMENT: S&P Withdraws 'CCC/C' ICR


I N D I A

ACCUSOFT TECHNOLOGIES: Voluntary Liquidation Process Case Summary
AGGRANDIZE VENTURE: CRISIL Assigns B+ Rating to INR0.5cr LT Loan
APOLLO PAPERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
APSARA POWER: CRISIL Moves B+ Debt Rating to Not Cooperating
ATHARVA METALS: Liquidation Process Case Summary

ATHAVAN SOLAR: CRISIL Moves B+ Debt Rating to Not Cooperating
B.G. NAIDU: CRISIL Moves B+ Debt Ratings from Not Cooperating
BALAJI STEEL: CRISIL Migrates B+ Ratings from Not Cooperating
BHUWNESHWAR PATHAK: CRISIL Moves B+ Ratings to Not Cooperating
CAMERICH PAPERS: CRISIL Moves B Debt Ratings to Not Cooperating

CEMCON RAILWAY: CRISIL Moves B+ Debt Ratings to Not Cooperating
D G COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
DALAL REALITIES: CRISIL Moves C Debt Rating to Not Cooperating
DEVKINANDAN DEVELOPERS: CRISIL Moves B+ Rating to Not Cooperating
FUTURE ENTERPRISES: Reliance Retail Eligible to Submit Plan

G.C.A.MARKETING: Insolvency Resolution Process Case Summary
GOVIND STEEL: CRISIL Moves B+ Debt Ratings to Not Cooperating
IDEAL MOVERS: CRISIL Moves B- Debt Ratings to Not Cooperating
KAPIL MUNI: CRISIL Moves B- Debt Ratings to Not Cooperating
KETAKI SANGAMESHWAR: CRISIL Reaffirms B+ Rating on INR10cr Loans

LIMESWOOD DEVELOPERS: Insolvency Resolution Process Case Summary
MAGPPIE GLOBAL: Insolvency Resolution Process Case Summary
MALABAR EDUCATIONAL: CRISIL Cuts Ratings on INR11cr LT Loan to D
MANYA ENTERPRISE: CRISIL Moves B+ Debt Rating to Not Cooperating
MECLIN INFRAS: CRISIL Moves B Debt Rating to Not Cooperating

MNR CONSTRUCTION: CRISIL Lowers Rating on LT/ST Debts to D
OPAL ASIA: Liquidation Process Case Summary
ORIENT NEWSPRINT: Insolvency Resolution Process Case Summary
PCK CORPORATION: Insolvency Resolution Process Case Summary
PRAKASH MENTAL: CRISIL Moves B+ Debt Rating to Not Cooperating

RADHAKRISHNA CONTRACTORS: CRISIL Moves B Debt Ratings to Not Coop
RAM BALAJI: CRISIL Moves B Debt Ratings to Not Cooperating
RAMA AGRO: CRISIL Assigns D Ratings to INR4.5cr Term Loan
REVA ENTERPRISE: CRISIL Moves B- Debt Rating to Not Cooperating
SHRINATHJI AGRO: CRISIL Assigns B+ Rating to INR20cr Loans

SRIGANESH ENGINEERING: CRISIL Moves B Ratings to Not Cooperating
TEXORANGE CORPORATION: Liquidation Process Case Summary
TREVI HOSPITAL: CRISIL Moves B+ Debt Rating to Not Cooperating
UMIYA INFRACON: CRISIL Moves B+ Debt Ratings to Not Cooperating
VEDANTA LIMITED: Foxconn Withdraws from US$19.5BB Chip JV

VIDARBHA INDUSTRIES: Adani Weighs Bid for Bankrupt Coal Plants


N E W   Z E A L A N D

ALPHA INSTALLERS: Creditors' Proofs of Debt Due on Aug. 14
HOMEWORX DESIGN: Creditors' Proofs of Debt Due on Aug. 9
IMAGINATION STATION: Khov Jones Appointed as Receivers
OLD VILLA: Creditors' Proofs of Debt Due on Aug. 7
WARLAVEN INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 11



S I N G A P O R E

CAR ZONE: Court to Hear Wind-Up Petition on July 28
CASTOR INVESTMENT: Creditors' Proofs of Debt Due on Aug. 8
MARZUK INTERNATIONAL: Court Enters Wind-Up Order
PMS CONSULTANTS: Placed in Provisional Liquidation
QUATRRO PROCESSING: Creditors' Proofs of Debt Due on Aug. 7

SINGAPORE OIL: Creditors' Proofs of Debt Due on Aug. 7

                           - - - - -


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

2 MORNINGS: Second Creditors' Meeting Set for July 17
-----------------------------------------------------
A second meeting of creditors in the proceedings of 2 Mornings Pty
Ltd has been set for July 17, 2023 at 2:00 p.m. at the offices of
Hamilton Murphy Advisory at Level 21, 114 William Street in
Melbourne and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 16, 2023 at 4:00 p.m.

Stephen Dixon and Ahmed Bise of Hamilton Murphy Advisory were
appointed as administrators of the company on April 27, 2023.


ANALYTICA LIMITED: Second Creditors' Meeting Set for July 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Analytica
Limited has been set for July 17, 2023 at 11:00 a.m. via virtual
meeting on Microsoft Teams.

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.

Scott Matthew Clout of David Clout & Associates was appointed as
administrator of the company on June 12, 2023.


AUSTRALIAN MADE: Shuts Down Amid Tough Market Conditions
--------------------------------------------------------
News.com.au reports that an independent Australian e-commerce
fashion platform has become the latest casualty of the economic
downturn.

Online store Australianmadeclothes.com.au announced to its 44,000
followers earlier this week that it was closing down.

The business supported independent Australian fashion designers by
selling their locally-made products, with clothing options for men,
women and children.

According to news.com.au, Australian Made Clothes is now holding a
closing down sale but emphasised that all orders will be filled and
delivered before it shuts its virtual doors forever.

Its last day appears to be today, July 13.

News.com.au relates that the owner, James Bennett, said in various
social media posts "sorry, we're closing down. We simply can't
continue operating".

He said "numerous challenges . . . ultimately led to the difficult
decision to cease operations" including increased competition from
overseas retailers, worsening market conditions and the flow-on
effects of the pandemic.

"It has been an incredible journey, and we are immensely proud to
have served as a platform for Australian Made Clothes. We are
grateful to our dedicated customers who have been with us on this
journey. Thank you all so much," Mr. Bennett added in his
statement, news.com.au relays.

According to Mr. Bennett's LinkedIn profile, Australian Made
Clothes had only been in operation since late 2020.

In the weeks and months leading up to the firm's demise, social
media posts appear to show it becoming increasingly desperate to
drum up business.

In April, Australian Made Clothes was offering up to 60% off in a
flash sale, recalls news.com.au.

The outlet also put out a post encouraging everyone to spend AUD10
to support struggling businesses.

"Australians could boost the economy by spending just AUD10 each,
while supporting businesses that sell quality products," the post,
dated back to May, read.

"Around AUD4.8 billion could be injected back into Australia's
economy and add up to 9500 new jobs could be created if households
spent an additional AUD10 a week on ‘Australian made' products,
according to Roy Morgan research."

These attempts were sadly not enough to save the floundering
business, news.com.au adds.


BINANCE AUSTRALIA: Offices Searched by ASIC as Part of Probe
------------------------------------------------------------
Bloomberg News reports that the financial markets watchdog has
searched Binance's offices in Australia as governments around the
world turn up the heat on the biggest cryptocurrency exchange.

According to Bloomberg, the Australian Securities and Investments
Commission conducted searches at several Binance Australia
locations on July 4, people with knowledge of the matter said,
asking not to be identified discussing private information. The
action was part of an investigation into its now-defunct local
derivatives business, according to the people.

Regulatory crackdowns on Binance from Australia to Europe and the
US are becoming a drag on its business, the report says. The
heightened scrutiny has also prompted banking partners such as
Westpac to drop Binance, limiting clients' ability to deposit and
withdraw fiat money on the exchange.

At a Twitter Spaces on July 5, Binance founder Changpeng ‘CZ'
Zhao acknowledged that "external pressure" has hurt the company,
according to Bloomberg. "Many of those things are outside of our
control, but short term they have negative impacts on our
business," he said.

The platform's global share of crypto spot trading fell for a
fourth consecutive month in June, reaching a 10-month low of 42 per
cent, according to a report from CCData on July 5. Binance's
derivatives market share also dropped.

ASIC's review of the derivatives operation includes Binance
Australia's classification of retail and wholesale clients. The
company said in April it would wind down the local derivatives
exchange while keeping the spot platform open. The firm previously
said it had closed the derivatives positions of some Australian
users because they were incorrectly classified as wholesale
investors.

According to Bloomberg, a spokesperson for ASIC, which in April
cancelled Binance Australia's licence for its derivatives
operation, said that "we are unable to confirm or deny any
operational detail such as possible searches" and added that the
regulator's review of the company "is ongoing."

Bloomberg relates that Binance said that it's "cooperating with
local authorities" and "is focused on meeting local regulatory
standards in order to serve our users in Australia in a fully
compliant manner."

Bloomberg says the company's Australia platform has been cut off
from a key local currency withdrawal route after its local payments
partner withdrew support. In Europe, Paysafe will no longer support
bank transfers of euros to and from Binance via the Single Euro
Payments Area network from September 25. Paysafe has also pulled
support for British pound transactions on Binance.

Last month, authorities in France visited Binance there, recalls
Bloomberg. French officials are investigating the alleged illegal
provision of digital-asset services and acts of aggravated money
laundering. Binance has said it abides by all laws in France and in
every other market where it operates.

The US Securities & Exchange Commission in June accused Binance and
Zhao of mishandling customer funds, misleading investors and
regulators, and breaking securities rules, Bloomberg recounts.

Binance has called the SEC action "disappointing" and said that it
intends to defend its platform "vigorously," Bloomberg relates.
Zhao and Binance also face a lawsuit from the Commodity Futures
Trading Commission.

Binance Holdings Ltd. operates the largest crypto asset trading
platform in the world, Binance.com.

The Australia Securities and Investments Commission (ASIC) on April
6, 2023, cancelled the Australian financial services licence held
by Oztures Trading Pty Ltd trading as Binance Australia Derivatives
(Binance). The licence cancellation was effected April 6 in
response to a request to cancel received from Binance on April 5.


CALIA AUSTRALIA: Collapses Into Voluntary Administration
--------------------------------------------------------
SmartCompany reports that upmarket Melbourne CBD eatery Calia has
collapsed into voluntary administration, owing an estimated AUD2
million to Australian diner loyalty platform Liven and raising
questions for diners with unredeemed restaurant credits.

SmartCompany, citing documents listed by the Australian Securities
and Investments Commission (ASIC), discloses that Calia Australia,
which operates the flagship restaurant and retail store in the
city's Emporium shopping complex and a spin-off restaurant at the
Chadstone shopping centre, appointed voluntary administrators on
June 28.

Puzzle Coffee, a Melbourne CBD cafe with close ties to Calia, also
entered voluntary administration the same day, SmartCompany
relate.

Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were
appointed as joint administrators for both Calia Australia and
Puzzle Coffee.

Launched by entrepreneur Jason Chang in 2016, Calia boasts gourmet
cuisine prepared by chefs with Michelin-starred pedigree.

With prominent Lonsdale Street frontage in one of Australia's
premiere shopping districts, Calia also offers a retail space
filled with take-home ingredients, premium liquor and homewares.

SmartCompany says Mr. Chang also serves as non-executive director
of Puzzle Coffee, which operates four locations across the
Melbourne CBD.

But the discretionary spending slowdown and surging costs of
running a hospitality business appear to have caught up with the
restaurant enterprise and coffee business, the report states.

Taking to LinkedIn last month, Mr. Chang, who was elected as a City
of Melbourne councillor in 2020, said the struggles of operating
the business carried a significant mental toll.

"I recently broke down in City Council when I commented on the
challenges of small businesses in Melbourne CBD as well as families
during this cost of living crisis," SmartCompany quotes Mr. Chang
as saying.

"Like many other struggling small business owners in Melbourne, my
own hospitality businesses have been faced with many financial
challenges with the rise of operational costs," he added, referring
to wages, cost of goods sold, rent, and borrowing costs.

For now, both Calia's Melbourne locations and Puzzle cafes remain
open for business.

The administrators intend to continue trading the Calia business as
they compile a Deed of Company Arrangement proposal for creditors,
a Jirsch Sutherland spokesperson told SmartCompany on July 11.

"If this is accepted by creditors, the business will be
restructured and continue on," they said.


CR PLANT: First Creditors' Meeting Set for July 19
--------------------------------------------------
A first meeting of the creditors in the proceedings of CR Plant
Solutions Pty Ltd and Zero 05 Pty Ltd will be held on July 19,
2023, at 10:00 a.m. at the offices of RSM Australia at Level 6, 340
Adelaide Street in Brisbane and via virtual meeting technology.

Mitchell Herrett of RSM Australia Partners was appointed as
administrator of the company on July 7, 2023.


FOXI CAPITAL: Second Creditors' Meeting Set for July 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Foxi Capital
Pty Ltd, Foxi Capital AU Pty Ltd, and Foxi International Financial
Services Pty Ltd has been set for July 17, 2023 at 11:30 a.m.
virtually via video conferencing platform Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 14, 2023 at 4:00 p.m.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of the company on June 10, 2023.


KANDILLI HOLDINGS: Second Creditors' Meeting Set for July 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Kandilli
Holdings Pty Ltd has been set for July 17, 2023 at 3:30 p.m. via
virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 14, 2023 at 4:00 p.m.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on June 9, 2023.


WILUNA MINING: Creditors Approve DOCA Proposal
----------------------------------------------
Australia's Mining Monthly reports that creditors of Wiluna Mining
Corporation have approved a deed of company arrangement that will
allow the company to keep going, even though unsecured creditors
will only likely get 5 cents in the dollar back.

The Wiluna Mining Group said the company will now proceed to
preparing the full form Deed of Company Arrangement in accordance
with the approved DOCA Proposal.

Based in West Perth, Australia, Wiluna Mining Corporation Limited
-- https://www.wilunamining.com.au/ -- explores for and develops
gold properties. It holds a 100% interest in the Matilda-Wiluna
property located in Australia.

Michael Ryan, Kathryn Warwick, Ian Francis and Daniel Woodhouse of
FTI Consulting were appointed as administrators of Wiluna Mining
Corporation Limited; Wiluna Operations Pty Ltd; Wiluna Gold Pty
Ltd; Kimba Resources Pty Ltd; Zanthus Energy Pty Ltd; Lignite Pty
Ltd; and Scaddan Energy Pty Ltd on July 20, 2022.




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C H I N A
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DALIAN WANDA: Unit Repays US$219 Million in Onshore Notes
---------------------------------------------------------
Reuters reports that Dalian Wanda Group, China's largest commercial
property developer, said its property management arm has repaid
onshore notes worth CNY1.575 billion ($218.80 million) due on July
10.

Reuters relates that a company official on July 11 confirmed local
media reports that Dalian Wanda Commercial Management wired the
money for the repayment on July 7.

The market is increasingly concerned about Dalian Wanda's liquidity
amid uncertainty over the timing of a Hong Kong IPO for its Zhuhai
Wanda unit, repayment stress, ratings downgrades and share freezes,
Reuters says.

Wanda Commercial has more bond repayments coming due this month,
including a dollar bond CN210065806= worth $400 million on July 23
and another onshore note CN102001427= worth CNY558 million on July
29, according to Reuters.

                          About Dalian Wanda

Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.

As reported in the Troubled Company Reporter-Asia Pacific on July
10, 2023, Moody's Investors Service has downgraded Dalian Wanda
Commercial Management Group Co., Ltd.'s (DWCM) corporate family
rating to B1 from Ba2.

Moody's has also downgraded the following ratings:

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

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

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

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


TONGCHUANGJIUDING INVESTMENT: S&P Withdraws 'CCC/C' ICR
-------------------------------------------------------
S&P Global Ratings withdrew its 'CCC/C' issuer credit rating on
Tongchuangjiuding Investment Management Group Co. Ltd. (Jiuding) at
the company's request.

At the time of withdrawal, the ratings on Jiuding were on
CreditWatch with developing implications to reflect uncertainties
over the company's commitment to repay debt despite its very low
leverage as at March 31, 2023.

On July 3, 2023, the China-based investment firm said it had
received the consent of noteholders for its proposed amendment of
U.S. dollar-denominated notes due July 17, 2023. The group,
however, did not provide details of the revised terms and
conditions.

Prior to the withdrawal, S&P could have lowered the ratings to 'SD'
or 'D' if the group announced its bond amendment details and if it
considered the plan as a distressed exchange. The latter could
include an offer of less value to bondholders than what the group
originally promised.




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I N D I A
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ACCUSOFT TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Accusoft Technologies Private Limited
Empire Infantry, 2nd Floor, No. 29 (Old No. 10),
        Infantry Road, Bangalore-560001
  
Liquidation Commencement Date:  June 21, 2023

Court: National Company Law Tribunal Bangalore Bench

Liquidator: Kondisetty Kumar Dushyantha
     #404/2, 7th Main, 9th Cross,
            Jayanagar II Block, Bangalore-560011
            Email: dushyanthak@gmail.com
            Tel No: 080 26560400

Last date for
submission of claims: July 20, 2023

AGGRANDIZE VENTURE: CRISIL Assigns B+ Rating to INR0.5cr LT Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Aggrandize Venture Private Limited (AVPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        0.5         CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     9.5         CRISIL B+/Stable (Assigned)

The ratings reflect the company's high fixed cost base,
susceptibility to employee attrition and modest scale of
operations. These weaknesses are partially offset by the experience
of the promoters in the application development and maintenance
industry diversified end user industry base and healthy capital
structure

Key Rating Drivers & Detailed Description

Weaknesses:

* High fixed cost base and susceptibility to employee attrition:
Most of the expenses are fixed (employee costs and rentals), making
profitability susceptible to the quantum of work received, and
subsequently, the level of billing. The operating margin depends
largely on the nature of contracts awarded. Moreover, the internet
software & services industry has high employee attrition (10-15%
attrition rate). AVPL provides yearly increments and performance
incentives for exceptional performers to curb attrition.

* Modest scale of operations: Modest scale of operations in the
intensely competitive Internet Software and Services industry. Will
continue limit the company's operating flexibility. Revenue was
reported INR6.38 crore in the fiscal 2023 mainly from knowledge
process outsourcing (KPO) services and sale of software
applications to logistics and transport companies. Revenue is
expected to be grow to over INR7 crore on given demand for
information technology (IT) products and KPO services.

Strengths:

* Industry experience of the promoter and diversified end user
industry base: Experience of the 8 years in the internet software
and service industry has given the promoter an understanding of the
market dynamics and establish longstanding relationships with
suppliers and customers. AVPL caters to a diversified end user
industry base which includes container shipping and logistics,
retail, health care, real estate, security agencies and independent
software vendors (ISV). A diversified end user industry base
mitigates the risk of slowdown in a particular industry and ensures
growth.
* Healthy capital structure: The capital structure is supported by
low reliance on external funds as indicated by total outside
liabilities to adjusted net worth (TOL/ANW) ratio of 0.15 times
over the three years end March 31,2023. The capital structure
should remain comfortable gearing expected at 0.25times and TOL/TNW
ratio of 0.37 times over the medium term.

Liquidity: Stretched

AVPL has not availed of any working capital facility

Cash accrual is expected over INR61lakh against term debt
obligation of INR20.65lakh over the medium term and will cushion
liquidity

Current ratio was healthy at 3.49 times on March 31, 2023

Outlook: Stable

CRISIL Ratings believes AVPL will continue to benefit from the
extensive experience of its promoter and established relationships
with clients

Rating Sensitivity Factors

Upward factors

* Sustained increase in operating income by 20% and in operating
margin to 12% leading to cash accrual of over INR1 crore
* Improvement in the working capital cycle

Downward factor

* Decline in operating income by 20% with profitability margin less
than 7%, resulting in lower cash accrual
* Stretch in the working capital cycle

Incorporated in 2016 and located in Chennai, AVPL provides software
applications and services to industries such as container shipping
and logistics, retail, healthcare, real estate, and to security
agencies and ISVs.

AVPL is promoted by Mr Mohamed Naseeb Syed Imrankhan.


APOLLO PAPERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Apollo Papers Llp (APL) migrated 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       3           CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit         10.5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-       0.7         CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan           30.8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with APL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of APL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from APL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on APL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of APL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'

APL was established as limited liability partnership (LLP) firm in
March 2021. It is based in Morbi, Gujarat and is currently setting
up a manufacturing unit of Kraft Paper with capacity of 200 TPD.

APL is owned and managed by Sandip Matholiya, Nirajkumar Patel,
Jaydeep Kanetiya and Dinesh Haripara and it is expected to commence
its operation from September-October 2022.


APSARA POWER: CRISIL Moves B+ Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Apsara
Power India Private Limited (APIPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with APIPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of APIPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from APIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on APIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of APIPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'

APIPL was incorporated in 2015. APIPL is engaged in operating wind
power plant at Karur, TN. APIPL is owned & managed by Mr. M
Chinnasami, Mr. R Krishnamoorthy and Mr. K Thangavelu.


ATHARVA METALS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Atharva Metals Private Limited
        102, A-Wing, Bonzer Avenue CHS, Katrap Road,
        Near Hatti Bungalow & Old Petrol Pump,
        Badlapur East Thane 421503
  
Liquidation Commencement Date:  June 12, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Uday Shreeram Sakrikar
     303 Rahul Vihar A, Lane Nos 8,
            Dahanukar Colony,
            Kothrud Pune, Maharashtra 411038
            Email: ipudaysakrikar@gmail.com
                   atharvaliquidator@gmail.com
   
Last date for
submission of claims: July 22, 2023

ATHAVAN SOLAR: CRISIL Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Athavan Solar Projects (ASP) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Rupee Term Loan       13.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ASP for
obtaining NDS through letters / emails dated April 28, 2023, May
31, 2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of ASP to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from ASP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on ASP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of ASP
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'

ASP was incorporated in 2013, engaged in operating wind power plant
at Karur. ASP is owned & managed by Mr. M Chinnasami, Mr. R
Krishnamoorthy and Mr.K Thangavelu.


B.G. NAIDU: CRISIL Moves B+ Debt Ratings from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of B.G. Naidu Sweets Private
Limited (BGNSPL) to 'CRISIL B+/Stable 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 BGNSPL to 'CRISIL B+/Stable' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     5.5        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING)

   Term Loan              6.5        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING)

The rating continues to reflect presence in a highly fragmented
industry with limited size and weak financial profile. These
weaknesses are partially offset by extensive industry experience of
the promoters and strong regional brand.

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in a highly fragmented industry with limited size: The
industry is highly fragmented and competitive, with a large number
of unorganised players in the market. Such high fragmentation
limits the pricing flexibility and bargaining power of the players.
Also, threat from large integrated players and risk of low entry
barriers result in competition.

* Weak financial profile: Gearing is at 7.14 times for year ending
on 31st March 2023. BGNSPL's debt protection measures have also
been weak due to high gearing and low accruals from the operations.
The interest coverage and net cash accrual to total debt (NCATD)
ratio is at 2.99 times and 0.12 times for fiscal 2023. Further net
worth is small at INR 3.89 crores as on March 31, 2023

Strengths:

* Extensive industry experience of the promoters: The promoters
have decades of experience in the business. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

* Strong regional brand: The company is engaged in in manufacturing
and retailing of sweets via its 31 outlets in 5 districts of Tamil
Nadu. The brand is decades old and commands a strong recall in the
region.

Liquidity: Stretched

Bank limit utilization is low at around 39.71 percent for the past
12 months ended May 2023. Cash accruals are expected to be over
INR3.25 to 5.00 crores which are sufficient against term debt
obligation of INR2.75 crores over the medium term. In addition, it
will be act as cushion to the liquidity of the company. Current
ratio is low at 0.78 times on March 31, 2023. The promoters are
likely to extend support in the form of equity and unsecured loans
to meet its working capital requirements and repayment obligations

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operation sand sustenance of
operating margin, leading to higher cash accruals of INR 4.5
crores.
* Improvement in gearing and improvement in debt coverage.

Downward factors:

* Decline in net cash accruals below INR1 crore on account of
decline in revenue or operating profits.
* Large debt-funded capital expenditure weakens capital structure
and/or witnesses a substantial increase in its working capital
requirements thus weakening its liquidity and financial profile

BGNSPL was incorporated in 2017 and is engaged in in manufacturing
and retailing of sweets and savouries through its 29 outlets in 5
districts of Tamil Nadu. BGNSPL is owned and managed by
fourth-generation entrepreneur Mr. Sharanath Balaji and family.


BALAJI STEEL: CRISIL Migrates B+ Ratings from Not Cooperating
-------------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated its rating on the long-term bank facilities of Shree
Balaji Steel Enterprises Private Limited (SBSEPL; Formerly known as
Shree Balaji Steel Enterprises) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information to carry out a comprehensive review
of the rating. Consequently, CRISIL Ratings is migrating its
long-term rating of SBSEPL to 'CRISIL B+/Stable'.             

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Electronic Dealer    18        CRISIL B+/Stable (Migrated from
   Financing Scheme               'CRISIL B+/Stable ISSUER NOT
   (e-DFS)                        COOPERATING')   

   Term Loan             1        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The ratings continue to reflect modest scale of operations amid
intense competition and weak financial risk profile of SBSEPL.
These weaknesses are partially offset by the extensive experience
of the promoter in the steel trading industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: The steel
trading industry is highly fragmented; the consequent intense
competition along with commoditised nature of products and limited
value addition may continue to constrain scalability, pricing power
and profitability. Operating income was INR218 crore in fiscal
2023; the operating margin is expected at 2.0-2.5% over the medium
term.

* Weak financial risk profile: Networth was low at INR11.4 crore
and total outside liabilities to adjusted networth ratio high at
4.9 times as on March 31, 2023. Debt protection metrics were weak,
with interest coverage ratio of 1.66 times and net cash accrual to
total debt ratio of 0.05 time in fiscal 2023.

Strengths:

* Extensive experience of the promoter: The promoter has more than
two decades of experience in the steel trading industry; his strong
understanding of market dynamics and healthy relations with
customers and suppliers should continue to support the business.
Revenue increased at a compound annual growth rate of 36% for the
three fiscals through 2023, driven by steady flow of repeat
orders.

Liquidity: Stretched

Bank limit utilisation was around 89% for the 12 months through
April 2023. Cash accrual is projected at INR2.0-2.5 crore per
annum, against yearly debt obligation of INR67 lakh over the medium
term; the surplus cash should aid financial flexibility. Current
ratio stood at 1.14 times on March 31, 2023.

Outlook: Stable

SBSEPL will continue to benefit from the extensive experience of
its promoter.

Rating Sensitivity Factors

Upward Factors

* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual more than INR3 crore.
* Improvement in the financial and liquidity risk profiles, with
total outside liabilities to tangible networth ratio below 4 times

Downward Factors

* Sizeable stretch in the working capital cycle, with gross current
assets over 110 days
* Steep decline in revenue and profitability

Set up in 2009 as a partnership firm and reconstituted into a
private-limited company in August 2022, SBSEPL trades in steel
products such as angles, beams, channels, plates, pipes, and bars.
It is an authorised distributor for Jindal Steel and Power Ltd and
Steel Authority of India Ltd. It also commenced dealership for JSW
Steel Ltd in fiscal 2018. Mr Deepak Agarwal manages the business.


BHUWNESHWAR PATHAK: CRISIL Moves B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Bhuwneshwar Pathak Construction Private Limited (BPCPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         5         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         3.88      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     4.7       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     0.82      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BPCPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of BPCPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from BPCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on BPCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BPCPL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

BPCPL, incorporated in June 2009, is a Patna (Bihar)-based company
that undertakes construction, erection, and maintenance of
telecommunication transmission lines. Mr Bhuneshwar Pathak, Mr
Shailendra Pathak, Ms Saroj Devi, and Ms Nishi Pathak are the
promoters.


CAMERICH PAPERS: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Camerich Papers Private Limited (CPPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'

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

   Short Term Rating       -        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CPPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CPPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from CPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on CPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CPPL
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'

Incorporated in 2014 and based in Morbi, Gujarat, CPPL is managed
by Mr Yogesh Patel and Mr Jaydeep Jadeja. It has installed
production capacity of 9,000 tonne per month for production of
specialty packaging boards such as folding box boards and white top
craft liners.


CEMCON RAILWAY: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Cemcon Railway Industries (CRI) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4.1       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-         2.9       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CRI for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CRI to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from CRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on CRI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CRI
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'

CRI was established as partnership firm in 1997 by Mr. Navneet
Tayal, Ms. Divya Tayal and Mr. Tanish Tayal. CRI is engaged in
manufacturing of safety critical & engineering products for Indian
Railways such as axels, wheels brakes, compiling devices, crossing
pieces, etc. The firm has manufacturing facility located in Sonipat
-Haryana.


D G COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of D G
Cold Storage Private Limited (DGCSPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.22       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           12         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              1.66      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital        1.12      CRISIL B+/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DGCSPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of DGCSPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from DGCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on DGCSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DGCSPL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

DGCSPL was incorporated in January 2001 by Mr. Arup Kumar Bose and
his family members. DGCSPL provide a cold storage facility to
potato farmers and traders in West Bengal.


DALAL REALITIES: CRISIL Moves C Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Dalal
Realities (DR) to 'CRISIL C Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     15        CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DR for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of DR to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from DR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on DR is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of DR migrated to
'CRISIL C Issuer Not Cooperating'

DR was set up as partnership firm in January 2016. It is involved
in real estate development such as construction and sale of
residential complexes and flats across Ahmedabad. The firm is
developing a project in Ahmedabad. Mr. Naresh Patel, Mr. Arvind
Patel, Mr. Bharatkumar Patel, Mr. Chhanalal Patel, Mr. Vijaykumar
Patel are the partners in the firm and has extensive experience of
over a 1 decade in real estate industry.


DEVKINANDAN DEVELOPERS: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Devkinandan Developers (DD) to 'CRISIL B+/Stable Issuer Not
Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             59.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DD for
obtaining NDS through letters / emails dated April 28, 2023, May
31, 2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of DD to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from DD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on DD is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of DD migrated to
'CRISIL B+/Stable Issuer Not Cooperating'

DD was established as partnership firm based out of Ahmedabad,
Gujarat. It undertakes residential and commercial real estate
projects. The firm is currently executing commercial project namely
- Dwarkesh Peninsula in Ahmedabad, Gujarat.


FUTURE ENTERPRISES: Reliance Retail Eligible to Submit Plan
-----------------------------------------------------------
Reuters reports that the retail arm of Reliance Industries is among
three companies eligible to submit a plan for the debt-ridden
Future Enterprises' bankruptcy proceedings, Future's resolution
professional disclosed in an exchange filing on July 12.

Indian billionaire Mukesh Ambani's Reliance Retail Ventures,
galvanised steel sheet maker Jindal (India) and Donear
Industries-owned textiles maker GBTL (DONE.NS) have been listed as
prospective resolution applicants for the Future Group company,
said Avil Menezes, Reuters relates.

Menezes is a court-appointed resolution professional overseeing the
company's affairs during the bankruptcy proceedings.

Reliance Retail is also among a list of 49 companies eyeing another
Future Group company, Future Retail, Reuters notes.

Future Enterprises houses various businesses such as supply chain
solutions and insurance, while Future Retail used to operate brands
such as department chain Big Bazaar and supermarket chain Easyday.

Future Retail was dragged into insolvency proceedings by banks in
July 2022 after it defaulted on loans and its lenders rejected a
$3.4 billion buyout by Reliance amid a legal challenge by
Amazon.com Inc. Future Enterprises was admitted to insolvency in
March 2023.

In May, Future Retail said it received six bankruptcy resolution
bids without disclosing the names of the bidders, adds Reuters.


G.C.A.MARKETING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: G.C.A. Marketing Private Limited
F-77, Civil Lines Bathinda
        Punjab 115001

Insolvency Commencement Date: June 16, 2023

Estimated date of closure of
insolvency resolution process: December 13, 2023 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Harish Taneja
       236-L, Model Town, Near Mukhija Hospital,
              Sonipat 131001
              Email: harishtaneja78@gmail.com

              302, R G Trade Tower, Netaji Subhash Place,
              Pitampura, New Delhi 110034
              Email: cirp.gcamarketing@gmail.com

Representative of
Creditors in a class:

              Mr. Gagan Gulati
              Mr. Nitin Kochhar
              Mr. Alok Kaushik

Last date for
submission of claims: June 30, 2023


GOVIND STEEL: CRISIL Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Govind
Steel Agency (GSA) to 'CRISIL B+/Stable Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Channel Financing       2.12     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital         2.88     CRISIL B+/Stable (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GSA for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of GSA to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from GSA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on GSA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of GSA
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'

Set up in 1995 in Indore (Madhya Pradesh) as a proprietorship firm
by Mr Govind Jhawar, GSA trades in hot-rolled and cold-rolled
sheets.


IDEAL MOVERS: CRISIL Moves B- Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Ideal
Movers Private Limited (IMPL) to 'CRISIL B-/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee         5.75      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           13         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          101         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-       175.65      CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan             15.10      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with IMPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of IMPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from IMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on IMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of IMPL
migrated to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'

Kolkata-based Ideal Movers group is headed by Mr Srawan Kumar
Himatsingka (chairman) and his son, Mr Nakul Himatsingka. It was
set up in 1995, and commenced operations in 2000 with its
transportation business. It mainly transports steel and related
materials.


KAPIL MUNI: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Kapil
Muni Agro Foods (KMAF) to 'CRISIL B-/Stable Issuer Not
Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     2         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-
   Based Bank Limits      1.94      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)


   Term Loan             11.06      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KMAF for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of KMAF to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from KMAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on KMAF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of KMAF
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'

Incorporated in 2018, KMAF is engaged in cultivation and sales of
fresh mushrooms. It is promoted by Mr. Manoj Kumar and its facility
is located in Mainpuri. It sells its products under the brand name
of Devyani Mushrooms.


KETAKI SANGAMESHWAR: CRISIL Reaffirms B+ Rating on INR10cr Loans
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank loan facilities of Ketaki Sangameshwar Industries (KSI)

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         3         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firms modest scale of
operations amidst intense competition, susceptibility to volatility
in raw material (cotton) prices and weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the textile industry, the favorable location of
the ginning unit and the moderate working capital operations

Analytical Approach:

Unsecured loan of INR3.22 crore as March 31, 2023, from the
partners has been treated as neither debt nor equity because the
loan may remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations susceptible to intense competition and
volatile raw material (cotton) prices impacting profitability:
Scale of operations remain modest at INR 53 crore in fiscal 2023.
Also, the textile spinning industry is highly competitive owing to
limited product differentiation and low entry barriers. The
volatile raw material prices have impacted profitability marked by
operating margin in the range of 2.35% to 5.39% in the three
fiscals through FY23. Revenue and profitability are expected to
remain susceptible to intense competition and volatility in the
price of the raw material over the medium term.

* Weak financial risk profile: Networth was low at INR2.66 crore
and total outside liabilities to adjusted net worth ratio high at
5.65 times as on March 31, 2023. Debt protection metrics were weak,
with interest coverage ratio of 1.75 times and net cash accrual to
total debt ratio of 0.04 time in fiscal 2023.

Strengths:

* Extensive experience of the promoters and favorable location of
the spinning unit: The two-decade-long experience of the promoters
in the textile industry, their strong understanding of market
dynamics, and strong relationships with suppliers and customers,
will continue to support the business risk profile. The spinning
unit at Sanga Reddy in Telangana, enjoys proximity to
cotton-growing areas, and thus, ample access to the raw material.

* Moderate working capital requirement: The company has moderate
working capital cycle, as reflected in expected gross current
assets (GCAs) of around 103 days, driven by moderate inventory and
debtors of 38 days and 28 days, respectively, as on March 31,
2023.

Liquidity: Stretched

Average month end Bank limit utilization is moderate at around 59
percent for the past twelve months ended Mar-23. Tightly matched
net cash accruals of 0.98 -1.18 crore against repayment obligations
of 0.97-1.06 crore respectively in 2024 and 2025 fiscal. However,
partners will infuse funds in the form of unsecured loans which
will support liquidity in the medium term. Current ratio remains
moderate at 1.21 times in Fiscal 2023.

Outlook: Stable

CRISIL Ratings believes KSI will continue to benefit from the
extensive experience of its promoters and their established
relationships with clients.

Rating Sensitivity factors

Upward factors:

* Sustenance of revenue and profitability, leading to cash accrual
of more than INR2-3 crore
* Improvement in the financial risk profile with sustained working
capital cycle

Downward factors:

* Decline in revenue and profitability, leading to cash accrual
less than INR1 crore
* Stretch in working capital cycle weakening liquidity

KSI was set up in 2017, by the promoter, Mr Raghavendra Bachu and
his family. The firm manufactures cotton bales with an installed
capacity of 300 bales per day at its manufacturing unit in
Telangana.


LIMESWOOD DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Limeswood Developers Private Limited
SCO-59, Top Floor, Sector-32C,
        Chandigarh 160017

Insolvency Commencement Date: June 8, 2023

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

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Bhim Sain Goyal
       109-B, Pocket-F, Mayur Vihar II,
              Delhi-110091
              Email: bsgoyal1@gmail.com

              M-215, Rear Ground Floor,
              Greater Kailash-II, New Delhi-110048
              Email: cirplimeswood@gmail.com

Last date for
submission of claims: June 22, 2023

MAGPPIE GLOBAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Magppie Global Houseware Private Limited
Kharsa No 324 Block J Sarup Nagar Na New Delhi-110042
  
Insolvency Commencement Date: June 15, 2023

Estimated date of closure of
insolvency resolution process: December 11, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Girish Kamal Gupta
       Plot No.3, Viygan Vihar,
              New Delhi-110092
              Email: girishkamalca@gmail.com

              C-6/264, Yamuna Vihar, Delhi-110053
              Email: cirp.mghpl@gmail.com

Last date for
submission of claims: June 29, 2023

MALABAR EDUCATIONAL: CRISIL Cuts Ratings on INR11cr LT Loan to D
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India (SEBI) guidelines, had
downgraded the ratings on the bank facilities of Malabar
Educational and Charitable Trust (MECT) to 'CRISIL BB+/Stable
Issuer Not Cooperating'. However, management has subsequently
started sharing requisite information necessary for carrying out a
comprehensive review of the ratings. Consequently, CRISIL Ratings
has downgraded the ratings of from 'CRISIL BB+/Stable Issuer Not
Cooperating' to 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         11         CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Overdraft Facility      5         CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term      7.65      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

The downgrade reflects delays in servicing of term debt obligations
on account of weak liquidity as confirmed by the lenders.

Company has not disclosed regarding these delays in the NDS
provided in January 2023 to May 2023.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to intense competition and to government regulations:
The trust operates two institutes in Manoor, Edappal, Malappuram
District. Besides, Manoor has many medical colleges of repute,
leading to competition. MECT's growth over the medium term will
continue to be constrained by geographical concentration in revenue
and vulnerability to competition

Strengths:

* Established market position in the education industry: More than
a decade long presence has helped the trust to gradually expand the
yearly intake of students as well as further diversify the
disciplines offered. The same has helped in generating consistent
operating income and maintaining healthy margin. Going forward,
established position in the education industry is expected to
continue supporting business risk profile.

* Above average financial risk profile: The trust is engaged in
debt funded capex related to enhancement of facilities, as MECT is
undergoing development phase. The same partially impacts financial
risk profile marked by moderate TOL/TNW of 0.43 times in FY 2023.
MECT's debt protection metrics are comfortable, marked by interest
cover and NCATD of over 12x and 0.4x in FY2023. Improving net worth
with consistent accretion to reserves is further expected to
improve the financial risk profile of MECT.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment of the term
debt obligations.

Rating Sensitivity Factors

Upward Factors:

* Timely repayment of debt obligations continuously for atleast 90
days
* Substantial increase in revenues and profitability leading to
higher cash accruals.

Established in 2007 by Mr C.P. Ali Bava Haji in Manoor, MECT offers
undergraduate and postgraduate programs at its college, Malabar
Dental College and Research Centre and Malabar College of commerce
and science. Mr Haji is the trust's chairman.


MANYA ENTERPRISE: CRISIL Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Manya
Enterprise (ME) to 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ME for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of ME to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from ME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on ME is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of ME migrated to
'CRISIL B+/Stable Issuer Not Cooperating'

ME was established as partnership firm in 2018. It is involved in
real estate & film exhibition business. It is owned and managed by
Mr Bipinbhai N Patel, Mr Dhruv B Patel and Ms Parulben B Patel.


MECLIN INFRAS: CRISIL Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Meclin Infras Private Limited (MIPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           2.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-        2.06       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Working Capital       0.44       CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MIPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of MIPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on MIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MIPL
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'

MIPL was incorporated in 1990. It is engaged in manufacturing of
hydropower plant components valve, draft tubes, different types of
gates, embedded parts and also provides erection services for
installation the same. It has manufacturing facility located in
Trichy- Tamil Nadu and promoted by Mr. S. Kandamy and Mr. K
Vadivambal.



MNR CONSTRUCTION: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
MNR Construction Company (MNR) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating is driven by delays in servicing of term loans.

The rating reflects delays in debt servicing by RAGP and average
capital structure. These weaknesses are partially offset by the
extensive experience of the partners in the agriculture and
packaged food industry.

The rating reflects the company's delays in debt-servicing, modest
scale of operations and working capital intensive operations of the
company. These weaknesses are partially offset by extensive
industry experience of MCC's proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt-servicing: MNR has delayed servicing the term loan
interest and repayment of principal for April, May and June'23
which remain partly paid. This was due to insufficient funds.

* Modest scale of operation: The company has witnessed a muted
growth in scale of operations hovering between INR 22-28 crores
over the past three fiscals through fy22. The company had booked
revenue of INR 28 crores in fy22 and has booked revenue of INR 10.5
crores till November 2022 and is expecting to book over INR 30-35
crores by the end of current fiscal. The company is having
unexecuted orderbook in hand of INR 30-35 crores providing revenue
visibility over the medium term. Further the intense competition in
the civil construction industry is also constraining the scale of
operations. Going forward, sustained increase in revenue along with
steady operating margins will remain key monitorable.

* Working capital intensive operations: Operations of the business
are working capital intensive as reflected in the gross current
assets of 190 days in fy22 driven by moderate receivables and
inventory. The inventory is order backed and hence kept for low
days as 13-15 days. The company has running bill payment system
wherein the company raises reports monthly and after inspection the
payment is received within 10-15 days. The credit support from the
creditors is extended of 30-45 days. Going forward, efficient
management if working capital leading to moderation in bank lines
will remain key monitorable.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has an experience of almost 10 years in Civil Construction industry
that has enabled him to build an understanding of the market and
industry dynamics. As a result, this enabled them to build
well-established relationships with suppliers and customers. The
company has been able to book revenue of INR 10.5 crores till date
and is expecting to book over INR 30-35 crores in the current
fiscal (Rs. 28 crores revenue booked in fiscal 2022). The company
has unexecuted orderbook of INR 30-35 crores providing revenue
visibility over the medium term. Extensive promoter experience and
orderbook in hand are expected to support the business risk profile
of the company over the medium term.

Liquidity: Poor

Bank limit utilization remained high around 94% for the past twelve
months ended November-22. Company has delayed servicing the term
loan interest and repayment of principal for April, May and June'23
which remain partly paid.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for at least more than 90
days.
* Improvement in the financial and liquidity risk profiles.

MCC was established in 2013 and is located in Dehradun,
Uttarakhand. MCC is owned & managed by Mr Narendra Singh Rawat and
is engaged in civil construction works, such as construction of
roads and bridges. The firm largely undertakes works contracts for
Uttrakhand Public Works Department (PWD).


OPAL ASIA: Liquidation Process Case Summary
-------------------------------------------
Debtor: Opal Asia (India) Private Limited
603, Sabari Samridhi, Opp. Union Park,
        Sion Trombay Road, Chembur, Mumbai 400071
  
Liquidation Commencement Date:  June 16, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Vinod Radhakrishnan Nair
     A-108, Om Rachana CHS,
            Sector-17, Vashi,
            Navi Mumbai-400705
            Email: vinod@nairca.com
            liquidationopalasia@gmail.com

Last date for
submission of claims: July 16, 2023


ORIENT NEWSPRINT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Orient Newsprint Limited
201, Avdhesh House,
        Opp Sri Guru Govind Gurudwara Sarkhej-Gandhinahar Highway,
        Thaltej Ahmedabad - 380054
  
Insolvency Commencement Date: June 19, 2023

Estimated date of closure of
insolvency resolution process: December 16, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Rahul Nareshbhai Shah
       20, Sudershan Society, Part 2, Near Naranpura Bus Stop,
              Naranpura, Ahmadabad, Gujarat-380014
              Email: carahulnshah@gmail.com

              9B, Vardan Tower, Nr Vimal House, Lakhudi Circle,
              Navrangpura, Ahmadabad, Gujarat-380014
              Email: cirp.orientnewsprint@gmail.com

Last date for
submission of claims: July 4, 2023

PCK CORPORATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: PCK Corporation LLP
Office No-1002, 10th Floor, Hubtown Solaris,
        N.S Phadake Road, Saiwadi Andheri (E) Mumbai,
        Mumbai City, Maharashtra 400069
  
Insolvency Commencement Date: June 16, 2023

Estimated date of closure of
insolvency resolution process: December 13, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Sunil Kumar Bansal
       Flat No. 1101, Floor No. 11,
              Akruti Atria, Block B,
              Saiwadi Andheri East,
              OFF N S Phadke Marg, Gundavali,
              Mumbai City, Maharashtra, 40069
              Email: skbansal.irp@gmail.com
              Mob No.: 8108016119

Last date for
submission of claims: June 30, 2023

PRAKASH MENTAL: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Prakash Mental Care And Services Private Limited (PMCSPL) to
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working
   Capital Facility       1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PMCSPL for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of PMCSPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from PMCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on PMCSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of PMCSPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'

PMCSPL was incorporated in 2018 and in the process of setting up a
mental hospital at Bolpur, West Bengal. The company was promoted by
Dr. Kedar Ranjan Banerjee and Mr. Amit Kumar Choudhary, both having
relevant experience in the area for more than three decades. The
setup is under already 70% completed and is expected to be
completed by the end of fiscal 2024.


RADHAKRISHNA CONTRACTORS: CRISIL Moves B Debt Ratings to Not Coop
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Radhakrishna Contractors (RC) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        12         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash          3         CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RC for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of RC to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from RC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on RC is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of RC migrated to
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'

Set up in 2013 by the proprietor, Mr Kiran M, RC provides
infrastructural services to telecommunication and power companies.
It also undertakes civil work for roads and drainages. It is based
in Rajahmundry, Andhra Pradesh.


RAM BALAJI: CRISIL Moves B Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Ram Balaji Chemicals (SRBC) to CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         7.4         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan      0.6         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SRBC for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SRBC to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from SRBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on SRBC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SRBC
migrated to CRISIL B/Stable Issuer Not Cooperating'

SRBC was established in 1986 as a proprietorship firm and
manufactures detergent powder and detergent cake. It has capacity
of 40 tons per day. The firm is managed and owned by Ms Manjula B
and is located in Salem (Tamil Nadu).


RAMA AGRO: CRISIL Assigns D Ratings to INR4.5cr Term Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the bank
facilities of Rama Agro Products (RAGP).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              2          CRISIL D (Assigned)

   Term Loan              4.5        CRISIL D (Assigned)

   Working Capital
   Loan                   2.5        CRISIL D (Assigned)

The rating is driven by delays in servicing of term loans and over
utilization of the working capital limit.

The rating reflects delays in debt servicing by RAGP and average
capital structure. These weaknesses are partially offset by the
extensive experience of the partners in the agriculture and
packaged food industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt-servicing: RAGP has delayed servicing the term
loan interest and repayment of principal upto May, 2023. Further,
the bank limit was overutilized from October 31, 2022, to May,
2023. This was due to poor liquidity.

* Average capital structure: Total outside liabilities to adjusted
networth ratio has been high for the past three fiscals and is
estimated at 4.51 times as on March 31, 2022; leverage was 2.56
times.

Strengths:

* Extensive experience of the partners: The partners have more than
a decade of experience in agriculture and packaged food industry;
their strong understanding of market dynamics and healthy
relationships with suppliers and customers should continue to
support the business.

Liquidity: Poor

Bank limit utilization was 100.8% for the 12 months through May
2023. There have been delays in servicing the repayment obligation
for term loans and over utilization of the working capital limit.
Current ratio was 1.37 times on March 31, 2022.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least more than 90
days
* Improvement in the financial and liquidity risk profiles.

RAGP, a partnership firm set up in 2018, undertakes crushing of
castor seeds to produce de-oiled cake and refined oils. Its
facility is located at Kalyanpura Village in Kadi (Mehsana,
Gujarat). Mr Amrut Patel and Mr Kishan Patel are the partners.



REVA ENTERPRISE: CRISIL Moves B- Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Reva
Enterprise (RE) to 'CRISIL B-/Stable Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             8          CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital       2.25       CRISIL B-/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RE for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of RE to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from RE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on RE is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of RE migrated to
'CRISIL B-/Stable Issuer Not Cooperating'

RE manufactures optical whitening agents. Mr Pranesh M Maru and Mr
Mahesh Chothani are the partners. The manufacturing facility is in
Bharuch, Gujarat, with installed capacity of 2,400 tonne per annum.
The firm was established in year 2015.


SHRINATHJI AGRO: CRISIL Assigns B+ Rating to INR20cr Loans
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank loan facilities of Shrinathji Agro Industries (SAI).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (Assigned)
   Term Loan              10         CRISIL B+/Stable (Assigned)

The rating reflects the firm's exposure to Susceptibility to
intense competition and volatility in raw material prices and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the partners in the edible
oil industry and the favourable location of the firm's plant due to
proximity to farmers and catchment area.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to intense competition and volatility in raw
material prices: The edible oil industry has a few big players and
many small, unorganised players. About 60% of the industry is
serviced by the unorganised sector, which primarily cater to
regional demand to save on transportation cost. Intense competition
has resulted in low operating margin for all the players.

Furthermore, the prices of edible oils are directly linked to the
prices of crude palm oil (CPO), which is highly volatile. The
domestic vegetable oil market depends on availability of CPO and
vegetable oil substitutes in the international market. Also,
fluctuations in mustard/rapeseed output from year to year due to
vagaries of nature, especially monsoon, have a direct impact on
profitability in the oil manufacturing business.

* Average financial risk profile: The capital structure is subdued,
reflected in modest estimated networth of INR7.64 crore and high
total outside liabilities to adjusted networth ratio of 5.20 times
as on March 31, 2023. Debt protection metrics were moderate, with
interest coverage estimated at 1.69 times and net cash accrual to
adjusted debt ratio at 0.04 time for fiscal 2023. The financial
risk profile is expected to improve with scheduled repayment of
term debt and accretion to reserve over the medium term.

Strengths:

* Extensive industry experience of the partners: The partners have
experience of more than 25 years in manufacturing mustard oil. The
partners and their family members earlier promoted two major
mustard oil manufacturing units, Siddhi Vinayak Industries at
Radhanpur and Sindhvai Agro Industries at Tharad, in Gujarat. Both
the units are fully operational with a consistent performance
record since inception. This has given the partners an
understanding of the market dynamics and helped establish
relationships with suppliers and customers.

* Favourable location of plant due to proximity to farmers and
catchment area: The manufacturing plant is at Radhanpur, District
Banaskantha in North Gujarat. Radhanpur and the nearby mandis are
major collection centres of mustard crop where the farmers come to
sell their produce. Thus, the plant has easy availability to raw
material.

Liquidity: Stretched

Bank limit utilisation was low at 57.87% on average for the 12
months through April 2023. Cash accrual is expected at INR1.5-3.1
crore against term debt obligation of INR1.36 crore over the medium
term, and the surplus will cushion liquidity. Current ratio was
1.07 times on March 31, 2023. The partners are resourceful and are
likely to infuse funds in the form of equity or unsecured loan for
working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes SAI will continue to benefit from the
extensive experience of its partners and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Improvement in revenue and operating margin to 1.7%, leading to
higher cash accrual
* Improvement in the financial risk profile

Downward factors:

* Decline in net cash accrual below INR1.3 crore on account of fall
in revenue or operating profit
* Large, debt-funded capital expenditure weakening the capital
structure
* Steep increase in working capital requirement constraining
liquidity and financial risk profile

SAI was established in July 2021 and recently set up an integrated
mustard oil expeller division with capacity of 210 tonne per day
(TPD) and solvent plant with capacity of 200 TPD at Radhanpur. The
plant commenced operations in June 2022. The daily operations are
managed by partners, Mr Arjunbhai Dhanjibhai Maheshwari, Mr
Mukeshkumar Dhanjimal Maheshwari, Mr Popatkumar Dhanjimal
Maheshwari and Mr Pradipkumar Dhanjimal Maheshwari.


SRIGANESH ENGINEERING: CRISIL Moves B Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Sriganesh Engineering Works (SGEW) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        13.8       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              4.2       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SGEW for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SGEW to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from SGEW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on SGEW is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SGEW
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'

SGEW was formed as a partnership between Mr N Ankaiah and his
family in 2000. The Bangalore based firm undertakes civil works
related to Railways.


TEXORANGE CORPORATION: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Texorange Corporation Limited
Building No 6/160,
        Udit Mittal Industrial Estate
        Andheri Kurla Road,
        Sakinaka, Andheri (E)
        Mumbai MH 400059

Liquidation Commencement Date: June 12, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Ritesh Adatiya Insolvency Professional
     B-401, The First, B/h ITC Hotel,
            B/s Keshavbaug Party Plot, Vastrapur,
            Ahmedabad 380015
            Email: riteshadatiya01@gmail.com
                   liquidation.texorange@gmail.com

Last date for
submission of claims: July 19, 2023


TREVI HOSPITAL: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Trevi
Hospital (TH) to 'CRISIL B+/Stable Isssuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with TH for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of TH to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from TH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on TH is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of TH migrated to
'CRISIL B+/Stable Isssuer Not Cooperating'

TH, established in 2021, is setting up a 46-bed hospital at the
Langol district in Imphal, Manipur. Dr Rajkumar Bikramjit Singh, Ms
Rajkumari Sorojini Devi and Ms Rajkumari Ibemu Devi are partners in
the firm. TH is scheduled to commence its project in August 2023
and has already started partial operations as of June 2022.


UMIYA INFRACON: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Umiya
Infracon (UI) to 'CRISIL B+/Stable Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      5        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with UI for
obtaining NDS through letters/emails dated April 28, 2023, May 31,
2023 and June 30, 2023 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL also sent a letter dated June 23, 2023
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of UI to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from UI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on UI is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of UI migrated to
'CRISIL B+/Stable Issuer Not Cooperating'

UI, a part of the Someshwar group, was established in 2014 as a
partnership firm. The firm is engaged in residential and commercial
real estate development in Mehsana and is owned and managed by Mr
Prakashkumar Purshotamdas Patel and Mr Vijaykumar Bharat Patel.


VEDANTA LIMITED: Foxconn Withdraws from US$19.5BB Chip JV
---------------------------------------------------------
Reuters reports that Taiwan's Foxconn has decided to withdraw from
a $19.5 billion semiconductor joint venture with Vedanta Limited,
the latest business challenge for the Indian conglomerate led by
Chairman Anil Agarwal.

Anil Agarwal started his business in Mumbai as a scrap-metal dealer
and bought his first company, a cable manufacturer, in 1976,
according to Reuters. He then expanded his empire across India,
Zambia, Namibia, Ireland and South Africa and later entered the oil
and gas sector.

London-headquarted Vedanta Resources controls the India unit,
Vedanta Ltd. Agarwal took Vedanta Resources private in 2018. As of
2022, his net worth was $2 billion, ranking him 97th among India's
richest, according to Forbes.

Vedanta diversified in 2017 when a unit bought a stake in Japan's
LCD glass substrate manufacturer AvanStrate. Agarwal's son-in-law
Akarsh Hebbar currently heads Vedanta's display and semiconductor
business.

Reuters says Vedanta Resources has been plagued by a rising debt
pile. Credit ratings agency Moody's downgraded its rating on the
company, while others raised concern about risks of a debt
default.

Agarwal said in March there have been no debt defaults by the
group, Reuters relays. Vedanta's gross debt stood at $6.8 billion
as of April end, after the company completed 75% of its debt
reduction commitment, Reuters discloses.

According to Reuters, Vedanta-Foxconn had sought incentives from
Prime Minister Narendra Modi's government and several Indian states
for its Foxconn JV to manufacture semiconductors.

Reuters relates that Foxconn pulled out of the JV on July 10, less
than a year after it was a signed. Concerns about incentive
approval delays by India's government aided Foxconn's decision to
pull out of the venture, a source familiar with the matter told
Reuters.

Reuters reported in June that the JV was proceeding slowly as
Vedanta-Foxconn had got on board STMicroelectronics for licensing
technology, but India's government wanted the European chipmaker to
have a bigger role, like a stake in the partnership.

Vedanta's copper smelter in Tamil Nadu was shut down after 13
people died in 2018 when police fired on environmental protesters
calling for the closure of the plant, Reuters recakks. Vedanta has
now offered to sell the plant, having repeatedly denied allegations
of the smelter being polluting.

Reuters notes that activists and locals have for years blocked
Vedanta's plans to mine bauxite in the green, jungle-clad Niyamgiri
hills in Odisha state in eastern India which the tribe people
consider sacred.

In Zambia, a long-running dispute over Vedanta's Konkola Copper
Mines (KCM) is close to being resolved, mines minister Paul Kabuswe
said earlier this month, Reuters notes. Relations between Zambia
and Vedanta broke down several years ago and culminated in the
state appointing a liquidator for the KCM assets in May 2019.

Vedanta Limited is an India-based natural resources conglomerate.
The Company is engaged in producing aluminum, zinc-lead-silver, oil
and gas, iron ore, steel, copper, power, nickel, ferroalloys, glass
display, optical fiber, and semiconductors.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-March 2023, Moody's Investors Service has downgraded Vedanta
Resources Limited's (VRL) corporate family rating to Caa1 from B3.
Concurrently, Moody's has downgraded the ratings to Caa2 from Caa1
on the senior unsecured bonds issued by VRL and those issued by
VRL's wholly owned subsidiary, Vedanta Resources Finance II Plc,
and guaranteed by VRL.  The outlook on all ratings remains
negative.


VIDARBHA INDUSTRIES: Adani Weighs Bid for Bankrupt Coal Plants
--------------------------------------------------------------
Bloomberg News reports that Billionaire Gautam Adani is weighing a
bid for a coal-fired power plant belonging to beleaguered Indian
tycoon Anil Ambani that is currently being auctioned by Indian
lenders, according to people familiar with the matter.

Adani, fresh from a $2.8 billion capital raising, may face intense
competition for Vidarbha Industries Power Ltd., which operates the
600-megawatt generation facility in central India, according to the
people, who asked not to be identified as the plans are private,
Bloomberg relates. Lenders to the plant are driving the sale
process, the people said.

According to Bloomberg, Ambani's Reliance Power Ltd. is also
considering making an offer for the asset in an attempt to win back
control of the firm, one of the people said. Deliberations are
ongoing and Adani and Reliance Power could decide not to proceed
with formal offers, the people said.

If Adani wins the plant it would add to the conglomerate's growing
portfolio of coal power projects as it attempts to recover from a
devastating short-seller attack by Hindenburg Research in January,
which erased more than $150 billion from the group's market value
at one point, Bloomberg says.

Bloomberg says the auction of Vidarbha Industries to another
company would also mark the further diminishment of Anil Ambani, a
former billionaire who has been battling creditors for years and
fought a bitter succession battle with Mukesh, his elder brother
and Asia's richest man.

While Adani is looking at expanding his core fossil-fuel projects,
people familiar with the matter said that Bain Capital and Carlyle
Group Inc. are among potential bidders for a controlling stake of
his shadow bank Adani Capital, as he looks to conserve cash and
focus on key businesses, Bloomberg notes.

                     About Vidarbha Industries

Vidarbha Industries Power Ltd (VIPL) operates a coal-based power
project with a capacity of 600MW in Nagpur, Maharashtra.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-February 2023, ICRA has retained the rating for the borrowings
of VIPL in the Issuer Not Co-operating category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

ICRA said the rating factors in the continuing delays in debt
servicing by VIPL to the lenders. VIPL is engaged with its lenders
for the resolution of its debt issues. The company's liquidity
profile continues to be poor as evident from its weak net cash
accruals, given the non-operational status of the plant since Jan.
15, 2019. This was due to protracted delays in issuing regulatory
orders and lack of fuel supply for one of the units. Further, the
offtaker, Adani Electricity Mumbai Limited (AEML), issued a power
purchase agreement (PPA) termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company had challenged the validity and legality of the termination
letter, it has received unfavourable rulings from the Maharashtra
Electricity Regulatory Commission (MERC) and the Appellate Tribunal
of Electricity (APTEL) and currently, the matter is pending at the
Supreme Court. Meanwhile, after the PPA termination notice by the
procurer, the lenders have exercised their right to substitute VIPL
with any other entity for operating the thermal station for the
recovery of their dues, as per the provisions of the PPA.

One of the lenders of VIPL has filed an application under the
provisions of the Insolvency & Bankruptcy Code (IBC), 2016, in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by NCLT. VIPL has been pursuing debt
resolution with its lenders outside the corporate insolvency
resolution process, ICRA added.




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

ALPHA INSTALLERS: Creditors' Proofs of Debt Due on Aug. 14
----------------------------------------------------------
Creditors of Alpha Installers Limited, Brahm Investments Limited
and Hez Civil Limited are required to file their proofs of debt by
Aug. 14, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 29, 2023.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


HOMEWORX DESIGN: Creditors' Proofs of Debt Due on Aug. 9
--------------------------------------------------------
Creditors of Homeworx Design & Build Limited are required to file
their proofs of debt by Aug. 9, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 3, 2023.

The company's liquidator is Ryan Eathorne.


IMAGINATION STATION: Khov Jones Appointed as Receivers
------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones Limited on July 12,
2023, were appointed as receivers and managers of Imagination
Station Early Learning Centre Limited and Carly Arghand.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


OLD VILLA: Creditors' Proofs of Debt Due on Aug. 7
--------------------------------------------------
Creditors of Old Villa Trustee Services Limited, Old Villa Wellness
Group Limited and Team Culture Plus 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 June 30, 2023.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          Level 4, BDO Centre
          4 Graham Street
          Auckland 1010


WARLAVEN INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 11
--------------------------------------------------------------
Creditors of Warlaven Investments Limited and Firecom Limited are
required to file their proofs of debt by Aug. 11, 2023, to be
included in the company's dividend distribution.

The High Court at Whanganui appointed Colin Sanderson and Iain
McLennan of McDonald Vague Limited as liquidators on June 29,
2023.




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

CAR ZONE: Court to Hear Wind-Up Petition on July 28
---------------------------------------------------
A petition to wind up the operations of CAR ZONE AUTO Pte Ltd will
be heard before the High Court of Singapore on July 28, 2023, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 4, 2023.

The Petitioner's solicitors are:

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


CASTOR INVESTMENT: Creditors' Proofs of Debt Due on Aug. 8
----------------------------------------------------------
Creditors of Castor Investment Holdings 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 liquidators are:

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


MARZUK INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on June 30, 2023, to
wind up the operations of Marzuk International Pte. Ltd.

Transasia Private Capital Limited and TA Private Capital Security
Agent Limited filed the petition against the company.

The company's liquidator is:

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



PMS CONSULTANTS: Placed in Provisional Liquidation
--------------------------------------------------
Chee Fung Mei, Lum Inn Han Elizabeth, and and Loke Chiew Mun of
Loke Lum PAC on July 3, 2023, were appointed as provisional
liquidators of PMS Consultants Singapore Pte. Ltd.



QUATRRO PROCESSING: Creditors' Proofs of Debt Due on Aug. 7
-----------------------------------------------------------
Creditors of Quatrro Processing Services 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 July 5, 2023.

The company's liquidator is:

          R Rahul Raj
          c/o 17 Phillip Street
          #05-02 Grand Building
          Singapore 048695


SINGAPORE OIL: Creditors' Proofs of Debt Due on Aug. 7
------------------------------------------------------
Creditors of Singapore Oil Spill Response Centre 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:

          Victor Goh
          Khor Boon Hong
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778



                           *********


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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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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