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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, September 7, 2023, Vol. 26, No. 180

                           Headlines



A U S T R A L I A

GLOBAL BOND: First Creditors' Meeting Set for Sept. 12
JKN 3: Second Creditors' Meeting Set for Sept. 13
NOURISH FOODS: Whole Kids Placed in Voluntary Administration
VERVE PORTRAITS: Second Creditors' Meeting Set for Sept. 12


C H I N A

COUNTRY GARDEN: Seeks to Roll Over 8 More Bonds After Earlier Win
[*] CHINA: Debt Crisis Threatens to Engulf Surviving Developer


I N D I A

ADARSHA AUTO: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
AHIL GREEN: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
ANSAL HOUSING: ICRA Keeps D Debt Ratings in Not Cooperating
BLUE CROSS: Liquidation Process Case Summary
CUMBUM VALLEY: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable

DIAMOND POLYMERS: CARE Keeps B- Debt Rating in Not Cooperating
EZA GOLD: CARE Keeps B- Debt Rating in Not Cooperating Category
HAZARIBAGH RANCHI: Ind-Ra Hikes NonConvertible Debts Rating to BB-
JAIN TIMBER: Insolvency Resolution Process Case Summary
JEYASAKTHI SAW: CARE Keeps C Debt Rating in Not Cooperating

KOTECHA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
LAKSHMI POULTRY: ICRA Keeps C+ Debt Ratings in Not Cooperating
MAHAPRABHU RESIDENCY: CARE Keeps B+ Debt Rating in Not Cooperating
MARUTINANDAN OIL: CARE Keeps C Debt Rating in Not Cooperating
MATRIX ROLLER: CARE Keeps B- Debt Rating in Not Cooperating

PRASHANTI EDUCATIONAL: CARE Keeps B- Rating in Not Cooperating
PUNJ LLOYD: Fails to Attract Bidder in Second Round of e-Auction
R. S. H. AGRO: ICRA Lowers Rating on INR10cr Cash Loan to D
RAKHAHARI COLD: CARE Keeps B- Debt Rating in Not Cooperating
RAMKY INFRA: CARE Lowers Rating on INR497.53cr Loan to C/A4

RBA FINANCE: Ind-Ra Withdraws BB- Bank Loan Rating
SANNIDHI FOODS: CARE Keeps D Debt Rating in Not Cooperating
SANTOSH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
SEAWARD EXPORTS: Ind-Ra Assigns BB- Bank Loan Rating
SEJAL PROPERTIES: Ind-Ra Moves B NCDs Rating to Non-Cooperating

SGF INFRA: CRISIL Reaffirms B Rating on INR10cr Secured Loan
SLR CONSTRUCTION: CRISIL Lowers Rating on LT/ST Loans to D
SRINIVASA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating
STERLING AND WILSON: Ind-Ra Cuts LongTerm Issuer Rating to BB-

STURDY INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SURAJ VALUE: CARE Keeps D Debt Rating in Not Cooperating
SURYA CONTAINERS: CARE Keeps D Debt Ratings in Not Cooperating
TECHNO COMMERCIAL: CARE Keeps B Debt Rating in Not Cooperating
THIRUBALA CHEMICALS: CARE Keeps B+ Debt Rating in Not Cooperating

TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating
TRX TECHNOLOGIES: Voluntary Liquidation Process Case Summary
VRUNDAVAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
YASHMUN ENGINEERS: CRISIL Reaffirms B Rating on INR4.71cr Loan


M A L A Y S I A

1MDB: Malaysia Seeks Return of Convicted Ex-Goldman Banker
COMINTEL CORP: Completes Regularization Plan; Exits PN17 Status


N E W   Z E A L A N D

LLM RESTAURANT: Creditors' Proofs of Debt Due on Sept. 29
MABEL AND KYAN: Court to Hear Wind-Up Petition on Sept. 15
OKEWA RAINWEAR: Fashion Label Shuts Doors
R M RESTAURANTS: Creditors' Proofs of Debt Due on Oct. 1
SMALES AUTOMOTIVE: Court to Hear Wind-Up Petition on Sept. 15

WILLOW TRANSPORT: Creditors' Proofs of Debt Due on Sept. 30


S I N G A P O R E

SCCP LAKESIDE: Creditors' Proofs of Debt Due on Oct. 6
STASH NEXT: Placed in Provisional Liquidation


T H A I L A N D

[*] THAILAND: ThaiBMA Issues Warning to Corporate Bond Investors

                           - - - - -


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

GLOBAL BOND: First Creditors' Meeting Set for Sept. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Global Bond
Exchange Pty Ltd will be held on Sept. 12, 2023, at 10:00 a.m. at
the offices of WLP Restructuring at Suite 2102/264, George St in
Sydney.

Alan Walker and Glenn Livingstone of WLP Restructuring were
appointed as administrators of the company on Aug. 31, 2023.


JKN 3: Second Creditors' Meeting Set for Sept. 13
-------------------------------------------------
A second meeting of creditors in the proceedings of JKN 3 Pty
Limited has been set for Sept. 13, 2023 at 11:00 a.m. at the
offices of Ferrier Silvia at Level 30 Australia Square, 264 George
Street in Sydney and virtually via Zoom videoconference facility.

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 Sept. 12, 2023 at 5:00 p.m.

Brian Raymond Silvia and Geoffrey Granger of Ferrier Silvia were
appointed as administrators of the company on July 26, 2023.


NOURISH FOODS: Whole Kids Placed in Voluntary Administration
------------------------------------------------------------
SmartCompany reports that prominent healthy snack brand Whole Kids
is in voluntary administration, months after its parent company
paused its third equity crowdfunding attempt on Birchal.

Whole Kids was founded by Monica Meldrum and James Meldrum in 2005
and manufactures a range of organic, additive-free and
allergen-friendly snacks for families.

Over the course of its 18 years, the certified B Corp had raised
approximately AUD2.4 million via equity crowdfunding and supplied
its products to thousands of stores within Australia and abroad.

Whole Kids is owned by Nourish Foods Pty Ltd, which according to a
notice published on the Australian Securities and Investments
Commission (ASIC) insolvency register, entered voluntary
administration on September 5.

Tim Heesh and Mark Everingham from TPH Advisory have been appointed
as administrators for the company, and are now seeking urgent
expressions of interest from potential buyers for the business,
SmartCompany discloses.

In a statement provided to SmartCompany, the administrators said
they intend to work with the company's founders and key
stakeholders to determine the next steps. SmartCompany understands
all employee entitlements have been paid.

"The business has been placed into voluntary administration due to
a lack of working capital required to support the business,"
explained Mr. Heesh.

"The owners had been attempting to secure a financial investment
partner over the past few months, however time has run out and
their working capital requirement became urgent.

"It is not often that a well-established business with reputable
and trusted brands like these comes along. The business represents
an outstanding strategic opportunity for an investor to acquire a
brand portfolio that should ultimately become household names and
leaders in the FMCG healthy snack market," he added.


VERVE PORTRAITS: Second Creditors' Meeting Set for Sept. 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Verve Portraits
Pty Ltd has been set for Sept. 12, 2023 at 12:00 p.m. at the
offices of Cor Cordis at Level 29, 360 Collins Street in Melbourne
and virtually via online video conference.

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 Sept. 11, 2023 at 4:00 p.m.

Barry Wight and Glenn J Spooner of Cor Cordis were appointed as
administrators of the company on Aug. 8, 2023.




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

COUNTRY GARDEN: Seeks to Roll Over 8 More Bonds After Earlier Win
-----------------------------------------------------------------
Yicai Global reports that Country Garden Holdings is trying to
extend the deadlines on another eight onshore bonds after China's
largest property developer succeeded in rolling over one earlier
this month in a bid to avoid default.

The vote to push back the repayment date of H19 Country Garden Real
Estate Group 03 and seven other bonds will take place at a meeting
of bondholders scheduled to take place between Sept. 7 and Sept.
11, according to an internal Country Garden report seen by Yicai on
Sept. 6.

Country Garden is applying to roll over H19 03, which pays 4.98
percent on CNY3 billion (USD410.6 million), by three years to Nov.
20, 2026, the report said, Yicai relays. The outstanding CNY992.7
million (USD135.9 million) will be repaid in seven phases. Two
percent will be paid in each of the first three phases, 10 percent
in the fourth, 15 percent in the fifth, 25 percent in the sixth,
and 44 percent in the final phase.

The other seven bonds, worth around CNY10.8 billion (USD1.5
billion), will have similar extension periods and repayment
schemes, the report, as cited by Yicai, said.

According to Yicai, the builder suspended trading of 11 of its
onshore bonds worth CNY15.7 billion (USD2.2 billion) on Aug. 14 as
it entered debt restructuring. The company secured its first-ever
extension on Sept. 2 when creditors approved the rollover of 16
Country Garden 05, a private equity bond, and it is now trying to
push back the deadlines on another eight. There is no plan for the
remaining two as yet, sources told Yicai.

Although Country Garden has not said it will also try to postpone
payments on its offshore bonds, the Foshan-based developer is
likely to issue some restructuring plans soon given that quite a
lot of offshore debt will mature early next year, Yicai relates.

China's real estate market has been sluggish since 2021 and the
financing environment has worsened. This, combined with tighter
regulation, has shrunk Country Garden's finances, a company insider
said earlier.

Country Garden was able to pay the interest of around USD20 million
on two US dollar-denominated bonds within the one-month grace
period that expired Sept. 6, adds Yicai.

                        About Country Garden

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As recently reported in the Troubled Company Reporter-Asia Pacific,
has downgraded Country Garden Holdings Company Limited's corporate
family rating to Ca from Caa1 and its senior unsecured rating to C
from Caa2.  The outlook remains negative.

The TCR-AP also reported that Fitch Ratings has downgraded Country
Garden Services Holdings Company Limited's (CGS) Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on
Rating Watch Negative (RWN).


[*] CHINA: Debt Crisis Threatens to Engulf Surviving Developer
--------------------------------------------------------------
Bloomberg News reports that China's housing crisis has engulfed the
country's private developers, producing record waves of defaults
and leaving a shrinking group of survivors.

Out of the nation's top 50 private-sector developers by dollar bond
issuance, 34 have already suffered delinquencies on offshore debt,
according to Bloomberg-compiled data as of September 1. The
remaining 16, including Country Garden Holdings Co., face a
combined $1.48 billion of onshore and offshore public bond payments
for either interest or principal in September. The monthly amount
is the highest until January.

Chinese junk dollar bonds, dominated by developers, now hover
around 67 US cents on average, according to a Bloomberg index.
Country Garden's dollar bonds are indicated at 9 cents to 14 cents,
prices compiled by Bloomberg show.

According to Bloomberg, the debt pressure underscores the unabated
payment risks among the sector's survivors as an unprecedented cash
crunch enters a fourth year. While authorities' latest efforts to
arrest a housing slump fueled a property stock rally on Sept. 4,
concerns remain that industry giant Country Garden is heading
toward default, an event that may further rattle Chinese markets.

A bond blowup by Country Garden, the nation's former top developer
by sales, could risk worse fallout than from China Evergrande
Group's in 2021, given Country Garden has four times more property
projects, Bloomberg notes. In addition to further hitting broader
market confidence, a default may also cause social issues given the
builder's heavy exposure to smaller cities, with potential chain
reaction including impacting owners of unfinished homes and
construction workers, finances of local banks and governments as
well as income for suppliers.

"It is uncommon for close to 70 percent to 80 percent of the
non-state-owned issuers in a major sector to run into default or
distress within such a short period," Bloomberg quotes Zhi Wei
Feng, a senior analyst at Loomis Sayles Investments Asia Pte, as
saying.

Sitting atop the list of survivors and vulnerable to an imminent
payment failure is Country Garden, as the clock is ticking for
China's former top developer by sales to pay a combined $22.5
million in two dollar note coupons within a grace period that ends
September 5 to 6, Bloomberg says.

Failure to do so would allow bondholders to call a default. The
developer, one of the world's most indebted builders with about
$187 billion of liabilities, told creditors it had yet to make the
interest payments, people familiar with the matter said Sept. 3.

Seazen Group Ltd. and Agile Group Holdings Ltd. are the next to
watch, as other builders are either more commercial
property-focused or have some levels of state backing, according to
Andrew Chan, a credit analyst at Bloomberg Intelligence.

Seazen and Agile have $104 million and $222 million of bond
payments, both onshore and offshore, coming due through the end of
this year, respectively, Bloomberg discloses.

Also on the list are state-linked Sino-Ocean Group Holding Ltd. and
China Vanke Co., indicating how developers with certain degrees of
government support are facing payment pressure too.

Bloomberg relates that Sino-Ocean has won some breathing room after
a unit secured bondholder approval to extend repayment for a yuan
note. The company faces $155 million bond payments in September.
Vanke, the nation's second-largest developer that reported lower
profit in the first half, has to deliver $34 million of bond
payments this month.

The Bloomberg index tracking developers-dominant China junk dollar
notes lost 5 percent in August, the most since May. While it has
rebounded since last week after Beijing stepped up its housing
rescue campaign, the gauge remains down more than 14 percent in
2023, set for a third year of declines.

Despite the price slump, some investors remain reluctant to jump
in.

Although the market "looks cheap on valuation," her fund will
continue to adopt a defensive and selective strategy, according to
Joyce Bing, investment manager of fixed income at abrdn plc,
Bloomberg relays. "Policy support has not been very effective to
stop the downward trend so far."

Still, picking the right firms may reward investors with
eye-watering gains, Bloomberg states. In one such example, a dollar
note from Dalian Wanda Group Co. recorded a 42 percent single-day
jump in July, a few days before a key unit of the private
conglomerate alleviated repayment concerns by making good on a
bond.

"Tactical opportunities still exist in the sector," Bloomberg
quotes Anna Zhang, a credit analyst at T Rowe Price Hong Kong Ltd.,
as saying.  "Companies with manageable near-term debt obligations
and high-quality land bank are in a better position."




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

ADARSHA AUTO: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Adarsha Auto World Private Limited (AAWPL):

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

-- INR775 mil. Fund-based limits affirmed with IND B+/Stable/IND
     A4 rating;

-- INR245.5 mil. Fund-based limits assigned with IND B+/Stable/
     IND A4 rating;

-- INR30 mil. Non-fund-based limits affirmed with IND A4 rating;

-- INR10 mil. Non-fund-based limits assigned with IND A4 rating;

-- INR117.6 mil. Term loans due on FY27 affirmed with IND B+/
     Stable rating; and

-- INR4.6 mil. Term loans due on FY27 assigned with IND B+/Stable

     rating.

Key Rating Drivers

Liquidity Indicator - Stretched: AAWPL's average peak utilization
of its sanctioned fund-based working capital limits of INR1,020.5
million, mainly in the form of inventory funding, stood at 93.7%
over the 12 months ended July 2023. The company had unencumbered
cash and cash equivalents of INR45.88 million at FYE23 (FYE22:
INR31.6 million; FYE21: INR32.9 million). During FY23, the net
working capital cycle elongated to 79 days (FY21: 73 days), due to
an increase in the inventory holding period to 59 days (48 days).
The cash flow from operations turned negative to INR166 million in
FY23 (FY22: INR5.81 million, FY21:  negative INR29.88 million) due
to unfavorable changes in in working capital. Furthermore, the free
cash flow remained negative at INR266.6 million in FY23 (FY22:
negative INR72.62 million; FY21: negative INR88.16 million) owing
to capex of INR100.6 million for constructing buildings and
purchase of vehicles. AAWPL has term-loan repayment obligations of
around INR34.7 million and INR27.9 million for FY24 and FY25,
respectively, which are likely to be met through internal accruals.
According to the management, the company's promoters have
historically provided financial support to AAWPL, when required,
and will continue to do so. The company's total debt stood at
INR878.8 million at FYE23, comprising term debt of INR126 million
(FYE22: INR136.6 million; FYE21: INR160 million) and remaining in
the form of inventory funding. Its FY23 financials are provisional.


The ratings reflect AAWPL's medium scale of operations with its
revenue increasing to INR3,449.15 million in FY23 (FY22:
INR2,344.12 million; FY21: INR1,964.27 million), owing to the
robust sales of Maruti Suzuki India Limited's (MSIL) models such as
Baleno and Grand Vitara, and increased sales of spare parts and
accessories (FY23: INR339 million; FY22: INR250 million). The
company booked revenue of INR956.2 million in 1QFY24. However,
Ind-Ra expects the revenue to decline in FY24 due to a decrease in
car sales volume.

The ratings also factor in the company's modest EBITDA margins due
to the dealership nature of the business. The return on capital
employed was 14.2% in FY23 (FY22: 14.1%; FY21: 12.2%). The EBITDA
margins declined to 4.78% in FY23 (FY22: 5.15%; FY21: 4.64%), as
the company derived a major portion of its revenue from sales of
vehicles, which yield lower margins than the sale of services and
spare parts. Ind-Ra expects the EBITDA margins to remain stable
over the medium term.

The ratings are also constrained by AAWPL's weak credit metrics.
The net leverage (net debt/operating EBITDA) increased to 5.05x in
FY23 (FY22: 4.72x), owing to an increase in debt to INR878.8
million (INR618.54 million). However, the gross interest coverage
(operating EBITDA/gross interest expense) improved to 2.39x in FY23
(FY22: 1.96x) on account of an increase in the total EBITDA to
INR164.88 million (INR124.26 million). The agency expects the
credit metrics to be weak-to-moderate over the near term owing to
low EBITDA generation and high debt levels, resulting from the high
utilization of working capital limits for carrying the inventory of
original equipment manufacturers.

The ratings are constrained by client and geographical
concentration risks. AAWPL is an exclusive dealer of MSIL's Nexa
cars, and hence, its performance is directly linked to MSIL's
performance. Although the sales of spares provide some
diversification, the scale is low and also depends on the sales of
vehicles. Furthermore, the company's operations are concentrated
entirely in Telangana, making it vulnerable to any unfavorable
changes in demand within the state. The ratings also factor in the
cyclical nature of the auto industry and its susceptibility to
macro-economic factors. Furthermore, the dealership business is
intensely competitive.  

However, the ratings are supported by the company's experienced
promoter group. AAWPL is a part of the Adarsha group, headed by B.
Satyanarayana Goud and family. B. Satyanarayana Goud has more than
two decades of experience in dealership operations, and the family
has been in the automobile dealership business for more than three
decades. The group is associated with MSIL, TVS Motors Limited, and
Mahindra & Mahindra Limited's ('IND AAA'/Stable/'IND A1+') tractor
division through its various other entities. Ind-Ra believes the
group's and promoter's experience in dealership operations will
help AAWPL expand its operations in a sustainable manner.

Rating Sensitivities

Positive: An improvement in the liquidity position while
maintaining the scale of operations and the interest coverage
increasing above 1.5x on a sustained basis could lead to a positive
rating action.

Negative: A decline in the scale of operations or any further
stress on the liquidity position or the interest coverage falling
below 1.0x on a sustained basis could lead to a negative rating
action.

Company Profile

AAWPL, which started operations in 2016, is the sole authorized
dealer of MSIL's NEXA in the Karimnagar and Warangal districts in
Telangana and is one of the authorized dealers in Kukatpally
(Hyderabad). It operates four showrooms and three workshops across
Telangana, and has one true value outlet (resale).


AHIL GREEN: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ahil Green Energie
Private Limited's (AGEPL's) bank facilities 'IND BB', The Outlook
is Stable.

The instrument-wise rating action is:

-- INR256.11 mil. Term loan due on November 2028 assigned with
     IND BB/Stable rating.

Key Rating Drivers

The rating reflects AGEPL's small scale of operations with its
revenue increasing to INR74.96 million in FY23 (FY22: INR49.41
million), led by the sale of additional units generated through the
capex incurred. During FY23, the company installed a 2MW solar
power plant, taking the total plant capacity to 8MW, which can
generate about 15.308 million units of power per annum. The power
generated at its plant has been captively used by the shareholders
of the company (other than its promoters) in the ratio of their
shareholding. The company further plans to add another 10MW solar
power plant in FY25, with an estimated cost of around INR600
million, of which INR450 million is likely to be funded through
term loans and the balance through internal accruals and unsecured
loans from the promoters. The management expects to produce
additional about 20 million units per annum after the completion of
the capex. In FY24, Ind-Ra expects the revenue to slightly improve,
as the company would be able to utilize its full capacity, leading
to expected increase in its capacity utilization at around 99%
(FY23: 97%), which would be captively consumed by its shareholders.
Its FY23 numbers are provisional in nature.

The rating also factors in the modest credit profile of the captive
consumers. Also, the company has a three-year power purchase
agreement with its consumers, with a fixed lock-in period of one
year. After the lock-in period, the agreement can be terminated by
either party after giving a notice period of 90 days.  

AGEPL has a modest EBITDA margin of 89% in FY23 (FY22: 91.3%), due
to an increase in its employee costs and overhead expenses. The
return on capital employed stood at 9.2% in FY23 (FY22: 6.4%). In
FY24, Ind-Ra expects the margin to remain modest, due to fixed
tariffs (with escalation clause) and no significant repair and
maintenance planned in the medium term.

AGEPL's credit metrics remained moderate with its gross interest
coverage (operating EBITDA/gross interest expenses) slightly
increasing to 2.89x in FY23 (FY22: 2.77x) and the net leverage
(total adjusted net debt/operating EBITDAR) reducing to 4.24x
(6.72x), due to an increase in its EBITDA to INR66.72 million
(INR45.13 million) and a decrease in overall debt to INR284.59
million (INR305.02 million).  In FY24, Ind-Ra expects the credit
metrics to improve with a likely reduction in its overall debt.
However, the agency expects the credit metrics to deteriorate in
FY25, due to its debt-funded capex plans.

Liquidity Indicator - Stretched: AGEPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The cash flow from operations
increased to INR71.71 million in FY23 (FY22: INR58.94 million), due
to an increase in its operating EBITDA to INR66.72 million
(INR45.13 million). Further, the free cash flow also turned
positive to INR33.23 million (FY22: negative INR33.06 million). The
receivable period remained stable at 35 days in FY23 (FY22: 36
days) and the payables period reduced to 22 days (90). The cash and
cash equivalents stood at INR2.02 million at FYE23 (FYE22: INR1.55
million). The company has debt repayment obligations of INR35.89
million and INR48.46 million for FY24 and FY25, respectively.
Ind-Ra estimates the debt service coverage ratio to be modest
during FY24, which is likely to be deteriorated during FY25, due to
its debt-funded capex plans.

However, the rating is supported by the promoters' more than five
years of experience in renewable energy power projects.

Rating Sensitivities

Positive: Entering into long-term power purchase agreements with
buyers with a higher lock-in period, along with an improvement in
the liquidity profile, with the net leverage reducing below 4x, all
on a sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations or profitability,
leading to deterioration in the overall credit metrics or further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.

Company Profile

Incorporated in 2019, AGEPL operates a solar power plant with a
capacity of 8MW at Aruppukkottai, Tamil Nadu. The promoters are D
Elango and E Deepa.


ANSAL HOUSING: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Ansal Housing
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        23.23       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   Working Capital               Cooperating' Category

   Short term–       50.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating moved to the 'Issuer Not
                                 Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1983, AHL is a part of the Ansal Housing Group. The
company develops residential as well as commercial real estate
properties. AHL has already completed various projects encompassing
an area of about 76 million square feet (msf) in Delhi, Mumbai,
Meerut, Lucknow and Ghaziabad, among others, and currently has more
than 26.8 msf area under development.

BLUE CROSS: Liquidation Process Case Summary
--------------------------------------------
Debtor: Blue Cross Road Solutions Limited
Unit No. 406, B Wing, Cello Triumph I.B Patel Road,
        Goregaon (East)Mumbai Mumbai City Mh 400063

Liquidation Commencement Date:  August 2, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr Ajay Marathe
     201 Aadhar  Hieght Opposite Bhagshala
            Maidan Dombivli West Pin 421202
            Email: ajaym7@rediffmail.com

Last date for
submission of claims: September 15, 2023


CUMBUM VALLEY: Ind-Ra Assigns B+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cumbum Valley
Winery Private Limited's (CVWPL) bank facilities a rating of 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR97 mil. Fund-based working capital limit assigned with IND
     B+/Stable/IND A4  rating; and

-- INR453 mil. Term loan due on July 31, 2030 assigned with IND
     B+/Stable rating.

Key Rating Drivers

The ratings reflect CVWPL's modest credit metrics, with the
interest coverage (operating EBITDA/gross interest expenses) at
1.73x in FY23 (FY21: 1.90x) and the net leverage (total adjusted
net debt/operating EBITDAR) at 6.85x (7.11x). The interest coverage
declined in FY23 due to an increase in the interest expenses, and
the net leverage improved due to an increase in the absolute
EBITDA. Ind-Ra expects the credit metrics to improve in FY24 due to
debt repayments.

Liquidity Indicator - Stretched: CVWPL's average maximum
utilization of the fund-based limits was high at 98.63% during the
12 months ended July 2023. Moreover, the cash flow from operations
declined to negative INR40.16 million in FY23 (FY22: INR2.55
million) due to higher working capital requirements. Furthermore,
the free cash flow fell to negative INR11.18 million (FY22: INR0.48
million). Also, the net working capital cycle deteriorated to 234
days in FY23 (FY22: 192 days) due to higher debtor days of 108
(42). The cash and cash equivalents stood low at INR0.2 million at
FYE23 (FYE22: INR0.2 million). Furthermore, CVMPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. CVWPL has scheduled
debt repayment obligations of INR106.8 million in FY24 and INR116.8
million in FY25.

The ratings also reflect CVWPL's small scale of operations, as
indicated by revenue of INR556.03 million in FY23 (FY22: INR534.13
million). In FY23, the revenue improved due to an increase in the
sales volume to 0.14 million cases (FY22: 0.13 million cases).
While CVWPL has a leading market position in Tamil Nadu as they are
the sole license holder to supply wine to Tamil Nadu State
Marketing Corporation Limited (TASMAC) who is their sole customer,
demand for wine in state is less than that for other types of
liquor. However, both Ind-Ra and management expects the revenue to
improve in FY24, due to the expected price increase by TASMAC and
an increase in sales from the export of wine to other states for
which the company has procured a license. Also, CVWPL will launch
four new brands of wine.

The ratings are constrained by the heavy industry regulations
related to distribution, pricing, advertising, and complex tax
structure in relation to liquor in Tamil Nadu. TASMAC is in charge
of the wholesale distribution and retailing of liquor in the state.
It fixes a maximum retail price for all the products and does not
revise them  often. Any changes in state government policies
towards liquor consumption or prohibition would significantly
impact CVWPL's revenue.

The ratings also factor in CVMPL's modest EBITDA margin of 19.74%
in FY23 (FY22: 18.19%) with a return on capital employed of 8.7%
(7.5%). In FY23, the EBITDA margin improved due to a marginal
decline in the price of raw material (grapes). Ind-Ra expects the
EBITDA margin to remain at a similar level in FY24 due to the
similar nature of operations.

However, the ratings are supported by the promoters' nearly two
decades of experience in wine manufacturing. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.

Rating Sensitivities

Positive: A significant increase in the scale of operations with an
improvement in the credit metrics and liquidity with net leverage
reducing below 5x, all on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position, all on a sustained basis, could lead to a
negative rating action.

Company Profile

Incorporated in November, 2007, CVMPL is engaged in the business of
processing wine from grapes for the domestic market and supplies to
TASMAC, government of Tamil Nadu. The wine processing facility is
located in Theni, Madurai and the registered office is in Chennai,
Tamil Nadu. The promoters are R.Raghu, R Prabhu and R Rajnarayan.
Wine is sold under the brand names - Misty Grapes, Red Sea and
Mascato "c" Valley.


DIAMOND POLYMERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Diamond
Polymers (DP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.12       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

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

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

Daman based Diamond Polymers (DP) was established in 2015 as a
partnership firm with a vision to cater to the growing demand for
flexible packaging material. Firm is engaged in the manufacturing
of high-quality plastic packaging and rolls. The plant is situated
at Industrial area in Daman.

EZA GOLD: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of EZA Gold
and Diamonds (EGD) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      7.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 19,
2022, placed the rating(s) of EGD under the 'issuer
non-cooperating' category as EGD had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EGD
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 5, 2023, July 15, 2023, July 25, 2023.

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

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

EZA Gold and Diamonds (EGD) was established as a partnership
concern by Ms.Jency Jacob, Mr.Ragi Antony, Mr. P.K. Antony and Ms.
Mary Antony with equal profit sharing ratio in 2014. The firm is
engaged in retailing of gold, diamond and platinum jewellery. The
metals and stone are processed into ornaments by smiths in Kerala
on job work basis. The ornaments are then retailed through their
outlet in Thrissur, Kerala. EGD deals with gold purity of 22 Karat.


HAZARIBAGH RANCHI: Ind-Ra Hikes NonConvertible Debts Rating to BB-
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the ratings on
Hazaribagh Ranchi Expressway Limited's (HREL) non-convertible
debentures (NCDs) to 'IND BB-' from 'IND D' with a Stable Outlook
as follows:

-- INR5.380 bil. (outstanding INR2,059.6 bil. as of date) Senior
     NCDs* upgraded with IND BB-/Stable rating; and

-- INR1.770 bil. (outstanding INR581.3 mil. as of date)
     Subordinate NCDs* upgraded with IND BB-/Stable rating.

  Details in annexure

The upgrade reflects HREL's timely debt servicing since February
2023, major maintenance activity nearing completion and minimal
risk of performance-related deductions in annuity, given the
satisfactory road quality.

Key Rating Drivers

Major Maintenance Nearly Over; Minimal Risk of Performance-Related
Annuity Deductions: Ind-Ra does not expect any further
performance-related deductions in annuities since the major
maintenance work is largely completed. The recent 21st annuity
witnessed no deduction and the independent engineer (IE) has
recommended for 22nd annuity without any deductions.

The project has received 21 timely annuities due semi-annually in
March and September with minimal delays with minor deductions due
to maintenance delays and defaults. INR8.8 million and INR5.2
million were deducted from the 20th and 19th annuity, respectively,
on account of minor defaults such as unresolved reflectorized
signs, minor faults in street lights, and repair of joints.
Moreover, the 21st annuity was INR64.08 million (being 10% of
annuity) withheld on account of a delay in the major maintenance,
which the management expects to be released until end-September
2023.

Low Revenue Risk Profile: The project annuities are secured through
an escrow account of the fixed, semi-annual annuity streams under a
concession agreement from National Highways Authority of India
(NHAI; 'IND AAA'/Stable). The company has, so far, received 21
half-yearly annuities of INR640.8 million each with minimum delays.
The last annuity was received on March 28, 2023.

Heightened O&M Risk: Maintaining the project according to the
requirements of the concession agreement could pose a challenge due
to constant maintenance issues. Project maintenance is key for
continued and timely receipts of semi-annual annuities from NHAI.
HREL has entered into a fixed price contract with Elsamex
Maintenance Services Limited for taking up routine and major
maintenance expenses. The project's O&M costs are significantly
higher than Ind-Ra estimates and the maintenance of the project
stretch as per the required standards will be a key rating
monitorable for annuity receipts without any deductions. Ind-Ra in
its O&M costs estimates has considered the cost incurred over the
past few years and some cushion over and above the same.

The project has largely completed the major maintenance and the
cost for this cycle is around INR880 million. A major maintenance
reserve would be created for the next cycle of about INR170 million
as against the estimated cost of INR880 million, since majority of
the cost would be funded through project cash flows during the tail
period.

Moderate Debt Structure: The repayment follows a T+30 structure,
i.e. the debt obligations are due 30 days post the receipt of
annuities, repayment being due in April and October every year,
giving the project some cushion against any delays in annuities.
The project had a debt outstanding of INR6,010 million when it went
under moratorium and was unable to service its debt obligations.
However, post lifting the moratorium, the overdue principal from
the National Company Law Appellate Tribunal order (October 2018)
till the transfer of assets to an InvIT Roadstar Infra Investment
Trust (December 2022) of INR2,470 million was paid in February
2023. INR600 million was prepaid in February 2023. Post the said
payments, the outstanding debt was INR2,940 million at end-February
2023.

The next repayment which was scheduled in April 2023, was timely
serviced post which the debt outstanding stands at INR2,640
million. The project also has a sponsor loan outstanding of
INR2,229.86 million which is subordinated to the external debt.
Both debts carry a fixed interest rate of 7.5%, and non-payment of
interest on the sponsor loan will not result in default.

Liquidity Indicator - Adequate: The company generates adequate cash
flow from its stable stream of NHAI annuities, with an average debt
service coverage ratio (DSCR) of 1.4x. Even when stressed with 10%
deductions in the annuities and higher estimates of costs, DSCR did
not fall below 1.2x. Moreover, the concessionaire has maintained
financial reserves as envisaged in the initial NCD structure, i.e.
a debt service reserve of INR530 million and surplus cash of INR191
million. The available liquidity is adequate to cover next one year
of debt repayments. The next repayment is scheduled in October 2023
which is post receipt of 22nd annuity in September 2023.

Rating Sensitivities

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

-- an established track record of nil performance deductions; and

-- sustained maintenance of the project stretches as per the
stipulated standards.

Negative: Events that could, individually or collectively, lead to
a negative rating action include:

-- a significant increase in the O&M costs than the estimates;

-- deficiencies in the maintenance of road, leading to performance
deductions in the annuities;

-- depletion of the stipulated liquidity reserves and not
maintaining the same as per the terms of agreement; and

-- any additional claims from the financial / operational creditor
for past dues leading to significant deterioration in liquidity.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on HREL, due to either their
nature or the way in which they are being managed by the entity and
sponsor.

Company Profile

HREL is a special purpose vehicle created by IL&FS Transportation
Networks Limited ('IND D') for designing, constructing and
maintaining the four-lane Hazaribagh–Ranchi section of NH 33 in
Jharkhand to 114km from 40.5km on a build-operate-transfer-annuity
basis.

NHAI awarded the project to HREL under a competitive bidding
process on October 8, 2009. The company received the final
completion certificate on April 1, 2015.

The concession period is for 18 years commencing from the appointed
date, including a construction period of 910 days. HREL achieved
provisional completion on September 15, 2012 and received the first
annuity of INR640.8 million (semi-annual) in July 2013. The project
was completed ahead of time and the commercial operation date was
achieved 134 days ahead of the scheduled project completion which
entitled HREL to receive an early completion bonus of INR470
million in FY14.

JAIN TIMBER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Jain Timber Co Private Limited
74/1/2, Rajdhani Park Rohtak Road,
        Nangloi, New Delhi - 110011

Insolvency Commencement Date: August 4,  2023

Estimated date of closure of
insolvency resolution process: January 30, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Rajeev Lochan
       243, 1st Floor, AGCR Enclave, New Delhi-110092
              Email: csrajeevlochan@gmail.com

              1203-1205, Vijaya Building,
              17 Barakhamba Road, New Delhi 110001
              Email: cirp.jaintimber@gamil.com

Last date for
submission of claims: August 25, 2023


JEYASAKTHI SAW: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Jeyasakthi Saw Mill (SJSM) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of SJSM under the 'issuer
non-cooperating' category as SJSM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SJSM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2023, July 20, 2023, July 30, 2023.

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

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

Sree Jeyasakthi Saw Mill (SJSM) was established in 2002 as a
partnership firm by Mr. P Sanjeev kumar (Managing Partner) and S.
Meena (Partner). The firm is engaged in trading (wholesale and
retail) of wood and teak products from past 30 years. The firm
imports majority of the timber wood from the suppliers located in
the international markets like Burma, South Africa, Australia, and
Malaysia. The firm sells the products to customers located in
Kerala, Tamil Nadu, and Pondicherry and Telangana.


KOTECHA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kotecha
Industries Limited (KIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 8, 2022,
placed the rating(s) of KIL under the 'issuer non-cooperating'
category as KIL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 24, 2023, June 3, 2023, June 13, 2023.

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

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

KIL is a closely held limited company, incorporated on May 9, 2008
and promoted by Mr Hardik Kotecha and Mr Manharlal Kotecha. The
company is engaged into the trading Poly Vinyl Chloride (PVC) resin
in domestic markets based on the orders given by customers. KIL has
set up its unit in Rajkot and has a branch office and a warehouse
in Mumbai. The PVC resin is procured from suppliers spread across
India as well as is imported from South Korea.


LAKSHMI POULTRY: ICRA Keeps C+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of Sri
Lakshmi Poultry Farm in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]C+; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         1.87      [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         6.50      [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sri Lakshmi Poultry Farm (SLPF) was incorporated as a partnership
firm in the year 2007 and is engaged in the business of commercial
layer poultry farming and operates through facilities located in
Brahmanagudem Village and Chikkala Village with total capacity of
2,80,000 commercial layers.


MAHAPRABHU RESIDENCY: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahaprabhu
Residency LLP (MRL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      65.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 18, 2022,
placed the rating(s) of MRL under the 'issuer non-cooperating'
category as MRL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MRL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2023, August 22, 2023, August 23, 2023.

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

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

MRLLP was incorporated on April 25, 2019 by Mr Devansh Patel, Mr
Jayprakash Patel and ten other partners to construct a residential
real estate project 'Harmony Harikesh'. The MRLLP is a part of
Ahmedabad-based 'Harmony & Times' group. The project; Harmony
Harikesh is a residential project (registered under Gujarat
Registration No.
PR/GJ/AHMEDABAD/AHMEDABADCITY/AUDA/RAA09838/210222) consisting of
three high-rise residential buildings of 30 floors aggregating 348
flats. MRLLP has launched the project in December 2021. The project
is located at Science city road, Sola in Ahmedabad.


MARUTINANDAN OIL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Marutinandan Oil Industries (SMOI) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.41       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  
  
Rationale & Key Rating Drivers

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

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

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

SMOI, a Kadi-based (Gujarat) partnership firm, was established in
2015 by four partners, namely, Mr Govindbhai Patel, Ms Chandrikaben
Patel, Ms Nishaben Patel and Ms Jayshriben Patel. Mr Govindbhai
possesses vast experience in the industry and looks after overall
management of the firm. The firm is engaged into cotton seed
crushing business. SMOI commenced its operation from November 2015
and operates from its manufacturing unit located in Kadi (Gujarat)
with an installed crushing capacity of 25,920 MTPA as on March 31,
2016. SMOI procures material from local ginners and sells cotton
seed oil to local refineries and oilcake to local traders.


MATRIX ROLLER: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Matrix
Roller Mills Private Limited (MRMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 30,
2022, placed the rating(s) of MRMPL under the 'issuer
non-cooperating' category as MRMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MRMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 16, 2023, July 26, 2023,
August 5, 2023.

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

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

Varanasi (Uttar Pradesh) based Matrix Roller Mills Private Limited
(MRMPL) was incorporated on December 28, 2010 in the name of M/S
Matrix Realtech Developers Private Limited. Thereafter, on July 3,
2012 the name of the company changed to M/s Matrix Roller Mill
Private Limited due to change in main activity of the company. The
company is currently being managed by Mr. Bhupendra Kumar Agrawal,
Mr. Ajit Jain, Mr. Anmol Jain, and Mr. Nikhil Agrawal together.
MRMPL is engaged in the processing of wheat and the main products
are Atta, Suji, and Maida & Bran.


PRASHANTI EDUCATIONAL: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prashanti
Educational and Welfare Society (PEWS) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 29, 2022,
placed the rating(s) of PEWS under the 'issuer non-cooperating'
category as PEWS had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEWS continue to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2023, June 24, 2023, July 4, 2023.

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

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

Ujjain (Madhya Pradesh) based Prashanti Educational & Welfare
Society (PEWS) was established in 2007 by the Prashanti Group
(Gupta family) to set up educational institutions. PEWS manages
four educational institutes, namely, Prashanti Institute of
Technology & Science (PITS), Prashanti Institute of Management
(PIM), Prashanti College of Professional Studies (PCPS) and
Prashanti Industrial Training Institute (PITI). These institutes
offer graduation, postgraduation and diploma courses in varied
fields such as Engineering, Management and Education. Institutes of
PEWS have due approvals for undertaking teaching on various courses
from All India Council of Technical Education (AICTE) and National
Council for Teacher Education (NCTE). It also has affiliation with
Rajiv Gandhi Proudyogiki Vishwavidyalaya (RGPV, Bhopal) for
engineering course and Vikram University (Bhopal) for management
and B.Ed. courses.


PUNJ LLOYD: Fails to Attract Bidder in Second Round of e-Auction
----------------------------------------------------------------
Construction World reports that Punj Lloyd, which is facing
liquidation, has again failed to attract any buyer in the second
round of e-auctions conducted by its liquidator.

The second round of e-auction was conducted on the directions of
the National Company Law Tribunal (NCLT) at a reserved price of
INR1,061 crore on a going concern basis, according to a regulatory
filing by the company secretary.  

In July, Punj Lloyd had failed to get any buyer in the first round
of e-auctions conducted by its liquidator, Construction World
recalls.

Punj Lloyd Ltd (PLL), promoted by Mr. Atul Punj in 1988, was an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.

In March 2019, the Principal Bench of the National Company Law
Tribunal (NCLT) had admitted an insolvency plea against the company
filed by ICICI Bank.

In June 2022, the dedicated bankruptcy court admitted Punj Lloyd
for liquidation after its lenders rejected the revival plan
submitted by a consortium of Prudent ARC and Payard Investments.


R. S. H. AGRO: ICRA Lowers Rating on INR10cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of R. S. H.
Agro Products Pvt Ltd, as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Cash Credit                  [ICRA]B (Stable) and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Term Loan                    

Rationale

The rating of R. S. H. Agro Products Pvt Ltd is downgraded as
company is under Corporate Insolvency Resolution Process. An
insolvency proceeding was initiated under Section 10 of the
Insolvency and Bankruptcy Code, 2016 before the National Company
Law Tribunal at Guwahati. The rating is based on limited
information on the entity's performance since the time it was last
rated in May 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2012, RSH Agro Products Private Limited has
recently commenced manufacturing of mustard oil and oil cake by
crushing mustard seeds, since April 2015 at is facility located in
Assam. The company is managed by the Harlalka family, and is a part
of the Harlalka Group which operates other companies in agro
products, coke etc.


RAKHAHARI COLD: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree Sree
Rakhahari Cold Storage Private Limited (SSRCSPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.85       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.14       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 29, 2022,
placed the rating(s) of SSRCSPL under the 'issuer non-cooperating'
category as SSRCSPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. SSRCSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 14, 2023, June 24, 2023, July 04, 2023.

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

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

Sree Sree Rakhahari Cold Storage Private Limited (SSRCSPL),
incorporated in March 27, 2007, was promoted by two brothers Mr
Swarup Pratihar and Mr Anup Kumar Pratihar of Paschim Midnapur,
West Bengal. Since inception, SSRCS is engaged in the business of
providing cold storage facility primarily for potatoes to local
farmers and traders on rental basis. The facility, with a storage
capacity of 1,78,028 quintals, is located at Paschim Midnapur
district of West Bengal. Besides providing cold storage facility,
the company also provides interest bearing advances to farmers for
potato farming purposes against potato stored. This apart it also
provides additional services to farmers such as insurance of
potatoes stored & drying of potatoes.


RAMKY INFRA: CARE Lowers Rating on INR497.53cr Loan to C/A4
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ramky Infrastructure Limited (RIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      268.17      CARE C; Stable; Revised from
   Facilities                      CARE BB-; Stable to CARE D and
                                   simultaneously revised to
                                   CARE C; Stable

   Long Term/          497.53      CARE C; Stable/CARE A4 Revised
   Short Term                      from CARE BB-; Stable/CARE A4
   Bank Facilities                 to CARE D/CARE D and
                                   simultaneously revised to
                                   CARE C; Stable/CARE A4

Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of RIL
to 'CARE D' reflects delays in debt servicing by the company, as
reported in FY23 audit report. The rating was, hence, revised to
CARE D as per CARE's policy of recognizing default. However,
following regularization of debt servicing by the company for past
90 days, rating stands revised to CARE C; Stable/ CARE A4.

The ratings are constrained by several instances of delays which
were regularised subsequently, significant exposure to group
entities, bank guarantees stuck in the cancelled orders, equity
commitments towards in-house/group orders along with fragmented
nature of construction sector with tender-based operations and
challenges in the execution.

However, ratings derive strength from the comfortable orderbook
position concentrated with in-house/group orders, moderate reliance
on subcontracting with healthy asset base, improvement in financial
performance in FY23.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in profitability and liquidity with adequate working
capital financing thereby enabling growth in scale of operation

* Realization of investments, loans advances to road assets leading
to improvement in risk profile

Negative factors

* Extension in working capital cycle thereby deteriorating the
liquidity profile

* Delay in execution of projects undertaken by SPVs thereby
requiring funding support from the company

Analytical approach: Standalone

Outlook: Stable

The stable outlook reflects satisfactory orderbook position which
is expected to aid the growth in scale of operation and support
profitability.

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing with subsequent regularisation: There
were delays in debt servicing in the recent past, as reported in
annual report of the company for FY23. The delays were primarily on
account of procedural reasons and recurring in nature. Further, the
company has been facing working capital gap which has resulted in
pressure on the existing working capital borrowings and hence
resulted in instances of overdraw in the working capital
utilisation.

* High Exposure to group entities (corporate guarantee, Investments
& Loans & advances): RIL had/has presence in Public Private
Partnership space through SPV's or through its subsidiaries. While
many of such assets have been monetized/written-off but continues
to have investments in many assets by way of direct investments or
through loans in the form of ICDs. Such exposure put together
results in aggregate amount of INR745 crore as of March 31,2022 (Rs
707 crore as on March 31,2021), which exceeds the net worth of
INR685.93 crore as on March 31,2022, thereby resulting in negative
adjusted net worth.  This apart, the company has corporate
guarantee exposure of INR1440 crore towards Srinagar Banihal
Expressway Limited (SBEL), out of which INR236.64 crore pertaining
to Indian Overseas Bank is being disputed in the Hon'ble
Tribunal/High Court of Telangana. In addition, the company has
disputed claims of INR490 crore in SBEL from subcontractors. SBEL
and Sehore Kosmi Expressway Limited accounts are NPA with lenders,
which are in different stages of settlement with the existing
lenders. Realization of the road assets and reduction in corporate
guarantee are critical from improvement in overall risk profile.

* Stuck bank guarantee in the cancelled orders: The company has
exposure by way of stuck bank guarantees of about INR92 crore
issued towards the projects, wherein the orders are cancelled, and
it is in various stages of arbitration. The above said BGs were
issued during the period FY2010 to FY2013. The company has issued
about INR20 crore as margin money, thereby the net liability is
limited to INR72 crore. Management is of the view, that most of the
bank guarantees will be returned without any adverse effect from
the ongoing disputes.

* Equity commitments for in-house/group orders: RIL has been
awarded development of 6 Sewage Treatment Plants under Hybrid
Annuity Model for 15 years from HMWSSB. This apart, the company has
received work order for Strengthening, Augmentation, Expansion,
Operation and Maintenance of Jawaharlal Nehru Pharma City (JNPC),
Visakhapatnam, Andhra Pradesh on Design, Build, Finance, Operate
and Transfer ("DBFOT") basis for 20 years. Both the orders are
being executed through SPVs and the EPC works are being executed by
RIL.

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

Key strengths

* Comfortable orderbook position concentrated with in-house/group
orders: Order book of RIL stood comfortable at INR8691 crore as on
June 30,2023. The same translates to healthy order book to Total
Operating Income (TOI) ratio of 5.89x of gross billing of FY23
which result in medium term revenue visibility. In-house/group
orders are concentrated with 89.11% (Rs 7745.22 crore) of the total
order book of INR8691 crore and balance orders are from market
through bidding.

* Moderate reliance on subcontracting with healthy asset base: The
raw material cost and sub-contracting cost forms major portion for
total cost of sales for RIL. Concrete, sand, steel and cement are
the major inputs for any construction entity, the prices of which
are volatile. Nevertheless, RIL has in-built price escalation
clauses in majority of projects which partially diminishes the risk
of increase in cost of sales. The company has a healthy gross block
of INR280.52 crore, which is entirely debt free. Further, the
company has been adding equipment as and when required. Aforesaid
sizeable investment in equipment along with efficient mobilization
of resources has aided the company in improving operational
productivity and completing orders within timelines.

* Improvement in financial performance in FY23: Improvement in
scale of operations to INR1473.99 crore in FY23 as against
INR1298.04 crore in FY22 backed by timely execution of orders. The
operating profit margin (PBILDT) remained stable to 20.50% for FY23
as against the 22.65% in FY22. Operating profit improved to
INR214.47 crore in FY23 from INR118.37 crore in FY22. The capital
structure of the company remained moderate with overall gearing of
0.94x as on March 31,2023 as against 1.20x as on March 31,2022. The
improvement in overall gearing was due to accreditation of profit
to net worth.

* Stable demand outlook due to the thrust of the government on
infrastructure development: Growth in infrastructure is critical
for the development of the economy and hence, the construction
sector assumes a significant role. The sector was marred by varied
challenges during the last few years on account of economic
slowdown, regulatory changes and policy paralysis which had
adversely impacted the financial and liquidity profile of players
in the industry coupled with the Covid-19 pandemic. The Government
of India has been undertaking several steps for boosting
infrastructure development and reviving the investment cycle in the
segment, which was facing a slowdown for the past couple of years.
The same is expected to drive growth opportunities, subject to the
availability of adequate working capital. Thrust of the government
on infrastructure development is expected to augur well for
construction players with low leverage and demonstrated execution
capabilities, in the medium term. The government initiatives in
road construction such as a build-up of new rural roads and
gradation of existing rural roads, broadening of national highways
and providing connectivity to tribal areas, has offered various
opportunities for construction companies. The India Infrastructure
Sector Market is anticipated to register a CAGR of more than 8.2%
over the next five years. Further, as per the budget for 2023-24,
there has been an increase in capital expenditure on infrastructure
investment by Rs.33 crore i.e., Rs.10 lakh crore for 2023-24, which
is 3.3% of GDP.

Ramky Infrastructure Limited (RIL) is a flagship company of Ramky
Group, which was incorporated as Ramky Engineers Pvt Ltd in 1994
and later in 2003, the company got its present name and was
thereafter reconstituted as a public limited company. RIL is listed
in NSE/BSE since 2010. RIL undertakes construction and
infrastructure projects in various sectors such as water and
wastewater, transportation (including terminals), irrigation,
industrial construction (including SEZs & industrial parks), power
transmission and distribution, buildings (including residential,
commercial & retail property). RIL undertakes construction through
EPC and development projects through SPVs. RIL's debt were
restructured under Joint lender Forum (JLF), which were implemented
on June 15,2015. RIL is being promoted by Mr Ayodhya Rami Reddy
Alla, MP Rajya Sabha; and his family members having shareholding of
69.83% as on June 30,2023.

RBA FINANCE: Ind-Ra Withdraws BB- Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RBA Finance
Private Limited's bank loans' rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND BB-' rating on the INR141 mil. Bank loans is
     withdrawn.

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

Company Profile

Formed in 1996, RBA Finance is a Reserve Bank of India-registered
non-bank finance company-asset finance company that finances
automobiles. Its head office is located in Agra, Uttar Pradesh.


SANNIDHI FOODS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Sannidhi Foods Private Limited (SSFPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.36       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 4, 2022,
placed the rating(s) of SSFPL) under the 'issuer non-cooperating'
category as SSFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2023, May 30, 2023, June 9, 2023.

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

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

Andhra Pradesh based (Chittoor) Sree Sannidhi Foods Private Limited
(SSFPL) was incorporated in 2010. During January 2014,
the company was taken over by the current management comprising Mr.
Shivam Goyal and Ms. Shavya Goyal. The company is engaged in
manufacturing of fruit pulp, tomato paste and trading of fruits; it
commenced full-fledged commercial operations from June 2014. SSFPL
has total installed capacity of 16,800 tonnes per annum at its
manufacturing unit located at Chittoor, Andhra Pradesh.


SANTOSH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Shree Santosh Cotton Spin Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in February 2013, Shree Santosh Cotton Spin Private
Limited (SSCSPL) is engaged in cotton ginning and pressing
business. The company started commercial operations from April 2014
at its plant located at Gondal, Rajkot in Gujarat. The plant is
equipped with 44 ginning machines and 1 pressing machine with a
total installed capacity of producing ~450 bales per day
(considering 24 hours of operations). The promoters have extensive
experience in cotton industry and are also involved in the
operations of a few other cotton ginning companies namely Shree
Raghuvanshi Fibers Private Limited, Gopal Enterprise, Gopal Trading
Co. and Gopal Cotton Corporation.


SEAWARD EXPORTS: Ind-Ra Assigns BB- Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Seaward Exports
Private Limited's (SEPL) bank facilities  as follows:

-- INR285 mil. Fund-based working capital limit assigned with
     IND BB-/Stable/ IND A4+ rating.

Key Rating Drivers

The rating reflects SEPL's small scale of operations, as indicated
by the revenue of INR328.40 million in FY23 (FY22: INR679.76
million). The revenue fell in FY23 owing to a decline in demand in
the UK, to which SEPL exports 100% of its products, as increased
inflation in the country led to lower discretionary spending. In
1QFY24, SEPL booked a revenue of INR80.87 million. In FY24, Ind-Ra
and the management expect the revenue to remain at similar levels
due  to stable demand. FY23 numbers are provisional in nature.

The rating reflects SEPL's modest EBITDA margins due to the nature
of the business. The margin improved to  8.36% in FY23 (FY22:
8.11%) due to a decrease in administration expenses.  The ROCE was
6.6% in FY23 (FY22: 16.7%). Ind-Ra expects the margins to remain at
similar levels in FY24.

The ratings factor in SEPL's modest credit metrics due to the
modest margins. The credit metrics deteriorated in FY23 due to a
decline in EBITDA to INR27.46 million (FY22: INR55.15 million). The
gross interest coverage (operating EBITDA/gross interest expense)
was 2.45x in FY23 (FY22: 5.09x) and the net financial leverage
(adjusted net debt/operating EBITDA) was 5.65x (2.97x). SEPL
paid-off its long-term debt during FY23. In FY24, Ind-Ra expects
the credit metrics to remain at similar levels in the absence of
any major debt-led capex.

Liquidity Indicator – Stretched: SEPL's average maximum
utilization of the fund-based limits was 53.2% for the 12 months
ended July 2023. The net working capital cycle elongated to 331
days in FY23 (FY22: 189 days) due to an increase in debtor days to
196 days (124 days) and decrease in creditor days to 19 days (38
days).  The cash flow from operations turned positive at INR14.32
million in FY23 (FY22: negative INR20.16 million) owing to
favorable changes in the working capital. The free cash flow also
turned positive at INR11.40 million (FY22: negative INR26.78
million). The cash and cash equivalents stood at INR14.66 million
at FYE23 (FYE22: INR30.44 million). SEPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.

The ratings are also constrained by the geographical concentration
and customer concentration risks. The company generates 100% of its
revenue from exports to the UK. Also, it derives 65% of its revenue
from three-or-four customers. SEPL is also vulnerable to forex
risks, given its export-oriented operations.

The ratings are supported by SEPL's promoters' experience of more
than two decades in this industry, which has helped the company
establish healthy relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics, with the interest
coverage falling below 1.5x and/or further pressure on the
liquidity position, on a sustained basis, could lead to negative
rating action.

Positive: An improvement in the liquidity profile and overall
credit metrics while maintaining the scale of operations, all on a
sustained basis, could lead to a positive rating action.

Company Profile

SEPL was incorporated in 2001 and has its registered office in
Kota, Rajasthan. It is engaged in the manufacturing and processing
of sandstone, limestone, and other natural stones. Its products
include flooring tiles/stones, paving slabs, cobbles stones,
artefacts, and coping stones. The company is promoted by Banwari
Lal Gupta and Gopal Lal Mittal. SEPL export 100% if its products to
the UK.


SEJAL PROPERTIES: Ind-Ra Moves B NCDs Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the rating of
Sejal Properties Private Limited's (SPPL) proposed non-convertible
debentures (NCDs) to the non-cooperating category. The rating will
now appear as 'Provisional IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.450 bil. Proposed NCDs* migrated to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
of November 21, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

*The rating is provisional and pending execution of documents as
detailed in Annexure I. The final rating, upon the receipt of the
executed documents consistent with the draft documents, shall be
assigned within 90 days from the date of issuance of the
instrument. The provisional rating may be extended by another 90
days, subject to Ind-Ra's policy, if the execution of the documents
is pending. The absence of the envisaged documentation would have
resulted in a rating not being assigned to the instruments by the
agency.

Key Rating Drivers

SPPL had not submitted the no-default statement (NDS) for three
consecutive months as on the first working day of September 2023 to
Ind-Ra despite continuous requests and follow-ups by the agency.
Moreover, Ind-Ra has been unable to validate the company's timely
debt servicing through other sources it considers reliable. Hence,
as per regulatory guidelines, SPPL has been migrated to the
non-cooperative category. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

NDS, in the format prescribed by the Securities and Exchange Board
of India, is required to be shared by all rated companies every
month on the first working day as a confirmation that all financial
obligations are being serviced on time.

Company Profile

Established in 1995, SPPL is a real estate company of the
Kolkata-based Kanoria Foundation Limited.


SGF INFRA: CRISIL Reaffirms B Rating on INR10cr Secured Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank loan facilities of SGF Infra Private Limited
(SIPL).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          25        CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility                10        CRISIL B/Stable (Reaffirmed)

   Term Loan                6.65     CRISIL B/Stable (Reaffirmed)
   
   Term Loan                2.96     CRISIL B/Stable (Reaffirmed)

   Term Loan                0.39     CRISIL B/Stable (Reaffirmed)

The ratings reflect SIPL's susceptibility to tender-based
operations and geographical concentration in revenue profile.
However, these weaknesses are partially offset by the extensive
experience of the promoters in the road construction industry,
moderate working capital cycle and above average debt protection
metrics.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
aggressive bidding to get contracts, which restricts the operating
margin to a moderate level. Moreover, given the cyclicality
inherent in the construction industry, the ability to maintain
profitability margin through operating efficiency becomes critical.
The company's operating margin reduced to 9.38% in fiscal 2023 from
12.23% in fiscal 2022 and 14.17% in fiscal 2021.

* Geographical concentration risk in revenue profile: Geographic
concentration in revenue profile is high as the business of the
company is primarily concentrated in Jammu & Kashmir.

Strengths:

* Extensive experience of the promoters in the road construction
industry: The promoters' presence in the business since 2013 and
the high quality of work have helped the company establish strong
relationships with state and central government departments and
also procure orders from the Border Road Organisation (BRO), which
in turn has helped in the expansion of scale of operations. Revenue
grew to INR101.35 crore in fiscal 2023 from INR68.27 crore in
fiscal 2022. Further, outstanding orders of 1.89 times of Operating
income provide medium term revenue visibility.

* Moderate working capital cycle: Gross current assets (GCAs) have
been sizeable at 108-146 days over the three fiscals through March
2023. GCAs were 123 days as on March 31, 2023, driven by debtors of
67 days and inventory of 42 days.

* Above average debt protection measures: Debt protection metrics
are expected to remain comfortable despite leverage due to
moderately healthy profitability. The interest coverage and net
cash accrual to total debt (NCATD) ratios were 3.52 times and 0.24
time, respectively, for fiscal 2023.

Liquidity: Poor

Expected cash accrual of INR6.5 crore in fiscal 2024 should cover
debt obligation of INR5.9 crore over the medium term and support
liquidity. Bank limits of INR10 crore were utilised 96%, on
average, over the 12 months through May 2023.

Outlook: Stable

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

Rating sensitivity factors

Upward factors:

* Improvement in liquidity with bank limit utilisation of less than
90% on a sustained basis
* Expansion in revenue with sustenance of margins leading to higher
cash accrual

Downward factors:

* Operating margin of less than 7% leading to lower cash accrual
* Large debt-funded capital expenditure undermines capital
structure.
* Increase in working capital requirements weakening liquidity

Incorporated in 2013, SIPL is engaged in the construction of
bridges, roadworks and other civil works. Based in Jammu & Kashmir,
SIPL is owned and managed by Mr Arvind Gupta, Mr Ajay Gupta and Mr
Satvir Gupta.


SLR CONSTRUCTION: CRISIL Lowers Rating on LT/ST Loans to D
----------------------------------------------------------
CRISIL Ratings has downgraded the ratings of SLR Construction
Private Limited (SCPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

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

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

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

Detailed Rationale

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

Based on the last available information, CRISIL Ratings has
downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. As per information available in the public domain,
there remains delinquency in company account and clarity about the
same from the management and bankers is continuing to remain
awaited.

SLR was set up in 2005, by the promoter, Mr Shiv Kumar Bansal and
his family, based in Ghaziabad. The company is a class A civil
contractor for CNG stations and buildings. Operations are managed
by Mr Shiv Kumar Bansal.


SRINIVASA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of Sri
Srinivasa Spintex (India) Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        63.95      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        55.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         2.83      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term          2.47      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sri Srinivasa Spintex (India) Limited (SSSIL) was incorporated in
July 2006 and is engaged in manufacturing of grey cotton spun yarn.
The company has a spinning mill at Tadepalligudem in West Godavari
district of Andhra Pradesh (A.P.). SSSPL started commercial
production of yarn in August 2008 with 4,000 spindles which was
increased gradually to 18,000 spindles in January 2009, 42,480
spindles in January 2011 and 55,440 spindles from mid-June 2012.


STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Star
Realcon Private Limited (SRPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 18,
2022, placed the rating(s) of SRPL under the 'issuer
non-cooperating' category as SRPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2023, July 14, 2023, July 24, 2023.

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

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

Delhi-based Star Realcon Private Limited (SRPL) was incorporated in
2007 by Mr Goldy Gupta and Mr Nitin Kumar Gupta. SRPL is engaged in
the civil construction and real estate development for residential
and commercial projects. The company undertake civil construction
project for construction of institutional and residential
buildings, corporate offices, schools, religious buildings and
hotels.

STERLING AND WILSON: Ind-Ra Cuts LongTerm Issuer Rating to BB-
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sterling and
Wilson Renewable Energy Limited's (SWREL) Long-Term Issuer Rating
to 'IND BB-' from 'IND BBB-' while revising the Rating Watch to
Rating Watch with Negative Implications from Rating Watch with
Developing Implications.

The instrument-wise rating actions are:

-- INR2.720 bil. Fund-based working capital facilities rating
     downgraded; Rating Watch revised to Negative Implications
     from Developing Implications with IND BB-/Rating Watch with
     Negative Implications/IND A4+/Rating Watch with Negative
     Implications;

-- INR61.460 bil. Non-fund-based working capital facilities
     rating downgraded; Rating Watch revised to Negative
     Implications from Developing Implications with IND BB-/Rating

     Watch with Negative Implications/IND A4+/Rating Watch with
     Negative Implications;

-- INR15.50 bil. Term loan due on March 2027 rating downgraded;
     rating Watch revised to Negative Implications from Developing

     Implications with IND BB-/Rating Watch with Negative
     Implications;

-- INR780 mil. Proposed fund-based working capital facilities
     rating downgraded; Rating Watch revised to Negative
     Implications from Developing Implications with IND BB-/Rating

     Watch with Negative Implications/IND A4+/Rating Watch with
     Negative Implications; and

-- INR32.540 bil. Proposed non-fund based working capital
     facilities rating downgraded; Rating Watch revised to
     Negative Implications from Developing Implications with
     IND BB-/Rating Watch with Negative Implications/IND A4+/
     Rating Watch with Negative Implications.

Analytical Approach: Ind-Ra continues to take a consolidated view
of SWREL and its subsidiaries on account of the strong strategic
and operational linkages among them.

The downgrade reflects SWREL's poor liquidity situation, resulting
from the delay in tying up of the required funding to honor the
near-term debt commitments, exacerbated by the invoked bank
guarantees at the foreign subsidiary i.e. Sterling and Wilson Solar
Solutions Inc. Apart from INR3.9 billion of invoked BG repayments,
the company has principal and interest repayment obligations
aggregating INR5.8 billion over September-October 2023, which the
company plans to meet though a mix of timely tie-up of additional
debt facilities, project advances (contingent on project wins),
collection of receivables, early request of claim receipt under the
indemnity agreement and refinancing. The Rating Watch with Negative
Implications reflects the lack of visibility in funding sources to
meet the debt commitments in FY24. The Rating Watch will be
resolved once the funding to meet the near-term liabilities has
been tied up.

Key Rating Drivers

Liquidity Indicator - Poor: During 1QFY24, the overseas subsidiary
received an intimation regarding the invocation of BGs amounting to
INR3.9 billion (USD47.2 million) with respect to two projects,
which the management believes are wrongful in nature as the
projects have successfully achieved commercial operations and the
subsidiary has fulfilled all its obligations under the contracts.
The subsidiary has filed liens of INR3.6 billion and INR4.9 billion
on the project towards amounts due and recoverable, respectively.

The company has partially honored the BGs; however, as of September
1, 2023, around INR2.7 billion (USD33.1 million) was yet to
honored, which is taking longer that Ind-Ra's expectation. The
management has stated that the final sanction of short-term loan is
likely to happen shortly and the company has already paid the first
installment of INR281 million (USD3.42 million) and INR413 million
(USD5 million) to two lenders.

On the addition of these new loans, the scheduled principal
repayment for September 2023 to March 2024 will increase to around
INR12 billion, out of which around INR7.7 billion is likely to be
paid during September-October 2023. While Ind-Ra expects a recovery
in the operating performance in FY24, with the company's gross
margin having turned positive in 1QFY24, the accruals from
operations will not be sufficient to meet the repayment
obligations. The management intends to honor the balance BGs and
the scheduled repayments through a mix of additional debt, issuance
of commercial paper, project advances, likely early receipt of
crystalized claims under the indemnity agreement, receivables and
debt refinancing.

The net working capital cycle (debtors including unbilled revenue
plus inventory and security deposits less creditors including
advances) elongated to around 58 days in FY23 (FY22: negative two
days), mainly due to a reduction in trade payables to INR6.5
billion (INR14 billion).

Credit Metrics Likely to Remain Weak During FY24: On a consolidated
basis, the credit metrics deteriorated in FY23 as the company
availed a large debt to meet working capital requirements and fund
the operating loss, which are mainly towards the legacy
international projects. The gross debt increased to around INR20
billion at FYE23 (FYE22: INR4.35 billion). Moreover, during 1QFY24,
company raised a commercial paper of INR1 billion, and the net debt
as on 30 June 2023 stood at INR21 billion. Ind-Ra expects the
credit metrics to remain weak during FY24 as a material reduction
in debt is likely only by end-FY24.

Delays in Expected Operational Benefit from RNEL Acquisition:
Ind-Ra   expects SWREL's business risk profile to benefit from the
Reliance Group' strong focus on the clean energy segment. Reliance
Group is creating a clean energy ecosystem, for which, it has
already spent over USD1.5 billion for foraying into the solar,
battery and hydrogen segments. Reliance Group is also setting up
giga factories in Jamnagar to manufacture solar photovoltaic
modules, wafers, fuel cells, electric vehicles and grid storage
batteries, and electrolysers.

Ind-Ra believes SWREL will be the preferred EPC and O&M contractor
for the Reliance Group. However, there has not been any positive
development in this respect over the last year. The securing of any
project from the Reliance group and an improvement in operational
synergy will remain key rating monitorables.

Weak Operating Performance in FY23, Signs of Recovery in 1QFY24:
During FY23, the consolidated revenue plunged to INR20 billion in
FY23 (FY22: INR51.9 billion, FY21: INR50.8 billion) leading to
EBITDA losses, due to industry headwinds caused by the extended
impact of COVID-19, leading to a sharp increase in module price and
labor shortages. The consolidated EBITDA margins remained negative
at around 54% in FY23 (FY21: negative 16%, FY21: negative 6.3%).

However, Ind-Ra expects SWREL's operating performance to recover in
FY24, supported by healthy order inflows from the domestic market
which has a balance of supply as scope of work, overhead
rationalization and increased focus on the operations and
maintenance (O&M) portfolio (constituted around 9% of FY23
revenue). During 1QFY24, the company has shown signs of revival,
supported by improved domestic order intake. In addition, company
has secured one large order of 600MW from Gujarat Industrial Power
Company Limited amounting to INR11.3 billion in August 2023. The
consolidated revenue was INR5.15 billion with gross margin of 11.4%
in 1QFY24 (FY23: negative 35%). An improvement in the company's
business risk profile will remain a key rating monitorable.

Gradual Improvement in Order Book: Ind-Ra expects SWREL's order
book to improve further in FY24, resulting in improved
near-to-medium term revenue visibility. The order book remained at
healthy levels of INR49 billion as on 30 June 2023 (FY23: INR49
billion). During 1QFY24, company secured two projects, one each
located in Rajasthan and Uttar Pradesh, cumulatively amounting at
around INR4.7 billion. In addition, the company has secured one
large order of 600MW amounting to INR11.3 billion from Gujarat
Industrial Power Company Limited in August 2023.

Also, the company signed a memorandum of understanding with the
government of Nigeria in FY23, and is in the advanced stages of
finalizing an engineering, procurement and construction (EPC)
agreement with an estimated project value of more than USD1.5
billion. Furthermore, post the acquisition of SWREL by RNEL, Ind-Ra
expects the company to become a preferred EPC and O&M contractor
for the net-zero carbon vision of the Reliance group by 2035.

However, the order book concentrated geographically, with India
accounting for 94%, followed by Australia (4%), the US (1%) and
some small portion in Latin America. Most of the orders have a
project duration of 12-18 months.

Indemnification Against Claims/Non Recovery of Receivables from
Certain Identified Projects: On December 29, 2021, SWREL signed an
indemnity agreement with Shapoorji Pallonji and Company Private
Limited, Khurshed Daruvala (jointly the promoter selling shares)
and RNEL pursuant to which, the promoter selling shares would
indemnify and reimburse the holding company and its
subsidiaries/branches for a net amount, if it exceeds INR3,000
million, upon the settlement of liquidated damages pertaining to
certain identified past and existing projects, old receivables,
direct and indirect tax litigations as well as certain legal and
regulatory matters. These amounts would be claimed by September 30
of each year on the basis of the final settlement amounts with
customers, suppliers, among others. Consequently, trade receivables
from the customer undergoing a resolution process under the
supervision of the National Company Law Tribunal and bank
guarantees encashed by certain customers would also be recoverable
from the promoter selling shares once crystallized, if not
recovered from the customers. As on 30 June 2023, the crystallized
claim was at around INR2.7 billion, against which management is
requesting an early payment.

Established Presence in Solar Segment: SWREL is one of the largest
EPC players globally with a track record of commissioning 256
contracted solar power projects. As of March 2023, the company has
executed more than 14.7GW capacity across geographies including
Australia, the US, Asia, Africa, Latin America and the Middle East.
The company has set up its largest single location solar
photovoltaic plant of 1,177MW in Abu Dhabi. The extensive
experience and established brand presence have helped the company
to bag large orders and enjoy a higher bargaining power than
small-scale competitors.

Exposure to Volatility in Raw Material Prices and Project Execution
Risk: Solar modules and logistics account for 50%-60% of the
project costs. Over the past two years, the company has witnessed
large operating losses due to price increases and delays in project
execution due to COVID-19-induced disruptions. While the company
has recovered cost increases from certain customers, it has a
limited potential to pass on the prices to customers, and the
consequential overheads. In addition, the EPC sector is competitive
as it is a tender-based business. Ind-Ra expects the company to
improve its profitability as the newly bagged orders from NTPC are
pertaining to balance of supply, wherein the procurement of solar
panels is under the scope of project owner. The company's ability
to improve its operating profitability will remain a key
monitorable.

Standalone Performance: On a standalone basis, SWREL reported
revenue of INR3.8 billion in 1QFY24 (FY23: INR14.5; FY22: INR34.6
billion) and EBITDA loss (excluding other income) of INR0.2 billion
(negative INR4.1 billion and negative INR2.2 billion).

Rating Sensitivities

The Rating Watch with Negative Implications indicates that the
ratings might be either downgraded or affirmed upon resolution. The
Rating Watch will be resolved once there is an improvement in the
company's liquidity and financial flexibility, and improved
visibility of operational turnaround.

Company Profile

SWREL is one of the largest non-original equipment manufacturers
and solar EPC players globally with a diversified presence across
geographies. It was demerged from Sterling and Wilson Private
Limited (IND BBB-/RWN/IND A3/RWN) in March 2018. SWREL has been
listed on the BSE Limited and National Stock Exchange of India
Limited since August 2019.



STURDY INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating and Short-Term Rating of Sturdy
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term/         1.34      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short term–       74.18      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based               Rating Continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–        41.79      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–       127.69      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in July 1989, SIL manufactures aluminium cables and
conductors along with plastic pipes and drip irrigation systems.
The company has three manufacturing facilities at Baddi (Himachal
Pradesh), Kamrup (Assam) and Parwanoo (Himachal Pradesh). The
company is managed by the Gupta family, namely Mr. Mohan Lal Gupta,
Mr. Ramesh Gupta, and Mr. Amit Gupta. SIL's equity shares are
listed on the Bombay Stock Exchange.


SURAJ VALUE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suraj
Value Infrastructures Private Limited (SVIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 05,
2022, placed the rating(s) of SVIPL under the 'issuer
non-cooperating' category as SVIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SVIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 21, 2023, July 1, 2023,
July 11, 2023.

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

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

SVPL is a part of the Nanded-based (Maharashtra) Suraj group. The
company was previously known as 'Suraj Tubes India Private Limited'
and later on April 23, 2015, was renamed as 'Suraj Value
Infrastructures Private Limited'. The group has presence in various
business segments such as steel trading, manufacturing and trading
of fertilizers and polymers, etc.


SURYA CONTAINERS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Surya
Containers Private Limited (SCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 28, 2022,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2023, June 23, 2023, July 3, 2023.

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

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

Incorporated in the year 1993, SCPL was promoted by Mr. Banwarilal
Chaudhary and family members. It is engaged in manufacturing and
supplying of Industrial Drums and Barrels (Mild steel) with an
installed capacity of 3,00,000 units of drums and 2,50,000 units of
barrels per annum as on March 31, 2016 at its plant located at
Gandhinagar, Gujarat. SCPL manufactures drums and with storage
capacity of 10 Liters to 235 Liters which are used in storing
chemicals, pesticide, food, oils, bulk drugs, pharmaceuticals and
other high value products.


TECHNO COMMERCIAL: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Techno
Commercial Company Private Limited (TCCPL) continue to remain in
the 'Issuer Not Cooperating' category.

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

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 04, 2022,
placed the rating(s) of TCCPL under the 'issuer non-cooperating'
category as TCCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TCCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2023, May 30, 2023, June 9, 2023.

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

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

Established in August 2009, Techno Commercial Company Private
Limited (TCCPL) was promoted by Mr. Shasi Prakash Jhajharia, Mr.
Shirish Jhajharia and Mrs. Seema Jhajharia. The company has been
engaged in distributorship of cables and lights of Bajaj
Electricals and Polycab. The registered office of the company is
located at Kolkata, West Bengal. Mr. Shasi Prakash Jhajharia,
having almost three decades of experience in this line of business,
looks after the day to day operations of the company with other
directors and a team of experienced professional.


THIRUBALA CHEMICALS: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Thirubala
Chemicals Private Limited (TCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.10       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.90       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 4, 2022,
placed the rating(s) of TCPL under the 'issuer non-cooperating'
category as TCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2023, May 30, 2023, June 9, 2023.

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

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

Thirubala Chemicals Private Limited (TCPL) was incorporated in the
year 2004 was acquired by the current promoters named Mr. Ankit
Agrawal and Mr. Ashish Singhania in the year 2013. Since its
inception, the company has been engaged in manufacture of light
diesel oils for industrial use with an installed capacity of 30,
000 MTPA. The office of the company is located at Raipur,
Chhattisgarh. The company procures majority of its raw materials
from local suppliers and sells its final product (i.e. ignite oil)
in Odisha and nearby neighbouring states. Current promoters, Mr.
Ankit Agrawal and Mr. Ashish Singhania having almost a decade of
experience in similar line of business, looks after the day to day
operations of the entity along with other technical and
non-technical professionals who are having long experience in this
industry.


TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tranformex
Ferrous Private Limited (TFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.64       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2022,
placed the rating(s) of TFPL under the 'issuer non-cooperating'
category as TFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2023, June 21, 2023, July 1, 2023.

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

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

Vadodara (Gujarat) based TFPL incorporated in 2013 is engaged into
the business of recycling of Steel Scrap, TFPL imports Light metal
scraps (LMS) from Istambul, Dubai. LMS comprised of rubber and
steel. TFPL removes the rubber and process the remaining steel it
in order to convert it into Mild Steel Scrap. TFPL is operating
from its sole manufacturing plant located in GIDC Estate, Ramanamdi
(Baroda) with an installed capacity of 12000metric tonnes per annum
(MTPA) for MS Steel Scrap.


TRX TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: TRX Technologies India Private Limited
65/2, Laurel 'B' Block, 5th Floor, Bagmane Tech Park,
        CV Raman Nagar, Byrasandra Bangalore, KA 560093 India

Liquidation Commencement Date:  August 14, 2023

Court: National Company Law Tribunal Bangalore Bench

Liquidator: CS Nithaya Pasupathy
     Old No: 28( New No: 10), 3rd Cross Street, R.K .Nagar,
            Raja Annamalai Puram, Chennai, Tamil Nadu 600028,
            Email: nithya@prowiscorporate.com
            Tel. No: 9566033007

Last date for
submission of claims: September 13, 2023


VRUNDAVAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vrundavan
Ginning Industries (VGI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.08       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

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

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

Jamnagar-based (Gujarat), Vrundavan Ginning Industries (VGI) is a
partnership firm established in 2014, as a gin by Mr. Gopalbhai
Dhamsaniya, Ms. Jyotsnaben Dhamsaniya, Mr. Anilbhai Ramoliya, Mr.
Ashwinbhai Kanani, Mr. Niteshbhai Dhamsaniya and Mr. Subhasbhai
Dalsaniya. Recently on October 25, 2017 Mr. Anilbhai Ramoliya, Mr.
Ashwinbhai Kanani, Mr. Niteshbhai Dhamsaniya and Mr. Subhasbhai
Dalsaniya retired from partnership and a new partner Mr.Mukeshbhai
Dhamsaniya joined the firm. The firm has 24 charkhas for its
ginning activities as on March 31, 2017.


YASHMUN ENGINEERS: CRISIL Reaffirms B Rating on INR4.71cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Yashmun Engineers Limited (YEL).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         4.5        CRISIL A4 (Reaffirmed)

   Cash Credit            4.65       CRISIL B/Stable (Reaffirmed)

   Overdraft Facility     4.14       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.71       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect YEL's modest scale of operations
and volatility in operating margin and moderately intensive working
capital requirement. These weaknesses are partially offset by
following strength of extensive experience of the promoters in the
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and volatility in operating margin:

The company revenue have improved by 19% in fiscal 2023 to be
estimated at INR17.77 crore from INR14.89 crore in fiscal 2022 but
still remains at modest level. The company revenue was below INR15
crore in past 3 fiscal ended Mar 31, 2022. The companys operating
margin has improved significantly as estimated at 7% in fiscal 2023
from (0.84)% in fiscal 2022, as a result of shutting down its
loss-making, rewinding business and cost reduction measure.
Operating margin ranges from (17.05)-7% in last 3 fiscal ending
2023. Sustainable growth in revenue and operating margin remains a
key rating sensitivity facto

* Moderately intensive working capital requirement: The company
operations are working capital intensive as estimated gross current
asset days are estimated at 85 days. It has remained in the range
of 73-125 days in last 3 fiscal ending Mar 31, 2023. Driven by high
debtors days of estimated at 132 days as on Mar 31, 2023. The same
is expected to stay moderate over medium term.

Strength:

* Extensive experience of promoters in the industry: The promoters'
having experience of over four decades, their strong understanding
of the local market dynamics, and healthy relations suppliers
should continue to support the business. The company has
established healthy relationship with established customers like
Tata power, NTPC and others. Benefits from the extensive industry
experience of the promoters would continue over the medium term.

Liquidity: Poor

Bank limit utilisation is high at around 87 percent and full
utilization for few months in the past twelve months ended March
2023. Cash accrual are expected to be over of INR0.57-1.25 crore
which are sufficient against term debt obligation of INR0.19-0.38
crores over the medium term.

Current ratio are low at 0.78 times on March 31, 2023. Moderate
cash and bank balance of around Rs. 0.16 crores as on March 31,
2023.

Outlook: Stable

CRISIL Ratings believes YEL's credit risk profile will remain
stable supported by its extensive industry experience and its
established customer relationships.

Rating Sensitivity factors

Upward factors

* Sustained revenue growth and stable operating margin, leading to
cash accrual over INR1.5 crore

* Improvement in financial risk profile particularly liquidity
profile.

Downward factors

* Decline in scale of operations leading to fall in revenue by 25%
leading to decline in operating margin, hence leading to lower than
expected cash accruals

* Large, debt-funded capital expenditure weakening the capital
structure

YEL, established in 1947, is an associate company of TPC; it
provides billing, meter switching and maintenance services for TPC
in Mumbai. YEL also undertakes operations & maintenance contracts,
hot line washing, rewinding of motors & generators. Mr K P
Battiwala and family are the promoters.




===============
M A L A Y S I A
===============

1MDB: Malaysia Seeks Return of Convicted Ex-Goldman Banker
----------------------------------------------------------
Reuters reports that Malaysia wants a former Goldman Sachs banker
convicted last year in New York of helping loot billions of dollars
from its 1MDB sovereign wealth fund to return to the country before
starting his 10-year U.S. prison sentence.

According to Reuters, U.S. District Judge Margo Brodie in Brooklyn
on Sept. 5 delayed Roger Ng's scheduled Sept. 6 surrender date by
one month to Oct. 6, after federal prosecutors said they needed
more time to talk with Kuala Lumpur about first letting him stand
trial on charges there.

"The United States is also working to ensure that the procedures
governing the defendant's return to Malaysia will not unduly delay
the service of his U.S. sentence," prosecutors said.

Mr. Ng's lawyers agreed to the one-month delay, prosecutors said.
Marc Agnifilo, one of the lawyers, declined to comment.

Reuters says the case stemmed from about $6.5 billion in bonds that
Goldman helped 1MDB sell in 2012 and 2013.

U.S. prosecutors said $4.5 billion of that sum was embezzled by
officials, bankers and their associates.

Mr. Ng, 51, was convicted in March 2022 on bribery and money
laundering conspiracy charges. Brodie called his embezzlement "a
crime of pure greed" when sentencing Mr. Ng a year later, Reuters
relates.

At a court hearing last month, U.S. prosecutor Drew Rolle said Mr.
Ng could be returned to Malaysia to stand trial there once he is in
U.S. custody, Reuters recalls.

Mr. Agnifilo said at the hearing that Malaysia wanted Mr. Ng's
cooperation with an ongoing 1MDB probe.

Mr. Ng was arrested in Malaysia in November 2018 and agreed to be
extradited to the United States three months later.

In a separate letter to Brodie on Sept. 5, lawyers hired this month
by Malaysia's government said the United States had "backtracked"
on its commitments regarding Mr. Ng's surrender. The lawyers called
the matter a "very serious issue."

Another onetime Goldman banker, Mr. Ng's former boss Tim Leissner,
pleaded guilty and testified against Mr. Ng at trial. He has not
yet been sentenced.

Jho Low, the alleged mastermind of the 1MDB scheme, was also
criminally charged but is at large, Reuters notes.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.


COMINTEL CORP: Completes Regularization Plan; Exits PN17 Status
---------------------------------------------------------------
The Star reports that Comintel Corporation Bhd said Bursa
Securities has approved its application to be uplifted from its
Practice Note 17 (PN17) status after due consideration of all facts
and circumstances.

The Star relates that the company has completed its regularisation
plan and no longer triggers any of the criteria under Paragraph 2.1
of PN 17 of the Main Market listing requirements of Bursa Malaysia
Securities Bhd after completing its regularisation plan, a filing
with the exchange said.

"The company will be uplifted from being classified as a PN17
company effective 9 am tomorrow (Sept 5)," it said.

Comintel Corporation Bhd, an investment holding company, engages in
manufacturing, and system integration and maintenance businesses in
Malaysia and internationally.

In January 2018, Comintel Corp Bhd slipped into the Practice Note
17 (PN 17) status after it underwent a major disposal exercise
which left it without a business.




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

LLM RESTAURANT: Creditors' Proofs of Debt Due on Sept. 29
---------------------------------------------------------
Creditors of LLM Restaurant Limited are required to file their
proofs of debt by Sept. 29, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 2023.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


MABEL AND KYAN: Court to Hear Wind-Up Petition on Sept. 15
----------------------------------------------------------
A petition to wind up the operations of Mabel And Kyan Limited will
be heard before the High Court at Whangarei on Sept. 15, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 2, 2023.

The Petitioner's solicitor is:

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


OKEWA RAINWEAR: Fashion Label Shuts Doors
-----------------------------------------
Stuff.co.nz reports that a fashion label founded by former
Wellington couple Nevada Brown and Nick Leckie, is closing down,
partly blaming a lack of rain in Wellington over winter.

According to Stuff, the former husband and wife started raincoat
maker Okewa Rainwear in 2014 after struggling to find raincoats
that suited their working lifestyles.

The brand found its feet when Ms. Brown, an experienced pattern
maker and then Massey University fashion graduate, began to
experiment with raincoat patterns.

The pair launched in a Kickstarter project the same year, and
crowdfunded NZD32,664 to start the company, launching a range of
coats made 100% from recycled plastic bottles.

Okewa Rainwear built a name for itself and a strong following,
particularly among Wellingtonians, for its high-end jackets,
retailing between NZD599 and NZD299.

However, in a Facebook post on Sept. 5, Okewa announced its
"journey has come to an end" after eight years of "twists, turns,
difficulties and great highs," Stuff reports.

Ms. Brown told Stuff the pair, who split amicably a few years ago,
had been running a much smaller business in recent years, and it
had been affected by inflation, increasing freight and
manufacturing costs.

Stuff relates that Ms. Brown said Okewa was still trading to sells
its last stock.

"We launched the brand eight years ago and it's been quite a ride.
The business has been smaller in more recent years, and we reached
a point where the timing just wasn't right for us to commit another
round of energy needed to grow Okewa into new chapters," Ms. Brown
told Stuff.

"With inflation we've also got a market more nervous about spending
too."

She said the lack of rain, and warm, dry days in Wellington, had
made sales in Wellington "a little lighter" this winter.

There was still a small amount of black and blue fabric left at its
Thai manufacturer, for one final production run.

"We've loved bringing quality raincoats to you. We've played at the
slower end of the things, creating timeless, quality raincoats and
doing this as responsibly as possible. It's time for new doors to
be opened and so now we'll be closing this door," the Facebook post
said.

Stuff adds that Ms. Brown said the pair were open to the
possibility Okewa could continue under new owners. "We are in a few
conversations with people who have approached us since the news of
closing, so welcoming many ideas, options."


R M RESTAURANTS: Creditors' Proofs of Debt Due on Oct. 1
--------------------------------------------------------
Creditors of R M Restaurants Limited are required to file their
proofs of debt by Oct. 1, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on Sept. 1, 2023.


SMALES AUTOMOTIVE: Court to Hear Wind-Up Petition on Sept. 15
-------------------------------------------------------------
A petition to wind up the operations of Smales Automotive Repair
Limited will be heard before the High Court at Auckland on Sept.
15, 2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 2, 2023.

The Petitioner's solicitor is:

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


WILLOW TRANSPORT: Creditors' Proofs of Debt Due on Sept. 30
-----------------------------------------------------------
Creditors of Willow Transport Limited are required to file their
proofs of debt by Sept. 30, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Elizabeth Helen Keene and Luke
Norman of KPMG as liquidators on Sept. 1, 2023.




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

SCCP LAKESIDE: Creditors' Proofs of Debt Due on Oct. 6
------------------------------------------------------
Creditors of SCCP Lakeside Pte. Ltd. and SCCP Riverside Pte. Ltd.
are required to file their proofs of debt by Oct. 6, 2023, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Aug. 31, 2023.

The company's liquidator is:

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


STASH NEXT: Placed in Provisional Liquidation
---------------------------------------------
Goh Tiong Hong on Aug. 29, 2023, was appointed as Provisional
Liquidator of Stash Next Gen Pte. Ltd.

The Provisional Liquidator may be reached at:

          Mr. Goh Tiong Hong
          63 Circular Road #02-01
          Singapore 049417




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

[*] THAILAND: ThaiBMA Issues Warning to Corporate Bond Investors
----------------------------------------------------------------
Bangkok Post reports that the Thai Bond Market Association
(ThaiBMA) is urging investors to study related information
cautiously before investing in corporate bonds, saying a number of
companies have yet to recover from the impacts of the Covid-19
pandemic.

Since the beginning of this year, three companies have missed the
payment of debentures worth a combined THB12.1 billion, said the
association's executive vice-president Ariya Tiranaprakit, Bangkok
Post relays.

Some other companies have been unable to meet the payment schedule
but have reached an agreement with the bondholders to either
reschedule the payment or adjust the interest rate payment, she
added.

"Since the beginning of the year, sentiment in the debenture market
is not bright and the confidence has been shaken given that
companies are not able to meet their debt obligations. Also, there
are cases from previous years that have not been able to settle the
issue," Bangkok Post quotes Ms. Ariya as saying.

Bangkok Post, citing information available on the ThaiBMA website,
discloses that seven companies missed payment schedules of the 23
tranches of bonds in total, worth more than THB19 billion as of Aug
31 this year. Among those are Stark Corporation, which involved
five tranches of bonds worth nearly THB9.2 billion, All Inspire
Development, which involved seven tranches of bonds worth THB2.33
billion, and JKN Global Group (JKN), which recently said it could
not fully pay a tranche of bonds worth roughly THB607 million,
according to Bangkok Post.

The others are Asia Capital Group, Apex Development (APEX), Inter
Far East Energy Corporation (IFEC), and Destination Resorts, adds
Bangkok Post.

"Several companies have suffered an impact from the protracted
Covid-19 pandemic and they have not recovered yet. So, when the
economy is not good like nowadays, they are facing a liquidity
shortage. These are good companies. We also see companies that have
carried out accounting fraud and they have a problem in repaying
debts," Ms Ariya said.

JKN, for example, indicated that they have been faced with a
liquidity mismatch partly caused by the current economic condition,
she explained, Bangkok Post relays.

According to Bangkok Post, Ms. Ms Ariya said high-yield bonds and
debentures issued by small and medium-sized companies are
struggling to attract investors. Meanwhile, bonds issued by big
corporations, including PTT, SCG and and large banks, are gaining
popularity.

"We recommend investors look into the information carefully in all
aspects for their investment decision, so not only are the bonds
rated by rating agencies or not, but also the capability of the
bond issuers in generating enough cashflow to repay debts," she
noted.



                           *********


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
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Information contained herein is obtained from sources believed
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