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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

          Friday, August 11, 2023, Vol. 26, No. 161

                           Headlines



A U S T R A L I A

ARCD REPAIR: First Creditors' Meeting Set for Aug. 16
BAKKEN HOLDINGS: ASIC Sues Debt Management Firm and its Director
BOURKEHOOD PTY: Enters Voluntary Administration
BRIGHTE GREEN 2023-1: Moody's Gives (P)B2 Rating to Cl. F-C Notes
DAASCON PTY: Subcontractors to be Paid 11%

EDIISON PTY: First Creditors' Meeting Set for Aug. 16
FAMOUS RENOVATIONS: Second Creditors' Meeting Set for Aug. 16
MANUKALIFE HOLDINGS: Second Creditors' Meeting Set for Aug. 14
POPE JOAN: Cafe Closes in CBD, Owing AUD900,000 to Creditors
PROVIDENCE DISABILITY: First Creditors' Meeting Set for Aug. 15



B A N G L A D E S H

BRAC BANK: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable


C H I N A

CHALIECO: S&P Withdraws 'BB-' LongTerm Issuer Credit Rating
CHINA: Slips Into Deflation in Warning Sign for World Economy


I N D I A

ADICO FORGE: Insolvency Resolution Process Case Summary
ADITYA PRINTS: Liquidation Process Case Summary
APPLE SPIRE: Insolvency Resolution Process Case Summary
ARKCOM TELECOMMUNICATIONS: Insolvency Resolution Case Summary
BALASORE ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating

BARDHAMAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating
BEE PEE: CARE Keeps B+ Debt Rating in Not Cooperating Category
BROWNISH REALTY: Insolvency Resolution Process Case Summary
CASABELLA TRADING: Insolvency Resolution Process Case Summary
CLICKONTRIP INDIA: Insolvency Resolution Process Case Summary

DECCAN TRADCOM: Insolvency Resolution Process Case Summary
DISTRIBUTION LOGISTICS: CARE Moves D Debt Ratings to Cooperating
DRASTEE REALCON: Insolvency Resolution Process Case Summary
ENSEMBLE INFRA: CARE Keeps B+ Debt Ratings in Not Cooperating
FIVE AND TWO: Court Enters Wind-Up Order

FUTURA POLYESTERS: Insolvency Resolution Process Case Summary
G. M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
G. V. SUTARIA: CARE Lowers Rating on INR13cr LT/ST Loans to B-/A4
GANESH CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
HINDUSTAN ECO-TECH: Insolvency Resolution Process Case Summary

HONEY JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating
INTERBUILD INFRASTRUCTURE: Insolvency Resolution Process Case Summa
JET AIRWAYS: CoC Asks Jalan Kalrock Consortium to Pay INR350 crore
JOSAN FOODS: Insolvency Resolution Process Case Summary
KAKADE LASER: CARE Lowers Rating on INR13.68cr LT Loan to B-

KALLAM TEXTILES: CARE Cuts Rating on INR165.76cr LT Loan to D
KYORA METTALIKS: Liquidation Process Case Summary
LINDSAY INTERNATIONAL: Liquidation Process Case Summary
MODERN POWER: CARE Keeps B- Debt Rating in Not Cooperating Category
NADIA CONSTRUCTIONS: Insolvency Resolution Process Case Summary

OM SHRI: CARE Keeps B- Debt Rating in Not Cooperating Category
OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
OZONE REALTORS: CARE Keeps D Debt Rating in Not Cooperating
PAVITHRA CONSTRUCTIONS: CARE Lowers Rating on INR10cr ST Loan to D
PERPENDICULAR CONSTRUCTION: Insolvency Resolution Case Summary

RAM COTTEX: Insolvency Resolution Process Case Summary
RASHI STEEL: ICRA Withdraws D Rating on INR82cr Term Loan
RY MIDAS: CARE Keeps D Debt Ratings in Not Cooperating Category
SALASAR EXIM: Insolvency Resolution Process Case Summary
SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating

SHYAM AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SIDHI VINAYAK: CARE Keeps D Debt Ratings in Not Cooperating
SOMERSET CONSTRUCTION: Insolvency Resolution Process Case Summary
SRM HOTELS: CARE Keeps D Debt Ratings in Not Cooperating Category
SYNDICATE WIPER: CARE Lowers Rating on INR5cr LT Loan to B+

T. R. CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
TARUN REALTORS: Insolvency Resolution Process Case Summary
V. PONNUSAMY: CARE Keeps C Debt Rating in Not Cooperating
VEDIC RESORTS: CARE Keeps D Debt Rating in Not Cooperating
VIJAY INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating

VISWABHARATHI EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
YASHWANT DUGDH: CARE Keeps D Debt Rating in Not Cooperating


J A P A N

RAKUTEN GROUP: To Combine Credit Card and Mobile Payments Business


N E W   Z E A L A N D

AFFLECK CARRYING: Court to Hear Wind-Up Petition on Sept. 21
CHIMBUSCO INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1
COMPANY 693434: Creditors' Proofs of Debt Due on Sept. 14
LAMB FACTORY: Court to Hear Wind-Up Petition on Aug. 14
PRO FOREST: Creditors' Proofs of Debt Due on Sept. 8



P A K I S T A N

PAKISTAN: White House Says it is Watching Events 'With Concern'


S I N G A P O R E

ACTECO HOLDING: Court to Hear Wind-Up Petition on Aug. 18
NOBLE GROUP: Founder Sues Over Debt Restructuring
PACIFIC OFFSHORE: Creditors' Proofs of Debt Due on Sept. 11
TALENTX AI: Court to Hear Wind-Up Petition on Aug. 25
YONGNAM ENGINEERING: Court to Hear JM Petition on Aug. 14


                           - - - - -


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

ARCD REPAIR: First Creditors' Meeting Set for Aug. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of ARCD Repair
Centre Pty Ltd will be held on Aug. 16, 2023, at 11:00 a.m. via
online video conference facilities.

Sam Kaso of Cor Cordis was appointed as administrator of the
company on Aug. 4, 2023.


BAKKEN HOLDINGS: ASIC Sues Debt Management Firm and its Director
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced proceedings in the Federal Court against Bakken Holdings
Pty Ltd, an operator of the debt management business Solve My Debt
Now, following concerns of substantial consumer harm.

ASIC alleges customers of Solve My Debt Now were in financial
hardship and often had, or were about to, default on credit
facilities such as personal loans and credit cards. Solve My Debt
Now offered to manage their debt by collecting funds from them,
on-paying their creditors and negotiating with creditors to reduce
debt. In many cases, Solve My debt Now failed to pass on its
customer's payments to creditors in a timely manner or at all.

ASIC claims that from April 2020 to June 2022, Bakken collected
AUD3.6 million from its customers but paid only AUD1.1 million of
this money to creditors. 64% of customers did not have payments
made to their creditors at all.

ASIC also alleges that in many cases, the fees Solve My Debt Now
charged for its services exceeded the amount the debts were
reduced, leaving clients worse off. Only 5.3% of Solve My Debt Now
customers achieved a debt reduction after fees.

ASIC Deputy Chair Sarah Court said: 'ASIC is deeply concerned by
the impact on customers in this matter. To have customers engage a
debt management company and be worse off in their debt, as we
allege here, is completely unacceptable.

'Debt management businesses are supposed to help people find a
pathway out of debt, but instead, we allege, Solve My Debt Now
signed customers up to a service that provided little to no
financial benefit. In many cases, it worsened the client's
financial hardship situation. Unconscionable behaviour towards
financially vulnerable people remains a key enforcement priority
for ASIC.'

ASIC is also suing Bakken's director and co-owner, Dr Merrilyn
Mansfield, for her involvement in some of the alleged false or
misleading representations made by the company when it made
promises to manage and reduce consumer debt.

ASIC alleges that from April 2020 to June 2022, Bakken:

   * engaged in a system of conduct or pattern of behaviour
     which was, in all the circumstances, unconscionable;

   * made false and misleading representations to customers
     about the benefits and qualities of its service; and

   * carried on a financial services business without the
     appropriate licence.

ASIC has previously warned credit providers and debt management
companies that strong, targeted action against predatory lending,
high-cost credit and misconduct impacting consumers experiencing
financial difficulty was expected as part of ASIC's continuing
focus on protecting consumers.

ASIC is seeking declarations, pecuniary penalties and a
disqualification order from the Court.

The proceeding is to be listed for case management on a date to be
determined by the Court.


BOURKEHOOD PTY: Enters Voluntary Administration
-----------------------------------------------
SmartCompany reports that fast-growing research and development tax
advisory BourkeHood has entered voluntary administration, with its
high-profile founder highlighting cashflow challenges at the firm.

On Aug. 10, KordaMentha announced Kate Conneely and Rahul Goyal
were appointed as voluntary administrators for BourkeHood Pty Ltd,
trading as BourkeHood, SmartCompany discloses.

In a statement shared by KordaMentha, BourkeHood founder and CEO
Jason Hood said the business was beset by cash flow concerns.

"While this was not an easy decision, [voluntary administration]
was necessary to address the cash flow challenges we faced in our
Australian operations and acknowledge the impact this may have on
our clients and employees," the report quotes Mr. Hood as saying.

"And I want to assure them of my commitment to working with the
Administrators and exploring the best path forward for everyone."

In his own statement, Mr. Goyal said the administrators will strive
to keep BourkeHood clients, and the Australian Taxation Office
(ATO), updated on their operations.

"We are working cooperatively with Jason and management to
understand the business, understand the issues, and then resolve
those issues in due course," Mr. Goyal said.

"We know the uncertainty this creates for clients of BourkeHood and
other stakeholders including the ATO, and we will report to all
stakeholders as a matter of urgency. We appreciate your patience."

The voluntary administration only affects BourkeHood's Australian
arm, Mr. Goyal, as cited by SmartCompany, added.

Details posted by the Australian Securities and Investments
Commission state the first meeting of creditors will take place on
August 14.

Launched in 2020 by Mr. Hood, the company quickly built a name for
itself as an advisor to businesses hoping to make the most of R&D
tax incentives offered by the federal government.

BourkeHood Pty offers assistance to first-time entrepreneurs and
seasoned operators alike, the firm pledged to help founders
navigate the often complex applications for R&D tax incentive
reimbursements.

By working with clients in fields as diverse as dentistry to the
fintech field, BourkeHood claimed revenue of AUD5.1 million in
FY22, landing the company on the Australian Financial Review's Fast
100 list.


BRIGHTE GREEN 2023-1: Moody's Gives (P)B2 Rating to Cl. F-C Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Brighte Green Trust 2023-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the Brighte Green Trust 2023-1

AUD146.60 million Class A-C Notes, Assigned (P)Aaa (sf)

AUD12.00 million Class A-NC Notes, Assigned (P)Aaa (sf)

AUD15.40 million Class B-C Notes, Assigned (P)Aa2 (sf)

AUD8.20 million Class C-C Notes, Assigned (P)A2 (sf)

AUD4.40 million Class D-C Notes, Assigned (P)Baa2 (sf)

AUD8.00 million Class E-C Notes, Assigned (P)Ba2 (sf)

AUD1.00 million Class F-C Notes, Assigned (P)B2 (sf)

The AUD2.20 million Class G1-NC and AUD2.20 million Class G2-NC
Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer Buy Now Pay Later (BNPL) and unsecured loan receivables
originated by Brighte Capital Pty Ltd (Brighte, unrated). The
majority of receivables are originated to homeowners to fund solar
panel and home batteries installations. A smaller portion are
originated to fund home improvement products and services, and to
acquire energy efficient products. This is Brighte's fourth term
securitization.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's view, this is a significant credit strength of the
transaction.

-- The limited amount of historical data. Brighte was established
in 2016, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q2 2017 and Q2 2022 — and does not cover a full economic
cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. The notes will be
repaid on a sequential basis until the pro rata paydown conditions
are satisfied, principal will be distributed pro rata among all
Notes. Following the call date or if the pro rata conditions are
otherwise not satisfied, the principal collections will be
distributed sequentially starting with Class A-C and Class A-NC
Notes.

-- The availability of excess spread over the life of the
transaction. The portfolio yield of 12.3% providing significant
excess spread to cure portfolio losses.

-- The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD400,000.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

-- The experience of Brighte as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.25%, a
recovery rate of 10.0% and a Aaa portfolio credit enhancement
("PCE") of 22.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 2.00%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 22.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


DAASCON PTY: Subcontractors to be Paid 11%
------------------------------------------
Illawarra Mercury reports that subcontractors who built a 77-unit
Shellharbour apartment complex will be paid just 11 cents for each
dollar they're owed after prominent Illawarra builder Daascon
entered into a restructuring agreement that could allow it to
continue trading.

Christopher John Palmer and Liam Thomas Bailey of O'Brien Palmer
were appointed as administrators of Daascon Pty. Ltd. on July 4,
2023.

Daascon, owned by Kiama-based developer Samy Saad, provides a range
of services including property development, construction and
construction management.


EDIISON PTY: First Creditors' Meeting Set for Aug. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ediison Pty
Limited will be held on Aug. 16, 2023, at 2:30 p.m. via Zoom
meeting.

Scott Andersen and Nathan Deppeler of Worrells were appointed as
administrators of the company on Aug. 4, 2023.


FAMOUS RENOVATIONS: Second Creditors' Meeting Set for Aug. 16
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Famous
Renovations Pty Ltd has been set for Aug. 16, 2023 at 11:00 a.m. at
the offices of O'Brien Palmer at Level 9, 66 Clarence Street in
Sydney and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 15, 2023 at 5:00 p.m.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on July 12, 2023.


MANUKALIFE HOLDINGS: Second Creditors' Meeting Set for Aug. 14
--------------------------------------------------------------
A second meeting of creditors in the proceedings of ManukaLife
Holdings Pty Ltd, ManukaLife Services Pty Ltd, and ManukaMade Pty
Ltd has been set for Aug. 14, 2023 at 11:00 a.m. via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 11, 2023 at 4:00 p.m.

Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners
were appointed as administrators of the company on July 10, 2023.


POPE JOAN: Cafe Closes in CBD, Owing AUD900,000 to Creditors
------------------------------------------------------------
The Age reports that Collins Street cafe Pope Joan closed last week
after trying to find a buyer and going through business
restructuring to pay creditors owed more than AUD900,000.

Since the onset of the pandemic and changed office working
conditions, trade at the cafe, which opened in 2019, has fallen by
nearly 80 per cent, The Age says.

"The city is proving to be such a tremendous challenge," the report
quotes co-owner David Mackintosh as saying. "Daytime cafe business
feels permanently different in the city now."

Pope Joan's largest debt was to the Australian Tax Office for
nearly AUD600,000 of unpaid taxes. Mr. Mackintosh and his partners
have paid staff outstanding superannuation from their own funds.

The restructuring will return nearly 14 cents on the dollar to
creditors, compared with 1 cent or less had the business gone into
liquidation, according to Mr. Mackintosh, The Age relays.

The Age says the business has been on the market since March. Mr.
Mackintosh said an interested buyer earlier this year could not
reach a lease agreement with the landlord, so that sale fell
through, although negotiations are under way with another buyer.

However, Mr. Mackintosh remains confident about the future of the
Pope Joan brand, with a plan to open at the Qantas domestic
terminal at Melbourne Airport in late September.

Longer term, he hopes to find a suburban location for the cafe,
taking it closer to its origins as a neighbourhood spot, complete
with vegie garden, The Age relays. Chef Matt Wilkinson and partners
originally opened in Brunswick East in 2010.

A 2018 closure to make way for apartments in rapidly gentrifying
Brunswick East led to the current iteration, nestled in the
forecourt of the Sofitel Melbourne on Collins at the top end of
town.

Mr. Wilkinson later departed, but some of his Pope Joan signatures,
including Reuben sandwiches, boiled eggs with soldiers and bacon
bits, and rice pudding, lived on, the report notes.


PROVIDENCE DISABILITY: First Creditors' Meeting Set for Aug. 15
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Providence:
Disability And Ageing Support Services Pty Ltd will be held on Aug.
15, 2023, at 10:30 a.m. at the offices of Greengate Advisory at
Suite 32.02, Level 32, 31 Market Street in Sydney and via Zoom
platform.

Patrick Loi and John Chand of Greengate Advisory NSW were appointed
as administrators of the company on Aug. 5, 2023.




===================
B A N G L A D E S H
===================

BRAC BANK: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings has affirmed its ratings on Bangladesh-based
BRAC Bank Ltd. (BRAC; B+/Stable/B). S&P consider there is
sufficient buffer in its rating on BRAC Bank to allow for an
increase in industry risk. BRAC Bank's established franchise
enables it to access foreign currency from its retail remittance
and export-oriented clients. This somewhat alleviates the U.S.
dollar funding pressure facing the broader banking sector. S&P
believes the bank will navigate challenging operating conditions in
Bangladesh and maintain its financial profile over the next 12-18
months.

Following a recent review of the Banking Industry Country Risk
Assessment (BICRA) for Bangladesh, S&P Global Ratings has revised
the industry risk trend to negative from stable. S&P expects the
economic risk trend to remain stable.

Bangladesh's external profile remains under pressure despite a
narrowing of its current account deficit. Falling foreign exchange
reserves reflect continued net balance of payments outflows,
suggesting elevated demand for U.S. dollars relative to the
Bangladeshi taka (BDT), which is facing sustained depreciation
pressure.

Banking sector liquidity reserves—including cash, balances with
the central bank in foreign currencies, unencumbered approved
securities and excess reserves—have contracted in tandem. This
reflects the contractionary effect of Bangladesh Bank's effort to
defend the taka by selling foreign currency. It also reflects the
central bank's difficulty mobilizing U.S.-dollar deposits, as
corporates and households withdrew foreign currency from banks to
meet their own needs. Consequently, maintained liquid assets
decreased from BDT4414 billion in June 2022 to BTD3361 billion in
March 2023. S&P notes that the contraction was particularly acute
in the latter half of 2022, before bottoming out and staging a
gradual recovery.

The impact of U.S.-dollar tightening is uneven across the banking
sector. Prior to 2022, there were three main sources of foreign
currency: remittances, exporters and interbank foreign exchange
borrowing. The interbank market is largely closed. Even though
local currency liquidity is comfortably sufficient, it is difficult
to find counterparties to sell U.S. dollars for a depreciating
taka. This has created a dichotomy. Local incumbents that are well
entrenched in the retail remittance and export segments continue to
have access to U.S. dollars, and some private commercial banks are
even able to grow their US dollar trade finance loans.

At the same time, foreign banks and other players in the market
face difficulties, as they have limited access to foreign
remittance or export clients, and need to rely on the stalled
interbank market. S&P said, "As a result, we have seen delays in
payment settlements based on foreign currency letters of credit.
The delays extend to several months in many cases, particularly at
the state-owned and Islamic banks. That said, we are observing
anecdotal evidence that the interbank market is slowly opening up
and credit spreads on U.S. dollars have narrowed, although
interbank U.S. dollar liquidity providers remain highly
selective."

The Bangladesh government has delivered a series of policy
responses through monetary and regulatory support to the economy.
These include import austerity to ease the current account deficit,
and continuous liquidity support for the money market through
various available instruments, such as the repo and Islamic Bank
liquidity facility (IBLF). S&P expects these actions to partially
mitigate the risks for banks. In January 2023, Bangladesh agreed to
a 42-month Extended Credit Facility and Extended Funding Facility,
as well as a Resilience and Sustainability Facility with the IMF.
Total funding under the three facilities will amount to US$4.7
billion over the course of 42 months from the date of the
agreement. The ECF/EFF programs will emphasize reforms to rebuild
Bangladesh's diminished external buffers, and to strengthen the
management of its public finances. S&P views the programs as an
important anchor for stabilizing Bangladesh's external position.

Industry Risk Trend

S&P now sees the industry risk trend as negative (previously
stable) due to rising systemwide funding risks for Bangladesh
banks, particularly in U.S. dollars, as a result of the country's
external position. Industry risk scores are on a scale from 1 to
10, with 1 representing the lowest risk and 10 the highest risk.

S&P will revise its Bangladesh Industry Risk and BICRA assessment
to "10" from "9" if:

-- There is sustained pressure on Bangladesh's external position
persists; or

-- There is a continued decline in foreign exchange reserves,
resulting in a worsening of its external debt or liquidity metrics
leading to widespread foreign currency liquidity shortages and
stress in the banking sector.

S&P will revise the industry risk trend to stable from negative
if:

-- Bangladesh materially improves its external position, which
would likely be indicated by a substantial increase in foreign
exchange reserves combined with a modest current account deficit,
and healthy growth in current account receipts; or

-- Exchange rate pressure abates, accompanied by improved
availability of foreign currency in the interbank market. This is
to ensure the financial sector has sufficient access to diversified
funding sources to service its U.S. dollar obligations, such as
remittances and exporter requirements.

Sufficient access would be demonstrated mainly by a reduction in
the time banks take to settle foreign currency letters of credit,
from the current 10-15 days, as suggested anecdotally.

  BICRA Score Snapshot

                                   TO               FROM

  BICRA group                 9                 9

  Economic risk               8                 8

  Economic resilience         Very High Risk    Very High Risk

  Economic imbalances         Intermediate      Low Risk
                              Risk

  Credit risk in the economy  Extremely         Extremely
                              High Risk         High Risk

  Trend                       Stable            Stable

  Industry risk               9                 9

  Institutional framework     Extremely         Extremely
                              High Risk         High Risk

  Competitive dynamics        Extremely         Extremely
                              High Risk         High Risk

  Systemwide funding          Intermediate      Intermediate
                              Risk              Risk

  Trend                       Negative          Stable

  Government Support          Support Uncertain Support Uncertain

Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).

BRAC Bank Ltd.

S&P said, "We have affirmed our ratings on BRAC Bank. The stable
outlook on BRAC Bank reflects our view that the bank should be able
to steadily navigate the challenging operating conditions in
Bangladesh and maintain its financial profile over the next 12-18
months."

Downside scenario

S&P may lower the ratings if:

-- Contrary to S&P's expectation, it sees BRAC Bank's funding and
liquidity metrics coming under stress because of the ongoing
shortage of U.S. dollar liquidity in Bangladesh; or

-- BRAC Bank's asset quality deteriorates sharply, for example,
due to ongoing macroeconomic economic vulnerabilities; or

-- Transfer and convertibility assessment ratings on Bangladesh
are downgraded.

Upside scenario

An upgrade in the bank's ratings looks unlikely over the next 12-18
months unless there is a significant improvement in the bank's
credit profile.

Ratings Score Snapshot

  ISSUER CREDIT RATING        B+/STABLE/B

  SACP                        b+

  Anchor                      b+

  Business position           Adequate (0)

  Capital and earnings        Moderate (0)

  Risk position               Adequate (0)

  Funding and liquidity       Adequate and Adequate (0)

  Comparable ratings analysis     0

  Support                         0

  ALAC support                    0

  GRE support                     0

  Group support                   0

  Sovereign support               0

  Additional factors              0

  SACP--Stand-alone credit profile.




=========
C H I N A
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CHALIECO: S&P Withdraws 'BB-' LongTerm Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on China Aluminum International Engineering Corp. Ltd. at
the company's request. The rating outlook was stable at the time of
the withdrawal.


CHINA: Slips Into Deflation in Warning Sign for World Economy
-------------------------------------------------------------
The Wall Street Journal reports that China's consumer prices tipped
into deflationary territory in July for the first time in two
years, as a deepening economic malaise in the world's
second-largest economy enters a potentially dangerous new phase.

According to the Journal, the data released on Aug. 9 adds to a
darkening picture for China, where the economic recovery has been
losing momentum because of a host of problems. A drop in exports is
accelerating, youth unemployment has hit record highs and the
housing market is mired in a protracted downturn.

Now, the country is suffering an unusual bout of falling prices on
a range of goods, from commodities such as steel and coal to daily
essentials and consumer products such as vegetables and home
appliances, the Journal relays. It is the opposite of what happened
in most of the rest of the world when Covid-19 restrictions eased,
with many countries still trying to tame inflation.

Chinese consumer prices fell 0.3% in July compared with a year
earlier. This could be transitory, however. Stripping out volatile
food and energy prices, so-called core inflation rose to 0.8% in
July, the highest level since January, from 0.4% in June.

The Journal relates that the danger is that if the expectation of
falling prices becomes entrenched, it could further sap demand,
exacerbate debt burdens and even lock the economy into a trap that
will be hard to escape using the stimulus measures Chinese policy
makers have traditionally turned to.

Deflation is particularly risky for countries with high debt
burdens such as China, since it will add to debt servicing costs
for borrowers and likely prompt them to spend and invest less, the
Journal relays.

China's total debt reached nearly three times the size of its gross
domestic product in 2022, higher than that in the U.S., according
to the Bank for International Settlements.

"The reality looks increasingly grim," the Journal quotes Eswar
Prasad, a Cornell University economist who once headed the
International Monetary Fund's China division, as saying. "The
government's approach of downplaying the risks of deflation and
stalling growth could backfire and make it even harder to pull the
economy out of its downward spiral."

For now, Chinese policy makers say they are sanguine about falling
prices, dismissing suggestions that deflation is here to stay, the
report notes.

Dong Lijuan, a statistician at China's National Bureau of
Statistics, on Aug. 9 said consumer prices will likely rebound
gradually later this year as the high base effect begins to fade.

China's predicament stands in contrast to those of the U.S. and
other Western countries, where soaring inflation prompted central
banks, including the Federal Reserve, to raise interest rates in an
effort to cool growth without triggering a recession, the Journal
states.

But it was the consumer-price reading, which has remained positive
even as producer prices turned negative, that marked the bigger
shift, the Journal notes.

After flatlining in June, last month's 0.3% decrease in consumer
prices represents the first negative print since February 2021,
when the reading was thrown off by year-over-year comparisons to
the early days of the pandemic when supply chains and food prices
were in disarray, the Journal relays.

Apart from a single month in the first year of the pandemic, both
consumer and producer prices haven't been in deflationary territory
at the same time since 2009, at the depths of the global financial
crisis, adds the Journal.




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

ADICO FORGE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Adico Forge Private Limited
Gat No. 1088 & 1091 Sanaswadi-Tal-Shirur
        Pune Pune Maharashtra-412208 India

Insolvency Commencement Date: June 23, 2023

Estimated date of closure of
insolvency resolution process: December 20, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Vakati Balasubramanyam Reddy
       C-1205, Galaxy Apartments,
              Qureshi Nagar, Kurla East,
              Mumbai City, Maharashtra - 400070
              Email: vbsreddy7@gmail.com

Last date for  
submission of claims: July 29, 2023


ADITYA PRINTS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s Aditya Prints Private Limted
Heritage Creation, Plot No. A-1l, Central Park,
        GIDC Pandesara, Surrat Gujarat - 39422l

Liquidation Commencement Date:  July 22, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: CA. Sunil Kumar Kabra
     3rd Floor, Reegus Business Centre,
            New Citylight Road,
            Above Mercedes Benz Showroom,
            Bharthana-Vesu, Surat-395007
            Email: ilnusco@srnail.com

Last date for
submission of claims: August 21, 2023


APPLE SPIRE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Apple Spire India LLP
No. 615, 100 Feet Ring Road,
        BSK 3rd Stage,
        Bangalore, Karnataka - 560085

Insolvency Commencement Date: July 20, 2023

Estimated date of closure of
insolvency resolution process: January 16, 2024

Court: National Company Law Tribunal, Bangalore Bench

Insolvency
Professional: M V Sudarshan
       No.984/13, 8th Main, Girinagar II Phase,
              Bangalore - 560085, KA, India
              Email: sudarshan.mv@outlook.com
              Email: applespirecirp@gmail.com

             1. Laxminarayana Joisa
                No. 538/73, 13th Cross, 6th Main,
                Narayana Nagar 2nd Block,
                Doddakallasandra, Bangalore – 560062
                Email: cshljoisa@gmail.com

             2. Anuja Sudhir Bhate
                Flat No. 8241, Prestige Lakeside Habitat, SH 35,
                Opp: HP Petrol Pump,
                Gunjur, Bangalore - 560087
                Email: anuzcul@gmail.com

             3. Surender Devasani
                #1436, Anasuya Nilaya, 2nd floor,
                8th Cross, 10th Main, BTM 2nd Stage,
                Bangalore - 560 076
                Email: surenderdevasani@gmail.com

Last date for  
submission of claims: August 23, 2023


ARKCOM TELECOMMUNICATIONS: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Arkcom Telecommunications Private Limited
212/A, C Wing, Kailash Indl. Complex
        Hiranandani Link Road,
        Mumbai City, Maharashtra - 400079

Insolvency Commencement Date: July 25, 2023

Estimated date of closure of
insolvency resolution process: January 21, 2024

Court: National Company Law Tribunal, Mumbai Bench-IV

Insolvency
Professional: Manhoman Sharma
       A4/12, Rajasthali Apartments,
              Pitampura, Delhi - 110034
              Email: ca.manhomansharma@gmail.com

              c/o Osrik Resolution Pvt. Ltd
              908, 9TH Floor, D Mall,
              Netaji Subhash Place,
              Pitampura, Delhi - 110034
              Email: arkcomtel.cirp@gmail.com

Last date for  
submission of claims: August 8, 2023


BALASORE ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balasore
Alloys Limited (BAL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      90.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     95.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 24, 2021,
placed the rating(s) of BAL under the 'issuer non-cooperating'
category as BAL 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. BAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4,2023 and April 14, 2023.

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

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

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on August 11, 2020 the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange)

Key Rating Weaknesses

* Delays in debt serving: As per the interaction with one of the
banks, the cash credit continues to be overdrawn for a period
of more than 30 days.

* Decline in capacity utilization and cash losses reported in FY20:
The capacity utilization declined from 92% in FY19 to 69% in FY20
on account of lower demand of ferro chrome. BAL's total operating
income declined 39% y-o-y to INR767.46 crore in FY20 (INR1258.06
crore in FY19). The company reported operating loss in FY20 on
account of increase in power cost and under - absorption of fixed
overheads. The company has serviced interest expenses out of
advances from customers and infusion of unsecured loans. To update
further total operating income of the company has increased from
INR112.20 crores in FY22 to INR399.82 crores in FY23, however, net
loss of the company increased from INR58.10 crores in FY22 to
INR171.34 crores in FY23.

* Absence of captive source of power and coal: The production
process of Ferro Alloy is highly power intensive and therefore the
cost of the power is critical to the competitiveness of the
products. BAL does not have any captive power plant and sources its
power requirements mainly from North Eastern Electric Supply
Company of Odisha Ltd. (NESCO). Accordingly, absence of captive
source of power has rendered BAL's operations vulnerable to any
upward revision in electricity tariff rates. Further in Q1FY21, the
electricity supply was disrupted and the plant was operational only
for 20 days. Coal & LA M Coke formed about 15% of the total cost of
sales in FY20 after power cost (33%) and chrome ore (33%). Volatile
nature of coal prices and chrome ore leads to profitability of the
company vulnerable to such changes.

* Presence of captive chrome ore mine albeit sourcing of chrome ore
from open market: Chrome ore is a major raw material for
ferro-chrome (FeCr) production and therefore, sourcing and pricing
of the same remains crucial for FeCr producers in order to sustain
operational profitability. BAL has its own operational captive
chrome ore mine at Sukinda valley (Jajpur), Odisha With the mines
providing low outputs from open cast mining, BAL started sourcing
Chrome ore from outside market. However the sourcing of chrome ore
from outside market has declined to 13% in FY20 as against 30% in
FY19.

* Delay in underground mining project: BAL is planning to undertake
underground mining at later stage and has incurred about INR255.76
crore in the underground mining project till Mar-2020 which is
funded out of its own sources for conducting the feasibility study
& development of underground mines. The company has reworked its
Underground mining plan and now decided to start decline at +45mRL
which is cost effective and less time consuming. The management is
expect ing to extract
chrome ore through Underground mechanism before fully exhausting
chrome ore through open cast and boundary pillar mining method.

* On-going disputes: The Company has on-going disputes with Mining
authorities of Jajpur, State Trading Corporation of India and NESCO
which are pending before various courts & authorities.
Foreign exchange fluctuation risk: The exports are hedged through
forward exchange contracts. On the other hand, BAL is exposed to
forex risk due to import of coal & coke. In FY23, the company
reported forex loss of INR3.39 crore as against forex loss of
INR2.28 crore in FY22.

* Complete dependence of ferro chrome industry on the cyclical
steel sector: The stainless steel industry is the primary consumer
of FeCr and accordingly the fortunes of FeCr manufacturers are
largely dependent on the performance of the stainless steel
industry. The volatile nature of FeCr prices has a significant
impact on the profitability of the companies in the sector.

Key Rating Strengths

* Experienced promoters: Ispat group, promoted by Mr. M. L. Mittal
started trading of steel products in 1981. BAL, a part of Ispat
group, commenced operations in 1987. Accordingly, the promoters of
the company have an experience of about three decades in
operating/managing ferro chrome plants. Currently, the day to day
affairs are managed by Mr. Anil Sureka (the present MD of BAL)
having over three decades of corporate experience.

* Strong presence in the export market: Export constitutes ~25% of
total revenue of BAL in FY23 (Nil in FY22).

* Comfortable capital structure: The capital structure of BAL
slightly deteriorated but remained comfortable marked by Overall
gearing ratio at 0.28x as on March 31, 2020 (0.22x as on March 31,
2019). To update further the capital structure of BAL has
deteriorated marked by overall gearing ratio at 1.10x as on March
31, 2023 (0.29x as on March 31, 2022).

Balasore Alloys Limited (BAL), incorporated in May, 1984, is a part
of Kolkata-based Ispat group of companies promoted by Mr. M. L.
Mittal. BAL commenced commercial operations in 1987 with production
of ferro-chrome (FeCr). FeCr is mainly used in Stainless steel (SS)
production. The manufacturing facilities of BAL are located in
Balasore (Odisha) with an installed capacity of 1,45,000 TPA and in
Sukinda (Odisha) with an installed capacity of 15,660 MTPA for
ferro chrome. BAL has two chrome ore beneficiation plant, a chrome
ore briquetting plant and a metal recovery plant.


BARDHAMAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bardhaman
Agro Products (I) Private Limited (BAPPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      0.20       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 20, 2022,
placed the rating(s) of BAPPL under the 'issuer non-cooperating'
category as BAPPL 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. BAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e -mails, phone calls and a letter/email dated
May 6, 2023, May 16, 2023, May 26, 2023.

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

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

Bardhaman Agro Products (I) Private Ltd (BAPPL), incorporated in
2009, commenced operation from October, 2009. The company is
engaged in processing and milling of Govind Bhog rice at its
milling unit located at Burdwan, West Bengal with processing
capacity of 28,800 Metric Ton Per Annum (MTPA). BAPPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors across south India mainly areas
like Bangalore, Kerala and Pondicherry. The company also exports
its branded products to some of the Middle East countries. The
company also has premium flagship brands named 'ROSE' and 'Tripple
Deer'. Mr. Sekh Rab ikul Haque (Director) and Mr. Samir Kanti
Sikdar (Director) has over two decades of experience in rice
milling, looks after the day to day operations of the company. They
are further supported by a team of experienced professionals.


BEE PEE: CARE Keeps B+ Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bee Pee
Rollers Private Limited (BPRPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       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 BPRPL under the 'issuer non-cooperating'
category as BPRPL 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. BPRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 3, 2023, June 13, 2023, June 23, 2023.

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

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

Bee Pee Rollers Private Limited (BPRPL) was incorp orated in June
1994 and currently, the company is managed by Mr. Prem Chand
Agarwal and Mr. Akhil Kumar Agarwal. Since its inception, the
company has been engaged in manufacturing of structural steel
products such as TMT bars. The manufacturing unit of the company is
located at Kalunga, Sundargarh, Odisha with an installed capacity
of 30000 metric tons per annum (MTPA).

BROWNISH REALTY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Brownish Realty Private Limited
C-45, Sector 62, Noida, Gautam Buddha Nagar,
        Uttar Pradesh-201307, India

Insolvency Commencement Date: July 14, 2023

Estimated date of closure of
insolvency resolution process: January 10, 2024 (180 Days)

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Ajit Gyanehand Jain
       204, Wall Street-1,
              Near Gujarat College,
              Ellisbridge Ahmedabad-380006
              Email: ajit@vcanca.com
              Email: cirp.brownish@gmail.com

Last date for  
submission of claims: August 8, 2023


CASABELLA TRADING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Casabela Trading Private Limited
Unit No. 202 2nd Floor, H Wing,
        Tax Center Premises Co-op. Society Limited
        Saki Vihar Road, Andheri, Mumbai 400072

Insolvency Commencement Date: June 14, 2023

Estimated date of closure of
insolvency resolution process: January 10, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Bhaskar Gopal Shetty
       C-77, Shanti Shopping Center,
              Mira Road East -401107
              Thane District, Maharashtra
              Email: cabgshetty@gmail.com
              Email: casabella.cirp@gmail.com

Last date for  
submission of claims: August 7, 2023


CLICKONTRIP INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Clickontrip India Private Limited
Shop No. 3644/2, F/F, Maruti Market, Galilohe Wali,
        Chawari Bazar, Delhi 110006

Insolvency Commencement Date: July 25, 2023

Estimated date of closure of
insolvency resolution process: January 21, 2024

Court: National Company Law Tribunal, New Delhi Bench

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

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

Last date for  
submission of claims: August 8, 2023


DECCAN TRADCOM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Deccan Tradcom Private Limited
P-245 C.I.T. Road Scheme-VIM
        Kolkata Kolkata WB 700054 India

Insolvency Commencement Date: June 19, 2023

Estimated date of closure of
insolvency resolution process: January 15, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Arun Kumar Gupta
              P-15 Bentinck Street, 3rd Floor
              Kolkata – 700001
              Email: guptaarunkumar2001@yahoo.com
              Email: deccantradcom.ibc@gmail.com

Last date for  
submission of claims: August 2, 2023


DISTRIBUTION LOGISTICS: CARE Moves D Debt Ratings to Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Distribution Logistics Infrastructure Private Limited (DLIPL) to
Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      745.95      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      52.71      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

DLIPL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, the rating on DLIPL's bank facilities will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account ongoing delays in servicing of
interest on term loan and working capital facility and consequent
classification of account as non-performing asset (NPA) by the
banker. The ratings also factor in weak financial risk profile
characterized by high overall gearing, weak debt coverage
indicators along with the competition from private and established
players. These rating constraints are, however, partially offset by
experienced management team and parentage, presence across
verticals in the logistics industry, locational advantage of its
terminals and strong infrastructure base.

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on June 3, 2022, the following were the
rating strengths and weaknesses (updated for the information
available from the company):

Key weaknesses

* Ongoing delays in servicing of interest on term loan and working
capital facility: There are ongoing delays in servicing of interest
on term loan and working capital facility and consequent
classification of account as non-performing asset (NPA) by the
banker owing to low business activity and customer collections.
Earlier, in view of inadequate cash flow generation to meet the
existing debt due to business disruption caused by the pandemic,
the company applied for restructuring of its existing loan with a
principal moratorium of up to two years starting from December 30,
2020 (cut-off date) and interest moratorium of 13 months from
March, 2021 to March, 2022.

* Delay in completion of the ongoing capex projects resulting in
continued losses: DLI had undertaken some heavy capex project
(logistic parks) in past which got delayed due to land approvals
and short age of funds thus resulting in liquidity issues in the
company. During FY23 (refers to the period from April 1, 2022 to
March 31, 2023), the total operating income of the company declined
by ~51% to INR141.10 crore (PY: INR286.80 crore). The same led to
decline in PBILDT margin to 1.56% in FY23 (PY: 8.33%). As a result
of decline in total operating income and PBILDT margin and high
interest obligation, the company reported net loss of INR102.10
crore in FY23 (PY: INR75.80 crore).

* Competition from private and established players: The company
faces competition from established ICD operators in North India
like CONCOR's ICDs at Tughlakabad and Dadri, Gateway Distriparks
ICD at Garhi Harsaru- Haryana, Adani Logistics Ltd ICD at Patli,
Gurgaon, WWIL (Worlds Window Infrastructure and Logistics Pvt. Ltd)
at Loni, Ghaziabad, Hind Terminals Pvt Ltd, Palwal and Gateway Rail
Freight Ltd, Ballabgarh. However, with its integrated
infrastructure, the company has been able to establish itself as
one of the leading ICD and cargo handling service provider.

Key strengths

* Experienced parentage but lack of timely support: Infrastructure
India Plc (IIP), an associate company of GGIC Limited (Guggenheim
Global Infrastructure Company) is a close ended infrastructure
fund, registered in the Isle of Man in UK and listed on AIM London
acquired 100% equity shareholding in DLI in 2011. Further, in April
2018, IIP had sold the entire shareholding to Distribution and
Logistics Infrastructure India, Mauritius (DLIM) and DLI has become
its step -down subsidiary. In December, 2020, Seliz International
Limited made an equity infusion of ~Rs.37.00 crore (2.67%
ownership) in DLI. Further, DLIM has provided a shortfall
undertaking to lenders of DLI to meet any shortfall for debt
servicing and provide adequate funds latest by T-15 days of the
scheduled payment of loans and has also earmarked INR100.00 crore
for the same, however, the parent failed to provide timely support
to DLI to service its debt obligation, which was due on April 30,
2022, leading to eventual default.

* Experienced management team: The management team of the company
includes professionals having experience with Multi-model logistics
and Freight Forwarding companies. The company's chairman Mr. Rahul
Lulla (representative from IIP) is a board member of IIP. He has
also earlier held positions in power & utilities financing at Mo
rgan Stanley, CMS Energy Corp and Credit Suisse First Boston. Mr.
Prashant Singh was recently appointed as the CEO of the company on
July 1, 2021. In the past, he has worked for companies such as
Adani group, Gateway Rail, Hind terminals, and bird group.

* Presence across verticals in the logistics industry (including
category 1 license for Container Train Operator): The company has
the unique advantage of presence in all the verticals of the
logistics industry ranging from road transportation (both domestic
and EXIM), rail transportation, Inland container depots (ICDs),
Free trade warehousing zone (FTWZ) to domestic terminals.
Presently, the company operates with 10 rakes (with Freight Star
brand) under category 1 license from Indian Railways to run
container trains on its entire network for 20 years. The company's
TMS (Transport Management System) includes road transportation
business and material handling.

Distribution Logistics Infrastructure Pvt Ltd (DLI), formerly
Vikram Logistics & Maritime Services Pvt Ltd. is a multimodal
integrated logistics service provider. DLI was originally promo ted
as a partnership firm in 1972; it was converted to Private Limited
in 1992 as Vikram Associates Pvt Ltd. The name of the company was
changed to Vikram Logistic and Maritime Services Pvt Ltd in 2006
and then to Distribution Logistics Infrastructure Pvt Ltd with
effect from 12th September 2014. In 2011, Infrastructure India Plc
(IIP), an associate company of GGIC Limited (Guggenheim Global
Infrastructure Company) which is a close-ended infrastructure fund,
registered in the Isle of Man in UK and listed on AIM London
acquired 100% equity shareholding in DLI. Further, in 2019, IIP has
sold the entire shareholding to the other shareholder Distribution
and Logistics Infrastructure India, Mauritius (direct holding
company of DLI) The company is engaged mainly i n developing,
operating and maintaining multimodal logistic park facilities
including Free Trade Warehousing Zone (FTWZ), Inland Container
Depot (ICD) and Domestic Terminals (DT), operating trailers and
handing equipment's to move and handle the containeri zed cargo.
Its terminals are located in Nagpur, Bangalore, Palwal (NCR) and
Chennai. DLI owns and operates a fleet of 88 trailers along with
over 300 containers and 29 handling equipment like Reach stackers,
RTGs, Cranes, Forklifts.

DRASTEE REALCON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Drastee Realcon Private Limited
C-45, Sector 62, Noida, Gautam Buddha Nagar,
        Uttar Pradesh- 201307 India

Insolvency Commencement Date: July 14, 2023

Estimated date of closure of
insolvency resolution process: January 10, 2024 (180 Days)

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Ajit Gyanehand Jain
       204, Wall Street-1,
              Near Gujarat College,
              Ellisbridge Ahmedabad-380006
              Email: ajit@vcanca.com
              Email: cirp.drpl@gmail.com

Last date for  
submission of claims: August 8, 2023


ENSEMBLE INFRA: CARE Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ensemble
Infrastructure India Limited (EIIL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Long Term/Short      5.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     15.00       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 12, 2022,
placed the rating(s) of EIIL under the 'issuer non-cooperating'
category as EIIL 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. EIIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2023, June 7, 2023, June 17, 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).

Ensemble Infrastructure India Limited (EIIL) was incorporated in
2003 as a private limited company by Mr. Nilesh Rathod and Mr.
Vikas Rathod. EIIL primarily undertakes residential and commercial
interior, fit outs and civil construction projects on contract
basis through tenders in Mumbai and Pune. It is also engaged in
manufacturing of wooden furniture which is primarily backed by the
interior projects undertaken. EIIL also has a 1.25 Mega Watt (MW)
wind power unit at Gadag in Karnataka.


FIVE AND TWO: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Aug. 4, 2023, to
wind up the operations of Five and Two Sportz & Fitness Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


FUTURA POLYESTERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Futura Polyesters Limited
111- TV Industrial Estate, SK Ahire Marg,
        Worli, Mumbai 400030

Insolvency Commencement Date: July 10, 2023

Estimated date of closure of
insolvency resolution process: January 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr.  Ramesh Muddu Shetty
              Yamuna 304, Green-View Complex, Nancy Colony,
              Borivali-East, Mumbai-400066
              Email: shettyramesh19@gmail.com
              Email: cirpfuturapoly@gmail.com

Last date for  
submission of claims: August 1, 2023


G. M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of G. M. Agro
Industries (GMAI) continue to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 21, 2022,
placed the rating(s) of GMAI under the 'issuer non-cooperating'
category as GMAI 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. GMAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2023, June 16, 2023, June 26, 2023.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

GMAI was established in April, 2009 as a partnership firm by two
partners Mr. Jashvant Thakkar and Mr. Navinchandra Thakkar. Mr.
Jashvant Thakkar has a long industry experience of around 35 years.
GMAI is engaged in the business of rice processing and trading of
grains and pulses. GMAI operates from its manufacturing facilities
located at Bavla (Gujarat).


G. V. SUTARIA: CARE Lowers Rating on INR13cr LT/ST Loans to B-/A4
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
G. V. Sutaria Construction (GVSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short     13.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 20, 2022,
placed the rating(s) of GVSC under the 'issuer non-cooperating'
category as GVSC 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. GVSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2023, June 15, 2023, June 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).

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

Analytical approach: Standalone

Outlook: Stable

GVSC is a Rajkot based partnership firm established in 1994 by Mr.
Girishkumar Sutaria, Mr. Manishkumar Sutaria and Ms. Jyoti Sutaria.
The firm is engaged in Road works involving construction,
upgradation, widening of road projects awarded by the local urban
development authorities, municipalities and Government of Gujarat.
The firm is registered as a “AA” Contractor with GoG.


GANESH CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Ganesh Constructions (SGC) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      5.00       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 13, 2022,
placed the rating(s) of SGC under the 'issuer non-cooperating'
category as SGC 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. SGC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2023, June 8, 2023, June 18, 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 2007, as a partnership firm, Sree Ganesh
constructions (SGC) is a civil contractor registered with Andhra
Pradesh State Public Works Department and is engaged in the
construction of bridges, flyovers, railway over bridge, irrigation
work etc. The entity has its registered office in Hyderabad, Andhra
Pradesh. SGC is managed by Mr. A Uppender Reddy (50% shares), Ms. A
Prasanna Latha(25%), Mr. A Hanumantha Reddy (15%) and Mr.J Sandeep
Reddy (10%).The entity since inception has been engaged primarily
in building of road over bridges (ROB), canal projects, railway
projects.


HINDUSTAN ECO-TECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hindustan Eco-Tech Private Limited
Registered Office:
        75 Shivaji Housing Society S.B. Road
        Pune Pune MH 411016 India

        Factory:
        Plot No. F-15, Chincholi Industrial Area,
        MIDC, Tal. Mahol, Dist Solapur

Insolvency Commencement Date: July 25, 2023

Estimated date of closure of
insolvency resolution process: January 20, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: c/o KANJMAG & CO, Company Secretaries
       1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path,
              Opp. Joshi's Railway Museum,
              Kothrud, Pune - 411038
              Email: rp.anagha@kanjcs.com
              Email: hindustan.cirp@gmail.com

Last date for  
submission of claims: August 8, 2023


HONEY JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Honey
Jewellery (HJ) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 18, 2022,
placed the rating(s) of HJ under the 'issuer non-cooperating'
category as HJ 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. HJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 03, 2023, June 13, 2023, June 23, 2023.

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

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

Varanasi, Uttar Pradesh based Honey Jewellery (HJ) was established
in April, 2007 as a proprietorship firm and is currently being
managed by Mr. Sumit Verma. The firm is engaged in the retail
trading of silver and gold jewellery (anklets, toe rings, utensils,
necklaces, earrings, rings, and bangles). The firm operates through
its two showrooms located at Varanasi and Gorakhpur, Uttar Pradesh.


INTERBUILD INFRASTRUCTURE: Insolvency Resolution Process Case Summa
-------------------------------------------------------------------
Debtor: Interbuild Infrastructure Private Limited
Office No. 8, 2nd Floor, Brahma Estate,
        C-1, Kondhwa, Pune - 411048

Insolvency Commencement Date: July 11, 2023

Estimated date of closure of
insolvency resolution process: January 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Hajib Raghavan Viswanath
       Flat No. 702, Tulip, Regency Meadows CHS,
              Porwal Road, Dhanori, Pune - 411015
              Email: viswanath.geevis@gmail.com

              S. No 253, H. No 1A,
              Near Asha Vidyalay,
              Main Road Khese Park, Lohegaon,
              Pune - 411032, Maharashtra, India
              Email: irp.interbuild@gmail.com

Last date for  
submission of claims: July 30, 2023


JET AIRWAYS: CoC Asks Jalan Kalrock Consortium to Pay INR350 crore
------------------------------------------------------------------
The Economic Times reports that the Committee of Creditors (CoC) of
Jet Airways on Aug. 7 asked the Jalan Kalrock Consortium to pay
INR350 crore. The CoC said that they may not pursue the appeal for
transfer of ownership if the said amount is paid.

Late in July, the Jalan-Kalrock consortium sought clarity from the
National Company Law Appellate Tribunal on the transfer of
ownership of the grounded airline, claiming that the creditors were
creating hindrances to restart operations, ET says.

ET relates that the counsel for State Bank of India(SBI), one of
the lenders of Jet Airways, on the other hand, said the consortium
had not infused any funds in the airline and had not complied with
any of the conditions laid down by the National Company Law
Tribunal order for the transfer of ownership.

JKC in July announced the appointment of Jatinderpal Singh Dhillon
as the airline's accountable manager. Further, two whole-time
directors and a non-executive director were also appointed.

Aviation safety regulator DGCA has renewed with conditions the Air
Operator Certificate (AOC) of Jet Airways until September 3, the
report notes.

The AOC was re-issued on May 20, 2022. However, since the airline
did not start operations, it expired on May 19 this year.

However, the transfer of ownership to JKC is yet to happen amid
persisting differences with the airline's lenders, ET states.

The consortium had appointed Sanjiv Kapoor as its interim-CEO in
April 2022, who quit the carrier in April this year.

                         About Jet Airways

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

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

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

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

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

In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.


JOSAN FOODS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Josan Foods Private Limited
Gumani Wala Road, Jalalabad,
        Distt Fazlika, Punjab - 152024

Insolvency Commencement Date: July 20, 2023

Estimated date of closure of
insolvency resolution process: January 16, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Mr. Harsh Gang
       Room No. 14, Punjab & Haryana High Court,
              Chandigarh- 160001
              Email: harsh.gang81@gmail.com

              No. 170, Sector 21- A
              Chandigarh – 160022
              Email: ip.josanfoods@gmail.com

Last date for  
submission of claims: August 3, 2023


KAKADE LASER: CARE Lowers Rating on INR13.68cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kakade Laser (KL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.68       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 15, 2022,
placed the rating(s) of KL under the 'issuer non-cooperating'
category as KL 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. KL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 31, 2023, June 10, 2023, June 20, 2023.

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

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

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

Pune (Maharashtra) based KL was established in 2008 by Mr. Vinoba
Kakade and is engaged in providing metal cutting and fabrication
works, which are used in engineering and architectural process.


KALLAM TEXTILES: CARE Cuts Rating on INR165.76cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kallam Textiles Limited (KLM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      165.76      CARE D; Revised from CARE B+;
   Facilities                      Stable

   Long Term/          191.24      CARE D/CARE D Revised from
   Short Term                      CARE B+; Stable/CARE A4
   Bank Facilities     

Rationale and key rating drivers

The revision in ratings assigned to the bank facilities of KLM
takes into account delays in payment of interest and instalments of
term loans due to downturn in the industry and poor demand both in
domestic and exports market leading to weak financial profile.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delays/Defaults free track record of 90 days
* Infusion of capital/unsecured loans by promoters to improve the
liquidity position

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing: There has been delay in servicing of
debt obligations due to poor liquidity position.

Liquidity: Poor

The company has poor liquidity position marked by delays in payment
of interest and instalment for term loans.

Macro Economic Indicator Sector Industry Basic Industry Consumer
Discretionary Textiles Textiles & Apparels Other Textile Products
Kallam Textiles Limited (KTL), formerly known as Kallam Spinning
Mills Ltd is a listed company in BSE (Bombay Stock Exchange), which
was established in 1992 with its registered office at Guntur,
Andhra Pradesh. KTL is an integrated cotton textile unit, with its
own ginning, ring spinning, open end spinning, weaving and dyeing
divisions. The spinning mill is located at Guntur and the weaving
division is located in Addanki (Mandal), Prakasam district. And it
produces various counts of yarn ranging from 20s to 80s.

KYORA METTALIKS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Kyora Mettaliks Private Limited
Shop No. 09, Sankalp Residency,
        Plot No. 43, Sector No. 19,
        Kamothe Navi Mumbai Raigarh MH 410209 India

Liquidation Commencement Date:  June 16, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Neeraja Kartik
     202, Padmasani Apartments, 58/2, Shivaji Nagar,
            NearShivaji Park Nagpur, Maharashtra-440010
            Email: neerajakartikip@gmail.com

            Nakshatra Insolvency Resolution Professionals Ltd.
            3rd Floor, 377, Gandhinagar, Ambazari Road,
Nagpur-440010
            Email: kyoramettaliks@gmail.com

Last date for
submission of claims: August 6, 2023


LINDSAY INTERNATIONAL: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Lindsay International Private Limited
6B, Bentik Street, Kolkata - 700001

Liquidation Commencement Date:  June 27, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Milan Sachindra Nath Chatterjee
     Flat No. 10G, Tower-II, South City,
            375, Prince Anwar Shah Road,
            Kolkata-700068
            Email: milanchantterjee1965@gmail.com
            Email: lindsaycirp@gmail.com

Last date for
submission of claims: August 8, 2023


MODERN POWER: CARE Keeps B- Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Modern
Power Services (MPS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2022,
placed the rating(s) of MPS under the 'issuer non-cooperating'
category as MPS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MPS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2023, June 7, 2023, June 17, 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).

Modern Power Services (MPS), a proprietorship firm promoted by Mr.
Snehal Patel was established in November, 1997 at Bharuch. MPS is
an industrial electrical contractor and is mainly engaged in
execution of street lights contracts for Government of Gujarat. Mr
Snehal Patel, proprietor, manages day to day operations of the
firm. The site is located at Bharuch and is spread across an area
of 1100 Sq. Ft. and its admin office is located at Ahmedabad. MPS
is a class 'A' electrical service contractor for Road & Building
(R&B) department, Gujarat. Some of the reputed clients for whom the
firm has executed orders are ONGC, Bharat Sanchar Nigam Limited
(BSNL), Reliance Industries Limited, Vadodara Municipal
Corporation, Ahmedabad Municipal Corporation and GIDC of various
districts.


NADIA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Nadia Constructions Private Limited
81/2A, Raja Dinendra Street,
        Kolkata - 700006, West Bengal

Insolvency Commencement Date: July 20, 2023

Estimated date of closure of
insolvency resolution process: January 17, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Goutam Mukherjee
       64, Behari Lal Pal Street, Sarada Apartment,
              2nd Floor, Baranagar, Darjeepara More,
              Kolkata, West Bengal, 700036
              Email: gm.resolution@yahoo.in
              Email: nadiacons.irp@gmail.com

Last date for  
submission of claims: August 4, 2023


OM SHRI: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Om Shri
Sai Baba Construction (OSSBC) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 15, 2022,
placed the rating(s) of OSSBC under the 'issuer non-cooperating'
category as OSSBC 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. OSSBC continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 31, 2023, June 10, 2023, June 20, 2023.

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

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

Om Shri Sai Baba Construction (OSSBC), established in the year
2011, is a partnership concern established by Mr. Ajay Batra and
Mrs Jyoti Batra. The company is mainly engaged in the construction
of roads and bridges in the state of Maharashtra. Furthermore, the
firm is also engaged in crushing of granite boulders (stone
crushing) only for captive consumption.


OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ozone
Projects Pvt. Ltd. (OPPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     126.30      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated August 19, 2022, continued
to place the rating of OPPL under the 'issuer non-cooperating'
category as OPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. OPPL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated June 30, 2023, July 12, 2023, and
July 20, 2023, and phone calls among others. E-mail sent to the
investor and debenture trustee have also not elicited any response.


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

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

Detailed description of the key rating drivers

At the time of last rating on August 19, 2022, the following were
the rating weaknesses.

Key rating weaknesses

* Non-redemption of NCD on due date: As confirmed over the
telephonic discussion by the debenture trustee (DT) to CARE on
August 19, 2021, company has not redeemed the debentures on due
date i.e. June 30, 2021, though the same was earlier deferred from
July 31, 2020 and August 10, 2020 as per amended DTD. During the
current review, CARE Ratings Ltd couldn't reach out to the
investors to ascertain on the status of repayment of the rated
NCDs.

Incorporated in 2005, Ozone Projects Pvt. Ltd. (OPPL) is promoted
by the Bengaluru based Ozone group and is currently developing a
township at Anna Nagar, Chennai called 'Ozone Metrozone'.


OZONE REALTORS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ozone
Realtors Private Limited. (ORPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      60.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated August 19, 2022, continued
to place the rating of ORPL under the 'issuer non-cooperating'
category as ORPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. ORPL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated June 30, 2023, July 20, 2023, and
July 28, 2023, and phone calls among others. E-mail sent to the
investor has also not elicited any response.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 19, 2022, the following were
the rating weaknesses.

Key Rating Weaknesses

* Non-Payment of coupon on NCD: As confirmed by the debenture
trustee to CARE over the telephonic discussion dated August 12,
2021, that company has not been servicing quarterly coupon payments
of the rated NCDs which fell due from Sept. 15, 2020. However, CARE
couldn't reach the debenture trustee during the current review
period.

Ozone Realtors Private Limited (ORPL) is a SPV floated by Ozone
Group is based out of Bengaluru, for developing residential project
'Polestar' in North Bengaluru. The project has been approved by
Karnataka RERA and was launched in December 2017. The project
involves construction of 100 units with cumulative saleable area of
1.58lsf.

PAVITHRA CONSTRUCTIONS: CARE Lowers Rating on INR10cr ST Loan to D
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Pavithra Constructions (SPC), as:

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

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 10, 2023,
placed the rating(s) of SPC under the 'issuer non-cooperating'
category as SPC 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. SPC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2023.

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

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

The rating assigned to the bank facilities of SPC have been revised
on account of delay s in debt repayments recognized from publicly
available information.

Andhra based, Sri Pavithra Constructions (SPC) was established in
the year 2007 as a partnership firm by Mr. Bandi Pitchi Reddy
(Managing partner) and his son Mr. Bandi Praveen Kumar Reddy
(partner). Partners of the firm have experience of more than two
decades in civil construction industry. The firm takes up
construction and repair work contracts from Indian Railways, such
as gauge conversion work, repairs to bridges and platforms,
building subways in lieu of unmanned level crossings, and
construction of staff quarters. The firm procures its work orders
through online tenders from state government of Andhra Pradesh,
Telangana.


PERPENDICULAR CONSTRUCTION: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: Perpendicular Construction Private Limited
C-45, Sector 62,
        Noida, Gautam Buddha Nagar,
        Uttar Pradesh-201307

Insolvency Commencement Date: July 14, 2023

Estimated date of closure of
insolvency resolution process: January 10, 2024 (180 Days)

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Ajit Gyanehand Jain
       204, Wall Street-1,
              Near Gujarat College,
              Ellisbridge Ahmedabad - 380006
              Email: ajit@vcanca.com
              Email: cirp.pcpl @gmail.com

Last date for  
submission of claims: August 7, 2023


RAM COTTEX: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shree Ram Cottex Industries Private Limited
Survey No. 39,
        Opp. Biliyala Bus Stop,
        National Highway 8-B,
        At Biliyala Gondal, Rajkot,
        Gujarat-360311 India

Insolvency Commencement Date: June 17, 2023

Estimated date of closure of
insolvency resolution process: January 13, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Keyur Jagdishbhai Shah
       1007, Sun Avenue One, Bhudarpura, Ayojonnagar,
              Manekbaug Ahmadabad, Gujarat – 380015
              Email: cs.keyurshah@gmail.com
              Email: cirp.shreeramcottex@gmail.com

Last date for  
submission of claims: July 31, 2023


RASHI STEEL: ICRA Withdraws D Rating on INR82cr Term Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Rashi Steel & Power Ltd at the request of the company and based on
the No Due Certificate (NDC) received from its banker. The Key
Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-       82.00        [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Withdrawn   
   Term Loan        

Rashi Steel & Power Limited, promoted by Mr. Amar Agarwal, Mr.
Rakesh Jindal and other promoters in 2009, had set up a 0.4 million
tonnes per annum pelletization cum-beneficiation plant at Bilaspur.
The company had also set up a producer gas plant to replace the
usage of furnace oil, saving power and fuel costs substantially.


RY MIDAS: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ry Midas
Alluminiums Private Limited (RMAPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           29.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 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 RMAPL under the 'issuer non-cooperating'
category as RMAPL 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. RMAPL continues to
be noncooperative 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).

Incorporated in October 2006, RY Midas Alluminiums Pvt. Ltd.
(RMAPL) is promoted by Mr. Jagdishchandra Shah. RMAPL is primarily
engaged in the trading of metal scrap and manufacturing of aluminum
ingots. At its manufacturing plant, various scrap of aluminum,
copper, iron etc. is segregated and aluminum ingot is manufactured
which finds application as de-oxidation agent during alloy steel
manufacturing. RMAPL's manufacturing facility is located at
Ahmedabad with an aggregate capacity of melting 4,500 MTPA of metal
scrap as on March 31, 2017.


SALASAR EXIM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Salasar Exim Limited
222 Girish Ghosh Road Howrah
        WB 711102

Insolvency Commencement Date: July 11, 2023

Estimated date of closure of
insolvency resolution process: January 7, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Subrata Ghosh
       Shibalay, P-130, Usha Park,
              Beside Usha Play Ground ,
              Kolkata, West Bengal 700084
              Email: subhomusic@gmail.com

              Intelligent IP Management Solutions Pvt Ltd
              2nd Floor, YMCA Building 25,
              Jawaharlal Nehru Road Kolkata -700087
              Email: Insolvency.salasar@gmail.com

Last date for  
submission of claims: July 25, 2023


SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shivswati
Enterprises Private Limited (SEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.85       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 20, 2022,
placed the rating(s) of SEPL under the 'issuer non-cooperating'
category as SEPL 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. SEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2023, June 15, 2023, June 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).

Incorporated with the name Shiv Swati Enterprises Private Limited
on August 29, 1988 which was later merged on June 30, 2016 with
Pragati Industries (Proprietorship firm) as private Limited Company
and named as Shivswati Enterprises Private Limited (SEPL). The
company is engaged in trading & manufacturing of Chandelier Lights
and Metal Components and the product find its application in
electrical and defence industry. The manufacturing facility of the
company is located at Greater Noida and Sahibabad and registered
office located at Delhi.


SHYAM AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Shyam
Agro Traders in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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 2007, SSAT trades in cotton bales, cotton yarn,
cotton seeds and de-oiled cake. The firm started its operations by
selling cotton bales in domestic markets. It commenced exporting
cotton bales from 2014, primarily to Bangladesh, China and
Malaysia. The proprietor has an experience of two decades in this
industry. The firm is located in Adilabad region of Telangana,
which is the cotton belt of the state. SSAT has been recognized as
an export House by the Director General of Foreign Trade with
effect from April 2014.


SIDHI VINAYAK: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sidhi
Vinayak Rice Mills (SVRM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     18.00       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 SVRM under the 'issuer non-cooperating'
category as SVRM 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. SVRM continues to be
non-cooperative 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).

Karnal-based (Haryana) SVRM established in July 2008, as a
partnership firm by Mr. Rameshwar Das, Mr. Ashok Kumar, Mr. Suresh
Kumar and Mr. Amit Kumar sharing profit and losses equally. The
firm started its commercial operations in February 2009. The firm
is engaged in milling and processing and trading of basmati rice.



SOMERSET CONSTRUCTION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Somerset Construction Private Limited
        Room no. 05, Capri,
        3rd Floor, Anant Kanekar Marg,
        Bandra (East), MUMBAI – 400 051

Insolvency Commencement Date: July 25, 2023

Estimated date of closure of
insolvency resolution process: January 21, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Snehal Kamdar
       301-302, Poonam Pearl,
              Next to Himachal Society,
              Opposite New India Colony,
              Andheri West, MUMBAI – 400 058
              Email: snehal.kamdar@jjkandco.com
              Email: cirp.somerset@gmail.com

Last date for  
submission of claims: August 8, 2023


SRM HOTELS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SRM Hotels
Private Limited (SHPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      62.68       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of SHPL under the 'issuer non-cooperating'
category as SHPL 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. SHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2023, May 10, 2023, May 20, 2023.

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

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

SHPL, promoted by Mr P Ravi, belongs to the SRM group based in
Chennai which has diversified interests in educational
institutions, transport services, engineering and construction,
hotels and others. SHPL primarily owns and operates two budget
categories i.e., three-star hotels in the name of SRM Hotels
(erstwhile Royal Southern Hotels) situated at Maraimalai Nagar,
Chennai and Trichy with an aggregate capacity of 170 rooms as at
the end of March 2020. The company also operates two other hotels
on lease basis in Tuticorin and Trichy. SHPL has also opened a new
hotel property under five-star category with a room inventory of
134 rooms at Guindy, Chennai named Ramada Plaza Chennai.


SYNDICATE WIPER: CARE Lowers Rating on INR5cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Syndicate Wiper Systems Private Limited (SWSPL), as:

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

   Long Term/Short     10.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2022,
placed the rating(s) of SWSPL under the 'issuer non-cooperating'
category as SWSPL 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. SWSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2023, June 6, 2023, June 16, 2023.

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

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

The rating assigned to the bank facilities of SWSPL have been
revised on account of requisite information.

Syndicate Wiper Systems Private Limited (SWSPL) was incorporated in
1961 by Late Jaswant Singh Chandok and is currently being managed
by Mr. Inderjot Singh Chandok, Mr. Prabhjot Singh Chandok, and Mr.
Ravijot Singh Chandok. The company is primarily engaged in
manufacturing of automobile wiper blades & arms.


T. R. CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of T. R.
Chemicals Limited (TRCL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       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 12, 2022,
placed the rating(s) of TRCL under the 'issuer non-cooperating'
category as TRCL 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. TRCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2023, June 7, 2023, June 17, 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).

T. R. Chemicals Limited was incorporated in May 1993 as a Private
Limited Company. Subsequently, it was reconstituted as a closely
held Public Limited Company. Since its inception, the company is
engaged in manufacturing of sponge iron. The manufacturing unit of
the company is located at Rajgangpur, Sundargarh, Odisha. Company's
plant has an installed capacity of 45000 tons per annum (TPA). Mr.
Sanjeev Kumar Kapoor (Director), Mr. Gurdas Kapoor (Director), Mr.
Sunil Kumar Agarwal (Director) and Mr. Swapan Kumar Kapat
(Directors) who have 21 years, 21 years, 16 years and 11 years of
experiences, respectively, in the similar line of business, look
after the day to day operation of the company. They are further
supported by a team of experienced professionals.

TARUN REALTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tarun Realtors Private Limited
No 41, Vital Malya Road,
        Bangalore, Karnataka - 560 001

Insolvency Commencement Date: July 20, 2023

Estimated date of closure of
insolvency resolution process: January 16, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Venkata Subbarao Kalva
       41/1. 2nd floor. 11th cross.
              8th main, Jayanagar 2nd Block,
              Bangalore, Karnataka - 560 011
              Email: subbaraocs@gmail.com
              Email: tarunrealors.ip@gmail.com

Last date for  
submission of claims: August 8, 2023


V. PONNUSAMY: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of V.
Ponnusamy Educational And Charitable Trust (VPECT) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       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 21, 2022,
placed the rating(s) of VPECT under the 'issuer non-cooperating'
category as VPECT 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. VPECT continues to
be non-cooperative despite repeated requests for submission of
information through e -mails, phone calls and a letter/email dated
June 6, 2023, June 16, 2023, June 26, 2023.

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

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

V. Ponnusamy Educational and Charitable Trust (VPECT) is a
Namakkal-based public charitable trust established in the year 1999
by Dr. P. Selvaraj & his family members. Commencing with a higher
secondary school in 1999, the trust expanded to establish Arts and
Science college, Teacher training institutes, Physical Education
college, and an Engineering College in the year 2006-07. VPECT
started its operation through running Schools namely Selvam Higher
Secondary School (SHSS) (affiliated to Tamil Nadu Board of Higher
Secondary Education (TNBHSE)) commenced from Academic Year (AY)
1999-20 and Selvam Matric Higher Secondary School (SMHSC)
(affiliated to Tamil Nadu Board of Higher Secondary Education
(TNBHSE)) commenced from Academic year (AY) 2001-02 and are located
in the same campus at Namakkal, Tamil Nadu.


VEDIC RESORTS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vedic
Resorts & Hotels Private Limited (VRHPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.09       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 11, 2022,
placed the rating(s) of VRHPL under the 'issuer non-cooperating'
category as VRHPL 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. VRHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2023, June 6, 2023, June 16, 2023.

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

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

Vedic Resorts & Hotels Private Limited (VRHPL), incorporated in
February 1998 in the name of Circle Clubs & Resorts Pvt. Ltd.,
belongs to Vedic group of Kolkata. The company operates a resort in
Kolkata, spread over an area of 150 acres, consisting of 30
Villas/Suites, 130 Executive rooms, Spa Club, 7 Banquets/Conference
Halls, Bar & Restaurants, a discotheque and games zones like
Badminton Court, Tennis Courts etc. Other amenities in the resort
include swimming pool, gymnasium, library, transportation
facilities, etc. Subsequently in October 22, 2007, the name of the
company was changed to its present name.

VRHPL is a subsidiary company of Vedic Realty Private Limited
(VRPL; the flagship company of the group) which is holding about
99.99% of equity stake in VRHPL. VRHPL commenced operation in 2004.
Vedic group of Kolkata (West Bengal), built up by Shri Raj Kishore
Modi, Shri Uday Modi and Shri Daya Nand Sharma, based out of
Kolkata, having major interest in real estate and hospitality. The
group has an established market position in the real estate sector
in West Bengal, having developed more than 5.5 million square feet
(sq. ft.) of real estate at various locations in West Bengal, both
in residential and commercial spaces, over the past eighteen years.
Some of the prestigious projects developed by the company in
Kolkata and its adjoining areas are Vedic Village, The Space
Circle, The Circle, Sanjeeva Town, Space Town, etc.


VIJAY INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vijay
Industries (VI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.00       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 14, 2022,
placed the rating(s) of VI under the 'issuer non-cooperating'
category as VI 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. VI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2023, June 9, 2023, June 19, 2023.

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

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

Vijay Industries, a partnership firm, was established in the year
2003. The partners of the firm are Mr. Vijay Metgud, Mr. Jayraj
Metgud, Ms. Jyothi Metgud and Ms. Kirthi Metgud. Vijay Industries
is engaged in cotton ginning and pressing. It also undertakes
trading of cotton seeds, Kappas, cotton oil, cotton bales, cotton
seeds and cake which form major portion of its sales. The firm has
its factory in Bailhongal in Belgaum district of Karnataka state
and procures raw materials from local farmers in Karnataka.

VISWABHARATHI EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Viswabharathi Educational Society (VES) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      166.50      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 July 13, 2022,
placed the rating(s) of VES under the 'issuer non-cooperating'
category as VES 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. VES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2023, June 8, 2023, June 18, 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 1997, Viswabharathi Educational Society (VES) is
promoted by Dr D Kantha Reddy and family. Various institutions
under the promoter include Viswabharathi Medical College & Teaching
Hospital, Viswabharathi Super Specialty Hospital, Viswabharathi
Cancer Hospital, Viswabharathi College of Nursing, and
Viswabharathi School of Nursing.


YASHWANT DUGDH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Yashwant
Dugdh Prakriya Limited (YDPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2022,
placed the rating(s) of YDPL under the 'issuer non-cooperating'
category as YDPL 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. YDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2023, June 7, 2023, June 17, 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).

YDPL is a public limited company and is based out of Sangli
district in Maharashtra. YDPL commenced its operations in the year
2008 and was promoted by Mr. Shivajirao Yashwantrao Naik (M.L.A.).
Mr. Satyajit Shivajirao Nayak, son of Mr. Shivajirao Naik is the
Managing Director (MD) looks after the overall operations of the
company. YDPL markets their milk products under the brand "Puro"
and sells products across the regions of Maharashtra, Goa and few
parts of Karnataka. In addition, it manufactures various
value-added products such as butter milk, amrakhand, ghee, khoya,
paneer, shrikhand, curd, lassi, SMP etc.




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

RAKUTEN GROUP: To Combine Credit Card and Mobile Payments Business
------------------------------------------------------------------
Reuters reports that Rakuten Group will fold its payments and
points businesses into its credit card unit, it said on Aug. 10, a
move that could set the struggling e-commerce company up to
eventually list the card business.

Despite strong revenue from its core e-commerce offerings, Rakuten
has lost money for 12 straight quarters, hit by the costly
build-out of its mobile phone business, which has failed to gain
traction in Japan, Reuters relates.

It has turned to listing some of its units - including its popular
internet banking business, Rakuten Bank - to generate cash.

According to Reuters, the company said on Aug. 10 it plans to
consolidate its payments and points businesses and fold them into
Rakuten Card, its credit card and loans unit.

Rakuten Card will become the "driving force" behind its integrated
payments business and may form strategic partnerships with other
companies as well as "raising its own capital as necessary",
Rakuten said in a statement, Reuters relays.

Points and payments are at the heart of Rakuten's ecosystem, which
is designed to draw customers into its broad spectrum of offerings.
Users accumulate points by using Rakuten credit cards, shopping and
insurance services. The points can be used to buy groceries, pay
bills or book travel.

Public broadcaster NHK earlier reported the plan to combine the
businesses, the report relays.

Rakuten announced an operating loss of JPY48.9 billion ($339.61
million) at its second-quarter results on Aug. 10, narrowly better
than expectations of an operating loss of JPY51.2 billion, based on
the average of six analysts polled by Refinitiv, Reuters
discloses.

On Aug. 7, Rakuten announced the departure of Tareq Amin, chief
executive of the mobile business, who had headed the unit since
March 2022, Reuters reports.

                        About Rakuten Group

Japan-based Rakuten Group provides e-commerce, fintech, digital
content, and communications products and services.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-January, S&P Global Ratings affirmed its 'BB' issue credit
rating to Rakuten Group Inc.'s (BB/Negative/--) U.S.
dollar-denominated senior unsecured bonds ($500 million; issued in
November 2022; due in 2024) following the company's announcement of
a potential additional issuance.




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

AFFLECK CARRYING: Court to Hear Wind-Up Petition on Sept. 21
------------------------------------------------------------
A petition to wind up the operations of Affleck Carrying Limited
will be heard before the High Court at Invercargill on Sept. 21,
2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 28, 2023.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


CHIMBUSCO INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1
-----------------------------------------------------------------
Creditors of Chimbusco International Limited are required to file
their proofs of debt by Sept. 1, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 2, 2023.

The company's liquidators are:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


COMPANY 693434: Creditors' Proofs of Debt Due on Sept. 14
---------------------------------------------------------
Creditors of Company 693434 Limited required to file their proofs
of debt by Sept. 14, 2023, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


LAMB FACTORY: Court to Hear Wind-Up Petition on Aug. 14
-------------------------------------------------------
A petition to wind up the operations of The Lamb Factory Limited
will be heard before the High Court at Tauranga on Aug. 14, 2023,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 30, 2023.

The Petitioner's solicitor is:

          Timothy Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


PRO FOREST: Creditors' Proofs of Debt Due on Sept. 8
----------------------------------------------------
Creditors of Pro Forest Management Limited are required to file
their proofs of debt by Sept. 8, 2023, to be included in the
company's dividend distribution.

The High Court at Napier appointed Craig Sanson and Stephen White
of PwC as liquidators on June 29, 2023.




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

PAKISTAN: White House Says it is Watching Events 'With Concern'
---------------------------------------------------------------
Reuters reports that the United States is watching "with concern"
events in Pakistan, White House national security spokesman John
Kirby told a briefing on Aug 9.

Reuters relates that Mr. Kirby made his remarks after being asked
about the situation in Pakistan, where former Prime Minister Imran
Khan was recently imprisoned and there has been a spike in militant
attacks.

"We're obviously concerned about any actions, particularly violent
actions, that can contribute to instability in Pakistan or frankly
any other country with whom we share a set of common interests when
it comes to counterterrorism, so we're watching it with concern,"
Reuters quotes Mr. Kirby as saying.

According to Reuters, Pakistan Prime Minister Shehbaz Sharif said
he would advise the president to dissolve parliament late on Aug.
9, setting the stage for a national election as the country
grapples with political and economic crises.

Islamist militants, who aim to overthrow the Pakistani government
and install their own brand of strict Islamic law in the
predominantly Muslim country of 220 million people, have been
active in recent months, the report notes. They have stepped up
attacks since revoking a ceasefire agreement with the government in
late 2022.

"Pakistan is a partner, particularly when it comes to the
counterterrorism threat in that part of the world. And we have
every expectation that they will remain so," Mr. Kirby said.

Reuters adds that the State Department said on Aug. 7 that the
arrest of Khan, a critic of the United States, was an internal
matter and declined to take a position on his legal troubles.

                           About Pakistan

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

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.

In March 2023, Moody's Investors Service downgraded the Government
of Pakistan's local and foreign currency issuer and senior
unsecured debt ratings to Caa3 from Caa1. Moody's has also
downgraded the rating for the senior unsecured MTN programme to
(P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the
outlook to stable from negative. The decision to downgrade the
ratings is driven by Moody's assessment that Pakistan's
increasingly fragile liquidity and external position significantly
raises default risks to a level consistent with a Caa3 rating.




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

ACTECO HOLDING: Court to Hear Wind-Up Petition on Aug. 18
---------------------------------------------------------
A petition to wind up the operations of Acteco Holding Pte Ltd will
be heard before the High Court of Singapore on Aug. 18, 2023, at
10:00 a.m.

Happy Cp Company Limited (trading as Choco Up) filed the petition
against the company on July 26, 2023.

The Petitioner's solicitors are:

          Havelock Law Corporation
          60 Tras Street #03-01
          Singapore 078999


NOBLE GROUP: Founder Sues Over Debt Restructuring
-------------------------------------------------
Bloomberg News reports that the founder of Noble Group, the
commodity trader that collapsed into insolvency in 2018, is suing
the company over a debt restructuring that he says was unfair to
minority shareholders including himself.

Bloomberg relates that the lawsuit filed in Hong Kong by Richard
Elman - whose stake in the company was worth more than a billion
dollars at its peak - is the latest installment in the saga of
Noble, which rode the China-led supercycle to become one of Asia's
largest commodity traders before collapsing just as spectacularly
in a scandal over its misleading accounts.

According to Bloomberg, the 83-year-old founder was a central
figure in that drama, leading the company through its highs and
lows and doing battle with a group of hedge funds that held its
debt, before eventually supporting a restructuring deal in 2018
that drastically reduced his stake and handed control of the
company to its creditors.

Now he is taking legal action over a second debt restructuring deal
at Noble, which took place last year, Bloomberg says. Even after
wiping out more than US$1 billion in debt in the 2018
restructuring, Noble struggled to return to profitability. Last
year it underwent a second restructuring, which saw creditors take
over its trading unit in exchange for a further debt reduction.

In the lawsuit, which was filed last week, Mr. Elman argues that
the second restructuring deal last year unfairly benefited the
company's creditors.

"There has been very serious corporate mismanagement," Mr. Elman
alleges in an affidavit seen by Bloomberg News, claiming that the
second restructuring was the result of "collusion between the
directors and the controlling creditors to the detriment of the
company's minority shareholders".

Mr. Elman, who was Noble's largest shareholder before its 2018
restructuring, now owns 2.88 per cent of Noble Group Holdings
through a Guernsey holding company, according to the affidavit.

Bloomberg relates that the company said at the time that the second
restructuring was necessary because its debt levels were
"unsustainable". However, Mr. Elman questions the decision to
transfer ownership of the trading unit to the company's creditors.

He is seeking disclosure of board minutes, internal correspondence
and contracts relating to the second restructuring and several
other transactions in the past two years - a legal salvo that could
be a prelude to a claim for damages, Bloomberg relates.

Shareholders rank behind creditors when companies are being wound
up, meaning that when a company is unable to pay its debts they
often end up with nothing.

The trading unit had debts of US$1 billion at the time of the
second restructuring, Bloomberg discloses citing a December 2021
announcement from Noble. That compares to a valuation by Grant
Thornton, prepared for Noble's board and cited by Mr. Elman, of
just US$418 million.

Mr. Elman said in his affidavit he believes the trading unit's true
value was at least US$1.07 billion, without explaining how he
arrived at this figure.

According to Bloomberg, the lawsuit highlights the plight of the
shareholders of Noble, which for two decades was listed in
Singapore and into which thousands of Singaporeans poured their
savings.

While Noble's shareholders collectively received 20 per cent of the
company in the 2018 restructuring deal, it's looking increasingly
likely that that will end up being worth nothing: after the trading
unit was handed to creditors in last year's restructuring, the
company's two remaining assets were the Jamalco alumina plant in
Jamaica and a stake in UK oil producer Harbour Energy, Bloomberg
says.

The Jamalco stake was sold to Glencore-backed Century Aluminum for
US$1 this year, and Noble this week started a process to distribute
the vast majority of the Harbour shares – which are worth less
than its total debts – to its creditors, adds Bloomberg.


PACIFIC OFFSHORE: Creditors' Proofs of Debt Due on Sept. 11
-----------------------------------------------------------
Creditors of Pacific Offshore Marine Pte. Ltd. are required to file
their proofs of debt by Sept. 11, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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


TALENTX AI: Court to Hear Wind-Up Petition on Aug. 25
-----------------------------------------------------
A petition to wind up the operations of Talentx AI Pte Ltd will be
heard before the High Court of Singapore on Aug. 25, 2023, at 10:00
a.m.

Saw Ze Chuen and Chua Chia Yei filed the petition against the
company on Aug. 1, 2023.

The Petitioner's solicitors are:

          M/s WMH Law Corporation
          Prudential Tower
          30 Cecil Street
          #21-03/04
          Singapore 049712


YONGNAM ENGINEERING: Court to Hear JM Petition on Aug. 14
---------------------------------------------------------
A petition to place the operations of Yongnam Engineering &
Construction (Private) Limited and Yongnam Holdings Limited under
the judicial management of judicial managers will be heard before
the High Court of Singapore on Aug. 14, 2023, at 3:30 p.m.

United Overseas Bank Ltd filed the petition against the company on
Aug. 4, 2023.

Toh Ai Ling, Bob Yap Cheng Ghee and Chan Kwong Shing, Adrian care
of KPMG Services Pte Ltd has been nominated as the joint and
several judicial managers.

The Petitioner's solicitors are:

          PRP Law LLC
          3 Church Street
          #27-05 Samsung Hub
          Singapore 049483



                           *********


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

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

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

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

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



                *** End of Transmission ***