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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, April 22, 2022, Vol. 25, No. 75

                           Headlines



A U S T R A L I A

CARL INVESTMENTS: Commences Wind-Up Proceedings
ESTHER FOUNDATION: Enters Voluntary Administration
INDUSTRIAL MEMBRANE: First Creditors' Meeting Set for April 29
RBSF PROJECTCO: Second Creditors' Meeting Set for April 29
SEARCHFIELD PROPERTIES: Commences Wind-Up Proceedings

TIM TECHNOLOGIES: Second Creditors' Meeting Set for April 29


H O N G   K O N G

AGRAWAL TECHNICAL: Ind-Ra Keeps BB- Rating in Non-Cooperating


I N D I A

ABHILASH CHEMICALS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
AMBOULA MODERN: CARE Lowers Rating on INR10.28cr LT Loan to B
ARENA SUPERSTRUCTURES: CARE Keeps D Rating in Not Cooperating
ASKAR MICRONS: CARE Lowers Rating on INR8.35cr LT Loan to D
BALAJI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating

BIRD MACHINES: CARE Keeps B+ Debt Rating in Not Cooperating
CHAITANYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
CMS ASSOCIATES: CARE Withdraws B+ LT/ST Debt Ratings
COMPETENT ENGINEERS: CARE Lowers Rating on INR8.53cr LT Loan to B
FEST HOMES: CARE Keeps D Debt Rating in Not Cooperating Category

GCRG MEMORIAL: Ind-Ra Keeps 'D' Bank Loan Rating in NonCooperating
GNANAM TEX: CARE Lowers Rating on INR9.87cr LT Loan to B-
HEALTHICO QUALITY: CARE Keeps B- Debt Rating in Not Cooperating
HLBS TECH: CARE Keeps B+ Debt Rating in Not Cooperating Category
IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category

ISPAT PRIVATE: Ind-Ra Places BB+ Issuer Rating on RWN
JAY SOMNATH: CARE Lowers Rating on INR11.21cr LT Loan to B-
KANISKA GARMENTS: CARE Lowers Rating on INR9.80cr LT Loan to B
KRISHNA EDUCATIONAL: Ind-Ra Keeps D Loan Rating in Non-Cooperating
M.P. ENGINEERING: CARE Lowers Rating on INR0.50cr Loan to B-

M/S KAVERI: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
MA MONI: CARE Keeps B Debt Rating in Not Cooperating Category
MALAR TEXTILES: CARE Lowers Rating on INR8.40cr LT Loan to B-
MASTER WEAVER: Insolvency Resolution Process Case Summary
MAYOR SPORTS: Insolvency Resolution Process Case Summary

MCCHEM-ANLAGEN ENERGIES: Insolvency Resolution Case Summary
MCDOWELL HOLDINGS: Insolvency Resolution Process Case Summary
MEHTA AND ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating
MOSAVI ENTERPRISES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
NAMITA RICE: CARE Keeps B+ Debt Rating in Not Cooperating Category

NATIONAL STEEL: Insolvency Resolution Process Case Summary
NEOASKA PHARMA: Insolvency Resolution Process Case Summary
NJA INDUSTRIES: CARE Cuts Rating on INR5.00cr LT/ST Loan to B+
P.R. FASTENERS: CARE Keeps B- Debt Rating in Not Cooperating
PUNJAB RENEWABLE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'

R V PLASTIC: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
SUMAN VILLAS: Insolvency Resolution Process Case Summary
UPI POLYMERS PRIVATE: Insolvency Resolution Process Case Summary
VA REALCON PRIVATE: Insolvency Resolution Process Case Summary
VAKRANGEE FOUNDATION: Ind-Ra Keeps B+ Rating in Non-Cooperating

VAYAM TECHNOLOGIES: Insolvency Resolution Process Case Summary
WEARIT GLOBAL: Insolvency Resolution Process Case Summary
YATRA FOR BUSINESS: Ind-Ra Keeps BB+ Rating in Non-Cooperating


J A P A N

DIDI GLOBAL: To Shut Food Delivery Business in Japan


M A L A Y S I A

FSBM HOLDINGS: Submits Plan to Bursa to Regularize Status


N E W   Z E A L A N D

FRONTLINE PERFORMANCE: Court to Hear Wind-Up Petition on April 29
MY TRUSTEE: Court to Hear Wind-Up Petition on June 3
STRICKLAND CONTRACTING: Court to Hear Wind-Up Petition on April 29
VANGEN INTERNATIONAL: Court to Hear Wind-Up Petition on April 29


S I N G A P O R E

ASIA OUTSOURCING: Creditors' Proofs of Debt Due on May 23
SUNMAX GLOBAL: Placed in Provisional Liquidation
TYCHAN PTE: Commences Wind-Up Proceedings
VINTEL EXPORTS: Court to Hear Wind-Up Petition on May 6


S R I   L A N K A

SRI LANKA: May Take Weeks to Hire Debt Advisers


T H A I L A N D

BANGKOK METROPOLITAN: Faces Legal Action as Debt Nears THB38BB


V I E T N A M

VIETNAM: Travel Firms Struggle with Absence of Chinese Tourists

                           - - - - -


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

CARL INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Carl Investments (QLD) Pty Ltd, on April 21, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Jamieson Louttit
          JLA Insolvency & Advisory Pty Ltd
          Level 13
          50 Margaret Street
          Sydney, NSW


ESTHER FOUNDATION: Enters Voluntary Administration
--------------------------------------------------
Mervyn Kitay of Worrells was appointed voluntary administrator of
Esther Foundation Incorporated, which trades as The Esther
Foundation, on April 19, 2022.

The Foundation's mission is to "educate and empower young women
through a holistic residential recovery and reintegration program".
It houses numerous residents across several properties in Perth.

Worrells advises the appointment followed the Board's concerns over
the Foundation's future, given its shortfall in funding now
occurring, due to adverse publicity and withdrawal of donations.

The Worrells' team are now investigating the Foundation's financial
position and expects to report findings to creditors and make a
recommendation as to the most commercial and practical way forward
for the foundation, in around five weeks' time.

Mr. Kitay said, "It's a very challenging position given the
Foundation's purpose, however the limited funds available appear
sufficient to enable it to remain open for several weeks, and that
as a consequence, no current resident will be required to vacate in
the near term, unless of course they elect to do so voluntarily."

Worrells advises that unfortunately, no new incoming residents can
be accommodated.

Mr. Kitay recommends that any former residents, staff or volunteers
of the Foundation who may have a criminal complaint to contact the
police if they have not already done so.

Creditors and concerned parties regarding the voluntary
administration are invited to email
estherfoundation@worrells.net.au and lodge a proof of debt via the
Worrells website www.worrells.net.au.

Under the voluntary administration process, a first meeting of
creditors is held within eight business days of the appointment,
and a second meeting of creditors is usually held within 20 to 30
business days, when the future of The Esther Foundation will be
determined.

Worrells appreciates the impact the voluntary administration
appointment will have on the residents and staff. Worrells
reiterates that any former residents, staff or volunteers should
take up any criminal complaints with the police so that these may
be properly dealt with.


INDUSTRIAL MEMBRANE: First Creditors' Meeting Set for April 29
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Industrial
Membrane Technology Pty Ltd will be held on April 29, 2022, at
12:00 p.m. via telephone conference only.

Anthony John Warner of CRS Insolvency Services was appointed as
administrator of Industrial Membrane on April 14, 2022.


RBSF PROJECTCO: Second Creditors' Meeting Set for April 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of RBSF ProjectCo
Pty Ltd has been set for April 29, 2022, at 11:00 a.m. via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 28, 2022, at 12:00 p.m.


Quentin Olde and Liam Healey of Ankura Consulting were appointed as
administrators of RBSF ProjectCo on March 15, 2022.


SEARCHFIELD PROPERTIES: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Searchfield Properties Pty Ltd, on April 20, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Christopher Damien Darin
         Worrells Solvency & Forensic Accountants
         Sydney, NSW


TIM TECHNOLOGIES: Second Creditors' Meeting Set for April 29
------------------------------------------------------------
A second meeting of creditors in the proceedings of Tim
Technologies Pty Limited has been set for April 29, 2022, at 9:30
a.m. via virtual meeting facilities.

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 April 28, 2022, at 5:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Tim Technologies on March 14, 2022.




=================
H O N G   K O N G
=================

AGRAWAL TECHNICAL: Ind-Ra Keeps BB- Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Agrawal
Technical & Education Society's bank loans' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR181.7 mil. Term loan due on January 2021 – December 2026
     maintained in non-cooperating category with IND BB- (ISSUER
     NOT COOPERATING) rating; and

-- INR149 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Registered under the Madhya Pradesh Society Registration Act, 1973,
Shri Agrawal Technical & Education Society was set up by Sanjeev
Agarwal in June 2002.




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

ABHILASH CHEMICALS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Abhilash Chemicals
and Pharmaceuticals Pvt Ltd.'s (ACCPL) Outlook to Positive from
Stable while affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR25.0 mil. (reduced from INR27.5 mil.) Term loan due on May
     2024 affirmed; Outlook revised to Positive from stable with
     IND BB+/Positive rating;

-- INR160.0 mil. Fund-based working capital limits affirmed;
     Outlook revised to Positive from stable with IND
     BB+/Positive/IND A4+ rating; and

-- INR160.0 mil. (reduced from INR162.5 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of ACPPL and its 74% subsidiary Abhilash Life Sciences LLP (ASL),
as the entities have strong legal, operational and strategic
linkages between them. ASL is a loss-making company. ACPPL provides
funds to ASL to run the business and pay-off debt, while the
former's finished products are raw materials for ASL.

The Outlook revision reflects the likelihood of ACPPL building a
strong export order book with the completion of ASL's diabetic drug
manufacturing facility. The facility has been inspected by the
Agency for Medical Products and Medical Devices of Croatia in
February 2022. The company's management expects the production
approvals to come in two to three months from now.

Key Rating Drivers

The affirmation reflects the continued medium scale of operations
at the consolidated level with an improvement in the revenue to
INR933 million in FY21 (FY20: INR856 million) due to the orders in
hand. The management expects the revenue to increase in the medium
term, as the subsidiary has received EUGMP certification and
regular export orders will be received from April 2022. ACPPL's
standalone revenue was INR914.68 million in FY21 (FY20: INR855.04
million) and INR805 million in 9MFY22.

The ratings also reflect the modest consolidated EBITDA margin,
which improved marginally to 6.84% in FY21 (FY20: 9.07%).  The
return on capital employed deteriorated at 1.8% in FY21 (FY20:
7.2%). In FY22, Ind-Ra expects the margins to have risen, due to
increased export sales to regulated markets as they entail higher
margins than domestic and non-regulated markets. ACPPL's standalone
EBITDA margins were 9.07% in FY21 (FY20: 8.89 %).

The ratings further reflect the moderate consolidated credit
metrics, with the gross interest coverage (operating EBITDA/gross
interest expense) falling to 2.20x in FY21 (FY20: 4.13x) and the
net financial leverage (adjusted net debt/operating EBITDA)
increasing to 12.21x (9.67x), owing to a decline in the operating
EBITDA to INR74.78 million (INR84.72 million). In FY22, Ind-Ra
expects the credit metrics to have remained moderate. ACPPL's
standalone interest coverage was 7.72x in FY21 (FY20: 5.81x) and
net leverage was 1.89x (2.12x).

Liquidity Indicator – Adequate: ACPPL's average maximum
utilization of the fund-based limits was 42.92% and non-fund-based
limits was 23.45% during the 12 months ended 31 December 2021.
Ind-Ra expects the usage to have remained at a similar level since
then. ACPPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations was INR41.02 million in FY21 (FY20:
INR39.59 million) and the free cash flow was INR35.11 million
(INR7.69 million). The net working capital cycle stood elongated at
126 days in FY21 (FY20: 116 days). The cash and cash equivalents
were INR4.16 million at FYE21 (FYE20: INR4.07 million). It did not
avail the Reserve Bank of India-prescribed moratorium over
March-August 2020.

The ratings, however, continue to be supported by ACPPL's
promoters' over three decades of experience in the pharmaceuticals
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

Rating Sensitivities

Positive: Timely ramp-up of operations at the subsidiary, while
improving the credit metrics on a sustained and consolidated basis,
could lead to a positive rating action.

Negative: A decline in the revenue or EBITDA margin, leading to
deterioration in the credit metrics, all on a sustained and
consolidated basis could lead to a negative rating action.

Company Profile

Incorporated in 1989, ACPPL is a Madurai-based specialty chemicals
manufacturer. The company manufactures active pharmaceutical
ingredient - metformin hydrochloride, which is used as an oral
antidiabetic agent. It derives 85% of its revenue from the pharma
division and the remaining from the manufacturing of leather
chemicals and textile chemicals. ACPPL generates 90% of its revenue
from exports to Brazil, Thailand, the UAE, Sri Lanka, Pakistan,
Egypt, Syria and Vietnam.

ALS incorporated in 2017 is a separate business entity focused on
the production of pharmaceutical finished dosage forms for Global
markets.


AMBOULA MODERN: CARE Lowers Rating on INR10.28cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Amboula Modern Rice Mill Private Limited (AMRMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.28       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      0.54       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of AMRMPL under the 'issuer
non-cooperating' category as AMRMPL 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. AMRMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 14, 2021, December
24, 2021 and January 3, 2022.

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

The ratings further consider decline in scale of operations and
operating profitability in absolute terms during FY21 over FY20.

Amboula Modern Rice Mill Private Limited (AMRMPL) was incorporated
in August 2013. The company is engaged in milling of raw rice and
trading of paddy, rice, broken rice, bran and husk. The milling
unit of AMRMPL is located at Village Amboula, North 24 Parganas,
West Bengal with processing capacity of 48,000 Metric Ton Per Annum
(MTPA). The company is promoted by North 24 Parganas based Mr.
Nabadwip Saha, who has a long experience in the rice milling
industry. AMRMPL procures paddy from farmers & local agents and
sells its products through the wholesalers and brokers located in
West Bengal. Mr. Nabadwip Saha (aged, 57 years) and Mr. Narayan
Saha (aged, 60 years), having more than three decade of experience
in similar line of business, looks after the day to day operations
of the company along with other directors and a team of
experienced professionals who have rich experience in the similar
line of business.


ARENA SUPERSTRUCTURES: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arena
Superstructures Private Limited (ASPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of ASPL under the 'issuer
non-cooperating' category as ASPL 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. ASPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 22, 2021, January 1, 2022, January 11,
2022.

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).

ASPL incorporated in June 2010 is into real estate development. It
is a part of Lotus group engaged in real estate development in
Noida and Gurgaon region. The group has successfully executed a
number of projects including residential buildings, malls, office
complex, etc. in Delhi NCR with the total saleable area of 17.70
lsf. Ongoing projects of the group include 5 residential projects
with a total saleable area of 100.43 lsf. ASPL is currently
developing residential project "Arena 1" located in sector-79,
Noida with a total saleable area of 19.29 lsf.


ASKAR MICRONS: CARE Lowers Rating on INR8.35cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Askar Microns Private Limited (AMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.35      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

   Short Term Bank       5.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 23, 2021,
placed the rating(s) of AMPL under the 'issuer non-cooperating'
category as AMPL 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. AMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2022, February 16, 2022, February 26, 2022 and  April
18, 2022.

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).

Rating assigned to the bank facilities of AMPL have been revised on
account of ongoing delays in debt servicing recognized from
publicly available information i.e. Annual report of FY21.

Incorporated in 1994, Karnataka-based Askar Microns Private Limited
(AMPL) is an ISO 9001:2008 certified company. AMPL was promoted by
Mr. K. S. Raju and Ms. Anita. The company is engaged in
manufacturing of Computer Numerical Control (CNC) Machines, CNC
lathe, vertical machining center and CNC special purpose machine of
various sizes among others.

BALAJI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Balaji
Sahakari Soot Girni Limited (SBSSGL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.18      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 05,
2021, placed the rating(s) of SBSSGL under the 'issuer
non-cooperating' category as SBSSGL 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. SBSSGL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 22, 2021, January 1,
2022, January 11, 2022.

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).

SBSSGL was established as a co-operative society on January 21,
1991, but commenced commercial operation from May 25, 2011 onwards.
SBSSG is engaged in cotton spinning through open end spinning
method with an installed capacity of 6,624 spindles for
manufacturing of cotton yarn with end-user industries being power
loom companies situated in and around the area of Washim,
Maharashtra.


BIRD MACHINES: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bird
Machines Private Limited (BMPL) continues to remain in the 'Issuer
Not Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2021, placed the rating(s) of BMPL under the 'issuer
non-cooperating' category as BMPL 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. BMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2022, January 12, 2022, January 22,
2022.

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).

Baghola, Haryana based Bird Machine Private Limited (BMPL) is a
private limited company incorporated in May 15, 1987. The company
is managed by Mr. Iqbal Singh Bhagat, Mr. Prabhjot Singh Bhagat,
Mr. Arvinder Pal Singh and Mr. Udit Agarwal. BMPL is engaged in
manufacturing of excavator cum loader parts, JCB Parts and Crain
parts. The manufacturing process involves procurement of raw
material, putting in the profile machine for cutting as per
computer generated designs, processing and converting into final
product, then do the powder coating and electro plating. The
company procures its raw material, i.e., iron & steel ingots and
billets from the local markets in Faridabad and manufactures like
Essar Steels Limited. The company mainly sells its products to JCB
India Limited- Jaipur, Faridabad, Pune, Kolkata, Bangalore, Escorts
construction equipment Limited, Metso India Private Limited and
also exports to JCB India Limited Brazil and U.K. The Company is
planning to take tenders in FY20 from Railways of Varanasi.

CHAITANYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chaitanya
Educational Society (CES) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.96      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of CES under the 'issuer
non-cooperating' category as CES 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. CES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 22, 2021, January 1, 2022, January 11,
2022.

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).

Chaitanya Educational Society (CES) was established in the year
2001 as a part of Chaitanya Group under the Societies Registration
Act, 1860 (A.P. Societies Registration Act, 2001) at Kakinada, East
Godavari District, Andhra Pradesh. The society was founded by Mr.
K.V.V. Satyanarayana with an objective of promoting educational
institutions of higher learning in the field of Science &
Technology, Engineering, Pharmacy, Management etc. Further, he is
ably supported by Mr. Sasi Karan Varma, the youngest son of Mr.
K.V.V. Satyanarayana Raju, who is the managing director of CES. The
society has established two institutions namely Chaitanya
Engineering College (CEC) (2002-03), Sri Chaitanya Engineering
College (SCEC) (2009-10). CES institutes have been approved by All
India Council for Technical Education (AICTE), New Delhi and
affiliated to the Jawaharlal Nehru Technological University (JNTU).
The courses offered in the CES institutes are B. Tech., M. Tech.,
M.B.A., and Engineering diploma with an overall sanctioned annual
intake of 1848 seats.

CMS ASSOCIATES: CARE Withdraws B+ LT/ST Debt Ratings
----------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding rating of 'CARE
B+; Stable; Issuer not cooperating/CARE A4; Issuer not cooperating'
assigned to the bank facilities of CMS Associates Private Limited
(CAPL) with immediate effect.

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

                                  ISSUER NOT COOPERATING
                                  and Withdrawn

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

                                  ISSUER NOT COOPERATING
                                  and Withdrawn

Rating assigned to the bank facilities of CAPL continues to be
constrained due to the company's moderate scale of operations,
working capital intensive nature of operations, operations in the
competitive and fragmented industry with susceptibility of profit
margins to volatility of raw material prices and foreign currency
fluctuation risk.

The ratings however draw comfort from the Long track record of
operations with experienced management, established relationships
with diversified customers and suppliers, moderate profit margins,
comfortable capital structure and debt coverage indicators.

The rating withdrawal is at the request of CAPL and 'No Objection
Certificate' received from the bank that has extended the
facilities rated by CARE.

Detailed description of the key rating drivers

At the time of last rating on November 18, 2021 the following were
the rating weaknesses and strengths (updated based on information
available from client):

Key Rating Weaknesses

* Moderate scale of operations: The scale of operations has
improved during FY21 by more than 35% and remained moderate at
INR27.48 crore as against INR19.95 crore during FY20. Further, the
net worth base has also improved and remained moderate at INR10.60
crore as on March 31, 2021.

* Working capital intensive nature of operations: The operations of
CAPL remained working capital intensive in nature with considerable
amount of funds being blocked in debtors and inventory. The
collection period remained stretched at 83 days in FY21 (vis-à-vis
67 days in FY20 with moderated inventory period of 57 days in FY21
(vis-à-vis 49 days in FY20). On the other hand, CAPL avails
limited credit period from its suppliers around 30-60 days and
hence creditor's period remained moderate at 61 days in FY21.
Hence, operating cycle remained stretched at 80 days in FY21
however has improved from 85 days during FY20.

* Operations in the competitive and fragmented industry with
susceptibility of profit margins to volatility of raw material
prices: CAPL operates in the textile industry which is highly
fragmented industry with presence of numerous independent
small-scale enterprises owing to low entry barriers leading to high
level of competition in the textile segment. Prices of raw material
i.e. grey fabric are volatile in the nature. Considering the highly
fragmented nature of textile industry and limited bargaining power
with the customers and suppliers; any adverse volatility in the raw
material prices may hamper the company's profit margins.

* Foreign currency fluctuation risk: CAPL is exposed to foreign
exchange fluctuation risk, given it exports 100% of the sales to
USA and UAE etc. Furthermore, the company is partially benefited
from the natural hedging. Nevertheless, any adverse currency price
fluctuation along with the mismatch in the timing differences may
impact the profitability of the company.

Key Rating Strengths

* Long track record of operations with experienced management: CAPL
possesses long track record of more than two decades of operations
in the textile industry and is currently managed by Mrs. Neena
Singhania, Ms. Sanjana Singhania and Mr. Ashish Singhania who has
about a decade of average experience in the industry through their
association with CAPL.

* Established relationship with diversified customers and
suppliers: CAPL has established long-term relationships with its
various customers which primarily include wholesale traders across
USA, Europe, UAE and Canada. Moreover, the customer and supplier
profile of the company remained diversified with the top 5
customers comprising 17.89% and 2.50% in FY18 respectively. Updated
information is not available due to non-cooperation by CAPL.

* Moderate profit margins: The profitability margins have improved
and remained moderate as marked by PBILDT margin of 8.94% in FY21
against 7.79% in FY20 due to decrease in employee expenses during
the year. However, PAT margins have improved significantly to
20.98% in FY21 from 2.07% in FY20 due to reporting of income
generated from profit on sale of fixed assets of INR4.76 crore in
FY21. Comfortable capital structure and debt coverage indicators
capital structure continues to be comfortable as marked by improved
overall gearing ratio of 0.56x as of March 31, 2021 as against
0.78x as of March 31, 2020 owing to increase in net worth base
during the year which was due to higher profit accretions includes
profit on sale of fixed assets amounting to INR4.75 crore during
FY21.  Owing to improvement in capital structure and profitability
levels, the coverage indicators improved and stood comfortable as
marked by total debt to GCA and interest coverage ratio of 0.93x
and 16.63x respectively for FY21 as against 3.60x and 5.37x
respectively for FY20.

CMS Associated Private Limited (CMPL) was established in the year
1997 by Mr. Anjani Singhnaia and Mrs. Neena Singhania as founder
directors. Mr. Anjani Singhania has retired in December 2017. In
the year 2013 and 2018, Ms. Sanjana Singhania and Mr. Ashish
Singhania joined as directors. Till 2015 the company was engaged in
merchandised export wherein it used get the garments manufactured
from third party and export to various countries. Later in 2016,
the company started its manufacturing unit in Noida Delhi with
manufacturing of various types women's apparel viz. Kurtis, western
tops, Pajama, shorts, anarkalis etc. About 98% of its revenue is
generated from export to various countries USA, UAE, France, Italy,
Germany etc. and rest 2% from trading of fabrics in local market.
The company has its manufacturing units situated at Noida, New
Delhi.


COMPETENT ENGINEERS: CARE Lowers Rating on INR8.53cr LT Loan to B
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Competent Engineers (CE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.53       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      0.05       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 4,
2021, placed the rating(s) of CE under the 'issuer non-cooperating'
category as CE 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. CE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2022, April 6, 2022, April 8, 2022.

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

Competent Engineers (CE) was established as a partnership firm in
1992. The firm is currently being looked after by Mr. Balraj
Bhakhan as its partners. CE was established with an aim to set up a
manufacturing facility at Jalandhar, Punjab for manufacturing of
stainless-steel components for railway like frame, partition
sheets, connecting couplers, draft gear, break assembly, gear box,
set of car lines, end-wall, roof element, ventilator etc. with
varied installed capacity for the various products.

FEST HOMES: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fest Homes
Developers Private Limited (FHDPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      127.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 05,
2021, placed the rating(s) of FHDPL under the 'issuer
non-cooperating' category as FHDPL 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. FHDPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 22, 2021, January 1,
2022, January 11, 2022.

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).

Detailed description of the key rating drivers

Fest Homes Developers Private Limited was incorporated in April
2016 and the company is into real estate development. It is a part
of the Lotus Group.


GCRG MEMORIAL: Ind-Ra Keeps 'D' Bank Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GCRG Memorial
Trust's bank loans in the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The ratings will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR105.8 mil. Term loan (Long-term) due on March 2020
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR19.5 mil. Fund-based limit (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR115 mil. Non-fund-based limit (Short-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

GCRG Memorial Trust was founded by Chairman Abhishek Yadav and
Mohit Yadav (secretary) in May 2008 and is incorporated under the
Indian Trust Act, 1882.


GNANAM TEX: CARE Lowers Rating on INR9.87cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gnanam Tex (GT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.87       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 05,
2021, placed the rating(s) of GT under the 'issuer non-cooperating'
category as GT 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. GT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 22, 2021, January 1, 2022, January 11, 2022.

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

Gnanam Tex (GT) was established in 1997 as a proprietorship concern
by Mr. K. Gnanasekaran in Salem, Tamil Nadu. The firm is engaged in
manufacturing of cotton and nylon fabrics used in manufacturing of
garments for men, women and kids. The installed capacity of Gnanam
Tex stood at approx. 10000 meters/day. The firm procures yarn from
Tamil Nadu and Karnataka. On procuring the yarn, it's tied, weaved,
dyed and finally converted into fabric, the entire process is
conducted on their own premises. The firm derives revenue from
domestic sales around (95%) and remaining through export sales
(5%). GT has its manufacturing unit in an area of about 44000 sq.
ft.


HEALTHICO QUALITY: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Healthico
Quality Products Private Limited (HQPPL) continues to remain in the
'Issuer Not Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 01,
2021, placed the rating(s) of HQPPL under the 'issuer
non-cooperating' category as HQPPL 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. HQPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 18, 2021, December
28, 2021 and January 7, 2022.

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).

Indore-based (Madhya Pradesh), Healthico Quality Products Private
Limited (Formerly known as Healthico Pharma Private Limited)
(HQPPL) was incorporated in March, 2010 as a private limited
company. The company is setting up a project for manufacturing of
stainless Steel scrubbers under the brand of 'Mazic' which will
primarily be utilized for cleaning purpose in households. The
activity will mainly include purchasing stainless steel wires from
the local market of different sizes and then processing it into the
stainless steel scrubbers. The activity will also include packing
and sealing of the scrubbers. HQPPL will operate through its sole
manufacturing facility at Indore with an installed capacity of
manufacturing 400 metric tons of stainless steel scrubbers per
month.


HLBS TECH: CARE Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of HLBS Tech
Private Limited (HTPL) continues to remain in the 'Issuer Not
Cooperating ' category.

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

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 1,
2021, placed the rating(s) of HTPL under the 'issuer
non-cooperating' category as HTPL 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. HTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2021, December 28, 2021, January 7,
2022.

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).

Bhopal (Madhya Pradesh) based, HLBS Tech Private Limited (HTPL) was
incorporated in 2004 by Mr. Mitesh Lokwani, Mr. Narendra Lokwani,
Mrs. Meeta Talreja and Mr. Biharilal Lokwani. Till July 2015, HLBS
was engaged in providing turnkey solutions for installation of
computers and peripheral hardware to government entities. However,
HLBS started manufacturing of computers, peripheral hardware and
hi-tech products and started selling them under the brand name of
'HINUM' (a registered trademark of HLBS) since July, 2015. Along
with computer hardware, HLBS also provides solutions in the field
of security products (both hardware and software) which includes
CCTV, DVR, NVR, MDVR, VDP and GPRS. The company had an installed
capacity of manufacturing 3000 desktop PCs per month as on March
31, 2018. The company is also accredited with ISO 9001:2008 and ISO
14001 certification. Also, the company is registered with
Directorate General of Supplies and Disposals (DGS&D) rate contract
as an Original Equipment Manufacturer (OEM).

IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind Barath
Thermotek Private Limited (IBTPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     779.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 26, 2018,
placed the ratings of IBTPL under the 'issuer non-cooperating'
category as IBTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. IBTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated March 8, 2022, March 18, 2022 and
March 28, 2022. 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 ratings.

The ratings assigned to the debt instrument of Ind Barath Thermotek
Private Limited factors in the stretched liquidity position of the
company resulting in delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on April 22, 2021, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Stretched liquidity position: The cashflows of IBTPL is majorly
dependent on the commencement of business operation and performance
of the company; Ind Barath Energy (Utkal) Limited (IBEUL) as IBTPL
was floated to provide O&M to the said company. On account of
delayed project implementation of IBEUL and non-commencement of
business operation, there has been no cashflow generation for IBTPL
also resulting in stretched liquidity and delays in debt servicing
obligation.

Key rating strengths:

* Long track record of group in the power segment: The group has
experience in successfully commissioning power projects with varied
fuels like coal, gas, biomass, hydro and wind. Mr K Raghu
Ramakrishna Raju, the promoter of the Ind-Barath group, has more
than 15 years of experience in the power sector.

Ind-Barath Thermotek Private Limited (IBTPL) belongs to IndBarath
Group and is a subsidiary (99.9%) of Ind-Barath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on
December 15, 2014, IBTPL was set-up to carry out Operation and
Maintenance (O&M) activity of the subsidiary Ind-Barath Energy
Utkal Limited which is setting up a 700 MW (2*350MW) coalbased
power plant in Orissa.


ISPAT PRIVATE: Ind-Ra Places BB+ Issuer Rating on RWN
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has placed SMW Ispat Private
Limited's (SMW) Long-Term Issuer Rating of 'IND BB+' on Rating
Watch Negative (RWN). The Outlook was Stable.

The instrument-wise rating actions are as follows:

India Ratings and Research (Ind-Ra) has placed SMW Ispat Private
Limited's (SMW) Long-Term Issuer Rating of 'IND BB+' on Rating
Watch Negative (RWN). The Outlook was Stable.

The instrument-wise rating actions are:

-- INR1.450 bil. (reduced from INR1.650 bil.) Non-convertible
     debentures (NCDs) ISIN INE842U07012 issued on February 10,
     2020 16.67% due on May 15, 2023 placed on RWN with IND
     BB+/RWN;

-- INR500 mil. NCDs ISIN INE842U07020 issued on December 16, 2020

     coupon rate 16.67% due on April 21, 2024 placed on RWN with
     IND BB+/RWN;

-- INR60.5 mil. (reduced from INR100 mil.) Fund-based limits
     placed on RWN with IND BB+/RWN/IND A4+/RWN; and

-- INR150 mil. Non-fund-based limits placed on RWN with IND BB+/
     RWN/IND A4+/RWN.

The ratings have been placed on RWN on account of deterioration in
SMW's operating performance due to reduced capacity utilizations
during July 2021-February 2022, leading to around 20%
lower-than-estimated revenues and EBITDA in FY22. Furthermore,
SMW's capex plans are uncertain amid the ongoing change in
shareholding which is likely to be concluded by end-1QFY23.
Considering capex is critical for SMW's subsidy income, Ind-Ra
shall closely monitor the ramp-up of operations and developments on
capex plans to resolve the RWN.  

Key Rating Drivers

Decline in Volumes over 11MFY22: The company's capacity utilization
of TMT bars manufacturing facilities (installed capacity of
500,000TPA) declined to 40% during January-February 2022 (3QFY22:
55%; 2QFY22: 52%; 1QFY22: 84%; FY21:  69%), despite the industry
witnessing one of the best years in terms of demand. The
utilization declined as the company was unable to pass-on the
increase in raw material prices (sponge iron, imported melting
scrap) over 11MFY22 to its customers, leading to reduced spreads
and thus, tapered volumes. Being a non-integrated player, SMW has
limited control on input costs.

However, the impact of volume decline would have been more if not
partially countered by increased realizations on the strong
industry demand, leading to the revenue of INR14,292 million in
11MFY22 (FY21: INR14,031 million; FY20: INR13,307 million) and
EBITDA earnings of INR1,396 million (INR1,566 million; INR884
million). Nevertheless, on a full-year basis in FY22, SMW's revenue
and EBITDA shall be lower than Ind-Ra's estimates by around 20%.
The organic EBITDA/ton (excluding subsidy income) improved to
INR2,259/ton (t) in 11MFY22 (FY21: INR1,543/t; FY20: INR340/t) and
Ind-Ra expects it to reduce to around INR600/t over FY23-FY24 post
normalization of spreads.

Liquidity Indicator – Stretched: SMW's fund-based working capital
facilities (reduced to INR60.5 million from INR100 million since
December 2021) stood 53% utilized over the 12 months ended February
2022. The company relies primarily on internal accruals and
promoter sources for meeting its working-capital needs. The free
cash balances stood marginal at INR0.5 million at end-11MFY22
(FYE21: INR32 million; FYE20: INR49 million). The net cash cycle
elongated to 41 days in FY21 (FY20: 13 days) due to the repayment
of creditors. Over FY23, Ind-Ra expects the company's cash flow
from operations to be positive, but the free cash flows are likely
to turn negative in case of significant capex.

SMW had witnessed delays in term loan repayments until December 22,
2020, post which they were refinanced through the NCDs raised and
since then the repayments on NCDs and working capital have been
regular up to February 2022. Majority debt repayment obligations
have been deferred post refinancing.

Likely Deterioration in Credit Metrics; Dependent on Subsidy
Realizations: SMW's organic EBITDA is inadequate to service its
debt obligations; further, considering the high-cost debt, the
interest obligations are also on the higher side. However,
including the subsidy flow, which has been sporadic (FY21: INR516
million; FY20: INR1,969 million), the fund flows from operations
(FFO) interest coverage (FFO/gross interest) remained comfortable
at 4.34x in FY21 (FY20: 3.72x) and the FFO adjusted net leverage
(debt-cash/FFO) stood at 2.75x (2.76x). While Ind-Ra expects the
FFO net leverage to remain below 3.75x (due to the conversion of
partial debt to equity in 11MFY22), the FFO interest coverage could
fall below 2.75x, breaching the negative trigger, due to lower
expected realization of subsidy and lower absolute EBITDA in FY22
and FY23. The same, the agency believes, will remain dependent on
the timeliness of the subsidy realizations.

Ind-Ra has treated the company's non-convertible, cumulative and
redeemable preference shares of INR1,565 million as debt and the
FFO interest coverage includes the dividends thereon up to FY21. In
11MFY22, INR1,369 million of the total preference shares has been
converted to compulsorily convertible preference shares which shall
be a part of the equity.

Uncertain Capital Investment Plans: SMW's business model depends
upon incurring additional capex to remain eligible for availing
subsidy benefits and for improving the company's organic EBITDA
margins. Amid the ongoing change in shareholding, Ind-Ra has
limited information on the capex plans which are critical for SMW's
subsidy income.  The company's capex assumptions for FY23-FY24 are
subject to plan finalization and availability of funds, but that
could also restrict SMW's subsidy eligibility, leading to a lower
subsidy income.

Over 11MFY22, as a step towards partial backward integration, the
company has revamped the existing sponge iron facilities
(87,000TPA) at a capex of around INR450 million, funded through
internal accruals and the Industrial Promotion Scheme subsidy
receivable. Such facilities were not operational since July 2015.
From April 2022, around 30,000TPA of the sponge iron capacity shall
begin trial runs.

Multiple Restructuring and Refinancing: During FY11-FY18, SMW was
led into financial stress, owing to its inefficient operations, low
capacity utilizations along with an unsuccessful attempt to set up
an imported sponge iron manufacturing plant in FY11 on the back of
technical difficulties and subsequent losses. Post this, the
company's debt was restructured thrice over FY13-FY19. In February
2020 and thereafter in December 2020, SMW refinanced 100% of its
outstanding term loans through NCDs (INR2,150 million). While over
FY10-FY22, the promoter group extended financial support to the
tune of around INR3,300 million as equity or unsecured loans, the
same was insufficient to prevent any of the previous restructuring
processes.

High Dependence on Subsidy Income: SMW has been awarded the status
of a mega project and is eligible for the Industrial Promotion
Scheme of the government of Maharashtra under the Package Scheme of
Incentives, 2007, up to FY21, for a maximum amount of INR7,820
million. Under the scheme, the fixed capital investments determine
the capital subsidy eligibility, which is allowed each year by way
of 100% goods and services tax refund for sales within Maharashtra.
Such subsidies aid the company in sustaining positive EBITDA as
they comprise majority of the EBITDA earned every year (11MFY22:
54%; FY21: 65%; FY20: 164%). Furthermore, as per a letter dated 13
November 2019, SMW has been allowed an extension on the investment
period, up to FY25, with an additional capital subsidy amount of
maximum INR8,000 million, subject to actual capex. However, the
timing of the subsidy realization is highly critical for SMW's cash
flows, liquidity and funding future capex.

Price Volatility Risk: Maharashtra-based SMW is a mid-sized
low-integrated long product player. The company has limited
presence across the value chain of rolled long products – billets
& TMT bars. The commoditized nature of products exposes SMW to
volatility in the prices finished products. It procures raw
materials – sponge iron and mild steel scrap – at spot rates,
exposing its EBITDA margins to raw material price fluctuation risk.
Furthermore, as it does not have a captive power plant to support
operations, it is dependent on the state grid to meet its entire
power requirement. Low integration leads to lower cost control,
increasing the company's vulnerability to industry cycles.

Rating Sensitivities

The RWN indicates that the ratings could be affirmed or downgraded
upon resolution. Ind-Ra would resolve the watch upon completion of
the formalities for the change in shareholding and getting more
clarity on the capital structure and capex plans thereafter.

Company Profile

Incorporated in 2004, SMW (formerly known as Mahalaxmi TMT Pvt.
Ltd.) commenced operations in 2010 as a steel venture of Sangam
group (textile major based in Rajasthan). It manufactures mild
steel billets (5,60,000TPA) and TMT bars (5,00,000TPA) in Wardha
(Maharashtra) under the brand name Sangam Steel.

It also has an installed capacity for manufacturing sponge iron
(87,000TPA), but it is not operational since July 2015 due to
technical reasons. SMW has undertaken capex in FY22 and partial
facilities (30,000TPA) is likely commence operations in 1QFY23.   



JAY SOMNATH: CARE Lowers Rating on INR11.21cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jay Somnath Paper Mill (JSPM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.21       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2021, placed the rating(s) of JSPM under the 'issuer
non-cooperating' category as JSPM 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. JSPM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2021, December 30, 2021, January 9,
2022.

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

Rajkot-based (Gujarat), JSPM was established in January 2016 by Mr.
Rahman Viradiya, Mr. Bakulbhai Viradiya, Mr. Girishbhai Kathiriya,
Mr. Vijaybhai Kathiriya, Mr. Jayraj Kathiriya, Mr. Kanthibhai
Vagasiya and Mr. Mayur Bhai Movaliyato carry out business of
manufacturing kraft paper. JSPM has completed a green-field project
to manufacture kraft paper with an installed capacity of 21,000 MT
per annum at its manufacturing facilities located at Rajkot,
Gujarat. JSPM is commenced operations from end of April 2017
onwards.


KANISKA GARMENTS: CARE Lowers Rating on INR9.80cr LT Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kaniska Garments (KG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.80       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of KG under the 'issuer non-cooperating'
category as KG 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. KG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 22, 2021, January 1, 2022, January 11, 2022.

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

Tamil Nadu based, Kaniska Garments (KG) was established on July 28,
1988 and promoted by Mr. V. Senthil Kumar. The firm is mainly
engaged in manufacturing of garments since inception. The
manufacturing process contains knitting fabric, dyeing and
bleaching for making finished cotton garments.


KRISHNA EDUCATIONAL: Ind-Ra Keeps D Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Krishna
Educational & Charitable Society's bank facilities' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR66 mil. Term loan (Long-term) due on July 2017 - January
     2019 maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Working capital facility (Long-term) maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 5, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Shree Krishna Educational & Charitable Society was established in
2008 under the Societies Registration Act, 1860. The society
operates two institutes in Barnala, Punjab, namely Aryabhatta Group
of Institutes and Aryabhatta College.


M.P. ENGINEERING: CARE Lowers Rating on INR0.50cr Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
M.P. Engineering (ME), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      4.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2021, placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME 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. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 19, 2021, December 29, 2021, January 8, 2022.

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

Umaria (Madhya Pradesh) based M.P Engineering (ME) was formed in
2009 as a partnership firm by Mr Romesh Gupta and Mr Ambrish Kumar
Tripathi. Later, in November 2013, Mr Ambrish Kumar retired from
the firm and Mrs. Ritu Gupta entered into the firm. MPE is engaged
in Government civil construction for construction of roads and
buildings. The firm mainly executes civil construction contract of
Public Works Department (PWD), M.P Police Housing and
Infrastructure Development Corporation Limited.


M/S KAVERI: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s. Kaveri Agro
Industries Private Limited (KAIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR37.2 mil. Term loan due on October 2026 assigned with IND
     BB+/Stable rating;

-- INR10 mil. Proposed non-fund-based working capital limits
     assigned with IND A4+ rating; and

-- INR2.8 mil. Proposed term loan assigned with IND BB+/Stable
     rating.

The ratings  reflect KAIPL's small scale of operations, average
EBITDA margins and stretched liquidity. However, the ratings are
supported by the company's comfortable credit metrics.

Key Rating Drivers

KAIPL's revenue declined to INR237.89 million in FY21 (FY20:
INR302.03 million) owing to decline in commodity prices. During
11MFY22, the company booked revenue of INR305.99 million. Ind-Ra
expects the revenue to have remained at similar levels in FY22. The
ratings also factor in seasonality of the business, limiting
revenue visibility.

The ratings also factor in KAIPL's average EBITDA margin of 6.42%
in FY21 (FY20: 6.65%) with a return on capital employed of 12.4%
(19.3%). Ind-Ra expects the margin to remain at similar level in
the near term because of stable operations.

Liquidity Indicator - Stretched: The company's average maximum
utilization of the fund-based limits was 41% during the 12 months
ended February 2022; however, the sanctioned limit is only INR50
million, leaving a small cushion to borrow. The cash flow from
operations declined to INR9.78 million in FY21 (FY20: INR25.55
million). This, along with capex of INR33.16 million in FY21 for
purchase of machinery, caused the free cash flow to turn negative
to INR23.83 million (FY20: INR25.43 million). KAIPL had an
elongated net working capital cycle of 52 days in FY21 (FY20: 5
days), due to increase in the receivable period to 17 days (5 days)
and inventory holding period to 43days (4 days). The company had a
low cash and cash equivalent balance of INR2.22 million at FYE21
(FYE20: INR0.11 million). Furthermore, KAIPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

However, the ratings are supported by KAIPL's comfortable credit
metrics as reflected by the interest coverage (operating
EBITDA/gross interest expenses) of 4.32x in FY21 (FY20: 7.86x) and
the net leverage (total adjusted net debt/operating EBITDAR) of
2.86x (0.73x). The deterioration in the credit metrics as the
company availed INR30 million of term loan for purchasing
machinery. However, Ind-Ra expects the credit metrics to improve in
the short term due to scheduled debt repayments of INR8.5 million
in FY23 and INR7.3 million in FY24.

The ratings also benefit from the promoters' over three decades of
experience in the agricultural industry, leading to established
relationships with customers and suppliers.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics and liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
exceeding 4.5x or pressure on the liquidity position, all on a
sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in 1993, KAIPL is engaged in processing of mango pulp.
Its manufacturing unit, located in Krishnagiri, Tamil Nadu, has a
production capacity of 174 metric tons per day.


MA MONI: CARE Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ma Moni
Cold Storage Private Limited (MMCSPL) continues 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  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of MMCSPL under the 'issuer
non-cooperating' category as MMCSPL 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. MMCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 14, 2021, December
24, 2021, January 3, 2022.

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).

Ma Moni Cold Storage Private Limited (MMCSPL) was incorporated on
May 28, 1987 for setting up a cold storage facility by Samanta
family of Paschim Medinipur, West Bengal. MMCSPL is engaged in the
business of providing cold storage services primarily for potatoes
to local farmers and traders on rental basis with an aggregate
storage capacity of 233,100 metric ton per annum (MTPA). The cold
storage is located at Paschim Medinipur district of West Bengal.
Besides providing cold storage facility, the company also provides
interest bearing advances to farmers & traders for potato farming &
storing purposes against potato stored. The board of MMCSPL
comprises six directors, belonging to the promoter's family &
relative. The day to day operations of the company are being
managed by Mr. Bajradhari Samanta with adequate support from the
other co-directors.


MALAR TEXTILES: CARE Lowers Rating on INR8.40cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Malar Textiles (MT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 5,
2021, placed the rating(s) of MT under the 'issuer non-cooperating'
category as MT 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. MT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 22, 2021, January 1, 2022, January 11, 2022.

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

Malar Textiles (MT) was incorporated in 1997 by Mr. Kalichamy and
Mr. Viswanathamurthy in Coimbatore, Tamil Nadu. The firm is engaged
in manufacturing of grey fabrics which are used for garments and
industrial uses.


MASTER WEAVER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Master Weaver Ethnics India Private Limited
        Shop No. 337, 338, PVT Market
        Kothapet Cross Roads
        Dilsukhnagar Hyderabad
        TG 500035
        IN

Insolvency Commencement Date: April 8, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 5, 2022

Insolvency professional: Malireddy Ramana Reddy

Interim Resolution
Professional:            Malireddy Ramana Reddy
                         Flat No. 202, H.No. 8-3-191/155 (16/A)
                         Sai Saurabh Residency
                         Venga I Rao Nagar
                         Hyderabad 500038
                         Telangana

                            - and -

                         Flat No. 403, Nirmal Tower
                         Dwarakapuri Colony
                         Beside Sai Baba Temple
                         Punjagutta, Hyderabad 500082
                         E-mail: ramanareddycsrp@gmail.com

Last date for
submission of claims:    April 23, 2022


MAYOR SPORTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mayor Sports Private Limited
        384/2, First Floor, Balraj & Sons Building
        100 ft Road, Ghitorni
        New Delhi, South West Delhi 110030

Insolvency Commencement Date: April 11, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 7, 2022

Insolvency professional: Chetan Gupta

Interim Resolution
Professional:            Chetan Gupta
                         604-605, PP City Centre
                         Road No. 44, Pitampura
                         Delhi, New Delhi 110034
                         E-mail: chetan.gupta@
                                 apacandassociates.com
                                 ip.mayorsports@gmail.com

Last date for
submission of claims:    April 26, 2022


MCCHEM-ANLAGEN ENERGIES: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Mcchem-Anlagen Energies & Infratech Private Limited
        16/22, Uttar Gangotri Commercial Complex
        Supela, Bhilai Drug 490023

Insolvency Commencement Date: April 7, 2022

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: October 3, 2022

Insolvency professional: Mr. Anil Kumar Agrawal

Interim Resolution
Professional:            Mr. Anil Kumar Agrawal
                         31/884, Old Pipe Factory Road
                         New Shanti Nagar
                         Near Tandon Diary
                         Raipur 492001
                         E-mail: anilrgopal1968@gmail.com

                            - and -

                         C/o ADB & Company
                         First Floor, Mahavir Gaushala Complex
                         Gaushala Complex, K.K. Road
                         Moudhapara, Raipur 492001
                         E-mail: irp.maeipl@gmail.com

Last date for
submission of claims:    April 20, 2022


MCDOWELL HOLDINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: McDowell Holdings Limited
        UB Tower, Level 12
        UB City 24
        Vittal Maliya Road
        Bangalore

Insolvency Commencement Date: Apri 8, 2022

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: October 5, 2022

Insolvency professional: Konduru Prasanth Raju

Interim Resolution
Professional:            Konduru Prasanth Raju
                         B-804, Shriram Suhaana Apartments
                         Harohalli, Nagenahalli Gate
                         Yelahanka, Bangalore
                         Karnata 560064
                         E-mail: ipkpraju@gmail.com

                            - and -

                         UB Tower, Level 12
                         UB City
                         Vittal Maliya Road
                         Bangalore 560001
                         E-mail: irprpmcdwl@gmail.com

Last date for
submission of claims:    April 22, 2022


MEHTA AND ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehta and
Associates Fire Protection Systems Private Limited (MAFPSPL)
continues to remain in the 'Issuer Not Cooperating ' category.

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

   Long Term/           8.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      2.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of MAFPSPL under the 'issuer
non-cooperating' category as MAFPSPL 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. MAFPSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 15, 2021, December
25, 2021, January 4, 2022.

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).

Ahmedabad-based (Gujarat), MAFPSPL was incorporated in October 1984
as a private limited company primarily promoted by Mr. Jayant
Mehta. Later Mr. Kunal Mehta and Mr. Kaushal Mehta joined MAFPSPL
as directors in 2001 and 2005 respectively. MAFPSPL imparts service
of designing fire detection and protection system as per the
requirement of clients and later implements the same by assembling,
erecting and commissioning fire suppression system, fire detection
system, firefighting system and allied products mainly designed for
heavy power equipment. MAFPSPL also carries out research and
development (R & D) activities pertaining to fire protection system
from its R & D centre situated in 2 CARE Ratings Limited Press
Release Ahmedabad, Gujarat. It mainly caters to power sector
industries which include government as well as private entities
spread across India.


MOSAVI ENTERPRISES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mosavi
Enterprises Private Limited's Long-Term Issuer Rating of 'IND B'.
The rating was on Rating Watch Evolving (RWE).

The instrument-wise rating action is:

-- INR960 mil. Non-convertible debentures (NCDs) ISIN
     INE280Y07017 issued on August 10, 2017 coupon rate 1.00% due
     on August 9, 2022 is withdrawn.

Ind-Ra is no longer required to maintain the ratings, as the NCDs
have been paid in full. The same has been confirmed by the trustee.


Company Profile

Incorporated in May 2017, Mosavi is engaged in material handling
operations, transportation and storage across ports. The company
commenced commercial operations in September 2017. In addition, it
leases equipment used for lifting cargo onto ships and unloading of
cargo from ships, transport vehicles that move goods/cargo between
ships and warehouses, and others.



NAMITA RICE: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Namita Rice
Mill Private Limited (NRMPL) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.75       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.19       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 1,
2021, placed the rating(s) of NRMPL under the 'issuer
non-cooperating' category as NRMPL 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. NRMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 18, 2021, December
28, 2021 and January 7, 2022.

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).

Namita Rice Mill Private Limited (NRMPL) was incorporated on  May
2, 2011 in the name of 'Sree Jaganath Enterprises Private Limited'.
However, later on September 26, 2017 the name of the company has
changed to its current name i.e. 'Namita Rice Mill Private
Limited'. It is a Nadia; West Bengal based company promoted by Mr.
Sujit Kumar Ghosh and Mrs. Chameli Ghosh to initiate business of
milling and processing of rice.

NATIONAL STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: National Steel and Agro Industries Limited
        621, Tulsiani Chambers
        Nariman Point, Mumbai
        MH 400021
        IN

Insolvency Commencement Date: April 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 9, 2022

Insolvency professional: Dushyant C Dave

Interim Resolution
Professional:            Dushyant C Dave
                         1101 Dalamal Towers
                         Nariman Point
                         Mumbai 400021
                         India
                         E-mail: dushyant.dave@
                                 decoderesolvency.com

                            - and -

                         1101, Floor-11, Plot-211
                         Plot-211, Dalamal Tower
                         Free Press Journal Marg
                         Nariman Point, Mumbai
                         Maharashtra 21
                         E-mail: cirp.nsail@decoderesolvency.com

Last date for
submission of claims:    April 25, 2022


NEOASKA PHARMA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Neoaska Pharma Pvt Ltd
        401, 4th Floor, Manjeera Trinity Corporate
        JNTU-Hitech City Road
        Kukatpally, Hyderabad 500072

Insolvency Commencement Date: April 6, 2022

Court: National Company Law Tribunal, Hyderabad Bench-I

Estimated date of closure of
insolvency resolution process: October 3, 2022

Insolvency professional: Mr. Gullapalli Kishore Babu

Interim Resolution
Professional:            Mr. Gullapalli Kishore Babu
                         11-11-169, Sowbhagyapuram
                         Road No. 1, Kothapet
                         Near Venkateswara Swamy Temple
                         Opposite Srinivasa Kalyana Mandapam
                         Hyderabad, Telangana 500035
                         E-mail: gkishorebabu@gmail.com

                            - and -

                         Plot No. 16 (11-20-18)
                         Shop-cum-Flat, Huda Complex
                         Hyderabad, Telangana 500035

Last date for
submission of claims:    April 20, 2022


NJA INDUSTRIES: CARE Cuts Rating on INR5.00cr LT/ST Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
NJA Industries Private Limited (NIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   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 and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term Bank     20.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of NIPL under the 'issuer
non-cooperating' category as NIPL 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. NIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2021, December 24, 2021 and January
3, 2022.

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 NIPL have been
revised on account of non-availability of requisite information.
The rating also factored in significant decline in scale of
operations, profitability and debt coverage indicators during FY21
over FY20.

Analytical approach: Combined till FY19. Standalone from FY20
onwards

Earlier, CARE has taken combined approach in analysis for arriving
ratings of NIPL and Disha Transformers (hereinafter referred as
NJA), as these entities are owned and managed by same promoter
family and have significant business and financial interlinkages
with operations in same value chain. Majority of Sales of Disha
Transformer is to NIPL in FY19 (87%). Further, due to lack of
sufficient information of Disha Transformers, standalone financials
have been considered from FY2 onwards.

Incorporated in 2009 through merger of NJA Industries and Jyoti
Trading Co., NJA Industries Private Limited (NIPL)
(CIN:U31100GJ2009PTC056478) engaged in manufacturing of
distribution transformers and lamination cores. NIPL is currently
managed by Mr. Akhil Jain and has total installed capacity of
15,000 mega volt ampere (MVA) per annum as of March 31, 2019 for
wide range of ratings 10 kVa (Kilovolt amperes), 16 kVa, 25 kVa, 40
kVa, 63 kVa, 100 kVa and up to 1600 kVa which find application in
power sectors. NIPL is ISO 9001: 2015 certified company. Other
Group entity includes, Disha Transformers, established in 2015 for
manufacturing of distribution transformers and currently, it is
executing job work of NIPL.


P.R. FASTENERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.R.
Fasteners Private Limited (PFPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of PFPL under the 'issuer
non-cooperating' category as PFPL 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. PFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 29, 2021, January 8, 2022, January 18,
2022. 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).

Gurgaon, Haryana, based P.R. Fasteners Private Limited (PFPL) was
incorporated in August, as a private limited company. The company
is managed by Mr Vijender Verma and Mr Sanjay Verma. The company is
engaged in manufacturing of fasteners such as nuts and bolts that
finds its application in the automobile industry. The company has
its manufacturing facility located at Gurgaon, Haryana with an
installed capacity of 800 – 1000 tonnes per month. The company
procures raw materials i.e. round coil, bright bar, tubes etc. from
the manufacturers located in Haryana like A.V. Wires Private
Limited, C. Lal Alloys Private Limited, Ubhi Engineering Works
etc.The company sells its products to auto components manufacturers
(OEMs) based in Haryana like Hilex India Private Limited, Fiem
Industries Limited, Jay Ushin Limited etc., public sector entity
like BSES Rajdhani Power Limited. Further, the company also sells
its products for various projects which they receive orders by
bidding for tenders.


PUNJAB RENEWABLE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Punjab Renewable
Energy Systems Private Limited's (PRESPL) Long-Term Issuer Rating
to 'IND BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Working capital facility is withdrawn (paid in
     full);

-- INR62.45 mil. Term loan due on December 31, 2026 is withdrawn
     (paid in full);

-- INR200 mil. (reduced from INR250 mil.) Fund-based working
     capital facility downgraded with IND BB+/Stable/IND A4+
     rating; and

-- INR550 mil. (increased from INR337.55 mil.) Proposed term loan

     downgraded with IND BB+/Stable rating.

Analytical Approach: Ind-Ra has taken a consolidated view of PRESPL
and its wholly owned subsidiaries, PRES Clean and Green Energy
Private Limited (PCGEPL), Punjab Renewable Power Private Limited
(PRPPL) and PRES Oorja Private Limited (PROPL), owing to strong
operational and strategic linkages among them. PRESPL has extended
a corporate guarantee to the debt of PCGEPL and PRPPL.

The downgrade reflects the continued EBITDA losses incurred by the
company during FY21-9MFY22, resulting in weak credit metrics.
Furthermore, the liquidity position remained stretched during the
same period.

Key Rating Drivers

On a consolidated basis, PRESPL's EBITDA remained negative at
INR0.95 million in FY21 (FY20: loss of INR51.21 million) due to
lower absorption of fixed costs owing to the fall in revenue.
Furthermore, during 9MFY22, PRESPL continued to report an EBITDA
loss, amounting to INR99.2 million, due to an increase in biomass
prices and continued low absorption of fixed costs. The
profitability margins remained susceptible to fluctuations in
biomass prices, as the availability of the same primarily depends
on the harvesting periods and monsoon. Hence, the inability of the
company to pass on the same due to lack of price escalation
mechanism (especially for the existing contracts) could impact the
profitability. Ind-Ra expects the company to continue to incur
EBITDA losses over the short-to-medium term.  The ratings reflect
PRESPL's weak credit metrics due to the EBITDA losses being
incurred by the company.  Ind-Ra expects the metrics to remain weak
in FY22 due to the debt-led capex plans and weak profitability,
though the extent of the impact shall depend upon the company's
ability to expand its supply chain management (SCM) segment to
minimize price fluctuations along with its ability to pass on price
fluctuations to its customers.

Liquidity Indicator – Stretched: The maximum average utilization
of PRESPL's working capital limit was 75% over the nine months
ended January 2022.The company's consolidated cash flow from
operations remained negative at INR134.06 million in FY21 (FY20:
negative INR171.22 million) due to EBITDA losses. In FY22, PRESPL
infused fresh equity of INR300 million through the onboarding of
Mitsui & Company Limited. Despite this, Ind-Ra expects the cash
flow from operations to remain negative in FY22 on account of
continued losses. The net cash cycle improved to 198 days in FY21
(FY20: 256 days), because of a decline in the  inventory period to
169 days (203 days) and increase in the creditor period to 44 days
(19 days). The inventory period reduced substantially in FY21 due
to the increase in revenue. However, Ind-Ra expects the working
capital cycle to remain stable over the near term on account of the
commencement of various projects. PRESPL's cash balance reduced to
INR34.89 million at FYE21 (FYE20: INR163.04 million). It has
repayment obligations of INR21 million and INR74.85 million in FY22
and FY23, respectively, which are likely to be met through internal
accruals. The same will also be supported through the proposed
reimbursement through term loan to be availed against the
unleveraged briquetting plants and proposed equity infusion during
FY23.

In FY21, PRESPL incurred capex of INR153.69 million, funded through
equity infusion, towards the installation of a boiler plant for its
BOOT project and the construction/ enhancement of capacities for
briquette manufacturing plants for PROPL's projects. According to
the management, PRESPL will incur capex of around INR5,626 million
over FY22-FY25 for steam BOOT, SCM and for the construction of
briquette manufacturing units. About 70% of this capex will be met
through external debt, and the balance through equity infusion.
Hence, PRESPL's ability to raise funds through availing of debt,
and infusion of equity against the same, remain critical growth
aspects for the company. Moreover, the debt and equity raising
against the capex projected for FY23 are yet to be tied up by the
company.

The ratings are constrained by the continued small scale of
operations on a consolidated basis, as indicated by consolidated
revenue of INR670.98 million in FY21 (FY20: INR341.85 million). The
revenue increased due to increased sales of biomass, which
constituted 27.94% of the total revenue in FY21 (FY20: 7.26%).
However, the revenue in FY21 was lower than the levels expected by
Ind-Ra due to lower offtake from customers and delayed
commissioning of projects by its customers during the year. During
9MFY22, the company achieved a revenue of INR670.2 million. Ind-Ra
expects the revenue to grow on a yoy basis to over INR900 million
in FY22, mainly on the account of the commencement of contracts
that the company had signed in FY21 and the additional contracts
signed in FY22 across the SCM, operation & maintenance (O&M) and
build, own, operate, transfer (BOOT) segments. The growth in
revenue in FY22 would also be supported by briquette sales, which
would contribute about 25% to the projected revenue, backed by the
commencement of operations of PROPL's six briquette manufacturing
plants. Moreover, the contracts under BOOT, which define a fixed
offtake for the next 10 years, and the fixed-revenue contracts
under the O&M model provide a revenue visibility of about INR500
million in FY22. The successful implementation of the projects and
the achievement of growth from new projects remain key rating
monitorables.

The ratings are supported by PRESPL's presence in each stage of its
industry value chain. PRESPL operates in various segments such as
the manufacturing of briquettes and pellets, the supply of raw
biomass and steam, and the operation and maintenance of boilers. In
addition, PREPSL, through its subsidiaries - PRPPL and PCGEPL, has
entered into long-term BOOT contracts to supply steam. It has
established PROPL for operating its briquette manufacturing units.

The ratings benefit from PRESPL's strong customer base. The company
caters to well-established players such as Sun Pharmaceutical
Industries Limited, L'Oreal India Private Limited and Glenmark Life
Sciences Limited in the BOOT segment, and Pepsico India Holdings
Private Limited and Cipla Limited for steam generation in the O&M
segment. Furthermore, the company has also signed various contracts
with existing and new reputed clients such as Britannia Industries
Limited, Aarti Group, JSW Cement, JK Cement Limited, and Ultratech
Cement Limited in the BOOT, O&M and SCM segments, which are likely
to commence over FY23.

The ratings benefit from the government support offered to the
biomass industry. As biomass is a carbon-neutral source of energy,
it has been supported by various government initiatives with the
aim of reducing carbon emissions and lowering the dependence on
non-renewable resources of power. Moreover, as informed by the
management, PRESPL is the only organized player with integrated
operations in the domestic industry.

The ratings factor in the promoter's decade-long experience in the
biomass industry. Also, PRESPL is backed by various financial and
strategic investors, who hold around 68.07% stake in the company.
This has helped the company expand in the bio-energy sector.
Furthermore, PRESPL is being led by personnel with considerable
experience in biomass aggregation and supply chain management, and
the commissioning, operations and the maintenance of biomass
briquettes-based steam generation plants.

On a standalone basis, in FY21, PRESPL reported a revenue of
INR731.17 million in FY21 (FY20: INR353.96 million) and witnessed
EBITDA losses.

Rating Sensitivities

Negative: The following developments will be negative for the
ratings:

-- substantial time or cost overruns in the projects under
construction.

-- continued deterioration in profitability or substantial
deterioration in the liquidity position or the net leverage
exceeding 5x.

Positive:  Sustained improvement in the business profile, resulting
in better profitability along with an improvement in the liquidity
position and scale of operations, and timely completion of
ongoing/new projects, resulting in net leverage of less than 5x
will be positive for rating.

Company Profile

PRESPL is engaged in the supply of biomass, briquettes and steam to
various process plants through supply chain management,  steam
generation and the O&M model, briquette manufacturing, and the BOOT
model.


R V PLASTIC: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R V Plastic
Limited's (RVPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR240 mil. (increased from INR200 mil.) Fund-based limits
     affirmed with IND BB-/Stable/IND A4+ rating;

-- INR80 mil. Non-fund-based limits affirmed with IND A4+ rating;

     and

-- INR52.80 mil. (increased from INR36.80 mil.) Term loan due on
     March 2026 affirmed with IND BB-/Stable rating.

Key Rating Drivers

The affirmation reflects RVPL's small scale of operations, with its
revenue declining 37% yoy to INR284.19 million in FY21, due to a
reduction in the number of orders received from its customers. The
revenue also declined, on account of the delayed remittances for
its sales in the year, as the company's performance was impacted by
COVID-19-related disruptions. For 10MFY22, RVPL's revenue stood at
INR170 million. In FY22, Ind-Ra expects the revenue to decline
marginally, on account of a decrease in the trading segment. RVPL
managed to achieve sales of INR3052.82 million as Del credere
agent/ DCA Operated Polymer Warehouse (DCA/DOPW)of Indian Oil
Corporation Limited  (IOCL; 'IND AAA'/Stable) in 11MFY22, surging
47% against FY21(INR2079.13 millions) due to an increase in the
number of orders received from IOCL customers comprising the health
care and the automotive sector. Although there was a decline of 37%
yoy in the trading business, RVPL's sales increased 19% yoy as
DCA/DOPW of IOCL in FY21 due to favorable demand conditions.

RVPL has modest EBITDA margins due to the nature of the business as
well as intense competition in the industry. The margins improved
to 8.83% in FY21 (FY20: 5.15%), due to the efficient sales
techniques of experienced promoters who have decades of experience
in trading of polymer granules and the increase in the prices of
polymers in the domestic market. Its return on capital employed was
8.40% in FY21 (FY20: 8.10%). Ind-Ra expects the EBITDA margins to
improve in FY22, due to an increase in the prices in the IOCL
segment which has higher margins.

RVPL's credit metrics remain weak, due to the modest margins. Its
credit metrics deteriorated in FY21, on account of a surge in debt
(FY21: INR241.95 million; FY20: INR213.62 million), and the
subsequent rise in interest expenses. The interest coverage
(operating EBITDA/gross interest expenses) was 1.12x in FY21 (FY20:
1.21x) and the net leverage (adjusted net debt/operating EBITDA)
was 9.08x (8.49x). In FY22, Ind-Ra expects RVPL's metrics to
recover, on the back of the likely improvement in margins.

Liquidity Indicator- Poor: RVPL's working capital utilization was
94.10% for the 12 months ended February 2021. Its cash flow from
operations turned positive at INR2.14 million in FY21 (FY20:
INR26.73 million), due to unfavorable changes in the working
capital. The working capital cycle improved to negative four days
in FY21 (FY20: 28 days), owing to a decline in the inventory days.
The cash and cash equivalents totaled INR6.43 million in FYE21
(FYE20: INR0.49 million) against the total debt of INR241.95
million. The company has been mostly dependent upon its short-term
loans, which have been increasing on a yoy basis for its working
capital requirements.

The ratings, however, are supported by the promoters' more than
four decades of experience in the trading of plastic granules,
which has enabled the company to have decade-old relationships with
most of its customers, and thus helped it secure repeat orders.

Rating Sensitivities

Negative: A deterioration in the scale of operations, leading to a
decline in the credit metrics on a sustained basis, or a
deterioration in the liquidity position will be negative for the
ratings.  

Positive: Substantial growth in the scale of operations, leading to
an improvement in the credit metrics on a sustained basis, with the
interest coverage exceeding 2.0x, and an improvement in the
liquidity position will be positive for the ratings.

Company Profile

Incorporated on January 25, 1995, RVPL trades plastic granules. The
company has its registered office in New Delhi and head office in
Faridabad (Haryana).



SUMAN VILLAS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Suman Villas Private Limited
        Parnami Tower, Sco 50-51
        1st Floor Old Judicial Complex
        Civil Lines Gurgaon
        HR 122001

Insolvency Commencement Date: April 8, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: October 5, 2022

Insolvency professional: Sanjay Garg

Interim Resolution
Professional:            Sanjay Garg
                         193, Agroha Kunj
                         Sector 13, Rohini
                         Delhi 110085
                         E-mail: rp.sanjaygarg@gmail.com

                            - and -

                         Osrik Resolution Pvt. Ltd.
                         908, 9th Floor, D Mall
                         Netaji Subhash Place
                         Pitampura 100034
                         E-mail: cirp.sumanvillas@gmail.com

Classes of creditors:    Homebuyers

Insolvency
Professionals
Representative of
Creditors in a class:    Loveneet Handa
                         Varun Goel
                         Surinder Babbar

Last date for
submission of claims:    April 22, 2022


UPI POLYMERS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: UPI Polymers Private Limited
        Survey No. 2508, Industrial Park
        Survepalli Village
        Venkatachalam Mandal
        AP 524320

Insolvency Commencement Date: April 1, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 27, 2022

Insolvency professional: Dr. Govindarajula Venkata Narsimha Rao

Interim Resolution
Professional:            Dr. Govindarajula Venkata Narsimha Rao
                         House No. B/1201, Lansum Etania
                         Puppalaguda, Near Myhome Avatar
                         Hyderabad 500075
                         E-mail: raogvn@gmail.com
                                 rp.upippl@gmail.com

Last date for
submission of claims:    April 15, 2022


VA REALCON PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: VA Realcon Private Limited
        106, Palco House
        T-10 Main Patel Road
        Patel Nagar, New Delhi 110008

Insolvency Commencement Date: April 8, 2022

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

Estimated date of closure of
insolvency resolution process: October 4, 2022
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         MNK & Associates
                         Company Secretaries
                         G-41, Ground Floor West Patel Nagar
                         Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 cirp.varealcon@gmail.com

Last date for
submission of claims:    April 22, 2022


VAKRANGEE FOUNDATION: Ind-Ra Keeps B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vakrangee
Foundation's bank loan rating in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
B+ (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR35.30 mil. Term loans due on February 2022 maintained in
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

Company Profile

Vakrangee Foundation was established in July 2010 and is
incorporated under the Societies Registration Act, 1973. Founded by
Manish Bohra and Bhawna Bohra, the society runs the Academic World
School in Bemetara, Chhattisgarh.



VAYAM TECHNOLOGIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vayam Technologies Limited
        Thapar House, 124
        Janpath
        New Delhi 110001

Insolvency Commencement Date: April 5, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 3, 2022

Insolvency professional: Ritu Rastogi

Interim Resolution
Professional:            Ritu Rastogi
                         D-1B, Flat No. 9A
                         Janakpuri D Block
                         New Delhi 110058
                         E-mail: ritu_rastogi1@yahoo.co.in
                                 vtlcirp@gmail.com

Last date for
submission of claims:    April 19, 2022


WEARIT GLOBAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Wearit Global Limited
        Crescent Tower, 5th Floor
        229 A J C Bose Road
        Kolkata, West Bengal 700020

Insolvency Commencement Date: April 8, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 5, 2022

Insolvency professional: Rachna Jhunjhunwala

Interim Resolution
Professional:            Rachna Jhunjhunwala
                         Vikram Vihar, Block-H
                         493/B/18, G.T. Road
                         Howrah 711102
                         E-mail: jsa.jhunjhunwala@gmail.com

                            - and -

                         Siddha Weston
                         9 Weston Street
                         Suite No. 134, 1st Floor
                         Kolkata 700013
                         E-mail: cirp.wearit@gmail.com

Last date for
submission of claims:    April 22, 2022


YATRA FOR BUSINESS: Ind-Ra Keeps BB+ Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yatra For
Business Private Limited's (formerly Air Travel Bureau Private
Limited) Long-Term Issuer Rating in the non-cooperating category
while maintaining it on Rating Watch Evolving (RWE). The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The rating will appear as 'IND BB+ (ISSUER NOT COOPERATING)/RWE' on
the agency's website.

The instrument-wise rating actions are:

-- INR1.0 bil. Fund-based working capital limits maintained in
     non-cooperating category and maintained on RWE with IND BB+
     (ISSUER NOT COOPERATING)/RWE/IND A4+(ISSUER NOT
     COOPERATING)/RWE; and

-- INR100 mil. Non-fund-based working capital limits maintained
     in non-cooperating category and maintained on RWE with IND
     A4+ (ISSUER NOT COOPERATING)/RWE.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 3, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Yatra For Business provides business travel services to direct
corporate customers, offering an integrated service portfolio
covering total travel solutions, value-added services and optimal
management of corporate travel budgets.




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

DIDI GLOBAL: To Shut Food Delivery Business in Japan
----------------------------------------------------
Nikkei Asia reports that Chinese ride-hailing company Didi Global
is shutting down its food delivery business in Japan, the latest
sign of retreat as it prepares for a delisting from the U.S.

Nikkei Asia relates that DiDi Food Japan, the subsidiary running
the food delivery service, on April 20 said it will shut down the
business on May 25.  It launched the business in April 2020 in
Osaka and has since expanded to nine prefectures, according to its
website.

"Unfortunately, due to local market conditions, we have made the
difficult decision to discontinue DiDi Food in Japan from May 25,
2022 and will focus on our taxi-hailing services in the country,"
the company said.

Most of DiDi Food's roughly 200 employees will be laid off at the
end of May, according to a LinkedIn post by the company's
recruiting manager, Nikkei Asia relays.  The taxi-hailing service
is run by a separate company, DiDi Mobility Japan.

According to Nikkei Asia, the move is a sign that Didi, once
China's dominant ride-hailing company, is scaling back its global
ambitions after a decision to push ahead with a U.S. listing last
year triggered a backlash from Chinese regulators. Its stock price
has declined by nearly 90% since its trading debut.  The company is
set to hold a shareholders meeting in May to vote on its delisting
plans in the U.S., the report states.

Didi is following in the footsteps of FoodPanda, a food delivery
brand run by Germany-based Delivery Hero, which said in December
that it will sell the Japanese unit.  Japan's online food delivery
industry expanded during the COVID-19 pandemic, but companies have
been burning cash to acquire users.

A person familiar with Didi's food delivery business cited a lack
of support from SoftBank Group, a major Didi shareholder, as a
reason for its struggle in Japan, says Nikkei Asia.  SoftBank has
set up joint ventures with several Vision Fund portfolio companies,
including Didi for its taxi business, in Japan to help localize
their services.  But it did not invest in DiDi Food because it is a
backer of Uber Technologies of the U.S., which is a leading food
delivery player in Japan, the person said.




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

FSBM HOLDINGS: Submits Plan to Bursa to Regularize Status
---------------------------------------------------------
theedgemarkets.com reports that FSBM Holdings Bhd, via Malacca
Securities Sdn Bhd, submitted its proposed plan to Bursa Malaysia
on April 15 to regularise the group's status as an affected listed
issuer under Practice Note 17 (PN17).

In a statement, the group said the plan includes a proposed
issuance of 60 million new shares, a rights issue with free
warrants, disposal of two subsidiaries - FSBM CTech Sdn Bhd and
Unos Sdn Bhd - for MYR2 million, and a capital reduction to trim
its share capital, the report relays.

According to the report, the new share issuance will represent 30%
of FSBM's enlarged issued shares after the issuance, while the
rights issue will involve 250 million shares and be undertaken on
the basis of one rights issue for every one FSBM share held, with
up to 125 million free detachable warrants to be given out on the
basis of one warrant for every two rights shares subscribed on a
date to be fixed.

In a statement filed to Bursa Malaysia, the group said its board of
directors believes that the proposed regularisation plan will help
resolve the going concern considerations of the group that were
raised by its external auditor Moore Stephens Associates PLT (MSA)
on April 14, as well as uplift the group's PN17 status.

It also pointed out that the external auditor's report on April 14
was released before FSBM submitted its proposed regularisation
plan, theedgemarkets.com relates.

On that note, it updated that it had completed its annual audit for
financial year 2021 (FY21), and that it incurred a net loss of
MYR9.3 million for the year, with its current liabilities exceeding
its current assets by MYR5.3 million, which resulted in a deficit
in shareholders' equity of MYR2.9 million.

"This is due to a one-off non-recurring bad debt written off of
MYR8.6 million mitigated by write-backs of liabilities of MYR2.3
million," FSBM said, adding these adjustments were based on the
review conducted by management during FY21 on the assets,
liabilities and equity of the group and company, as most of these
balances have been outstanding and/or without movement for many
years.

"Following the review, certain assets had been written off and/or
written down to their recoverable amounts, leaving the remaining
liabilities stated vide the confirmation exercise conducted, and
with provisions and accruals estimated based on the probability of
outflow of resources required to settle these obligations. Although
these adjustments have been taken as current year adjustments in
the statement of comprehensive income for the current FY21, they
may or may not be in relation to the current financial year," it
added.

theedgemarkets.com adds that FSBM also noted since MSA's
appointment as its external auditor in October 2019, MSA has
expressed disclaimers of opinion on the financial statements of the
group for FY18 ended June 30, 2018, the 18-month financial period
ended Dec 31, 2019 (FPE2019) and FY20.

This was due to, among others, the auditor's inability to obtain
sufficient appropriate audit evidence to provide a basis for an
audit opinion on the financial statements for the three periods
mentioned, as well as on the going concern consideration, it said.

FSBM shares settled 1.5 sen or 4.69% lower at 30.5 sen on April 15,
giving it a market capitalisation of MYR43.1 million, the report
notes.

                        About FSBM Holdings

FSBM Holdings Berhad distributes computers, computer related
products, education related products and provides installation and
maintenance services. Through its subsidiaries, the Group develops
software applications and systems integration, provides data
warehousing systems, and smart community solutions. FSBM also has
operations in multimedia production and communication services.

In December 2019, FSBM Holdings triggered the Practice Note 17 (PN
17) criteria, following a report issued by its auditors expressing
a disclaimer of opinion on the group's audited financial statements
for the financial year ended June 30, 2018.




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

FRONTLINE PERFORMANCE: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------------------
A petition to wind up the operations of Frontline Performance
Limited will be heard before the High Court at Auckland on April
29, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.

The Petitioner's solicitor is:

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


MY TRUSTEE: Court to Hear Wind-Up Petition on June 3
----------------------------------------------------
A petition to wind up the operations of My Trustee Company (Beach
Road) Limited will be heard before the High Court at Auckland on
June 3, 2022, at 10:00 a.m.

Kupe Trustee Company Limited and Kupe Trustee Company No.2 Limited
filed the petition against the company on Dec. 21, 2021.

The Petitioner's solicitors are:

          Heimsath Alexander Solicitors
          Level 1, Shed 22, Prince’s Wharf
          147 Quay Street, Auckland


STRICKLAND CONTRACTING: Court to Hear Wind-Up Petition on April 29
------------------------------------------------------------------
A petition to wind up the operations of Strickland Contracting
Limited will be heard before the High Court at Auckland on April
29, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 13, 2021.

The Petitioner's solicitor is:

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


VANGEN INTERNATIONAL: Court to Hear Wind-Up Petition on April 29
----------------------------------------------------------------
A petition to wind up the operations of Vangen International
Express Limited will be heard before the High Court at Auckland on
April 29, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 13, 2021.

The Petitioner's solicitor is:

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




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

ASIA OUTSOURCING: Creditors' Proofs of Debt Due on May 23
---------------------------------------------------------
Creditors of Asia Outsourcing Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
May 23, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 12, 2022.

The company's liquidators can be reached at:

          Ong Kok Yeong David
          Tay Tuan Leng
          c/o Tricor Singapore Pte. Ltd.
          80 Robinson Road, #02-00
          Singapore 068898


SUNMAX GLOBAL: Placed in Provisional Liquidation
------------------------------------------------
Messrs. Kon Yin Tong and Aw Eng Hai of Foo Kon Tan LLP on April 13,
2022, were appointed as provisional liquidators of Sunmax Global
Capital Fund 1 Pte Ltd.

The liquidators may be reached at:

          Kon Yin Tong
          Aw Eng Hai
          Foo Kon Tan LLP
          24 Raffles Place
          #07-03 Clifford Centre
          Singapore 048621


TYCHAN PTE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Tychan Pte Ltd, on April 13, 2022, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


VINTEL EXPORTS: Court to Hear Wind-Up Petition on May 6
-------------------------------------------------------
A petition to wind up the operations of Vintel Exports (S) Pte Ltd
will be heard before the High Court of Singapore on May 6, 2022, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
April 13, 2022.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542




=================
S R I   L A N K A
=================

SRI LANKA: May Take Weeks to Hire Debt Advisers
-----------------------------------------------
Bloomberg News reports that Sri Lanka may take nearly three weeks
to appoint advisers to guide an overhaul of its debt, according to
the country's finance chief, a move seen as key to unlock emergency
funds needed to ease its worsening economic crisis.

The country is aiming to choose financial and legal advisers in 15
to 20 days, Finance Minister Ali Sabry said in a Bloomberg
Television interview with Kathleen Hays and Haidi Stroud-Watts late
Wednesday [April 20] in Washington.

According to Bloomberg, Sri Lanka is seeking as much as $4 billion
this year to help ease shortages of food, fuel and medicines as its
foreign reserves dry up and it heads for a default on its
international debt. The economic decline in recent weeks has
spiraled into a domestic crisis, with protests seeking the ouster
of President Gotabaya Rajapaksa turning deadly on Tuesday when
police killed at least one person and wounded several others.

About $500 million of the total funds sought by Sri Lanka is
expected to come as emergency aid from the Asian Development Bank
and World Bank in the next six months, Sabry said.

The IMF has said its rapid aid depends on progress on debt
restructuring, but the lender has declined to comment on what
represents adequate steps toward developing a credible debt plan,
Bloomberg relays.

"Our talks have been centered around restructuring, and along with
that to go forward for a proper program with the IMF," the report
quotes Sabry as saying. An IMF program "requires debt restructuring
when they come to the finding that it is not sustainable in the
long run."

While the IMF's board could approve release of funds earlier if
necessary, a first step along that path will be for the country to
appoint advisers to chart the restructuring and payments of debts.
That's accompanied by fiscal reforms and other points, to meet the
requirements of traditional multilateral lenders like the IMF and
WB.

A comprehensive aid package from the IMF may require about six
months, Foreign Minister G.L. Peiris said earlier on April 20 in
Colombo.

Bloomberg adds that Sabry is in Washington with other officials
seeking emergency funds during the so-called spring meetings of the
IMF and World Bank. He added in the interview that Sri Lanka has
been contacted by "a couple" of creditors, and that he also plans
further talks with officials from the U.S., Japan, India and China,
among others.




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

BANGKOK METROPOLITAN: Faces Legal Action as Debt Nears THB38BB
--------------------------------------------------------------
Bangkok Post reports that operation and maintenance costs owed to
Bangkok Mass Transit System Plc (BTSC), as the operator of the BTS
skytrain, by the Bangkok Metropolitan Administration (BMA) are
nearing THB38 billion and may trigger further lawsuits, BTSC CEO
Surapong Laoha-Unya said on April 15.

As of March 2022, debt incurred by the BMA for operation of the BTS
skytrain has reached THB37.14 billion.  The sum consists of an
estimated THB18 billion for operation and maintenance, and almost
THB20 billion for electrical and mechanical installations, the
report discloses.

According to the report, BTSC previously had a lawsuit accepted by
the Administrative Court involving the settlement of a
12-billion-baht debt which City Hall and its business arm Krungthep
Thanakhom (KT) incurred with the company for its operation of the
Green Line extensions and other related expenses since April 2017.

Both parties in the lawsuit were to submit relevant documentation
to the court this week, but the BMA and KT requested an extension.

Bangkok Post relates that Mr. Surapong said his organisation is now
poised to file another lawsuit to account for the over
20-billion-baht in added debt.

The BMA has also yet to settle THB55 billion originally owed by
State Railway of Thailand to BTSC for civil engineering costs
related to the Bearing-Samut Prakan and Mo Chit-Khu Kot extensions,
the report notes. Interest from this sum has grown to approximately
THB10 billion.




=============
V I E T N A M
=============

VIETNAM: Travel Firms Struggle with Absence of Chinese Tourists
---------------------------------------------------------------
VnExpress.net reports that travel companies and hotels in Khanh Hoa
and Quang Ninh provinces, which depend heavily on Chinese tourists,
are worried that their absence could push them to bankruptcy.

Though Vietnam reopened international tourism mid-March, Chinese
tourists have not yet been able to visit the country as China
persists with its zero-Covid policy with lockdown measures and
strict entry restrictions, the report says.

Ha Long Bay in the northern province of Quang Ninh, which borders
China, has been a favorite destination among Chinese visitors.

"The lack of Chinese tourists has caused my company to lose 60-70
percent of its revenues and I fear we can't hold out much longer
and will go bankrupt," Ngo Van Nam, director of the Quang Nam Trade
and Tour Company, which is operating just four tourist boats
instead of the 10 it used to, VnExpress.net relays.

According to the report, Ha Long Tourist Boat Association said 70
percent of 500 plus tourist boats in the world-famous bay currently
remain idle.

VnExpress.net relates that Nam said that before the Covid pandemic,
Chinese tourists accounted for 60 percent of his customers and they
visited the bay between August to April.

While business is sluggish, Nam still has to pay more than VND70
million a month in employee salaries, maintenance, berthing fees
and bank loans.

Though domestic tourism has recovered, the tourists only come visit
Ha Long on weekends and his boats remain idle on weekdays, Nam
said.

Ngo Thanh Tung, director of the Tung Van Tourism Company, said he
has 11 tourist boats but only four have resumed sailing.

VnExpress.net relates that Tung said he was eager for the return of
Chinese tourists who account for 90 percent of his passengers.

Before the pandemic, each boat served two groups of Chinese
tourists every day.

"I just sold my two-star hotel to save my fleet and if Chinese
tourists don't come back soon, I could be on the verge of
bankruptcy," he said.



                           *********


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 2022.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***