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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, June 9, 2022, Vol. 25, No. 109

                           Headlines



A U S T R A L I A

A TEAM: Court Freezes Funds and Assets of Sasha Hopkins and Group
BUY@HOME AUSTRALIA: Second Creditors' Meeting Set for June 17
EARTH MOVING: Second Creditors' Meeting Set for June 16
MONTO & DISTRICT: First Creditors' Meeting Set for June 16
NATIONAL RMBS 2022-1: S&P Assigns Prelim BB (sf) Rating to E Notes

SOLARIS TRUST 2022-1: S&P Assigns Prelim 'BB-' Rating to E Notes
STAR CRUISES: Second Creditors' Meeting Set for June 17
STATEMENT BUILDERS: First Creditors' Meeting Set for June 17
VOYAGE AUSTRALIA: S&P Affirms 'BB-' ICR on New Zealand Divestment
[*] Fitch Puts 48 Australian & NZ RMBS Ratings Under Observation



C H I N A

CHINA EVERGRANDE: China Railway Puts Stake in Unit Up for Sale
JIAYUAN INT'L: Fitch Raises Foreign Currency IDR to 'CC'
TTM TECHNOLOGIES: Fitch Affirms BB LongTerm IDR, Outlook Stable
ZHONGLIANG HOLDINGS: Fitch Cuts Foreign Currency IDR to 'RD'


I N D I A

AARCITY INFRASTRUCTURE: Insolvency Resolution Process Case Summary
AARVEE DENIMS: Ind-Ra Affirms 'tD' Term Loan Rating
ADITI FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ADVANTAGE OVERSEAS: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
APRA ENTERPRISES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable

AUTO PROFILES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
BALAJI LIFESTYLE: Insolvency Resolution Process Case Summary
BHAVYALAXMI INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating
BOSS COTTON: ICRA Keeps B- Debt Rating in Not Cooperating
C I FINLEASE: ICRA Keeps B+ Debt Ratings in Not Cooperating

CENNET BIOPHARMA: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
CHIRAG WHITE-WATER: Insolvency Resolution Process Case Summary
DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
DIAMOND TEXTILE: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
DWARKA DAS: ICRA Keeps B+ Ratings in Not Cooperating Category

EMPIRICAL MEDI SOLUTIONS: Insolvency Resolution Case Summary
FLEXILIS PRIVATE: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
GARG DUPLEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
GEETANJALI UNIVERSITY: ICRA Keeps B+ Ratings in Not Cooperating

GMR ENERGY: ICRA Keeps B/A4 Debt Rating in Not Cooperating
GRJ DISTRIBUTORS & DEVELOPERS: Insolvency Resolution Case Summary
HINDUSTAN MINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
HUDLI AND SONS: Insolvency Resolution Process Case Summary
IND-BARATH ENERGIES: Insolvency Resolution Process Case Summary

INDIAN CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
IVR HOTELS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
IVRCL LIMITED: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
JS INTERNATIONAL: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
JSB ALUMINIUM: ICRA Lowers Rating on INR30cr Cash Loan to B+

KALINDI ISPAT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
KIRTHI POWER: ICRA Lowers Rating on INR10cr Loans to B+
L.A. HOTELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
M.D. AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
MANSA DEVI: ICRA Keeps B+ Debt Rating in Not Cooperating Category

MARUTI KESRI: Liquidation Process Case Summary
MAULI METAL: Ind-Ra Affirms & Withdraws 'BB' LT Issuer Rating
MONEY2ME FINANCE: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
MS GRAPHICS: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
MY CAR: ICRA Withdraws B Rating on INR22.48cr Working Capital

MYTRAH VAYU: ICRA Keeps D Debt Rating in Not Cooperating Category
MYTRAH VAYU: ICRA Keeps D Debt Ratings in Not Cooperating
NORTH WESTERN KARNATAKA: Ind-Ra Assigns BB- Loans Rating
NOVUS GREEN: Insolvency Resolution Process Case Summary
NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating

ORAVEL LIMITED: Fitch Lowers LT Currency IDRs to B-, Outlook Stable
POLESTAR TRADERS: ICRA Keeps D Debt Ratings in Not Cooperating
PURANMAL PHOOLA: ICRA Keeps B+ Debt Rating in Not Cooperating
R. S. H. AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
RAMEE HOTELS: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'

RIDCOR INFRA: Ind-Ra Affirms 'D' Senior Project Bank Loan Rating
RIDDHI SIDDHI: ICRA Keeps B Debt Ratings in Not Cooperating
RITE BITE: Insolvency Resolution Process Case Summary
RRR CONSTRUCTIONS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SARATHY AUTOCARS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable

SEVOKE MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SEWA STEELS: Insolvency Resolution Process Case Summary
SH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
SU TOLL: ICRA Lowers Rating on INR588cr LT Loan to B
SUVIDHA REALTORS: ICRA Keeps B+ Debt Rating in Not Cooperating

TRIMULA INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
VGP MARINE: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
VISHAL SPINTEX: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
VRG INDUSTRIES: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable


J A P A N

TOSHIBA CORP: Staying Public Still an Option as PE Firms Circle


N E W   Z E A L A N D

ALLEN STREET: Court to Hear Wind-Up Petition on June 23
INDESERVE LIMITED: Creditors' Proofs of Debt Due on July 4
MEADD (2018): Creditors' Proofs of Debt Due on Aug. 5
PRO WIRE: Creditors' Proofs of Debt Due on July 15
STORAGE AND DISTRIBUTION: Creditors' Proofs of Debt Due on July 15

VOYAGE DIGITAL: S&P Assigns 'B+' Long-Term ICR, Outlook Stable


S I N G A P O R E

ASTI HOLDINGS: To Be Delisted from SGX
GROUP 12: Creditors' Meeting Set for June 20
NK CERAMIC: Acres Advisory Appointed as Provisional Liquidators
SILVER SKY: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Renegotiating Terms of $1.5BB Yuan-Denom. Swap w/ China

                           - - - - -


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

A TEAM: Court Freezes Funds and Assets of Sasha Hopkins and Group
-----------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
obtained interim orders from the Federal Court to freeze the assets
of company director Sasha Hopkins and two of his companies, The A
Team Property Group Pty Ltd and Sash Investment Holdings Pty Ltd.


Mr. Hopkins and A Team develop real property in Queensland,
Victoria, New South Wales and South Australia and obtain
investments from consumers to fund the purchase and development of
these properties.

ASIC applied for these orders because it is concerned that Mr.
Hopkins and A Team have allegedly:

* told investors they can expect guaranteed returns from the joint
venture property developments of 25-50 per cent over the life of
the development, which was typically forecast to be between 18 and
24 months;

* been carrying on a financial services business without a licence
by providing personal advice to investors, which included advising
investors to rollover their superannuation into self-managed
superannuation funds and using the rolled over superannuation to
invest in property developments;

* been operating an unregistered managed investment scheme that
ought to have been registered; and

* misused investor funds, including converting investor funds into
crypto assets.

Justice Beach ordered that A Team, Sash Investment Holdings and Mr.
Hopkins' assets be frozen, that they disclose their existing assets
to the Court and that a receiver be appointed to Mr. Hopkins'
cryptocurrency assets.

On May 31, 2022, Mr. Hopkins was also ordered to surrender his
passport and be restrained from leaving Australia. On June 6, 2022,
the Court amended the travel restraint order, permitting Mr.
Hopkins to travel to Europe between June 10, 2022 and July 13,
2022.  

ASIC sought the freezing orders to help protect investor funds
while its investigation is continuing. Any person who is concerned
they have invested with A Team, Sasha Investment Holdings or Mr.
Hopkins can contact ASIC at 
ateam.hopkins.investigation@asic.gov.au.

Mr. Hopkins is the sole shareholder, director and company secretary
of A Team and Sash Investment Holdings.   

A Team primarily advertised on social media where it is described
as 'the fastest growing property mentoring company in Australia'.

Since late 2014, Mr. Hopkins is, or has been, the director of 46
companies. ASIC believes that Mr. Hopkins and/or companies
associated with Mr. Hopkins are carrying on or have carried on as
many as 28 property developments. ASIC believes that at least six
of these companies, which were placed into liquidation in 2021,
were involved in ten property developments.

BUY@HOME AUSTRALIA: Second Creditors' Meeting Set for June 17
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Buy@home
Australia Pty Ltd has been set for June 17, 2022, at 2:30 p.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 15, 2022, at 5:00 p.m.

Con Kokkinos of Worrells was appointed as administrator of Buy@home
Australia on May 16, 2022.


EARTH MOVING: Second Creditors' Meeting Set for June 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of Earth Moving
Contractors Pty Ltd Formerly Trading as Earth Moving Contractors
Pty Ltd has been set for June 16, 2022, at 11:00 a.m. via virtual
meeting facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 15, 2022, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Earth Moving on May 12, 2022.


MONTO & DISTRICT: First Creditors' Meeting Set for June 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Monto &
District RSL & Citizens' Memorial Club Inc will be held on June 16,
2022, at 10:30 a.m. via virtual meeting technology.

Michael Beck of Worrells was appointed as administrator of Monto &
District RSL on June 6, 2022.


NATIONAL RMBS 2022-1: S&P Assigns Prelim BB (sf) Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for National
RMBS Trust 2022-1 in respect of Series 2022-1. National RMBS Trust
2022-1 is a securitization of prime residential mortgages
originated by National Australia Bank Ltd. (NAB).

The preliminary ratings reflect:

-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio, including our view that the credit support is
sufficient to withstand the stresses we apply. Credit support for
the rated notes is provided by note subordination, excess spread,
and lenders' mortgage insurance (LMI) cover for 10.9% of the
collateral portfolio. Our assessment of credit risk takes into
account NAB's underwriting standards and approval process, the
servicing quality of NAB, and the support provided by the LMI
policies on 10.9% of the portfolio."

-- S&P's expectation that the rated notes can meet timely payment
of interest and ultimate payment of principal under the rating
stresses. Key rating factors are the level of subordination
provided, the LMI cover, the interest-rate swaps, the principal
draw function, the provision of a liquidity facility, trapping of
excess spread in the loss allocation reserve, and the provision of
an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed by their legal final maturity
date and it does not assume the notes are called at or beyond the
call date.

-- The counterparty exposure to NAB as interest-rate swap
provider, liquidity facility provider, and bank account provider.
Interest-rate risk between any fixed-rate mortgage loans and the
floating-rate obligations on the notes will be appropriately hedged
via interest-rate swaps These counterparty exposures meet S&P
Global Ratings' counterparty criteria.

-- The legal structure of the issuer, which is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

S&P understands that the class A1-G notes will be issued under the
NAB Green Bond Framework. Issuance proceeds from this bond will be
used to purchase green mortgages that meet the eligibility criteria
outlined in the NAB Green Bond Framework. S&P Global Ratings does
not consider the issuer's designation of the notes as "green" in
its credit rating analysis.

  Preliminary Ratings Assigned

  National RMBS Trust 2022-1 in respect of Series 2022-1

  Class A1-A, A$502.5 million: AAA (sf)
  Class A1-G, A$187.5 million: AAA (sf)
  Class A2, A$28.5 million: AAA (sf)
  Class B, A$14.63 million: AA (sf)
  Class C, A$6.50 million: A (sf)
  Class D, A$4.0 million: BBB (sf)
  Class E, A$3.0 million: BB (sf)
  Class F, A$3.37 million: Not rated


SOLARIS TRUST 2022-1: S&P Assigns Prelim 'BB-' Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of residential mortgage-backed securities (RMBS) to be issued by
AMAL Trustees Pty Ltd. as trustee for Solaris Trust 2022-1. Solaris
Trust 2022-1 is a securitization of prime residential mortgage
loans originated by Brighten Home Loans Pty Ltd.

The preliminary ratings reflect the following factors:

-- The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account
Brighten Home Loans Pty Ltd.'s underwriting standards and approval
process, and its servicing quality.

-- The rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

-- S&P's ratings also take into account the counterparty exposure
to Westpac Banking Corp. as bank account provider.

-- S&P also has factored into its ratings the legal structure of
the trust, which is established as a special-purpose entity and
meets our criteria for insolvency remoteness.

-- S&P has assessed the servicing and standby servicing
arrangements in this transaction under its "Global Framework For
Assessing Operational Risk In Structured Finance Transactions"
criteria, published Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes.

  Preliminary Ratings Assigned

  Solaris Trust 2022-1

  Class A-S, A$69.0 million: AAA (sf)
  Class A-L, A$93.0 million: AAA (sf)
  Class B, A$38.0 million: AA (sf)
  Class C, A$42.0 million: A (sf)
  Class D, A$32.0 million: BBB (sf)
  Class E, A$24.0 million: BB- (sf)
  Class F1, A$8.0 million: Not rated
  Class F2, A$8.15 million: Not rated


STAR CRUISES: Second Creditors' Meeting Set for June 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Star Cruises
(Australia) Pty Ltd has been set for June 17, 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 June 15, 2022, at 4:00 p.m.

Desmond Teng of Moore Recovery was appointed as administrator of  
Star Cruises on May 13, 2022.


STATEMENT BUILDERS: First Creditors' Meeting Set for June 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Statement
Builders Pty Ltd (formerly known as TC Build Co Pty Ltd) will be
held on June 17, 2022, at 10:00 a.m. via Zoom.

Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of Statement Builders on June 6, 2022.


VOYAGE AUSTRALIA: S&P Affirms 'BB-' ICR on New Zealand Divestment
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' ratings on Voyage Australia
Pty Ltd. (Voyage) and its related debt issues. S&P also affirmed
the 'BB-' debt issue and '3' Recovery Rating (rounded recovery
estimate: 50%) on Voyage Australia's term loan debt.

The stable outlook reflects S&P's expectation that Voyage will
continue to grow its earnings in its core VNS business and
strengthen its market position in the Australian network services
industry while keeping leverage below 5.0x.

Voyage has sold its New Zealand operations, Orcon Holdings Ltd., to
Voyage Digital (NZ) Ltd. (B+/Stable/--).

S&P said, "Our ratings on Voyage reflect the strengths of the VNS
business coupled with our expectation the company will deleverage
over the next two years. We consider creditworthiness is
constrained by company's smaller size and scale compared to
industry peers, competitive markets, low margin retail division,
and current leveraged capital structure." Post debt payment, the
company's term loan debt stands at about A$1.5 billion.

The VNS division is well-positioned to continue to grow its market
share across its data networks and NBN services. Its well-developed
and extensive network services infrastructure support this. The VNS
division benefits from stable revenue and solid margins from
recurring contracted revenues to enterprise and government
customers. These contracts are typically two to five years and
exhibit relatively low churn. Additionally, concentration risk is
relatively low; no counterparty contributes more than about 5% of
revenues. Nonetheless, risks remain from network competition, which
exposes the group to contract losses or contract renewals at lower
pricing.

S&P said, "We expect that after the divestment of its New Zealand
operations and subsequent debt reduction Voyage will continue to
deleverage from its VNS division cash flow. Voyage used cash
proceeds of about A$340 million from the sale of its New Zealand
operations to prepay a portion of its outstanding debt. Absent the
New Zealand business, we forecast S&P Global Ratings adjusted
debt-to-EBITDA to be just under 5.0x on a look-through basis for
fiscal 2022; we anticipate incremental deleveraging will occur over
the next two years from a combination of modest EBITDA growth and
the modest mandatory amortization of the term loan B (TLB) debt. As
such we forecast, debt-to-EBITDA in the mid to high 4.0x for fiscal
2023. The pace of deleveraging depends, however, on the
stabilization of Voyage's retail business--which we note is under
strategic review."

Voyage's Australian retail and small and midsize enterprise (SME)
segment has a weak earnings profile arising from intense market
competition, as well as declines in its legacy and fixed voice
revenues. Voyage's retail and SME business earnings profiles have
deteriorated against the backdrop of increased competition and
broader secular declines that continue to pressure its low margins.
S&P said, "We do not anticipate any meaningful improvement in
earnings or market share for Voyage's retail and SME businesses.
Management's announced retail separation project and strategic
review are viewed as a pre-cursor to a potential divestment that
would see Voyage evolve into a pure-play network business. We would
not expect a divestment of the retail business to materially affect
our view of the business risk."

S&P said, “The company's unsecured shareholder loan of about
A$1.35 billion from MAM and Aware Super is excluded from our
adjusted debt calculations. The shareholder loan cannot be repaid,
including any amortization, while senior debt is outstanding.
Furthermore, interest payments are capitalizing and there are no
acceleration rights or covenants. We also view the shareholders as
strategic owners with a long-term investment horizon and having the
resources and the willingness to support the business if required.

"Voyage operates in the same group under the same shareholders MAM
and Aware; however, we view that support from the group will only
apply in limited circumstances.We expect Voyage to operate
independently from its newly created sister company, Voyage Digital
(NZ) Ltd., with two distinct boards and management teams. Although
both companies operate in the telco industry, we anticipate little
business interaction between them. This is because of their
different geographies. Nonetheless, because the entities share
parents that have a long-term investment horizon, we expect some
level of support, if needed.

"The stable outlook reflects our expectation that Voyage will
increase its market position in the enterprise network services
industry while limiting pressure on its balance sheet. We expect
Voyage's S&P Global Ratings adjusted debt-to-EBITDA ratio to
deleverage and be below 5.0x.

"We could lower the rating if we expect Voyage to sustain an S&P
adjusted debt-to-EBITDA ratio above 5.0x. This may occur as a
result of debt-funded growth or weaker than expected earnings,
which could arise from failure to renew material network
contracts.

"We consider an upward rating action to be unlikely in the near
term. However, we may raise the rating if the group can sustain its
S&P adjusted debt-to-EBITDA ratio at less than 4.0x, supported by a
robust financial policy framework, and we revise up the group
credit profile on the broader group."

ESG credit indicators: E-2, S-2, G-2


[*] Fitch Puts 48 Australian & NZ RMBS Ratings Under Observation
----------------------------------------------------------------
Fitch Ratings has placed 48 Australian and New Zealand RMBS ratings
Under Criteria Observation (UCO) following the publication of its
APAC Residential Mortgage Rating Criteria on June 2, 2022.

All ratings that could change as a result of the application of
updated criteria will first be placed on UCO under Fitch's criteria
implementation policies. The UCO designation denotes that any
potential rating changes are solely the result of the criteria
revisions and that the underlying fundamentals of the RMBS
transactions have not changed. The ratings themselves, and any
existing Rating Outlook status, will remain unchanged and
unaffected by the UCO.

Fitch will resolve the UCO status of all ratings within six
months.

   DEBT            RATING                                   PRIOR
   ----           ------                                    -----
Avanti RMBS 2021-1 Trust

B NZAVAD1022R0    LT    AAsf    Under Criteria Observation  AAsf
C NZAVAD1023R8    LT    Asf     Under Criteria Observation  Asf
D NZAVAD1024R6    LT    BBB+sf  Under Criteria Observation  BBB+sf

E NZAVAD1025R3    LT    BB+sf   Under Criteria Observation  BB+sf

Basecorp RMBS 2021-2 Trust

B NZBASD1009R1    LT    AAsf    Under Criteria Observation  AAsf
C NZBASD1010R9    LT    Asf     Under Criteria Observation  Asf
D NZBASD1011R7    LT    BBBsf   Under Criteria Observation  BBBsf

Triton Trust No.9 NTX Warehouse Series 2018-1

A                 LT    AAsf    Under Criteria Observation  AAsf
B                 LT    Asf     Under Criteria Observation  Asf
C                 LT    BBBsf   Under Criteria Observation  BBBsf
D                 LT    BBsf    Under Criteria Observation  BBsf
E                 LT    B+sf    Under Criteria Observation  B+sf

Athena 2021-2PP Trust

F AU3FN0065439    LT    Bsf     Under Criteria Observation  Bsf

Avanti RMBS 2019-1 Trust

D NZAVAD1011R3    LT    AA+sf   Under Criteria Observation  AA+sf
E NZAVAD1012R1    LT    AA+sf   Under Criteria Observation  AA+sf

Five Star 2021-1 Trust

B AU3FN0063848    LT    AAsf    Under Criteria Observation  AAsf
C AU3FN0063855    LT    Asf     Under Criteria Observation  Asf
D AU3FN0063863    LT    BBBsf   Under Criteria Observation  BBBsf
E AU3FN0063871    LT    BBB-sf  Under Criteria Observation  BBB-sf


Basecorp RMBS 2021-1 Trust

C NZBASD1004R2    LT    AA+sf   Under Criteria Observation  AA+sf

Five Star 2019-1 Trust

C AU3FN0052288    LT    AA+sf   Under Criteria Observation  AA+sf
D AU3FN0052296    LT    AA+sf   Under Criteria Observation  AA+sf
E AU3FN0052304    LT    AA-sf   Under Criteria Observation  AA-sf
F AU3FN0052312    LT    A +sf   Under Criteria Observation  A+sf

Avanti RMBS 2020-1 Trust

D NZAVAD1017R0    LT    A+sf    Under Criteria Observation  A+sf
E NZAVAD1018R8    LT    A+sf    Under Criteria Observation  A+sf
F NZAVAD1019R6    LT    A+sf    Under Criteria Observation  A+sf

Bluestone Prime 2021-1 Trust

B AU3FN0061206    LT    AAsf    Under Criteria Observation  AAsf
C AU3FN0061214    LT    A+sf    Under Criteria Observation  A+sf
D AU3FN0061222    LT    BBB+sf  Under Criteria Observation  BBB+sf
E AU3FN0061230    LT    BB+sf   Under Criteria Observation  BB+sf

Athena 2021-1PP Trust

F AU3FN0062758    LT    Bsf     Under Criteria Observation  Bsf

Bluestone CBA Warehouse Trust 2015

C                 LT    Asf     Under Criteria Observation  Asf
D                 LT    BBBsf   Under Criteria Observation  BBBsf
E                 LT    BBsf    Under Criteria Observation  BBsf
F                 LT    Bsf     Under Criteria Observation  Bsf

WB Trust 2014-1

B AU3FN0025177    LT   AA+sf    Under Criteria Observation  AA+sf
C AU3FN0025185    LT   AA-sf    Under Criteria Observation  AA-sf

Bluestone Mortgages Warehouse Trust

B                 LT    AAsf    Under Criteria Observation  AAsf
C                 LT    Asf     Under Criteria Observation  Asf
D                 LT    BBBsf   Under Criteria Observation  BBBsf
E                 LT    BBsf    Under Criteria Observation  BBsf
F                 LT    Bsf     Under Criteria Observation  Bsf

RedZed Trust Series 2021-3

B AU3FN0063921    LT    AAsf    Under Criteria Observation  AAsf
C AU3FN0063947    LT    Asf     Under Criteria Observation  Asf
D AU3FN0063939    LT    BBBsf   Under Criteria Observation  BBBsf
E AU3FN0063954    LT    BBsf    Under Criteria Observation  BBsf
F AU3FN0063962    LT    B+sf    Under Criteria Observation  B+sf

KEY RATING DRIVERS

Changes to Asset Analysis to Have Positive Impact Across Rating
Categories: The APAC Residential Mortgage Rating Criteria published
on June 2, 2022 was updated to recalibrate the house price decline
assumptions and remove the further cash advance adjustment for
Australia and New Zealand. The sum of these amendments resulted in
the reduction of the portfolio loss levels and the related
concentration tests across all rating categories. These changes
provide potential rating upgrades to tranches rated 'AA+sf' and
below, and the affected tranches have been placed on UCO.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The key rating sensitivity for the resolution of the UCO status
will be Fitch's completion of its analytical work reviewing the
ratings under its new criteria. All RMBS ratings placed on UCO are
expected to be reviewed within six months of the publication of the
criteria under Fitch's policies. Fitch expects to start taking
criteria-related rating actions in the third quarter of 2022.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

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

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




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

CHINA EVERGRANDE: China Railway Puts Stake in Unit Up for Sale
--------------------------------------------------------------
South China Morning Post reports that China Evergrande Group, the
world's most indebted developer, lost an important ally after a
state-owned enterprise put shares of the real estate company's unit
onto the market.

China Railway Construction Investment Group said that it plans to
sell 49% of its equity in an Evergrande-controlled enterprise,
Evergrande Real Estate (Shenzhen), for a minimum of CNY2.66 billion
(US$398.8 million), according to a notice posted on June 8 on the
official China Beijing Equity Exchange, an equity transaction
bourse and platform for mergers, acquisitions and restructuring,
the Post relays.

The Shenzhen-based enterprise, which focuses on real estate
development, housing rentals as well as interior home decoration,
is currently 51% owned by Evergrande Group and 49% by China
Railway, according to the online portal.

China Railway, which is under the State-owned Assets Supervision
and Administration Commission of the State Council, bought the
holdings in Evergrande Real Estate (Shenzhen) in December 2019 for
CNY2.3 billion, the Post says.

The Evergrande unit lost CNY247 million in 2021 on revenue of
CNY2.02 million.

Upon completion of the sale, China Railway will exit Evergrande
Real Estate (Shenzhen) entirely, the report notes.

Evergrande Group, China's second biggest real estate company by
sales last year, has been struggling with debt payments since the
second half of 2021, according to the Post.

The Post says the developer has not published its accounts since
its interim report in October last year, when its total liabilities
ballooned to CNY1.97 trillion.

It is still weighed down by US$22.7 billion in offshore debts,
including bonds, private financing loans and project loans, the
report adds.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific on June
7, 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'.

Fitch has withdrawn the ratings as Evergrande and its
subsidiarieshave chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for Evergrande and
its subsidiaries.


JIAYUAN INT'L: Fitch Raises Foreign Currency IDR to 'CC'
--------------------------------------------------------
Fitch Ratings has upgraded China-based homebuilder Jiayuan
International Group Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'CC', from 'C'. Fitch has also upgraded
Jiayuan's senior unsecured rating to 'CC', from 'C', with the
Recovery Rating remaining at 'RR4'.

The upgrade follows Jiayuan's repayment of interest on a bond
before the grace period ended on June 2. Fitch believes the company
will continue to face liquidity challenges as it has a large amount
of capital market maturities and interest payments in 2H22 and
1H23, while its access to funding could remain limited and sales
performance may stay weak.

KEY RATING DRIVERS

Bond Interest Paid: Jiayuan missed the interest payment due on 2
May 2022, the first business day following the original payment
date of 30 April, which was a Saturday, on its USD200 million note
that matures on 30 October 2022. The company repaid the interest on
1 June before the grace period ended.

Heightened Refinancing Risk: Fitch believes Jiayuan may not be able
to access the capital market in the short term and expect it to
rely on cash on hand and internal cash flow to address its upcoming
maturities. Fitch estimates the holding company's latest available
cash balance may just cover the USD200 million in notes due in
October, but will not be sufficient to pay USD176 million in notes
due in February 2023 and USD295 million in notes due in April 2023.
In addition to the bond principal, Fitch estimates Jiayuan has to
pay interest of USD77 million in 2H22 and USD53 million in 1H23.

Additional Liquidity Sources: Jiayuan is in process of obtaining
secured loans against two investment properties - one in Hefei, the
capital of Anhui province, and the other in Yangzhou, in Jiangsu
province. Fitch believes execution risk is high, especially after
the recent sell-off and price drop in Jiayuan's shares and bonds,
although Jiayuan said it has reached an agreement with potential
investors for the Hefei project.

Jiayuan also said it has entered into a framework agreement with
Jinke Smart Services Group Co., Ltd. to dispose of its entire
73.56% stake in Jiayuan Services Holdings Limited. Jiayuan and
Jinke Smart Services plan to finalise the details and terms of the
proposed transaction by 23 June 2022. Jiayuan also announced the
disposal of its 65% equity interest in a property development
project in Yancheng to a third-party company for a total cash
consideration of CNY879 million. Fitch thinks both deals are
subject to execution risk and the timeline of receiving the cash is
uncertain.

Weak Sales: Jiayuan's sales were weaker than Fitch expected due to
the recent resurgence of Covid-19 in China and the lockdowns to
contain the spread of the virus. About two-thirds of its land bank
is in the Yangtze River Delta, which has the most severe outbreak.
Jiayuan's total sales in 4M22 fell 43% yoy despite the low base a
year earlier. Fitch expects slightly negative operating cash flow,
after construction, selling, general and administrative expenses as
well as tax and interest, in 2022 if the company's monthly sales
remain at a similar level to that in 4M22.

Credit Risk from Sister Company: Jiayuan's sister company, Jiayuan
Chuangsheng Holding Group Co., Ltd. (JYCS), completed the issuance
of CNY191 million in privately placed notes (PPNs) on 6 June. The
notes were offered specifically to the bondholders of JYCS's
CNY346.5 million notes that matured on 4 June in exchange for the
old notes.

Fitch expects holding company cash at JYCS to be insufficient to
fully cover its capital-market debt and trust loans due in the rest
of 2022. JYCS is in the process of registering a medium-term note
(MTN) programme with the National Association of Financial Market
Institutional Investors, after which it will be allowed to issue
bonds. JYCS's refinancing will rely on incremental liquidity
sources such as the MTN issuance and Fitch may take negative rating
action on Jiayuan if there is further deterioration in the sister
company's liquidity and funding access.

DERIVATION SUMMARY

Jiayuan's ratings are driven by its very low margin of safety for
the repayment of its upcoming capital-market maturities amid
negative capital-market sentiment. Fitch believes Jiayuan's margin
of safety is weaker than that of Redco Properties Group Ltd (CCC-),
which has limited capital-market maturities in 2H22.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Total contracted sales to decrease 40% in 2022 (4M22: -43%);

-- Cash collection rate of 75% in 2022;

-- Limited land acquisition in 2022 given tight liquidity;

-- Construction expenditure representing 40% of sales
    receipts in 2022.

KEY RECOVERY RATING ASSUMPTIONS

Our recovery analysis assumes that Jiayuan would be liquidated in a
bankruptcy because it is essentially an asset-trading company. The
nature of homebuilding means the liquidation-value approach will
almost always result in a higher value than the going-concern
approach.

Fitch assumes a 10% administrative claim in line with criteria.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
processes conducted during bankruptcy or insolvency proceedings and
distributed to creditors.

Fitch applied an advance rate of:

-- 80% to account receivables, unchanged, in line with Fitch's
    Corporates Recovery Ratings and Instrument Ratings Criteria.
    Account receivables constitute a small portion of Jiayuan's
    total assets, which is typical of China's homebuilding
    industry;

-- 61% to net property inventory. Jiayuan's inventory consists
    mainly of completed properties held for sale, properties under

    development (PUD) and deposits and prepayments for land
    acquisitions. Different advance rates were applied to the
    various inventory categories to derive a blended advance rate;

-- 70% to completed properties held for sale. Completed
    commodity-housing units are closer to readily marketable
    inventory and typically have high recovery values. Jiayuan has

    historically recorded a strong gross margin of around 30%, but

    Fitch expects it to decline towards 25%;

-- 55% to PUDs, which are more difficult to sell than completed
    projects and are at various stages of completion. The PUD
    balance  prior to applying the advance rate - is net of
    margin-adjusted customer deposits;

-- 90% to deposits and prepayments for land acquisitions. Land
    held for development is closer to readily marketable
    inventory, similar to completed commodity-housing units.
    Jiayuan's land is mostly located in the Yangtze River Delta
    and Fitch has therefore applied a higher advance rate than the

    typical 50% mentioned in the criteria;

-- 50% to property, plant and equipment, unchanged. This consists

    mainly of buildings of insignificant value;

-- 40% to investment properties. Jiayuan's investment property
    portfolio consists mainly of commercial buildings located in
    the Yangtze River Delta area. However, the portfolio has an
    average rental yield of 2.1%, which is below the industry
    average. Fitch considered the 40% advance rate appropriate, as

    the implied rental yield on the liquidation value for the
    investment-property portfolio would improve to 5%;

-- 50% to joint-venture net assets, in line with the baseline
    advance rate for inventory. Joint-venture assets typically
    include a combination of completed units, PUDs and land bank;

-- 0% to excess cash after netting the amount of note payables
    and trade payables (construction fees and retention payables).

    Fitch does not assume available cash in excess of outstanding
    trade payables would be available for other debt servicing
    purposes and therefore the advance rate is 0%.

The allocation of value in the liability waterfall results in
Recovery Rating corresponding to 'RR1' for the senior unsecured
offshore bonds. However, the recovery rating is capped at 'RR4' due
to the jurisdiction cap applied to China.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Clarity on the repayment plan for capital-market obligations
    due in 2022 and 2023.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Further deterioration in liquidity and funding access for
    Jiayuan or JYCS;

-- Failure to address upcoming capital-market debt maturities or
    interest payments;

-- Any announcement of a default or default-like process.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Poor Liquidity: Available cash for repaying debt at the holding
company at end-2021 may just cover short-term repayment needs in
2022. Fitch thinks it is unlikely that the company can access the
capital market given the large discount on its bond trading price.
This leaves Jiayuan reliant on cash on hand and operating cash to
make repayments, which will deplete its available cash balance and
reduce its liquidity buffer. The company is seeking new secured
loans against investment properties and disposing its property
management business, but these are still subject to execution
risk.

ISSUER PROFILE

Jiayuan is a small- to mid-sized property developer focusing on
China's second- and third-tier cities as well as satellite cities
in the Yangtze River Delta. The company was listed on the Hong Kong
Stock Exchange in 2016.

ESG CONSIDERATIONS

Jiayuan has an ESG Relevance Score of '4' for Governance Structure
due to its concentrated shareholding, the chairman's increasing
pledge of company shares as well as recent unexpected liquidation
of shares through margin accounts. The largest shareholder owns
68.29% of the company, of which 44.55% has been pledged for
financing. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

Jiayuan has an ESG Relevance Score of '4' for Group Structure due
to large related-party transactions. The company settled its
related-party transactions mainly with non-cash payments and they
appear fairly valued, but there is a potential for more of these
transactions. This has a negative impact on the credit profile and
is relevant to the rating in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                    RATING                 RECOVERY   PRIOR
   ----                   ------                  --------   -----
Jiayuan International     LT IDR    CC    Upgrade            C
Group Limited

  senior unsecured        LT        CC    Upgrade    RR4     C


TTM TECHNOLOGIES: Fitch Affirms BB LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of TTM Technologies, Inc. and TTM Technologies China Limited
at 'BB' with a Stable Rating Outlook. Fitch has also affirmed the
senior secured debt ratings of 'BBB-'/'RR1' for the ABL facilities
and 'BB+'/'RR2' for the term loans, and the senior unsecured debt
rating of 'BB'/'RR4'. Fitch's actions affect $1.2 billion of
committed and outstanding debt.

TTM recently broke ground on a new manufacturing facility in
Malaysia with an expected cost of $130 million. TTM announced the
acquisition of Telephonics Corporation (Telephonics) for $330
million to be funded with available cash.

KEY RATING DRIVERS

Strategic Execution: TTM has executed well on its strategy to
reduce operating volatility through increased mix of sales into end
markets with advantageous characteristics. The company eliminated
its exposure to deeply cyclical consumer electronic device markets
following the 2020 sale of its mobility business and discontinued
operations at the low margin EMS business.

In contrast, TTM increased its exposure to favorable end markets,
such as aerospace and defense (A&D), which is poised to reach
approximately 40% of revenue from mid-teens levels five years
prior. A&D markets are characterized by longer product cycles,
greater technological complexity, deeper customer engagement, lower
threat of competitive displacement and decreased order volatility.

Fitch believes the evolving end-market mix reduces revenue
volatility, introduces new secular growth drivers, and presents
margin enhancement opportunities through customer collaboration,
increased advanced product sales, improved visibility and increased
returns on capital investment.

Customer Concentration: TTM's original equipment manufacturer (OEM)
clients operate in concentrated markets, such as A&D, wireless
infrastructure and autos. As such, the company's revenue exposure
to its top five clients has remained mostly consistent in the
30%-35% range.

High levels of customer concentration are typically considered
indicative of the 'BB' rating category. However, TTM meaningfully
reduced customer concentration from the mobility business
divestiture that nearly eliminated sales to the company's largest
handset customer, who represented 15%-20% of revenues. Fitch
believes the remaining large customers improve revenue stability
and visibility through favorable secular trends, longer product
cycles and deeper design engagement.

Financial Policy & Leverage: TTM management has committed to a
long-term net leverage target of 2.0x EBITDA and has demonstrated a
willingness to temporarily exceed the target for M&A opportunities,
prioritizing debt repayment thereafter to return to the target
within a two- to three-year timeframe. Fitch expects the
acquisition of Telephonics to result in 1Q22 LTM pro forma gross
and net leverage of 3.0x and 2.4x, respectively, excluding targeted
synergies. Fitch forecasts a decline to 2.7x and 1.6x by 2023,
respectively, due to EBITDA growth and the accumulation of FCF.

Previously, the 2015 Viasystems acquisition took pro forma net
leverage (excluding synergies) to 4.1x and was followed by $220
million in voluntary debt prepayment, reducing net leverage to 2.1x
by YE 2016.

The 2018 Anaren acquisition was similarly followed by an initial
$144 million in voluntary term loan prepayments, after which TTM
further underscored the commitment through a $400 million
prepayment of the term loan and repayment of the $250 million
convertible notes in 2020, funded by proceeds from the sale of the
Mobility segment and FCF, returning gross leverage to 2.9x in FY20
with net leverage well below the target at 1.3x. Fitch believes the
conservative approach to financial leverage balances risks from
acquisitive activity. Fitch further believes that the flexibility
needed to pursue acquisitions is indicative of the 'BB' ratings
category.

FCF Generation: TTM generated FCF margins of 4% to 7% over the most
recent four years and has demonstrated strong cash flow resiliency
during adverse environments. However, Fitch believes that elevated
capital intensity related to the Malaysia expansion, combined with
working capital pressures resulting from supply-chain challenges,
will constrain FCF leading to Fitch's forecast for FCF margins of
3% over the ratings horizon.

Fitch believes the completion of the new plant, increased sales of
advanced technologies, opportunities to engage closely with clients
in complex engineering work, growth in attractive end markets,
longer product runs and lower upfront capital investment, will
drive improved FCF margins over the long term.

Acquisitive Strategy: TTM relies on acquisitions to fulfill its
strategy. In April 2022, TTM announced the acquisition of
Telephonics for $330 million, to be funded with readily available
cash. The transaction deepens TTM's presence in A&D markets through
complimentary offerings in higher-level engineered system solutions
and radar systems, while also providing entry into surveillance and
communications applications.

Previously, TTM completed the acquisition of Viasystems Group, Inc.
in 2015 and of Anaren in 2018, which increased exposure to
automotive and A&D markets, respectively. Fitch believes TTM will
continue to pursue acquisitions opportunistically, but views the
strategy as soundly implemented.

Improving Position in Value Chain: TTM often experiences low
revenue visibility given its status as subcontractor, limited
backlog of approximately 90 days, lack of volume commitments from
customers, short lead times, and orders that are subject to
cancellation without penalty. The company's position reduces
forecasting ability and contributes to operating volatility.
However, Fitch believes management's execution on its strategy will
lead to an improved position as TTM increasingly provides custom
designed solutions and highly-engineered products through deeper
cooperation with customers.

DERIVATION SUMMARY

TTM has executed well on its strategy to reduce operating
volatility by seeking an increased mix of sales into end markets
with advantageous characteristics. The 2020 disposition of the
Mobility business eliminated exposure to deeply cyclical consumer
electronic device markets, which have frequently experienced acute
swings in production volumes due to short lead times, high customer
concentration and elevated seasonality. In addition, TTM
discontinued operations at the low margin, under-scaled EMS
business.

In place of these sales, TTM completed a series of acquisitions
that increased exposure to favorable end markets, such as (A&D),
automotive, data center and wireless infrastructure that benefit
from secular tailwinds including, increased defense spending and
strategic focus on radar and other advanced technology, rising
electronic content in autos and 5G buildout. Increased exposure to
these end markets provides stronger long-term growth prospects,
margin expansion potential, reduced economic sensitivity, improved
predictability, deeper customer engineering engagement and longer
product cycles, resulting in a healthier operating profile.

Despite execution on the strategy, improvements in the operating
model have been obscured by several challenges encountered over the
course of the last two years. TTM has faced labor shortages that
reduced utilization rates, input cost inflation, shipping delays,
supply challenges in China, renewed lockdowns and elevated
inventories at clients who cannot complete and ship product due to
component shortages. As a result, operating margins have been under
continuous pressure, declining to 8.2% in 2021 on a non-GAAP basis,
well short of management's target model of 12%-14%. However, Fitch
expects the improvements in the credit profile noted above will
become more evident as headwinds subside, allowing margins to
gradually trend towards management's long-term targets.

TTM is well positioned among industry competitors given its global
manufacturing scale, end-market diversification, focus on leading
advanced technology printed circuit boards (PCBs), deep engineering
engagement with customers and sole position as a U.S.-domiciled PCB
manufacturer with the necessary capabilities to serve sensitive
product areas in A&D and other technology markets. TTM has
experienced similar operating volatility compared with credit peers
Jabil Inc. (BBB-/Stable) and Flex Ltd. (BBB-/Stable), but has
generated favorable FCF margins in the mid to high single digits
with few periods of cash burn throughout cycles.

TTM has also demonstrated greater willingness to absorb higher
leverage for M&A transactions that fulfil strategic priorities, but
may also increase risks if operating headwinds are encountered. The
2018 debt-funded Anaren acquisition was quickly followed by a
deterioration in end markets at the time, which resulted in
leverage elevated above Fitch's sensitivity thresholds and
management's target for an extended period. However, underscoring
management's commitment to reducing leverage in such circumstances,
TTM completed the disposition of its Mobility business in 2020 and
subsequently repaid $400 million on the term loan and $250 million
on the convertible notes, reducing gross leverage back to within
Fitch's 3.5x negative sensitivity threshold.

Following the pending acquisition of Telephonics, Fitch expects the
transaction to result in 1Q22 LTM pro forma gross and net leverage
of 3.0x and 2.4x, respectively, excluding targeting synergies.
Fitch forecasts a decline to 2.7x and 1.6x by 2023, respectively,
due to EBITDA growth and the accumulation of FCF, well below
Fitch's positive sensitivity thresholds. However, due to an
elevated capital spending plan and constrained margins, Fitch
expects decreased FCF leading to Fitch's forecast for gross
debt/FCF leverage to sustainably increase above 10x through FY23,
well above Fitch's 7.0x negative sensitivity threshold, before
declining to 7.3x the following year. Due to the limited cash flow
and the resulting elevated FCF-based leverage metrics over the
rating horizon, along with the increasing risk of macro headwinds,
Fitch believes an affirmation of the rating is warranted.

The ratings reflect the company's improved end-market mix, reduced
customer concentration, gradual progress up the value chain,
demonstrated commitment to prepaying debt to achieve leverage
targets, reliable FCF and expectation for reduced operating
volatility. No Country Ceiling or operating environment aspects
affect the rating. Fitch applied its parent/subsidiary criteria and
determined the IDRs of the parent and subsidiaries should be
equalized due to strong legal, operational and strategic ties.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- Acquisition of Telephonics for $330m completed in 2022 funded
    out of readily available cash;

-- Revenue growth of 14% in 2022 due to recovery in automotive
    production volumes and strong demand from data center and
    semiconductor packaging and test markets, partially offset by
    pressures in commercial aerospace end-markets and uneven 5G
    infrastructure spend, plus contribution from Telephonics
    acquisition; growth slowing to mid-single digits in 2023 and
    low single digits in 2024 due to assumed continued strength in

    data center and defense spending, as well as recovery in
    commercial aerospace, partially offset by assumed declines in
    automotive production and semiconductor volumes;

-- EBITDA margin compression of 110 bps in FY22, due to labor and

    input cost inflationary pressures, as well as the addition of
    lower margin Telephonics revenues, followed by 170 margin
    expansion through FY24 due to increasing mix of higher-margin
    advanced technology sales, greater engineering engagement,
    operating leverage and execution on $12 million of targeted
    synergies from the Telephonics acquisition;

-- Capital intensity increasing to 5%-5.5% in FY22 and FY23 to
    support new manufacturing facility in Malaysia, returning to
    4%-5% thereafter, consistent with management's target;

-- Refinancing or extension of 2024 maturities;

-- Assumed acquisitions of $500 million in FY24.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Expectation for total debt with equity credit/operating EBITDA

    to be sustained below 3.0x;

-- Expectation for gross debt/FCF to be sustained below 6.0x;

-- Improved diversification and increased exposure to more stable

    end markets results in reduced cyclicality and improved
    visibility.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Expectation for total debt with equity credit/operating EBITDA

    to be sustained above 3.5x due to a change in financial
     policies and/or deterioration of growth and margin expansion
    opportunities;

-- Expectation for gross debt/FCF to be sustained above 7.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Position: The company's liquidity position is
poised to contract as TTM will use readily available cash to fund
its acquisition of Telephonics. Liquidity is expected to consist of
$189 million of readily available cash, pro forma for the
transaction, and available borrowing capacity under the U.S. ABL
and the Asia ABL facilities of $141 million and $117 million,
respectively, based on estimated outstanding letters of credit.

TTM derives additional liquidity support from FCF generation, which
Fitch expects to be constrained by elevated capital spending over
the rating horizon, leading to $160 million of aggregate cash
generation through 2023. TTM faces the $406 million maturity of its
term loan as well as the expiration of its two ABL facilities in
2024. While Fitch expects these facilities to be refinanced or
extended as necessary, Fitch's FCF forecasts would leave TTM
positioned with over $500 million of readily available cash on the
balance sheet, sufficient to fund maturities in an adverse capital
markets scenario.

Total committed and outstanding debt, pro forma for the
transaction, consists of:

-- $150 million U.S. ABL facility due 2024, undrawn;

-- $30 million outstanding on the $150 million Asian ABL facility

    due 2024;

-- $406 million outstanding principal on the senior secured term
    loan due 2024;

-- $500 million outstanding principal on the senior unsecured
    notes due 2029.

ISSUER PROFILE

TTM is a global manufacturer of PCBs, high-frequency radio
frequency (RF) components and RF microwave/microelectronic
assemblies.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch made standard financial adjustments as described in the
applicable ratings criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT              RATING                  RECOVERY   PRIOR
   ----              ------                  --------   -----
TTM Technologies Inc.  LT IDR   BB     Affirmed          BB

  senior unsecured     LT       BB     Affirmed   RR4    BB

  senior secured       LT       BBB-   Affirmed   RR1    BBB-

  senior secured       LT       BB+    Affirmed   RR2    BB+

TTM Technologies       LT IDR   BB     Affirmed          BB
China Limited

  senior secured       LT       BBB-   Affirmed   RR1    BBB-


ZHONGLIANG HOLDINGS: Fitch Cuts Foreign Currency IDR to 'RD'
------------------------------------------------------------
Fitch Ratings has downgraded Zhongliang Holdings Group Company
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'RD' (Restricted Default) from 'C' on the completion of an exchange
offer on May 18, 2022. The rating actions are in accordance with
Fitch's rating definitions.

Fitch has also affirmed Zhongliang's senior unsecured rating at 'C'
with the Recovery Rating remaining at 'RR4'.

KEY RATING DRIVERS

Completion of Exchange Offer: On May 18, 2022, Zhongliang completed
the exchange of USD262 million of May 2022 notes and USD368 million
of July 2022 notes into USD201 million of new notes due in April
2023 and USD429 million of new notes due in December 2023. After
the completion of the exchange offer, Zhongliang had remaining
outstanding principal amount of USD27 million and USD71 million on
its May 2022 and July 2022 notes.

Supplementary Exchange Offer On-going: Zhongliang announced another
exchange offer on June 1, 2022 for the remaining outstanding amount
of its May 2022 and July 2022 notes. The company offered to
exchange the aggregate remaining outstanding amount of USD98
million for a combination of additional new notes due in April 2023
and December 2023. The additional new notes will be consolidated
and form a single series with the original new notes issued on 18
May 2022.

Non-Payment of Notes: Fitch believes Zhongliang failed to pay USD27
million of principal on its 8.5% senior notes due on 19 May 2022.
This was the amount that was not tendered in its exchange offer.
Fitch believes the non-payment of principal constitutes an event of
default based on its May 2022 bond indenture.

DERIVATION SUMMARY

Zhongliang's IDR has been downgraded to 'RD' in line with Fitch's
rating definitions as the issuer has completed a distressed debt
exchange for a bond.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

-- Attributable contracted sales of around CNY84 billion-87
    billion a year in 2022-2024 (2021: CNY103 billion);

-- Land bank life of around 2.5 years in 2022, falling to two
    years in 2023-2024 (2021: 2.8 years);

-- Gross floor area acquired at 0.4x-0.5x of gross floor area
    sold in 2022-2024 (2021: 0.6x);

-- Gross profit margin of 16%-17% in 2022-2024 (2021: 17%).

Recovery Rating Assumptions

Liquidation Approach

-- 4x EBITDA multiple to derive Zhongliang's going-concern value;

-- Fitch has assumed a 10% administrative claim in line with
    criteria.

-- Application of liquidation value approach, as liquidation of
    the assets would result in a higher return to creditors;

-- The liquidation estimate reflects Fitch's view of the value of

    balance-sheet assets that can be realised in sale or
    liquidation processes conducted during bankruptcy or
    insolvency proceedings and distributed to creditors.

-- Advance rate of 80% is applied to accounts receivable. This
    treatment is in line with Fitch's recovery rating criteria;

-- Advance rate of 15% is applied to the book value of investment

    properties. The investment-property portfolio mainly consists
    of malls in Tier 1-2 cities. The portfolio has an average
    rental yield of less than 1%, which is below the industry
    average. Fitch considers a 15% advance rate as appropriate as
    the implied rental yield on the liquidation value for the
    investment-property portfolio would improve to 4%-5%, which
    would be considered acceptable in a secondary market
    transaction;

-- Advance rate of 50% is applied to property, plant and
    equipment, which mainly consists of hotels and buildings, the
    value of which is insignificant;

-- Advance rate of 62% is applied to net property inventory. The
    inventory mainly consists of completed properties held for
    sales, properties under development (PUD) and deposits for
    land acquisitions. Different advance rates were applied to
    these different inventory categories to derive the blended
    advance rate for net inventory;

-- 70% advance rate is applied to completed properties held for
    sale. Completed commodity housing units are closer to readily
    marketable inventory. The company's historical gross margin
    for development property is around 20%. Therefore, a higher
    advance rate of 70% (against the typical 50% mentioned in the
    criteria for inventory) was applied;

-- 55% advance rate is applied to PUD. Unlike completed projects,

    PUD are more difficult to sell. These assets are also in
    various stages of completion. A 55% advance rate was applied
    because Zhongliang's PUD are mostly in Tier 3-4 cities.
    Zhongliang's land bank life is 2.5-3 years, so the book value
    should be reasonably close to the market value. The PUD
    balance - prior to applying the advance rate - is net of
    margin-adjusted customer deposits.

-- 90% advance rate is applied to deposits for land acquisitions.

    Land held for development is closer to readily marketable
    inventory, in a similar way to completed commodity housing
    units, provided it is well located. Zhongliang's land
    generally is not located in significantly disadvantaged areas.

    Therefore, a higher advance rate than the typical 50%
    mentioned in the criteria was considered;

-- Advance rate of 50% is applied to joint venture (JV) net
    assets. JV assets typically include a combination of completed

    units, PUD and land bank. A 50% advance rate was applied, in
    line with the baseline advance rate for inventories;

-- Advance rate of 0% is applied to excess cash, after netting
    the amount of trade payables.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR4' for the senior
unsecured offshore bonds.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch will reassess Zhongliang's capital structure once the
    supplementary exchange offer is completed and the non-payment
    of notes principal is resolved.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- The IDR will be further downgraded to 'D' (Default) if the
    issuer enters into bankruptcy filings, administration,
    receivership, liquidation or other formal winding-up
    procedures, or otherwise ceases business.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ISSUER PROFILE

Zhongliang is a large property developer in China that is focused
on the Yangtze River Delta region. It has diversified into other
economic zones, including mid-west China, Pan-Bohai, Western Taiwan
Straits and Pearl River Delta.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                  RATING                   RECOVERY   PRIOR
   ----                  ------                   --------   -----
Zhongliang Holdings     LT IDR     RD    Downgrade           C
Group Company Limited

senior unsecured        LT         C     Affirmed    RR4     C




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

AARCITY INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Aarcity Infrastructure Private Limited
        Unit no. 552 Fifth Fl Terrace Tower-B
        D-4, 5, 6 Krishna Apra Business Square
        Neta Ji Subhash Place
        New Delhi North West
        DL 110034
        IN

Insolvency Commencement Date: March 2, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Arun Chadha

Interim Resolution
Professional:            Mr. Arun Chadha
                         727, Brahmpuri Meerut
                         Uttar Pradesh 250002
                         E-mail: chadharun@yahoo.com

                            - and -

                         E-95/2, Naraina Vihar
                         New Delhi 110027
                         E-mail: cirp.aarcityinfrastructure@
                                 gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Chandan Bhatia
                         Mr. Sushil Kumar Singhal
                         Mr. Rajeev Dhingra

Last date for
submission of claims:    March 16, 2022


AARVEE DENIMS: Ind-Ra Affirms 'tD' Term Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aarvee Denims and
Exports' Ltd.'s (ADEL) term deposit programme's rating at 'IND tD'
and has simultaneously migrated it to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND tD (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR950 mil. Term deposit programme (Long-term) affirmed and
     migrated to non-cooperating category with IND tD (ISSUER NOT
     COOPERATING) rating.

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

Key Rating Drivers

The affirmation reflects ADEL's continued delays in debt servicing
since October 2019 due to stretched liquidity position, resulting
from a stretched gross working capital cycle. The company's working
capital cycle elongated to 553 days in FY21 (FY20: 385 days),
resulting from increase in receivable period and inventory holding
period, along with COVID-19-led trade disruptions.

Company Profile

Established in 1988 by two promoter groups - the Arora group and
the VB Shah Group, ADEL manufactures denim fabrics. The promoter
groups have an experience of over 50 years in the textile industry.
The Arora group has been focused on the marketing of textile
products for over three decades, while the VB Shah group has been
involved in cotton textile trading for over five decades. The
company has a total installed capacity of 84 million meters per
annum, which has been partially operating since March 2020.

ADITI FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aditi
Foods (India) Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         9.50        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         3.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1992, Aditi Foods (India) Private Limited is
engaged in processing fruits and vegetables, primarily mango and
tomato, among others. The Islampur, Sangli-based company in
Maharashtra has an installed processing capacity of 50 Metric
Tonnes (MT) of mango per day and 20 MT of tomatoes per day. The
promoter, Patil family, has also promoted Aditi Packaging
Industries, Vaishali Packaging Industries and Omgurudev Packers,
along with the cooperative society, Walwa Taluka Shetkari
Bhaajipaala Kharedi Vikri va Prakriya Sanstha Limited. AFIPL is ISO
220005 certified as well as BRC Global Standards and US FDA
certified. AFIPL markets its products under the brands, 'Aditi',
'Halo' and 'Pruthvi', in the domestic and overseas markets.

In FY2017, the company reported a net profit of INR3.26 crore on an
operating income of INR34.57 crore, as compared to a net profit of
INR2.99 crore on an operating income of INR31.58 crore in the
previous year. In FY2018, the company has reported an operating
income of INR37.70 crore (provisional) and profit before tax of
INR5.02 crore.


ADVANTAGE OVERSEAS: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Advantage
Overseas Private Limited's Long-Term Issuer 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR0.285 mil. Fund-based working capital limits (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR70 mil. Non-fund-based working capital limits (Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 2, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 2004, Advantage Overseas is engaged in the bulk
trading of agri commodities.


APRA ENTERPRISES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Apra Enterprises
(AE) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.


The instrument-wise rating actions is:

-- INR450 mil. Non-fund-based limits assigned with IND BB+/Stable

     rating.

The rating reflects AE's moderate credit metrics, average EBITDA
margins and stretched liquidity position.

Key Rating Drivers

AE had a moderate credit metrics, with the interest coverage
(operating EBITDA/gross interest expense) marginally improving to
2.4x in FY22 (FY21: 1.77x), whereas the net leverage (total
adjusted net debt/operating EBITDAR) marginally lowering to 4.4x
(4.6x), due to an improvement in absolute EBITDA to INR92 million
in FY22 (FY21: INR64 million). Ind-Ra expects its credit metrics to
remain moderate in FY23, due to thin margins and high debt level.

The ratings reflect the average EBITDA margins, due to the trading
nature of the business. Its EBITDA margins reduced to 2.2% in FY22
(FY21: 2.6%), due to an increase in other operating expenses. The
return over capital expensed was 13% in FY22P (FY21:10.5%).

AE had a medium scale of operations, with its revenue increasing to
INR4,208 million in FY22 (FY21: INR2,456 million), mainly due to an
improvement in realization.

Liquidity Indicator – Stretched: The cash flow from operations
remained negative INR127 million in FY22 (FY21: INR28 million), on
account of an increase in working capital requirements.
Consequently, the free cash flow from operations deteriorated to a
negative INR112 million in FY22 (FY21: negative INR31 million). The
average fund-based utilization was 86% whereas non-fund-based
utilization was at 90% during the 12 months ended March 2022. The
net working capital cycle reduced to 47 days in FY22 (FY21: 62
days), due to a decrease in the receivable days to 141 days (154
days) and a decrease in inventory holding days to 141 days (154
days). The cash and cash equivalents stood at INR3.23 million at
FYE22 (FYE21: INR170 million) against a total outstanding debt of
INR384 million (INR470 million).

However, the rating is benefitted by the proprietorship nature of
the business as there has been no withdrawal of capital during the
past three years.

The rating is also supported by more than three decades of
experience of the proprietor and their established relationship
with most of its customers, resulting in continuous orders.

Rating Sensitivities

Positive: An increase in the revenue and profitability, leading to
an improvement in the credit metrics with the interest coverage
exceeding 2.5x, all on a sustained basis, would be positive for the
ratings.

Negative: Any decline in the revenue and operating profitability,
resulting in the deterioration in the liquidity and credit metrics,
with the interest coverage reducing below 1.5x, all on a sustained
basis, will be negative for the rating.

Company Profile

Set up in 1984 as a proprietorship by Anil Bajaria, AE trades in
numerous petrochemicals such as methanol, acetone, toluene, xylene,
acetic acid, N Heptane, Styrene Monomer, alpha picoline,
acetonitrile, among others.  The Mumbai-based firm is managed by
Anil Bajaria and his son, Viraj Bajaria. The firm caters majorly to
industries such as pharmaceutical where the end use of these
chemicals is for the production of active pharmaceutical
ingredients, followed by paint, ink, wood and laminates, speciality
chemical, among others.


AUTO PROFILES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Auto Profiles
Limited's (APL) Long-Term Issuer Rating to 'IND BB+' from of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. (reduced from INR280 mil.) Fund-based limits Long-
     term upgraded/short-term affirmed with IND BB+/Stable/IND A4+

     rating;

-- INR15 mil. Non-fund-based limits affirmed with IND A4+ rating;

-- INR98.8 mil. (reduced from INR277.6 mil.) Term loan due on
     September 2024 upgraded with IND BB+/Stable rating; and

-- INR75.6 mil. (reduced from INR81.9 mil.) Working capital term
     loan due on January 2026 upgraded with IND BB+/Stable rating.

The upgrade reflects an improvement in APL's revenue in FY22, with
its provisional numbers showing turnover rising to INR4,182
million; an improvement in credit metrics, due to the schedule
repayment of term loans; and a reduction in working capital
requirement.

Key Rating Drivers

APL has a medium scale of operations, with the revenue likely
increasing to INR4,182 million in FY22 (FY21: INR1,892.8 million;
FY20: INR2,372.4 million). The decline in FY21 revenue was due to
the overall slowdown in the automobile industry, owing to the
pandemic-led disruptions. Ind-Ra believes the increase in FY22
revenue was due to additional demand from the company's existing
customers, following the set-up of a new unit VI in Jamshedpur.
Ind-Ra expects a significant rise in the revenue in FY23, led by an
increase of demand for medium and heavy commercial vehicles after a
revival in industrial, infrastructure and construction activities
post-COVID-19, and the financing support from banks.

The ratings factor in modest EBITDA margins which improved to 7.1%
in FY21 (FY20: 6.0%; FY19: 4.3%), on account of an upfront tooling
cost paid by Tata Motors Limited (TML), and a reduction in the
price of consumables, labor cost and electricity charges, leading
to a marginal decrease in its operating expenses. In FY22 and FY23,
Ind-Ra expects margin to slightly decline, due to the likelihood of
an increase in raw material prices, on account of rise in
inflation.

Liquidity Indicator – Stretched: The company does not have access
to the capital markets. The net working capital cycle elongated to
91 days in FY21 (FY20: 62 days), due to the pile-up of the
inventory, leading to an increase of inventory holding days to 123
days in FY21 (FY20: 82), due to the COVID-19-induced slowdown in
macro-economic environment, resulting into a stagnant demand for
commercial vehicles in the market. For FY22 and FY23, Ind-Ra
expects  net working capital to normalize to the pre-COVID levels.
Ind-Ra expects its cash flow from operations to have slightly
declined in FY22, due to an increase in working capital
requirements, owing to the increase in revenue to INR2,653.2
million in 9MFY22 (9MFY21: INR426.5 million).APL's average maximum
utilization of fund-based limits was 76% for the 12 months ended
March 2022. APL's cash flow from operations increased to INR227.4
million in FY21 (FY20: INR24.1 million), on account of low working
capital requirement after a decline in sales. The cash and cash
equivalent increased to INR77.7 million at FYE21 (FYE20: INR12.9
million). Moreover, its free cash flow increased to INR121.4
million in FY21 (FY20: negative; INR63.4 million), despite an
increase in the capex incurred for purchasing new machines worth
INR105.9 million (FY20: INR87.5 million).

APL had modest credit metrics, with interest coverage (Operating
EBITDA/Gross Interest Expense) declining to 1.8x in FY21 (FY20:
2.3x), due to a reduction in absolute EBITDA to INR134.3 million
(INR142.4 million). However, the net financial leverage (Total
Adjusted Net Debt/Operating EBITDAR) slightly reduced to 4.4x in
FY21 (FY20: 4.7x), due to a reduction in short-term borrowings to
INR243.6 million (INR353.5 million) given low working capital
requirement. For FY22 and FY23, Ind-Ra expects the credit metrics
to improve, due to the scheduled repayment of the term loan and the
working capital term loan and a decline in short-term loan which
reduced to INR200 million in FY22 (FY21: INR280 million).

The ratings are also constrained by APL's customer concentration
risk, with TML contributing 84% to the company's revenue in FY21
(FY20 : 85%; FY19: 75%).

The ratings, however, benefit from APL's long-standing associations
with reputed customers such as TML and Daimler India Commercial
Private Ltd.

The ratings are also supported by APL promoters' over three decades
of experience in manufacturing sheet metal pressed auto
components.

Rating Sensitivities

Negative:  A decline in revenue and operating profitability, or any
deterioration in the liquidity profile, resulting a deterioration
in credit metrics, on a sustained basis, would lead to a negative
rating action.

Positive:  An improvement in operating performance and credit
metrics along with an improvement in the liquidity position,
resulting the net leverage falling below 3.5x, on a sustained
basis, would lead to a positive rating action.

Company Profile

Incorporated in 1989, Jamshedpur-based APL is promoted by Bikash
Mukherjee. The company manufactures sheet metal pressed auto
components. It  has a total production capacity of 86,400 metric
ton per annum.


BALAJI LIFESTYLE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Balaji Lifestyle Techologies Private Limited
        S-9, III Floor, Shubham Tower
        Shastri Nagar, Jaipur
        Rajasthan 302016
        India

Insolvency Commencement Date: June 3, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: November 30, 2022

Insolvency professional: Mr. Tara Chand Sharma

Interim Resolution
Professional:            Mr. Tara Chand Sharma
                         O-11, IInd Floor
                         Amber Tower
                         S.C. Road Jaipur
                         Rajasthan 302001
                         E-mail: cstarachand@gmail.com

                            - and -

                         First Floor, A-2
                         Friends Colony, Lalkothi
                         Jaipur 302015
                         Rajasthan

Last date for
submission of claims:    June 17, 2022


BHAVYALAXMI INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Bhavyalaxmi Industries
(P) Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.45        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.27        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.28        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

BIPL was incorporated in 2008 and undertakes milling of non-basmati
rice, which it sells under its own brand names. The company's
promoters Mr. Sanjeev Gupta and Mr. Pradeep Kumar Gupta have
extensive experience in agro-based businesses through their group
companies.

BOSS COTTON: ICRA Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Boss Cotton And Oil
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          5.00       [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
   
   Term Loan            1.95       [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated Limits   1.55       [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2014 as a partnership firm, Boss Cotton and Oil
Industries (BCOI) is engaged in cotton ginning and cotton seed
crushing operations to produce cotton bales, cotton seeds, cotton
seed oil and cotton seed oil cake. The manufacturing facility of
the firm is located at Rajkot, Gujarat and is equipped with 40
ginning machines, 1 pressing machine and 5 crushing machines. The
total intake capacity for raw cotton is 26,880 MTPA and the intake
capacity for expellers is 14,400 MTPA of cotton seeds.


C I FINLEASE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of C I Finlease Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

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

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

CIFL is promoted by Mr Rakesh Malik, Chairman, of the C.I. Group of
companies, and has experience in trading of over two decades, and
total industry experience of over three decades. CIFL is an
authorized dealer of HMIL cars, its spare parts and accessories and
also offers servicing of HMIL vehicles. The company has two
showrooms and one service center in Bhopal, Madhya Pradesh.


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

The instrument-wise rating actions are:

-- INR110 mil. Term loans due on June 2025 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 14, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 2017, Cennet Biopharma manufactures active
pharmaceutical ingredients at its facility in Sonipat, Haryana. The
company has received approvals for manufacturing four APIs -
Thiocolchicoside, Hyoscine Butylbromide, 10-Deacetylbaccatin and
Serratiopeptidase.


CHIRAG WHITE-WATER: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Chirag White-Water & Amusement Rides Pvt. Ltd.
        Raj Farm, Plot No. 1-2
        Village Malakpur, P.O. Hariokalan
        Chandigarh Road Khanna
        Punjab 141417

Insolvency Commencement Date: May 31, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: November 27, 2022
                               (180 days from commencement)

Insolvency professional: Deepak Thukral

Interim Resolution
Professional:            Deepak Thukral
                         H.No. 237/1, Sector 44-A
                         Chandigarh 160047
                         E-mail: deepakthukral1@gmail.com
                         Mobile: +919417496655

                            - and -

                         Ducturus Resolution Professionals
                         Pvt. Ltd.
                         SCO-818, 1st Floor
                         NAC, Manimajra
                         Chandigarh 160101
                         E-mail: cirpcwwarpl@gmail.com

Last date for
submission of claims:    June 14, 2022


DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of Dhareshwar Cotton
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         7.00        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan           0.02        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           1.88        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

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

Dhareshwar Cotton Pvt Ltd. (DCPL) was incorporated in 2011, and is
currently engage in cotton ginning, pressing and seed crushing
business. It has started its commercial production in December
2011. The company has 28 ginning machines with an intake capacity
of around 120 MTPD of raw cotton to produce cotton bales and cotton
seeds. For seed crushing, the company has installed 4 expellers
with an intake capacity of around 35 MTPD of cotton seeds to
produce oil and oil cakes.


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

The instrument-wise rating actions are:

-- INR25 mil. Term loan due on February 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR465 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
11, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Incorporated in December 1978, DTMPL was earlier engaged in the
processing of grey fabrics and job work. The company undertook a
major greenfield expansion during 2011-2013 through backward
integration by setting up spinning and weaving capacities. DTMPL's
unit in Ahmedabad has an installed capacity of 34,272 spindles to
produce varied quality of cotton yarns and 96 air jet weaving looms
to produce 12.38 million meters of grey cloth annually. The company
majorly manufactures combed compact yarn, combed compact weaving
yarn and carded weaving yarn.


DWARKA DAS: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Dwarka
Das Agarwal in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         1.20        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based      4.00        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         1.30        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Dwarka Das Agarwal (DDA) is a Rajasthan based Construction firm
engaged in Civil construction work for PWD with various temporary
branch offices at its project sites to control and effectively
supervise the projects. DDA has been in the construction business
for last two decades.

EMPIRICAL MEDI SOLUTIONS: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Empirical Medi Solutions Private Limited
        1, 1st Floor, Narsinh Centre
        Vision Next Apte Road
        Above HDFC Bank
        Pune MH 411004
        IN

Insolvency Commencement Date: April 27, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 17, 2022

Insolvency professional: Prawincharan Prafulcharan Dwary

Interim Resolution
Professional:            Prawincharan Prafulcharan Dwary
                         407, Akchhat Tower
                         Pakwan Cross Road
                         S.G. Highway, Bodakdev
                         Ahmedabad, Gujarat 380015
                         E-mail: dwaryprawin@gmail.com

                            - and -

                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad, Gujarat 380014
                         E-mail: cirp.empirical@gmail.com

Last date for
submission of claims:    May 13, 2022


FLEXILIS PRIVATE: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Flexilis Private
Limited's (FPL) Outlook to Positive from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating action is:

-- INR440 mil. Fund-based working capital limits affirmed;
     Outlook Revised to Positive from Stable with IND
     BB+/Positive/IND A4+ rating.

The Outlook revision reflects the considerable growth in FPL's
revenue in FY22 and the continued healthy credit metrics.

Key Rating Drivers

FPL's revenue rose to INR2,170 million in FY22 (FY21: INR1,686
million) due to an increase in demand and higher rubber prices. The
scale of operations remained medium. Ind-Ra expects the revenue to
increase marginally in the medium term, owing to continued high
rubber prices. FPL, which is a del  credere agent for ONGC Petro
Additions Limited ('IND AA'/Stable) for distributing polymers in
Mumbai, Daman and Silvassa, uses the channel finance limit to pay
ONGC Petro Additions. The company receives orders on a daily basis,
and the same are executed within seven days. The figures for FY22
are provisional in nature.

Furthermore, FPL's credit metrics are likely to have remained
healthy in FY22. In FY21, the metrics recorded a sharper
improvement than the agency's expectations, supported by a decline
in the debt to INR444.80 million (FYE20: INR550 million) and an
improvement in the absolute EBITDA to INR207.24 million (INR71.93
million). The interest coverage (operating EBITDA/gross interest
expense) was 5.69x in FY21 (FY20: 2.08x) and the net leverage
(total adjusted net debt/operating EBITDAR) was 2.43x (7.6x).
Ind-Ra expects the metrics to have remained stable in FY22, and
believes they would continue to be healthy over the near term,
owing to the absence of any major debt-funded capex plans.

The ratings factor in the supplier concentration risks.  FPL
requires a specific variety of rubber (butyl rubber and
styrene-butadiene rubber) for its operations. The company's top six
suppliers accounted 61% of its total purchases in 9MFY22 (FY21:
73%). The ratings are also constrained by the volatility in rubber
prices.

Liquidity Indicator - Stretched: The peak average utilization of
the fund-based working capital limits was 72.30% over the 12 months
ended March 2022. In FY21, the net cash conversion cycle improved
to 65 days (FY20: 78 days ) owing to an increase in creditor days
to 84 days in FY21(32 days in FY20). The cash flow from operations
remained negative but improved to INR34.51 million in FY21 (FY20:
negative INR226.83 million), due to the improvement in the working
capital cycle. The free cash flow turned positive at INR111.27
million in FY21 (FY20: negative INR226.83million). The cash flow
from operations is likely to have decreased in FY22 due to lower
EBITDA margins. The cash and cash equivalents improved to
INR5.73million at FYE21 (FYE20: INR3.33 million). FPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. According to the
management, the promoters will infuse funds for working capital
purposes, if required.

The ratings factor in FPL's healthy EBITDA margins, though the
profitability is susceptible to the volatile nature of commodity
prices. The margin fell to 8.32% in FY22 (FY21: 12.29%), with the
absolute EBITDA declining to INR181 million (FY21:INR207.24
million), due to an increase in operational costs. The ROCE was 15%
in FY22 (FY21: 18.5%). Ind-Ra expects the margins to decline in the
near term due to continued rise in operational costs; furthermore,
the margins are likely to remain volatile, given the trading nature
of the business.

The ratings are supported by FPL's established relationships with
its channel partners, such as ExxonMobil Chemical Asia Pacific, and
Indian Synthetic Rubber Private Limited,

The ratings draw comfort from the promoters' experience of more
than three decades in the rubber industry.

Rating Sensitivities

Negative: A significant decline in the scale of operations and
profitability, leading to deterioration in the overall credit
metrics, with the interest coverage falling below 2.5x and/or
deterioration in the liquidity, could lead to the Outlook being
revised back to Stable.

Positive: A significant improvement in profitability, along with
maintaining its overall credit metrics and improvement in the
liquidity, all on a sustained basis, could lead to a positive
rating action.

Company Profile

Incorporated in 1989, FPL is a family managed company engaged in
the trading of synthetic rubber, carbon black, rubber chemicals and
rubber process oil. The company's head office is situated at
Andheri, Mumbai, and it has branch offices at Ahmedabad ( Gujarat
), Chennai ( Tamil Nadu ),Faridabad ( Haryana ), Agartala ( Tripura
) and at Kochi ( Kerala).


FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term rating of Flock Sur India Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

Incorporated in 2013, FIPL is engaged in manufacture of flock
fabrics which find application in furnishing products. Prior to the
incorporation of FIPL, these operations were earlier carried out
under the partnership firm Flocksur India, having FIPL's promoters
Mr. Sunil Girdhar and his wife Mrs. Urvashi Girdhar as partners.
FIPL's manufacturing unit located in Gurgaon, Haryana produces
around 4-5 lakh meters of flocked fabric per month.


GARG DUPLEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term and Short Term ratings of Garg
Duplex And Paper Mills Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          2.75        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Garg Duplex & Paper Mills (P) Limited (GDPM)'s was incorporated in
1985. The company took over its already running plant (which was
set up in 1989) at Muzaffarnagar in the state of Uttar Pradesh in
1991. The company is engaged in the manufacturing of Kraft paper of
burst factor 18-20 up from 16Bf in FY2016. At the time the plant
was set up its manufacturing capacity was 8000 MTPA but over the
years the capacity was increased and is currently 40,000 tonnes per
annum. The installed capacity of the company has been recently
enhanced from 35,000 MTPA to 40,000 MTPA in October 2015.

GEETANJALI UNIVERSITY: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of
Geetanjali University in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Working Capital      21.16      [ICRA]B+(Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan            43.84      [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Bank Guarantee       20.00      [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Geetanjali University is an Udaipur (Rajasthan) based private
university promulgated through an ordinance (The Geetanjali
University, Udaipur Act, 2012) passed in March 2012 by the Governor
of Rajasthan. GU's campus is spread over ~35 acres. It runs five
medical colleges and three hospitals. Till 2011, all the colleges
and hospitals operated under a trust, Geetanjali University Trust
(sponsoring body of the university), formed in 2006 by Mr J. P.
Agarwal and his family. However, as the result of a stipulated
condition of the ordinance, the colleges and hospitals of the trust
were transferred to GU. 2 GU's five colleges include - Geetanjali
Medical Colleges and Hospital, Geetanjali Dental Research
Institute, Geetanjali College of Physiotherapy, Geetanjali
Institute of Pharmacy and Geetanjali College and School of Nursing.
It offers ~30 different courses, including diploma, graduate,
post-graduate and doctorate courses. It operates hospital as well,
consisting of 32 departments such as cancer centre, cardiac centre
and super speciality department, etc. It is a 1,150-bed tertiary
care hospital with multi-super speciality services with all medical
modalities.


GMR ENERGY: ICRA Keeps B/A4 Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of GMR Energy
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/         610.00       [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

GMR Energy Limited was originally incorporated as Tanir Bavi Power
Company Limited (TBPCL) and promoted by foreign investors in
October 1996. Subsequent to TBCPL's acquisition by GMR
Infrastructure Limited (GIL), the name of the company was changed
to GMR Energy Limited in 2003. GMR Energy earlier owned and
operated a barge-mounted, naphtha-based combined cycle plant of
capacity 235 MW near Mangalore in the state of Karnataka. The plant
commenced commissioning in June 2001 and sold electricity to two of
the Karnataka State electricity distribution companies - namely
Bangalore Electricity Supply Company Ltd and Mangalore Electricity
Supply Company Ltd as per the terms of a PPA, which expired in June
2008. Since the expiry of the PPA, GMR Energy has been operating
the plant on 2 merchant mode. In FY2011, GMR Energy transitioned to
gas-based operations at a cost of approx. INR605 crore and the
plant was relocated to Kakinada in Andhra Pradesh. With the
induction of Tenaga, the company has a portfolio of coal-based,
gas-based and renewable (hydro & solar) power projects, with a
total capacity of 4,630 MW. The portfolio comprises an operating
capacity of 2,300 MW (1,650MW of coal-based, 623MW of gas-based and
25MW of solar capacity. Apart from this, projects with an aggregate
generation capacity of 2,330 MW are under various stages of
completion/ development in India and Nepal.


GRJ DISTRIBUTORS & DEVELOPERS: Insolvency Resolution Case Summary
-----------------------------------------------------------------
Debtor: GRJ Distributors & Developers Private Limited
        64, Scindia House
        Connaught Place
        New Delhi 110001

Insolvency Commencement Date: June 6, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 30, 2022

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 grj.cirp@gmail.com

                            - and –

                         The Insolvency and Bankruptcy
                         Board of India
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotees under real estate projects

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Shyam Arora
                         96, Aravali Apartment
                         Alaknanda, New Delhi 110019

                         Mr. Varun Goel
                         1750, Eternia Tower
                         Mahagun Moderene, Sector 78
                         Noida, Uttar Pradesh 201301

                         Mr. Deepak Gupta
                         59, Dayanand Block
                         Shakarpur, New Delhi
                         National Capital Territory of Delhi
                         110092

Last date for
submission of claims:    June 20, 2022


HINDUSTAN MINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hindustan
Mint And Agro Products Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        44.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based      0.95        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.28        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

HMAP was set up as a proprietorship company in 1976 by Mr. Phool
Prakash. Later, in 1995, it was converted into private limited
company. The company manufactures agro and mint based products
primarily menthol, peppermint oil etc. The company's manufacturing
facility is located in Chandausi, Uttar Pradesh.

HUDLI AND SONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Hudli and Sons Metallics Private Limited
        C-19/20, MIDC Shiroli (P)
        Hatkanangale, Kolhapur 416122

Insolvency Commencement Date: June 6, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 30, 2022

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         Headway Resolution and Insolvency
                         Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: rrkanoongo@gmail.com
                                 cirphudli@gmail.com

Last date for
submission of claims:    June 20, 2022

IND-BARATH ENERGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Ind-Barath Energies (Maharashtra) Limited
        Sanpras Corporate Captial
        15/1 & 115/29, 6th Floor
        Sheraton Towers
        Financial District
        Nanakramuda, Gachibowli
        Hyderabad 500032
        Ranga Reddy

Insolvency Commencement Date: May 31, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Kedari Narsimha Rao

Interim Resolution
Professional:            Kedari Narsimha Rao
                         H.No. 16-2-721/3/1
                         Akbar Bagh, Malakpet Colony
                         Hyderabad 500036
                         E-mail: kedarinarsimha@yahoo.co.in

                            - and -

                         Plot No. 717, Journalist Colony
                         Road No. 2, Banjara Hills
                         Hyderabad 500034

Last date for
submission of claims:    June 14, 2022


INDIAN CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Indian
Crop Science Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          5.00        [ICRA]B+ (Stable); ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-         0.50        [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         1.00        [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Indian Crop Science Private Limited (ICSPL) was incorporated in
February 2011 by Mr. Bijendra Lohia and Mr. Praveen Kumar as its
directors. The company commenced operations in April 2012 from its
manufacturing facility based at Meerut in Uttar Pradesh. The
company is engaged in manufacturing of fertilizers and pesticides.
The product profile of the company includes products with nutrients
like Zinc, iron, copper, sulphur, calcium, magnesium, and boron in
varying proportions, as specified by the state government,
pesticides and organic fertilizers. Around 30% of sales are from
sale of organic fertilizers, 10% from sales of pesticides and
balance from sales of other products.


IVR HOTELS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IVR Hotels and
Resorts Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR450 mil. Term loans (long-term) due on FY24 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING, the ratings were last reviewed on May
15, 2020.  Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

IVR Hotels and Resorts is a subsidiary of IVRCL Limited ('IND
D(ISSUER NOT COOPERATING)'). It is developing a golf township
project in Sriperumbudur, Chennai.


IVRCL LIMITED: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IVRCL Limited's
Long-Term Issuer Rating in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR16.80 bil. Consortium fund-based limits (long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR19.460 bil. Long-term loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR2.0 bil. Non-convertible debentures (long-term) issued on
     December 2009 INE875A07014 coupon rate 12.15% due on December
  
     19, 2013 maintained in non-cooperating category with IND D  
     (ISSUER NOT COOPERATING) rating; and

-- INR48.5 bil. Consortium non-fund-based limits (long-term/
     short-term) maintained in non-cooperating category with IND D

     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING, the ratings were last reviewed on May
15, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Hyderabad-based IVRCL provides engineering, procurement and
construction services to the sectors such as irrigation, water
supply, transportation, buildings and industrial structures. It is
listed on the National Stock Exchange and BSE Limited.


JS INTERNATIONAL: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.S.
International's Long-Term Issuer 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 BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR800 mil. Fund-based limits maintained in the non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR86 mil. Term loan maintained in the non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 12, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Established in 2006, J.S. International operates an integrated meat
processing plant in Unnao (Kanpur, Uttar Pradesh). The firm
produces and exports frozen halal boneless buffalo meat (daily
processing capacity of 105 metric ton (MT) sheep meat (6MT), and
leather dog chews (3.85MT). The company complies with ISO 22000 –
2005 Certificate, HACCP Certificate, Halal Certificate and all of
its products have been approved by the Agricultural and Processed
Food Products Export Development Authority.


JSB ALUMINIUM: ICRA Lowers Rating on INR30cr Cash Loan to B+
------------------------------------------------------------
ICRA has downgraded the ratings for the bank facilities of JSB
Aluminium Private Limited's (JSB's) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        30.0       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating downgraded
                                 from [ICRA]BB(Stable) and moved
                                 to the 'Issuer Not Cooperating'
                                 category

   Fund based-        4.0        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                     COOPERATING; Rating downgraded
                                 from [ICRA]BB(Stable) and moved
                                 to the 'Issuer Not Cooperating'
                                 category

As part of its process and in accordance with its rating agreement
with JSB's, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

JSB Aluminum Private Limited (JAPL) was initially incorporated as
M/S Shree Balaji Aluminum Casting in Faridabad in February 2000 by
Mr. Radhey Shyam Aggarwal and Mr. Ashok Kumar Aggarwal. Prior to
that, the two brothers were actively involved in trading of ferrous
and non-ferrous scrap. During the 2000s, M/S Shree Balaji Aluminum
Casting was renamed M/S Shree Balaji Alloy and started its
operation from Kathua in Jammu & Kashmir. Finally, in 2006, the
entity started producing aluminium alloy ingots under the brand
name of JSB Aluminum Private Limited and later shifted the
manufacturing unit to Alwar, Rajasthan. The manufacturing facility
is spread over an area of roughly 6,000 square metres, which has an
office, a testing laboratory, warehouse facility and the factory.
The factory has three furnaces with capacity of two 7 metric tonnes
(MT) and one of 9 MT. The installed capacity is 2,000 MT per month
or 24,000 MT per annum. The average temperature of the furnaces to
melt the metals range from 650 C to 850 C. Currently, the company
is undertaking capex to add another furnace with 8,000-MT capacity,
taking the total annual capacity to 32,000 MT.

KALINDI ISPAT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kalindi Ispat Pvt
Ltd.'s Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.  

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR117.5 mil. Fund-based limits is

     withdrawn; and

-- The 'IND BB+' rating on the INR10 mil. Non-fund-based limits
     is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Company Profile

Incorporated in 2004, Kalindi Ispat manufactures sponge iron at its
60,000 metric tons per annum facility in Bilaspur, Chhattisgarh.


KIRTHI POWER: ICRA Lowers Rating on INR10cr Loans to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sri
Kirthi Power Solutions India Private Limited (SKPSIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          4.83       Downgraded to [ICRA]B+(Stable)
   Term Loan                       from [ICRA]BB-(Stable)

   Fund-based-          5.17       Downgraded to [ICRA]B+(Stable)
   Unallocated                     from [ICRA]BB-(Stable)

Rationale

The revision in the rating factors in the delays in the realisation
of payments from its sole customer - Telangana State Southern Power
Distribution Company Ltd (TSSPDCL) - for its 2-MW solar power
project in Telangana. The receivable position of the company
remains stretched with bills not cleared since January 2021,
reflecting a receivable period of 14-15 months, owing to the modest
financial position of the offtaker. While the company's current
liquidity position remains stretched (cash and bank balances of
INR0.13 crore as on March 31, 2022 against a repayment of INR1.29
crore due in FY2023), any further delays or non-receipt of payments
from the offtaker may deteriorate the liquidity position further.
Going forward, the realisation of the overdue payments by Sri
Kirthi Power Solutions Pvt Limited (SKPSIPL) remains a key rating
sensitivity. Moreover, a sustainable improvement in monthly
collections from TSSPDCL remains a key rating monitorable.

The rating is further constrained by the company's exposure to the
risk of variability in solar generation due to the single-part
nature of the competitively bid tariff and the exposure to
geographical asset concentration risk. The rating is also
constrained by the plant's low PLF at 14.9% in FY2021 and 16.7% in
FY2022, which is lower than the P-90 estimates of 17.5%.

The rating, however, draws comfort from the long-term PPA with the
state-owned distribution utility, Telangana State
Southern Power Distribution Company Limited (TSSPDCL), at a tariff
rate of INR6.45 per unit for 20 years, which limits demand and
tariff risks.

Key rating drivers and their description

Credit strengths

* Limited demand risk with long-term PPA: The company had signed a
PPA with TSSPDCL for the 2.0-MW capacity for a period of 20 years
from the COD i.e. March 31, 2016, at a tariff rate of INR6.45 per
unit, which limits demand and pricing risks.

* Operational since March 2016: The 2-MW solar power plant is
operational since March 31, 2016, thereby eliminating the execution
risk associated with under-construction projects.

Credit challenges

* High counterparty credit risk; continuous delays in receiving
payments from TSSPDCL: As TSSPDCL offtakes the entire power
generated by the asset, SKPSPL remains exposed to the state
discom's credit risk profile. There have been significant delays in
payments by the counterparty due to which the company's receivable
cycle has stretched, adversely impacting its overall liquidity
profile. While the company received some payments in FY2022 and
April 2022 from the discoms, the overdue position continues to be
stretched with the company's receivable position at 14-15 months as
of April 2022. Going forward, the realisation of overdue payments
by SKPSIPL remains a key rating sensitivity. Moreover, a
sustainable improvement in monthly collections from TSSPDCL remains
a key rating monitorable.

* Power generation continues to be lower than P90 estimates: The
solar power plant continues to report subdued performance since COD
with generation lower than the P-90 estimates of 17.5%. The company
reported an average PLF of 14.9% in FY2021 and 16.7% in FY2022.
While ICRA notes that the company has replaced some parts and
carried out other minor repair works, a sustained improvement in
generation remains to be demonstrated. Weak cost competitiveness of
PPA tariff and interest rate risk – SKPSIPL remains exposed to
the risk of future reduction in offtake/grid curtailment by
TSSPDCL, given the relatively high PPA tariff of INR6.45 per unit
against the average power purchase cost of the state distribution
utility and the competitively bid tariff rates for sourcing solar
energy. Nonetheless, the company has not faced any grid
availability issues from TSSPDCL till date. SKPSIPL's debt coverage
metrics remain exposed to the interest rate movement, given the
single part and fixed tariff under the PPA.

* Single-asset operations; cash flows vulnerable to variability in
solar irradiation: SKPSIPL is entirely dependent on power
generation by the solar power project for its revenues and cash
accruals, given the single-part nature of the tariff. As a result,
any adverse variation in weather conditions may impact its PLF and
consequently its cash flows. The single location and single asset
nature of the company's operations amplifies this risk though the
same is mitigated to an extent by the operational track record of
the plant since its COD in March 2016.

Liquidity position: Stretched

The company's liquidity position is stretched due to delays in
receipt of payments from TSSPDCL. It has external term loan of
INR4.28 crore as on March 31, 2022 of which INR1.29 crore is
scheduled to be repaid in FY2023. While the cash accruals are
expected to tightly match against the repayment obligations in
FY2023 and FY2024, the release of past dues by the discom is
expected to support the repayments. Further, need-based timely
support from promoters, as demonstrated in the past, would remain
critical from a credit perspective.

Rating sensitivities

Positive factors - ICRA may upgrade the ratings if the company's
debtor position improves on a sustained basis, leading to an
improved liquidity position.

Negative factors - Negative pressure on the ratings may arise if
the payment from TSSPDCL is delayed further, adversely impacting
its weak liquidity position. Moreover, any deterioration in the
operational performance of the plant may result in a downgrade.

SKPSIPL has developed a 2.0-MW solar power plant in the Nalgonda
district of Telangana, which commissioned operations on March 31,
2016. The company has signed a PPA with TSSPDCL for 20 years with a
feed-in tariff rate of INR6.45 per unit. The total cost of the
project is INR12.34 crore and is part funded by a term loan of
INR8.00 crore and promoter's equity of INR4.34 crore.


L.A. HOTELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings of L.A. Hotels & Retreats
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1996, LHRPL is a private limited company, and is a
part of the LAHAG group of companies. It operates various bars and
restaurants in Bareilly and has an under-construction hotel in
Mangolpuri Industrial Area, Delhi which is expected to start
operations in December 2016. The project cost estimated at INR91
crores is being funded by term loan of INR15 crore and balance
through promoters' funds.


M.D. AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M/S. M.D.
Agro Foods in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

MDAF was established in Nissing, Karnal (Haryana) in 2009 and
undertakes milling and processing of basmati rice. MDAF commenced
commercial operations in January 2010 and is owned and managed by
Mr. Ajay Kumar and Mr. Praveen Kumar.


MANSA DEVI: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mansa Devi
Rice Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         31.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

MDRM is a partnership concern established in 1982 by its partners,
Mr. Raj Kumar and Mr. Ved Prakash. MDRM processes
basmati and non-basmati rice and sells it in the domestic and
export market.

MARUTI KESRI: Liquidation Process Case Summary
----------------------------------------------
Debtor: Maruti Kesri Nandan Agrofoods Private Limited
        #495/7, Kadipur Industrial Area
        Near Shiv Mandir, Pataudi Road
        Gurgaon HR 122001
        IN

Liquidation Commencement Date: May 9, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Date of closure of
insolvency resolution process: May 8, 2022

Insolvency professional: Mr. Amit Kumar Goyal

Interim Resolution
Professional:            Mr. Amit Kumar Goyal
                         #4196, Eco City
                         Phase-I, New Chandigarh
                         Sahibzada Ajit Singh Nagar
                         Punjab 140901
                         Mobile: +919815451777
                         E-mail: akgoyal47@yahoo.com

                            - and -

                         S.C.O. 818, First Floor
                         N.A.C., Manimajra
                         Chandigarh 160101
                         Mobile: +919875921490
                         E-mail: liquidator.marutikesrinandan@
                                 gmail.com

Last date for
submission of claims:    June 18, 2022


MAULI METAL: Ind-Ra Affirms & Withdraws 'BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mauli Metal
Industries Private Limited's (MMIPL) Long-Term Issuer Rating at
'IND BB' and has simultaneously withdrawn the rating. The Outlook
was Positive.

The instrument-wise rating actions are:

-- INR225 mil. Fund-based working capital limits* affirmed and
     withdrawn; and

-- INR33.95 mil. Term loans^ due on October 2024 affirmed and
     withdrawn.

*Affirmed at 'IND BB/Positive /IND A4+' before being withdrawn.
^ Affirmed at 'IND BB/Positive' before being withdrawn.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Key Rating Drivers

The affirmation reflects MMIPL's continued small scale of
operations, as indicated by revenue of INR1,016.85 million in FY21
(FY20: INR2,411.47 million). The revenue declined on a yoy basis
due to the closure of its manufacturing units over March-May 2020
owing to the COVID-19-led lockdown. In FY22 (provisional numbers),
the company booked a revenue of INR1,810 million.

The ratings also factor in MMIPL's modest EBITDA margin. The margin
improved to 6.01% in FY21 (FY20: 2.79%) due to manufacturing of
high-margin speciality alloys from FY21. The ROCE stood at 10.5%
(FY20:12.4%). The margin is likely to remain at similar level.

The ratings reflect MMIPL's modest credit metrics due to the modest
margins. The metrics weakened in FY21 due to a decline in the
absolute EBITDA to INR61.14 million (FY20: INR67.27 million),
resulting from the fall in revenue. The gross interest coverage
(operating EBITDA/gross interest expense) was 1.84x in FY21 (FY20:
2.07x) and the net financial leverage (adjusted net debt/operating
EBITDA) was 5.36x (4.42x).

Liquidity Indicator – Poor: MMIPL has exposure to only one banker
and it does not have access to capital markets. The average maximum
utilization of the fund-based limits was 91.07% for the 12 months
ended March 2022. The cash flow from operations turned positive at
INR3.21 million in FY21 (FY20: negative INR32.52 million) due to
favorable changes in the working capital.  Ind-Ra expects the cash
flow to have remained at similar levels in FY22. The net working
capital cycle elongated to 163 days in FY21 (F20: 56 days) due to
an increase in the inventory days to 153 days (58 days). The cash
and cash equivalents stood at INR1.25million at FYE21 (FYE20:
INR3.30 million). MMIPL had availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020 and additional
credit line amounting to INR30 million in FY21.The company's
scheduled debt obligation stands at INR14.43 million in FY23.

The ratings, however, continue to be supported by the promoters'
experience of over ten years in the alloy manufacturing industry,
which has helped the company establish strong relationships with
customers as well as suppliers.

Company Profile

Incorporated in 2011, MMIPL manufactures non-ferrous metal alloy
(primarily aluminum-based alloys) in form of ingots and moulds. It
has two manufacturing plants, in Aurangabad and Osmanabad, with a
total manufacturing capacity of 24,000 million Tons per annum.
Shrikant Chandrakant Shelke and Chandraprabha Shrikant Shelke are
the directors of the company.


MONEY2ME FINANCE: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Money2me Finance
Private Limited's (MFPL) bank loans as follows:

-- INR150 mil. Bank loans assigned with IND BB+/Stable rating.

The rating is constrained by MFPL's small scale of operations and
high geographical concentration. However, it benefits by the
company's stable asset class (gold loans) and stable asset quality,
along with its experienced management.

Key Rating Drivers

The company operates in the loan against gold finance segment, and
had assets under management (AUM) of INR590 million at end-December
2021 (FY21: INR425 million, FY20: INR188 million). MFPL lends with
an average ticket size of INR0.1 million. These are short-tenor
loans with an average residual tenor of six-to-12 months; hence the
disbursement momentum remains critical for loan book growth.
Moreover, the company's AUM is exposed to high geographical
concentration risk with all its 12 branches located in Maharashtra.
Nonetheless, the low ticket size of these loans mitigates the risk
to a certain extent. The company commenced its operations through
northern part of Mumbai. MFPL is looking to expand its presence to
24-25 branches by FYE23 (3QFY22:12), of which three will be in
Gujarat, thereby gradually diversifying its geographic
concentration. Ind-Ra opines that a strengthened franchise and a
sustainable scale up in the AUM, along with funding
diversification, while maintaining the asset quality,
capitalization and liquidity are key rating monitorable.

The rating also reflects MFPL's skewed funding profile and its
yet-to-be-established diversified liability profile. At
end-December 2021, the company's borrowings were skewed towards
overdraft facilities and cash credit facilities from banks, which
constituted around 96.6%. Non-convertible debentures (NCDs), term
loans from financial institutions/non-bank financial companies
(FI/NBFCs) and loan from director formed around 1%, 0.5%, and 2%,
respectively, of the overall borrowing at end-December 2021. The
top three lenders constitute 87.7% of the total funding (excluding
compulsory convertible debentures (CCDs). However, to explore a new
funding avenue, the company is planning to enter into a co-lending
arrangement with The Karur Vysya Bank (IND A+/Stable), and into a
business correspondence with CSB Bank (IND A/Stable) over the
near-to-medium term. A diversification of the funding profile by
securing new source is critical for the company's growth.

At end-9MFY22, MFPL's adequate capital adequacy ratio improved to
21.15% (FYE21: 14.1%), primarily due to an equity infusion of INR36
million and INR20 million through CCDs at 15% interest cost during
9MFY22. Furthermore, the company infused around INR20 million in
4QFY22. Hence, the company's leverage improved to 3.8x in 9MFY22
from 6.5x in FY21 as CCDs are considered a part of equity; the
management intends to cap the leverage at 4x-4.5x levels over the
medium term. However, excluding CCDs as part of networth and
factoring it in borrowings till the conversion take place, the
leverage stood at 4.7x at end-December 2021.

Liquidity Indicator - Adequate: At end-December 2021, the company
had a cumulative surplus of 5.86% for the softer bucket of up to
one year. This is further strengthened by its unutilized bank lines
of INR284 million, at end-December 2021. At end-February 2022, the
company had total liquidity of INR38 million and INR484 million of
unutilized bank lines against three months' debt payment of
INR9.5million, considering no inflow of advances; thus, the
liquidity cover for the company is adequate.

In 2016, the current promoter purchased Broadway Hire Purchase
Private Limited and renamed it MFPL and commence business operation
from 2017 with a focus on providing loan against gold. Nayan Kambli
and his wife Gunjan Kambli manage the business. Gunjan Kambli,
director and product head, has an experience of over 16 years in
the gold loan sector with gold financiers such as Muthoot Finance,
IIFL Finance ltd and has established field expertise.

The rating is supported by MFPL's improving asset quality. The
company extends gold loans with a tenor of up to 12 months with
bullet principal repayments, while interest accrues on a monthly
basis. While MFPL's primary line of activity will remain gold
financing, the company plans to diversify in other segments such as
financing farmers backed by government subsidiaries; the company's
ability to scale and manage its asset quality over the medium term
remain monitorable. The average loan-to-value ratio of the overall
book was 72%-73% at end-December 2021. MFPL's gross non-performing
assets based on 90 days past due (dpd) stood at 2.3% at end-9MFY21
(FYE21: 3.8%; FYE20: 16.3%). Since the company in its early stage
of operations, to build customer trust, it allows assets to slip to
NPA. During the auction process, the company did not incur any
losses on its principal dues; however, it forgoes some of the
incurred interest on the loans. The total overdue at end-December
2021 (i.e. principal and accrued interest) in terms of 1+ days past
due stood at 3.5% of the overall AUM compared to 18.6 % at
end-March 2020.

At end-December 2021, the company's profitability was moderate,
with return on average assets at 2.9% and return on equity of
16.7%. The net interest margin improved to 13.5% in 9MFY22 from 11%
in FY21 on back of an improvement in the yields; however, this was
offset by an increase in the operating cost which stood at 10.6% at
end-December 2021 compared to 7.8% at FYE21, as the company is
investing in branches and people. MFPL's current AUM per branch
stood at INR49 million during 9MFY22 (FY21: INR53 million). The
agency opines MFPL's operating leverage could benefit profitability
over the medium term, as the operations scale further with
operating expense for branch expansion rationalizing.

Rating Sensitivities

Positive: A significant scale up in the AUM while maintaining asset
quality metrics, modest leverage and healthy profitability will be
positive for the ratings. A positive rating action could also
result from a diversification of its gold loan book into other
geographies with stable asset quality on a sustainable basis.
Diversifying funding mix across longer-duration instruments, along
with maintaining regulatory compliance and adequate system and
process with scale, remains key monitorable.

Negative: A significant dilution in the tangible networth due to
significant losses, the capital adequacy ratio falling below 17%
and the leverage remaining above 6x on a sustained basis.
Deterioration in the asset quality and profitability could also
lead to a negative rating action. Any challenges faced by the
entity in terms of regulatory compliance could also entail a
negative rating action.

Company Profile

MFPL was formed by acquiring a company Broadway Hire Purchase in
2016. It is a registered as non-systemically important non-deposit
taking NBFC. The company is promoted by Nayan Kambli, Mitesh Shah
and Gunjan Kambli and operates through 11 branches located across
Mumbai, Thane, Palghar and Pune district with a strength of 96
employees.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 20, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 1991, M S Graphics trades printing plates, printing
machinery and printing ink. Managed by Chandra Mohan Shroff and
Mohit Shroff, the company is the distributor for Kodak and Huber
brand. It also imports plates from Southeast Asian companies. The
company has sales offices in Kolkata, Chennai, Delhi, Guwahati and
Bangalore. It caters to newspaper printing, book printing houses
and all other painting-related industries.  


MY CAR: ICRA Withdraws B Rating on INR22.48cr Working Capital
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
My Car Nexa Private Limited at the request of the company and based
on the No Objection certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           22.48      [ICRA]B (Stable); ISSUER NOT
   Working Capital                 COOPERATING; Withdrawn

Incorporated in 2015, MCNPL is an authorized dealer in Kanpur,
Uttar Pradesh for passenger cars manufactured by Maruti Suzuki
India Limited (MSIL) under the brand NEXA. The showroom became
operational in January 2016 and at present, the cars sold through
NEXA are- premium cross-over, S-Cross, premium hatchback, Baleno
and Ciaz.

MYTRAH VAYU: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has continued the rating for the bank facilities of Mytrah
Vayu (Sabarmati) Private Limited (MVSPL) in the Issuer Not
Cooperating category. The rating is denoted as [ICRA]D ISSUER NOT
COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       1,452.00     [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

MVSPL, incorporated in March 2017, is a special purpose vehicle
(SPV) promoted by Mytrah Energy (India) Private Limited (MEIPL).
MVSPL is operating a 252-MW wind power capacity at Maniyachi in
Tamil Nadu. The company won this project through tariff-based
competitive bidding conducted by Solar Energy Corporation of India
(SECI) in February 2017, under the 1,000 MW-inter-state
transmission system (ISTS) connected wind scheme of the Ministry of
New and Renewable Energy (MNRE). The project was developed by
MEIPL, with GE India Industrial Private Limited (GEIPL) supplying
and installing the WTGs, while the remaining plant work (including
land acquisition) was done by other promoter group entities. The
company has signed a PPA with PTC India Limited at the bid tariff
rate of INR3.46 per unit for the entire capacity. The appraised
project cost for MVSPL is INR1,936 crore. MEIPL, incorporated in
November 2009, is a leading wind power IPP in India with
operational wind and solar power capacity of 1.7 GW across eight
states under various SPVs.


MYTRAH VAYU: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has continued the ratings for the bank facilities of Mytrah
Vayu (Indravati) Private Limited (MVIPL) in the Issuer Not
Cooperating category. The rating is denoted as [ICRA]D ISSUER NOT
COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        915.90      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term–        100.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund-based                    Rating Continues to remain under
   Working Capital               'Issuer Not Cooperating'
   Facility                      Category

   Long Term–        134.10      [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

MVIPL, incorporated in June 2012, is a special purpose vehicle
(SPV) promoted by Mytrah Energy (India) Private Limited (MEIPL).
MVIPL is operating wind power projects of 155.4 MW capacity - 105
MW at Vajrakarur in Andhra Pradesh and 50.4- MW at Bhesada in
Rajasthan. The projects in Andhra Pradesh were fully commissioned
in March 2016, while that in Rajasthan was fully commissioned in
December 2015. The projects were developed at a total cost of
INR1,158.23 crore. The company has tied up long-term PPAs with the
respective state distribution utilities for the wind power projects
at a feed-in tariff rate of INR4.83 per unit in Andhra Pradesh and
INR5.74 per unit in Rajasthan. The projects were developed by MEIPL
with Suzlon supplying the WTGs. MEIPL, incorporated in November
2009, is a leading wind power IPP in India, with an operational
wind and solar power capacity of 1.7 GW across eight states under
various SPVs.

NORTH WESTERN KARNATAKA: Ind-Ra Assigns BB- Loans Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated North Western
Karnataka Road Transport Corporation's (NWKRTC) bank loans as
follows:

-- INR2,297.40 bil. Bank loans assigned with IND BB-/Stable
     rating.

Analytical Approach: Ind-Ra has classified NWKRTC as a
non-dependent public sector entity since it does not have any
explicit financial support from the government of Karnataka (GoK)
to service its debt in a timely manner, and has therefore, applied
a bottom-up approach based on its Rating Criteria for public sector
entities.

The rating reflects NWKRTC's weak credit profile as the company
does not operate with a profit maximization objective. Although
NWKRTC provides a key public service by way of road transportation,
its policy and strategic decisions are controlled by the (GoK).

Key Rating Drivers

The rating reflects NWKRTC's weak liquidity profile due to
continued net losses. The corporation reported a net loss of
INR3,890.78 million in FY21 (FY20: INR1,864.53 million). The debtor
collection period elongated to about 28 days in FY21 (FY20: 22
days). NWKRTC deferred payments to suppliers and current
liabilities to maintain a comfortable cash position and to timely
service its debt obligations.

NWKRTC maintains an escrow account with its lenders and the daily
collections arising from fare/sale of tickets is deposited in to
the escrow account. Therefore, the corporation was able to meet its
debt servicing requirements through cash, despite having a cash
loss during FY17-FY21.

NWKRTC's debt service commitments were just 4.38% of its total
income in FY21 and debt service coverage ratio was negative during
FY20-FY21 due to the EBITDA losses (FY21: INR3,131.56 million,
FY20:INR976.84 million). Operating costs are generally high in road
transportation business, which the  corporation was unable to pass
on to the customers as it operates in a non-commercial environment.
Also, non-revision of fares and increasing diesel prices affected
the profitability adversely.

NWKRTC has scheduled debt service obligations (interest and
repayments) of about INR1,200 million in FY23. NWKRTC had a cash
and bank balance of INR386 million at FYE22. The corporation is
likely to defer payments of suppliers and current liabilities
further to meet its debt servicing requirements. Its debt service
coverage ratio and debt/EBITDA was negative and stood at negative
5.57x and negative 0.90x in FY21, respectively. FY22 financials are
provisional.

The rating is also constrained by deterioration in NWKRTC's
operational performance in FY21 due to the covid-19-led nationwide
lockdown. The corporation's effective kilometers (kms) declined
42.47% yoy to 324.3 million kms in FY21, despite its vehicles
(buses) operating at above 4,400 schedules. However, the effective
kms recovered marginally to 383.4 million kms in FY22 owing to
unlocking of economic activities. Ind-Ra expects the corporation's
operational performance to improve in FY23; although, passenger
load is likely to remain below pre-covid levels.

Although total income declined 34.41% yoy to INR12,824.74 million
in FY21 due to the pandemic, it recovered to about INR15,000
million in FY22. Staff cost is the major expenditure, followed by
fuel cost and averagely proportioned about 48% and 34% to total
expenditures during FY17-FY21, respectively.

However, the rating draws strength from the support the GoK
provides to NWKRTC in the form of revenue and capital grants, which
is part of its budgetary allocation. However, the support is
limited to part funding of NWKRTC's capex. The GoK reimburses the
concessional ticket charges issued under various heads such as
students passes, concession to senior citizens, among others. The
support in the form of revenue grants is also limited as the GoK
funds only 50% of the concessional ticket charges, while 25% is
borne by NWKRTC and 25% by the passengers.

Since the corporation is providing an important public mission
service, Ind-Ra considers the entity as strategically significant
to the GoK. NWKRTC is under direct supervision of the GoK, and its
strategies and policies are dictated by the GoK's representatives
on the board. In Ind-Ra's view, this reflects substantial control
of the sponsors on NWKRTC.

Rating Sensitivities

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

- debt service coverage ratio improving above 1.0x on a sustained
basis,

- strengthening of NWKRTC's relationship with the GoK.

Negative: The following developments, individually or collectively,
could lead to a negative rating action:

- a significant and unexpected increase in the debt burden,
leading to pressure on its ability to timely service debt,

- any weakening of the linkages with the GoK.

Company Profile

Headquartered in Hubbali, Karnataka, NWKRTC is a state-owned public
transport corporation in Karnataka, India. NWRTC's jurisdiction
covers six districts, 44 talukas and 4,596 villages, and provides
transport services from nine operating divisions consisting of 53
depots, nine divisional, one regional workshop, two civil
engineering divisions, one regional training institute and one
hospital under its administrative control.


NOVUS GREEN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Novus Green Energy Systems Limited
        Suite 11, 2nd Floor
        Plot No. 100, Siddhi
        P & T Colony, Trimulgherry
        Secunderabad 500015
        Telangana

Insolvency Commencement Date: May 30, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 26, 2022

Insolvency professional: Rachamallu Ramachandra Reddy

Interim Resolution
Professional:            Rachamallu Ramachandra Reddy
                         Flat No. 508, Block A1
                         TVS Lakeview Apts
                         Road No. 10, Panchavati Colony
                         Manikonda, Hyderabad 500089
                         E-mail: umarachamallu12081961@gmail.com

Last date for
submission of claims:    June 13, 2022


NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term ratings of Nuway Organic Naturals
(India) Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-       18.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category
  
   Unallocated        6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating Continues to remain under
                                 issuer not cooperating category

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

Nuway Organic Naturals India Limited (NONIL) is primarily engaged
in the production and sale of alcoholic products. The proposed
distillery project was conceived by Punjab Agro Industries
Corporation Limited (PAIC), Chandigarh, with a view to add value to
the damaged grains and surplus agro-produce available from within
the state of Punjab. The distillery based on grains with a capacity
of 45 kilolitres per day (KLPD) of potable alcohol has been set up
in Rajpura over a land measuring 28.15 acres. The company
manufactures Extra-Neutral Alcohol (ENA), which is used for
production of Punjabmade Liquor (PML) as well as Indian-made
Foreign Liquor (IMFL).


ORAVEL LIMITED: Fitch Lowers LT Currency IDRs to B-, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has downgraded India-based Oravel Stays Limited's
(OYO) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'B-' from 'B'. The Outlook is Stable.

Fitch has also downgraded the rating on the USD660 million senior
secured term loan facility due 2026, issued by OYO's fully owned
subsidiary, Oravel Stays Singapore Pte Limited, to 'B-' from 'B'.
The Recovery Rating remains at 'RR4'. The term loan facility is
unconditionally and irrevocably guaranteed by OYO and certain
subsidiaries within the group. The guarantee covers 121% of the
outstanding principal or up to USD800 million. Fitch considers the
guarantee full and worthy as it should cover 100% of principal
payments plus all interest accrued up to the point at which all
principal is paid.

The downgrade reflects significant uncertainty about whether OYO
can achieve material EBITDA profit in the financial year ending
March 2023 (FY23). The company faces execution challenges given the
lacklustre recovery in travel demand in the price-sensitive markets
where OYO operates. Fitch believes that OYO will likely achieve
meaningful EBITDA profit only in FY24, relative to Fitch's previous
expectations of FY23. The Stable Outlook reflects comfortable
liquidity as available cash is sufficient to fund the expected FCF
deficit in the next two years, with limited refinancing risk on its
long-dated debt.

KEY RATING DRIVERS

Uncertain Recovery in Travel Demand: Fitch expects OYO's FY23
revenue to increase by around 30%, much lower than Fitch's previous
forecast due to slower recovery in travel demand in its core
markets and subdued growth in the number of partnered hotels and
homes. Fitch believes OYO's revenue growth in FY22 may have
underperformed that of its peers in the hotel industry, which grew
by 50%-100% yoy, given OYO's higher exposure to the mid-to-budget
hotel segment, which has been slower to recover

However, management expects FY23 revenue to grow by around 80% on
stronger travel demand recovery and the addition of hotels and
homes to the portfolio.

Uncertainty Regarding EBITDA Breakeven: Fitch expects OYO to
achieve EBITDA profit in FY24, with a likely small EBITDA deficit
in FY23 due to the slow recovery in travel demand, wage inflation
and spending on marketing. OYO's business has high operating
leverage given its staff and marketing costs are likely to increase
more slowly than revenue, as the company benefits from
technological upgrades and further cost rationalisation. Management
expects some cost flexibility if revenue growth is lower than it
expects, such that it will still post a small EBITDA profit in
FY23.

Satisfactory Liquidity: Fitch estimates that OYO's unrestricted
cash at FYE22 was sufficient to fund Fitch-estimated FCF deficits
of USD74 million in FY23 and annual debt repayments of USD6
million, although greater cash burn will weaken liquidity.

Update on IPO: The company filed a draft prospectus in 2021 for a
stock listing in India and planned to raise USD1.1 billion (INR84.3
billion), of which USD920 million will be injected into OYO. The
company planned to use the proceeds to prepay USD330 million of
debt and the balance to invest in growth and for general corporate
purposes.

The company is awaiting regulatory approvals for the listing and
recently sought to file a revised prospectus that contains updated
financials with the Securities and Exchange Board of India . Fitch
has not factored in any equity issuance in Fitch's base case.

Intact Business Model: OYO's business profile benefits from a
diversified market presence in India, south-east Asia and Europe,
and moderate entry barriers, which are offset by its exposure to
price-sensitive travel markets. OYO targets business and
price-sensitive travellers. This market recovered much more slowly
than the premium market in FY22.

Moderate Entry Barriers: Entry and competition barriers are
moderate, as OYO has solid relationships with low- to mid-tier
property owners and offers comprehensive services to market their
rooms on various distribution channels, including online travel
agents (OTAs), offline channels and OYO's own web and mobile
platforms. Switching costs are high as OYO's services are well
integrated with its platforms. However, Fitch believes that if the
underperformance relative to industry peers continues, it may
weaken the relationship between OYO and its partnered hotels.

Robust Growth Prospects: OYO has a single-digit market share in its
core markets in terms of marketable rooms. Revenue diversity should
help the company to weather cash-flow volatility from risks
inherent in the travel industry. It has strong growth prospects and
faces lower competition as it operates in the low- to mid-tier
market where travellers and property owners are price-sensitive.
The hospitality industry is highly fragmented in India and other
key markets, with the unorganised sector accounting for 75%-80% of
the market, which gives OYO a large addressable market.

Rating on Standalone Basis: Fitch rates OYO on a standalone basis.
There is no parent-subsidiary linkage between OYO and Softbank
group, which owns 46.6% of the company through its subsidiary, SVF
India Holdings (Cayman) Ltd. Softbank does not exercise control
over the company. SoftBank supported OYO with equity injections and
by extending a term loan in March 2021 (which has since been
repaid), but Fitch does not factor in future exceptional liquidity
support from SoftBank in Fitch's ratings, given OYO's small size
compared with SoftBank's overall investment portfolio.

DERIVATION SUMMARY

US-based Expedia Group, Inc. (BBB-/Stable) has a significantly
better business profile than OYO, with a larger scale and a
much-better market position. Expedia is the second-largest OTA and
it makes over half of its revenue from the merchant model, thus
exposing it to higher working-capital requirements during
downturns. Expedia's financial profile is significantly better than
OYO's, given its solid EBITDA margin of 17%-20%, despite an EBITDA
loss in 2020 due to the impact from the Covid-19 pandemic.
Expedia's revenue and EBITDA recovered in 2021 and Fitch expects
revenue and EBITDA to grow by 36% and 57%, respectively in 2022.
Fitch also expects Expedia's net debt/EBITDA to improve to 1.1x in
2022 (2021: 3.0x).

China's Meituan (BBB-/Negative) has significantly stronger business
and financial profile than OYO - given its leading position as an
e-commerce platform for consumer services, wide customer outreach
and merchant base. Compared with OYO, Meituan has more diversified
service offerings, including food delivery, in-store, hotel and
travel, and electric bikes. Meituan has substantial operating cash
flow from the mature food delivery and in-store business, but the
Negative Outlook reflects uncertainty in the pace of investment in
new initiatives.

Meituan's financial profile is stronger than that of OYO, given its
net cash position, strong financial flexibility and access to the
equity market to fund investments.

OYO's credit profile is weaker relative to Germany-based online
classified information provider Speedster Bidco GmbH (AutoScout24,
B/Negative). AutoScout24 benefits from its focus on the online car
dealer segment, its established platforms in an environment of low
competition, a high level of immunity to new or smaller
challengers, and the trend of dealers moving from offline to online
platforms. It enjoys high EBITDA margin of 43%-44%. The Negative
Outlook on AutoScout24's rating reflects its aggressive capital
structure with 2022 forecast FFO gross leverage of 7.9x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Revenue to grow by 33% yoy in FY23 driven by 3% yoy increase
    in partner hotels and homes, 25% yoy growth in gross booking
    value per partner hotel or home and 500bp reduction in
    incentives and discounts;

-- Small Fitch-defined EBITDA loss in FY23;

-- M&A spend of USD20 million in FY23. No M&A assumed beyond
FY23;

-- Capex/revenue ratio to remain below 1%;

-- Working capital cash inflow of USD11 million in FY23 and USD7
    million in FY24;

-- No dividends or share buybacks;

-- Fitch has not assumed equity proceeds from the IPO in Fitch's
    base case.

Key Recovery Rating Assumptions

-- The recovery analysis assumes that OYO would be reorganised as

    a going concern (GC) in bankruptcy rather than liquidated;

-- Fitch estimates that the post-restructuring, long-term EBITDA
    at about USD60 million;

-- An enterprise value (EV) multiple of 5.0x is applied to the GC

    EBITDA to calculate a post-reorganisation EV. The multiple of
    5.0x reflects its business and financial profile, industry
    dynamics, and comparable peer data, using the multiple
    assumption tool under Fitch's Corporates Recovery Ratings and
    Instrument Ratings Criteria.

-- 10% taken off the EV to account for bankruptcy and associated
    costs.

-- The total amount of permitted prior-ranking debt under the
    term loan document is assumed to be fully drawn.

-- The above assumptions result in a recovery corresponding to a
    Recovery Rating of 'RR4' for the senior secured term loan.
    Also, the Recovery Rating on the term loan is capped at 'RR4'
    because under Fitch's Country-Specific Treatment of Recovery
    Ratings Criteria, India falls into Group D of creditor
    friendliness, and the Recovery Ratings of issuers with assets
    in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Sustained positive EBITDA led by strong revenue recovery.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Expansion in other geographies and/or non-core areas delaying
    the EBITDA break-even.

-- Sustained EBITDA losses or higher-than-expected FCF deficit
    leading to the liquidity ratio falling below 1.0x (FY23
    forecast: 21.0x)

-- Rebound in Covid-19 cases leading to further travel
    restrictions and delays in demand recovery.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-March 2022, unrestricted cash was
sufficient to fund debt maturities and Fitch-forecast negative FCF
(including acquisitions) of USD70 million-95 million in the next 12
months.

Repayment of the term loan under Oravel Stays Singapore Pte Limited
is back-ended, with only 1% amortisation annually in the next four
years and the balance to be paid in 2026. As a result, the
liquidity score remains above 10x over the next 24 months. Fitch
assesses the group's access to local and international banks as
moderate with only average access to capital markets.

ISSUER PROFILE

OYO operates a technology-led platform that connects 157,000 hotels
and homes with global travellers. The company has strong and
established relationships with property owners, and operates
primarily in India, south-east Asia, US and Europe.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT             RATING                      RECOVERY   PRIOR
   ----             ------                      --------   -----
Oravel Stays       
Limited
                    LT IDR      B-    Downgrade             B

                    LC LT IDR   B-    Downgrade             B

Oravel Stays
Singapore Pte
Limited

  senior secured    LT          B-    Downgrade      RR4    B


POLESTAR TRADERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Polestar
Traders Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         8.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Polestar Traders Private Limited was incorporated in March 2013 by
Mr. Umesh Vrajlal Damania and Mr. Manish Babel.The company started
operations by taking over the asset and liabilities of M/s Polestar
Industries, a proprietorship concern established by Mr. Umesh
Vrajlal Damania. The company is engaged in trading of various
ferrous and non ferrous metals. It predominantly deals in trading
of various types of stainless steel like pipes, plates, sheets,
wire rods etc. The company has its registered office in Mumbai and
warehouse in Navi Mumbai.

PURANMAL PHOOLA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Puranmal
Phoola Devi Memorial Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

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

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

PPDMT, a charitable trust formed in 1980, is managed by Dr. S.S.
Agarwal. The trust owns and operates "Swasthya Kalyan group of
Institutions" in Rajasthan and offers courses in Homoeopathy
(BHMS), MD in Homeopathy, Nursing (B.Sc. Nursing, G.N.M, Post Basic
B.Sc. Nursing), Physiotherapy (BPT), Polytechnic Diploma,
Engineering (B. Tech.) and Paramedical courses. In addition, the
trust also operates blood banks in Jaipur (Rajasthan).


R. S. H. AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of R. S. H.
Agro Products Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         5.00        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-        10.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

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

RAMEE HOTELS: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ramee Hotels
Private Limited's (RHPL) Long-Term Issuer Rating to 'IND B+' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits upgraded with
     IND B+/Stable rating;

-- INR25 mil. Non-fund-based working capital limits upgraded with
     IND A4 rating; and

-- INR485 mil. Long-term loan due on March 2028 upgraded with IND

     B+/Stable rating.

The upgrade reflects RHPL's timely debt servicing during the three
months ended April 2022.

Key Rating Drivers

In FY22, RHPL's parent company Ramee Investments Limited, Mauritius
had infused a capital of INR37.5 million for servicing RHPL's debt
and for its business operations. Also, in September 2021, the
company availed a working capital term loan (under a guaranteed
emergency credit line of INR150 million).

The ratings continue to be supported by the promoter Vardaraj M
Shetty's experience of more than two decades in the hospitality
industry.

The ratings reflect RHPL's continued small scale of operations with
the revenue declining to INR109.5 million in FY21 (FY20: INR428.7
million), due to COVID-19-led disruptions. During 10MFY22, the
company achieved a revenue of INR207.6 million. Ind-Ra expects the
revenue in FY22 to have been much higher than that in FY21 due to
the normalization of business.

RHPL's EBITDA margins turned negative at 19.3% in FY21 (FY20:
positive 4.6%) with the return on capital employed remaining
negative at 2.5% (FY20: negative 1.7%). In FY21, the EBITDA margins
turned negative on account of a fall in the revenue. Ind-Ra expects
the margins to have improved in FY22 on increased revenue and
controlled operating expenses.

The ratings reflect RHPL's continued weak credit metrics since the
company reported an EBITDA loss in FY21 (absolute EBITDA: negative
INR21.1 million, FY20: positive INR19.7 million). Ind-Ra expects
the credit metrics to have remained weak in FY22 on account of the
additional loan availed by the company.

Liquidity Indicator - Poor: RHPL's cash and cash equivalent
remained low at INR27.6 million in FY21 (FY20: INR51.8 million).
The company's fund-based and non-fund-based facility were maximum
utilized at an average of 69.4% and 16.8% respectively, during the
12 months ended April 2022. However, there were instances of
overutilization of more than 15 days during May 2021, June 2021 and
July 2021. The cash flow from operations in FY21 turned negative to
INR109.3 million (FY20: positive INR9.7 million) on account of the
negative absolute EBITDA. In FY21, the net cash conversion cycle
improved to negative 143 days (FY20: negative 51 days) on account
of an increase in the creditor days to 168 (64).

Rating Sensitivities

Negative: A decline in the scale of operations and/or deterioration
in the credit metrics could lead to a negative rating action.

Positive: A substantial increase in the scale of operations,
leading to an improvement in the credit metrics with net leverage
of below 5.0x and an improvement in the liquidity could lead to a
positive rating action.

Company Profile

Incorporated in June 1998, RHPL is promoted by Vardaraj Shetty. It
is engaged in the hospitality business and operates three hotels in
Mumbai and Pune. Its registered office is in Dadar, Mumbai.


RIDCOR INFRA: Ind-Ra Affirms 'D' Senior Project Bank Loan Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating of
RIDCOR Infra Projects Limited's (RIPL) senior project bank loans at
'IND D' as follows:

-- INR2,445.5 bil. (reduced from INR2,977.2 bil.) Senior project
     bank loans (long-term) affirmed with IND D rating.

Key Rating Drivers

The rating action reflects the continuation of non-payment of
interest and principal by RIPL.

The National Company Law Appellate Tribunal order dated October 15,
2018 provided a moratorium to Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') and its group companies,
including Road Infrastructure Development Company of Rajasthan
Limited (RIDCOR) for servicing of debt to the lenders.

IL&FS and its group companies are categorized as red, amber and
green vide the tribunal order dated March 12, 2020 and the earlier
orders. Although RIPL has not been categorized yet, the parent
RIDCOR is categorized as a red entity (domestic group entities
which cannot meet their payment obligations towards even senior
secured financial creditors, as and when such payment obligations
become due). In view of the same, RIPL (a wholly-owned subsidiary
of RIDCOR) stopped servicing financial obligations to all its
financial creditors. Subsequently, RIPL has been classified as
non-performing asset by the lenders due to the non-payment of
interest and principal on respective due dates.

As per the management, the lead lender had debited INR134.9 million
towards interest and INR324 million towards partial principal
payment in December 2021 and February 2022, respectively, basis the
restructuring plan submitted by RIPL. However, the restructuring
plan is currently being evaluated by the lenders. The management
confirmed that the company has overdues/delay and default in debt
servicing obligations.

Rating Sensitivities

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

Company Profile

RIPL, a wholly-owned subsidiary of RIDCOR (a 50:50 joint venture
between IL&FS and the government of Rajasthan), was incorporated to
develop, design, finance, construct, operate and maintain Phase-III
project stretches under the mega highways project. The Phase-III
projects comprise the 65.5km Mathura-Bharatpur-Gangapur-Bhadoti
stretch starting from the Uttar Pradesh border and running up to
the 117.32km Rawatsar-Nohar-Bhadra at the Haryana border.


RIDDHI SIDDHI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Riddhi
Siddhi Jewellers Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.50        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Riddhi Siddhi Jewellers Pvt Ltd. (RSJ) was established as a private
limited company in the year 2010 by Patel family. The company is
mainly engaged in trading of gold jewellery. The company deals only
in BIS certified gold jewellery to ensure purity of the product it
sells. The company is primarily managed by Mr. Prashant Patel.


RITE BITE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Rite Bite Trading Private Limited
        H.No. 490 C/o Kamlabai Keshavrao
        Fulbandhe Jagnath Budhawari
        Pili Marbat Cowk Nagpur
        MH 440002
        IN

Insolvency Commencement Date: June 2, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 29, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452018
                         E-mail: navink25@yahoo.com
                                 cirpritebite@gmail.com

Last date for
submission of claims:    June 16, 2022


RRR CONSTRUCTIONS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on RRR
Constructions & Projects Private Limited to Positive from Stable
while affirming its Long-Term Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits affirmed; Outlook

     revised to Positive from Stable with IND BB/Positive/IND A4+
     rating;

-- INR140 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR140 mil. Proposed fund-based working capital limits
     assigned with IND BB/Positive/IND A4+ rating; and

-- INR160 mil. Proposed non-fund-based working capital limits
     assigned with IND A4+ rating.

The Outlook revision reflects the likelihood of receiving the
sanction for RRR's proposed working capital facilities –
non-fund-based working capital limits worth INR160 million and
fund-based working capital limits worth INR140 million. After the
sanction for these bank limits, the company's ability to receive
further orders and the timely execution of the existing work orders
would lead to an increase in revenue in FY23. Also, the company
plans to incur capex of INR200 million for purchasing vehicles and
machinery for its upcoming orders.

Key Rating Drivers

The affirmation reflects RRR's continued small scale of operations,
despite its revenue increasing 49.62% yoy to INR312.97 million in
FY22, led by better execution of orders after the COVID-19-led
disruptions. Its FY22 numbers are provisional in nature. As on 31
March 2022, RRR had a strong order book of INR2,490 million (8x of
FY22 revenue) to be executed till 31 January 2024. Out of the total
order book, the management expects to complete INR1,000 million in
FY23. Ind-Ra expects the revenue to significantly improve, driven
by its INR200 million debt-led capex to add more vehicles and
machinery. The capex will be funded 80% by term loans and 20% by
internal accruals. Also, RRR has proposed additional non-fund-based
working capital limits (bank guarantee/letter of credit
interchangeability) of INR160 million, which will help in gaining
more orders in the medium term. It has also proposed new cash
credit limits of INR140 million, which is expected to get sanction
in FY23.

RRR's EBITDA margins remained healthy. However, the margins
marginally deteriorated to 9.58% in 10MFY22 (FY21: 9.92%; FY20:
9.98%), due to a marginal increase in the cost of raw ma materials
such as steel, cement, aggregates and sand. The return on capital
employed was 17% in FY21 (FY20: 27%). Ind-Ra expects the margins to
remain healthy in the near term, although they might witness a
marginal decline due to increased raw material prices.

The credit metrics remained comfortable, owing to low dependency on
bank debt coupled with a marginal increase in EBITDA to INR19.31
million in 10MFY22 (FY21: INR20.76 million). The gross coverage
(operating EBITDA/gross interest expense) improved to 7.40x (FY21:
4.49x) and net leverage (total adjusted net debt/operating EBITDAR)
reduced to negative 0.02x (FY21: 1.98x). Ind-Ra expects the credit
metrics to remain strong in the medium term, due to its healthy
profitability.

Liquidity Indicator - Stretched: RRR does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. Its cash and cash equivalents
remained low at INR43.13 million at end-January 2022 (FYE21:
INR43.16 million), which included INR40 million of deposits
maintained with the lender as a bank guarantee. The unutilized
limits were low at INR31.07 million at end-January 2022. The peak
average utilization of fund-based working capital limits (overdraft
limits) was 36.38% and non-fund-based working capital limits (bank
guarantee) of 44.25% for the 12 months ended March 2022. Ind-Ra
expects cash flow from operations to remain positive, owing to
healthy profitability and favorable changes in working capital. The
working capital cycle improved to negative 109 days in FY21 (FY20:
negative 22 days), due to an increase in payable days to 161 days
(65 days). The company has debt repayment obligations of INR4.54
million for s FY23.

However, the ratings are supported by its promoter's seven years of
experience in the civil construction sector.

Rating Sensitivities

Positive: A substantial increase in the revenue, along with an
improvement in the EBITDA margins, while maintaining the gross
interest coverage above 2x and improvement in the liquidity
position, on a sustained basis, could be positive for the ratings.

Negative: Inability to tie-up proposed facilities or a decline in
the revenue or profitability, leading to a deterioration in the
credit metrics or a further stretch in the liquidity position, on a
sustained basis, could lead to the Outlook being revised to
Stable.

Company Profile

Established in 2015, Hyderabad-based RRR focuses mainly on roads,
pipes, buildings, flyover projects, structure projects, national
highways, irrigation and canals, road-over-bridges and related
maintenance works. It has presence in Telangana, Andhra Pradesh and
Karnataka.


SARATHY AUTOCARS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed  Sarathy Autocars'
(SA) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR474 mil. Fund-based limits affirmed with IND BB-/Stable/IND

     A4+ rating; and

-- INR120.55 mil. Term loan due on June 2022 affirmed with IND
     BB-/Stable rating.

Key Rating Drivers

Liquidity Indicator - Stretched: The affirmation reflects the
company's continued modest ability to service its debt obligation.
As per the repayment schedule, the company has to repay around
INR90 million along with an estimated interest cost of around INR70
million each in FY23 and FY24. According to the provisional numbers
for FY22, the company's absolute EBITDA was INR147 million.
Therefore, in case of only marginal growth during FY23 and FY24,
the debt servicing coverage ratio is likely to be weak.

SA's average maximum utilization of the fund-based limits was
around 89.4% of the sanctioned limits over the 12 months ended
February 2022. In FY21, the cash flow from operations increased to
INR103.9 million (FY20: INR75.6 million) on account of low working
capital requirement owing to lower sales achieved during the year.
However, the free cash flow turned negative to INR8.8 million in
FY21 (FY20: INR10.3 million) as it incurred a higher capex of
INR112.6 million (INR65.3 million) towards the addition of new
workshops and expansion of existing workshops, addition of body
shops and renovation of few showrooms. The cash and cash
equivalents stood at INR30.8 million at FYE21 (FYE20 : INR10.9
million). Ind-Ra expects the cash flow from operations to have
marginally reduced in FY22 due to the likely increase in working
capital requirements. The net cash cycle was moderate at 30 to 40
days (FY21: 36 days, FY20: 44 days). The improvement in the net
cash cycle was mainly on account of a reduction in the inventory
holding period to 19 days in FY21 (FY20 : 54 days) due to shortage
of chips and low supply of cars from Maruti Suzuki India Limited
(Maruti).  SA held inventory of INR231 million in FY22, against
revenue of about INR3,600 million and creditors of INR62 million.
In FY23, Ind-Ra expects the net cash cycle likely to elongate
further due to a likely rise in inventory levels.

The ratings also factor in the firm's modest EBITDA margin on
account of the distributorship nature of the business. In FY22, the
margin decreased to 4.1 (FY21: 4.9%, FY20: 4.1%) owing to increase
of operating expenses. The firm's return on capital was 10.7% in
FY21 (FY20: 10%). Ind-Ra expects the EBITDA margin to remain at
same levels in FY23 owing to a likely increase in price of
passenger vehicles resulting from rise in raw material prices,
offset by continued growing demand for passenger vehicles.

The ratings remain constrained by SA's weak credit metrics. The net
financial leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 5.1x (FY21: 4.8x) due to an increase in short-term
borrowings to INR434.4 million (INR397.4 million) and a decline in
the EBITDA to INR147.6 million  (FY21: INR154.8 million). However,
the gross interest coverage (operating EBITDA/gross interest
expense) marginally increased  to 1.8x in FY22 (FY21: 1.5x, FY20:
1.6x) on account of a marginal decrease in interest cost as the
company availed low interest-bearing covid loans. Ind-Ra expects
the net financial leverage to deteriorate further in  FY23 on the
back of increase in debt and a likely increase in the short-term
borrowings to meet its increasing working capital requirements.

The ratings draw comfort from the firm's established market
position in Kerala and the partners' over two decades of experience
in the dealership business.

The ratings also benefit from the technical and marketing support
provided by Maruti for opening new showrooms and additional
incentives on achieving of specific revenue threshold.

Rating Sensitivities

Negative: Deterioration in the scale of operations and operating
EBITDAR, leading to deterioration in the credit metrics with the
interest coverage reducing below 1.25x and any weakening of the
liquidity position, all on a sustained basis, will lead to a
negative rating action.

Positive: Maintaining of scale of operations, an improvement in the
credit metrics with the interest coverage remaining above 1.5x and
an improvement in the liquidity position, all on a sustained basis,
will lead to a positive rating action.

Company Profile

SA, established in 1999 as a partnership firm, is an authorized
dealer of Maruti based in Kollam (Kerala). It operates 15 showroom
outlets and 17 service centers across the state.


SEVOKE MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Sevoke Motors Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        12.50        [ICRA]B+ (Stable) ISSUER NOT
   Limit                           COOPERATING; Rating continues
   E-DFS                           to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         5.00        [ICRA]B+ (Stable) ISSUER NOT
   Limit                           COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2007, Sevoke Motors Private Limited (SMPL) is
involved in the sale of passenger vehicles as an authorised dealer
of Maruti Suzuki India Limited (MSIL) in Siliguri, West Bengal.
Apart from the sale of new passenger vehicles, the company also
sells pre-owned vehicles, spare parts and does service/repair of
vehicles. The company has a show room cumservice centre in Siliguri
and has five branch offices to generate sale from various districts
in north Bengal. In April 2016, the company has opened a new
showroom dealing in NEXA variant of MSIL vehicles. The company has
also set-up two registered sales outlets in Jaigaon and Kurseong in
November 2015 and April 2016, respectively.


SEWA STEELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sewa Steels Pvt. Ltd.
        E-90C RIICO Industrial Area
        Bhiwadi Distt Alwar
        Rajasthan

Insolvency Commencement Date: May 31, 2022

Court: National Company Law Tribunal, Meerut Bench

Estimated date of closure of
insolvency resolution process: November 21, 2022

Insolvency professional: Mr. Arun Chadha

Interim Resolution
Professional:            Mr. Arun Chadha
                         727, Brahmpuri Meerut
                         UP 250002
                         E-mail: chadharun@yahoo.com

                            - and -

                         E-95/2, Naraina Vihar
                         New Delhi 110027
                         E-mail: chadha.arun@gmail.com

Last date for
submission of claims:    June 14, 2022


SH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SH
Infratech Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-Fund Based     20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term           1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
   Limit                         Category

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

SHIL was incorporated in December 2009 and is engaged in civil
construction projects comprising mainly of road construction
activities in Uttar Pradesh. The clients of the firm are mostly
government organizations such as Public Works Departments (PWD).
The directors of the company have been engaged in the civil
construction business for past twenty years through their
proprietorship concern Shakeel haider Engineers and Contractors
(SHEC), rated [ICRA]D. However, all the projects in SHEC are now
complete and the new contracts are bid in the company SHIL.


SU TOLL: ICRA Lowers Rating on INR588cr LT Loan to B
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of SU Toll
Road Private Limited (SUTRPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          588.0      [ICRA]B; downgraded from
   Fund Based TL                  [ICRA]B+ with a revision in
                                  outlook to Negative from Stable

   Long Term-           80.0      [ICRA]B; downgraded from  
   Bonds/NCD/LTD                  [ICRA]B+ with a revision in
                                  outlook to Negative from Stable

Rationale

The rating actions reflect weak debt coverage indicators and tight
liquidity position of the company, which along with delay by SUTRPL
in undertaking its first major maintenance activity (which was due
in FY2018) has resulted in an unfavourable outcome in arbitration
with penal damages levied of INR57 crore. Furthermore, the total
outlay for the first major maintenance is now significantly higher
at ~INR130 crores against the earlier estimates of ~INR80 crores
and subsequent revised estimates of ~INR110 crore, with the
completion date deferred further by a year to FY2023. The rating is
also constrained by the residual execution risk as the company has
to undertake construction of 136.6 km of bypass. The company is
exposed to funding risk as it requires additional funding for
completion of first major maintenance in FY2023 and to initiate the
capex for construction of bypass. The rating also remains
constrained by the interest rate risk, considering the floating
nature of interest rates for the project loan. Notwithstanding the
track record of toll collections, the project remains exposed to
risks inherent in BOT (Toll) road projects including risks arising
from political acceptability of rate hikes linked to WPI over the
concession period and development/improvement of alternate routes.
Though the rating factors in the escrow and waterfall mechanism,
which restricts any cash flow leakages, any instances of financing
support to the sponsor group entities could further drag company's
liquidity position and will be credit negative. Further, any debt
acceleration/prepayment demand by lenders remains a credit risk
given the weak profile of the sponsor.

The rating, however, continues to favourably take into account the
long operational track record of more than seven years, with
traffic growing at a CAGR of 3.2% in Passenger Car Unit (PCU) terms
between FY2017 to FY2022. The stretch has witnessed traffic growth
of around 20% (in PCU terms) in FY2022 given the low base effect as
FY2021 was adversely impacted by the Covid-19 pandemic and the
consequent stringent lockdown. The rating also factors in the
limited alternate route risk for the project.

The negative outlook reflects high execution risk and funding risk
in the project, which could have a bearing on the company's credit
profile. Moreover, in case of continuing delay in meeting timelines
as per the concession agreement, the project remains exposed to
further punitive action by the authority (NHAI, National Highway
Authority of India) including termination.

Key rating drivers and their description

Credit strengths

* Long operational track record: The company has a long operational
track record of more than seven years, with traffic growing at a
CAGR of 3.2% in Passenger Car Unit (PCU) terms between FY2017 to
FY2022. The stretch witnessed a growth of 20% in traffic during
FY2022 (in PCU terms) considering the low base effect.

* Low alternate route risk: Since the major traffic along the
project corridor is from Chennai to Coimbatore, there are five
alternative routes between Salem to Chennai. The alternate route
risk is not significant because the routes are longer and are also
tolled. Even for the shorter routes, there will be little time
saving as the roads are two-lane and in relatively bad condition.

Credit challenges

* Delay in completion of first major maintenance leading to
increased cost and penalty imposed by the authority: The delay by
SU Toll Road Private Limited (SUTRPL) in undertaking its first
major maintenance activity (which was due in FY2018) has resulted
in an unfavourable outcome in arbitration with penal damages levied
of INR57 crore. The total outlay for the first major maintenance is
now significantly higher at ~INR130 crores against the earlier
estimates of ~INR80 crores and subsequent revised estimates of
~INR110 crore, with the completion date deferred further by a year
to FY2023.

* Execution and funding risk for construction of bypass: The
company is exposed to residual execution risk as it has to
undertake construction of 136.6 km of bypass. The company is also
exposed to funding risk as it requires additional funding for
completion of first major maintenance in FY2023 and to initiate and
complete the construction of bypass. Project cash flows sensitive
to traffic growth rates and acceptability of toll rate hike -
Notwithstanding the track record of toll collections, the project
remains exposed to risks inherent in BOT (Toll) road projects,
including risks arising from political acceptability of rate hikes
linked to WPI over the concession period and
development/improvement of alternate routes.

* Project remains exposed to interest rate risk: SUTRPL cash flows
are exposed to interest rate risk considering the floating
nature of interest rates for the project loan.

Liquidity position: Stretched

SUTRPL's liquidity position is expected to remain stretched given
the funding gap in financing required for completion of first major
maintenance in FY2023 and construction of bypass. The company
currently has free cash balances of ~INR14 crore as on March 31,
2022 which is estimated to be utilized for major maintenance
related work. The company also maintains debt service reserve
equivalent to 6 months of interest and principle payment in the
form of bank guarantee of ~Rs. 35 crore and fixed deposit of ~3.14
crore as on March 31, 2022. The company has a repayment obligation
of INR35.3 crore in FY2023, as against thin cushion available
through cash flow from operations.

Rating sensitivities

Positive factors – Given the negative outlook, the
crystallisation of scenarios for rating upgrade is unlikely over
the medium term. The outlook can be revised to Stable if there is a
substantial improvement in the toll collection which could
materially improve coverage indicators and liquidity position.
Moreover, company's ability to raise capital to bridge the funding
gap towards MM and construction of bypass remains crucial from
credit perspective.

Negative factors – The rating might be downgraded if there is
lower traffic growth leading to pressure on toll collections or if
there is any further increase in the ongoing major maintenance
expense or the company contracts any further debt, or inability to
maintain DSRA thereby weakening the liquidity profile of SUTRPL.
Any punitive action from authority which could have a bearing on
company's operations or coverage indicators could also result in
rating downgrade.

Incorporated in March 2007, SU Toll Road Private Limited (SUTRPL,
the company) is a special purpose vehicle (SPV) promoted by
Reliance Infrastructure Limited (R Infra) to finance, design, build
and operate a 136-kilometer-long 4-lane (for 97.46 Km and 2-lane
for balance 38.90 Km) toll road between Salem and Ulundurpet on
National Highway 68. The project was awarded by the National
Highway Authority of India (NHAI) on Build, Operate and Transfer
(BOT) basis, with a concession period of 25 years commencing from
January 15, 2008. The stretch serves as the connecting corridor
between Coimbatore and Chennai in Tamil Nadu. The project road
meets NH-7 at Salem and NH-45 at Ulundurpet.


SUVIDHA REALTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Suvidha
Realtors and Constructions Pvt Ltd to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.50        [ICRA]B+ (Stable); ISSUER NOT
   Term Loans                      COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

As part of its process and in accordance with its rating agreement
with Suvidha Realtors and Constructions Pvt Ltd, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Suvidha Realtors & Constructions Private Limited (Suvidha) was
incorporated in August 1988 and is involved in the development of
residential and commercial real-estate properties. The company is
promoted by Mr. Dinesh Kumar Rameshlal Mahajan, who has more than
30 years of experience in the real-estate development. SRCPL is a
part of the Suvidha Group, having interests in real-estate projects
located in and around Hubli, Karnataka. The company is constructing
a residential project, Suvidha Indraprastha comprising three
towers.


TRIMULA INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Trimula
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        118.84       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         70.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based      52.39       [ICRA]B+ (Stable); ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          8.77       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

TIL was incorporated in 1996 in Varanasi, Uttar Pradesh. In FY2015,
Gulf Ispat Limited, a wholly-owned subsidiary of Gulf Petrochem
FZC, acquired a 50% stake in TIL. The company manufactures sponge
iron and billets at its manufacturing unit in Singrauli, Madhya
Pradesh with an installed capacity of 2,10,000 tonne per annum of
sponge iron and 99,000 tonne per annum of billets. TIL has also
installed captive power plant of 38.5 megawatt (MW), which is waste
heat based and coal fired. The company also has its own coal mines
at Palamu, Jharkhand, which are likely to become operational in the
next fiscal. Moreover, TIL proposes to install rolling mills and
increase billet manufacturing capacity from the current levels in
the near to medium term. The day-to-day business operations of TIL
are looked after by the directors – Mr. Ratan Singh, Ms. Arti
Singh, Mr. Vurendra Singh – along with stakeholders of Gulf Ispat
Limited – Mr. Ayush Goel and Ms. Anita Goyal.

VGP MARINE: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned VGP Marine Kingdom
Pvt Ltd (VGPMKPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR399.85 mil. Term loan due on December 2027 assigned with
     IND BB/Stable rating; and

-- INR206.25 mil. Working capital term loan due on June 2027
     assigned with IND BB/Stable rating.

Key Rating Drivers

The ratings reflect VGPMKPL's small scale of operations as
indicated by the revenue of INR55.94 million in FY21 (FY20:
INR276.57 million). In FY21, the revenue declined as the company's
operations were discontinued for seven months due to COVID-19.
However, in FY22, the revenue bounced back to INR183 million due to
increased footfalls of 260,419 (FY21: 97,074) at the company's
underwater aquarium. Ind-Ra expects the revenue to improve further
over the medium term due to a steady increase in the footfalls.
However, the revenue remains vulnerable to any further waves of
COVID-19, considering the industry is driven by discretionary
spending.

The ratings also factor in the VGPMKPL's weak EBITDA margin of
26.71% in FY21 (FY20: 62.01%) with a return on capital employed of
negative 0.6% (9.7%). In FY21, the EBITDA margin declined due to a
fall in the revenue. Also, the EBITDA declined to INR14.94 million
in FY21 (FY20: INR171.51 million). In FY22, however, Ind-Ra expects
the EBITDA margin to have improved on increased revenue.

The ratings also reflect VGPMKPL's stretched credit metrics with
low interest coverage (operating EBITDA/gross interest expenses) of
0.41x in FY21 (FY20: 1.89x) and net leverage (adjusted net
debt/operating EBITDAR) of 49.38x (3.94x). In FY21, the interest
coverage deteriorated due to a fall in the EBITDA and the net
leverage due to an increase in the debt. In FY22, Ind-Ra expects
the credit metrics to improve due to revenue growth.

Liquidity Indicator - Stretched: The EBITDA decline in FY21 led to
the cash flow from operations turning negative at INR30.15 million
(FY20: INR58.61 million) and free cash flow turning negative at
INR54.44 million (INR54.66 million). The cash and cash equivalents
were low at INR1.88 million at FYE21 (FYE20: INR12.30 million).
Furthermore, VGPMKPL does not have any capital market exposure and
relies on only one bank to meet its funding requirements. However,
the liquidity is supported by the net working capital cycle which
stood at negative 119 days in FY21 (FY20: nil). The unsecured loans
provided by the promoters further support the liquidity. While the
company has paid the principal in advance for the rated term loan
until September 30, 2023, there is a substantial interest cost to
be paid during this period and the company would continue to prepay
the principal with surplus fund, if any.

Nevertheless, the ratings are supported by the promoters' nearly
three decades of experience in the entertainment and leisure
industry.     

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the net leverage
declining below 4.5x and improved liquidity profile, all on a
sustained basis, could lead to a positive rating action.

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

Company Profile

VGPMKPL, incorporated in February 2012 began commercial operations
from April 2019. It operates an underwater aquarium in Chennai with
a total built-up area of 75,098 square feet. VGPMKPL is a part of
the VGP group. The kingdom is divided into five zones, viz
rainforest, gorge, mangrove, coastal and the deep ocean with 4,000
species of underwater creatures.


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

The instrument-wise rating actions are:

-- INR310 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating;

-- INR36.7 mil. Non-fund-based working capital limits migrated to

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

-- INR311.48 mil. Term loan due on August 2026 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6
April 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Based in Ahmedabad, Vishal Spintex is a partnership firm
incorporated in April 2014 and promoted by Balvantrai Agarwal and
his family sharing equal profit-sharing ratio. The firm
manufactures cotton yarn of various counts of 30s, 34s, and 40s
with an installed capacity of 15,312 spindles and 10s to 16s count
yarn in open end spinning having installed capacity of 2,688 rotors
at its manufacturing unit located in Ahmedabad, Gujarat. VS is a
part of Kumar Group. The group has direct presence in weaving,
dyeing and manufacturing of yarn in the textile value chain.


VRG INDUSTRIES: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned VRG Industries
Private Limited a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits assigned with
     IND B+/Stable/IND A4 rating.

Key Rating Drivers

The ratings reflect VRGPVT's small scale of operations, as
indicated by revenue of INR271 million in FY21 (FY20: INR681
million). In FY21, the revenue declined as tenders were not
finalized by oil companies owing to COVID-19-led disruptions.
However, the revenue recovered in FY22, with the company recording
a total income of INR405 million in 11MFY22, due to the opening of
tenders by oil companies. Ind-Ra expects the revenue to improve
over the near term.

The ratings also factor in VRGPVT's modest EBITDA margins. The
margin rose to 8.21% in FY21 (FY20: 4.80%) due to the discounts
offered by the supplier of raw material. The ROCE was 8.7% in FY21
(FY20: 12.5%).  The company's product typically yields low margins.
Ind-Ra expects the EBITDA margin to have remained stable in FY22,
and believes it would remain at similar levels in the near term.

The ratings also reflect VRGPVT's modest credit metrics due to the
modest margins. The interest coverage (operating EBITDA/gross
interest expenses) weakened to 1.49x in FY21 (FY20: 2.34x) owing to
a decrease in the operating EBITDA to INR22.29 million (INR32.68
million). The net leverage (total adjusted net debt/operating
EBITDAR) deteriorated to 7.17x in FY21 (FY20: 3.46x) due to the
undertaking of additional debt during the year.  Ind-Ra expects the
credit metrics to have remained at similar levels in FY22, and
believes it would remain stable over the near term, given the
absence of any debt-funded capex plans.

Liquidity Indicator – Poor: VRGPVT has exposure to only one
banker and it does not have access to capital markets. The average
maximum utilization of the fund-based limits was 94.45% and
non-fund-based limits was 47.36% during the 12 months ended
February 2022. Ind-Ra expects the utilization to have remained at
similar levels in March 2022. The cash flow from operations turned
negative at INR33.36 million in FY21 (FY20: INR33.48 million) owing
to unfavorable changes in the working capital. Consequently, the
free cash flow turned negative INR47.05 million in FY21 (FY20:
INR29.93 million). The net working capital cycle elongated to 105
days in FY21 (FY20: 30 days) due to an increase in the inventory
days to 113 days (41 days), due to delayed inspections of the
dispatches by oil companies. The cash and cash equivalents stood at
INR1.27 million at FYE21 (FYE20: INR21.05 million). VRGPVT does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company had not
availed the Reserve Bank of India-prescribed moratorium over
March-August 2020.

The ratings are supported by the promoters' experience of nearly
five years in the gas cylinder manufacturing industry, which has
helped the company establish strong relationships with customers as
well as suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, along with further
pressure on the liquidity position could lead to negative rating
action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the interest
coverage exceeding 1.5x, on a sustained basis, could lead to a
positive rating action.

Company Profile

Incorporated in 2017, VRGPVT is based out of Orissa as a micro,
small & medium enterprises unit and its registered office is
situated at Visakhapatnam. It manufactures gas cylinders.




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

TOSHIBA CORP: Staying Public Still an Option as PE Firms Circle
---------------------------------------------------------------
Bloomberg News reports that Toshiba Corp.'s chief executive officer
said nothing is decided on going private and staying public remains
a possibility, after the Japanese industrial giant received eight
buyout offers as part of a process to decide its future.

"If there's greater value in not taking the company private, that's
still an option," Taro Shimada said in an interview with Bloomberg
News in Tokyo. "What's important is that value is maximized for all
of the company's stakeholders."

It's a reminder that the next step is far from certain for the
famous Japanese firm, where shareholders and management have been
at loggerheads for years over strategy and corporate governance,
the report says. It comes after an outside director spoke out
against about Toshiba's plan to put representatives of activist
investors on its board, an unusually public display of dissent that
highlights the tensions that exist within the conglomerate.

According to the report, Toshiba said last week it got eight buyout
offers and two proposals for capital and business alliances as part
of its process to solicit strategic options. While it didn't
disclose the bidders, Bain Capital, Blackstone Inc. and CVC Capital
Partners are among the private equity firms that were weighing
bids, Bloomberg has reported.

Toshiba's leaders had long fought against the idea of
privatization, with former CEO Satoshi Tsunakawa laying out five
reasons why it would be the wrong decision just this February. His
management team instead argued the company should be split in two,
but investors voted down that approach.

Toshiba will closely review the buyout offers and alliance
proposals and narrow the list down to a "realistic" number, Shimada
said.

                         About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.




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

ALLEN STREET: Court to Hear Wind-Up Petition on June 23
-------------------------------------------------------
A petition to wind up the operations of Allen Street Entertainment
Limited will be heard before the High Court at Christchurch on June
23, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.

The Petitioner's solicitor is:

          Jess Thomson
          Inland Revenue Department
          Legal Services
          PO Box 1782, Christchurch 8140


INDESERVE LIMITED: Creditors' Proofs of Debt Due on July 4
----------------------------------------------------------
Creditors of Indeserve Limited are required to file their proofs of
debt by July 4, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 2, 2022.

The company's liquidators are:

          David Ian Ruscoe
          Mark Terence McDonald
          Grant Thornton New Zealand Limited
          PO Box 10712, Wellington


MEADD (2018): Creditors' Proofs of Debt Due on Aug. 5
-----------------------------------------------------
Creditors of Meadd (2018) Limited are required to file their proofs
of debt by Aug. 5, 2022, to be included in the company's dividend
distribution.

Craig William Melhuish and Christine Jane Johnston of Nexia New
Zealand were appointed liquidators of the above-named company by
order of the High Court upon application by Southern Foundation
Limited at Christchurch on June 2, 2022.


PRO WIRE: Creditors' Proofs of Debt Due on July 15
--------------------------------------------------
Creditors of Pro Wire Electrical Limited are required to file their
proofs of debt by July 15, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2022.

The company's liquidator is:

          DC Parsons
          Indepth Forensic, Chartered Accountants
          PO Box 278, Hamilton


STORAGE AND DISTRIBUTION: Creditors' Proofs of Debt Due on July 15
------------------------------------------------------------------
Creditors of Storage and Distribution Specialists Limited are
required to file their proofs of debt by July 15, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 2, 2022.

The company's liquidators are:

          Benjamin Francis
          Simon Dalton
          Gerry Rea Partners
          PO Box 3015, Auckland


VOYAGE DIGITAL: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
On June 7, 2022, S&P Global Ratings assigned its 'B+' long-term
issuer credit rating to Voyage Digital (NZ) Ltd. At the same time,
S&P assigned its 'B+' long-term issue rating to the company's
senior secured term loan B.

The stable outlook reflects S&P's view that Voyage Digital will
successfully integrate the 2degrees and Orcon businesses while
maintaining a debt-to-EBITDA ratio below 5.0x.

Voyage Digital has successfully acquired 2degrees and is set to
integrate 2degrees with Orcon. The company completed the
acquisition of 2degrees on May 20, 2022. The businesses of 2degrees
and Orcon were officially merged on June 1, 2022, and the combined
business will continue to operate as 2degrees.

The combination of two complementary businesses will form a
stronger integrated telecommunications company, enhancing earnings
resilience and improving its attractiveness to consumers. Voyage
Digital's earnings will be diversified across mobile, fixed-line,
and energy services. 2degrees is a mobile-focused
telecommunications business while Orcon is focused on fixed-line
services. Excluding mobile equipment sales, S&P projects fixed-line
services will contribute 45%-50% to Voyage Digital's revenue.
Mobile will contribute 40%-45%, and energy about 10%.

The combined company is likely to offer bundled services across the
product offerings. Given that bundled offerings are typically
discounted, this could increase their attractiveness to
price-conscious consumers and promote subscriber stickiness. In
S&P's view, Voyage Digital can gain some market share this way,
albeit to a limited extent.

S&P said, "Voyage Digital's limited scale and third-market position
constrain our ratings. The company is likely to have about a 20%
share in each of the mobile and fixed broadband markets. This
compares with the 40% share of market leader, Spark New Zealand
Ltd. Such market share would place the company in third position in
both segments. Our base case projects Voyage Digital's EBITDA to be
NZ$290 million-NZ$310 million in fiscal 2023 (ending June 30,
2023), which is about 30% that of Spark. We do not think Voyage
Digital's market share will change materially over the next few
years. This is because the main incumbents have mature businesses
with sizable market shares. Market pricing among the players is
also tight, such that price-driven growth is unlikely."

Nevertheless, market consolidation with the integration of 2degrees
and Orcon will create a third strong incumbent. In S&P's opinion,
this will reduce the event risk of a fourth operator aggressively
entering the market.

The company's single-country operations in a relatively small and
mature market limits its long-term growth prospects. S&P said, "We
expect Voyage Digital's operations to remain New Zealand-based. The
country has 6.2 million mobile connections with a population of 5.1
million. This indicates the market's maturity and saturation. On an
annualized basis, we project higher revenue growth of 6%–8% for
fiscal 2023 and 4%–6% for fiscal 2024. Our forecasts assume the
country will ease its strict border restrictions and the consumer
base will expand. We also assume demand for faster and reliable
connectivity will spur more spending on telco services and
upgrades. We expect some revenue synergies will be realized from
the integration of 2degrees and Orcon."

However, S&P expects New Zealand's mature market structure to
constrain long-term growth potential. It therefore anticipates
annual revenue growth to normalize at 2%-4% from fiscal 2025.
Competition in this mature market will stifle Voyage Digital's
pricing power.

Execution risks associated with the integration of 2degrees and
Orcon could temper synergistic benefits and deleveraging. Both
2degrees and Orcon have proven operational track records. Voyage
Digital is a new entity, however, and its value proposition will
ultimately depend on the successful integration of the two
businesses.

S&P said, "Revenue growth, alongside synergistic benefits, will be
key to improving EBITDA, on which deleveraging depends. This is
because we expect Voyage Digital to invest its operating cash flow
in the business rather than amortize debt materially. The term loan
B will amortize at just 1% per year. We project a debt-to-EBITDA
ratio of above 5.0x (on an annualized basis) for Voyage Digital
post-merger; and for this to ease to the high 4x level from fiscal
2023. Integration challenges, including the timing of synergistic
benefits, could hinder deleveraging. We have incorporated this risk
in our 'B+' ratings."

The company has hedged its currency and interest-rate risks on the
term loan B adequately, for now. Voyage Digital has currency hedges
in place for the next several years. That said, the four-year
hedges are shorter than the seven-year life of the issuances. The
ratings assume the company will manage an inherent currency
mismatch between Voyage Digital's New Zealand dollar earnings and
the U.S. dollar component of its term loan B. The ratings also
factor in a level of interest-rate stability through the use of
interest-rate hedging.

S&P said, "In our view, Macquarie Asset Management (MAM) and Aware
Super (Aware) are long-term investors who will prioritize Voyage
Digital's deleveraging. We consider the two groups of shareholders
to be long-term investors focused on investing in the business and
consolidating the company's capital structure through deleveraging.
Accordingly, our base case assumes Voyage Digital will not pay
dividends through fiscal 2023 at least, as deleveraging takes
precedence.

"While Voyage Digital operates in the same group under the same
shareholders MAM and Aware, we view that extraordinary support from
the group will only apply in limited circumstances. We expect
Voyage Digital to function stably and separately from its sister
company, Voyage Australia Pty Ltd. (BB-/Stable/--), with two
distinct boards and management teams. Although both companies
operate in the telecommunications industry, we anticipate little
business interaction between them. This is owing to their different
geographies. Nonetheless, with the entities sharing parents that
have a long-term investment horizon, we anticipate a moderate level
of extraordinary support, if circumstances require.

"The stable outlook reflects our view that Voyage Digital will
successfully integrate the 2degrees and Orcon businesses while
maintaining debt-to-EBITDA ratio below 5.0x.

"We could lower the ratings if we expect Voyage Digital's
debt-to-EBITDA ratio to increase and be sustained above 6.0x. This
could be a result of integration hurdles or competitive pressures
that lead to weaker profitability than we expect.

"We could also lower the ratings if we expect Voyage Digital's
debt-to-EBITDA ratio to remain above 5.0x and: (1) our assessment
of the group credit profile of Voyage Australia Holdings Pty Ltd.
weakens from 'bb-'; or (2) we no longer view Voyage Digital as a
moderately strategic subsidiary of the group. The latter could
include a scenario where Voyage Digital is sold or leverage
tolerance deviates materially from our expectations, indicating a
lesser commitment to creditworthiness.

"We may raise the ratings if Voyage Digital successfully integrates
Orcon and 2degrees, thereby consolidating its profitability and
concurrently deleveraging with a debt-to-EBITDA ratio trending
toward 4x."

Voyage Digital is the third-largest telecommunications provider in
New Zealand after the merger of 2degrees and Orcon. With successful
integration, the company will have integrated offerings across
mobile, fixed-line, and energy services.

Voyage Digital is owned by Voyage Australia Holdings Pty Ltd.,
which is jointly owned by MAM (50%) and Aware (50%).

Environmental, Social, And Governance

ESG credit indicators: E-2, S-2, G-2




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

ASTI HOLDINGS: To Be Delisted from SGX
--------------------------------------
The Business Times reports that watch-listed semiconductor
manufacturing services company Asti Holdings will be delisted from
the Singapore bourse as it has failed to meet requirements for
exiting the watch list, the company said in a bourse filing on June
6.

Asti has been placed on the watch list since June 6, 2019, BT
notes.

According to BT, SGX's financial exit criteria indicate that a firm
may be removed from the watch list if it records consolidated
pre-tax profit for the most recently completed financial year, and
posts an average daily market capitalisation of at least S$40
million over the last 6 months.

Asti, however, logged pre-tax losses of S$16.4 million for FY2021,
based on unaudited financial statements. It recorded S$252,000 in
pre-tax losses for the financial year ended Dec 31, 2020.

The company's average market capitalisation over the 6 months ended
April 29, 2022 is approximately SGD18.2 million, BT discloses.

As such, the company's securities will continue to be traded until
5:16 p.m. on July 4, and trading will remain suspended from July 5,
until the completion of its exit offer to shareholders, the report
adds.

Based in Singapore, ASTI Holdings Limited --
https://www.astigp.com/ -- engages in the provision of
semiconductor manufacturing services for surface mount technology
components in Singapore, China, Malaysia, the Philippines, the
United Kingdom, and internationally.


GROUP 12: Creditors' Meeting Set for June 20
--------------------------------------------
Group 12 Pte Ltd will hold a meeting for its creditors on June 20,
2022, at 11:30 a.m., by way of video conference via Zoom.

Agenda of the meeting includes:

   a. to lay a full statement of the Company’s affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to nominate Liquidator(s) or confirm members’ nomination
of
      Liquidator; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection consisting of not more than 5 persons, whether
      creditors or not, for the purpose of winding up the Company;

      and
   d. Any other business.

The liquidators may be reached at:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


NK CERAMIC: Acres Advisory Appointed as Provisional Liquidators
---------------------------------------------------------------
Tee Wey Lih of Acres Advisory on May 31, 2022, was appointed as
provisional liquidator of NK Ceramic Pte. Ltd.

The liquidators may be reached at:

          Acres Advisory
          531A Upper Cross Street
          #03-128 Singapore 051531


SILVER SKY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on June 3, 2022, to
wind up the operations of Silver Sky Resources Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Mr. Goh Wee Teck
          c/o RSM Corporate Advisory Pte Ltd.
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095




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

SRI LANKA: Renegotiating Terms of $1.5BB Yuan-Denom. Swap w/ China
-------------------------------------------------------------------
Reuters reports that Sri Lanka will need $5 billion over the next
six months to ensure basic living standards, and is renegotiating
the terms of a yuan-denominated swap worth $1.5 billion with China
so as to fund essential imports, the prime minister said on June
8.

The island nation's worst economic crisis in seven decades led to a
shortage of foreign exchange that stalled imports of essential
items such as fuel, medicine and fertiliser, provoking devaluation,
street protests and a change of government.

To tide over the turmoil, Sri Lanka will need about $3.3 billion
for fuel imports, $900 million for food, $250 million for cooking
gas and $600 million more for fertiliser this year, Prime Minister
Ranil Wickremesinghe told parliament, Reuters relays.

According to the report, the central bank has estimated the economy
will contract by 3.5% in 2022, Wickremesinghe said, but added that
he was confident growth could return with a strong reform package,
debt restructuring and international support.

"Only establishing economic stability is not enough, we have to
restructure the entire economy," said Wickremesinghe, who is
working on an interim budget to balance battered public finances.
"We need to achieve economic stability by the end of 2023."

Reuters says the Indian Ocean nation of 22 million is negotiating a
loan package worth about $3 billion from the International Monetary
Fund, in addition to help from countries such as China, India and
Japan.

On June 8, the cabinet approved a $55-million credit line from
India's Exim Bank to fund 150,000 tonnes of urea imports - a
critical requirement as supplies have run out during the current
cropping season, Reuters relates.

"Farmers do not need to be worried about not having inputs for the
next season," cabinet spokesman Bandula Gunawardena told reporters,
estimating that 150,000 tons of urea would be needed for the next
cultivation cycle.

While food inflation of 57% is partly driven by higher global
commodity prices, a depreciated currency and low domestic
production, it is estimated that yields from the next harvest will
be halved by the lack of fertilizer, Reuters states.

The United Nations is set to make a worldwide public appeal for Sri
Lanka on June 8, and has pledged $48 million for food, agriculture
and health, Wickremesinghe said.

Reuters relates that Sri Lanka was also renegotiating with China
the terms of a yuan denominated swap worth $1.5 billion agreed last
year.

The initial terms provided that the swap could only be used if Sri
Lanka maintained reserves equivalent to three months of imports.

But with reserves now well below that level, Sri Lanka has to
request China to reconsider the requirement and allow the swap to
proceed, Wickremesinghe, as cited by Reuters, said.

Wickremesinghe, who is also finance minister, will unveil an
interim budget next month that he said aims to slash government
expenses and looks to increase annual welfare spending to $500
million from about $350 million, Reuters adds.

As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.

In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:

-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.

S&P's transfer and convertibility assessment at 'CC' is unchanged.



                           *********


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
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***