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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

          Monday, July 4, 2022, Vol. 25, No. 126

                           Headlines



A U S T R A L I A

BIRRIGA HOLDING: Second Creditors' Meeting Set for July 11
BRIGHTE GREEN 2020-1: Moody's Hikes Rating on Class E Notes to Ba1
CHAT THAI: First Creditors' Meeting Set for July 11
COLLECTION HOUSE: First Creditors' Meeting Set for July 11
FIRE SERVICES: Enters Administration; Owes AUD10.6 Million

MME PL 2022-1: Moody's Assigns B2 Rating to AUD7.6MM Class F Notes
MONTO & DISTRICT: Second Creditors' Meeting Set for July 11
PARPERA AUSTRALIA: Hit by Closure of Volt Bank
PIVOT CONSTRUCTION: First Creditors' Meeting Set for July 11
SNOWDON DEVELOPMENTS: First Creditors' Meeting Set for July 11



C H I N A

BLUEFOCUS INTELLIGENT: Moody's Withdraws 'B1' Corp. Family Rating
GOHO ASSET: Moody's Withdraws 'B2' CFR & 'B3' Issuer Ratings
POWERLONG REAL: Moody's Cuts CFR to Caa1 & Unsecured Debt to Caa2
REDSUN PROPERTIES: Moody's Cuts CFR to Caa1, Outlook Remains Neg.


I N D I A

AIRONA TILES: ICRA Withdraws B+ Debt Ratings on INR9.47cr Loan
ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
BHILAI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
CONSOLIDATED CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating
DHIRAJ FOUNDATION: ICRA Keeps B- Debt Ratings in Not Cooperating

DURGA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
FATEHPURIA TRANSFORMERS: CARE Keeps D Ratings in Not Cooperating
FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating
GLENMARK PHARMACEUTICALS: Fitch Affirms IDR at 'BB', Outlook Stable
JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating

K. S. COT: CARE Keeps C/A4 Debt Ratings in Not Cooperating
KALSI BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
KOPELL GROUNDING: Ind-Ra Assigns BB+ Long-Term Issuer Rating
KRISHNA TEXTILE: Ind-Ra Withdraws BB- Long-Term Issuer Rating
LAVIM DEVELOPERS: Ind-Ra Moves B- Issuer Rating to Non-Cooperating

MITTAL COT: ICRA Keeps B Debt Ratings in Not Cooperating Category
N.R. CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
NAGAMMAL MILLS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
NARAYAN INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating

PIRG SDI 1: Ind-Ra Assigns Prov. B+ Rating, Trend Stable
PRAJWAL PROMOTERS: Ind-Ra Withdraws B Long-Term Issuer Rating
PUREWAL STONE: CARE Keeps C Debt Rating in Not Cooperating
RENEW RG II: Fitch Affirms BB Rating on USD525MM Secured Notes
RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating

RONALD COLACO: ICRA Keeps B+ Debt Rating in Not Cooperating
RURAL FAIRPRICE: ICRA Keeps D Debt Ratings in Not Cooperating
S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAGAR MOTORS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
SANCHIT POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating

SANTHALAKSHMI MILLS: ICRA Keeps B+ Debt Rating in Not Cooperating
SHILPA ELECTRICAL: Ind-Ra Corrects May 30, 2022 Rating Release
SHILPA ELECTRICAL: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
SHREE COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHREEVELU BUILDERS: CARE Keeps D Debt Rating in Not Cooperating

SRINIVASAN CHARITABLE: Ind-Ra Keeps D Rating in Non-Cooperating
SRINIVASAN HEALTH: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
SUSTAINABLE AGRO: Ind-Ra Downgrades Loan Rating to 'D'
TIRUPATI CARBONS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
UTTARAYAN FOODS: CARE Lowers Rating INR4.86cr LT Loan to C

VARDAAN EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
VENTO POWER: CARE Keeps D Debt Rating in Not Cooperating Category
VENUS DENIM: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
Y.V.S KUMKUMAM: ICRA Keeps B+ Debt Ratings in Not Cooperating
Y.V.S SPICES: ICRA Keeps B+ Debt Rating in Not Cooperating



I N D O N E S I A

GARUDA INDONESIA: Seeks New Investors After Escaping Bankruptcy


N E W   Z E A L A N D

BEANS & RICE: First Creditors' Meeting Set for July 11
CHOICE PROPERTIES: Creditors' Proofs of Debt Due on Aug. 29
CORRIT DEVELOPMENTS: Court to Hear Wind-Up Petition on July 12
G.I.G LOGS: Creditors' Proofs of Debt Due on Aug. 9
GROUP ACTION: Court to Hear Wind-Up Petition on July 12

NEW ZEALAND MEDICAL: NZMJ Saved From Liquidation


P A K I S T A N

PAKISTAN: Imran Khan Deal with IMF a "Bad Deal", Maryam Nawaz Says


S I N G A P O R E

ANIMAL WORLD: Court Enters Wind-Up Order
HARMONY CREATIVE: Commences Wind-Up Proceedings
IVS BULK: Commences Wind-Up Proceedings
NO SIGNBOARD: Inks Implementation Agreement with Gazelle Ventures
ORORI PTE: Court Enters Wind-Up Order

UNICORN TANKER: Commences Wind-Up Proceedings


T H A I L A N D

THAI AIRWAYS: Aims for 2024 Completion of Restructuring

                           - - - - -


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A U S T R A L I A
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BIRRIGA HOLDING: Second Creditors' Meeting Set for July 11
----------------------------------------------------------
A second meeting of creditors in the proceedings of Birriga Holding
Pty Ltd has been set for July 11, 2022, at 10:00 a.m. via Microsoft
Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 8, 2022, at 4:00 p.m.

Christopher Damien Darin of Worrells was appointed as administrator
of the company on June 3, 2022.


BRIGHTE GREEN 2020-1: Moody's Hikes Rating on Class E Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Brighte Green Trust 2020-1.

Issuer: Brighte Green Trust 2020-1

Class B Notes, Upgraded to Aa3 (sf); previously on Sep 14, 2021
Upgraded to A1 (sf)

Class C Notes, Upgraded to A2 (sf); previously on Sep 14, 2021
Upgraded to A3 (sf)

Class D Notes, Upgraded to Baa2 (sf); previously on Sep 14, 2021
Upgraded to Baa3 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Sep 14, 2021
Upgraded to Ba2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes, and the good performance of the
underlying portfolio to date.

Following the June 2022 payment date, the note subordination
available for the Class B, Class C, Class D and Class E Notes has
increased to 15.6%, 11.7%, 6.4% and 5.2% respectively, from 14.6%,
10.6%, 5.2%, and 4.0% at the time of the last rating action for
these notes in September 2021.

As of end of May, 1.0% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred 0.6% (as a percentage of the original portfolio balance)
of losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its default assumption at 3% of the
outstanding portfolio balance (equivalent to 1.9% of the original
portfolio balance), and portfolio credit enhancement assumption at
24%.

The transaction is a securitisation of a portfolio of Australian
unsecured green consumer, Buy Now Pay Later receivables originated
by Brighte Capital Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

CHAT THAI: First Creditors' Meeting Set for July 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of Chat Thai
CBD Pty Ltd will be held on July 11, 2022, at 11:00 a.m. via
virtual facility.

Michael Hogan and Brendan Copeland of HoganSprowles were appointed
as administrators of the company on June 30, 2022.


COLLECTION HOUSE: First Creditors' Meeting Set for July 11
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Collection
House Limited will be held on July 11, 2022, at 1:00 p.m. via
online facility.

Kelly-Anne Trenfield, John Park and Benjamin Campbell of FTI
Consulting were appointed as administrators of the company on June
29, 2022.


FIRE SERVICES: Enters Administration; Owes AUD10.6 Million
----------------------------------------------------------
Tita Smith for Daily Mail Australia reports that an Australian
company that works within the building industry has collapsed owing
AUD10.6 million and leaving more than a hundred jobs on the line.

Fire Services Australia (FSA) Group, which offers contracting
services to construction projects, entered voluntary administration
on June 29 after operating for 27 years, the report discloses.

Daily Mail says the business, which has offices in NSW, QLD, WA,
and the ACT, was contracted on a number of live projects, working
in fire safety, electrical maintenance and mechanical services.

The firm is one of many which have folded in recent years under the
strain of huge financial loses, with many struggling to get staff
since the pandemic and facing problems sourcing materials due to a
worldwide shortage, the report notes.

With the latest collapse, 123 workers across Australia have been
left without jobs, many of whom are reeling in shock over the
company's demise, according to Daily Mail.

A sad day for all at FSA. On June 29 was a day not too many saw
coming,' QLD FSA Services Projects Supervisor Curtis Lindsay wrote
online.

'Of all the companies I have worked for this one really felt like
home. From the people on the ground to the office staff, everyone
had time for one another.

'Thanks for the opportunity to work with so many likeminded
people.'


MME PL 2022-1: Moody's Assigns B2 Rating to AUD7.6MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited in
its capacity as trustee of MME PL Trust 2022-1.

Issuer: MME PL Trust 2022-1

AUD119.6 million Class A Notes, Assigned Aaa (sf)

AUD14.0 million Class B Notes, Assigned Aa2 (sf)

AUD16.8 million Class C Notes, Assigned A2 (sf)

AUD13.0 million Class D Notes, Assigned Baa2 (sf)

AUD13.6 million Class E Notes, Assigned Ba2 (sf)

AUD7.6 million Class F Notes, Assigned B2 (sf)

The AUD5.4 million of Class G1 Notes and AUD10.0 million of Class
G2 Notes (collectively, the Class G Notes) are not rated by
Moody's.

MME PL Trust 2022-1 is a cash securitisation of unsecured personal
loans extended to obligors located in Australia. All loans were
originated by MoneyMe Financial Group Pty Ltd (MoneyMe, unrated), a
wholly owned subsidiary of MoneyMe Limited (unrated).  MoneyMe
Limited is an ASX-listed lender providing a diversified mix of
credit products to borrowers in Australia. As of March 2022,
MoneyMe's total customer receivables amounted to around AUD1.16
billion. This is MoneyMe's inaugural term asset-backed
securitisation transaction.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance, (2) an evaluation of the capital structure and credit
enhancement provided to the notes, (3) the availability of excess
spread over the life of the transaction, (4) the liquidity facility
in the amount of 3.0% of the rated notes' balance, subject to a
floor of AUD600,000, (5) the legal structure, (6) the experience of
MoneyMe as servicer, and (7) the presence of Perpetual Corporate
Trust Limited (Perpetual, unrated) as the back-up servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. MoneyMe is a
relatively new originator, with relevant historical default data
only available from mid-2016. As such, the pool's performance could
be subject to greater variability than the currently available data
indicates.

Key transactional features are as follows:

Principal collections will be at first distributed sequentially.
Once the step down conditions are satisfied, all notes (excluding
the Class G Notes) may participate in proportional principal
collections distribution. The step down conditions include, among
others, no charge offs on any of the notes and average arrears
greater than 90 days not exceeding 6.0% of the aggregate loan
amount. Principal pay-down will revert to sequential once the
aggregate invested amount of the notes is less than 20.0% of the
aggregate invested amount of the notes at closing, or on or after
the payment date in August 2025.

Perpetual is the back-up servicer. If MoneyMe is terminated as
servicer, Perpetual will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 38.0%. Moody's mean expected
default rate for this transaction is 10.0% and the assumed recovery
rate is 15.0%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the cash flow model to rate
consumer ABS.

Key pool features are as follows:

100% of the loans in the portfolio are variable-rate.

The average current balance of the loans in the pool is AUD7,998.
This is relatively small in comparison with peer transactions

23.9% of loans are to borrowers who live with their friends or
family. This is relatively high in comparison with peer
transactions.

The weighted average interest rate of the portfolio is 17.1%.

73.5% of loans are to borrowers are in full-time employment.

The weighted average Equifax credit score of the portfolio is
665.

The weighted average remaining term of the portfolio is 35.4
months. The weighted average seasoning of the initial portfolio is
9.1 months.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortisation or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factors that could lead to a downgrade of the notes is
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

MONTO & DISTRICT: Second Creditors' Meeting Set for July 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Monto &
District RSL & Citizens' Memorial Club Inc. has been set for July
11, 2022, at 10:30 a.m. at the offices of Worrells Rockhampton.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 10, 2022, at 5:00 p.m.

Michael Beck of Worrells was appointed as administrator of the
company on June 6, 2022.


PARPERA AUSTRALIA: Hit by Closure of Volt Bank
----------------------------------------------
SmartCompany reports that the closure of neobank Volt has left more
than 500 sole traders and entrepreneurs in banking limbo, after
business money app Parpera told customers they too would need to
withdraw their funds.

Parpera launched in October last year, offering a money management
platform tailored to sole traders and micro-businesses.

The Parpera platform includes banking, payments, and tax management
services, and the company launched business debit card options in
March 2022.

SmartCompany relates that the company provided those banking tools
through a partnership with Australian neobank Volt and fintech
Railspay, which offered its ‘banking as a service' model to
customer-facing clients like Parpera.

But Volt on June 29 announced plans to hand back its banking
license and close its customer accounts by July 5, after the
company failed to secure the investment needed to power its
mortgage-lending plans, the report says.

Volt's decision means Parpera customers must withdraw their own
holdings, said Parpera founder and CEO Daniel Cannizzaro,
SmartCompany relays.

SmartCompany relates that Parpera has also ceased access to its
business debit card system. In addition, invoices issued from
Parpera accounts must be re-issued with alternative banking
details.

Parpera is "working with our other partners and taking steps
towards identifying alternative options to resume our services to
our members as soon as possible," SmartCompany quotes Mr.
Cannizzaro as saying on June 29 in a company blog post.

"We are taking this matter very seriously and apologise for the
inconvenience caused and understand the impact this will have on
our members and their businesses."

SmartCompany adds that the decision also means Parpera is unable to
onboard new members, hampering its growth trajectory: last week,
Mr. Cannizzaro revealed the company has onboarded more than 500
small business clients and processed in excess of $3.5 million in
transactions since launching its debit card service.

Mr. Cannizzaro did not specify which alternative banking service
providers are being targeted after Volt's demise, but maintained
Parpera is "adequately capitalised" to withstand the turbulence and
will endeavour to support its customer base.

"We've seen fintechs in other markets experience, recover, and grow
out of similar events, and I remain confident that we will find a
way forward to better serve our members," he said.

Parpera Australia-- https://www.parpera.com/ -- is an
Australian-based fintech company focused on developing a digital
banking solution for business owners, freelance, and gig economy
workers.


PIVOT CONSTRUCTION: First Creditors' Meeting Set for July 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pivot
Construction Group Pty Ltd will be held on July 11, 2022, at 12:00
p.m. via virtual meeting.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of the company on July 1, 2022.



SNOWDON DEVELOPMENTS: First Creditors' Meeting Set for July 11
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Snowdon
Developments Pty. Ltd. will be held on July 11, 2022, at 10:30 a.m.
via virtual meeting.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of the company July 1, 2022.



=========
C H I N A
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BLUEFOCUS INTELLIGENT: Moody's Withdraws 'B1' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn BlueFocus Intelligent Comm
Group Co., Ltd.'s B1 corporate family rating. Prior to the
withdrawal, the rating outlook was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Founded in 1996 and headquartered in Beijing, BlueFocus Intelligent
Comm Group Co., Ltd. is a leading communications group offering
public relations, marketing and advertising services.

GOHO ASSET: Moody's Withdraws 'B2' CFR & 'B3' Issuer Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn GOHO Asset Management Co.,
Ltd.'s (GOHO AMC) B2 corporate family rating and B3 local currency
and foreign currency issuer ratings.

At the time of the withdrawal, the entity-level outlook on GOHO AMC
was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

GOHO AMC was established in 2014 as the first local distressed
asset management company in the Anhui Province. The company's major
businesses include distressed asset management, special situation
asset management, and the provision of financial services to listed
companies in the restructuring process. GOHO AMC is headquartered
in Hefei, Anhui Province, and reported total assets of RMB13.4
billion as of December 31, 2021.

POWERLONG REAL: Moody's Cuts CFR to Caa1 & Unsecured Debt to Caa2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Powerlong Real Estate
Holdings Limited's corporate family rating to Caa1 from B3 and
senior unsecured rating to Caa2 from Caa1.

The outlook remains negative.

"The rating downgrades reflect Powerlong's heightened liquidity
risks in view of its weakened operations, constrained access to
funding and sizable debt maturities over the next 6-12 months,"
says Cedric Lai, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainties over the company's
ability to address its refinancing needs amid a tight funding
environment," adds Lai.

RATINGS RATIONALE

Moody's expects Powerlong's contracted sales to fall to around
RMB60 billion in 2022 from RMB100 billion in 2021 amid weak
consumer sentiment and challenging operating conditions. This will
reduce the company's operating cash flow and, in turn, its
liquidity. The company's contracted sales decreased 55% during the
first five months in 2022 to RMB19.0 billion compared with the same
period in 2021.

In addition, Moody's expects Powerlong's liquidity to deteriorate
over the next 6-12 months as the company will use internal
resources to repay maturing debt, absent any new fundraising amid
the tough funding environment.

Specifically, Powerlong will have USD200 million of offshore bonds
coming due in July 2022, USD100 million in October 2022 and USD300
million in November 2022. The company also has onshore bonds of
RMB7.9 billion maturing or becoming puttable before the end of
2023.

Moody's expects Powerlong's investment property portfolio to
provide an alternate source of liquidity, as the company could sell
these properties to meet its debt obligations in case of need.
However, such progress has been slow so far and the success of such
asset sales would be subject to the volatile market conditions.

Moody's also expects Powerlong's credit metrics to weaken over the
next 12-18 months. Moody's forecasts the company's debt leverage,
as measured by revenue/adjusted debt, will decrease to 45%-50% over
this period from 52% in 2021, driven by its slower revenue
recognition. Similarly, its interest-servicing ability, as measured
by EBIT interest coverage, will weaken to 2.0x-2.3x from 2.6x over
the same period, driven by the expected declining margin.

Powerlong's Caa1 CFR reflect its long track record of developing
mass residential properties in China and growing non-development
income. However, Powerlong's credit profile is constrained by the
company's (1) weak liquidity; (2) moderate geographic
concentration; (3) high level of capital demand associated with its
business strategy and (4) weak debt leverage.

The Caa2 senior unsecured debt rating is one notch lower than
Powerlong's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Powerlong's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the likely recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholders, Hoi Kin Hong and Hoi Wa Fong, who
together held a 59% stake in the company as of December 31, 2021.
Moody's has also considered the oversight of the company's special
committees, of which its audit and remuneration committees are
chaired by two independent nonexecutive directors; and the
application of the Listing Rules of the Hong Kong Stock Exchange
and the Securities and Futures Commission Ordinance in Hong Kong
SAR, China to oversee related-party transactions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if Powerlong
improves its liquidity and access to funding, and strengthens its
sales, profitability and credit metrics through the next 12-18
months.

On the other hand, Moody's could downgrade Powerlong's ratings if
its liquidity deteriorates further.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company, which is 59% owned
by the founding Hoi family as of December 31, 2021, listed on the
Hong Kong Exchange in October 2009.

As of December 31, 2021, Powerlong's land bank for development
totaled around 36.5 million square meters in gross floor area under
development and for future development.

REDSUN PROPERTIES: Moody's Cuts CFR to Caa1, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Redsun Properties Group
Limited's corporate family rating to Caa1 from B3 and the company's
senior unsecured rating to Caa2 from Caa1.

The outlook remains negative.

"The downgrade reflects Redsun's heightened refinancing risks
driven by its weak operating cash flow, weakened liquidity and
sizable debt maturities over the next 6-12 months," says Cedric
Lai, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainties over the company's
ability to address its refinancing needs amid a tight funding
environment," adds Lai.

RATINGS RATIONALE

Moody's expects Redsun's contracted sales to decline by around 40%
year over year in 2022 to RMB55 billion amid weak consumer
sentiment and tight funding conditions. The weak contracted sales
will reduce the company's operating cash flow and, in turn, its
liquidity. Redsun's contracted sales significantly fell 61% to
RMB15.5 billion in the first five months of 2022 compared with the
prior year.

Redsun will have sizable offshore debt maturities, including USD250
million of bonds due in October 2022 and USD455 million in April
2023. Moody's assesses Redsun's liquidity to be weak and that the
company's projected operating cash flow and cash on hand will be
insufficient to meet all of its payment obligations over the next
12-18 months, absent any new fundraising amid the tough funding
environment.

The company's investment property portfolio will provide an
alternate source of liquidity, as the company could sell some of
these properties to meet its debt obligations if needed. However,
asset sales are highly uncertain in the current difficult operating
environment.

Moody's forecasts Redsun's debt leverage, as measured by
revenue/adjusted debt, will decline to 55%-60% over the next 12-18
months from 63% in 2021, driven by slower revenue recognition.
Similarly, its interest-servicing ability, as measured by EBIT
interest coverage, will weaken to 1.5x-1.7x from 1.9x over the same
period, driven by the expected declining margin.

Redsun's Caa1 CFR reflects the company's long operating history in
developing mass residential properties in Jiangsu province.
However, the rating is constrained by the company's weak liquidity,
modest credit metrics and significant exposure to its joint venture
(JV) businesses, which increases its contingent liabilities and
weakens its corporate transparency.

The Caa2 senior unsecured debt rating is one notch lower than the
company's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Redsun's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG)
considerations, Redsun's CFR considers the company's concentrated
ownership by its key shareholder, Zeng Huansha, who held a 72%
effective stake as of the end of 2021. Moody's has also considered
the presence of three independent nonexecutive directors on
Redsun's seven-member board, and the presence of other internal
governance structures and standards as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if Redsun improves
its liquidity and access to funding, and strengthens its sales,
profitability and credit metrics over the next 12-18 months.

On the other hand, Moody's could downgrade Redsun's ratings if its
liquidity deteriorates further.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Redsun Properties Group Limited was founded in 1996 and listed on
the Hong Kong Stock Exchange in July 2018. Its headquarters are in
Shanghai and Nanjing.

The company engages in real estate development, commercial
properties and hotel operations in China. As of the end of 2021,
its saleable resources totaled 18.8 million square meters in gross
floor area, spread across over 60 cities in China.



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

AIRONA TILES: ICRA Withdraws B+ Debt Ratings on INR9.47cr Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Airona Tiles Limited at the request of the company and based on the
No Due Certificate/Closure Certificate received from the 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
   ----------      -----------     -------
   Cash credit         9.47        [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

   Term loan           1.50        [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

   Bank Guarantee      2.27        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Withdrawn

ATL was incorporated in 2014 to acquire the operations of the
ceramic division of City Tiles Limited after its demerger. It
commenced its commercial operations on April 1, 2015, and
manufactures ceramic floor tiles in different sizes viz. 400 mm X
400 mm, 600 mm X 600 mm and 600 mm X 900 mm. Its manufacturing
facility is located at Sabarkantha (Gujarat) and has ~18,60,000
square metre floor tiles per annum capacity. It sells the tiles
under the brand name 'Signova'. In FY2017, the firm reported a net
profit of INR1.92 crore on an OI of INR40.01 crore, as compared to
a net profit of INR1.39 crore on an OI of INR44.16 crore in the
previous year.


ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ARG
Developers Private Limited (ADPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       49.37      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 3, 2021,
placed the rating(s) of ARG under the 'issuer non-cooperating'
category as ADPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ADPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 8, 2022.

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

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

ARG Developers Private Limited (ADPL) was initially incorporated in
2007 with the name of ARG Developer Private Limited. Later on, in
the year 2008, the name of the company was converted and assumed
its current name ADPL. ADPL is a flagship company of ARG Group,
incorporated with the objective to work on the real estate
projects.


BHILAI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhilai
Engineering Corporation Limited (BECL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      102.90      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          541.96      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 05, 2021,
placed the rating(s) of BECL under the 'issuer non-cooperating'
category as BECL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BECL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 19, 2022, March 1, 2022, March 11, 2022.

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

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

Bhilai Engineering Corporation Limited (BECL) is a public limited
company which was setup in 1960. Mr. A.K. Jain is the Chairman and
Mr. Veenu Jain is the Managing Director of BECL. The company is
into the manufacturing of specialized equipment's and products for
heavy engineering industries. It is also into manufacturing of
fertilisers and food products. The company has its shares listed on
BSE however, they stand suspended due to penal reason since 01
October, 2002. The company has issued a notice dated October 15,
2020 seeking approval from public shareholders through a postal
ballot for voluntary delisting from the BSE platform.

CONSOLIDATED CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Consolidated Construction Consortium Limited (CCCL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      597.89      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     602.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed rationale and key rating drivers

CARE had, vide its press release dated February 18, 2019 placed the
ratings of CCCL under the 'issuer non-cooperating' category as CCCL
had failed to provide information for monitoring of the rating.
CCCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 16, 2022, May 26, 2022 and May 30, 2022.

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

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

Detailed description of the key rating drivers

At the time of last rating on June 30, 2021, the following were the
key rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in Debt servicing

CCCL was incorporated in 1997 by first-generation entrepreneurs Mr
R Sarabeswar, Mr S Sivaramakrishnan and Mr V G Janarthanam. CCCL is
primarily engaged in construction activities in commercial,
infrastructure, industrial and residential domain. CCCL has other
subsidiaries, namely, Consolidated Interiors Ltd (interior
contracts and fit out services), Noble Consolidated Glazing Ltd
(Glazing Services) and CCCL Power Infrastructure Ltd (BOP Orders
for Power Projects and food processing). Company is under corporate
Insolvency Resolution Process by NCLT order dated April 20, 2021.
Mr. Krishnasamy Vasudevan act as resolution professional.


DHIRAJ FOUNDATION: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Dhiraj
Foundation in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.63        [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.13        [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.

Dhiraj Foundation registered in December 2010 is promoted by Mr. A.
Dhirajlal Gandhi. DF commenced operations in July 2011 with
'Dhirajlal Gandhi College of Technology' (DGCT) at Salem, Tamil
Nadu. The college offers five UnderGraduate (UG) courses and four
Post-graduate (PG) courses. The college is approved by the AICTE
(All India Technical Council for Technical Education) and is
affiliated to Anna University, Tamil Nadu.


DURGA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Durga
Construction Co. Kundapura (DCCK) continue to remain in the 'Issuer
Not Cooperating' category.

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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of DCCK under the 'issuer non-cooperating'
category as DCCK had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DCCK continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022 and April 24, 2022.

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

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

Karnataka based, Durga Constructions Co. (DCCK) was established as
a partnership firm in the year 1996 and promoted by Mr. Shetty
Subhaschandra Kandavara, Mrs. Anupama S Shetty, Mr. Ramkishan Hegde
and Ms. Ashwini S Shetty. The firm is engaged in civil construction
works like construction of roads, canals and bridges for state
government of Karnataka. The firm receives the work order from
government organization by participating in the tenders.


FATEHPURIA TRANSFORMERS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fatehpuria
Transformers and Switchgears Private Limited (FTSPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank      28.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 30, 2021,
placed the rating(s) of FTSPL under the 'issuer non-cooperating'
category as FTSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. FTSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 16, 2022, March 26, 2022, April 05, 2022.

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

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

Jaipur based, FTSPL was incorporated as a partnership firm in 1981
and was converted into private limited company in 1995. Since
inception, the company is engaged in manufacturing of power &
distribution transformers. FTSPL operates out of its manufacturing
facility located at Kalwar road, Jaipur. Further, the company also
has two wind mills of 0.8 MW each located at Karnataka and
Maharashtra.


FUTURE CORPORATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities and Principal
Protected Market Linked Debenture Programme (PP-MLD) of Future
Corporate Resources Private Limited (FCRPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D ISSUER NOT
COOPERATING" for the bank facilities and Principal Protected Market
Linked Debenture Programme (PP-MLD).

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-       50.00        [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 category

   Fund Based-     226.67        [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term,     130.00        [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund                      Rating Continues to remain under
   Based                         'Issuer Not Cooperating'
   Facilities                    Category

   Principal       437.11        PP-MLD[ICRA]D ISSUER NOT
   Protected                     COOPERATING; Rating Continues  
   Market Linked                 to remain under 'Issuer Not
   Debenture                     Cooperating' category
   Programme (PP-MLD)         
                           
As part of its process and in accordance with its rating agreement
with FCRPL, ICRA has been trying to seek information from the
entity 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 noncooperative. 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. 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.

Future Corporate Resources Private Limited (erstwhile Suhani
Trading and Investment Consultants Private Limited (STIC)), a
Future Group company, came into existence in its current form with
effect from March 31, 2017, after its amalgamation with the six
companies—Future Corporate Resources Limited (FCRL), PIL
Industries Limited, Weavette Business Ventures Limited, Manz Retail
Private Limited, ESES Commercials Private Limited, and Gargi
Business Ventures Private Limited. The company was renamed as FCRPL
with effect from December 11, 2018. It is primarily an investment
company/holding company of the Future Group, facilitating the
funding of Group companies through various investments and lending
of loans and advances, and providing services to scale up/support
the retail business of the Group. The company, moreover, acts as a
media services and fabric trading arm of the Future Group. FCRPL is
involved in other allied businesses, which were earlier under FCRL,
including mobile connection services in a tie-up with Tata DoCoMo
under the brand, T24, the customer loyalty programme, Payback, the
leasing of information technology assets (software as well as
hardware) and management consultancy services.


GLENMARK PHARMACEUTICALS: Fitch Affirms IDR at 'BB', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals
Ltd's Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is
Stable.

The affirmation reflects Glenmark's geographic diversification,
which mitigates the business risk arising from its small size
relative to peers, and adequate product pipeline. This, combined
with robust long-term growth prospects in India, limits the impact
on profitability from continued pricing pressure in the US generic
pharmaceutical market.

The Stable Outlook reflects Fitch's expectation that Glenmark will
maintain comfortable leverage headroom after repaying significant
debt in the financial year ending March 2022 (FY22) with the
proceeds from the IPO of its active pharmaceutical ingredient (API)
business. Fitch expects Glenmark's measured approach to R&D and
capex to support its profitability and underpin modest positive
free cash generation.

Fitch proportionally consolidates the API business, held under an
82.8% subsidiary - Glenmark Life Sciences Limited (GLS) - in
Glenmark's consolidated financials to adjust for minority
shareholdings.

KEY RATING DRIVERS

Small, Yet Diversified: Glenmark's revenue and operating EBITDA are
low compared with that of major global generic drug makers, but
this is offset by the company's geographical diversification across
pure and branded generic markets, including in the US, which
accounted for 25% of revenue in FY22, India (33%) and Europe (12%).
Scale and diversification help generic drug makers maintain stable
margins. Glenmark also has adequate competitive positions in its
core dermatology and respiratory therapy segments.

Robust Leverage Headroom: Consolidated net debt/EBITDA (pro forma
for proportional consolidation of GLS) fell to 1.2x in FY22,
underscoring solid headroom against Fitch's negative rating
threshold of 3.0x. Healthy growth in other markets and a measured
approach to R&D spending should support profitability,
notwithstanding sustained pricing pressure in the US. Fitch expects
Glenmark to generate positive free cash generation, supported by
steady dividends and moderate growth capex. This will help sustain
the rating headroom, barring any significant strategic
investments.

Solid Long-Term Domestic Prospects: The government's focus on
boosting mass healthcare access supports pharmaceutical demand in
India. Glenmark's formulation business ranks 13th in India, with a
revenue market share of 2.5% in March 2022, according to IQVIA MAT.
Nonetheless, stronger shares in dermatology (8.1%), respiratory
(5.4%) and cardiovascular (5.0%) underpin its position in the
fragmented and physician-driven market. Glenmark's 23.8% domestic
growth in FY22 beat the market average of 17.4%, according to IQVIA
MAT.

Regulatory Risk: Lower production-facility diversification than
peers exposes Glenmark to above-average risk from adverse
regulatory actions. Further adverse developments, if they
materialise, after recent US Food and Drug Authority observations
in three of its plants, could hurt sales and new product approvals
in the US. Glenmark is a defendant in a US drug price-fixing
lawsuit. Fitch treats this as an event risk, as there is poor
visibility over potential liability. Pricing pressure could rise
from potential changes in laws governing the US government's
ability to negotiate drug prices.

Risks in Novel Drugs: The inherent risks of novel drug development
are higher for Glenmark due to its small scale and limited record.
This is notwithstanding the approval of Ryaltris, its maiden new
drug application in the US in early 2022. R&D spending weighs on
profitability and free cash generation, although Glenmark does not
expect a significant increase after cutting R&D expenditure to
10.1% of sales in FY22, from 14.7% in FY19. Fitchs expects Glenmark
to take a collaborative approach to R&D spending, in line with its
strategy.

The company has signed multiple partnerships for its R&D assets and
plans to sell a stake in Ichnos Sciences Inc., a subsidiary holding
novel drug assets. Nonetheless, a more aggressive approach may
pressure credit metrics and financial flexibility, outweighing the
benefits of lower dependence on the highly competitive generic drug
business. Glenmark aims to launch or monetise its R&D drugs in
advanced stages of development, which could provide significant
earnings. However, Fitch does not consider this in Fitch's rating
case due to the uncertainty and potential delays in the approval
process.

Minority Adjustment at GLS: Glenmark's large stake in GLS underpins
its strategic control and API sourcing flexibility. GLS is debt
free, but the availability of GLS's cash flow for servicing
Glenmark's debt is subject to leakages to minority shareholders,
underscoring Fitch's approach of proportional consolidation. GLS
accounted for 28% of Glenmark's consolidated EBITDA in FY22
(including captive sales), but Glenmark's large stake limits the
impact from Fitch's minority adjustments. Fitch expects GLS to
remain debt free, with healthy free cash flow before dividends,
despite growth investments.

DERIVATION SUMMARY

Glenmark has smaller scale and diversification than large generic
pharmaceutical companies, such as Viatris Inc. (BBB/Stable) and
Teva Pharmaceutical Industries Limited (BB-/Stable). The large
peers also have deeper launch pipelines, with a focus on more
complex products. This mitigates price-erosion risk, especially in
the US. Glenmark is rated three notches below Viatris due to its
weaker business profile and profitability, which are partly
counterbalanced by Viatris's higher leverage. Glenmark is rated a
notch above Teva, as Teva's stronger business profile is
counterbalanced by higher leverage amid continued pricing pressure
on generic drugs in the US and litigation.

Glenmark is rated two notches below Hikma Pharmaceuticals PLC
(BBB-/Stable), underscoring Hikma's larger scale and robust market
positioning, particularly in the US injectables market. Hikma also
has a stronger financial profile characterised by higher
profitability and cash generation.

Glenmark compares favourably with Jubilant Pharma Limited (JPL,
BB/Negative), with its larger scale and greater geographical
diversification. Nonetheless, this is partly counterbalanced by
JPL's greater presence in specialty pharmaceuticals. Fitch expects
JPL's leverage to remain higher than that of Glenmark over the next
few years, underscoring the Negative Outlook on JPL's rating.

Ache Laboratorios Farmaceuticos S.A. (BB/Negative) has a smaller
scale and less geographical diversification than Glenmark, but this
is counterbalanced by its strong competitive position in Brazil and
a record of low financial leverage. Ache's Foreign-Currency IDR is
capped by Brazil's Country Ceiling of 'BB'.

KEY ASSUMPTIONS

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

-- Revenue to increase by mid-single digits annually over FY23-
    FY24;

-- EBITDA margin (after adjusting for minorities at GLS) to
    average at 16.5% over FY23-FY24 (FY22 pro forma: 17.4%);

-- Capex of INR7.7 billion in FY22 and 7.0% of sales in FY24;

-- Stable annual dividend payouts at below 10% of net income.

RATING SENSITIVITIES

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

-- An increase in scale to at least USD2 billion in sales on a
    sustained basis, while maintaining its current financial
    profile, and;

-- Sustained positive free cash flow generation, and;

-- Financial leverage, measured by consolidated net debt/EBITDA
    after proportionally including GLS, sustained at below 1.5x
    (FY22: 1.2x).

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

-- A weaker competitive position or adverse regulatory action by
    the US Food and Drug Administration;

-- Deterioration in financial leverage to above 3.0x.

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

Comfortable Liquidity: Glenmark had readily available cash (after
proportionally consolidating GLS) of INR12.4 billion at end-March
2022. This comfortably covered INR3.7 billion of remaining
short-term debt maturities in FY23, after the redemption of USD95
million in convertible bonds due June 2022 by May 2022, using
proceeds from new term loans. Total debt maturities over FY24 to
FY26 (after convertible bond redemption) are manageable, at less
than INR7.5 billion, as Glenmark repaid debt from its GLS IPO
proceeds and refinanced bank facilities for longer tenure. Fitch
expects Glenmark to proactively manage its refinancing needs in
FY27, when more than INR21 billion of debt matures.

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                     PRIOR
   ----                    ------                     -----
Glenmark                  LT IDR    BB    Affirmed    BB
Pharmaceuticals Ltd


JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jagabandhu
Enterprisers Private Limited (JEPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank       7.90      CARE D; ISSUER NOT COOPERATING;

   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 1, 2021,
placed the rating(s) of JEPL under the 'issuer non-cooperating'
category as JEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 15, 2022, February 25, 2022, March 7, 2022.

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

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

Jagabandhu Enterprisers Private Limited (JEPL) was incorporated in
April 2000 by Mr. Jagabandhu Muduli, Mrs. Anjali Bala Muduli and
Mr. Sunil Prasad Muduli. Since its inception, the company has been
engaged in trading of petrol, diesel and other related products
through its sole petrol pump located at Mancheswar Industrial
Estate, Bhubaneswar in Odisha. This apart, the company also engaged
in supply, installation, erection, testing and commissioning of
electrical equipment on a turnkey basis for various power
transmission companies like Odisha Power transmission Corporation
Ltd., Madhya Pradesh Power Transmission Company Limited, Bihar
Pradesh Power Transmission Company Limited etc.


K. S. COT: CARE Keeps C/A4 Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. S. Cot
Fiber Private Limited (KSCFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term/         7.00       CARE C Stable/CARE A4; ISSUER NOT
   Short Term                    COOPERATING; Rating continues
   Bank Facilities               to remain under ISSUER NOT
                                 COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 16, 2021,
placed the rating(s) of KSCFPL under the 'issuer non-cooperating'
category as KSCFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KSCFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2022, March 12, 2022, March 22, 2022.

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

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

K. S. Cot Fiber Private Limited (KSCFPL) was incorporated in June
2008 by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar Agrawal as
a private limited company. KSCFPL is engaged into the business of
cotton ginning and pressing. KSCFPL deals in 'Shankar 6' type of
cotton which is being sourced through local farmers from Madhya
Pradesh and Maharashtra. KSCFPL operates from its sole
manufacturing plant located at Sendhwa (Madhya Pradesh) which has
an installed capacity of 18,900 Metric Tonnes Per Annum (MTPA) as
on March 31, 2018.


KALSI BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and short-term rating of Kalsi
Brothers 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-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         8.00        [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.

Kalsi Brothers was established as a Hindu Undivided Family (HUF) in
1983 and was converted into a partnership firm in 2004. The firm
currently has nine partners with Mr. Daljit Singh Kalsi as the
Managing Partner. The firm is located in Mohali, Punjab and is a
registered 'Class-I' contractor with various government departments
in Punjab which undertake civil construction work. The firm handles
civil, public health engineering works, electrical, road and other
allied works pertaining to housing colonies, multi-Storied framed
structure buildings, industrial buildings, hostels, hotels,
hospitals, and medical and engineering colleges. Most of the firm's
projects are in Himachal Pradesh, Punjab and Haryana.


KOPELL GROUNDING: Ind-Ra Assigns BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kopell Grounding
Systems Private Limited's (KGSPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR37.7 mil. Term loan due on August 28 assigned with IND BB+/

     Stable rating;

-- INR236.70 mil. Fund-based limit assigned with IND BB+/Stable/
     IND A4+ rating; and

-- INR20 mil. Non-fund-based Limit assigned with IND A4+ rating.

Key Rating Drivers

The ratings reflect KGSPL's small scale of operations with its
revenue increasing to INR1,101.1 million in FY22 (FY21:
INR673.24million), due to better realizations, and increased
volumes, backed by growing demand in the international market.
Around 70% of the company's total turnover came from its clients in
the US, exposing the company's high geographical concentration
risk. The company's export realizations are denominated in foreign
currency, exposing the company to adverse movements in the foreign
exchange rates. Ind-Ra expects the revenue to rise further in FY23,
led by new manufacturing unit for copper coupling and clutch
becoming operational and repeat orders from existing customers. Its
key figures for FY22 are provisional in nature.

KGSPL plans INR61.5 million capex to set up a new division for
manufacturing copper coupling and clutch with an installed capacity
of 540 million tons per annum, which will be financed through a
term loan of INR37.7million and promoter infusion. The company
expects the unit to be operational from June 2022. The ratings
factor in the risk associated with the timely execution of the
project.

Liquidity Indicator – Stretched: KGSPL’s average maximum
utilization of the fund-based limits stood at 88.21% and
non-fund-based limits was 67.50% during the 12 months ended March
2022. The cash flow from operations declined to negative INR24
million in FY22 (FY21: INR2.67 million), due to unfavorable changes
in working capital. The free cash flow stood at negative INR57.61
million in FY22 (FY21: negative INR6.74 million). The net working
capital cycle remained elongated but improved to 62 days in FY22
(FY21: 78 days), due to favorable changes in debtor days.
Furthermore, KGSPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

However, the ratings are supported by the promoters' nearly three
decades of experience in the copper manufacturing and trading
business, leading to the company's established relationships with
customers and suppliers.

The ratings also factor in the KGSPL's healthy EBITDA margin of
5.57% in FY22 (FY21: 5.90%), with a return on capital employed of
18% (15.70%). In FY22, the EBITDA margin deteriorated due to an
increase in raw material prices and export costs. Over the medium
term, Ind-Ra expects the EBITDA margin to improve marginally, due
to an addition of high margin products such as copper coupling and
clutches.

KGSPL had comfortable credit metrics, with its interest coverage
(operating EBITDA/gross interest expenses) rising to 6.26x in FY22
(FY21: 5.91x) and the net leverage (total adjusted net
debt/operating EBITDAR) declining to 2.51x (2.8x). The improvement
in the coverage and leverage was driven by an improvement in
absolute EBITDA, due to better realizations, increased volumes and
better business prospects. Over the medium term, Ind-Ra expects the
credit metric to improve further, due to expected improvement in
absolute EBITDA.

Rating Sensitivities

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

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

Company Profile

Incorporated in 2005, KGSPL primarily exports light engineering
goods such as copper bonded grounding rods and accessories to
countries such as the US, the UK, Spain, among others. Its
manufacturing unit is near Uluberia, Howrah in West Bengal, where
it has the facility for electroplating steel rods with copper.

KRISHNA TEXTILE: Ind-Ra Withdraws BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Krishna Textile
Process's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR7.7 mil. Term-loan facilities
     is withdrawn;

-- The 'IND BB-' rating on the INR31.5 mil. Fund-based facilities

     is withdrawn; and

-- The 'IND BB-' rating on the INR2.5 mil. Non-fund-based
     facilities is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings as the agency
has received 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, Krishna Textile Process engages in the dyeing
line business.


LAVIM DEVELOPERS: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lavim Developers
Private Limited's (LDPL) 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 action is:

-- INR400 mil. Term loans migrated to non-cooperating category
     with IND B- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
June 3, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Incorporated on March 21, 1997, LDPL is a private limited company
engaged in construction of residential projects. LDPL is executing
a single residential  project named Paranjape Broadway in
Pimprichinwad, Pune. LDPL is a 100% subsidiary of Paranjape Schemes
(Construction) Limited.


MITTAL COT: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-term rating of Mittal Cot Fibers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   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-          2.50        [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.

MCF is a partnership concern, incorporated in June 2014, and has
been promoted by Mr. Mahesh Kumar Mittal and his brothers; the
partners have been associated with the cotton ginning and trading
business for more than two decades. The firm manufactures lint from
kapas (raw cotton) and undertakes pressing operation to produce
cotton bales. Cotton seed, which is a by-product of the ginning
operation, is sold to oil extraction units. The firm's
manufacturing facility is located at Sendhwa, Madhya Pradesh and is
equipped with 24 ginning mills and 1 press with a total ginning
capacity of 16,906 metric tons per annum (MTPA).


N.R. CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of N.R. Constructions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           8.50        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund                        COOPERATING; Rating continues
   Based-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.

N. R. Constructions (NRC) is a partnership firm which was started
in April 1998 by Mr. A. Narayana Raju and his family. The firm
undertakes civil contracts involving irrigation works, buildings
and bridges for government clients in the states of Andhra Pradesh
and Karnatak.


NAGAMMAL MILLS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded  Nagammal Mills
Pvt Ltd.'s (NMPL) Long-Term Issuer Rating to 'IND BB-' from 'IND
B+'. The Outlook is  Stable.

The instrument-wise rating actions are:

-- INR20 mil. Term loan due on December 2024 upgraded with IND
     BB-/Stable rating;

-- INR87 mil. Fund-based working capital facilities upgraded with

     IND BB-/Stable/IND A4+ rating; and

-- INR23 mil. Non-fund-based working capital facilities upgraded
     with IND A4+ rating.

The upgrade reflects the growth in revenue and operating profit in
FY22 (provisional numbers), which is likely to have led to an
improvement in the credit metrics.

Key Rating Drivers

NMPL's revenue rose to INR607.6 million in FY22 (FY21: INR159.5
million; FY20 : INR501.9 million) due to a significant rise in yarn
prices. The scale of operations continued to be small. The revenue
had declined sharply in FY21 due to COVID-19-led operational
disruptions and labor issues.  Ind-Ra expects the revenue to be
stable in FY23.  

NMPL recorded an absolute EBITDA of INR46.5 million in 10MFY22
itself (FY21: INR12.6 million; FY20: INR34.3 million), with the
EBTIDA margin rising to 10.3% (FY21: 7.9%; FY20: 6.8%).  Based on
this, the EBITDA margin is likely to have increased on a yoy basis
in FY22. In FY21, the EBITDA margins had increased to a modest 7.9%
on account of a fall in administrative costs. The ROCE was 0.3% in
FY21 (FY20: 4.9%). In FY23, however, Ind-Ra expects the operating
profit to drop due to a likely fall in realizations, with cotton
price per candy having increased significantly over January-May
2022, mainly due to lower production of cotton against a slight
increase in yarn prices.

Ind-Ra expects the credit metrics to have improved in FY22, backed
by the improvement in the operating profits, the scheduled
repayment of the loans, and the absence of any major capital
expenditure. In FY21, NMPL's credit metrics had deteriorated due to
the decline in the absolute EBITDA). The net leverage (total
adjusted net debt/operating EBITDA) was 18.3x in FY21 (FY20: 6.5x),
and the interest coverage (operating EBITDA/gross interest expense)
was 0.9x (2x). In FY23, Ind-Ra expects the credit metrics to weaken
due to the disbursal of term loan of INR50 million in May 2022 and
likely decline in EBITDA margins.

Liquidity Indicator - Stretched: NMPL's average maximum utilization
of the fund-based limits was about 94% for the 12 months ended
April 2022. Despite an increase in the creditor days to 73 days in
FY21 (FY20: 50 days), the net working capital cycle had elongated
to 154 days during the year (77 days) owing to an increase in the
inventory holding period to 202 days (113 days) and receivable
period to 25 days (13 days). Moreover, the cash flow from
operations decreased to INR11.9 million in FY21 (FY20: INR66.0
million) on account of lower operating profit. The fund flow from
operations had turned negative at INR8.5 million in FY21 (FY20:
INR40.6  million). In FY21, NMPL had a cash balance of INR0.4
million (FY20: INR0.5  million), against the total debt of INR231.5
million (INR222.5 million). In FY22, Ind-Ra expects the cash flow
from operations to have increased slightly on account of the rise
in absolute EBITDA. In FY23, however,  Ind-Ra expects the cash flow
from operations to fall on account of an increase in working
capital requirement.

The ratings, however, are supported by the promoter's experience of
over three decades in the textile industry

Rating Sensitivities

Negative: A fall in the revenue, EBITDA margin and deterioration in
the credit metrics, leading to the interest coverage falling below
1.8x and/or stress on the liquidity position, all on a sustained
basis, could be negative for the ratings.

Positive: An increase in the revenue and EBITDA margin, leading to
an improvement in the credit metrics, and an improvement in the
liquidity, all on a sustained basis, could be positive for the
ratings.

Company Profile

NMPL, incorporated in 1957 and promoted by  P. Kumaraswamy, mainly
manufactures cotton yarn, with a focus on the production of finer
counts of yarn. It has an installed capacity of 32,400 spindles at
its plant in Nagercoil, Tamil Nadu. The company supplies single and
doubled yarn in cone and hank form and is also involved in the
production of gassed and merchandised yarn. The company has
installed a windmill near Nagercoil with a capacity of 2.5MW per
annum for its captive use.


NARAYAN INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narayan
Industries (Chattisgarh) (NI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 19, 2021,
placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2022, March 15, 2022, March 25, 2022.

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

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

Chhattisgarh based Narayan Industries (NI) was established in 2007
as a proprietorship firm. The firm has installed a rice and pulse
milling unit at Bhatapara in Chhattisgarh with an install capacity
of 4,000 MTPA. NI sells finished rice, broken rice, rice bran and
various types of pulses like Masoor Dal, Moong Dal, Urad Dal etc.
The day-to-day affairs of the firm are looked after by Mr Mukesh
Motwani (Proprietor) along with a team of experienced personnel.


NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of National
Rice Mill (NRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 13, 2021,
placed the rating(s) of NRM under the 'issuer non-cooperating'
category as NRM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2022, March 9, 2022, March 19, 2022.

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

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

Established in January 2009, National Rice Mill (NRM) is engaged in
the rice milling and processing activities at its plant located at
Hooghly, West Bengal with aggregate installed capacity of 16,800
MTPA. Mr. Bansi Badan Dey, having around two decades of experience
in the rice milling industry, looks after the day to day operations
of the entity. He is supported by other partner Mrs. Lekha Dey and
a team of experienced professionals.


PIRG SDI 1: Ind-Ra Assigns Prov. B+ Rating, Trend Stable
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned PIRG SDI 1 Trust
(a corporate lease securitization transaction) a provisional
rating, as follows:

-- INR68.8 mil. Series I Pass  Through Certificates (PTCs) coupon

     rate 18.39% assigned with Provisional IND B+(SO)/Stable
     rating.

* The rating is provisional and pending execution of documents as
detailed in Annexure 1. The final rating, upon receipt of executed
documents consistent with the draft documents, shall be assigned
within 90 days from the date of issuance of the instrument. The
provisional rating may be extended by another 90 days, subject to
Ind-Ra's policy, if the execution of documents is pending at that
time. In the absence of the documentation considered while
assigning the provisional rating, the agency would not have
assigned any rating to the proposed instrument.

The transaction has been originated by Vriksh Advisors Pvt.
Ltd.(originator), which has entered into lease agreements with four
corporate lessees for leasing of furniture, kitchen equipment,
electric vehicles and Lithium-ion batteries for a period of 36
months.  

The rating reflects the combined credit risk of the obligors as
well as first loss and second loss credit enhancements (CE) in the
form of bank guarantees from Yes Bank Ltd. (IND BBB/Stable). The
rating has been notched up over the combined credit risk of the
obligors due to  the presence of a structured payment mechanism for
timely debt servicing, including the timelines for guarantee
invocation. Any deterioration in the credit profile of the obligors
and/or servicer might lead to a deterioration in the rating of the
PTCs. The rating factors in the timely payment of interest and
principal on the scheduled payout dates as per transaction
documents.

Key Rating Drivers

Credit Risk of Obligors: The PTC rating is primarily driven by the
credit risk of the obligors, as the PTC is to be serviced from the
cash flows arising from the lease payments from the obligors to the
originator. While the underlying leased assets are diversified
across sectors, the concentration of the corporates in the pool
remains high.

Availability of CE: The transaction benefits from a first loss
credit facility (FLCF) amounting to 8.32% of the initial principal
outstanding as well as a second loss credit facility (SLCF) of 10%
of the initial principal outstanding. The FLCF and SLCF are
proposed to be in the form of a bank guarantees from Yes Bank
provided against cash deposits. Both the bank guarantees are
unconditional and irrevocable in nature and proposed to be provided
for the total tenor of 36 months. The CE is to be utilized for the
payment of any interest or principal shortfalls on any payout date.
In addition, CE, once utilized is not to be replenished from
residual cash flows. However, the excess amounts recovered in any
period will be held in  trust in the escrow account by the
originator and will be utilized to meet any shortfalls in the
subsequent periods, as and when required.

Transaction Structure & Payment Mechanism: The originator has
entered into lease agreements with the four obligors mentioned
above for a period of 36 months. The originator proposes to assign
corresponding lease receivables (including associated rights,
benefits and interests) to PIRG SDI 1 Trust, which will issue
securitized debt instruments, proposed to be rated herein. All
lease payments are to be made by the lessees at least fifteen days
prior to investor payout date, into an escrow account and any
payments from this account cannot be made without the consent of
the trustee. In case of a shortfall, the CE in the form of
guarantee is to be invoked ten days prior to payout date. The total
payout would be transferred into a collections and payout account
in the name of the trustee two days before the payout date.

Leasing Expertise: Vriksh has limited experience in leasing.
However, the transaction benefits from an arrangement between
Vriksh and Grip Invest Advisors Pvt. Ltd. (GIAPL), which is
experienced in managing corporate leases. Nikhil Aggarwal is a
common director and minority shareholder in both GIAPL and Vriksh.

GIAPL is a platform enabling corporate leases with expertise in
assets such as electric vehicles, kitchen equipment and electric
vehicle batteries. It has been appointed as the designated agent to
carry out certain functions of the servicer. GIAPL collects monthly
financial and business information on the lessees so as to be able
to forecast any business-related concerns that might impact the
lessee's ability to fulfil the lease obligation. On perceiving a
reasonable likelihood of default or in the case of an actual
default, GIAPL will take steps to understand the problem and
terminate the contract if required. GIAPL will attempt to repossess
the leased assets and will endeavor to lease them out to other such
entities and transfer the consequent cash flows to the trust. Each
of the lessees in the transaction have pre-existing lease
partnerships with GIAPL and the lease agreements applicable to the
transaction are  similar to the lessees' agreements with GIAPL.

Payment Continuity assessment: In case of a default by the top
obligor, the CE would be sufficient to cover the interest and
principal shortfall for the first 17 months. In case of zero
collections, the CE would be sufficient to cover the total interest
and principal payments for the first five months. Subject to the
approval of the trustee and the PTC investors, such a liquidity
buffer can be utilized by the servicer to repossess assets and
undertake new lease arrangements, the cash flows for which can be
transferred to the trust for the benefit of the investors.

Liquidity Indicator - Adequate: The expected cash flows from the
lessees, along with the external CE, provides a liquidity coverage
ratio of 1.5x-3.0x of the promised payout.

Rating Sensitivities

Positive: The rating might be upgraded if a significant portion of
Series 1 PTCs are redeemed and the CE, as a percentage, improve
further, while maintaining the diversity of the pool.  

Negative: The following developments, individually or collectively,
might lead to a negative rating action in the following cases:

-- a decrease in the aggregate pool credit quality

-- lack of visibility on recoveries and on timely lease payment
from underlying obligors

-- any changes in the transaction counterparties

-- any deviations from the structured payment mechanism

-- any breach of terms with respect to the guarantee in the
transaction.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on PIRG SDI 1 Trust, either due
to their nature or the way in which they are being managed by the
entity. For more information on Ind-Ra's ESG Relevance Disclosures,
please click here.  For answers to frequently asked questions
regarding ESG Relevance Disclosures and their impact on ratings,
please click here.

Company Profile

Originator: Vriksh is engaged in the consultancy business. In the
near term, it plans to enter into the business of acquiring and
dealing in the unguaranteed residuary interest arising out of
various movable assets that are leased/ rented to its identified
customers. Such movable assets would be leased by Vriksh to the
customers on an operating lease basis for a mutually agreed period.
Along with the leasing of assets, Vriksh would assign all or a
significant portion of the lease rent receivable on a non-recourse
basis to third parties who are willing to purchase such lease rent
receivables. On the sale/ assignment of the lease rent, the
third-party purchaser pays a discounted value of the rent
receivables.


PRAJWAL PROMOTERS: Ind-Ra Withdraws B Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Prajwal Promoters
Private Limited's Long-Term Issuer Rating of 'IND B (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND B' rating on the INR68 mil. Term loan issued on
     December-2019 is withdrawn.

Key Rating Drivers

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

Company Profile

Incorporated in 2008, Bengaluru-based Prajwal Promoters develops
its real estate project, Adithya, which spreads across an area of
491,139 square feet and having a saleable area of 270,000 square
feet.


PUREWAL STONE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Purewal
Stone Crusher (PSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.67       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of PSC under the 'issuer non-cooperating'
category as PSC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 11, 2022, March 21, 2022.

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

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

Nainital, Uttarakhand based, Purewal Stone Crusher (PSC) was
established in year 2013 and the commercial operations started from
March, 2015. It is currently managed by Mr Dilbag Singh Purewal.
The firm crushes and processes river bed material (RBD), boulders
into stone chips, stone grits and sand stone that find usage in the
construction industry.


RENEW RG II: Fitch Affirms BB Rating on USD525MM Secured Notes
--------------------------------------------------------------
Fitch Ratings has affirmed ReNew RG II's USD525 million senior
secured notes due 2024 at 'BB' with a Stable Outlook. ReNew RG II
is a restricted group (RG) of operating subsidiaries owned by ReNew
Power Private Limited (BB-/Stable).

Fitch understands that ReNew Power is in the process of refinancing
ReNew RG II's dollar bond through domestic borrowings. The bond is
scheduled to be prepaid within this month.

RATING RATIONALE

The rating on the notes reflects the credit profile of the eight
entities in the RG, with a total operating power generation
capacity of 636MW in solar (56% of total capacity) and wind (44%)
in India. The US dollar notes represent joint and several
obligations of the eight operating entities. The rating benefits
from restrictions on cash outflow and the RG's additional
indebtedness, and reflects ReNew RG II's adequate financial
profile, including interest income on inter-company loans extended
to the parent at bond issuance.

KEY RATING DRIVERS

Moderate Forecast Spread, Adequate Operating Performance - Revenue
Risk (Volume): Midrange

The energy-yield forecast produced by third-party experts indicates
an overall P50/one-year P90 spread of 14%, leading us to assess
volume risk at 'Midrange'. The portfolio has a capacity-weighted
average record of more than five years, as all assets have been
operating for more than four years. The actual load factors
recorded by the portfolio in the last three years have also been
adequate, with generation that is 6%-14% higher than the one-year
P90 levels. Curtailment risk is limited in India due to the
must-run status of renewable projects.

Fixed Long-Term Prices for Most Contracts, Low Renewal Risk -
Revenue Risk (Price): Midrange

The RG contracts 75% of its total capacity with state distribution
companies under long-term, fixed-price power-purchase agreements
(PPA), which protect the portfolio from merchant price volatility.
The PPAs have a capacity-weighted residual life of about 17 years.
The remaining 25% of PPAs are with direct commercial and industrial
customers, with tenors ranging from eight to 25 years.

Tariffs for direct customers are determined at a discount to grid
tariffs. Contract renewal and tariff renegotiation risk is
mitigated by increasing grid tariffs, customers' renewable purchase
obligations and the longer tenor of existing contracts.

Proven Technology, Lack of Maintenance Reserve - Operation Risk:
Midrange

The technology deployed in ReNew RG II's wind and solar projects is
considered proven. Most of the wind turbines are procured from some
of the world's largest manufacturers, while the solar modules are
sourced from an internationally well-known supplier. Operation and
maintenance (O&M) for the wind projects is carried out by the
original equipment manufacturers under 10 to 20-year contracts.

O&M for solar projects is carried out by ReNew Power's affiliate
companies under a five-year fixed-price contract, with 4%-5% annual
price escalation. However, Fitch's assessment of operational risk
is constrained at 'Midrange' as the operating cost forecast is not
validated by an independent technical advisor and the bond
indenture does not have a maintenance reserve account.

Bullet Bond, Manageable Refinancing Risk, Ringfenced Structure -
Debt Structure: Midrange

Refinancing risk of the five-year bullet notes, which are directly
issued by the asset-owning entities, is mitigated by the ongoing
process of refinancing, which Fitch expects to be completed
shortly. Management also committed to retain cash generated from
operations within the RG and adhere to a deleveraging profile. Risk
is also mitigated by the remaining life of the PPAs and ReNew
Power's access to banks and capital markets. The notes are secured
by a pledge of at least a 51% equity share in each of the issuing
entities, along with most of their assets.

Noteholders are protected by ReNew RG II's restrictions on cash
outflow and additional debt. Noteholders benefit from a standard
cash distribution waterfall and a lock-up test at a
backward-looking 1.3x debt-service coverage ratio (DSCR) for cash
outflow. Additional debt is not allowed, aside from a working
capital carve-out of USD30 million. Management is committed to
paying interest income on the initial inter-company loan at a rate
of 8%. The RG maintains a six-month interest service reserve
account, but does not have a major maintenance reserve account. The
notes pay a fixed interest rate and foreign-exchange risk is
substantially hedged.

PEER GROUP

Continuum Energy Levanter Pte. Ltd. (CELP, senior secured notes:
BB+/Stable) has higher exposure to inherently more volatile wind
resources, with 89% of its capacity contributed by wind projects
versus 44% for ReNew RG II. However, CELP benefits from a larger
share of capacity (49%) contracted directly with commercial and
industrial customers, compared with ReNew RG II's 25%, resulting in
a better receivable profile. At the same time, CELP has covenanted
repayment of 47% of the bond value over the bond tenor and also
benefits from a stronger rating-case annual average DSCR of 1.66x.
As a result, CELP's bond rating is a notch higher than ReNew RG
II's bond rating.

Azure Power Solar Energy Private Limited (Azure RG2, senior secured
notes: BB/Stable) is a pure solar portfolio, with 15% of capacity
contracted with sovereign-owned entities. Azure RG2's financial
profile is comparable with that of ReNew RG II, with a rating-case
average annual DSCR of 1.42x, though its portfolio mix is stronger.
However, the difference is not significant enough to justify a
different credit assessment.

Clean Renewable Power (Mauritius) Pte. Ltd's (senior secured notes:
BB-/Stable) resource mix is comparable with that of ReNew RG II;
54% is contributed from inherently less volatile solar resources
and the balance from wind projects. Counterparty exposure of the
company's RG is stronger, with 46% of capacity contracted with
sovereign-owned counterparties; however, its rating-case DSCR is
lower, at 1.31x, justifying a notch of difference in Fitch's credit
assessment.

RATING SENSITIVITIES

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

Synthetic DSCR persistently below 1.40x;

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

Synthetic DSCR consistently above 1.55x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

TRANSACTION SUMMARY

The US dollar bonds are co-issued by eight SPVs housing 10
operating wind and solar assets owned by ReNew Power. The due and
punctual payment of all amounts payable by each co-issuer under the
notes is fully and unconditionally guaranteed on a senior basis by
each of the co-issuers. ReNew Power also provided a fall-away
guarantee to bondholders. However, the guarantee has fallen away,
as the RG has achieved gross debt/EBITDA of 5.5x. The co-issuers
used the proceeds mainly to repay debt and extend inter-company
loans to the parent.

CREDIT UPDATE

The RG's electricity generation improved marginally in the
financial year ended March 2022 (FY22). Three projects have
consistently performed lower than the P90 level over the last three
years, although the generation profile improved for all three in
FY22. Vaspet-IV's load factors were low due to lower wind resource.
The Bhesada and SREI projects faced curtailment while the
transformers at the substations were being upgraded. Electricity
generation at the 71MW Kushtagi power project declined due to lower
availability as certain wind turbines required repair.

Portfolio level receivable days improved to 104 days by FYE22
(FYE21: 165 days). Among the five state-owned distribution
companies to which ReNew RG II has exposure, the receivable
position improved for Maharashtra, Rajasthan, Karnataka and Madhya
Pradesh, while it deteriorated for Telangana. Management expects
Telangana's receivable position to improve from FY23 as support
from the central government and better cash collection boost the
utility's liquidity.

FINANCIAL ANALYSIS

Fitch assumes the outstanding US dollar notes will be refinanced at
maturity, with the new debt amortising across the remaining PPA
terms or the projects' useful life, whichever is longer. Fitch
focuses on the average annual DSCR over the refinancing period,
given the note's largely bullet structure.

Fitch's base case assumes P50 generation, a 7% production haircut
for wind projects, a 5% production haircut for solar assets and a
refinancing interest rate of about 12%. This results in an average
annual DSCR of 2.25x during the refinancing period.

Fitch's rating case assumes one-year P90 generation, a 7%
production haircut for wind projects and a 5% production haircut
for solar assets. Fitch assumes a tariff cap of INR5.5/kWh for
projects contracted with captive and third-party customers, which
is equal to the lowest price on the India Energy Exchange in the
past decade plus additional surcharges. Fitch also applies a 15%
stress on management's operating expense forecast for wind assets
and 10% for solar assets, and a refinancing interest rate of 12%.
Fitch's rating case results in an average annual DSCR of 1.44x.

SECURITY

The obligations of each co-issuer with respect to the notes and the
performance of all other obligations under the indenture will be
secured by the following Indian-law governed security package:

-- A first-ranking pari passu mortgage over certain immovable
    property;

-- A first-ranking pari passu charge over movable (tangible and
    intangible) assets and current assets, other than certain
    accounts as set out in the indenture;

-- A first-ranking pari passu charge over the rights and benefits

    under certain project documents, including PPAs, engineering,
    procurement and construction contracts, O&M contracts,
    clearance and authorisations, insurance contracts, letters of
    credit and performance bonds; and

-- A first-ranking pledge by the parent guarantor and ReNew Solar

    Power Private Limited (as applicable) over 51% of the equity
    share of the co-issuers and such other securities that have
    been pledged for the benefit of the persons extending the
    existing senior debt.

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                  PRIOR
   ----                 ------                  -----
ReNew RG II

ReNew RG II/          LT    BB     Affirmed     BB
Senior Secured Debt/
1 LT


RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of RGTL
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Working           125.00      [ICRA]D; ISSUER NOT COOPERATING;
   Capital                       Rating Continues to remain under
   Limits                        issuer not cooperating category

   Term Loan          29.32      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer not cooperating category

   Unallocated         8.79      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer not cooperating category

   Non-Fund
   Based limits        1.00      [ICRA]D; 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.

RGTL Industries Limited (RIL, erstwhile Rathi Rajasthan Steel Mills
Limited) is a public limited company engaged in the manufacturing
of Thermo Mechanically Treated (TMT) bars. RIL was promoted in 2004
by Mr. Raj Kumar Rathi and became a 100% subsidiary of Rathi
Graphic Technologies Limited in 2007-08. Rathi Graphic Technologies
Limited now holds 49.18% stake in RIL. Rathi Graphic Technologies
Limited is a public limited listed company engaged in manufacturing
toners and developers which are used in photocopier machines, laser
and ink-jet printers. The promoter Mr. Raj Kumar Rathi belongs to
the Rathi family which has a long track record and established name
in manufacturing of TMT bars. RIL has its manufacturing unit in
Bhiwadi (Rajasthan), wherein the rolling mill capacity has recently
been enhanced to 150000 TPA.

RONALD COLACO: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Ronald
Colaco 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.

Ronald Colaco is a proprietorship firm set up in 1996, which has
been functioning under Mr. Ronald Colaco, one of Bangalore's
leading Non-Resident Indian entrepreneurs. The firm has two
separate entities under it namely, the Clarks Exotica Resorts &
Spa, and Continental Builders & Developers. Started in 2008, the
Clarks Exotica Resorts & Spa is a fivestar hotel in Devanahalli,
Bangalore, which is spread across 75 acres. It consists of 151
rooms, two convention centers, one restaurant, and a host of other
facilities. Ronald Colaco – Land, the parent entity, is engaged
in sale and purchase of landholdings; while Continental Builders &
Developers is involved in the development of these landholdings
into plots. The firm has completed and sold two residential layouts
- 'Hollywood Town' and 'Swiss Town' at Devanahalli in Bangalore.


RURAL FAIRPRICE: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the Non-convertible debenture
programme of Rural Fairprice Wholesale Limited to 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-convertible   320.0       [ICRA]D ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
   Programme                     Non-cooperating category

   Non-convertible   350.0       [ICRA]D ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
   Programme                     Non-cooperating category

As a part of its process and in accordance with its rating
agreement with RFWL, ICRA has been trying to seek information from
the entity 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. 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.

Incorporated in September 2009, Rural Fairprice Wholesale Limited
was a wholly-owned subsidiary of Future Corporate Resources Private
Limited (FCRPL). With effect from April 1, 2019, Allfab Syntects
and Commission Agency Private limits hold 100% stake in the
company. RFWL trades in all kinds of fashion, foods, fast moving
consumer goods (FMCG) and other related products with the Future
Group entities as well as others.

S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of S.P. Sortex
Rice Exports India 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-         14.45        [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) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.80        [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.

S.P. Sortex Rice Exports India Ltd (SPS) is a private limited
company that was set up in 2010 by Mr. Shiv Poojan. SPS is engaged
in processing and selling non-basmati rice to different traders and
millers in Andhra Pradesh and Telangana. It has a plant at Naini
(Allahabad) with a milling capacity of 28,800 tonnes per annum and
sortex machinery of similar capacity.


SAGAR MOTORS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sagar Motors a
Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR700 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating.

Key Rating Drivers

The ratings reflect the significant increase in the firm's revenue
to INR6,229.2 million based on FY22 provisional financials (FY21:
INR3,237.7 million; FY20: INR1,815.9 million), on account of
increased demand for passenger vehicles. The increase in demand
comes from replacement and subsequent vehicle buyers, who had
deferred purchases during FY21 and the addition of showrooms by the
company in Delhi and National Capital Region. In FY23, Ind-Ra
however expects a slight decline in the revenue on account of the
continued uncertainty around the availability of semi-conductor
chips due to supply chain disruptions. Increases in key input
prices and interest rates could also dampen demand in FY23.  

The ratings are constrained by SM's modest credit metrics. The
gross interest coverage stood at 3.3x in FY22 (FY21: 3.6x; FY20:
0.5x) and the net financial leverage (total adjusted net
debt/operating EBITDAR) was 3.6x (4.2x; 18.2x). In FY22, the net
leverage improved mainly on account of an increase in the absolute
EBITDA  to INR229.9 million (FY21: INR92.3 million; FY20: INR15.2
million). The firm's debt majorly comprises short-term debt which
is required for meeting working capital needs; capitalized lease
rent and unsecured loans from promoters. Ind-Ra expects the credit
metrics to deteriorate in FY23 due to an increase in the lease
obligation on account of the opening of new showrooms; an increase
in the short-term loan and an expected decline in the absolute
EBITDA resulting from rising raw material prices.

The ratings also factor in the firm's modest EBITDA margin on
account of the intensely competitive distributorship nature of the
business. The margins rose to 3.7% in FY22 (FY21: 2.9%, FY20:
0.9%), because of an increase in the revenue from car services
which provide margins in the range of 8%-10%. The firm's return on
capital was 27.8% in FY22 (FY21 : 18%; FY20: 3%). In FY23, Ind-Ra
expects the EBITDA margin to decline owing to the further increase
in input prices. The ratings also consider the cyclical nature of
the auto industry and its susceptibility to macro-economic factors.


Liquidity Indicator - Stretched: The company has low core banking
relationships. The cash flow from operations stood negative
INR119.4 million in FY22 (FY21: negative INR94.8 million; FY20:
negative INR6.5 million) due to an increase of the working capital
requirements with the increase in revenue. Also, the free cash flow
was negative INR168.3 million in FY22 (FY21: INR101.9 million;
FY20: negative INR19.2 million) with capex of INR70.7 million
(INR7.1 million; INR12.6 million). SM's average maximum utilization
of the fund-based limits was around 83% of the sanctioned limits
over the 12 months ended April 2022.

The cash and cash equivalents stood at INR34.2 million at FYE22
(FY21: INR44.1 million; FY20: INR4.9 million) as against the total
debt of INR1,003.1 million (FY21:  INR604.7 million; FY20: INR419.3
million) inclusive of capital lease rent. In FY22, the net cash
cycle of the company stood at 39 days in FY22 (FY21: 54 days; FY20:
60 days), mainly on account of a reduction in the inventory holding
days to 15  (22; 62) due to the increase in demand for passenger
vehicles in the market. In FY23, Ind-Ra expects the cash cycle to
deteriorate in FY23, on account of an increase in the inventory due
to normalized demand in the passenger vehicle segment.

The ratings are also constrained by SM's geographical and supplier
concentration along with its low negotiation power, where it
derived almost 100% of the total revenue from Delhi and National
Capital Region. The company has a dealership business for the
passenger vehicles of Tata Motors Limited.

The ratings are supported by the firm's partners' nearly a decade
of experience in the dealership business. This has facilitated SM
to establish strong relationship with its supplier.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with interest coverage
below 2x and/or any pressure on the liquidity position, all on a
sustained basis, could lead to negative rating action.

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

Company Profile

Incorporated in 2014, SM is a registered partnership firm engaged
in the dealership business for passenger vehicles of Tata Motors.
Varun Sagar and Rajesh Sagar are the company partners. It commenced
operations in March 2016. It has seven showrooms and three
workshops across Delhi and National Capital Region.


SANCHIT POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Sanchit
Polymers 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-          8.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.50        [ICRA]A4 ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.45        [ICRA]A4 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.

Sanchit Polymers (SP) was incorporated in the year 1993 as a
proprietorship firm. The product profile of Sanchit Polymers
consists of different kind of plastic compounds which are used in
footwear manufacturing such as PVC, PU, EVA etc.


SANTHALAKSHMI MILLS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of
Santhalakshmi Mills India Llp in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICR]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.50        [ICRA]A4 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.

Incorporated in 2014, Santhalakshmi Mills India Llp is a
partnership entity owned by the Promoter Mr. O.S. Varadharaj and
his wife Mrs. V. Geetha and managed by Mr. O.S.Varadharaj's
brother-in-law, Mr. Lakshmanan. The firm outsources cotton ginning
process to Sri Santhalakshmi Mills Private Limited, owned by Mr.
Lakshmanan and sells cotton bales, yarns and seeds in domestic and
international markets. Before 2014, Santhalakshmi Mills India Llp
was a proprietorship concern that was involved only in trading of
cotton bales, seeds and yarn since 1948.


SHILPA ELECTRICAL: Ind-Ra Corrects May 30, 2022 Rating Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified the rating release on
Shilpa Electrical Infra Tech (India) Private Limited (SEITIPL)
published on May 30, 2022 to correctly state the rated limits for
the term loan in the history table.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has upgraded Shilpa Electrical
Infra Tech (India) Private Limited's (SEITIPL) Long-Term Issuer
Rating to 'IND B+' from 'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:  

-- INR35 mil. Fund-based working capital limits upgraded with IND

     B+/Stable rating;

-- INR104 mil. (increased from INR79 mil.) Non-fund-based working

     capital limits affirmed with IND A4 rating; and

-- INR28.3 mil. Term loans due on June 2025 is withdrawn (paid in

     full).

The upgrade reflects a sustained growth in SEITIPL's total income
in FY22, driven by higher execution of orders. Ind-Ra expects the
revenue increase further over the medium term backed by a healthy
order book of INR1,968 million (3.21x of FY22 revenue) as of May
2022.

Key Rating Drivers

As per FY22 provisional financials, SEITIPL's revenue grew to
INR612 million in FY22 (FY21: INR530 million, FY20: INR466
million), due to execution of a higher number of orders. As of May
19, 2022, the company had an unexecuted order book of INR1,968
million, to be executed within the next 12-36 months. Ind-Ra
expects the revenue to increase over the medium term, backed by a
healthy order book; although the scale of operations will remain
small.

The ratings continue to factor in SEITIPL's continued modest credit
metrics. The net financial leverage (adjusted net debt/operating
EBITDA) deteriorated to 3.88x in FY22 (FY21: 3.31x, FY20: 2.91) due
to an increase in the external borrowings to INR134.92 million
(INR96.3 million, INR52.50 million). However, the gross interest
coverage (operating EBITDA/gross interest expense) improved to
5.09x in FY22 (FY21: 3.27x, FY20: 2.49x) due to a decline in
interest cost as the debt was availed in later part of the
financial year. In FY23, Ind-Ra expects the credit metrics to
remain at similar level despite an improvement in the EBITDA owing
to a corresponding increase in interest expense.

The ratings also reflect the company's continued average EBITDA
margin deteriorated marginally to 7.59% in FY22 (FY21: 7.91%),
majorly due to increase in raw material prices. The return on
capital employed was 13.9% in FY22 (FY22: 15.5%). In FY23, Ind-Ra
expects the EBITDA margin to remain at similar level due to
stressed raw material prices.

Liquidity Indicator – Poor: SEITIPL's average maximum utilization
of the fund-based limits was 100% with instances of over
utilization of up to 11 days in May 2021 and June 2021 and that of
the non-fund-based limit was 58.20% during 12 months ended April
2022. The cash flow from operations turned negative to INR23.59
million in FY22 (FY21: INR24 million) due to unfavorable changes in
working capital. Furthermore, the free cash flow turned negative to
INR44.75 million (FY21: INR18.81 million) due to capex of INR23.16
million to expand its capacity. Despite a decline in the receivable
period to 173 days in FY22 (FY21: 193 days), the net working
capital cycle remained elongated at 156 days (158 days) on account
of timely repayments to creditors as reflected by a decline in the
payable period to 113 days (130 days). The cash and cash
equivalents stood low at INR0.61 million at FYE22 (FYE21: INR0.55
million). SEITIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

However, the ratings are supported by the promoters' experience of
more than two decades in the electrical and transmission line
erection industry.

As per FY22 provisional financials, SEITIPL's revenue grew to
INR612 million in FY22 (FY21: INR530 million, FY20: INR466
million), due to execution of a higher number of orders. As of 19
May 2022, the company had an unexecuted order book of INR1,968
million, to be executed within the next 12-36 months. Ind-Ra
expects the revenue to increase over the medium term, backed by a
healthy order book; although the scale of operations will remain
small.

The ratings continue to factor in SEITIPL's continued modest credit
metrics. The net financial leverage (adjusted net debt/operating
EBITDA) deteriorated to 3.88x in FY22 (FY21: 3.31x, FY20: 2.91) due
to an increase in the external borrowings to INR134.92 million
(INR96.3 million, INR52.50 million). However, the gross interest
coverage (operating EBITDA/gross interest expense) improved to
5.09x in FY22 (FY21: 3.27x, FY20: 2.49x) due to a decline in
interest cost as the debt was availed in later part of the
financial year. In FY23, Ind-Ra expects the credit metrics to
remain at similar level despite an improvement in the EBITDA owing
to a corresponding increase in interest expense.

The ratings also reflect the company's continued average EBITDA
margin deteriorated marginally to 7.59% in FY22 (FY21: 7.91%),
majorly due to increase in raw material prices. The return on
capital employed was 13.9% in FY22 (FY22: 15.5%). In FY23, Ind-Ra
expects the EBITDA margin to remain at similar level due to
stressed raw material prices.

Liquidity Indicator – Poor: SEITIPL's average maximum utilization
of the fund-based limits was 100% with instances of overutilization
of up to 11 days in May 2021 and June 2021 and that of the
non-fund-based limit was 58.20% during 12 months ended April 2022.
The cash flow from operations turned negative to INR23.59 million
in FY22 (FY21: INR24 million) due to unfavorable changes in working
capital. Furthermore, the free cash flow turned negative to
INR44.75 million (FY21: INR18.81 million) due to capex of INR23.16
million to expand its capacity. Despite a decline in the receivable
period to 173 days in FY22 (FY21: 193 days), the net working
capital cycle remained elongated at 156 days (158 days) on account
of timely repayments to creditors as reflected by a decline in the
payable period to 113 days (130 days). The cash and cash
equivalents stood low at INR0.61 million at FYE22 (FYE21: INR0.55
million). SEITIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

However, the ratings are supported by the promoters' experience of
more than two decades in the electrical and transmission line
erection industry.

Rating Sensitivities

Negative: Any further stretch in the working capital cycle, leading
to further stretch in the liquidity position on a sustained basis,
will be negative for the ratings.

Positive: A significant improvement in liquidity with the
sanctioning of additional bank limits, while maintaining its scale
of operation, EBITDA margin and credit metrics, will be positive
for the ratings

Company Profile

Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. G Sudhakar
Reddy and G Sailaja are the promoters. The company is headquartered
in Hyderabad.


SHILPA ELECTRICAL: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shilpa Electrical
Infra Tech (India) Private Limited's (SEITIPL) Long-Term Issuer
Rating to 'IND B+' from 'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limits upgraded with IND
   
     B+/Stable rating;

-- INR104 mil. (increased from INR79 mil.) Non-fund-based working

     capital limits affirmed with IND A4 rating; and

-- INR28.3 mil. Term loans due on June 2025 is withdrawn (paid in

     full).

The upgrade reflects a sustained growth in SEITIPL's total income
in FY22, driven by higher execution of orders. Ind-Ra expects the
revenue increase further over the medium term backed by a healthy
order book of INR1,968 million (3.21x of FY22 revenue) as of May
2022.

Key Rating Drivers

As per FY22 provisional financials, SEITIPL's revenue grew to
INR612 million in FY22 (FY21: INR530 million, FY20: INR466
million), due to execution of a higher number of orders. As of 19
May 2022, the company had an unexecuted order book of INR1,968
million, to be executed within the next 12-36 months. Ind-Ra
expects the revenue to increase over the medium term, backed by a
healthy order book; although the scale of operations will remain
small.

The ratings continue to factor in SEITIPL's continued modest credit
metrics. The net financial leverage (adjusted net debt/operating
EBITDA) deteriorated to 3.88x in FY22 (FY21: 3.31x, FY20: 2.91) due
to an increase in the external borrowings to INR134.92 million
(INR96.3 million, INR52.50 million). However, the gross interest
coverage (operating EBITDA/gross interest expense) improved to
5.09x in FY22 (FY21: 3.27x, FY20: 2.49x) due to a decline in
interest cost as the debt was availed in later part of the
financial year. In FY23, Ind-Ra expects the credit metrics to
remain at similar level despite an improvement in the EBITDA owing
to a corresponding increase in interest expense.

The ratings also reflect the company's continued average EBITDA
margin deteriorated marginally to 7.59% in FY22 (FY21: 7.91%),
majorly due to increase in raw material prices. The return on
capital employed was 13.9% in FY22 (FY22: 15.5%). In FY23, Ind-Ra
expects the EBITDA margin to remain at similar level due to
stressed raw material prices.

Liquidity Indicator – Poor: SEITIPL's average maximum utilization
of the fund-based limits was 100% with instances of overutilization
of up to 11 days in May 2021 and June 2021 and that of the
non-fund-based limit was 58.20% during 12 months ended April 2022.
The cash flow from operations turned negative to INR23.59 million
in FY22 (FY21: INR24 million) due to unfavorable changes in working
capital. Furthermore, the free cash flow turned negative to
INR44.75 million (FY21: INR18.81 million) due to capex of INR23.16
million to expand its capacity. Despite a decline in the receivable
period to 173 days in FY22 (FY21: 193 days), the net working
capital cycle remained elongated at 156 days (158 days) on account
of timely repayments to creditors as reflected by a decline in the
payable period to 113 days (130 days). The cash and cash
equivalents stood low  at INR0.61 million at FYE22 (FYE21: INR0.55
million). SEITIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

However, the ratings are supported by the promoters' experience of
more than two decades in the electrical and transmission line
erection industry.

Rating Sensitivities

Negative: Any further stretch in the working capital cycle, leading
to further stretch in the liquidity position on a sustained basis,
will be negative for the ratings.

Positive: A significant improvement in liquidity with the
sanctioning of additional bank limits, while maintaining its scale
of operation, EBITDA margin and credit metrics, will be positive
for the ratings.

Company Profile

Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. G Sudhakar
Reddy and G Sailaja are the promoters. The company is headquartered
in Hyderabad.


SHREE COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term ratings of Shree Cotex in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           0.41        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category


   Cash Credit         7.00        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Unallocated         1.69        [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 2013 as a partnership firm, Shree Cotex (SC) is
involved in the business of ginning and pressing of raw cotton to
produce cotton bales and cottonseeds. SC's manufacturing facility,
located at Rajkot in Gujarat, is equipped with 36 ginningmachines,
1 pressing machine with an installed capacity of 13,759 MT per
annum. The firm commenced operations on July 2014. The partners of
the firm have extensive experience in the cotton industry.


SHREEVELU BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreevelu
Builders Private Limited (SBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 1, 2021,
placed the rating(s) of SBPL under the 'issuer non-cooperating'
category as SBPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 15, 2022, February 25, 2022, March 7, 2022.

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

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

SBPL incorporated in October 1994 operates under the brand name
"Taraka". The company has been in the construction
business for nearly two and half decades and has successfully built
over 15 lsf of living spaces. The company has an ongoing project
"Sree Arpana" at Salem which is a residential project of around 12
lsf to be built at Yercaud. The project is planned in phases, where
in phase-1, the company plans to construct 32 independent villas
and 270 residential apartments. Phase-1 was started in July 1, 2017
and its estimated completion date is December 31, 2021. Of the
total saleable area of 5.51 lsf, the company's share is at 81.58%
which includes 26 independent villas and 220 residential
apartments.

SRINIVASAN CHARITABLE: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Srinivasan
Charitable & Educational Trust's bank loans' 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 detailed rating action is:

-- INR2.370 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
31, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

Company Profile

Srinivasan Charitable & Educational Trust was established in 2006
by Shri. A. Srinivasan. The trust runs five educational
institutions in Tamil Nadu. It offers engineering, polytechnic,
nursing and medical courses and operates a hospital in Perambalur
district.



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

The detailed rating action is:

-- INR1.80 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
31, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

Company Profile

Srinivasan Health & Educational Trust was founded by A. Srinivasan
in 2009 with an objective to promote, set up and run charitable
institutions, educational institutions and hospitals.


SUSTAINABLE AGRO: Ind-Ra Downgrades Loan Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sustainable
Agro-commercial Finance Ltd.'s (SAFL) debt facilities to 'IND D
(ISSUER NOT COOPERATING)' from IND B(ISSUER NOT COOPERATING).

The instrument-wise rating actions are:

-- INR700 mil. Subordinated debt issued on March 31, 2015 ISIN
     INE511S08015 coupon rate 9% due on June 30, 2021 downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR3.265 bil. Bank loans downgraded with IND D (ISSUER NOT
     COOPERATING) rating.

Key Rating Drivers

The downgrade reflects SAFL's non-payment of the interest on the
non-convertible debentures (ISIN: INE511S08023) due on May 15,
2022. The agency received an intimation from the debenture trustee
on May 31 about the non-payment of the coupon which in turn was
informed by the investor to the debenture trustee on May 30.  

Rating Sensitivities

Positive: The timely debt servicing for at least three consecutive
months could be credit positive.

Company Profile

Mumbai-based SAFL is a non-banking finance company providing
agriculture and allied financial services. Jain Irrigation System
Limited ('IND D') directly holds a 49% stake in SAFL and an
additional 21% through common promoters. International Finance
Corporation Washington and Mandala Capital AG Limited hold 10% and
20% stakes in SAFL, respectively.


TIRUPATI CARBONS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tirupati Carbons &
Chemicals 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:               

-- INR70 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR10 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 2006, Tirupati Carbons & Chemicals
manufactures graphite from semi-processed graphite. It has a total
annual installed capacity of 6,600 tons and total production
capacity of 5,100 tons at Rajdewra and Visakhapatnam facilities.


UTTARAYAN FOODS: CARE Lowers Rating INR4.86cr LT Loan to C
----------------------------------------------------------
CARE Ratings has revised the the rating for the bank facilities of
Uttarayan Foods Private Limited (UFPL):

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.86       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.16       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 5, 2021,
placed the rating(s) of UFPL under the 'issuer non-cooperating'
category as UFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 19, 2022, March 1, 2022, March 11, 2022.

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

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

The ratings assigned to the bank facilities of UFPL have been
revised on account of non-availability of requisite information.
The ratings further consider decline in operating income, incurring
of operating losses and deteriorated debt coverage indicators
during FY21 over FY20.

Incorporated in December 2008, Uttarayan Foods Private Limited
(UFPL) was promoted by Mr. Madhab Chandra Pal, Mr. Uttam Kumar Das,
Mr. Anil Paul and Mr. Amit Baran Pramanick for setting up a cold
storage facility. The company has been engaged in cold storage
services for beat root, carrot, apple and dry fruits (like date,
raisins etc.) to farmers and traders on a rental basis. The
cold-storage facility of the company is located at Nadia, West
Bengal with a storage capacity of 5000 MTPA (metric tonne per
annum).


VARDAAN EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vardaan
Exports (VE) continue to remain in the 'Issuer Not Cooperating'
category.

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

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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 26, 2021,
placed the rating(s) of VE under the 'issuer non-cooperating'
category as VE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2022, April 21, 2022, May 1, 2022.

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

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

Vardaan Exports (VES) was established as a partnership firm in 2009
by Mr. J. B. Bansal and Mr. Sachin Garg. The firm is engaged in
milling, processing and trading of basmati and non-basmati rice.


VENTO POWER: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vento Power
Infra Private Limited (VPIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      196.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 3, 2021,
placed the rating(s) of VPIPL under the 'issuer non-cooperating'
category as VPIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 8, 2022.

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

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

Vento Power Infra Private Limited is a Special purpose vehicle
(SPV) of Essel Green Energy Private Limited and has developed solar
PV project with total capacity of 40 MW in Balangir District of
Odisha. The project has a long-term power purchase agreement (PPA)
with Solar Energy Corporation of India (SECI) (ICRA AAA; Stable/
ICRA A1+ vide press release dated August 25, 2021).


VENUS DENIM: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venus Denim'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:

-- INR350 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR29.96 mil. Non-fund-based working capital limit migrated to

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

-- INR438.88 mil. Term loan due on September 2026 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 8
April 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 March 2015, Venus Denim is promoted by Balvantrai
Agarwal and his family members.  The firm commenced commercial
production in 2016 and manufactures polyester denim fabrics with a
capacity of 36 million meters per annum. The company is a part of
the Kumar Group, which has direct presence in weaving, dyeing and
manufacturing of yarn in the textile value chain.


Y.V.S KUMKUMAM: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Y.V.S
Kumkumam Company in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.12        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   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.

The Y.V.S Group was set up by Mr. Y. V. Seshachalam in 1945 under
the name of YV Seshachalam & Co and is involved in manufacturing
turmeric powder and kumkum powder, which is sold under the brand
name of Gopuram. Y.V.S Spices and Co.  (YVSSC), established in
2004, is involved in manufacturing turmeric powder with
manufacturing plant in Azhinjivayakkam village in Tamil Nadu.

Y.V.S Kumkumam Company (YVSKC), established in 1998, is involved in
manufacturing kumkum powder and has its manufacturing plant in
Bandikavanoor village in Tamil Nadu. The Group sells through
various wholesale and retail outlets. The Group manufactures
turmeric and kunkum powder for edible as well as for puja
purposes.


Y.V.S SPICES: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Y.V.S
Spices And Co. in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   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.

The Y.V.S Group was set up by Mr. Y. V. Seshachalam in 1945 under
the name of YV Seshachalam & Co and is involved in manufacturing
turmeric powder and kumkum powder, which is sold under the brand
name of Gopuram. Y.V.S Spices and Co. (YVSSC), established in 2004,
is involved in manufacturing turmeric powder with manufacturing
plant in Azhinjivayakkam village in Tamil Nadu.




=================
I N D O N E S I A
=================

GARUDA INDONESIA: Seeks New Investors After Escaping Bankruptcy
---------------------------------------------------------------
The Jakarta Post reports that national flag carrier Garuda
Indonesia is seeking new investors to aid its new business plan
after the airline gained creditors' support to restructure its
IDR142 trillion (US$9 billion) of liabilities.

The State-Owned Enterprises (SOEs) Ministry has been in talks with
several foreign airline companies and financial investors to invest
in Garuda, Kartika Wirjoatmodjo, Deputy SOEs Minister said on July
28, the Jakarta Post relays.

To accommodate new shareholders, the government plans to lower its
ownership but to no less than 51 percent after the airline raises
funds via a rights issue in the capital market in the fourth
quarter of this year.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
14, 2021, Bloomberg News said the airline entered a
court-supervised debt restructuring process after a Jakarta court
on Dec. 9, 2021, accepted a debt petition filed against it.  Garuda
and its creditors had 45 days to complete negotiations, which can
be extended to 270 days.

Garuda Indonesia's proposal for restructuring its more than US$9
billion debt won the approval on June 17 from the vast majority of
the airline's creditors, court officials said, staving off the risk
of bankruptcy at the embattled flag carrier, Reuters reported.




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

BEANS & RICE: First Creditors' Meeting Set for July 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Beans & Rice
Limited will be held on July 11, 2022, at 2:00 p.m. at the offices
of Waterstone Insolvency Limited, 16 Piermark Drive in Rosedale,
Auckland.

The purpose of the meeting is to:

     a) decide whether to appoint a creditors' committee and, if
so, to appoint its members; and
     b) decide whether there is any need to replace the
administrators.

Damien Grant and Adam Botterill of Waterstone Insolvency were
appointed as administrators of the company on June 29, 2022.


CHOICE PROPERTIES: Creditors' Proofs of Debt Due on Aug. 29
-----------------------------------------------------------
Creditors of Choice Properties Limited are required to file their
proofs of debt by Aug. 29, 2022, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Christopher Carey McCullagh
and Stephen Mark Lawrence of PKF Corporate Recovery & Insolvency
(Auckland) as the liquidators of the company on June 29, 2022.


CORRIT DEVELOPMENTS: Court to Hear Wind-Up Petition on July 12
--------------------------------------------------------------
A petition to wind up the operations of Corrit Developments Limited
will be heard before the High Court at Rotorua on July 12, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 18, 2022.

The Petitioner's solicitor is:

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


G.I.G LOGS: Creditors' Proofs of Debt Due on Aug. 9
---------------------------------------------------
Creditors of G.I.G Logs Limited are required to file their proofs
of debt by Aug. 9, 2022, to be included in the company's dividend
distribution.

The High Court at Whangarei appointed Craig Sanson of PwC as the
company's liquidator on June 27, 2022.


GROUP ACTION: Court to Hear Wind-Up Petition on July 12
-------------------------------------------------------
A petition to wind up the operations of Group Action Limited will
be heard before the High Court at Rotorua on July 12, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 12, 2022.

The Petitioner's solicitor is:

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


NEW ZEALAND MEDICAL: NZMJ Saved From Liquidation
------------------------------------------------
Stuff.co.nz reports that the New Zealand Medical Journal (NZMJ)
will live on after its publisher of 136 years is likely liquidated
this week.

According to Stuff, the Pasifika Medical Association Group (PMAG)
has purchased the journal from the New Zealand Medical Association
(NZMA), which faces a liquidation vote today, July 4, NZMA board
chairperson Dr Alistair Humphrey said.

The NZMA published the first edition of the journal in September
1887, and it remains the principal scientific journal for the
medical profession in Aotearoa, serving as a platform for the
latest research, as well as editorials and opinion pieces from the
industry, the report notes.

Its future has been uncertain since the NZMA Board recommended
liquidation in May 2022, citing stagnant membership and cashflow
problems, Stuff says.

At the time, Mr. Humphrey said: "Despite their best efforts the
financial position has become more and more precarious and the
reality now is that this board and this chair have to convey the
heart-breaking news to the members: the financial position of the
New Zealand Medical Association is unsustainable."

The journal was a key asset and meant a lot to those in the health
sector, he said.

"After expressing condolences for the association, members and
staff, the number one question we've received since recommending
liquidation has been ‘what will happen to the journal?'"

Mr. Humphrey was grateful to PMAG and its chairman, Dr Kiki Maoate,
"for taking up this important taonga".

Professor Frank Frizelle will remain editor - a position he's held
for more than 20 years, Mr. Humphrey said.

Official ownership of the journal transfers on July 1, and NZMA
members will take their final vote to confirm liquidation of the
association on July 4, adds Stuff.




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

PAKISTAN: Imran Khan Deal with IMF a "Bad Deal", Maryam Nawaz Says
------------------------------------------------------------------
Hindustan Times reports that Pakistan Muslim League-N president
Maryam Nawaz on July 2 shredded into former prime minister Imran
Khan over the deal with the International Monetary Fund (IMF).
Calling the deal between the fund and Khan as a "bad deal", the
PML-N president said that Khan took a "u-turn by breaching the
clauses that the country had agreed with the global lender" and
said that the IMF "does not trust Pakistan" because of "fitna" -
Imran Khan, the report says.

Addressing party workers in Lahore, Maryam Nawaz further added the
"coalition government had to make some decisions with a heavy heart
- including increasing the prices of petroleum products - because
of the wrongdoings of the former prime minister", Hindustan Times
relays. According to her, if Khan had "left something in the
reserves, the coalition government would have provided relief to
the people".

"Continue your support for PML-N and we will get you out of
difficulties. We had to raise prices today but had to do it because
of Imran Khan. Nawaz Sharif and Shehbaz Sharif will make all-out
efforts to get you out of these crises," she was quoted as saying
by local daily Tribune, the report relays.

According to Hindustan Times, Pakistan's new government - led by
prime minister Shehbaz Sharif - had removed the price caps with
fuel prices going up by up to 70% in a matter of three weeks.

Meanwhile, as Imran Khan was addressing a rally simultaneously in
Islamabad, he lashed out at Shehbaz Sharif's government and claimed
that the nation will "not accept the imported government". "I knew
there would be anarchy that evening and people would have come face
to face with the police and the rangers. The nation, the police,
and the rangers are mine. I don't want to spread anarchy within my
nation. I had set out just for one slogan- imported government
unacceptable," he was quoted as saying by Pakistan-based Geo TV.

Hindustan Times says Pakistan is staring at multiple economic
challenges with foreign exchange reserves drying up fast. The
Pakistani rupee is reported to be at record lows against the US
dollar. The country has been in talks with the IMF to revive the
country's bailout programme, the report notes.

Earlier, the country had unveiled a US$47 billion budget for
2022-23, aimed at tight fiscal consolidation in a bid to convince
the IMF to restart the bailout payments. However, the global lender
had said that additional measures were needed to bring Pakistan's
budget in line.




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

ANIMAL WORLD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 24, 2022, to
wind up the operations of Animal World Pte. Ltd.

Ng Choong Leng filed the petition against the company.

The company's liquidators are:

          Yin Kum Choy
          R S Ramasamy
          c/o Mirai Consulting SG
          120 Lower Delta Road
          Cendex Centre #09-12
          Singapore 169208


HARMONY CREATIVE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Harmony Creative Solutions Pte Ltd, on June 30, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Lau Chin Huat
   6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809



IVS BULK: Commences Wind-Up Proceedings
---------------------------------------
Members of IVS Bulk Owning Pte. Ltd., IVS Bulk Carriers Pte. Ltd.,
IVS Bulk 462 Pte. Ltd., and IVS Bulk 430 Pte. Ltd., on June 20,
2022, passed a resolution to voluntarily wind up the companies'
operations.

The companies' liquidators are Mr Juay Sze Sin and Ms Shirley Lim
Guat Hua of Complete Corporate Services.


NO SIGNBOARD: Inks Implementation Agreement with Gazelle Ventures
-----------------------------------------------------------------
The Business Times reports that NO Signboard Holdings announced on
July 1 that it has entered into an implementation agreement with
Gazelle Ventures, setting out the terms and conditions for the
investor's injection of up to SGD5 million into the embattled
seafood restaurant operator.

Under the deal, Gazelle Ventures pay an initial SGD500,000 in
exchange for new shares in No Signboard, BT relates. Gazelle
Ventures will also invest another SGD4.5 million in the company
through the subscription of convertible redeemable preference
shares.

According to BT, No Signboard said it will convene an extraordinary
general meeting (EGM) to seek shareholders' approval for the
allotment and issue of the subscription shares and convertible
redeemable preference shares.

Among other things, No Signboard will also need shareholders to
approve the transfer of controlling interest to Gazelle Ventures
following the allotment and issue of these shares, as well as the
amendment of its constitution to reflect the rights of the holders
of the convertible redeemable preference shares, the report says.

Following the allotment of subscription shares, Gazelle Ventures
will hold a 75 per cent stake in the restaurant operator.

BT adds that No Signboard said the investment is intended to
provide the company with sufficient funds for working capital
purposes, to settle its liabilities upon the successful
implementation of its restructuring exercise, and to operate as a
going concern.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.

As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, The Business Times said No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29, 2022.

On April 29, the embattled restaurant operator and wholly owned NSB
Hotpot and NSB Restaurants applied for moratorium relief spanning 6
months, under Section 64 of the Insolvency, Restructuring and
Dissolution Act.  They sought court orders that no resolution shall
be passed to wind up the companies and that no legal process shall
be commenced or continued against any property of the applicants,
among other things.


ORORI PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on June 24, 2022, to
wind up the operations of Orori Pte. Ltd.

Ho Boon Peng filed the petition against the company.

The company's liquidator is:

          Tam Chee Chong
          c/o Kairos Corporate Advisory  
          4 Third Avenue
          Singapore 266576


UNICORN TANKER: Commences Wind-Up Proceedings
---------------------------------------------
Members of Unicorn Tanker Operations (434) Pte. Ltd., Unicorn
Scotia Pte. Ltd., Unicorn Ross Pte. Ltd., Unicorn Marmara Pte.
Ltd., Unicorn Malacca Pte. Ltd., Unicorn Ionia Pte. Ltd., and
Unicorn Caspian Pte. Ltd., on June 20, 2022, passed a resolution to
voluntarily wind up the companies' operations.

The companies' liquidators are Mr. Juay Sze Sin and Ms. Shirley Lim
Guat Hua of Complete Corporate Services.




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

THAI AIRWAYS: Aims for 2024 Completion of Restructuring
-------------------------------------------------------
Reuters reports that Thai Airways International Pcl expects to
complete its corporate restructuring in two years as the airline's
performance gradually improves and global travel resumes, its
restructuring committee chief said on July 1.

Cabin factor, a measure of how well an airline does in filling
seats, reached 70% by last month and was near 90% on European
routes, Piyasvasti Amranand said.

Thai Airways entered bankruptcy last year to restructure THB400
billion (US$11.25 billion) of debt and previously sought THB50
billion of loans for liquidity, the report says.

Thai state agencies will own about 40% of the airline after
restructuring, down from current levels of 67%, according to the
report.

Reuters relates that the overhaul included re-hiring Piyasvasti,
who was its president in a previous effort to steer the flag
carrier out of financial trouble a decade ago.

Thai Airways carried about 19 million passengers before the
pandemic and is targeting 9.18 million next year, 11.8 million in
2024 and 12.44 million in 2025.

It had 4.48 million in the first six month of this year.

"The problem now is the north (Asia) because there are limitations
to travel, especially China, Hong Kong, Taiwan and Japan," he told
a news conference, Reuters relays.  "But in other regions,
everything has been lifted and there is a lot of travel."

He said the airline had reviewed its borrowing needs and would take
long-term loans of 12.5 billion baht, which could be converted to
equity. Short-term loans of the same value without the conversion
option were also on the table, he said.

The Airways also plans to issue new shares and offer creditors
debt-to-equity options, Reuters relates.

The airline has ample liquidity of around THB14 billion and has
raised about THB9.2 billion from asset sales, including a Bangkok
training centre, said Piyasvasti, adding 12 planes would be sold.

Southeast Asian carriers were hard hit by the pandemic, with
Malaysia Airlines, Garuda Indonesia and Philippine Airlines also
undergoing court-led restructuring, Reuters notes.

                        About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.



                           *********


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
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***