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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, August 29, 2022, Vol. 25, No. 166

                           Headlines



A U S T R A L I A

DYLNIB PTY: Second Creditors' Meeting Set for Sept. 2
EFFICIENCY FILTERS: First Creditors' Meeting Set for Sept. 1
JEWELS OF SYDNEY: First Creditors' Meeting Set for Sept. 5
LIBERTY SERIES 2022-2: Moody's Assigns (P)B2 Rating to Cl. F Notes
METIGY PTY: Second Creditors' Meeting Set for Sept. 2

NORWAY GRANGE: First Creditors' Meeting Set for Sept. 1
REX AIRLINES: Posts AUD46.1MM Loss Amid Rising Costs


B A N G L A D E S H

BANGLADESH: S&P Affirms 'BB-/B' SCRs, Outlook Stable


C A M B O D I A

CANTERAN APPAREL: Workers Accept Benefit Payments from Government


C H I N A

CBAK ENERGY: Posts $1 Million Net Income in Second Quarter
JIAYUAN INT'L: Moody's Cuts CFR to Ca, Outlook Remains Negative
LIAOYANG RURAL: Gets Provisional OK to Enter Bankruptcy Process
REMARK HOLDINGS: Incurs $12.5 Million Net Loss in Second Quarter
TONGCHUANGJIUDING: S&P Lowers ICRs to 'BB-/B', Outlook Negative



I N D I A

AIR ODISHA: Liquiation Process Case Summary
AMAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
ARPEE ENERGY: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
ASHOK KUMAR: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable

ATRIA WIND POWER: Ind-Ra Cuts Term Loan Rating to 'BB+'
ATRIA WIND PRIVATE: Ind-Ra Cuts Term Loan Rating to 'BB'
BALLARPUR INDUSTRIES: Ind-Ra Moves 'D' Rating to Non-Cooperating
BASAVANA BAGEWADI: Ind-Ra Cuts Term Loan Rating to 'BB+'
CHAUDHARY RICE: CARE Keeps C Debt Rating in Not Cooperating

DIVINE CHEM: CARE Keeps C Debt Rating in Not Cooperating
ENMAX ENGINEERING: Ind-Ra Assigns BB+ Long-Term Issuer Rating
FUJIN POWER: Voluntary Liquidation Process Case Summary
GAKHIL RESORT: CARE Keeps C Debt Rating in Not Cooperating
HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating

IMAGICAAWORLD ENTERTAINMENT: CARE Keeps D Rating in Not Cooperating
JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
JBF INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
KASATA HOMETECH: Liquiation Process Case Summary
KSK MAHANADI: Union Bank to Sell Outstanding Loan

KUKRU WIND: Ind-Ra Cuts Term Loan Rating to 'BB+'
MAA TARINI: Liquiation Process Case Summary
MAHARAJA COTSPIN: CARE Withdraws D Rating on LT/ST Debts
MELSTAR INFORMATION: CARE Keeps D Debt Ratings in Not Cooperating
NCL GREEN HABITAT: Ind-Ra Corrects August 25 Rating Release

NCL GREEN: Ind-Ra Moves B+ Non-Convertible Debts to Non-Cooperating
OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
PAE LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
R.S. Dream: CARE Keeps D Debt Rating in Not Cooperating Category
RANI MOTORS: Ind-Ra Assigns BB+ Long-Term Issuer Rating

RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating
SANGHAVI JEWEL: CARE Keeps D Debt Ratings in Not Cooperating
SANTOSH CHARITABLE: CARE Keeps D Debt Ratings in Not Cooperating
SHALIMAR ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
SIMOCO TELECOM: CARE Keeps D Debt Rating in Not Cooperating

SINGHAL AGENCIES: Ind-Ra Assigns BB Long-Term Issuer Rating
SIXTH ENERGY: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
SK EXPORTS: Ind-Ra Affirms BB- Long-Term Issuer Rating
STERLING GATED: CARE Reaffirms D Rating on INR60cr NCD
SURYA MANUFACTURING: CARE Keeps D Debt Rating in Not Cooperating

TERA SOFTWARE: Ind-Ra Cuts Long-Term Issuer Rating to 'B-'


M A L A Y S I A

CAPITAL A: Posts Narrow Loss in Q2 as Travel Demand Rebounds
[*] MALAYSIA: 62 National Service Camp Operators Go Bankrupt


N E W   Z E A L A N D

COASTAL OIL: Creditors' Proofs of Debt Due on Sept. 29
DBTS LIMITED: Creditors' Proofs of Debt Due on Oct. 7
EDWARDS PLANT: Court to Hear Wind-Up Petition on Sept. 2
FIRMA GROUP: Creditors' Proofs of Debt Due on Oct. 3
HAURAKI RAIL: Court to Hear Wind-Up Petition on Oct. 25



P H I L I P P I N E S

HERMOSA SAVINGS: Subdivision Lots Up for Block Sale on Sept. 23


S I N G A P O R E

JME ENGINEERING: Creditors' Meetings Set for Sept. 7
NILEDUTCH SINGAPORE: Creditors' Proofs of Debt Due on Sept. 26
NOVAR INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 26
THREE ARROWS: Zhu Accuses Liquidators of Misleading SG Court


S O U T H   K O R E A

SSANGYONG MOTOR: Court Approves Rehabilitation Plan


V I E T N A M

TECHCOMBANK: S&P Affirms 'BB-/B' Issuer Credit Ratings

                           - - - - -


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

DYLNIB PTY: Second Creditors' Meeting Set for Sept. 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of DYLNIB Pty.
Limited has been set for Sept. 2, 2022, at 1:00 p.m. via virtual
meeting technology.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 31, 2022, at 4:00 p.m.

Trent McMillen and Ernie Chou of MaC Insolvency were appointed as
administrators of the company on July 31, 2022.


EFFICIENCY FILTERS: First Creditors' Meeting Set for Sept. 1
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Efficiency
Filters Ltd will be held on Sept. 1, 2022, at 10:00 a.m. via
virtual meeting only.

Barry Frederic Kogan and Katherine Sozou of McGrathNicol were
appointed as administrators of the company on Aug. 22, 2022.


JEWELS OF SYDNEY: First Creditors' Meeting Set for Sept. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Jewels of
Sydney Pty Limited and Jewels of Sydney Manufacturing Pty Ltd will
be held on Sept. 5, 2022, at 11:00 a.m. at the offices of JLA
Insolvency & Advisory at Level 13, 50 Margaret Street in Sydney.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Aug. 24, 2022.


LIBERTY SERIES 2022-2: Moody's Assigns (P)B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty Series 2022-2.

Issuer: Liberty Series 2022-2

AUD480 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD47 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD29 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10 million Class C Notes, Assigned (P)A2 (sf)

AUD10 million Class D Notes, Assigned (P)Baa2 (sf)

AUD18 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3 million Class F Notes, Assigned (P)B2 (sf)

The AUD3 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated).

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

Evaluation of the underlying receivables and their expected
performance;

Evaluation of the capital structure and credit enhancement
provided to the notes;

The liquidity reserve in the amount of 2.0% of the notes balance
subject to a floor of AUD600,000;

The experience of Liberty as the servicer;

Presence of Perpetual Trustee Company Limited as the back-up
servicer.

According to Moody's, the transaction benefits from credit
strengths such as the guarantee fee reserve account that traps
excess spread reserve available to cover losses arising from the
portfolio and shortfalls in interest payments on the notes.
However, Moody's also notes that the transaction features some
credit weaknesses such as the relatively high portion of loans with
a scheduled loan-to-value ratio of above 80% (14.7%) and above 90%
(9.7%)

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.1%, while the expected loss is 1.20%.

MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

Class A1 and Class A2 notes benefit from 20.0% and 12.17% note
subordination respectively.

The notes benefit from a guarantee fee reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD1,800,000.

The notes, excluding Class G notes will initially be repaid a
pro-rata share of principle payments subject to satisfaction of the
step-down conditions. If the step-down conditions are not satisfied
the notes will be repaid sequentially. The stepdown conditions
which include, among others, an absence of charge offs, and average
arrears greater than or equal to 30 days do not exceed 4.0% of the
aggregate loan amount.

The key features of the initial mortgage loan pool are as follows:

The portfolio has a weighted-average seasoning of 14.6 months.

The portfolio has a scheduled LTV ratio of 69.1%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (14.7%) and above 90% (9.74%).

Around 17.2% of the loans in the portfolio were extended to
self-employed borrowers.

9.3% of the loans in the portfolio were extended on an alternative
documentation basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


METIGY PTY: Second Creditors' Meeting Set for Sept. 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of Metigy Pty Ltd;
Metigy Administration Pty Ltd; and Metigy Global Pty Ltd has been
set for Sept. 2, 2022, at 11:30 a.m. via virtual technology.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

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

Simon Cathro and Andrew Blundell of Cathro & Partners were
appointed as administrators of the company on July 29, 2022.


NORWAY GRANGE: First Creditors' Meeting Set for Sept. 1
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Norway
Grange Pty. Ltd. will be held on Sept. 1, 2022, at 11:00 a.m. via
Zoom Meetings.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of the company on Aug. 22, 2022.


REX AIRLINES: Posts AUD46.1MM Loss Amid Rising Costs
----------------------------------------------------
News.com.au reports that Rex Airlines has recorded a AUD46.1
million loss, which is the company's worst performance in 16 years
amid rising costs.

It comes despite an increase in revenue of AUD319.2 million, with
the airline hopeful of better results in the next financial year.

Rex reported fuel costs were at AUD65.4 million due to the war in
Ukraine, while staff costs reached AUD149.4 million, which was an
increase of almost 40% as a result of new domestic flights,
news.com.au discloses.

"The lingering impact of Covid-19 meant that passenger services did
not start to recover until February 2022," the report quotes
executive chairman Lim Kim Hai as saying.

"Prior to that, both the Domestic Jet Operations and Regional Saab
Operations were either suspended or greatly reduced.

"Considering that Covid devastated practically three quarters of
the financial year and the war in Ukraine starting in February -
causing crude oil prices to skyrocket by over 70 per cent during
the financial year, peaking at a near record high of AUD174 per
barrel in June 2022 - as well as other supply shocks on the
international economy, I am mildly pleased that our performance is
not much worse than it is."

He said he was confident the airline had "turned the corner,"
news.com.au relays.

"In July, the Domestic Jet Operations load factor was at an
all-time high of 86 per cent whilst the Regional Saab Operations
saw higher passenger numbers, revenue and load factors compared to
pre-Covid figures despite five per cent less flying," he said.

"These pleasing outcomes are the result of partnerships with
corporates and travel agencies that were entered into at the end of
the prior financial year.

"We have already seen 35 per cent of the committed monthly amounts
for the partnerships in the first two months and we have every
reason to believe that the performance will get stronger in the
coming months.

"I note also that fuel prices have retreated to AUD130 per barrel
in the most recent week."

The company did not declare a final dividend in light of the losses
due to the pandemic, news.com.au adds.

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.




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

BANGLADESH: S&P Affirms 'BB-/B' SCRs, Outlook Stable
----------------------------------------------------
S&P Global Ratings, on Aug. 25, 2022, affirmed its 'BB-' long-term
and 'B' short-term sovereign credit ratings on Bangladesh. The
outlook remains stable.

Outlook

The stable outlook reflects S&P's expectation that Bangladesh's
solid growth prospects and policy adjustments will manage the risks
associated with a challenging external landscape over the next 12
months.

Downside scenario

S&P said, "We may lower the ratings on Bangladesh if net external
debt or financing metrics worsen further, such that narrow net
external debt surpasses 100% of current account receipts, or gross
external financing needs exceed 100% of current account receipts
plus usable reserves, on a sustained basis. Lower generation of
current account receipts than we expect, higher overall current
account deficit than we forecast, or a further material decline in
foreign exchange reserves would be indications of further
weakening."

Upside scenario

S&P said, "We may upgrade Bangladesh if the government materially
improves its fiscal outcomes, including its very low revenue
generation and elevated fiscal deficits, and experiences a
substantial improvement in its external settings. We may also raise
the ratings if we observe that Bangladesh's institutional settings
have markedly improved."

Rationale

The ratings on Bangladesh reflect the country's modest per capita
income and limited fiscal flexibility owing to a combination of
diminished revenue-generation capacity and elevated interest
burden. Evolving administrative and institutional settings
represent additional rating constraints. S&P weighs these factors
against consistently high economic growth and an external position
that's supported by substantive engagement with bilateral and
multilateral development partners, large remittances from overseas
Bangladeshi workers, and a globally competitive garment sector.
These factors should help to stabilize Bangladesh's broader
external conditions over time, assuming a normalization in domestic
demand and global inflation dynamics.

Institutional and economic profile: Sound growth prospects underpin
durable economic recovery

-- Bangladesh's economic recovery remains on a sound footing, and
S&P projects real GDP growth to average 7% per year over the next
three years.

-- The normalization of economic activity domestically and abroad
is supporting strong momentum in Bangladesh's labor market and
export industries.

-- Bangladesh's highly concentrated political landscape may
constrain the effectiveness of institutions and limits checks and
balances on the government.

Bangladesh's economy accelerated in fiscal 2022 (year ended June
30), and underlying momentum remains sound. The normalization of
the global economy continues to drive a strong pick-up in
Bangladesh's garment sector, contributing to a 12.3% expansion in
manufacturing activity in fiscal 2022. The sector's recovery has
also underpinned a durable recovery in the condition of
Bangladesh's labor market, supporting robust domestic demand
conditions.

Pandemic-driven restrictions are no longer acting as a major drag
on economic activity in Bangladesh, and this is likely to remain
the case in the absence of a more dangerous variant of the
coronavirus that evades natural and vaccine-derived protection or
causes more severe symptoms. Nevertheless, new challenges have
emerged, including exceptionally strong domestic demand conditions
that are exerting pressure on Bangladesh's external settings.

Private consumption growth in fiscal 2023 is likely to cool after
rising 13.2% in fiscal 2022 due to tightening financial conditions
and faster inflation associated with global economic trends,
including elevated commodity prices. Economic growth from an
expenditure perspective is also likely to be more balanced going
forward, following a year of exceptionally high import growth.

Modest per capita income, which S&P estimates at less than US$2,700
for fiscal 2023, remains one of Bangladesh's main rating
constraints. This level of per capita income limits the fiscal and
monetary flexibility needed to respond to exogenous shocks.

Bangladesh's 10-year weighted average real per capita GDP growth of
about 5.6% helps to mitigate these weaknesses. The economy's
structural growth rate is much stronger than sovereigns at a
similar level of income, which is supportive of S&P's credit
ratings on Bangladesh.

The Bangladesh economy has proven its resilience through a variety
of political and financial crises over the past two decades, and we
expect its strong trend growth performance to remain largely
intact. The country's garment industry remains highly competitive
on a global basis, with low unit labor costs and ample supply of
labor. Demographics continue to favor Bangladesh, and the
government is working on strengthening access to key external
markets ahead of its expected graduation from least developed
country (LDC) status in 2026.

Bangladesh's highly concentrated domestic political conditions may
undermine the predictability of future policy responses. The
confrontational stance between the ruling Awami League and
opposition Bangladesh Nationalist Party (BNP) reflects the deep
division between the historically prominent political parties.
Bangladesh's foreign direct investment has remained persistently
low, given the country's evolving institutional settings,
infrastructure deficiencies, high levels of perceived corruption,
and uneven business environment.

The political landscape in Bangladesh remains polarized, with
considerable power centered with the ruling Awami League. The
opposition's representation in parliament remains extremely small,
limiting checks and balances on the government.

Flexibility and performance profile: High commodity prices, surging
domestic demand, and tighter monetary conditions exerting pressure
on Bangladesh's external profile

-- Challenging external conditions are exerting pressure on
Bangladesh's current account and foreign exchange reserve
positions.

-- Bangladesh's net external debt position has weakened. A longer
period of high commodity prices and extremely strong import demand
could give rise to additional weakness in the Bangladeshi taka and
a sustained drain on foreign exchange reserves, which would further
undermine Bangladesh's external buffers.

-- Despite its moderate net debt position, the Bangladesh
government's interest burden is considerable. Its foreign
currency-denominated debt, though predominantly borrowed from
multilateral and bilateral sources, is subject to exchange rate
risk.

Bangladesh's external profile has weakened following a marked rise
in its current account deficit driven by surging domestic demand
and higher commodity prices. These trends have driven net outflows
of foreign exchange from the economy, resulting in declining
reserves and depreciatory pressure against the taka. At the same
time, inward worker remittances that have long acted as a crucial
support to Bangladesh's external financial flows fell in fiscal
2022 because fewer workers repatriated their assets amid a
normalization in global labor markets.

Vigorous domestic demand coupled with a fast recovery in the
garment sector drove Bangladesh's goods import bill to more than
US$82 billion in fiscal 2022, far higher than its previous record
of around US$60 billion, and the key driver behind a surge in its
current account deficit to around 4.2% of GDP, versus just 1.1% of
GDP in fiscal 2021.

The trajectory of Bangladesh's current account dynamics will be
critical to the stabilization of its broader external metrics. S&P
foresees a gradual decline in the current account deficit from its
level in fiscal 2022, with an average shortfall of 2.8% of GDP
through fiscal 2025. This is driven by its expectations of a
decline in energy commodity prices over that period, combined with
cooling domestic demand driven by the weaker taka, and tighter
monetary conditions.

Nevertheless, there are risks to this forecast, including the
possibility that commodity prices remain higher for longer, or that
nominal import growth more generally outperforms on resilient
demand for intermediate and final consumer goods.

Bangladesh's weaker current account dynamics, falling foreign
exchange reserves, and the recent depreciation of the taka have
contributed to a much weaker net external debt position, which S&P
estimate will average around 75% of current account receipts over
the forecast period. Similarly, Bangladesh's gross external
financing needs have risen from 78.4% in fiscal 2021 to around 93%
in fiscal 2022.

Bangladesh's external profile draws substantial donor support,
ensuring that the bulk of public external debt is low-cost
borrowing with long maturities. Additionally, donors and
multilateral lenders have in the past provided some degree of
direct budgetary support, which may carry conditions for policy
formulation.

Recent reports indicate that Bangladesh is in early stage
negotiations with the IMF to establish a loan program under the
Fund's Resilience and Sustainability Trust, which aims to resolve
longer-term structural challenges including climate change and
pandemic preparedness. While the quantum of the support under the
program has not been determined, the agreement may also include
various structural reform benchmarks that would be constructive for
fiscal and external settings over the long run. The program could
also help Bangladesh to coalesce broader multilateral and bilateral
financial support.

S&P said, "We expect the Bangladesh government's fiscal deficit to
gradually decline over the next few years, following a shortfall in
fiscal 2022 that we estimated at 5.1% of GDP. However, we forecast
Bangladesh's change in net general government debt to be higher,
owing to continued depreciation in the Bangladesh taka, and the
government's material exposure to foreign currency-denominated
debt, which we project at more than 40% of its outstanding debt
stock."

Despite higher pandemic spending and continued efforts to boost
capital expenditure over recent years, many basic social and
infrastructure needs in Bangladesh remain unmet, implying a higher
potential expenditure burden in the future.

Bangladesh's higher fiscal deficits amid the pandemic, and a recent
depreciation in the taka, have led to a material rise in net
general government debt, which S&P estimates will average 32.4% of
GDP through fiscal 2025, versus 23.6% in fiscal 2020.

The government continues to fund itself partially through the
issuance of costly national savings certificates (NSCs), with
interest rates well above the market rate. While we expect the
government to eventually shift toward less costly borrowing over
the long term, this transition is likely to take a while, because
it will require the broader development of Bangladesh's debt
capital markets.

The costly nature of NSC funding contributes to Bangladesh's
elevated interest burden. S&P forecasts the government's interest
payments will account for greater than 20% of revenue through at
least 2025.

The government will also rely more heavily on banks for local
currency funding. Should the resident banking sector's claims on
the government continue to rise as a share of its overall balance
sheet, this could crowd out private-sector borrowing or limit the
availability of additional funds available to the government, in
our view.

Bangladesh's narrow revenue base constrains the government's
flexibility to provide fiscal support to the economy during periods
of stress, and to fund important social and capital expenditure
requirements.

S&P estimates that general government revenue has risen as a
proportion of GDP over the past two fiscal years, helped by a
strong economic recovery and the introduction of new value-added
tax rules in 2019. However, S&P estimates total revenue generation
will still average less than 10% of GDP through fiscal 2025--among
the lowest of rated sovereigns globally.

Some measures introduced during the pandemic will act as a
continued drag on the government's fiscal accounts over the longer
term. These measures include a hike to the taxable income threshold
for individuals, and sequential reductions in the tax rates for
both unlisted and listed companies. These steps have curtailed
upside for the government's weak revenue generation framework.

The sovereign faces limited risk of contingent liabilities from the
banking sector. The sector is relatively small with assets less
than 100% of GDP. S&P classifies Bangladesh's banking sector in
group '9' under its Banking Industry Credit Risk Assessment (with
'1' being the highest assessment and '10' being the lowest).

Although private sector banks are in better shape, there are
notable risks in the state-owned commercial banks (SOCBs). SOCBs
account for less than 30% of total banking sector assets, and their
nonperforming loans ratio is considerably higher than that of peer
commercial banks.

S&P said, "We view Bangladesh's monetary assessment as a neutral
factor to the rating. The central bank's limited independence,
multiple mandates, and underdeveloped capital markets hamper
monetary flexibility. We consider Bangladesh's exchange rate regime
as a crawl-like arrangement, though the trading mechanism was
further liberalized in June 2022." Since then, the taka's nominal
exchange rate has depreciated by about 10% against the U.S. dollar,
marking a notable shift in foreign exchange dynamics for
Bangladesh.

Following an extended period of appreciation in the currency's real
effective exchange rate, more flexibility should help to restore
competitiveness relative to key trading partners, and to cool very
strong domestic demand for imports. At the same time, depreciation
in the currency will add to domestic inflation pressures, and make
external debt servicing costs more expensive.

Bangladesh's central bank has made progress in managing
inflationary expectations. Since 2015, inflation has generally
remained below 6% annually, though it has risen to around 7.5% as
of July 2022, largely based on cost-push factors.

  Ratings List

  RATINGS AFFIRMED

  BANGLADESH

   Sovereign Credit Rating        BB-/Stable/B

   Transfer & Convertibility Assessment

   Local Currency                 BB-




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C A M B O D I A
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CANTERAN APPAREL: Workers Accept Benefit Payments from Government
-----------------------------------------------------------------
The Phnom Penh Post reports that a spokesman for the Ministry of
Labour and Vocational Training said around 300 workers have
accepted the government's payment of benefits to them after they
were left without jobs when Canteran Apparel Cambodia Co Ltd closed
and its owner allegedly fled.

However, some of the workers have continued to protest, saying they
plan to file a lawsuit demanding additional compensation beyond
what the labour ministry is offering.

The Post relates that Ministry spokesman Heng Sour told reporters
that as of August 24, about 300 out of the 420 workers formerly
employed by Canteran Apparel – located in Chaom Chao I commune's
Trapaing Thloeng 3 village of the capital's Por Sen Chey district
– had already come to get their wages and seniority payments, for
which the ministry had provided more than $600,000 in funding.

According to the report, Sour said some workers still did not
understand how the payment of benefits works when a factory goes
bankrupt or closes due to the owner fleeing.

"The ministry has implemented this policy in many factory closings
and the payments provided are based on the labour law. In the event
of bankruptcy or an employer absconding, the workers will receive
three benefit payments – final monthly salaries, two seniority
payments for that year and their remaining annual leave converted
to cash.

"Separately, compensation for mental anguish in a legal sense means
that the employer took actions that affected the honour and dignity
of their workers. When a factory goes bankrupt, it generally means
that all the workers are laid off at the same time and no one has
been treated unfairly.

"But if there are 1,000 employees in one factory and only a few
workers or a dozen workers who have been fired improperly or for no
cause, the owner may have liability in court for wrongdoing that
has affected the workers' honour and dignity, which they may have
to compensate them for," he explained.

Sour said after the Canteran Apparel workers claimed that the owner
did not go bankrupt and managed to open a new factory near the old
location, the ministry investigated the two factories and found
that they were not related to each other, the report relays.

However, he noted that workers could still file a complaint to the
court to further investigate the case if there was any evidence
proving it was the same owner. So far, he added, the ministry's
findings had indicated otherwise.

"We have made it clear that the factory where the workers are said
to have the same boss [as the closed factory] has denied having any
contact with [the closed factory's owner]. After the factory
declared that they were not related, the ministry checked the
registries and other data and determined that they were not in fact
related. But if you have more evidence that they are related,
please file a complaint with the court to investigate whether the
factories are related to each other or not," the report quotes Sour
as saying.

Back on August 17, Prime Minister Hun Sen ordered the labour
ministry to compensate the Canteran Apparel workers after the
factory owner had closed down for months, prompting them to seek
the government's intervention, The Post recalls.

San Sopha, a representative of the Canteran Apparel workers' union,
told The Post on August 25 that some workers still intended to file
a complaint with the court to investigate the relationship between
the two factories and to demand more compensation from the factory
owner.

She also said that workers continued to guard the factory day and
night to prevent the theft of factory materials, while all workers
agreed to receive the three benefit payments provided by the
government for their daily expenses.

"We are still in a position to sue for two more benefit payments
because we understand that the factory is not bankrupt. The closure
of the factory is due to the fact that the employer has to supply
another factory. I have been working and living with this owner for
22 years and some of us have for 26 years, and I know very well
that these two factories are related to each other," The Post
quotes Ms. Sopha as saying.




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

CBAK ENERGY: Posts $1 Million Net Income in Second Quarter
----------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net income
of $1.02 million on $56.35 million of net revenues for the three
months ended June 30, 2022, compared to net income of $2.72 million
on $5.89 million of net revenues for the three months ended June
30, 2021.

For the six months ended June 30, 2022, the Company reported net
income of $1.70 million on $136.55 million of net revenues compared
to net income of $32.33 million on $15.31 million of net revenues
for the same period in 2021.

As of June 30, 2022, the Company had $269.98 million in total
assets, $134.05 million in total liabilities, and $135.93 million
in total equity.

CBAK Energy stated, "We had financed our liquidity requirements
from a variety of sources, including short-term bank loans, other
short-term loans and bills payable under bank credit agreements,
advance from our related and unrelated parties, investors and
issuance of capital stock and other equity-linked securities.

"We recorded a net income of $1.7 million for the six months ended
June 30, 2022.  As of June 30, 2022, we had cash and cash
equivalents of $41.5 million.  Our total current assets were $137.3
million and our total current liabilities were $125.7 million as of
June 30, 2022, resulting in a net working capital of $11.6
million.

"As of June 30, 2022, we had an accumulated deficit of $121.2
million.  We had an accumulated deficit from recurring net losses
incurred for the prior years and significant short-term debt
obligations maturing in less than one year as of June 30, 2022.
These factors raise substantial doubts about our ability to
continue as a going concern.  The report from our independent
registered public accounting firm for the year ended December 31,
2021 included an explanatory paragraph in respect of the
substantial doubt of our ability to continue as a going concern."

Management Commentary

Yunfei Li, chairman and chief executive officer of the Company,
commented: "In the second quarter and first half of 2022, our
company continued its strong growth in revenues.  With the new
energy industry getting hotter with tremendous policy supports, we
made wise decision to enter the upstream of the industry by
acquiring a lithium-ion battery material business and to further
expand our battery production capacity."

Mr. Li continued: "Despite that the inflation of materials price
resulted from capacity shortage has increased our costs, we still
managed to sustain a highly rapid growth in revenues, of which
revenues from our battery business grew by over 3 times.  Our
management team is highly confident about the company's future and
its potential for quicker growth."

Xiangyu Pei, interim chief financial officer of the Company, noted:
"With the significant growth in the sales of our batteries and
battery materials, we continued to expand revenue and gross
profits. Notably, our revenues grew as much as 792% year-over-year
to $136.5 million in the first half of 2022 while gross profits
increased by over two times to $10.9 million.  We believe that with
the material price starts de-inflation and that our Nanjing plant
is fully operated with its full capacity, we will have much higher
profits. As always, we continued to invest in new headcounts, new
business as well as research and development to drive further
growth.  We believe these investments, combined with our sound
financial position and powerful battery product ecosystem, will
enable us to sustain long-term, profitable growth."

A full-text copy of the Form 10-Q is available for free at:

                       https://bit.ly/3CDALNN

                          About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has negative
cash flows from operating activities, accumulated deficit from
recurring net losses incurred for the prior years and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2021.  All these factors raise substantial doubt about its
ability to continue as a going concern.


JIAYUAN INT'L: Moody's Cuts CFR to Ca, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Jiayuan International
Group Limited's corporate family rating to Ca from Caa1, and the
company's senior unsecured ratings to C from Caa2.

The outlook remains negative.

"The downgrade reflects Moody's expectation of weak recovery
prospects for Jiayuan's bondholders following its suspension of
interest payments for several USD bonds and proposed exchange offer
for its existing offshore bonds," says Kelly Chen, a Moody's Vice
President and Senior Analyst.

The negative outlook reflects Moody's view that the recovery
prospects for Jiayuan's creditors could weaken further.

On August 24, 2022, Jiayuan announced an exchange offer and consent
solicitation to its bondholders of the company's six USD senior
notes. In addition, Jiayuan said it has suspended the interest
payment for its July 2023 note, which was due on July 21, 2022 with
a grace period that expired on August 20, 2022. Further, the
company announced that it expects non-payment of interests for the
January 2025 convertible bonds and the February 2024 senior notes,
before the expiry of the grace periods on August 26, 2022 and
September 16, 2022, respectively [1].

RATINGS RATIONALE

Jiayuan's Ca CFR reflects the company's suspended interest payment
for several of its USD bonds, stressed liquidity, and the weak
recovery prospects for its creditors. Although the company stated
as of August 24, 2022, the suspension of interest payments for
several of its USD bonds has not triggered a cross default of the
other USD bonds outstanding, Moody's expects debt restructuring is
highly likely for Jiayuan and recovery prospects for the
 bondholders will be low.

In addition, Moody's expects the company would have to rely on
asset sales or investments from potential investors to generate
funds for debt servicing. However, these fundraising activities
entail high uncertainties amid challenging market dynamics. At the
same time, its contracted sales and operating performance will
remain weak in the next 6-12 months amid a challenging operating
environment and tight funding conditions. The company's contracted
sales for the first seven months of 2022 declined 59% compared to
the same period of last year.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the risks associated with the company's
concentrated ownership, and notes that Mr. Shum Tin Ching, the
chairman and the largest shareholder, has pledged around 44.3% of
the company's total outstanding shares for financing as of May 19,
2022. Moody's assesses that there is a risk of triggering a
change-of-control clause if the chairman loses control on these
shares for market or other reasons.              

Jiayuan's senior unsecured debt rating is one notch lower than the
CFR because of structural subordination risk. Most of Jiayuan's
claims are at the operating subsidiary level and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company is lower.

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 develop if Jiayuan repays
its maturing debt obligations and improves its liquidity position
materially.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 17.4 million square meters
as of the end of December 2021. It also develops and operates
commercial properties as well as residential property projects.


LIAOYANG RURAL: Gets Provisional OK to Enter Bankruptcy Process
---------------------------------------------------------------
Reuters reports that China's banking and insurance regulator has
agreed in principal to allow two rural banks in Liaoning Province
to enter bankruptcy proceedings, according to an official statement
released on Aug. 26.

The two banks are Liaoyang Rural Commercial Bank Co., Ltd and
Liaoning Taizihe Village Bank Co., Ltd, the China Banking and
Insurance Regulatory Commission said, Reuters relays.


REMARK HOLDINGS: Incurs $12.5 Million Net Loss in Second Quarter
----------------------------------------------------------------
Remark Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $12.53 million on $2.56 million of revenue for the three months
ended June 30, 2022, compared to a net loss of $1.56 million on
$4.02 million of revenue for the three months ended June 30, 2021.

For the six months ended June 30, 2022, the Company reported a net
loss of $37.96 million on $7.23 million of revenue compared to a
net loss of $7.02 million on $8.42 million of revenue for the six
months ended June 30, 2021.

As of June 30, 2022, the Company had $33.36 million in total
assets, $39.68 million in total liabilities, and a total
stockholders' deficit of $6.32 million.

Remark said, "Our history of recurring operating losses, working
capital deficiencies and negative cash flows from operating
activities give rise to substantial doubt regarding our ability to
continue as a going concern.

"We intend to fund our future operations and meet our financial
obligations through revenue growth from our AI offerings, as well
as through sales of our thermal-imaging products.  We cannot,
however, provide assurance that revenue, income and cash flows
generated from our businesses will be sufficient to sustain our
operations in the twelve months following the filing of this Form
10-Q.  As a result, we are actively evaluating strategic
alternatives including debt and equity financings and reactively
pursuing the sale of our Bikini.com subsidiary.

"Conditions in the debt and equity markets, as well as the
volatility of investor sentiment regarding macroeconomic and
microeconomic conditions (in particular, as a result of the
COVID-19 pandemic, global supply chain disruptions, inflation and
other cost increases, and the geopolitical conflict in Ukraine),
will play primary roles in determining whether we can successfully
obtain additional capital.  We cannot be certain that we will be
successful at raising additional capital or in selling our
Bikini.com subsidiary."

Management Commentary

"The company's second quarter was highlighted by additional
partnerships and the joining of industry experts to expand its
sales channels significantly," noted Kai-Shing Tao, chairman and
chief executive officer of Remark Holdings.  "Our unique value
proposition and the innovation inherent in our AI solutions
continued to satisfy the different needs of our customers.  Looking
ahead, we are building a pipeline of opportunities across the U.S.
with our SSP-based products with a new streaming fee model and are
continuing to advance our deployment activities in China.  Taken
together, we believe these activities lay the groundwork for
continued momentum across our businesses as we seek to deliver
first-class AI solutions to our customers."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1368365/000136836522000049/mark-20220630.htm

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- its subsidiaries, and the
variable-interest entities that the company consolidates,
constitute a diversified global technology business with leading
artificial intelligence and data-analytics, as well as a portfolio
of digital media properties.  The company's easy-to-install AI
products are being rolled out in a wide range of applications
within the retail, urban life cycle and workplace and food safety
arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company's corporate headquarters and U.S.
operations are based in Las Vegas, Nevada, and it also maintain
operations in London, England and Shanghai, China.  The operations
of the variable interest entities the company consolidates are
headquartered in Chengdu, China with additional operations in
Hangzhou.

As of March 31, 2022, the Company had $47.12 million in total
assets, $40.99 million in total liabilities, and $6.12 million in
total stockholders' equity.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


TONGCHUANGJIUDING: S&P Lowers ICRs to 'BB-/B', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Tongchuangjiuding Investment Management Group Co. Ltd. (Jiuding, or
the group) to 'BB-' from 'BB'. At the same time, S&P affirmed the
short-term issuer credit rating at 'B'. The outlook on the
long-term ratings remains negative.

The downgrade reflects Jiuding's weakening competitive position in
its core private equity (PE) market. The company's asset under
management (AUM) declined by 15% in 2021 after a 19% contraction in
2020. In S&P's view, stalled new capital inflows and limited IPO
approvals by China's securities regulator will continue to weigh on
management and performance fees.

S&P believes Jiuding is unlikely to quickly regain its leading PE
market ranking. The industry is consolidating, with large fund
managers buying out smaller players and adding to sector
polarization. Jiuding's regulatory investigation during 2018-2021
may partly explain the difficult in raising new funds.
Uncertainties continue to cloud the group amid China's slowing
economic growth and sporadic COVID lockdowns.

An expected divestment of its brokerage subsidiary (Jiuzhou
Securities Co. Ltd., or JZ Securities) is underway and would
provide immediate liquidity buffers against short-term volatility.
S&P said, "The group in April 2022 announced a plan to divest most
of its stake, with proceeds that we estimate at Chinese renminbi
(RMB) 4.9 billion. The potential buyers are four state-owned
enterprises controlled by the Wuhan city government and we expect
the transaction can be completed over the next six to 12 months.
The deal remains subject to regulatory approval. Jiuding is a
privately owned enterprise."

After divestment of JZ Securities, the group could migrate to other
types of investment activities beyond PE. The group had investments
of RMB22 billion as of end 2021 (including short-term liquid
securities and long-term other financial investments; and excluding
holdings by JZ securities). These primarily comprised of equities
acquired via their PE funds under management. Hence its EBITDA has
been largely driven by realized investment gains over 2020-2021. If
the company is unable to secure new investment from PE funds, the
group is likely to put additional focus on proprietary trading of
listed securities over the next two years.

Jiuding's relatively low leverage underpins its intermediate
financial risk profile, and partially offsets weakening cash flow
generation. The group's gross debt, excluding debt by JZ
Securities, decreased to about RMB7.8 billion as of Dec. 31, 2021,
from RMB16.1 billion at end-2018. S&P said, "We anticipate that the
company will avoid significant mergers and acquisitions (M&A) or
new investment over the next two years even after receiving
proceeds from divestment of JZ Securities. By our estimates, its
adjusted debt to total equity will stay below 0.4x during
2022-2023. On the other hand, its EBITDA interest coverage is low
at or below 3x."

Jiuding's relatively weaker assessment on a few subfactors,
especially capital structure, financial policy, and management and
governance, suggests a higher aggregate risk compared with its
peers. S&P said, "In our view, the group's investments will remain
largely associated with its PE activities, which cannot be easily
monetized during a stressful scenario. Regulatory inspection
findings and the ongoing investigations into activities by the
chairman , could continue to hurt investors' confidence and cloud
the company's efforts to rebuild its franchise. While the group is
striving to diversify into alternative types of funding , progress
so far has been slow. Hence, we anticipate the group will remain
highly dependent on short-term borrowings."

The negative outlook reflects the uncertainties over the company's
debt maturity scheduling and financial discipline through its
business transition over the next 12 months. In addition, the core
PE business may not be able to recover lost market share in the
highly competitive industry.

S&P may lower the ratings if

-- The group's PE business sees further declining AUM with
negative asset flows.

-- The group is unable to obtain diverse and longer-tenor funding,
and remains highly dependent on short-term borrowing or keeps a
concentrated maturity profile.

-- The group's financial policy turns aggressive, with significant
M&A or new investment beyond PE business.

-- The deal to divest JZ Securities is delayed, leading into
rising liquidity risks. In this scenario, the ratings could be
lowered by more than one notch.

The outlook could return to stable if:

-- The group can sustainably improve its capital structure while
maintaining low leverage, including by using part of the proceeds
for the JZ Securities sales for debt repayment; and

-- The group signals recovery of its competitive position in its
core PE business.

ESG credit indicators: E-2, S-2, G-4




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

AIR ODISHA: Liquiation Process Case Summary
-------------------------------------------
Debtor: Air Odisha Aviation Private Limited
        Plot No. MIG-99 Rajiv Nagar
        P.O. Aiginia Bhubaneswar
        OR 751019
        IN

Liquidation Commencement Date: September 16, 2021

Court: National Company Law Tribunal, Cuttack Bench

Date of closure of
insolvency resolution process: March 25, 2020

Insolvency professional: Gagan Bihari Bhuyan

Interim Resolution
Professional:            Gagan Bihari Bhuyan
                         Flat No. 2162, 15th Floor
                         2nd Tower, Dn Oxy Park
                         Dumduma, Bhubaneswar (M.C.)
                         Khorda, Dumuduma
                         Housing Board Colony
                         Odisha 751019
                         Bhubaneswar, Orissa 751019
                         E-mail: gaganbhuyan29@gmail.com
                         Tel: 7506370577

Last date for
submission of claims:    October 13, 2021


AMAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amar Cottex
Private Limited (ACPL) 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 June 8, 2021,
placed the rating(s) of ACPL under the 'issuer non-cooperating'
category as ACPL 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. ACPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2022, May 4, 2022, May 14, 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).

Rajkot-based ACPL was incorporated in March 2011, by Mr Nilesh
Devjibhai Sakhiya and Mr Naranbhai Karsanbhai Ramani as a private
limited company. ACPL is engaged in the cotton ginning and pressing
activity and started commercial production from November 2011. Mr
Jayraj Vekariya is managing the overall business operation of ACPL.
ACPL has installed capacity of 6,800 metric tonnes per annum (MTPA)
as on March 31, 2015, for cotton bales at its sole manufacturing
facility located at Rajkot (Gujarat).


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.68       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           4.95       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 August 25,
2021, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI 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. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 11, 2022, July 21, 2022, July 31, 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 April 2010 as a partnership firm, Anupam Industries
(AI) was formed by Mr. Anil Kumar Arora, Mr. Ravindra Singh Arora
and Mr. Amit Wadhwa. The firm has set up a manufacturing plant in
Daman to manufacture mild steel (MS) ingots which commenced
operations in November 2012.


ARPEE ENERGY: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Arpee Energy
Minerals Private Limited's (AEMPL) Long-Term Issuer Rating of 'IND
D' to the non-cooperating category and has simultaneously withdrawn
it.

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limits migrated to non-
     cooperating category and withdrawn.

*Migrated to 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to the latest full-year financial performance,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, and information on corporate
governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection 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. Ind-Ra
will no longer provide analytical and rating coverage for AEMPL.

Company Profile

Incorporated in 2006, AEMPL is engaged in coal trading in Ranchi,
Jharkhand. The company procures trading materials from Central
Coalfields Limited and other domestic suppliers, and sells them to
players in the steel, brick and power industry. The company's
promoter director is Praveen Agarwal.


ASHOK KUMAR: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ashok Kumar
Chhabra Constructions Private Limited's Long-Term Issuer Rating at
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR5 mil. Fund-based working capital limits assigned with IND
     B+/Stable/IND A4 rating;

-- INR50 mil. Non-fund-based working capital limits assigned with
     IND A4 rating; and

-- INR45 mil. Proposed fund-based working capital limits assigned

     with IND B+/Stable/IND A4 rating.

Key Rating Drivers

The ratings reflect AKCCPL's small scale of operations. The revenue
increased to INR353.91 million in FY22 (FY21: INR228.44 million),
due to an increase in the inflow of work orders. Ind-Ra however
expects the revenue to decline in FY23, as AKCCPL does not have any
outstanding work orders and has not booked any revenue in 1QFY23,
although they are L1 in a tender worth INR90 million. FY22 numbers
are provisional in nature.

Liquidity Indicator - Stretched: AKCCPL does not have any capital
market exposure and relies on a single bank  to meet its funding
requirements. The net working capital cycle stood at negative three
days in FY22 (FY21: 58 days) as creditor days were higher than
gross working capital. AKCCPL's average maximum utilization of the
fund-based limits was 3% and that of the non-fund-based limits was
39.39% during the 12 months ended June 2022. AKCCPL is planning to
borrow a working capital fund of INR45 million for its day-to-day
operations. The cash flow from operations was INR3.96 million in
FY22 (FY21: INR34.04 million), free cash flow was INR3.37 million
(INR14.47 million) and cash and cash equivalents were INR28.95
million (INR12.59 million). The debt repayment for FY23 and FY24 is
INR6.3 million and INR5.7 million, respectively.

The ratings however are supported by AKCCPL's healthy EBITDA margin
of 7.89% in FY22 (FY21: 5.75%) with a return on capital employed of
22.5% (11.4%). The margin improvement in FY22 resulted from the
receipt of GST reimbursement credit. Ind-Ra expects FY23 EBITDA
margin to remain in line with FY22's as there is no change in the
cost structure. However, the absolute EBITDA could decrease on the
back of a decline in the revenue in FY23.

The ratings also reflect AKCCPL's comfortable credit metrics, as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 13.01x in FY22 (FY21: 3.70x) and the net leverage
(total adjusted net debt/operating EBITDAR) of negative 0.56x
(negative 0.47x). The interest coverage improved in FY22 due to the
increased absolute EBITDA while the net leverage marginally
deteriorated due to the higher debt levels of INR13.17 million in
FY22 (FY21: INR6.48 million). Ind-Ra expects the credit metrics to
deteriorate due to the expected decline in absolute EBITDA despite
the absence of any capex in the near term.

The ratings are further supported by the promoters' nearly 22 years
of experience in the construction industry, leading to strong
relationships with customers as well as suppliers.

Rating Sensitivities

Positive: Revenue visibility while maintaining credit metrics on a
sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage reducing below 1.7x, and deterioration in liquidity
profile, could lead to a negative rating action.

Company Profile

AKCCPL, incorporated in 2000, executes road construction projects
for municipal and development authorities, and Public Works
Departments of Uttar Pradesh.  Sachin Chhabra and his brother,
Khitij Chhabra, are the promoters.


ATRIA WIND POWER: Ind-Ra Cuts Term Loan Rating to 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atria Wind Power
(Bijapur1) Private Limited's (AWPB1PL) term loan to 'IND BB+' from
'IND BBB' with a Negative Outlook.

The detailed rating action is:

-- INR1,781.82* bil. (reduced from INR1,885.8 bil.) Term loan due

     on June 30, 2032 downgraded with IND BB+/Negative rating.

*Outstanding as of June 30, 2022

Ind-Ra has assessed the project on a standalone basis, as the
presence of a ring-fenced debt structure ensures the prioritization
of cash flows for AWPBBPL's debt.

The downgrade and Negative Outlook reflect AWPB1PL's continuous
underperformance compared to P90 estimates and increased operations
and maintenance (O&M) expenses, leading to a weakening of the
coverage ratios compared to the Ind-Ra's base case estimates. The
rating however is supported by the presence of long-term power
purchase agreements (PPAs) and regular payments from the
offtakers.

Key Rating Drivers

Lower-than-estimated Generation: The average plant load factor
(PLF) for FY22 was 24.55% lower than P90 generation estimate of
30.5%. The generation in 1QFY23 was also around 6% yoy lower. The
project has been underperforming since the start of commercial
operations and P90 numbers are yet to be achieved. Wind projects
are generally susceptible to wind speed, which could affect the
cash flows. Ind-Ra will monitor the PLF trend; if it continues to
be significantly lower even from the base case assumption, the
agency will review the ratings again. In FY22, the grid
availability and machine availability was 98.56% and 99.81%,
respectively.

Moderate Debt Structure: The debt is repayable in 52 structured
quarterly instalments ending June 2032. The project has standard
project finance features, including a cash flow waterfall, and a
debt service reserve (DSR) equivalent to two quarters' principal
and interest payments. The FY21 financial statement reflects
AWPB1PL has compulsory convertible debentures of INR300 million,
which are considered subordinate to the rated term loan, based on
the financing documents and confirmation from the lender and the
company.

Liquidity Indicator - Poor: The debt service coverage ratio of the
company remains below 1x on account of the underperformance in
power generation and higher-than-expected O&M cost of INR74.83
million (adjusted INR56.75 million) . However, the project
continuous to maintain the stipulated DSR of INR150.5 million,
equivalent to almost six months of debt servicing obligations, in
the form of fixed deposits as on 4 July 2022. The availability of
two quarters' DSR is a key monitorable. As of July 4, 2022, AWPB1PL
had cash and cash equivalents of INR14.6 million, subject to
distribution to the sponsor as part of restricted payments. AWPB1PL
had not availed of any working capital loan as of June 30, 2022.
However, AWPB1PL has been sharing its surplus with one of its group
companies, Atria Wind (Kadambur) Private Limited,  whose liquidity
has deteriorated significantly, thereby affecting the former's
liquidity.

Moderately Diversified Counterparties; Regular Revenue Receipts:
AWPB1PL has tied-up 63.3% of its capacity with its top three
counterparties. The average receivable days from the off takers
stands at 17 days. The timely receipt of revenue so far provides
some cushion to the liquidity despite the moderate generation
levels.

Reasonable Operating Risk: The project O&M is being handled by
Vestas Wind Technology India Private limited. Ind-Ra considers the
wind turbine generators used by the project with a standard hub
height of 110m to be proven technology.

Moderate Revenue Risk: The rating is anchored by PPAs for the
entire capacity, with tenor of at least 12 years and a lock-in
period of 10 years. The total quantum tied-up with all the
offtakers is 103.2 million units. The minimum annual offtake
through the PPAs is 88.16 million units (equivalent to PLF of
25.55%; P90 estimate 30.50%) at an average fixed tariff of
INR4.60/kWh for FY23, with an average escalation of around 0.5%
till FY33. The presence of long-term agreements assures cash flows
to the project and largely mitigates the revenue risk. The PPAs
have been signed with companies operating in diverse sectors.

The PPAs have a provision for liquidated damages in case of any
shortfall in supply from AWPB1PL, and hence, the generation
performance of the project remains a key rating monitorable.
However, compensation clauses of termination during the lock-in
period adds comfort to the continuity offtake arrangement.

Modest Sponsor Profile: Bengaluru-based Atria group is headed by CS
Sunder Raju and K Nagaraju, who belong to the second generation of
the promoters' family. The group has presence in power, education,
hotels and construction/real estate. Atria Brindavan Power, the
holding company of the solar and wind assets, had operational
renewable projects (wind, solar ground mounted and solar rooftop)
assets of 490.7MW as of March 31, 2022. As per the representation
from the management, the free cash available at the Atria
Brindavan, the holding entity of the project, was about INR80
million as of July 8, 2022. The high leverage at the Atria
Brindavan level and risks associated with the refinancing /
repayment of borrowings at the holdco are key rating concerns.

Rating Sensitivities

Negative: Future developments that could, individually or
collectively, lead to a rating downgrade are:

-- any significant deterioration in the credit profiles of the
offtakers or a long-term fall in offtake

-- payment delays from the offtakers beyond 60 days on an average

-- depletion or dip in DSR

Positive: Future developments that may, individually or
collectively, lead to a rating upgrade are:

-- a sustained PLF near P90 for a sustained period resulting in
forward-looking debt service coverage ratio exceeding 1.15x

-- absence of any intercompany fund movement before compliance
with restricted payment conditions

Company Profile

AWPB1PL operates a wind plant (18X2.2 MW = 39.6MW) in Bijapur
district, Karnataka .The sponsor Atria Wind Private Limited  holds
73.42% stake in the project. The offtakers jointly hold 26.58 % of
the shareholding in the project.


ATRIA WIND PRIVATE: Ind-Ra Cuts Term Loan Rating to 'BB'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atria Wind
(Kadambur) Private Limited's (AWKPL) term loan to 'IND BB' from
'IND BBB-' and placed on Rating Watch Negative (RWN).

The detailed rating action is:

-- INR1,987.74* bil. (reduced from INR2,067.9) Term loan due on
     September 30, 2033 downgraded; placed on RWN with IND BB/RWN
     rating.

*Outstanding as of June 30, 2022

Analytical Approach: Ind-Ra has assessed the project on a
standalone basis, as the presence of a ring-fenced debt structure
ensures the prioritization of cash flows for AWKPL's debt.

The downgrade reflects a delay in the payments from a counterparty,
leading to a substantial erosion in liquidity, continued
underperformance of the power generation as against the P-90 (FY22:
24.55% against 31.70%) and higher-than-envisaged operating and
maintenance (O&M) cost for the project, leading to
lower-than-envisaged coverage metrics. The overall receivable days
increased to nearly 11 months as of July 2022 (3.5 months in
October 2021), leading to the liquidity erosion.

The RWN reflects heightened risk, due to the depletion of the debt
service reserve account (DSRA) equivalent to debt service for
approximately one month. The management expects the payment from
Tamil Nadu Generation and Distribution Corporation Limited
(TANGEDCO) to be received by mid-August 2022, which would remain a
key rating monitorable. Any further delay in the payments from
TANGEDCO or a timely infusion of funds from the sponsors or group
companies will restrict the ability of debt servicing.

Key Rating Drivers

Inconsistent Payments from Offtaker: AWKPL has a 20-year power
purchase agreement (PPA) with TANGEDCO at a fixed tariff of
INR3.53/Kwh. The offtaker has been erratic in payments, making bulk
payments in certain months, and no payments in some months.  AWKPL
received bulk payments during September-October 2021, clearing the
invoices raised until June 2021. AWKPL received interest on delayed
payments in November 2021, after reaching an agreement on discounts
and consenting not to claim further interest on delayed payments
for invoices cleared until June 2021. However, the company is yet
to receive payments from the offtaker since then.

Liquidity Indicator – Poor: AWKPL had a total liquidity of
INR44.5 million as of July 4, 2022 (November 2021: INR360 million),
which is equivalent to 1.6 months of debt obligations as against
the required six months, as per the loan agreement. The delay in
payments from TANGEDCO has led to the depletion of the overall
liquidity. AWKPL has taken support from Atria Wind Power (Basavana
Bagewadi) Private Limited and Atria Wind Power (Chitradurga) and
the sponsor – Atria Wind Power Limited, in the past, after having
received the approval from the common lender of the special purpose
vehicles.

Modest Debt Structure: The debt is repayable in over 62 structured
quarterly instalments, ending September 2033. The project has
standard project finance features, including a cash flow waterfall.
As per Ind-Ra's base case, the project has an average debt service
coverage ratio (DSCR) of around 1x, due to low generation and
higher-than-expected O&M cost of INR149.9 million (adjusted INR86.5
million). As per the provisional FY22 financial statement, the
company had compulsory convertible debentures worth INR990 million,
which have been considered as subordinate to the rated term loan,
which was confirmed by the lender and the company.

Lower Power Generation Levels: The plant achieved an average net
plant load factor (PLF) of 23.59% during FY22, much lower than P90
PLF of 31.70% and Ind-Ra's base case estimates. The project has
been underperforming over FY20-FY22, by around 25% lower than the P
90 generation. Ind-Ra will monitor the continuing trend in the
project's power generation and realized revenue. The grid and
machine availability for FY22 were 95.33% and 97.44%, respectively.
The low machine availability was due to the delay in payments to
the security services and other sub vendors by the O&M contractor,
Gamesa. Machine availability being key factor that impacts
generation will remain a key rating monitorable.

Uncertainty in PPA:  The presence of AWKPL's 20-year PPA with
TANGEDCO assures cash flows to the project and mitigates the
revenue risk to a certain extent. However, AWKPL is planning to
break out of TANGEDCO's PPA and start selling power to captive
third-party customers and has received an order from Madras High
Court for the same. The high court has directed TANGEDCO to clear
all dues within two months from the order date of April 28, 2022.
However, AWKPL is yet to receive the payments. In the interim, as
per the liquidation scheme of the Ministry of Power, TANGEDCO has
sent letters for a settlement of dues in 48 installments; hence,
the clearance of dues by TANGEDCO in lumpsum is uncertain. The
delay in the clearance of dues may hinder the management's plan of
breaking out of the PPA.

Sponsor Support Critical, in case of Continued Payment Delays:
Bengaluru-based Atria group is headed by CS Sunder Raju and K
Nagaraju, who belong to the second generation of the promoters'
family. The group has presence in power, education, hotels and
construction/real estate. Atria Brindavan Power Pvt. Ltd., the
holding company of the solar and wind assets, had operational
renewable projects (wind, solar ground mounted and solar rooftop)
assets of 490.7MW as of March 31, 2022. As per the management, the
free cash available at the Atria Brindavan is about INR80 million
as of July 8, 2022. The overall leverage at the Atria Brindavan
level and risks associated with the refinancing / repayment of
non-convertible debentures at the holdco are a key rating concern.

Moderate Operating Risk: The O&M of the project is being handled by
Siemens Gamesa Renewable Private Limited. Ind-Ra considers the wind
turbine generators, with a hub height of 104 meters and rotor
diameter of 97 meters, to be proven technology. However, the
machine availability was low in FY22 and FY21 at around 95%, due to
payment-related issues to the sub-vendors by the O&M contractor.
The low machine availability remains a key rating monitorable.

Rating Sensitivities

The RWN indicates that the ratings may be either affirmed or
downgraded upon resolution. Ind-Ra will monitor the expected
payment from TANGEDCO by August 2022 and will resolve the RWN once
the payment is received.

Company Profile

AWKPL operates wind projects 50MW (25*2MW) in Kayatharu, Ottanatham
village, Tuticorin. The sponsor, Atria Wind Power, holds 94% stake
in the project.


BALLARPUR INDUSTRIES: Ind-Ra Moves 'D' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ballarpur
Industries Limited's (BILT) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite 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 D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR840.3 mil. Non-convertible debentures (NCDs) (Long-term)*
     ISIN INE294A07125 issued on January 28, 2014 coupon rate
     11.75% due on January 27, 2024 migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR460 mil. Term loans (Long-term) migrated to non-cooperating

     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR2,860.7 bil. Fund-based and non-fund-based working capital
     limits (Long-term/Short-term) migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 23, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

BILT has been defaulting its debt servicing since FY17, according
to the FY20 auditor's report and announcements on BSE Limited. The
continuation of the default has been confirmed through the 2019
annual report and FY20 notes to its financial statements and the
fact that the company is currently under the corporate insolvency
resolution process (CIRP) and a resolution professional (RP) has
been appointed. BILT has not reported its FY21 and FY22 audited
financial statements.

Pursuant to an application filed by one of BILT's lenders, Finquest
Financial Solutions Private Limited, before the National Company
Law Tribunal under Section 7 of the Insolvency and Bankruptcy Code,
the tribunal, on January 17, 2020, ordered the commencement of the
CIRP for BILT. The resolution plan previously submitted by BILT was
rejected by a committee of creditors in September 2021. The
National Company Law Tribunal later passed an order in January 2022
for the initiation of the liquidation process of BILT which was
subsequently stayed by the National Company Law Appellate Tribunal
(NCLAT) Principal Bench, New Delhi, in March 2022. In April 2022,
the NCLAT set aside the liquidation order of January 2022. In this
order, the NCLAT stated that the RP is at liberty to file an
application before the Adjudicating Authority for approval of the
resolution plan and take all other consequential steps. The last
meeting of the committee of creditors was convened on August 12,
2022.

BILT's step-down subsidiary BILT Graphic Paper Products Limited was
last rated at 'IND D' on February 22, 2017 and is currently under
the adjudication for various matters which are currently sub-judice
before the respective court of law.

BILT's Malaysian subsidiary, Sabah Forest Industries Sdn. Bhd, is
under the receivership and management of Grant Thornton Consulting
Sdn Bhd. On April 4, 2018, the receiver and manager of Sabah Forest
Industries entered into a sale purchase agreement with Pelangi
Prestasi Sdn Bhd (Pelangi) for a total consideration of USD310
million. However, the Sabah government changed the terms for the
issuance of new timber licenses, and hence decided not to issue a
new timber license to Pelangi.  Pelangi has filed a civil suit
against the Sabah government for changing the terms on the issuance
of the new timber licenses and the matter is sub-judice. This has
led to further delays in the asset monetization, and the consequent
deleveraging process. As per the management, it could take
six-to-eight months to resolve the matter and an upside is
expected.

According to the qualified audited financial statements published
by BILT for FY20, the company's standalone operating revenue fell
to INR2,997 million (FY19: INR4,496 million), and its EBITDA loss
widened significantly to INR4,515 million (loss of INR253
million).

Company Profile

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BILT Graphic
Paper Products, while Kamalapuram and Shree Gopal units are under
BILT. The company has total paper capacity of around 1 million
metric tons and pulp capacity of around 0.8 million metric tons
including rayon grade pulp capacity.

BASAVANA BAGEWADI: Ind-Ra Cuts Term Loan Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atria Wind Power
(Basavana Bagewadi) Private Limited's (AWPBBPL) term loan to 'IND
BB+' from 'IND BBB-' with a Negative Outlook.

The detailed rating action is:

-- INR1,782.0* bil. (Reduced from INR1,886.50 bil.) Term loan due

     on March 31, 2032

IND BB+/Negative rating.

Downgraded


*Outstanding as of June 30, 2022

Ind-Ra has assessed the project on a standalone basis, as the
presence of a ring-fenced debt structure ensures the prioritization
of cash flows for AWPBBPL's debt.

The downgrade and Negative Outlook reflect AWPBBPL's continuous
underperformance compared to P90 estimates and increased operations
and maintenance (O&M), expenses leading to a weakening of the
coverage ratios compared to Ind-Ra's base case estimates. The
rating however is supported by the presence of long-term power
purchase agreements (PPAs) and regular payments from the
offtakers.

Key Rating Drivers

Lower-than-estimated Generation: The average plant load factor
(PLF) for FY22 was 25.01% lower than the P90 generation number of
30.9%. The generation in 1QFY23 was also around 2% yoy lower. The
project has been underperforming since the start of commercial
operations and P90 numbers are yet to be achieved. Wind projects
are generally susceptible to wind speed, which could affect the
cash flows. Ind-Ra will monitor the PLF trend; if it continues to
be significantly lower even from the base case assumption, the
agency will review the ratings again. In FY22, the grid
availability and machine availability was 98.11% and 99.82%,
respectively.

Moderate Debt Structure: The debt is repayable in over 52
structured quarterly instalments that would end in March 2032,
leaving a tail period of 5.84 years. The project has standard
project finance features, including a cash flow waterfall, and a
debt service reserve (DSR) equivalent to two quarters' principal
and interest payments. The FY21 financial statement reflects
AWPBBPL has compulsory convertible debentures of INR300 million,
which are considered subordinate to the rated term loan, based on
the financing documents and confirmation from the lender and the
company.

Liquidity Indicator- Poor: The debt service coverage ratio of the
company reduced below 1x on account of the underperformance in
power generation and higher-than-expected O&M cost of INR85.02
million (Adjusted INR69.04 million). However, the project continues
to maintain the stipulated DSR of INR165.0 million, equivalent to
almost six months of debt servicing obligations, in the form of
fixed deposits as on 4 July 2022. The availability of two quarters'
DSR is a key monitorable. As on 4 July 2022, AWPBBPL had cash and
cash equivalents of INR3.40 million, subject to distribution to the
sponsor as part of restricted payments. AWPBBPL has not availed of
any working capital loan as on June 2022. However, it has been
sharing its surplus with one of its group companies, Atria Wind
(Kadambur) Private Limited, whose liquidity has deteriorated
significantly, thereby affecting AWPBBPL's liquidity.

Moderate Operating Risk: The project O&M is being handled by Vestas
Wind Technology India Private Limited. Ind-Ra considers the wind
turbine generators used by the project, with a standard hub height
of 110m, to be proven technology.

High Counterparty Concentration; Regular Revenue Receipts: AWPBBPL
has tied up 94% of its capacity with its top three customers, with
the largest customer accounting for 59.2% of the committed offtake.
The average receivable days stood at around 50 days in FY22. The
timely receipt of revenue so far provides comfort to the liquidity
despite the moderate generation levels.

Moderate Revenue Risk: The rating is anchored by two 25-year PPAs
and three 20-year PPAs, with a lock-in period of 10 years for four
PPAs and 16 years for one PPA. The minimum annual offtake through
the PPAs is 90.94 million units (equivalent to PLF of 26.22%; P90
estimate 30.90%) at an average fixed tariff of INR4.59/kWh for
FY23, with an average escalation of 1.05% till FY33. The presence
of long-term agreements assures cash flows to the project and
largely mitigates the revenue risk.

The PPAs have a provision for liquidated damages in case of any
shortfall in supply from AWPBBPL, and hence, the generation
performance of the project remains a key rating monitorable.
However, compensation clauses of termination during the lock-in
period adds comfort to the continuity of offtake arrangement.

Modest Sponsor Profile: Bengaluru-based Atria group is headed by CS
Sunder Raju and K Nagaraju, who belong to the second generation of
the promoters' family. The group has presence in power, education,
hotels and construction/real estate. Atria Brindavan Power, the
holding company of the solar and wind assets, had operational
renewable projects (wind, solar ground mounted and solar rooftop)
assets of 490.7MW as on 31 March 2022. As per the representation
from the management, the free cash available at the Atria
Brindavan, the holding entity of the project, was about INR80
million as of July 8, 2022. Given the high leverage at the Atria
Brindavan level, the risks associated with the refinancing /
repayment of borrowings at the holdco are key rating concerns.

Rating Sensitivities

Negative: Future developments that could, individually or
collectively, lead to a rating downgrade are:

-- any significant deterioration in the credit profiles of the
offtakers or a long-term fall in offtake

-- payment delays from the offtakers beyond 60 days on an average

-- depletion or dip in DSR

Positive: Future developments that could, individually or
collectively, lead to a rating upgrade are:

-- a sustained PLF near P90 for sustained period resulting in
forward-looking debt service coverage ratio exceeding 1.15x

-- absence of any intercompany fund movement before compliance
with restricted payment conditions

Company Profile

AWPBBPL operates a 39.6MW wind plant (18X2.2 MW) in Bijapur
district, Karnataka. The sponsor, Atria Wind Private Limited, holds
71.1% stake in the project. The offtakers jointly hold 28.9% stake
in the project.  The project achieved its commercial operations on
April 18, 2018.


CHAUDHARY RICE: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chaudhary
Rice Mills (CRM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 23, 2021,
placed the rating(s) of CRM under the 'issuer non-cooperating'
category as CRM 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. CRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2022, June 18, 2022, June 28, 2022.

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

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

Chaudhary Rice Mills (CRM) was established in 1981 as a partnership
firm and is currently being managed by Mr. Anil Kumar and Mrs.
Vijeta Rani sharing profit and losses equally. The firm is engaged
in processing of paddy at its manufacturing facility located in
Fatehabad.


DIVINE CHEM: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divine Chem
Food (DCF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.95       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 June 25, 2021,
placed the rating(s) of DCF under the 'issuer non-cooperating'
category as DCF 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. DCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 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).

Nawa-based (Rajasthan) Divine Chem Food (DCF) was formed as a
partnership concern in December, 2014 by Mr. Saroj Kumar Chhabra,
Mr. Mahabir Prasad Kachwal, Mr. Dilip Agarwal, Mr. Ashok Kumar
Chotia and Mr. Lalit Kumar Sharma. The firm was formed with an
objective to set up a green-field plant for manufacturing of
refined iodised as well as non-iodised salt and dust salt in
district Nagaur.


ENMAX ENGINEERING: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Enmax Engineering
(India) Private Limited (EEIPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based limit assigned with IND BB+/Stable
     rating;

-- INR90 mil. Non-fund-based limit assigned with IND A4+ rating;
     and

-- INR40 mil. Term loan due on June 2027 assigned with IND BB+/
     Stable rating.

Key Rating Drivers

The ratings reflect EEIPL's small scale of operations, with its
revenue surging to INR710 million in FY22 (FY21: INR349 million),
due to its healthy order  execution. The company has an outstanding
order book of INR400 million as of July 2022 which is to be
executed by FYE23. Till 3MFY23, the company booked revenue of
INR182 million. For FY23, the management expects the company's
revenue to improve, due to the improvement in overall market
conditions. Its FY22 numbers are provisional in nature.

The ratings also factor in the company's healthy EBITDA margin of
8.1% in FY22 (FY21: 10.2%), with a return on capital employed of
27.8% (20.6%). In FY22, the EBITDA margin declined due to an
increase in raw material prices as none of its orders had price
escalation. For FY23, Ind-Ra expects the EBITDA margin to remain at
the similar level, due to the absence of the escalation clause.

The ratings also reflect EEIPL's strong credit metrics, with its
gross interest coverage (operating EBITDA/gross interest expenses)
improving to 8.03x in FY22 (FY21: 4.59x), on account of lower debt,
leading to lower interest payments, and the net financial leverage
(total adjusted net debt/operating EBITDAR) increasing to 1.64
(1.10x). Majority of the company's debt is working capital.
However, the company has availed a new term loan of INR40 million
for its capex plan towards setting up a new factory shed and office
building by FYE23. The total project cost is INR80 million, which
would be funded through the term loan and the balance by unsecured
loans and internal accruals. In the short term, Ind-Ra expects the
credit metrics to decline due to increase in debt as the company
plans to take further bank loans of INR10 million.

Liquidity Indicator: Stretched: The company's average fund-based
utilization stood at around 72% during the 12 months ended June
2022 with instances of over utilization, which were regularized
within two days. The cash flow from operations was positive at
around INR20.69 million in FY22 (FY21: INR15.57 million). However,
its free cash flow turned negative INR55.12 million in FY22 (FY21:
INR9.38 million), due to the capex incurred. The company is
dependent on a single bank to meet its funding requirement and does
not have any capital market exposure. The cash and cash equivalents
stood at INR0.69 million at FYE22 (FYE21: INR0.38 million). The
working capital cycle improved but remained elongated at 118 days
in FY22 (FY21: 207 days) on account of higher inventory holding
days of 112 days (186 days). The company has repayment obligations
of INR3.59 million for FY23 and INR5.76 million for FY24.

However, the rating is supported by the director's more than a
decade of experience in the waste heat recovery engineering
industry.

Rating Sensitivities

Positive: An improvement in the scale of operations and liquidity
while maintaining the interest coverage above 2.5x, on a sustained
basis, will be positive for the ratings.

Negative: A decline in the scale of operations and/or a further
deterioration in liquidity, on a sustained basis, will be negative
for the ratings.

Company Profile

Incorporated in 2007, EEIPL supplies waste heat recovery systems
and its components. The company, which is managed by VVS Narayana
Reddy and the family, has its registered office in Hyderabad.


FUJIN POWER: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Fujin Power Private Limited
        Tower A, 3rd Floor
        The Millenia No. 1 & 2 Murphy Road
        Ulsoor Bangalore 560008
        Karnataka

Liquidation Commencement Date: August 22, 2022

Court: National Company Law Tribunal, Coimbatore Bench

Insolvency professional: Vasudevan Gopu

Interim Resolution
Professional:            Vasudevan Gopu
                         18/30, Ramani Street
                         K.K. Pudur, Saibaba Colony
                         Coimbatore 641038
                         Tamil Nadu
                         E-mail: vasudevangopu.ip@gmail.com
                                 vasudevanacs@gmail.com
                         Tel: 0422-4347063

Last date for
submission of claims:    September 21, 2022


GAKHIL RESORT: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gakhil
Resort and Spa (GRS) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 22, 2021,
placed the rating(s) of GRS under the 'issuer non-cooperating'
category as GRS 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. GRS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2022, June 17, 2022, June 27, 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).

Gakhil Resort and Spa (GRS) is a proprietorship entity established
on April 2015 to initiate a hotel business and carrying on
activities related to the hotel industry at Bojoghari, Gangtok in
Sikkim.


HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hindustan
Produce Company (HPC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       6.93      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 July 15, 2021,
placed the rating(s) of HPC under the 'issuer non-cooperating'
category as HPC 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. HPC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 31, 2022, June 10, 2022, June 20, 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).

Hindustan Produce Company (HPC) was constituted as partnership firm
in January 1964 by the Keyal family of Kolkata, West Bengal.
However, the firm was reconstituted on admission of three new
partners via partnership deed dated May 24, 2011. Currently the
firm is managed by six partners namely: Mr. Surendra Kumar Keyal,
Mr. Vijay Kumar Keyal, Mr. Puneet Keyal, Mr. Vivek Keyal, Mrs.
Pramila Keyal and Mrs. Bandana Keyal having equal share in the
firm. Since its inception, the firm has been engaged in trading of
various kinds of ferro alloys, sponge iron, scraps, refractories,
graphite powder and other raw materials required for iron and steel
manufacturing plants.

IMAGICAAWORLD ENTERTAINMENT: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Imagicaaworld Entertainment Limited (IEL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,015.84     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IEL to monitor the rating(s)
vide e-mail communications dated June 26, 2022, July 6, 2022 and
July 16, 2022. However, despite our repeated requests, the
Imagicaaworld Entertainment Limited has not provided the requisite
information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on IEL's bank facilities will now be denoted as
CARE D, ISSUER NOT COOPERATING.

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

The rating continues to takes into account ongoing delays in
interest servicing related to the term loans and NPA classification
of account by lenders.

At the time of last rating on March 18, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from audited financial available from Stock Exchange
fillings):

Key Rating weakness:

Due to the poor liquidity position, there have been delays in
servicing of interest on term loans by the company.

IEL continues to have delays in servicing its debt obligations and
classified as NPA by the lenders.

Imagicaaworld Entertainment Limited (IEL, earlier known as Adlabs
Entertainment Limited), which is promoted by Mr. Manmohan Shetty
and his family in 2009, owns and operates an amusement park called
'Imagica - located at Khopoli - Pali road, Khalapur, off the Mumbai
- Pune Expressway. The amusement park includes has a Theme Park, a
Water Park, a Hotel & now a Snow Park as well. The aforesaid
developments are spread over an aggregate area of approximately 132
acres out of the total land parcel of 302 acres at Khopoli. The
surplus land would be utilized for developing a township project by
Walkwater Properties Pvt Ltd, a wholly owned subsidiary of IEL. IEL
also owns and operates an array of Food and Beverages (F&B) outlets
as well as retail and merchandise shops inside the theme park and
water park.


JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jalaram
Industries (JI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.90       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 1, 2021,
placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI 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. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2022, May 27, 2022, June 6, 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).

JI based out of Wardha, Maharashtra is a partnership concern was
established in January 2001. The entity is engaged in the business
of processing of pulses at its processing facility located at
Wardha, Maharashtra with an installed capacity of processing 50
tonnes of pulses per day.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      426.83      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank   1,600.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JBF to monitor the rating(s)
vide e-mail communications dated June 26, 2022, July 6, 2022 and
July 16, 2022. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on JBF's bank facilities will now be denoted as
CARE D, ISSUER NOT COOPERATING.

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

The rating continues to takes into account ongoing delays in
interest servicing related to the term loans and NPA classification
of account by lenders.

Detailed description of the key rating drivers

At the time of last rating on March 28, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from audited financial available from Stock Exchange
fillings):

Key Rating weakness:

* Ongoing delays in debt servicing: Delays in servicing of debt
obligation by the company due to its weakened liquidity position

Established in 1982, JBF Industries Limited (JBF) was founded by
Mr. Bhagirath Arya as a Yarn Texturising company, since then it has
established and expanded capacities into Polyester Chips (textile
grade, bottle grade and film grade), Partially Oriented Yarn (POY)
and Polyester (BOPET) film. It also manufactures Fully Drawn Yarn
(FDY) and Polyester Texturised Yarn (PTY). Today, JBF is one of the
leading Polyester value chain company not only in India but
globally. On a standalone basis, JBF is predominantly polyester
chips (textile grade & bottle grade) and POY player. Having
established itself in the domestic market, JBF ventured into
overseas markets by setting up a packaging-grade polyester chips
plant, JBF RAK LLC in the emirate of Ras AI Khaimah in 2005.
Further, it also commissioned a Polyester (BOPET) film plant at
Bahrain in 2014 and bottle grade Polyester chips plant at Geel,
Belgium in 2014. The manufacturing facilities of JBF are located in
Silvassa, Vapi, UAE, Bahrain and Belgium. JBF became a public
limited company in 1986 and is listed on NSE as well as BSE.


KASATA HOMETECH: Liquiation Process Case Summary
------------------------------------------------
Debtor: Kasata Hometech (India) Private Limited

        Registered office:
        Shop No. 5 Casa Blenca
        Destination Architecture
        Plot No. 45, Sector 11
        Cbd Belapur, Navi Mumbai
        Maharashtra 400614
        IN

        Principal office:
        Site office, Kalp Nishag-II
        Gotri Road, Vadodara
        Gujarat 390021

Liquidation Commencement Date: August 5, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: August 5, 2022

Insolvency professional: Jugraj Singh Bedi

Interim Resolution
Professional:            Jugraj Singh Bedi
                         JSBA House, 1250 Ground Floor
                         Mukherjee Nagar Delhi 110009
                         E-mail: jb@jsba.in
                                 irp.kasata21@gmail.com

Last date for
submission of claims:    September 12, 2022


KSK MAHANADI: Union Bank to Sell Outstanding Loan
-------------------------------------------------
The Economic Times reports that Union Bank of India (UBI), the
second largest creditor to KSK Mahanadi Power, has put its INR2,077
crore outstanding loan to the company on the block, according to an
auction notice seen by ET.

Other lenders including State Bank of India, Punjab National Bank,
Bank of Baroda (BoB) and Axis Bank have already sold their debt in
the company that owns a 3,600-mw power plant and has been under a
prolonged insolvency process, ET says.

According to the report, UBI has set a reserve price of INR919
crore in cash for its exposure. At this price, it will recover 44%
of the outstanding amount (a 56% haircut). The last date for
expression of interest from buyers is August 31, which will be
followed by an electronic auction on September 1.

The company has admitted claims of INR29,501 crore from lenders.

"The bank has put up the loan for sale because there has been no
progress in the recovery through the National Company Law Tribunal
(NCLT) for many months. So, it is better to take the cash on offer
than wait for recovery," ET quotes a person familiar with the
process as saying.

Last week, SBI announced that Aditya Birla ARC bought its INR3,815
crore loan to KSK Mahanadi Power for INR1,622 crore, accepting a
haircut of almost 58% against its total outstanding, ET recalls.

Aditya Birla ARC currently owns 34% of the debt of the company,
after buying loans from Axis Bank, BoB and PNB in the last two
years. With UBI's almost 10% debt, the ARC can claim control of 44%
of the company's debt, giving it a veto over any debt resolution.
It is expected that the ARC will place a bid for UBI's debt.

ET adds that Mumbai-based ASREC ARC and Prudent ARC of Delhi also
have bought the company's debt from banks, but own less than 5%
each

Banks are selling their debt in KSK Mahanadi after failed attempts
in the past nearly three years to execute an insolvency process for
the company, ET relays.

KSK Mahanadi is part of the debt-laden, Hyderabad-based KSK Energy
Ventures. The company was admitted to the bankruptcy court in
October 2019 after a case filed by Power Finance Corp to which the
company owed INR3,300 crore, according to its website. Lenders have
been trying to find a resolution for the distressed plant even
before taking it to the NCLT. A deal to sell the plant to the Adani
Group fell through in 2019.

KSK Mahanadi Power promoted by KSK Energy Ventures Limited
(KSKEVL), is developing a 3600 MW (6 x 600 MW) domestic coal-based
power project at Nariyara village, Janjgir-Champa District of
Chhattisgarh.


KUKRU WIND: Ind-Ra Cuts Term Loan Rating to 'BB+'
-------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kukru Wind Power
Private Limited's (KWPPL) term loan to 'IND BB+' from 'IND BBB+'.
The Outlook is Negative.

The detailed rating actions are:

-- INR2,099.44 bil. (reduced from INR 2,311.5 bil.) Term loan due

     on March 31, 2032 downgraded with IND BB+/Negative rating;
     and

-- INR100 mil. Working capital** downgraded with IND BB+/Negative

     rating.

*Outstanding as of June 30, 2022

**KWPPL has closed the working capital credit limit of INR100
million, as per a mail confirmation from the lender. However, the
company has not shared no dues certificate, so the rating is yet to
be withdrawn.

Analytical Approach: Ind-Ra has analyzed the project at a
standalone level while rating the senior debt. In addition to plain
equity, the shareholders have infused funds worth INR465.4 million
and INR402.21 million in the form of compulsorily convertible
debentures and unsecured loans, respectively. According to the
terms of the shareholder debt shared by the management, these
instruments do not have any rights to call an event of default and
are completely subordinate to senior debt. The loan agreements also
delineate the subservient nature of the shareholder debt and also
treat this as equity like instrument. Ind-Ra has excluded the
servicing of the sponsor's unsecured debt obligations while
arriving at the ratings. The inclusion of these funds into the debt
category could impact the ratings.

The downgrade reflects a significant elongation in the receivable
days to about 460 days as of March 2022 (Q1FY22: 300 days),
resulting in liquidity constraints and a dip in its debt service
reserve account (DSRA). The downgrade also reflects the consistent
underperformance of the power generation as against the P90 and
Ind-Ra estimates. The rating is constrained by moderate coverage
ratios and inherent generation risks associated with wind
projects.

Key Rating Drivers

Erratic Payments Increases Counterparty Risk: KWPPL is exposed to
the single counterparty credit risk associated with the sale of
electricity to M.P. Power Management Company Limited (MPPMCL),
whose payments have been erratic, resulting in the project's
increased receivables days. The gap between the invoiced date and
the payment received date has widened to around 15 months at FYE22.
The rating is constrained by the volatility in payment receipts
from the offtaker and continued elongation in the receivable days.

KWPPL received a letter from MPPMCL for clearing the dues in 40
instalments, as per the Ministry of Power's notification of
liquidation of arears scheme. However, the payments are yet to be
received. The continuous receipt of the payments of the past arears
and the monthly revenue remains a key rating monitorable.

Lower-than-estimated Power Generation:  The plant achieved an
average net plant load factor (PLF) of 18.90% during FY22, much
lower than P90 PLF of 21.23% and the base case estimate of Ind-Ra.
The power generation in Q1FY23 was 11.5%, lower than that in the
same period in the corresponding year. Ind-Ra will monitor the
continuing trend in the project's power generation and realized
revenues. The grid and machine availability for FY22 were 99.56%
and 99.92%, respectively.

Liquidity Indicator – Poor: Due to the delay in the payments from
MPPMCL, the projects liquidity remained low. As of July 4, 2022,
the company had a debt service reserve (equivalent to 4.2 months of
debt servicing against the required DSR of six months) of INR115.9
million and cash of INR4.6 million. The dip in DSRA was due to the
erratic payments from MPPMCL, which is constraining the rating.
Ind-Ra believes the delayed payments to continue in the near term,
which may further exhaust its DSRA. Liquidity has been further
impacted by the closure of the working capital facility worth
INR100 million.

Long-term Offtake Arrangements: KWPPL sells power to MPPMCL under
25-year power purchase agreements (PPAs) signed in 2015 for an
aggregate capacity of 46MW, providing revenue visibility to the
company. Based on the commercial operations date of the plants and
the clauses of the PPA, MPPMCL has been procuring power from KWPPL
at INR4.78/kWh since the commissioning. However, KWPPL believes it
is eligible for a higher tariff of INR5.92/kWh and has disputed the
same with state authorities. The resolution of the matter is
pending. Ind-Ra has carried out its analysis, considering a tariff
of INR4.78/kWh throughout the debt tenor. The agency will continue
to monitor the situation and assess the impact of the eventual
resolution on the credit quality of the project. Tariff dispute:
The PPAs specified a tariff of INR5.92/kWh as per MPERC's tariff
order for the control period April 2013-March 2016, provided the
plants were commissioned on or before March 31, 2016. The plants
received the commissioning certificate after March 31, 2016, and
hence, as per the PPA, the new tariff of INR4.78/kWh specified by
the tariff order for the subsequent control period became
applicable.

Sponsor Support Critical in case of Continued Payment Delays:
Bengaluru-based Atria group is headed by CS Sunder Raju and K
Nagaraju, who belong to the second generation of the promoters'
family. The group has presence in power, education, hotels and
construction/real estate. Atria Brindavan Power Pvt. Ltd., the
holding company of the solar and wind assets, had operational
renewable projects (wind, solar ground mounted and solar rooftop)
assets of 490.7MW as on 31 March 2022. As per the management, the
free cash available at the Atria Brindavan is about INR80 million
as of 8 July 2022. The overall leverage at the Atria Brindavan
level and risks associated with the refinancing / repayment of
non-convertible debentures at the holdco are a key rating concern.

Moderate Financial Performance:  KWPPL's revenue from operations
were at INR438.04 million in FY22 (FY21; INR387.65 million).
However, the company's expenses were more than Ind-Ra base case
estimates. The expenses have increased, as the company has made
payments on behalf of the operation and maintenance (O&M)
contractor, Gamesa Renewable Private Limited, as there were delays
in payment of security agency and other vendor charges from Gamesa,
which led to interruptions in the plant performance during the
year. The company did not have any contingent liabilities as of
March 31, 2022, according to the provisional financial statements.

Moderate Operating Risks: Given that KWPPL is a wind power project,
it is exposed to the revenue risks arising from the volatility in
wind availability. Ind-Ra considers the wind turbine technology
employed by KWPPL to be standard and proven. Gamesa is the wind
turbine generator supply, erection and commissioning as well as O&M
contractor for the project. The O&M contract is valid for 10 years
till FY26. The company employs Gamesa turbine generators with a hub
height of 104 meters and rotor diameter of 97 meters.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to a rating downgrade are:

-- a depletion of the DSRA to less than one quarter
-- a deterioration in the counterparty's credit quality
-- the absence of the timely sponsor/group support in case of any
shortfall
-- operational and financial performance lower than Ind-Ra's base
case estimates with a forward-looking average debt service coverage
ratio below 1.0x

Positive: The receivable days falling below 180 days for a
sustained period along with the power generation remaining around
the P90 levels will lead to a rating upgrade.

Company Profile

KWPPL owns and operates wind power plants of 50MW in the Betul
district of Madhya Pradesh. The plants were commissioned in April
2016.


MAA TARINI: Liquiation Process Case Summary
-------------------------------------------
Debtor: Maa Tarini Industries Limited
        N4/12, Ground Floor Civil Township
        Rourkela Sundargath
        OR 769004
        IN

Liquidation Commencement Date: July 13, 2022

Court: National Company Law Tribunal, Cuttack Bench

Date of closure of
insolvency resolution process: May 25, 2022

Insolvency professional: Gagan Bihari Bhuyan

Interim Resolution
Professional:            Gagan Bihari Bhuyan
                         Flat No. 2162, 15th Floor
                         2nd Tower, Dn Oxy Park
                         Dumduma, Bhubaneswar (M.C.)
                         Khorda, Dumuduma
                         Housing Board Colony
                         Odisha 751019
                         Bhubaneswar, Orissa 751019
                         E-mail: gaganbhuyan29@gmail.com
                         Tel: 7506370577

Last date for
submission of claims:    August 13, 2022


MAHARAJA COTSPIN: CARE Withdraws D Rating on LT/ST Debts
--------------------------------------------------------
CARE Ratings Ltd. has reaffirmed and withdraw the outstanding
rating of CARE D; Issuer Not Cooperating; assigned to the bank
facilities of Maharaja Cotspin Limited (MCL), with immediate
effect. The rating takes into account the delay in debt servicing
due to tight liquidity position of the company. The action has been
taken at the request of Maharaja Cotspin Limited (MCL) and 'No
Objection Certificate' received from the bank that have extended
the facilities rated by CARE Ratings Ltd.

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

                                   ISSUER NOT COOPERATING
                                   and Withdrawn

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

                                   ISSUER NOT COOPERATING
                                   and Withdrawn

Rating Sensitivities

Positive Factors

* Improvement in the liquidity position of the company as reflected
from timely servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There is ongoing delay in the servicing
of its debt obligations due to the stressed liquidity position of
the company.

Liquidity: Poor

Maharaja Cotspin Limited has poor liquidity position marked by
lower cash accruals when compared to repayment obligations.

Maharaja Cotspin Limited (MCL) was incorporated in April-2010 as a
closely held public limited company, however, the operations of the
company started in August-2011. The company is primarily engaged in
the manufacturing of yarns and knitted fabrics at its sole
manufacturing facility located at Ludhiana, Punjab. The company is
also engaged in the trading of yarns and knitted fabrics. The
product line of the company mainly comprises of acrylic yarn,
polyester yarn and knitted fabric with an installed capacity of
26208 spindles for yarn manufacturing and 29 circular knitted
machines for knitted fabric manufacturing, as on March 31, 2019.
MCL mainly requires polyester and acrylic fibres as raw materials.
Polyester fibre is procured from domestic market whereas acrylic
fibre is procured domestically and is imported as well. The company
sells its product through merchant traders and dealers with major
sales coming from Ludhiana (Punjab). The group concerns of the
company include Eshan Yarns Private Limited (EYPL; CARE B; Stable;
Issuer not cooperating) which is engaged in manufacturing of
polyester fabrics, M/s Maharaja Fabrics (engaged in the
manufacturing of knitted fabrics from polyester yarn), M/s Maharaja
Trading Company (engaged in the trading of fibres and yarn) and M/s
Maharaja Dyeing and Furnishing Mills (engaged in business of dyeing
of fabrics).


MELSTAR INFORMATION: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Melstar
Information Technologies Limited (MITL) 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

   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 had, vide its press release dated July 13, 2021, placed the
rating(s) of MITL under the 'issuer non-cooperating' category as
Melstar Information Technologies Limited had failed to provide
information for monitoring of the rating. MITL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2022, June 8, 2022 and June 18, 2022. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 13, 2021, the following were the
rating strengths and weaknesses (updated for the information
available from MCA website):

Key Rating Weaknesses

* Delay in debt servicing: There are ongoing delays as there have
been overdrawls in working capital limits for more than 30 days.

Incorporated in the year 1986, Melstar Information Technologies
Limited (MITL), is an ISO 9001:2008, ISO 14001:2004, ISO 27001:2013
and SEI-CMM Level III certified software service company providing
IT solutions and skilled manpower catering to Banking, Insurance,
IT and Government sectors. Headquartered out of its Mumbai office,
MITL also operates branch offices in Bangalore, Chennai, Hyderabad,
Gurgaon and Kolkata. The company caters to a reputed clientele.


NCL GREEN HABITAT: Ind-Ra Corrects August 25 Rating Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified NCL Green Habitats
Private Limited's rating published on August 25, 2021 to remove the
issuer rating from the history table.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has assigned NCL Green Habitats
Private Limited's (NCL Green) non-convertible debentures (NCDs) a
final rating as follows:

-- INR392.19 mil. (reduced from INR500 mil.) NCDs*# assigned with
     IND B+/Stable rating.

*Details in annexure

#The final rating has been assigned after the receipt of the final
documents, including the debenture trustee agreement, by the
agency. The final terms and conditions are in line with the
information already received by Ind-Ra, based on which the
provisional rating was assigned.

Key Rating Drivers

The rating reflects the saleability risk associated with NCL
Green's ongoing Hosur plot development project, with a saleable
area of 810,618 square feet (sf) in Tamil Nadu. The construction of
the project commenced in April 2020 and the company has completed
the entire development in August 2021 at a total project cost of
INR731.4million. The project is awaiting final approvals from the
government, which the management expects to receive by
end-September 2021 as envisaged. As of August 20, 2021, the company
had received advances of INR220 million from the customers. The
average realization of the project's area is INR2,116 per sf; the
management expects to receive INR1,500 million from thee plots
booked by 2022. The vulnerable macro-economic factors which affect
discretionary consumer spending, result in project saleability
risk. Liquidity Indicator- Poor: As of August 20, 2021, NCL Green
had received advances of about 13% from the Hosur project. However,
the project's sale and realization is crucial for the timely
repayment of NCD coupon. In the past, the promoters have supported
the company to meet its debt obligations as there were no ongoing
projects till FY21.

The rating, however, is supported by the financial support
available from the promoters and group companies as indicated by
fund infusions since 2001 to purchase a land parcel of 192 acres in
Andhra Pradesh, Telangana and Tamil Nadu. As of March 2021, the
company had NCDs outstanding of INR392.2 million and
inter-corporate deposits of INR271.1 million, and advances from
promoters of INR180.5 million (March 31, 2020: INR504.2 million).
The NCDs were used to for restructuring these advances (inter group
debt) paid for the purchase of land.

The ratings are also supported by the locational advantage of the
ongoing project with proximity to the Bengaluru city. The project
is located in Hosur, which is 25km from the Bommasandra Industrial
Area in Bengaluru.

Rating Sensitivities

Positive: The successful completion of the project with envisaged
cash inflows from the sale, resulting in an improvement in the
liquidity position would be positive for the ratings.

Negative: Any increase in the saleability risk, resulting in high
unsold inventory and a further stress on the liquidity position
would be negative for the ratings.

Company Profile

Incorporated in 2001, NCL Green is engaged in the business of
purchase and sale of land and real estate. It is wholly-owned by
NCL Holdings (A&S) Ltd, which also operates in a similar line of
business.


NCL GREEN: Ind-Ra Moves B+ Non-Convertible Debts to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated NCL Green Habitats
Private Limited's non-convertible debentures (NCDs) to the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.  Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating action is:

-- INR392.19 mil. NCDs* migrated to non-cooperating category with
     IND B+ (ISSUER NOT COOPERATING) rating.

*Details in annexure

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 25, 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 2001, NCL Green Habitats engages in the business of
purchase and sale of land and real estate. It is wholly owned by
NCL Holdings (A&S) Ltd, which also operates in a similar line of
business.


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

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

Detailed rationale and key rating drivers

CARE had, vide its press release dated August 27, 2021, placed the
rating of OPPL under the 'issuer non-cooperating' category as OPPL
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. OPPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 13, 2022,
July 22, 2022 and July 25, 2022 among others. E-mail sent to the
investor has also not elicited any response.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 27, 2021, the following were
the rating weaknesses:

Key rating weaknesses

* Non-redemption of NCD on due date: As confirmed over the
telephonic discussion by the debenture trustee (DT) to CARE,
company has not redeemed the debentures on due date i.e. June 30,
2021, though the same was earlier deferred from July 31, 2020 and
August 10, 2020 as per amended DTD. Also, Debenture Trustee had
mentioned that they have not received any confirmation from the
company nor from the debenture holder regarding either redemption
or interest payment on the rated NCDs.

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


PAE LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of PAE
Limited (PAE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            5.00      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 had, vide its press release dated June 4, 2021, placed the
rating(s) of PAE under the 'issuer non-cooperating' category as PAE
Limited had failed to provide information for monitoring of the
rating. PAE continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 4, 2022, April 30, 2022 and May 10,
2022.

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

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

Detailed description of the key rating drivers

At the time of last rating on June 4, 2021, the following were the
rating strengths and weaknesses (updated for the information
available from MCA website):

Key Rating Weaknesses

* Ongoing delay in debt servicing: There have been ongoing delays
in debt servicing and the account has been classified as NPA.
Further, the company is not regular in depositing statutory dues
with the authorities.

* Weak financial performance: PAE's total operating income stood at
INR0.63 crore in FY22 and reported operating loss of INR0.09 crore
and company has earned net profit of INR12.16 crore after adding
non-operating income of INR 4.91 crore towards write back as
interest foregone by the bank and INR8.10 crore earned towards
profit on sale of business undertaking. However, on account of
carried forward losses the net-worth base has been eroded to
negative and capital structure remained highly leveraged with weak
debt coverage indicators.

Key Rating Strengths

* Experienced promoters: The promoters of the company have
experience of more than five decades of operations in automotive
and industrial battery segment and their close association with the
Premier group in the past.

Incorporated in 1950 as a distributor of auto electric components,
PAE Ltd. (PAE) is presently operational in two segments viz. Power
products and Auto components. In its power products segment, PAE is
engaged in marketing and distribution of lead storage batteries
(for automotive and industrial application) and power backup
systems; while in the Auto component segment it operates as a
distributor of automotive parts. Additionally, the company has
forayed into solar energy space through its various subsidiaries
which are engaged in developing, marketing and distribution of
solar panels and operates 2 solar power plants of 1 MW each.


R.S. Dream: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.S. Dream
Land Private Limited (RDLPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      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 June 18, 2021,
placed the rating(s) of RDLPL under the 'issuer non-cooperating'
category as RDLPL 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. RDLPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 4, 2022, May 14, 2022, May 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).

Raipur (Chhattisgarh) based R.S. Dream Land Private Limited (RDLPL)
was incorporated in January 2006. Earlier the company was doing the
marketing for other real estate companies. Since March 2014, the
company has started its own real estate project. The company is
currently developing its first project 'Empressia Elite' commonly
known as E2 with an aggregate project cost of INR26.55 crore with a
saleable area of 1.66 lakh square feet. The project is located in
the prime location of Raipur, Chhattisgarh. The construction work
of the project is given to G.K. Construction and RDLPL is focusing
mainly on marketing aspects. The promoters have satisfactory
business experience of more than two decade in real estate
industry.


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

The instrument-wise rating action is:

-- INR345 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating.

Key Rating Drivers

The ratings reflect RM's medium scale of operations as indicated by
a revenue of INR1,718.87 million in FY22 (FY21: INR1,973.40
million). In FY22, the revenue deteriorated because increased
competition. However, in FY23, Ind-Ra expects the revenue to
improve yoy. This is because RM is a dealer of Maruti Suzuki India
Limited's cars and the latter is likely to launch new models during
the year. FY22 numbers are provisional in nature.

The ratings also factor in the RM's modest EBITDA margin of 5.78%
in FY22 (FY21: 5.47%) with a return on capital employed of 10.7% in
FY22 (FY21: 13.5%). The absolute EBITDA deteriorated to INR99.37
million in FY22 (FY21: INR 107.92 million due to a fall in other
operating income. In FY23, Ind-Ra expects the EBITDA margin to be
stable yoy.

The ratings also reflect RM's moderate credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
2.99x in FY22 (FY21: 2.84x) and a net leverage (adjusted net
debt/operating EBITDAR) of 3.80x (2.97x). In FY22, the interest
coverage improved due to a decline in the interest cost; however,
the net leverage deteriorated due to an increase in the total debt
to INR446.77 million (FY21: INR363 million) at the year end. In
FY23, Ind-Ra expects the credit metrics to remain at similar levels
in the absence of any capex plan.

Liquidity Indicator - Stretched:  RM's average maximum utilization
of fund-based limits was 90% during the 12 months ended June 2022.
RM does not have any capital market exposure. The net working
capital cycle stood at 57 days in FY22 (FY21: 49 days) due to an
inventory holding of 36 days (23 days). In FY22, the cash flow from
operations and the  free cash flow both turned  negative at
INR62.74 million (FY21: INR66.33 million and INR67.87 million
(INR17.15 million). The cash and cash equivalents stood at INR69.26
million at FYE22 (FYE21 INR42.48 million). The debt repayment for
FY23 and FY24 is INR69.4 million and INR69.4 million,
respectively.

However, the ratings are supported by the   promoters' experience
of nearly 25 years in the automobile industry. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.   

Rating Sensitivities

Positive: A significant increase in the scale of operations, along
with maintaining the overall credit metrics with the net leverage
improving below 3.5x and an improvement in the liquidity position,
all on a sustained basis, could lead to a positive rating action.

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

Company Profile

RM was established in 1995 and is located at Shillong, Meghalaya.
It is an authorized dealer of Maruti Suzuki India.  


RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rattan
Poultries Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      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 July 1, 2021,
placed the rating(s) of RPPL under the 'issuer non-cooperating'
category as RPPL 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. RPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2022, May 27, 2022, June 6, 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).

Rattan Poultries Private Limited (RPPL) was incorporated in May
1999 and is currently being managed by Mr. Ranjit Singh Sidhu, Mr.
Rahuljit Singh Sidhu and Mrs. Mohinder Kaur Sidhu as its directors.
RPPL is engaged in poultry farming business at its poultry farm
located in Sangrur, Punjab.

SANGHAVI JEWEL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sanghavi
Jewel Private Limited (SJPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       78.71      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 22, 2021,
placed the rating(s) of SJPL under the 'issuer non-cooperating'
category as SJPL 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. SJPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2022, May 18, 2022, May 28, 2022.

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

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

Sanghavi Jewel Pvt Ltd. (SJPL) is a part of the Sanghavi Group,
headed by Mr. Jayesh Sanghavi who is the Managing Director.
Sanghavi Exports International Pvt Ltd (SEIPL) (rated CARE D;
Issuer Not Cooperating), the flagship company of the group, holds
91.02% shares in SJPL. SEIPL is engaged in the processing of rough
diamonds and export of cut and polished diamonds. SJPL is engaged
in the manufacturing and export of studded gold, silver and
platinum jewellery using polished diamonds, precious and other
semi-precious stones.


SANTOSH CHARITABLE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Santosh
Charitable Trust (SCT) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.88      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2021, placed the rating(s) of SCT under the 'issuer
non-cooperating' category as SCT 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. SCT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 26, 2022, July 6, 2022, July 16, 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).

Delhi based Santosh Charitable Trust (SCT) was established in April
09, 2008 under Indian Trust Act, 1882 and is currently being
managed by Mr. Sunil Mittal and Ms. Neena Mittal. The trust was
setup with an objective to provide charitable services. The trust
operates a Dharamshala in Vrindavan, where it provides rooms at
cheaper rates for the tourists to stay and also there is dispensary
for providing medical services in Sikandrabad.


SHALIMAR ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shalimar
Ispat Udyog (SIU) continue to remain in the 'Issuer Not
Cooperating' category.

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

   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 July 15, 2021,
placed the rating(s) of SIU under the 'issuer non-cooperating'
category as SIU 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. SIU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 31, 2022, June 10, 2022, June 20, 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).

Raipur (Chhattisgarh) based, Shalimar Ispat Udyog (SIU) was
established as a partnership firm in May 1994. Since its inception,
the firm is engaged in engaged in manufacturing of MS bars, squares
& rounds, flats, channels, angels and rectangular bars etc. The
manufacturing facility of the firm is located at Raipur,
Chhattisgarh with an installed capacity of 9,000 metric tones per
annum.


SIMOCO TELECOM: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Simoco
Telecommunications (South Asia) Limited (STAL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.00      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 June 1, 2021,
placed the rating(s) of STAL under the 'issuer non-cooperating'
category as STAL 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. STAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 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).

Simoco Telecommunication (South Asia) Limited (STAL) incorporated
in the year April 1979, was initially engaged in manufacturing of
wireless equipment, mobile phones, computer parts and accessories,
software solutions, surveillance system and solar products. The
company was taken over by Mr. Sanjoy Kumar Ghosh, Managing
Director, from Simoco International Limited, U.K., in the year
2001. STL is currently engaged in manufacturing of LED products,
solar lantern and two-way radio communication equipment and is
currently running with an installed capacity of 1,28,300 numbers
per annum. Mr. Sanjoy Kumar Ghosh, aged about 54 years, having
around three decades of experience in electric equipment industry,
looks after the overall management of the company. He is also
assisted by other director and a team of experienced personnel.


SINGHAL AGENCIES: Ind-Ra Assigns BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Singhal Agencies
(SA) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Positive.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits assigned with IND

     BB/Positive/IND A4+ rating;

-- INR90 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating;

-- INR7.73 mil. Term loan due on June 2024 assigned with IND BB/

     Positive rating; and

-- INR340 mil. Working capital demand loan due on June 2023
     assigned with IND BB/Positive rating.

The Positive Outlook reflects receipt of a large order worth INR850
million by SA in May 2022 for publishing books for classes first to
eighth, which would lead to a substantial increase in its revenue
in FY23. Of the total requirement of 160 million books amounting to
INR4,000 million, SA received 21% of the order as an L1 order.
Ind-Ra also expects the EBITDA margins and credit metrics to remain
strong in FY23 on the back of the revenue growth.

Key Rating Drivers

The ratings reflect SA's small scale of operations as indicated by
revenue of INR178.03 million in FY22 (FY21: INR253.80 million). The
decline in revenue in FY22 due to receipt of low volume orders,
which were in L3/L4 criteria (FY21: L1/L2). The firm has received
an order for publishing 34 million books from Uttar Pradesh state
government in May 2022. SA estimates to book sales of INR850
million in FY23 through this order. FY22 financials are provisional
in nature.

Liquidity indicator - Stretched: The net working capital cycle was
elongated at 115 days in FY22 (FY21: 84 days), due to an increase
in the receivable period to 47 days (2 days). SA does not have any
access to capital market exposure and relies on a single bank to
meet its funding requirements. The average peak use of the
fund-based working capital limits was 72.08% and the average
month-end utilization was 69.46% for the 12 months ended June 2022.
The cash flow from operations turned positive to INR54.93 million
in FY22 (FY21: negative INR5.17 million), on account of an increase
in the EBITDA to INR35.76 million (INR26.50 million). The cash and
cash equivalents stood at INR35.74 million at FYE22 (FYE21: INR0.01
million). The firm has scheduled debt repayments of INR3.48 million
in FY23 and FY24 each. SA has raised a one-time working capital
demand loan of INR340 million to execute the large order. The loan
will be repaid in two tranches from internal accruals; 75% will be
repaid on 31 March 2023 and the remaining on June 30, 2023.
Furthermore, the firm has a sanctioned one-time bank guarantee
amounting to INR50 million as it requires to maintain 10%
performance guarantee with the state educational department; this
facility will expire in March 2023.

However, the ratings are supported by SA's healthy EBITDA margins
of 20.09% in FY22 (FY21: 10.44%) with a return on capital employed
of 35% (27%). The margins expanded owing to a decrease in cost of
paper (raw material) for few months during FY22. Ind-Ra expects the
margins to deteriorate in FY23, although remain healthy, owing to
the increase in the cost of paper and higher demand to execute the
large order.

The ratings also benefit from the SA's comfortable credit metrics
owing to the low debt levels of INR7.73 million at FYE22 (FYE21:
INR12.14 million). The gross interest coverage (operating
EBITDA/gross interest expense) stood at 6.04x in FY22 (FY21: 9.27x)
and the net leverage (total adjusted net debt/operating EBITDA) at
negative 0.78x (0.46x). Ind-Ra expects the credit metrics to
continue to be comfortable on account of absence of debt-led capex
in the near term as well as low debt levels.

The ratings also benefit from the promoters' experience of four
decades in publication and distribution of books.

Rating Sensitivities

Negative: Deterioration in liquidity position, decline in the
revenue or operating EBITDA, leading to deterioration in the credit
metrics with the gross interest coverage reducing below 1.6x, on a
sustained basis, will lead to the Outlook revision to Stable.

Positive: An improvement in the liquidity position, a substantial
improvement in the revenue and operating EBITDA, leading to an
improvement in the credit metrics with the gross interest coverage
sustaining above 1.6x will be positive for the ratings.

Company Profile

Formed in 1984, Lucknow, Uttar Pradesh-SA is engaged in the
publication and distribution of books for Uttar Pradesh state
government. Saroj Rani Agarwal and Kumkum Agarwal are the
partners.


SIXTH ENERGY: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sixth Energy
Technologies Private Limited's (SETPL) Long-Term Issuer Rating at
'IND BB+' and has simultaneously withdrawn it. The Outlook was
Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based facilities* affirmed and withdrawn;

-- INR50 mil. Fund-based facilities (packing credit)* affirmed
     and withdrawn; and

-- INR179.21 mil. Term loan* due on November 2026 affirmed and
     withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn

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

Key Rating Drivers

Liquidity Indicator - Stretched: SETPL's average maximum
utilization of the fund-based working capital limits was high at
98.64% for the 12 months ended June 2022. However, the cash flow
from operations remained low despite turning positive to INR86.06
million in FY22 (FY21: negative INR96.77 million), due to favorable
changes in the working capital. The fund flow from operations also
remained low, despite doubling to INR126.17 million in FY22 (FY21:
INR60.36 million) due to an increase in the EBITDA. Moreover, the
working capital cycle remained long, although despite improved to
241 days in FY22 (FY21: 323 days) resulting from a reduction in the
inventory holding period to 197 days (325 days). At FYE22, the
company's cash balance stood at INR24.12 million (FYE21: INR10.92
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. FY22 numbers are provisional in nature.

The affirmation also reflects SETPL's continued small scale of
operations, despite an increase in the revenue to INR433.09 million
in FY22 (FY21: INR380.27 million). The growth in revenue was driven
by the execution of a higher number of orders with the
normalization of operations post the COVID-19 outbreak.

SETPL's EBITDA margin remained modest and largely stable at 24.43%
in FY22 (FY21: 24.14%). The return on capital employed was 9.6% in
FY22 (FY21: 7.8%).

The ratings are, however, supported by the company's comfortable
credit metrics. In FY22, the interest coverage (operating
EBITDA/gross interest expense) improved to 3.46x (FY21: 2.61x) and
the net leverage (adjusted net debt/operating EBITDA) to 2.8x
(3.56x), due to an increase in the absolute EBITDA to INR105.8
million (INR91.79 million).

The ratings continue to be supported by the directors' experience
of more than a decade in the field of machine data technology.

Company Profile

Incorporated in 2003, Bangalore-based SETPL provides end-to-end
remote management solutions for data centers, businesses, banks,
telecom companies, and enterprise infrastructures. The company
remotely monitors and manages power and cooling equipment in
telecom towers (base station controller, base transceiver
stations), telecom switching centers (mobile switching center),
data centers, industrial locations, enterprise buildings, and
off-grid and grid-tie renewable energy power stations.


SK EXPORTS: Ind-Ra Affirms BB- Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.K. Exports'
(SKE) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR50 mil. (increased from INR2.8 mil.) Term loan due on
     September 2026 affirmed with IND BB-/Stable rating;

-- INR210 mil. (increased from INR160 mil.) Fund-based working
     capital limits affirmed with IND BB-/Stable rating; and

-- INR40 mil. (increased from INR20 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

Key Rating Drivers

The ratings reflect SKE's improved revenue at INR686.98 million in
FY22 (FY21: INR529.69 million), on account of an increase in demand
for accessories due to the rise in demand for horses in the US and
Europe and the rise in capacity. However, the scale of operations
remained small. During 1QFY23, SKE booked revenue of INR196
million. It had an order book of INR386.5 million at end-July 2022,
which is required to be executed by October 2022. For FY23, the
management expects the revenue to improve yoy, led by the increase
in demand. Its FY22 numbers are provisional in nature.

The ratings also reflect SKE's modest EBITDA margin, which
deteriorated to 5.28% in FY22 (FY21: 6.81%), due to the aggressive
pricing of its products to tackle competition. The return on
capital employed was 8.80% in FY22 (FY21: 10.20%). For FY23, Ind-Ra
expects its EBITDA margin to remain at the similar level, due to
the similar nature of operations.

SKE has modest credit metrics with its net financial leverage
(adjusted net debt/operating EBITDAR) increasing to 6.35x in FY22
(FY21: 5.44x), due to an increase in its total adjusted net debt to
INR277.89 million (INR243.95 million). The interest coverage
(operating EBITDA/gross interest expense) marginally improved to
2.70x in FY22 (FY21: 2.62x), due to a rise in the absolute EBITDA
to INR36.26 million (INR36.09 million), coupled with a fall in
gross interest expense to INR13.43 million (INR13.77 million).
Ind-Ra expects the credit metrics to remain at the similar levels
in FY23 as the increased interest expense, on account of its
increased borrowing for the capex plans, would be compensated by a
rise in its EBITDA.

Liquidity Indicator–Stretched: SKE's average maximum utilization
of its fund-based limits was 98.16% and that of its non-fund-based
limits was 93.75% during the 12 months ended July 2022. SKE's net
working capital cycle remained elongated at 193 days in FY22 (FY21:
198 days), due to high inventory holding period of 215 days (193
Days). The cash flow from operations improved to positive INR35.32
million in FY22 (FY21: negative INR41.19 million), mainly due to
lower working capital changes to negative INR4.12 million (INR64.09
million). Furthermore, its free cash flow improved to positive
INR25.03 million in FY22 (FY21: negative INR50.27 million). The
cash and cash equivalents stood at INR28.36 million at FYE22
(FYE21: INR39.63 million). SKE does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

The ratings, however, continue to be supported by the partners'
more than three decades of experience in the manufacturing of
horse-riding accessories.

Rating Sensitivities

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

Negative: A decline in the scale of operations leading to a
deterioration in the credit metrics with the interest coverage
falling below 2.0x and/or a deterioration in liquidity, on a
sustained basis, will be negative for the ratings.

Company Profile

Established in 2000, SKE was started by Sidharth Kapoor along with
his family members. The firm commenced its commercial operations in
2002 with its manufacturing facility located in Kanpur, Unnao, and
Rooma. The firm manufactures horse-riding accessories such as
saddle, strappings, ridding breeches, and work wear.


STERLING GATED: CARE Reaffirms D Rating on INR60cr NCD
------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Sterling Gated Community Private Limited (SGCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible
   Debentures          60.00       CARE D Reaffirmed

Detailed rationale and key rating drivers

The ratings assigned to the Non-Convertible debentures (NCD) of
SGCPL continues to factors the delay in the redemption of the rated
NCDs which fell due on June 30, 2020. Due to unfavourable market
condition for launch of luxury projects, the company was unable to
launch the project resulting in tight liquidity condition.

Rating sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Delay free track record in payment of principal and interest of
rated bonds consecutively for more than 3 months

* Extension of NCDs' redemption due date by the debenture trustee
allowing the company to generate sufficient cash flows for
redemption of the rated NCDs

* Redemption of debentures by sale of land under the project.

Negative factors – Factors that could lead to negative rating
action/downgrade: Not applicable

Detailed description of the key rating drivers

Key rating Weaknesses

* Non-redemption of NCD on due date: Company couldn't redeem the
NCDs which fell for redemption on June 30, 2020. Though the due
date for repayments has been deferred by investors each year from
June 30, 2017 to June 30, 2020, the same could not be redeemed due
to the project not taking off as expected resulting in poor
liquidity issues. As per FY21 the debenture trustees have taken the
possession of the project land given as security for debenture
issued under the provisions of Section 13(4) of the Securitization
and Reconstruction of Financial Assets and Enforcement of Security
Act 2002 ("SARFAESI Act"). The Management is taking all necessary
Legal steps to secure back the possession of the 'Project Land' and
other steps for redemption of the Debentures.

Liquidity: Poor

Liquidity position of the company is poor considering the project
is taken over by the debenture trustee post non-redemption of NCDs
by the company on due date i.e. June 30, 2020. Company is still
exploring the options to reclaim the possession of the property and
for repaying the NCDs.

SGCPL is a special purpose vehicle (SPV) formed by Mr. Ramani
Sastri and Mr. Shankar Sastri, who have more than 30 years of
experience in developing real estate projects in Bangalore and
founders of the Sterling group. SGPCL plans to develop a real
estate apartment project in Whitefield, Bangalore. The project has
seen inordinate delays and is not yet launched due to unfavourable
market conditions for luxury segment projects.


SURYA MANUFACTURING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Manufacturing Private Limited (SMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       24.00      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 June 29, 2021,
placed the rating(s) of SMPL under the 'issuer non-cooperating'
category as SMPL 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. SMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2022, May 25, 2022, June 4, 2022.

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

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

SMPL was incorporated in 1995 as a private limited company by Mr.
Mahavir Prasad Kejriwal. Currently, the company's operations are
being managed by his grandson, Mr. Aditya Kejriwal. SMPL is
primarily engaged in the manufacturing of various types of plywood,
block boards, flush doors, gurjan plywood, triple pressed &
calibrated teak plywood and decorative veneers.  The manufacturing
facilities of the company are located in Araria (Bihar) and Jhajjar
(Haryana).


TERA SOFTWARE: Ind-Ra Cuts Long-Term Issuer Rating to 'B-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tera Software
Limited's (TSL) Long-Term Issuer Rating to 'IND B- (ISSUER NOT
COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR430 mil. Fund-based facilities downgraded with IND B-
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR880 mil. Non-fund-based facilities downgraded with IND B-
     (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
     rating.

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

Key Rating Drivers

The downgrade reflects deterioration in TSL's interest coverage to
0.68x in FY22 (FY21: 0.87x) and further to 0.45x during 1QFY23
(4QFY22: 0.95x), according to publicly available information. The
company reported a net loss of INR13 million in FY22 (FY21 net
profit: INR8.43 million). The company also had a bank guarantee of
INR42.8 million invoked; however, this is disputed by the company.
Ind-Ra has been unable to reach the company's bankers for more
clarity on this.

Company Profile

Hyderabad-based TSL provides hardware and software services through
long-term contracts on a build-own-operate-transfer basis to
government organizations. It provides services in three business
segments: projects, technical services and systems integration.




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

CAPITAL A: Posts Narrow Loss in Q2 as Travel Demand Rebounds
------------------------------------------------------------
Reuters reports that Capital A Bhd, parent of Malaysian budget
airline AirAsia, on Aug. 26 reported a narrower second-quarter
operating loss, as travel demand in Southeast Asia began to rebound
after pandemic-related rules eased.

The company said that its future looked positive, driven by
momentum in sales and lifting of travel restrictions across the
globe.

According to Reuters, Capital A said it was taking all measures
possible to return its grounded fleet back into service, with an
estimate to have 160 operational aircraft by the end of 2022, and
full operations by second quarter of 2023.

Capital A posted an operating loss of MYR491.3 million (US$110.03
million) for the three months ended JunE 30, compared to a loss of
MYR792.2 million in the year-ago period, Reuters discloses.

Reuters says the company last month reported its airline load
factor, a measure of the percentage of seats filled, rose to 84% in
the second quarter, akin to pre-pandemic levels.

Passenger numbers rose 633% from a year earlier, supported by
growing domestic demand and the resumption of international travel
in Southeast Asian countries. Cargo tonnage, however, fell 27% due
to extended lockdowns in China.

Capital A has invested heavily in payments firm BigPay, logistics
arm Teleport and mobile Super App to diversify its revenue
sources.

The company said in June it was evaluating fundraising options for
a planned US listing, as it looks to shake off its classification
as a financially distressed firm by Malaysia's stock exchange,
recalls Reuters.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.


[*] MALAYSIA: 62 National Service Camp Operators Go Bankrupt
------------------------------------------------------------
The Sun Daily reports that some 62 operators of National Service
Training Programme (PLKN) campsites have either gone bankrupt or
are waiting to be declared after bearing huge debts following the
program's abolition in 2018.

Sun Daily, citing a report by Utusan Malaysia, says it is estimated
that MYR984 million was spent to build the 82 PLKN campsites in the
country.

Currently, 20 of the campsites are being rented out to the prisons
and immigration departments, the police and the army.

The other 62 sites are either operating on a small scale or have
been abandoned, Sun Daily says.

The report also added that PLKN operators failed to repay bank
loans after investing up to RM12 million for each training camp,
Sun Daily relays.




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

COASTAL OIL: Creditors' Proofs of Debt Due on Sept. 29
------------------------------------------------------
Creditors of Coastal Oil Logistics Limited are required to file
their proofs of debt by Sept. 29, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 25, 2022.

The company's liquidator is:

          Jessica Kellow
          BDO Wellington, Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


DBTS LIMITED: Creditors' Proofs of Debt Due on Oct. 7
-----------------------------------------------------
Creditors of DBTS Limited are required to file their proofs of debt
by Oct. 7, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 25, 2022.

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


EDWARDS PLANT: Court to Hear Wind-Up Petition on Sept. 2
--------------------------------------------------------
A petition to wind up the operations of Edwards Plant Hire Limited
will be heard before the High Court at Auckland on Sept. 2, 2022,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 8, 2022.

The Petitioner's solicitor is:

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


FIRMA GROUP: Creditors' Proofs of Debt Due on Oct. 3
----------------------------------------------------
Creditors of Firma Group Limited, Kingdom Contractors Limited, IDX
Holdings Limited, and Freightrite Limited are required to file
their proofs of debt by Oct. 3, 2022, to be included in the
company's dividend distribution.

Firma Group Limited commenced wind-up proceedings on Aug. 19,
2022.

Kingdom Contractors Limited commenced wind-up proceedings on Aug.
22, 2022.

IDX Holdings Limited and Freightrite Limited commenced wind-up
proceedings on Aug. 24, 2022.

The company's liquidators are:

          Keaton Pronk
          Iain Mclennan
          Boris van Delden
          Peri Finnigan
          McDonald Vague Limited
          PO Box 6092
          Victoria Street West
          Auckland 1142


HAURAKI RAIL: Court to Hear Wind-Up Petition on Oct. 25
-------------------------------------------------------
A petition to wind up the operations of Hauraki Rail Trail Limited
will be heard before the High Court at Hamilton on Oct. 25, 2022,
at 10:45 a.m.

Carol Susanne Baker filed the petition against the company on
Aug. 3, 2022.

The Petitioner's solicitor is:

          Paul Depledge
          Riverbank Chambers
          The Riverbanks Building, Level 5
          286 Victoria Street
          Hamilton




=====================
P H I L I P P I N E S
=====================

HERMOSA SAVINGS: Subdivision Lots Up for Block Sale on Sept. 23
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will sell a
total of 202 residential lots via block sale on September 23, 2022,
through electronic public bidding (e-bidding).

The properties, located in Gardenville Subdivision, Tiaong, Quezon,
and were previously owned by the closed Hermosa Savings and Loan
Bank, Inc., will be disposed of in blocks consisting of at least
six lots per block. Aggregate property sizes per block consisting
of 6 to 18 parcels of lots are between 464 square meters and 1,439
square meters. To be sold on an "as-is, where is" basis, the total
minimum disposal price is PHP43.3 million, with minimum disposal
prices ranging from PHP1,395,200.00 to PHP4.1 million per block.

Interested buyers may send their bids online through PDIC's
e-bidding portal at https://assetsforsale.pdic.gov.ph starting at
9:00 am on September 22, 2022, until 8:00 am on September 23, 2022.
Bids will be opened at 9:00 am on September 23, 2022.
A one-time registration is required from interested buyers, which
may be completed via the e-bidding portal at
http://assetsforsale.pdic.gov.ph/Account/Register.Bidders may
observe the e-bidding proceedings on the same portal that can be
accessed by clicking the "Assets for Sale" icon on the PDIC
website's homepage at www.pdic.gov.ph.

The complete list and description of the properties, requirements,
e-bidding process, and Conditions of Bid are posted on the same
portal. Bidders are reminded of their responsibility to determine
the actual condition, status, ownership, and other circumstances of
the properties they wish to acquire.

For participants who are submitting bids on behalf of another
individual or an organization, the standard format of the Special
Power of Attorney and Secretary's Certificate, respectively, can
likewise be downloaded from the e-bidding portal.

For more information on the e-bidding, interested buyers may call
the PDIC Public Assistance Department at (02) 8841-4141 during
office hours. Those outside Metro Manila may call the PDIC
toll-free hotline at 1-800-1-888- PDIC or 1-800-1-888-7342, also
during office hours. Inquiries may also be sent via e-mail at
pad@pdic.gov.ph or private message on PDIC's Assets for Sale
Facebook page (@PDICAssetsforSale) or PDIC's official Facebook page
(@OfficialPDIC).

As the statutory receiver, the PDIC sells closed bank-owned assets
through public biddings and negotiated sales. Proceeds from the
liquidation of closed banks' properties are added to the pool of
liquid assets of these banks for distribution to uninsured
depositors and other creditors subject to the rules on concurrence
and preference of credits. The disposal of these assets increases
the chances of recovery of uninsured depositors and creditors of
their trapped funds in the closed banks.

                        About Hermosa Savings

On Feb. 17, 2005, the Troubled Company Reporter - Asia Pacific
reported that the Monetary Board ordered the closure of Hermosa
Savings and Loan Bank on Feb. 3.

The Philippine Deposit Insurance Corporation took over the bank on
the same day.

Hermosa Savings maintained 14 branches in Bataan, Pampanga and
Makati City, the TCR-AP noted.




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

JME ENGINEERING: Creditors' Meetings Set for Sept. 7
----------------------------------------------------
JME Engineering Pte Ltd will hold a meeting for its creditors on
Sept. 7, 2022, at 11:30 a.m., via video conferencing using Zoom.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      company;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. to discuss any other business.


NILEDUTCH SINGAPORE: Creditors' Proofs of Debt Due on Sept. 26
--------------------------------------------------------------
Creditors of Niledutch Singapore Pte Ltd are required to file their
proofs of debt by Sept. 26, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 16, 2022.

The company's liquidator is:

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


NOVAR INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 26
--------------------------------------------------------------
Creditors of Novar International Pte Ltd are required to file their
proofs of debt by Sept. 26, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 17, 2022.

The company's liquidator is:

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


THREE ARROWS: Zhu Accuses Liquidators of Misleading SG Court
------------------------------------------------------------
Bloomberg News reports that the fight between the founders of
defunct crypto hedge fund Three Arrows Capital and the
court-appointed liquidators charged with unwinding their assets has
reached Thailand.

Mr. Zhu Su, who along with co-founder Kyle Davies, has been evasive
about his whereabouts since the spectacular collapse of their fund,
delivered an affidavit in person in Bangkok on
Aug. 19, according to a notarised document seen by Bloomberg News.

In the affidavit, Mr. Zhu accused the liquidators of misleading the
High Court of Singapore about the hedge fund's structure, Bloomberg
relates. Three Arrows shifted its registration to the British
Virgin Islands after having previously operated out of Singapore.
Mr. Zhu in April had also disclosed plans to move the fund's
headquarters to Dubai.

A court in the British Virgin Islands in June appointed advisory
firm Teneo to liquidate Three Arrows' assets, Bloomberg notes. The
fund's implosion and failure to meet margin calls precipitated a
series of market declines and fuelled significant distress among
its creditors. The fund's liquidators have accused the two founders
of failing to cooperate with their efforts, court papers show, a
characterisation Mr. Zhu challenged on Twitter.

According  to Bloomberg, the liquidators have said in Singapore
court that Mr. Zhu and Mr. Davies have provided "rather selective
and piecemeal disclosures" about the fund's assets. Mr. Zhu's
affidavit alleges that the liquidators "had not provided an
entirely complete or accurate version of events" to the Singapore
court, which earlier this week formally granted a petition by Teneo
to recognise the liquidation order in the country.

In the affidavit, Mr. Zhu cites multiple different entities in his
and his co-founder's financial universe. According to Mr. Zhu, the
liquidators have offered "inaccurate and misleading"
representations of the operations, relationships and timelines
associated with these entities in their petitions to the Singapore
court.

Mr. Zhu identified himself as a director of Three Arrows Capital
Pte Ltd, or TACPL. This entity, according to Mr. Zhu, first became
a registered fund manager in Singapore "in or around" August 2013
and was licensed there until July 31, 2021, Bloomberg relays.

He also described two feeder funds: Three Arrows Fund Ltd, or TAFL,
registered in the British Virgin Islands, and Three Arrows Fund LP,
or TAFLP, registered in the US state of Delaware. These entities
fed into a master fund named in the affidavit as "the Company".

The entity formerly registered in Singapore, TACPL, ceased to be
the investment manager for the master and feeder funds as of Sept.
1, 2021, according to the affidavit cited by Bloomberg. In its
place, enter a fourth entity: ThreeAC Ltd, domiciled in the British
Virgin Islands and which has operated as investment manager for
those funds "since in or around August 2021".

The specifics of these representations matter, according to Mr.
Zhu, because the fund's Singapore entity, TACPL may not be able to
fully comply with the liquidators' wide-ranging demands for
information. TACPL is the entity of which Mr. Zhu identified
himself as a director.

TACPL is concerned "about the potentially draconian consequences
arising from the liquidators' exercise of their wide powers", the
affidavit, as cited by Bloomberg, said.

Mr. Zhu noted that TACPL's officers and representatives, of which
as a director he is one, could themselves face fines and
imprisonment if they are found in contempt of the court, Bloomberg
adds.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings.  Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.




=====================
S O U T H   K O R E A
=====================

SSANGYONG MOTOR: Court Approves Rehabilitation Plan
---------------------------------------------------
Yonhap News Agency reports that a Seoul court on Aug. 26 approved
SsangYong Motor Co.'s rehabilitation plan with "overwhelming"
support from creditors and other related parties, paving the way
for the carmaker to get its business back on track.

Yonhap relates that the approval, which came one month after
SsangYong submitted its restructuring plan to the Seoul Bankruptcy
Court, effectively green lights a local consortium's bid to buy the
debt-laden carmaker.

In June, the court picked the consortium, led by chemical-to-steel
firm KG Group, as the final bidder to acquire SsangYong, the report
notes.

SsangYong's creditor banks, subcontractors and shareholders have
agreed on the carmaker's proposed debt settlement plan in a meeting
presided over by the court, the company said in a statement.

According to the report, SsangYong expected it will be able to
graduate from the court-led debt rescheduling program within this
year if all the planned debt payments are completed as scheduled.

Under the plan, SsangYong said it will pay KRW237 billion (US$177
million) to its creditors, 13.97% of KRW393.8 billion it owes to
subcontractors in cash and 5.43 percent of KRW136.3 billion to its
Indian parent Mahindra & Mahindra Ltd. in cash.

SsangYong plans to convert the remaining debt it owes to
subcontractors and Mahindra into SsangYong shares in a
debt-to-equity swap.

In the case of Mahindra, it will undergo two rounds of reverse
stock splits -- 1-for-10 and 1-for-3.6 -- after completing the
debt-to-equity swap. It will sharply lower Mahindra's stake in
SsangYong to a single-digit number, the report relays.

The KG consortium is set to emerge as the biggest shareholder with
a 61% stake in the SUV-focused carmaker.

Yonhap relates that the KG consortium offered the price of KRW335.5
billion for SsangYong, which has been under court receivership
since April 15, 2021, after Mahindra failed to attract an investor
amid the COVID-19 pandemic and its worsening financial status.

The consortium recently paid all the acquisition money to SsangYong
and an additional KRW30 billion for the payment of debt the
carmaker owes to its subcontractors.

The rehabilitation plan also includes the KG consortium's rights
issue plan to raise KRW564.5 billion for SsangYong's additional
debt payment and operating capital, the report adds.

                       About SsangYong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.

As previously reported in the Troubled Company Reporter-Asia
Pacific, SsangYong Motor filed for court receivership on Dec. 21,
2020, as it struggled with snowballing debts amid the COVID-19
pandemic, according to Yonhap News Agency. The decision came after
SsangYong Motor failed to pay KRW60 billion (US$54.8 million) worth
of debts to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

In November 2021, Edison Motors and SsangYong signed a memorandum
of understanding for the purchase and the Seoul Bankruptcy Court
approved the Edison-led consortium to take over SsangYong in
January. Initially, Edison planned to attract financial investors
to raise funds, but the company has been struggling with securing
enough funds for the acquisition. Consequently, SsangYong Motor
canceled the deal to sell its controlling stake to Edison Motors
due to the electric bus maker's payment failure.




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

TECHCOMBANK: S&P Affirms 'BB-/B' Issuer Credit Ratings
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating and 'B' short-term rating on Vietnam Technological And
Commercial Joint Stock Bank's (Techcombank). The outlook on
long-term rating remains stable.

Techcombank's profitability is likely to stay above industry
average. S&P said, "We forecast Techcombank's credit growth at
20%-25% for the next 12-18 months. Its net interest margin may be
compressed somewhat due to rising funding cost. However, overall
profitability should remain above the industry average with return
on assets of 3.3%-3.6%. Its profitability will be supported by its
high-yielding loan book, high share of low-cost deposits, and
sizable noninterest income (due to export-led trade finance and
foreign exchange income, cross-sales of retail products [e.g.,
insurance], e-transaction channels, loan processing, and card
fees). We expect growth in bond underwriting fees to slow due to
volatile market conditions. With higher operating efficiency, we
project cost-to-income ratio of about 30%. We expect rangebound
credit cost for the bank because Vietnam's economy has rebounded
after the COVID-related slowdown in 2021."

Techcombank's backlog of loans under COVID relief have reduced
substantially to 0.1% of total loans as of June 2022 and the
existing bad loans remain adequately provided for. The bank is
likely to retain all profits to support its growth. Hence, its
pre-diversification risk-adjusted capital ratio is likely to remain
in the 5%-6% range.

Techcombank may face higher funding volatility and refinancing
risk. It is gaining loan market share in the fast-growing
Vietnamese credit market. However, its deposit growth is not
keeping pace with its loan growth. Techcombank is relying more on
wholesale sources of funds, including the domestic bank and bond
markets, and syndicated loans and other borrowings from foreign
lenders. Its ratio of customer deposits to total funding base fell
to 64.3% in June 2022 from 78.6% at the end of 2020. This ratio is
lower than its peers' (80%-100%). Techcombank's loan-to-deposit
ratio increased to 120.6% from 99.2% during that time.

In S&P's view, this approach may provide benefits such as
diversification of funding sources, lengthening of the maturity
profile, and low interest rates until recently because some of
these wholesale borrowings have come at lower rates than
medium-term fixed deposits. However, this may also expose the bank
to higher funding volatility and refinancing risks if the share of
wholesale financing in total funding base keeps increasing and
interest rates increase both globally and domestically due to
tighter monetary policies.

Although Techcombank's wholesale funding has increased, its deposit
base is likely to remain strong and diversified. The bank is likely
to focus on its affluent and mass affluent customer base, increase
its adoption of digital channels, and provide better customer
service to maintain one of the highest share of demand deposits in
the industry. Techcombank's proportion of low-cost demand deposits
stood at 47.5% as of June 30, 2022, up from 21% in 2015. This ratio
compares favorably with that of peers (around 20%). Households
account for about 70% of the bank's deposits, while corporates and
small and midsize enterprises contribute the rest.

S&P said, "We believe Techcombank has moderate systemic importance
in Vietnam, and assess the government as being highly supportive,
resulting in moderately high likelihood of government support.

"The stable outlook on Techcombank reflects our view that the bank
will maintain its entrenched retail franchise and
above-industry-average profitability over the next 12-18 months.

"We may revise downward the stand-alone credit profile (SACP) of
the bank if Techcombank's funding ratio continues to deteriorate
such that the gap with peers becomes even wider, for example, if
its loan-to-deposit ratio increases to 130%-140% or more, or if the
proportion of customer deposits to total funding drops below 60%.
We may also revise downward the SACP if Techcombank's liquidity
suffers, business position weakens, possibly due to strategic
missteps, or if the bank's asset quality deteriorates
substantially, possibly due to a prolonged reduction in economic
activity in Vietnam."

However, based on government support for the bank, the SACP needs
to decline by at least two notches for its rating to be lowered,
provided the sovereign credit rating on Vietnam is unchanged. This
is unlikely to happen in next 12-18 months.

An upgrade is unlikely, in S&P's view, given Techcombank primarily
operates in Vietnam, which can have volatile operating conditions
and high economic risk.



                           *********


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
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