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

                     A S I A   P A C I F I C

          Thursday, September 1, 2022, Vol. 25, No. 169

                           Headlines



A U S T R A L I A

AUSTRALIAN COASTAL: First Creditors' Meeting Set for Sept. 8
ELYSIAN ENERGY: First Creditors' Meeting Set for Sept. 9
FIRMGUARD PTY: Collapses Into Liquidation
RAWESOME PTY: Second Creditors' Meeting Set for Sept. 7
T2 TRANSPORT: First Creditors' Meeting Set for Sept. 7

WAREMAN GROUP: Second Creditors' Meeting Set for Sept. 8


C H I N A

CHINA EVERGRANDE: Bondholders Push Own Plan for Debt Restructuring
CHINA EVERGRANDE: Winding-Up Lawsuit in HK Adjourned Until Sept. 5
COUNTRY GARDEN: 'Deeply Sorry' as Profits Tumble 96%
[*] CHINA: Top 3 Airlines Post Steep Losses in 2nd Quarter


I N D I A

A & T INFRACON: CARE Lowers Rating on INR4cr LT Loan to B-
ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
AHITRI SPINNING: ICRA Keeps D Debt Ratings in Not Cooperating
ALTICO CAPITAL: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating

BAHRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
BARDHAMAN AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
BLUE3 IT: ICRA Withdraws B+ Issuer Rating
BUDS TEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
C.G. ISPAT: ICRA Keeps B+ Ratings in Not Cooperating Category

CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
CHHATRAPATI SAMBHAJI: Ind-Ra Moves B+ Rating to Non-Cooperating
COSMOS JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
DEVARAJ HOTELS: CARE Withdraws B+ Rating on Long Term Bank Debt
DUDI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating

EMT MEGATHERM: CARE Lowers Rating on INR14cr LT Loan to C
FOUZDAR CARS: CARE Keeps B- Debt Ratings in Not Cooperating
GHAN MARINE: CARE Keeps B- Debt Rating in Not Cooperating Category
HABIB TEXTILES: ICRA Keeps B+ Debt Rating in Not Cooperating
INNOVINC ASPIRE: Ind-Ra Assigns B+ Long-Term Issuer Rating

KRISH AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
LASER FIBERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
LB COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
M.M. ISPAT: ICRA Keeps D Debt Ratings in Not Cooperating Category
MADHAV TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating

MAGNAM NETLINK: ICRA Lowers Rating on INR6.30cr LT Loan to B+
MYTRAH ABHINAV: CARE Puts B+ Rating in Credit Watch Developing
MYTRAH ADARSH: CARE Puts B+ Debt Rating in Credit Watch Developing
NANDINI FITNESS: ICRA Keeps D Debt Rating in Not Cooperating
NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating

NORTH WESTERN: ICRA Moves D Debt Rating to Not Cooperating
NSL SUGARS: ICRA Reaffirms D Rating on INR194.90cr Debt
ONE CAPITALL: ICRA Keeps D Debt Ratings in Not Cooperating
POMMYS GARMENTS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
PRAGATI TRANSMISSION: Ind-Ra Moves BB Rating to Non-Cooperating

RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
RKB GLOBAL: Ind-Ra Hikes LT Issuer Rating to B+, Outlook Stable
SAINI ALLOYS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
SHIV SHIPPING: CARE Keeps B-/A4 Debt Ratings in Not Cooperating
SHREEGLUCO BIOTECH: Ind-Ra Assigns BB+ Long-Term Issuer Rating

TECHNICO PRIVATE: Ind-Ra Assigns BB- Long-Term Issuer Rating
UMESH INDUSTRIES: CARE Lowers Rating on INR8.78cr Loan to B-


J A P A N

H.I.S. CO: To Sell Huis Ten Bosch Resort Stake to Hong Kong Fund


N E W   Z E A L A N D

CULTURE AND THEORY: Creditors' Proofs of Debt Due on Sept. 7
GREENLANE SIGN: Creditors' Proofs of Debt Due on Sept. 27
K SUN: Steven Khov and Kieran Jones Appointed as Receivers
MINDSET PLD: First Creditors' Meeting Set for Sept. 9
PORTALSPAN BUILDINGS: First Creditors' Meeting Set for Sept. 5



S I N G A P O R E

CAZ OFFSHORE: Creditors' Meetings Set for Sept. 8
LUBE-WAY TRADING: Commences Wind-Up Proceedings
MINGDA HOLDING: Court Enters Wind-Up Order
PHOENIX LAND: Commences Wind-Up Proceedings
SIN HIN: Court Enters Wind-Up Order



S O U T H   K O R E A

OPTIMUS ASSET: Court Declares Asset Manager Bankrupt


S R I   L A N K A

SRI LANKA: In 'Final Stage' of IMF Talks; Budget Deficit Widens


T H A I L A N D

[*] THAILAND: More Than 7,000 Go Bust in Past 7 Months

                           - - - - -


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

AUSTRALIAN COASTAL: First Creditors' Meeting Set for Sept. 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Coastal and Marine Ecology Pty Ltd will be held on Sept. 8, 2022,
at 10:00 a.m. via Zoom teleconference facilities.

Mitchell Ball and Thyge Trafford-Jones of Mackay Goodwin were
appointed as administrators of the company on Aug. 29, 2022.


ELYSIAN ENERGY: First Creditors' Meeting Set for Sept. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Elysian
Energy Pty. Ltd. and Elysian Wholesale Pty Ltd will be held on
Sept. 9, 2022, at 10:30 a.m. via virtual meeting.

Adrian Robert Hunter and Robyn Erskine of Brooke Bird were
appointed as administrators of the company on Aug. 30, 2022.


FIRMGUARD PTY: Collapses Into Liquidation
-----------------------------------------
News.com.au reports that FirmGuard Pty Ltd, an Australian
technology company, has become the latest casualty in the country's
struggling start-up sector after it collapsed earlier this month.

Sydney-based FirmGuard, which taught other companies risk
management and compliance requirements and issued AUD2.3 million
worth of private shares, went into liquidation on August 1,
news.com.au relates.

According to the report, the firm allegedly didn't pay staff
members their full wages or superannuation in the months leading up
to its demise and an employee was in the process of taking legal
action when the company went bust.

A former staff member has alleged that a damning SMS text message
showed that the company's founder and chief executive, Dan Ussher,
attempted to keep his business afloat by manually paying the worker
using his own funds, News.com.au relays.

News.com.au relates that ex-employee Andrew Tierney, who worked as
FirmGuard's general manager for 18 months, claims he is owed
AUD150,000 in unpaid wages and remuneration, which he says stopped
being paid from April this year.

Mr. Tierney, 55, begged for his salary to be paid and eventually
engaged a solicitor.

Then he received an unusual text message from his boss, Mr. Ussher,
who sent him a receipt which showed AUD1,000 had been sent to him.

"I've popped AUD1k into your account from my savings while I sort
this sh*t out," Mr. Ussher wrote in the text message, seen by
news.com.au.

However, this money never arrived in Mr. Tierney's bank statement.

"(The money) didn't come through," Mr Tierney told news.com.au.
"[The situation] was raising the hairs on the back of my neck."

In the text message thread, Mr Ussher sent him a manual receipt and
in subsequent messages, assured him the money was coming.

Another AUD1500 was transferred in the same manner, and this time
it did reach Mr Tierney's account.

"That was the last thing I really heard from him (Mr Ussher)."

Mr. Tierney claims he was then terminated from the company on July
28 and just three days later, FirmGuard appointed liquidators.

Mr. Ussher told news.com.au he would not be commenting on the
matter.

According to a liquidator's report on FirmGuard's collapse released
on August 14, AUD2.3 million worth of share capital was issued to
investors but only AUD113,000 of that was paid back, news.com.au
discloses.

The majority of those shares were from Mr Ussher, who invested
AUD2.2 million into his company. Mr. Tierney was the second-largest
shareholder.

FirmGuard has 16 creditors chasing it for at least AUD320,000 they
claim is owed to them.

However, that number is expected to be a lot higher because the
AUD150,000 Mr. Tierney claims he is owed was not included in the
report. It simply says he is owed an "unknown" amount, news.com.au
says.

Two other creditors - the Fair Work Commission and iCare - have
also been listed as "unknown" in terms of the amount owed.

The Australian Tax office is owed AUD150,000.

News.com.au has contacted the liquidator, Christian Sprowles of
HoganSprowles, for comment, however emails and phone calls went
unanswered for several days.


RAWESOME PTY: Second Creditors' Meeting Set for Sept. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Rawesome Pty
Limited has been set for Sept. 7, 2022, at 9:00 a.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 Sept. 5, 2022, at 5:00 p.m.

Andrew Blundell and Simon Cathro of Cathro & Partners were
appointed as administrators of the company on Aug. 3, 2022.


T2 TRANSPORT: First Creditors' Meeting Set for Sept. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of T2 Transport
Pty Ltd will be held on Sept. 7, 2022, at 12:30 p.m. at the offices
of Cor Cordis at Level 29, 360 Collins Street in Melbourne.

Sam Kaso of Cor Cordis was appointed as administrator of the
company on Aug. 26, 2022.


WAREMAN GROUP: Second Creditors' Meeting Set for Sept. 8
--------------------------------------------------------
A second meeting of creditors in the proceedings of Wareman Group
Pty Ltd, T D South Group Pty Ltd, and T D North Group Pty Ltd has
been set for Sept. 8, 2022, at 11:00 a.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 Sept. 7, 2022, at 5:00 p.m.

Adam Shepard of Setter Shepard was appointed as administrator of
the company on Aug. 4, 2022.




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

CHINA EVERGRANDE: Bondholders Push Own Plan for Debt Restructuring
------------------------------------------------------------------
Reuters, citing the Financial Times, reports that global funds that
invested in China Evergrande Group's bonds have come up with their
own debt restructuring plan for the property developer and demanded
that its chair repay liabilities with his own fortune.

With more than $300 billion in liabilities, Evergrande, once
China's top-selling developer, has been at the centre of the crisis
and its debt restructuring plan is seen as a possible template for
others.

Bondholders submitted a proposal that laid out a framework to
restructure Evergrande's $20 billion of offshore debts in recent
days after the company missed a deadline in July to present a plan
to meet its colossal liabilities, the FT said, Reuters relays.

The foreign creditors also proposed that Evergrande chair Hui Ka
Yan buy new shares issued by the company and use the capital to
repay part of its offshore debts, the FT added.

Reuters adds that Evergrande said in July it would offer its
offshore creditors asset packages that may include shares in two
overseas-listed units as a sweetener.

                       About China Evergrande

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific in June
2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has
withdrawn the ratings as Evergrande and its subsidiaries have
chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Evergrande and its subsidiaries.


CHINA EVERGRANDE: Winding-Up Lawsuit in HK Adjourned Until Sept. 5
------------------------------------------------------------------
Reuters reports that China Evergrande Group on Aug. 31 opposed a
winding-up petition filed in a Hong Kong court, with the hearing
now being adjourned until Sept. 5.

An investor in Evergrande's Chinese online real estate and
automobile marketplace, Fangchebao (FCB), in June had filed a
winding-up petition against the developer in Hong Kong as it had
not honoured an agreement worth $110 million to repurchase shares
the investor bought in FCB, Reuters says.  

The company had said in a June filing that it would "vigorously"
oppose the winding-up lawsuit and that the petition would not
impact its restructuring plan, Reuters recalls.  

A source close to the company told Reuters last month it was
reaching out to its offshore creditors for their support to fight
the lawsuit and it was not considering an out-of-court settlement.


                       About China Evergrande

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific in June
2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has
withdrawn the ratings as Evergrande and its subsidiaries have
chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Evergrande and its subsidiaries.


COUNTRY GARDEN: 'Deeply Sorry' as Profits Tumble 96%
----------------------------------------------------
South China Morning Post reports that China's biggest home seller,
Country Garden Holdings, has apologised after reporting the worst
half-year performance in its history as a listed company.

The Foshan-based company reported a net profit of CNY612 million
(US$88.7 million) in the six months ended June 30, down 96% from a
year earlier, the Post discloses. That is the sharpest decline
since the company listed its shares in 2007, according to a filing
to the Hong Kong stock exchange on Aug. 30.

The developer's boss struck a gloomy tone about the immediate
prospects for a recovery in China's beleaguered housing market.
However, he believes things could turn around next summer, the Post
relates.

"We are facing a bitter winter that we have never seen in the
history of China housing and the turbulence has gone beyond our
expectation," the report quotes chief executive officer Mo Bin as
as saying.

"We are deeply sorry to our investors about the poor performance,
and our management team will rethink and review profoundly.

"We believe that now the real estate industry is already at the
bottom and we've seen some recovery already. There is still
uncertainty about how long it will take to recover, but we believe
by June next year, we could see the housing sector back on a
healthy track."

Core net profit, adjusted for items such as property revaluations,
was down 68% to CNY491 million, dragged down by low sales.

Country Garden sold CNY185.10 billion worth homes from January to
June, nearly 40% less than in the same period a year ago.

The company did not deliver any dividend for the first six months,
having paid 20.98 cents per share as an interim dividend last year,
the Post notes.

"There were multiple whammies, including the Covid-19 situation,
and the crisis that happened to our peers and the mortgage boycott
that have gravely hurt our performance," the report quotes Wu
Bijun, chief financial officer at the company, as saying.  "So far,
we have not seen home sales got stabilised yet, and to keep the
company safe, we decided not to pay any interim dividend this
year."

The Chinese real estate sector is mired in gloom, the Post states.

Some 21 major developers have defaulted on their unmanageable debts
in the last year, most notably China Evergrande Group. Thousands of
homebuyers staged a mortgage boycott last month, adding to the
crisis.

Shares of Country Garden closed at HK$2.49, down 4.23% on Aug. 30,
bringing the decrease in the past year to 71%, according to the
Post.

Most of its offshore bonds are below 50 cents on the dollar, after
some traded near face value earlier this year.

The Post adds that Wu did not foresee any problem managing imminent
debt payments.

"We have about CNY15 billion worth of outstanding debts maturing in
the coming year, including two onshore bonds worth CNY4 billion,
and another CNY4 billion worth of offshore bonds," he said.

"The amount is not very big and we do not see much pressure
repaying them.

"We will issue our first tranche of yuan-denominated bonds in
September and by the end of the year, we will have issued about 5
billion yuan in yuan-denominated bonds."

                        About Country Garden

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has downgraded China-based homebuilder Country Garden
Holdings Company Limited's Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs), senior unsecured ratings and the
rating on the outstanding bonds to 'BB+' from 'BBB-'. All ratings
remain on Rating Watch Negative (RWN).


[*] CHINA: Top 3 Airlines Post Steep Losses in 2nd Quarter
----------------------------------------------------------
Reuters reports that China's three biggest airlines posted on Aug.
30 a combined CNY28.4 billion ($4.12 billion) second-quarter loss,
wider than in the first quarter, due to major travel disruptions
including a strict COVID-related lockdown in Shanghai.

Reuters relates that the country's policy of localised lockdowns in
response to case numbers that are small by global standards has
forced carriers to frequently press the stop button on domestic
travel, the main driver for revenue amid border policies that have
all but grounded international travel.

According to Reuters, Shanghai-based China Eastern Airlines said
its net loss reached CNY10.9 billion in the quarter, higher than
the CNY7.8 billion loss in the first quarter, and the highest among
the three, mainly due to lockdowns in its home city.

Reuters relates that the airline also temporarily grounded its
Boeing Co 737-800 planes following a fatal crash in late March, the
cause of which has yet to be determined. Beijing-based Air China
Ltd, the country's flag carrier, reported a second-quarter loss of
CNY10.5 billion, wider than a loss of CNY8.9 billion in the first
quarter when a strict travel policy was in place for the Winter
Olympics, Reuters discloses. China Southern Airlines posted a
second-quarter loss of CNY7.0 billion, up from CNY4.5 billion in
the first quarter.

The second-quarter figures were based on Reuters calculations given
the airlines report first quarter and half-year results but do not
break out the second quarter.

Total losses of the three leading airlines in the country amounted
to nearly CNY50 billion in the first half, far exceeding a total
half-year loss of CNY16.7 billion in the same period last year,
Reuters discloses.

According to Reuters, the three state-owned carriers last week
reaffirmed plans to buy a combined 292 Airbus A320neo family
narrowbody jets, in deals valued at more than $37 billion at list
prices.

The Boeing Co 737 MAX has still not returned to commercial service
in China, more than three years after being grounded after two
fatal crashes, Reuters notes.

According to Reuters, Jefferies analysts said domestic flights in
China had recovered modestly in June, but conditions had
deteriorated from late July as growing case numbers in popular
travel destinations including Hainan Island, Xinjiang and Tibet led
to a new round of lockdowns.

The international market remains extremely depressed, with flight
numbers at less than 1% of 2019 levels, Jefferies added.

The U.S. government said on Aug. 25 it will suspend 26 China-bound
flights in response to the Chinese government's decision to suspend
some flights by U.S. carriers over COVID-19 cases.

Other challenges for Chinese airlines include a weaker yuan and
rising oil prices, HSBC analyst Parash Jain said in a note last
month, adds Reuters.




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

A & T INFRACON: CARE Lowers Rating on INR4cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
A & T Infracon Private Limited (ATIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

   Short Term Bank     10.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 7, 2021,
placed the rating(s) of ATIPL under the 'issuer non-cooperating'
category as ATIPL 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. ATIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2022, May 3, 2022, May 13, 2022 and August 18, 2022.

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

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

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

The ratings also factored in the instances of time being delays in
instalments recognized from Annual Report of FY21, available from
registrar of the companies. However, CARE has not rated any term
loans.

Initially formed as a partnership firm named M/s Chohtan
Construction Company (CCC) in 1981, A&T Infracon Private Limited
(ATIPL) changed its constitution to a private limited company
w.e.f. May 25, 2011. A&T is involved in the construction and
infrastructure related activities (mainly road works, earthen
embankment and other allied construction activities). ATIPL was
promoted by Mr. Ashok Doshi and Mr. Tej Ram Chowdhary who have
almost three decades of experience in the construction industry.
Post retirement of Mr. Tej Chowdhary in October 2013, the company
is managed by Mr. Ashok Doshi and his wife Mrs Anita Doshi. The
directors are also partners in M/s Rajwada Crush Metal, a
partnership firm, engaged in crushing of stones and metals.


ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Adams Marketing Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        24.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         0.83       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2007, through the merger of two proprietorship
firms - Adams Motors and Adams Electronics - Adams Marketing Pvt.
Ltd. primarily deals in electronic consumer durable goods such as
televisions, washing machines, refrigerators, air conditioners, and
laptops. AMPL is the authorized dealer of reputed consumer durable
players, including Samsung India Pvt. Ltd., Voltas Limited, Sony
India Pvt. Ltd., and Mitsubishi Electric India Pvt. Ltd., among
others. It currently operates through its 12 multi-brand showrooms
across West Bengal. The company also has a central warehouse
located at Benaras Road, Biradingi, West Bengal, for inventory
storage and distribution across all its stores.

AHITRI SPINNING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ahitri
Spinning Mills Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        18.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

   Non-fund            1.35      [ICRA]D ISSUER NOT COOPERATING;
   Based–Bank                    Rating continues to remain
under
   Guarantee/LC                  'Issuer Not Cooperating'
                                 Category

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

Incorporated in June 2014, Ahitri Spinning Mills Pvt. Ltd. (ASMPL)
is promoted by Mr. Haresh Trivedi, Mr. Hirabhai Ahir, Mrs. Jyotiben
Ahir, Mrs. Parul Trivedi and family members. ASMPL is engaged in
spinning cotton and manufactures 100% carded cotton yarn, in the
range of 28s to 34s counts. The commercial operations commenced in
September 2017. The manufacturing facility is in Dholi village,
Ahmedabad, and has an installed capacity of 13056 spindles per
annum. The key promoters have experience in the textile industry
through their association with entities in cotton ginning.


ALTICO CAPITAL: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Altico Capital
India Limited's (Altico) Long-Term Issuer Rating of 'IND D' and
Short-Term Issuer Rating of 'IND A4'.

The instrument-wise rating actions are:

-- INR950.7 mil. Non-convertible debentures (NCDs)* is withdrawn;

-- INR1.570 bil. Bank loans is withdrawn;

-- INR8.50 bil. Commercial paper (CP) is withdrawn; and

-- INR7.5 mil. Principal protected market-linked debenture
     (PPMPLD)#* is withdrawn.

* Details in Annexure

#The suffix emr denotes the exclusion of the embedded market risk
from the rating. The rating of market-linked debentures is based on
an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in
such instruments will assume. This market risk stems from the fact
that the coupon payment on these instruments will be based on the
performance of a reference index or equity share (detailed in the
information memorandum of the issue).

PP-MLD refers to full principal protection in the equity-linked
notes, wherein the issuer is obligated to pay the full principal
upon maturity.

Key Rating Drivers

Ind-Ra has withdrawn the ratings on the company's request, as there
is no debt outstanding against the rated instrument, and the agency
has received no dues certificate from the bankers and debenture
trustee. The agency will no longer provide ratings or analytical
coverage for the company.

Company Profile

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. However, Altico ceased to be a
non-bank financial company in August 2021 and there has been a full
settlement of all the debt on its books on March 10, 2022 as per
the settlement agreement with all lenders.


ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term rating of Annadata
Rice Mill in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term/         5.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING; Rating continues
   Unallocated                   to remain under 'Issuer Not
                                 Cooperating' category

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

Established in 2007 as a partnership firm, ARM has been promoted by
Mr. Sekh Jakir Ali and Mr. Mirza Amanat Ali. The firm mills govind
bhog rice and has an installed milling capacity of 8,400 metric
tonnes per annum (MTPA) in the Burdwan district of West Bengal.


BAHRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Bahra
Educational and Charitable Society in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        5.25       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan         24.48       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated       15.27       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Bahra Educational and Charitable Society (BECS) was formed in 2009
and has set up a state private university in Shimla named Bahra
University. Bahra University has six constituent colleges which
offer engineering, management, computer applications, pharmacy,
hospitality and law courses. The total student strength across the
six colleges during AY 2016-17 is ~1800 students.


BARDHAMAN AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term and Short-term rating of Bardhaman
Agro Products (I) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.20        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2009 as a private limited company, BAPPL has been
promoted by Mr. Sekh Rabiul Haque and Mr. Samir Kanti Sikdar. The
company is engaged in the milling of govind bhog rice and has an
installed milling capacity of 96 metric tonnes per day (MTPD), or
28,800 metric tonnes per annum (MTPA). The rice mill is located in
the Burdwan district of West Bengal.


BLUE3 IT: ICRA Withdraws B+ Issuer Rating
-----------------------------------------
ICRA has withdrawn the issuer rating assigned to Blue3 It Solutions
Pvt. Ltd. at the request of the company and in accordance with
ICRA's policy on withdrawal. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key Rating Drivers,
Liquidity Position, Rating Sensitivities, Key financial indicators
have not been captured as the related instruments are being
withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Issuer Rating       -         [ICRA]B+ (Stable); withdrawn

Incorporated in 2012, Blue3 It solutions Pvt. Ltd. (Blue3 / the
company) is a small-sized company involved in management of Aadhaar
enrolment centers (Aadhar service) in Andhra Pradesh, Karnataka and
Telangana region, mainly for SBI, Andhra Pradesh Grameena Vikas
Bank (APGVB) and Telangana Grameena Bank (TGB). The Aadhar services
are handled by the company's employees posted at branches of SBI,
TGB and APGVB present in the Hyderabad, Amaravathi and Bangalore
region. In May 2020, the company forayed into Corporate Bank
Correspondence (CBC) services for SBI in Amaravati region, managing
several Business Correspondents (BC) or Customer Service Points
(CSP) to provide banking services at locations other than a bank
branch/ATM. The CSP provides services like deposit/withdrawal from
savings account, activation of debit card, linking Aadhar card to
account, opening loan/fixed deposits etc. to the rural population
and earn commission from the banks which is shared between BCs and
CSP. The CSP are hired on contract basis, and they are not a
permanent employee under the payroll of the company.


BUDS TEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Buds Tea Industries
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        14.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         0.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

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

Buds Tea Industries Limited was established in the year 2006 and is
engaged in manufacturing CTC variety of tea. The plant is located
near Jalpaiguri, West Bengal.


C.G. ISPAT: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of C.G.
Ispat Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         19.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         28.79        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        17.21        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2004, the company was acquired by the Raipur based
Vaswani group in October, 2010. CGIPL is engaged in the
manufacturing of MS Beam, Angles Channels and H-Beams, with an
installed capacity of around 60,000 MTPA of steel structurals.
CGIPL also works as a conversion agent for Steel Authority of India
Limited (SAIL). The flagship company of the group, Vaswani
Industries Limited (VIL) holds around 40% of the equity shares in
CGIPL. The Vaswani group on a consolidated level, has production
facilities for sponge iron, billets, steel structurals, power and
steel castings with annual capacities of 90,000 MT, 36,000 MT,
60,000 MT, 11.50 MW and 12,000 MT respectively.

CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term rating of Centric Steel Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

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

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

Incorporated in 1986, Centric Steel Limited (CSL) is promoted by
Kochar family and is engaged in the manufacturing of precision
tubes which find application in automobile, structural steel and
heavy engineering industries. The firm's manufacturing facility is
located at Taloja in Maharashtra and has an installed capacity of
~3 crore meters per annum.


CHHATRAPATI SAMBHAJI: Ind-Ra Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Chhatrapati
Sambhaji Raje Sakhar Udyog Limited's 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 B+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits migrated to non-

     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Term loans due on March 2025 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR410 mil. Proposed term loan migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating.

Company Profile

CSRSUL, incorporated in 2000, has an integrated sugar plant for the
manufacturing of sugar, a co-generation unit of 6MW and ethanol
distillery unit of 60 kilo liters per day.


COSMOS JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Cosmos
Jewellers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        20.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2011, CJPL is a manufacturer, wholesaler and
retailer of gold and diamond jewellery. CJPL has presence largely
in gold jewellery, and its customers are primarily wholesalers and
retailers based in New Delhi. The company was acquired by the
promoters of Delhi based Shree Raj Mahal Group, which is engaged in
the manufacturing, wholesale and retail sales of gold and diamond
jewellery for more than two decades.

DEVARAJ HOTELS: CARE Withdraws B+ Rating on Long Term Bank Debt
---------------------------------------------------------------
CARE has reviewed and reaffirmed the rating assigned to the bank
facilities of Devaraj Hotels Private Limited (DHPL) at CARE B+;
Stable and has simultaneously withdrawn it, with immediate effect.
The rating assigned to the bank facilities of DHPL primarily
tempered by project implementation and business stabilization risk,
intense competition and Inherent cyclicality of the hospitality
industry with dependence on tourist arrivals. However, the rating
continues to derive benefits from qualified and experienced
promoters, locational advantage and achievement of financial
closure. The rating withdrawal is at the request of DHPL and 'No
Objection Certificate' received from the bank that has extended the
facilities rated by CARE.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        -         Reaffirmed at CARE B+; Stable
   Facilities                      and Withdrawn

Detailed description of the key rating drivers

Key Rating weaknesses

* Project implementation and business stabilization risk: DHPL is
in process of setting up a 3-star hotel at Erode with the built-up
area of 55567 Sq. ft. across 5 floors, which includes 40 rooms, 2
restaurants, 1 bar, 2 bouquet hall, health club, SPA, Gym, and
swimming pool and a grand reception with back office and service
areas in 1.25acres of land. The Total project cost is proposed to
be INR30.18 Crore to be funded by term loan of INR18.70 Crore and
balance of INR11.48 Crore by promoter's contribution. As on August
18, 2022, 50% of project has been completed through 50% of
promoter's funds and 40% from term loan. The project is envisaged
to be completed by December 2023.

* Intense competition and Inherent cyclicality of the hospitality
industry with dependence on tourist arrivals: The hospitality
industry is highly sensitive to the untoward events such as
slowdown in the economy. The hospitality industry is cyclical in
nature. i.e., during positive cycles the industry witnesses'
periods of sustained growth and sees healthy average room rates
(ARRs) and occupancy rates (ORs). When recession sets in, the ORs
begin to decline followed by the ARRs. The Indian hospitality
industry is among the sectors that have been impacted the earliest
by the outbreak of the Covid-19 pandemic on account of its
inextricable linkage with travel and tourism, especially foreign
travel and tourism, which evidently bore the first brunt of the
global crisis. The upcoming 2-3 quarters and green shoots are
expected to be crucial for the players in the
hospitality sector.

Key Rating strengths

* Qualified and experienced promoters: Mr. K. Devarajan, a post
graduate professional, served as chief educational officer and
joint director of school education department for 20 years. Mrs.
Madhu Shruthi D/o of Mr. K. Devarajan has pursued her education in
the domain of International Tourism and Hospital management, abroad
and got rich exposure in managing restaurants. She looks after
day-to-day activities supported by her father and her core
competency in hotel management will be an added advantage in this
project.

* Locational advantage: The property is proposed to be raised in
the busiest area of the city of Erode, targeting business
travellers. It is surrounded by government offices, district court,
schools, and colleges, and has proximity towards key industrial and
commercial areas, railway station and bus terminals.

* Achievement of financial closure: DHPL has attained the financial
closure for the project. The estimated total project cost for
setting up the hotel is INR30.18 crore which is to be financed
through a term loan (sanctioned on August 21, 2020) of INR18.70
crore, rest through promoter's own contribution. As on August 18,
2022 the company has incurred INR14.00 Crore towards land
development and building constructions, through the promoter's fund
of INR6.00 Crore and term loan disbursement of INR8.00 Crore.

Devaraj Hotels Private Limited (DHPL) was incorporated on December
20, 2018, promoted by Mr. K. Devarajan and his daughter Mrs. D.
Madhu Shruthi. DHPL proposed to develop a 3-star hotel in Erode,
Tamil Nadu, which offers hospitality services in the areas of
hotels, restaurants, bar, café, banquet hall and convention hall
etc. The company currently constructing the above project with the
buildup area of 55567 Sq.ft across 5 floors, which includes 40
rooms, 2 restaurants, 1 bar, 2 banquet halls, health club, SPA,
Gym, and swimming pool and a grand reception with back office and
service areas in 1.25 acre of land.


DUDI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dudi and
Company (DC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     12.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 07, 2021,
placed the rating(s) of DC under the 'issuer non-cooperating'
category as DC 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. DC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2022, June 2, 2022, June 12, 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).

Bikaner (Rajasthan) based Dudi and Company (DC) was formed in 1996
as a partnership concern. Subsequently, there were changes in the
partnership on April 2005 and currently, there are six partners in
the firm. DC is engaged in execution of contracts related to road
construction. It is registered as an AA class (highest AA class to
lowest D) approved contractor from Public Work Department (PWD),
Rajasthan, Rajasthan State Road Development Corporation (RSRDC) and
Rajasthan Agriculture Marketing Board (RAMB).

EMT MEGATHERM: CARE Lowers Rating on INR14cr LT Loan to C
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
EMT Megatherm Private Limited (EMPL), as:

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

   Long Term/          25.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable/CARE A4

   Short Term Bank     27.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of EMPL under the 'issuer non-cooperating'
category as EMPL 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. EMPL 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).

The ratings assigned to the bank facilities of EMPL have been
revised on account of non-availability of requisite information.
The ratings further consider significant decline in operating
income, accumulated operating and net losses, and highly leveraged
capital structure and debt coverage indicators during FY21 over
FY20.

EMT Megatherm Pvt. Ltd (EMPL) was originally incorporated in July
1998 by the Government of West Bengal (GoWB) as Engel India
Machines & Tools for manufacturing of injection moulding machines
for the plastic industry. In October 2005, the Megatherm
Electronics Pvt Ltd (MEPL) along with its various group companies
took over around 90.1% stake in the company thereby reducing the
stake of GoWB to balance 9.9%. Prior to acquisition, MEPL was
engaged in manufacturing of induction equipment's and executing EPC
contracts in the same field. Post-acquisition, MEPL gradually
transferred its entire operation into EMT and currently it is also
executing certain EPC contracts on its own, wherein MEPL procures
its requirement of induction equipment from EMPL. EMPL is currently
engaged in the manufacturing of induction equipment(like induction
melting furnace, induction heating furnace, electric arc melting
furnace, ladle refining furnace and continuous steel casting
machines) and execution of EPC contracts for steel, foundry &
forging and transformer sector.


FOUZDAR CARS: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fouzdar
Cars Private Limited (FCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      51.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      2.00       CARE B-; Stable/CARE A4;
   Term Bank                       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 23, 2021,
placed the rating(s) of FCPL under the 'issuer non-cooperating'
category as FCPL 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. FCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 9, 2022, May 19, 2022, May 29, 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).

Hoshangabad (Madhya Pradesh) based FCPL was incorporated in 2011 by
Mr. Satyendra Fouzdar, Mr. Azad Fouzdar, Mr. Nishant Fouzdar and Ms
Neerja Fouzdar. FCPL is authorized dealer of Maruti Suzuki India
Limited. FCPL's showroom/workshop located at Hoshangabad district
of Madhya Pradesh is spread across 45,000 Sq. Feet area, apart from
this it has 3 additional showrooms located at Harda, Itarsi and
Pipariya.


GHAN MARINE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ghan Marine
Products (GMP) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 7, 2021,
placed the rating(s) of GMP under the 'issuer non-cooperating'
category as GMP 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. GMP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2022, June 2, 2022, June 12, 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).

Ghan Marine Products (GMP) was established in the year 2011 and
reconstituted in the year 2015. The firm is currently promoted by
Mr. S Venkateswara Rao and his spouse Ms. S Ganga Bhavani. The firm
is engaged in processing, packing and export of shrimp and fishes
to various places like Vietnam, China, Japan and Thailand. The
product profile of the company includes ribbon fish, Mackerel, and
Pudding fish. The firm has the certification of Marine Products
Export Development Authority (MPEDA) for its export activities.

HABIB TEXTILES: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term rating of Habib Textiles Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

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

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

LFPL, promoted by Mr. Murarilal L. Saraf and Pawankumar L. Saraf,
was incorporated as a private limited company in 2009. Its
registered office is at Jash Textile Market in Surat, Gujarat, and
its manufacturing facility at Mangrol, near Surat, Gujarat. It
commenced its operations from 2011. The company is engaged in
manufacturing polyester texturised yarn (PTY) ranging from 30 to
150 deniers in various types, including raw white, dope-dyed,
black, colour dull, semi-dull and 2 bright, round and trifocal
cross section, etc. In January 2015, the company ventured into
manufacturing wrap knitted fabrics. LFPL has nine texturising
machines with a manufacturing capacity of ~10,800 MT per annum, and
a warp knitting machine with a manufacturing capacity of ~250 MT
per annum.

INNOVINC ASPIRE: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Innovinc Aspire
Infratech Solutions Private Limited a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.  

Key Rating Drivers

The ratings reflect IAISPL's small scale of operations with a
revenue of INR145.01 million in FY22 (FY21: INR41.88 million). The
company's revenue increased yoy in FY22 due to improved order
execution. However, the company's inability to directly participate
in tender bids constrains its scale. Nonetheless, Ind-Ra expects
the revenue to improve over the medium term due to orders worth
INR355.091 million in hand, to be executed by December 2022. FY22
numbers are provisional in nature.

Liquidity Indicator - Poor: IAISPL's net working capital cycle
stood elongated at 202 days in FY22 (FY21: 183 days), due to an
increase in its debtors and creditors days. IAISPL's average
maximum utilization of fund-based limits was 88.41% during the 12
months ended July 2022. IAISPL does not have any capital market
exposure. The cash flow from operations turned positive at INR3.04
million in FY22 (FY21:  negative INR6.69 million) While the free
cash flow remained negative at INR2.74 million (negative INR12.17
million). The cash and cash equivalents stood at INR11.70 million
at FYE22 (FYE21: INR4.78 million). IAISPL's debt repayment for FY23
and FY24 is INR2.3 million and INR1.6 million, respectively.

However, the ratings are supported by the promoters' nearly five
years of experience in turnkey projects, which has facilitated the
company to establish strong relationships with customers as well as
suppliers.   

The ratings also factor in IAISPL's healthy EBITDA margin of 15.79%
in FY22 (FY21: 10.08%) with a return on capital employed of 49.2%
(25.1%). Ind-Ra expects the margin to remain at stable in FY23 due
to the similar nature of orders in hand.

The ratings also reflect IAISPL's healthy credit metrics as
reflected by the gross interest coverage (operating EBITDA/gross
interest expenses) of 4.75x in FY22 (FY21: 5.28x) and the net
leverage (adjusted net debt/operating EBITDAR) of 1.45x in FY22
(FY21: 3.81x). In FY22, the interest coverage deteriorated due to
an increase in the interest cost and the net leverage improved
because the company had sufficient cash available with it at the
year end. In FY23, Ind-Ra expects the credit metrics to remain at
similar level due no capex plan during the year.

Rating Sensitivities

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

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the gross interest
coverage declining below 1.5x and deterioration in the liquidity
profile, could lead to negative rating action.

Company Profile

Incorporated in 2017, IAISPL is engaged in the sub-contracting work
for turnkey projects, they are into construction of toll plaza,
majorly 70% of work are part of IT works, which includes
installation of machine and other items. IAISPL is located at
Thane, Maharashtra.


KRISH AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-term rating of Krish Agro Farms Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.38       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        12.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2013, KAFPL is involved in milling of paddy to
produce non-basmati parboiled rice. The company started its
operation (Unit-I) with a milling capacity of 60,000 metric tonne
per annum (MTPA) in December 2015. The overall milling capacity was
enhanced to 132,000 MTPA in May 2018 with the commissioning of
Unit-II. The production facilities of the company are in Hooghly
district of West Bengal. The company is promoted by Hooghly-based
Shaw family.

LASER FIBERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term and Short-term rating of Laser
Fibers Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.72        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term         (2.50)       [ICRA]A4; ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

LFPL, promoted by Mr. Murarilal L. Saraf and Pawankumar L. Saraf,
was incorporated as a private limited company in 2009. Its
registered office is at Jash Textile Market in Surat, Gujarat, and
its manufacturing facility at Mangrol, near Surat, Gujarat. It
commenced its operations from 2011. The company is engaged in
manufacturing polyester texturised yarn (PTY) ranging from 30 to
150 deniers in various types, including raw white, dope-dyed,
black, colour dull, semi-dull and 2 bright, round and trifocal
cross section, etc. In January 2015, the company ventured into
manufacturing wrap knitted fabrics. LFPL has nine texturising
machines with a manufacturing capacity of ~10,800 MT per annum, and
a warp knitting machine with a manufacturing capacity of ~250 MT
per annum.

LB COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-term rating of Lb Cotton Industries Llp
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2013, KAFPL is involved in milling of paddy to
produce non-basmati parboiled rice. The company started its
operation (Unit-I) with a milling capacity of 60,000 metric tonne
per annum (MTPA) in December 2015. The overall milling capacity was
enhanced to 132,000 MTPA in May 2018 with the commissioning of
Unit-II. The production facilities of the company are in Hooghly
district of West Bengal. The company is promoted by Hooghly-based
Shaw family.


M.M. ISPAT: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of M.M. Ispat Pvt Ltd in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

M.M. Ispat Pvt Ltd, incorporated in the year 2009, had been
involved in trading of iron and steel products, such as hot rolled
sheets, cold rolled sheets, galvanized plain, galvanized corrugated
sheets, M.S. Angle, M.S. Channel, and M.S. Pipe etc primarily in
Raipur, Chhattisgarh.

MADHAV TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madhav
Textiles (MT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           7.00       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 Ratings Ltd. had, vide its press release dated June 23, 2021,
placed the rating(s) of MT under the 'issuer non-cooperating'
category as MT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 09, 2022, May 19, 2022, May 29, 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).

Surat (Gujarat) based MT was established in 2010 as a
proprietorship firm by Mr. Akhilesh Maheswari. MT is into the
business of trading of yarn (Viscose and Mono Filament) and
finished fabrics. MT is also doing job work of finished fabric
however proportion of the same is very small. MT imports its
material i.e. viscose yarn and mono filament yarn from China and
Korea and purchases finished fabric from the local market. These
materials are then being supplied to local weavers (in case of
yarn) and manufacturer of sarees and readymade garments (in case of
finished fabric).


MAGNAM NETLINK: ICRA Lowers Rating on INR6.30cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Magnam
Netlink Pvt. Ltd. (MNPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–          6.30        [ICRA]B+(Stable) ISSUER NOT
   Fund Based–                     COOPERATING; Rating downgraded

   Cash Credit                     from [ICRA]BB- (Stable) and
                                   rating moved 'Issuer Not
                                   Cooperating' category

   Short Term–         20.50       [ICRA]A4 ISSUER NOT
   Non-Fund Based–                 COOPERATING; Rating Moved to
   Bank Guarantee                  'Issuer Not Cooperating'
                                   Category

   Short Term–          0.20       [ICRA]A4 ISSUER NOT
   Non-Fund Based–                 COOPERATING; Rating Moved to
   Derivative Limits               'Issuer Not Cooperating'
                                   Category

   Short Term–         (7.00)      [ICRA]A4 ISSUER NOT  
   Non-Fund Based–                 COOPERATING; Rating Moved to

   Letter of Credit                'Issuer Not Cooperating'
                                   Category

   Long Term/           3.00       [ICRA]B+(Stable) ISSUER NOT
   Short Term–                     COOPERATING; Rating
downgraded
   Unallocated                     from [ICRA]BB- (Stable) and
   Limits                          [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating Moved
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating action follows lack of adequate information regarding
MNPL's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

Incorporated in May 2010, Magnam Netlink Pvt. Ltd. (MNPL) is
involved in setting up plants for the co-operative dairy
segment/companies on a turnkey basis. Its range of services
includes designing layouts, machinery procurement/assembling,
installation and commissioning. The company's facility is in
Vadodara, Gujarat. The key promoter, Mr. Mahesh Chandra Agarwal,
has over 35 years of experience in the dairy industry.


MYTRAH ABHINAV: CARE Puts B+ Rating in Credit Watch Developing
--------------------------------------------------------------
CARE Ratings Ltd. has placed the ratings of Mytrah Abhinav Power
Private Limited on 'Credit watch with Developing implications' on
account of impending change in management and 100% acquisition in
shareholding by JSW Energy Limited subject to regulatory approvals
and expected infusion of liquidity & refinancing of existing
high-cost debt by JSW Energy Limited. CARE Ratings Ltd would
continue to monitor the situation and will further evaluate the
impact of developments on the credit quality post-completion of the
acquisition.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      509.39      CARE B+ (CWD); ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category; Placed
                                   on Credit watch with Developing
                                   Implications

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 1, 2022,
placed the rating of Mytrah Abhinav under the 'issuer
non-cooperating' category as the company had failed to provide
information for monitoring of the rating. Mytrah Abhinav continues
to be non-cooperative and in line with the extant SEBI guideline
CARE Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 1, 2022 the following were the
rating strengths and weaknesses (updated for the information
available such as FY21 financials and generation details):

Key Rating Weaknesses

* Limited record of operation: Mytrah Abhinav has limited track
record at the back of gradual commencement of operations of all
seven plants during the period June 2017 to March 2018, with the
entire capacity in total supplying power through grid since end of
March 2018 and hence the company has a generation track record of
four years.

* Moderate Operational performance: The project started operating
at full capacity from the month of March 2018 and hence FY19 was
the first year of full operations. The PLF% is stable at 20.11% in
FY21 against 20.04% in FY20, which is still below the P-90 levels
of 24.4%. In the current year 10MFY22, the operational performance
stands at 18.16% as against 19.41% during 10MFY21.

* Counter-party credit risk with delayed payments from Discom:
Mytrah Abhinav has entered into PPAs State Distribution Utilities
of Telangana viz. Southern Power Distribution Company of Telangana
(TSSPDCL) and Northern Power Distribution Company of Telangana
(TSNPDCL), for the entire power off-take for a period of 25 years
at a fixed tariff ranging from INR5.67/Kwh to INR5.72/Kwh for
different project sites. However, the DISCOMs have moderate credit
profile with losses reported by them. Hence there exists timely
payment risk from them. The same has been manifested in form of
delayed recovery of payments from the DISCOMS with pending bills
for 13–14 months with last payment received in Dec 2021 and
October 2021 (for different plants) against bills raised up to
December 2020. The total outstanding amount as on Feb. 28, 2022 is
Rs 95.87 crore increased from Rs 62.34 crore as on March 31, 2021.

* Climactic and technological risks: The solar power projects are
subject to risk associated with changes in climatic conditions,
amount of degradation of modules as well as technological risks due
to limited track-record of solar technology in India.

* Leverage capital structure and poor debt coverage metrics: The
overall gearing ratio deteriorated from 2.72x as on March 31, 2020
to 3.03x as on March 31st,2021 on account of reported PAT loss and
increase in term debt outstanding due to interest capitalization
during the moratorium period. It is to be noted that the total debt
consists of intercorporate deposits of Rs 43.4 crore which is
subservient to the term debt obligations. Interest coverage ratio
remains thin at 1.17x and Total Debt/GCA is at 43.49x due to PAT
losses incurred.

Key Rating Strengths

* Recovery of pending dues from Discoms and regularization of debt
servicing: The company was facing cashflow mismatch due to delays
in receipt of payments from Discoms which had resulted in delays in
debt servicing. However, Mytrah Abhinav recovered a large portion
of pending payments from the State Discoms in the current year
which improved the cashflow position with subsequent regularization
of debt servicing. This apart, the company has created DSRA
covering five months debt servicing (as against lender stipulation
of six months) which also supports the cashflow in medium term. The
lenders have in principally agreed for extension in timeline until
April 2021 for creation of remaining DSRA.

* Satisfactory experience of promoters in renewable sector: Mytrah
Abhinav belongs to Mytrah Group, one of the major Independent Power
Producer in the Indian renewable energy segment with about 1.8 GW
capacity of operational wind and solar energy assets. The group is
headed by Mr. Ravi Kailas (Chairman), who has more than two decades
of experience in the industry. While the group has experience of
setting up renewable energy units; it has sizeable presence in
Andhra Pradesh and Telangana State from where the entire group has
been facing payment shortfall from the off-takers.

* Established PV module and inverter suppliers: Mytrah Abhinav is
using the PV modules and inverters from reputed players in the
segment, who are placed among the Tier-1 PV module manufacturers
and are leading manufacturers in the global PV inverter segment.
The company has also entered into Operation and Maintenance (O&M)
Agreement with its holding company. There exists suitable
warranties/guarantee from the module and inverter suppliers.

Industry Risk – Stable

India has an installed renewable capacity of ~105 GW (excluding
large hydro) as on December 31, 2021, comprising solar power of 49
GW, wind power of 40 GW, small hydro of 5 GW and other sources
including biomass of 11 GW. There has been a significant traction
in solar power installations over the last few years and the
cumulative solar power capacity has surpassed the installed wind
power capacity despite its late and slow start. Over the years
renewable energy industry has benefitted on account of Government's
strong policy support, India's large untapped potential, presence
of creditworthy central nodal agencies as intermediary procurers
and high tariff competitiveness. Going forward, with India setting
up an ambitious target of achieving 450 GW renewable capacity by
2030, the regulatory framework is expected to remain supportive.
However, developers are expected to face challenges in the near
term on account of rising cost of modules, turbines and other
ancillary products along with imposition of basic custom duty on
cells and modules which will become effective from April 2022 and
is expected to drive up costs and result in increase in bid tariffs
for new projects. This apart, challenges for acquisition of land
and availability of transmission infrastructure also remains a key
bottleneck. However, the Indian renewable industry continues to be
a preferred investment alternative for both domestic as well as
foreign investors and is expected to post robust growth going
forward.

Liquidity analysis – Stretched

Liquidity is marked by tightly matched accruals to repayment
obligations. Due to stretched collection period i.e. receipt of
payments from the off-takers with bills pending up to 13 months
resulting in cash flow mismatch. The company has addressed the
mismatch by availing emergency line of credit of Rs 27.0 crore
during FY22, utilising the bill discounting facilities of Rs 15.0
crore and deferment of interest payments on ICDS and CCDS.

Mytrah Abhinav Power Private Limited (Mytrah Abhinav), incorporated
in January 2016, is a special purpose vehicle (SPV) promoted by
Mytrah Energy (India) Private Limited. The company was incorporated
to develop and operate solar power capacity aggregating 87 MW (AC
capacity) at seven different sites viz. Thimmajipet, Arvapally,
Alampur, Gadwal, Tandur, Nagarkurnool, and Domakonda; in various
districts of Telangana. Mytrah Abhinav had achieved Commercial
Operation Date (COD) for all the seven plants between June 2017 and
March 2018, and has tied up Power Purchase Agreement (PPA) with
Telangana State Distribution Utilities for a period of 25 years.


MYTRAH ADARSH: CARE Puts B+ Debt Rating in Credit Watch Developing
------------------------------------------------------------------
CARE Ratings Ltd. has placed the ratings of Mytrah Adarsh Power
Private Limited (Mytrah Adarsh) on 'Credit watch with Developing
implications' on account of impending change in management and 100%
acquisition in shareholding by JSW Energy Limited subject to
regulatory approvals and expected infusion of liquidity &
refinancing of existing high-cost debt by JSW Energy Limited. CARE
Ratings Ltd would continue to monitor the situation and will
further evaluate the impact of developments on the credit quality
post-completion of the acquisition.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      538.68      CARE B+ (CWD); ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category; Placed
                                   on Credit watch with Developing
                                   Implications

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 1, 2022,
placed the rating of Mytrah Adarsh under the 'issuer
non-cooperating' category as the company had failed to provide
information for monitoring of the rating. Mytrah Adarsh continues
to be non-cooperative and in line with the extant SEBI guideline
CARE Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 1, 2022 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Limited record of operation: Mytrah Adarsh has limited track
record at the back of gradual commencement of operations of
all six plants during the period September 2017 to May 2018. The
entire capacity was connected to the grid by end of May 2018
and hence the company has a generation track record of about two
years.

* Moderate Operational performance: The project started operating
at full capacity from the month of June 2018 and hence FY20 was the
first year of full operations. With full-fledged commencement of
operation, the PLF level has witnessed gradual improvement to
19.80% during FY20 and 19.91% during 8MFY21 (as against 17.18%
during FY19). However, it is still lower than PLF at P-90 level (as
per the Energy Yield Assessment report) due to the excess rainfall
and floods in the region which has impacted the operational
performance.

* Counter-party credit risk with delayed payments from Discom:
Mytrah Adarsh has entered into PPAs State Distribution Utilities of
Telangana viz. Southern Power Distribution Company of Telangana
(TSSPDCL) and Northern Power Distribution Company of Telangana
(TSNPDCL), for the entire power off-take for a period of 25 years
at a fixed tariff of about INR5.72/Kwh for all project sites.
However, the DISCOMs have moderate credit profile with losses
reported by them. Hence there exists timely payment risk from them.
The same has been manifested in form of delayed recovery of
payments from Discoms which although has improved in current year
still remains extended with more than 6 months pending recovery.

* Climactic and technological risks: The solar power projects are
subject to risk associated with changes in climatic conditions,
amount of degradation of modules as well as technological risks due
to limited track-record of solar technology in India.

Key Rating Strengths

* Recovery of pending dues from Discoms and regularization of debt
servicing: The company was facing cashflow mismatch due to delays
in receipt of payments from Discoms which had resulted in delays in
debt servicing. However, Mytrah Adarsh recovered a large portion of
pending payments from the State Discoms in the current year which
improved the cashflow position with subsequent regularization of
debt servicing. This apart, the company has created DSRA covering
three months debt servicing (as against lender stipulation of six
months) which also supports the cashflow in medium term. The lender
have permitted time until March 2021 to create remaining DSRA.

* Satisfactory experience of promoters in renewable sector: Mytrah
Adarsh belongs to Mytrah Group, one of the major Independent Power
Producer in the Indian renewable energy segments with about 1.8 GW
capacity of operational wind and solar energy assets. The group is
headed by Mr. Ravi Kailas (Chairman), who has more than two decades
of experience in the industry. While the group has experience of
setting up renewable energy units; it has sizeable presence in
Andhra Pradesh and Telangana State from where the entire group has
been facing payment shortfall from the off-takers.

* Established PV module and inverter suppliers: Mytrah Adarsh is
using the PV modules and inverters from reputed players in the
segment, who are placed among the Tier-1 PV module manufacturers
and are leading manufacturers in the global PV inverter segment.
The company has also entered into Operation and Maintenance (O&M)
Agreement with its holding company. There exists suitable
warranties/guarantee from the module and inverter suppliers.

* Moderate financial performance in FY21: Though total operating
income grew by 19.7% during FY21, the company reported PBILDT
margin of 69.46% during FY21 as against 88.21% during FY20. The
company continues to report PAT level losses due to high interest
and depreciation costs. Nevertheless, Gross cash accruals stand at
Rs 16.2 crore as on March 31, 2021. Further deterioration in
collection period is observed, with collection days at 277 days in
FY21 against 231 days in FY20.

Industry Risk – Stable

India has an installed renewable capacity of ~105 GW (excluding
large hydro) as on December 31, 2021, comprising solar power of 49
GW, wind power of 40 GW, small hydro of 5 GW and other sources
including biomass of 11 GW. There has been a significant traction
in solar power installations over the last few years and the
cumulative solar power capacity has surpassed the installed wind
power capacity despite its late and slow start. Over the years
renewable energy industry has benefitted on account of Government's
strong policy support, India's large untapped potential, presence
of creditworthy central nodal agencies as intermediary procurers
and high tariff competitiveness. Going forward, with India setting
up an ambitious target of achieving 450 GW renewable capacity by
2030, the regulatory framework is expected to remain supportive.
However, developers are expected to face challenges in the near
term on account of rising cost of modules, turbines and other
ancillary products along with imposition of basic custom duty on
cells and modules which will become effective from April 2022 and
is expected to drive up costs and result in increase in bid tariffs
for new projects. This apart, challenges for acquisition of land
and availability of transmission infrastructure also remains a key
bottleneck. However, the Indian renewable industry continues to be
a preferred investment alternative for both domestic as well as
foreign investors and is expected to post robust growth going
forward.

Liquidity analysis - Stretched: Liquidity is marked by tightly
matched accruals to repayment obligations, highly utilized bank
limits and significant delays in receipt of payments from the
off-taker which had resulted in cashflow mismatch and delays in
debt servicing obligation as on March 31, 2020. The debt servicing
dues for January 2020 has been regularized in April and May 2020.
Thereafter, the company has availed moratorium from March 2020 to
August 2020 as provided by RBI under covid relief and post
moratorium, there has been no delays in debt servicing. The company
has been able to create DSRA in the form of fixed deposits with
Canara Bank which covers 3-4 months of debt servicing.

Mytrah Adarsh Power Private Limited (Mytrah Adarsh), incorporated
in January 2016, is a special purpose vehicle (SPV) promoted by
Mytrah Energy (India) Private Limited. The company was incorporated
to develop and operate solar power capacity aggregating 90 MW at
six different sites viz. Guntipally, Tunki Bollaram, Thungathurthy,
Chegunta, Reddypet, Shanigaram; in various districts across
Telangana. Mytrah Adarsh had achieved Commercial Operation Date
(COD) for all the six plants between September to May 2018, and has
tied up Power Purchase Agreement (PPA) with Telangana State
Distribution Utilities for a period of 25 years.


NANDINI FITNESS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Nandini
Fitness Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         7.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

NFPL was promoted by Mr. Sumit Goel and Mr. Hemant Kumar Singh in
2009, to set up a health and fitness business in Lucknow, Uttar
Pradesh under a franchisee agreement with Gold's Gym.

NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Narula
Solvex Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established in 2003, NSPL is a private limited company, which
processes rice bran with a product mix, comprising crude rice bran
oil and de-oiled rice bran from its production unit located at Moga
(Punjab), with an installed capacity of 300 metric tonnes per day
(MTPD). The company extracts solvents and sells the crude oil to
the oil refiners and traders in the nearby regions. It procures
rice bran from millers in the nearby regions of Haryana and Punjab.
NSPL is promoted by the Narula family, with an experience of around
two decades in rice bran oil extraction.


NORTH WESTERN: ICRA Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the rating assigned to the bank facilities of North
Western Karnataka Road Transport Corporation (NWKRTC) to the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        250.00      [ICRA]D; Rating Moved to
   Fund based                    'Issuer Not Cooperating'      
   Term Loan                     Category

As part of its process and in accordance with its rating agreement
with NWKRTC, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The entity's credit profile
may have changed since the time it was last reviewed by ICRA;
however, in the absence of requisite information, ICRA is unable to
take a definitive rating action. The rating action has been taken
in accordance with ICRA's policy in respect of noncooperation by a
rated entity available at www.icra.in.

NWKRTC was incorporated in November 1997 as an independent entity
under Section 3 of the Road Transport Corporation (RTC) Act, 1950
as a charitable trust, with the aim of providing public transport
to the commuters of the north western region of Karnataka. As on
March 31, 2020, with a fleet strength of around 5,071, NWKRTC has
been operating close to 4,662 schedules daily through 51 depots and
has around 23,200 personnel on its payrolls. In FY2020, on a
provisional basis, the entity reported a net loss of INR157.1 crore
on an operating income of INR2,019.0 crore compared to a net loss
of INR89.1 crore on an operating income of INR2,027.6 crore in
FY2019.


NSL SUGARS: ICRA Reaffirms D Rating on INR194.90cr Debt
-------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of NSL
Sugars Limited (NSL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-
   Term Loans        123.77      [ICRA]D; reaffirmed

   Unallocated
   Limit             194.90      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation takes into account continuing delays in
the debt servicing obligations owing to the weak liquidity position
of NSL. ICRA notes that the company's loan restructuring package
has been implemented by eight of the nine consortium of lenders,
while it is under implementation with one banker. Also, the company
has some interest obligation due on the Sugar Development Fund
(SDF) loans which remained unpaid as of March 31, 2022 as the
company has applied for the restructuring of the loan. ICRA notes
that the promoters have infused their contribution of INR45.0 crore
in FY2022 as required in the resolution plan. The implementation is
expected to be completed during FY2023 itself.

However, ICRA takes note of the company's weak capital structure
and debt coverage indicators in the last few years (FY2018-FY2022).
Although improved crushing levels, favorable sugar prices and
enhanced distillery capacity would improve the scale, profits and
in turn the debt metrics following the successful implementation of
the restructuring plan, the credit profile would still be weak.

The rating is also constrained by the risks associated with the
inherent cyclicality in the sugar business, the agro-climatic
conditions related to cane production, the Government's policies on
sugar trade, the pricing and offtake of cogeneration power and
ethanol and the counterparty credit risk associated with the sale
of power to the utilities in Karnataka and Maharashtra.  Further,
the tenure mismatch between the power purchase agreement (PPA) of
the co-generation units and the debt repayment period (PPA ended in
FY2022 for Koppa and Aland while repayment is till FY2027) exposes
these co-generation units to demand and tariff risks.

However, ICRA takes note of the significant experience of the
promoters in the sugar industry and the forward-integrated
operations into co-generation and distillery units, which provide
additional revenue stream and cushion the profitability during
sugar downturns. Further, NSL's operations are expected to benefit
from firm sugar realisations from both the domestic and
international markets, healthy export volumes and better distillery
performance in the current fiscal.

Key rating drivers and their description

Credit strengths

* Profitability expected to recover on successful implementation of
restructuring plan: The resolution plan for restructuring the
existing loans came into effect from April 1, 2019 (cut-off date),
as per the RBI circular on June 17, 2019. NSL's financial profile
has improved over the years as is evident from its improving scale
of operations which was supported by an increase in cane crushing
volumes and end-product realization. The company was able to
reports profits at the net level in the last two years (FY2021 and
FY2022). However, ICRA takes note of the company's weak capital
structure and debt coverage indicators in the last few years
(FY2018-FY2022), which are expected to improve going forward with
the successful implementation of the restructuring plan as well as
favorable demand prospects for sugar and ethanol.

* Forward-integrated operations: NSL's sugar operations, with a
capacity of 20,000 TCD, are forward integrated with a 94-MW
co-generation unit and a 160-KLPD distillery unit. The company has
set up a 100-KLPD distillery at the Jay Mahesh unit which became
fully operational from February 2022. The forward-integrated
profile of sugar operations cushions the profitability during
periods of sugar downturn.

* Favourable demand prospects: NSL's operations are expected to
benefit from firm sugar realizations from both the domestic and
international markets, healthy export volumes and better distillery
performance in FY2022 and the current fiscal. From FY2023, the
company is expected to divert higher cane to produce ethanol
through B-heavy molasses and/or sugarcane juice. NSL's operating
margins are expected to be supported by the likely continuation of
MSP while market prices are firm. The remunerative prices of
ethanol and the industry's focus on diverting excess cane towards
ethanol production will improve the domestic demand-supply balance.
Further, with the increase in sugar sacrifice towards
B-heavy/juice-based ethanol limiting the sugar inventory levels,
the overall debt levels are expected to reduce, going forward.

Credit challenges

* Delays in debt servicing: ICRA notes that there are continued
delays by NSL in meeting its debt servicing obligations on Sugar
Development Fund (SDF) loans as per existing repayment schedule.
The company had some interest obligation due on the said loan which
remained unpaid as of March 31, 2022 as the company has applied for
restructuring of the same. However, the company has been timely
servicing its debt obligations for the last three months with eight
of the nine consortium bankers.

* Co-generation unit exposed to demand and tariff risk: There is a
tenure mismatch between the power purchase agreement (PPA) of the
co-generation units and the debt repayment period as the PPAs for
Koppa and Aland already ended in October 2021 while the repayment
is till FY2027. This exposes the company to demand and tariff
risks. However, the demand for merchant power remains high and the
same does not pose any threat to power offtake.

* Profitability vulnerable to agro-climatic and regulatory risks:
The profitability of the sugar mills remains exposed to the
cyclicality of the sugar industry, agro-climatic risks related to
cane production, and Government policies related to sugar trade.

Liquidity position: Poor

NSL's liquidity position is poor because of the low profitability
and modest free cash flows. However, implementation of the
resolution plan by the lenders is expected to improve the liquidity
in the medium term.

Rating sensitivities

Positive factors – The rating may be upgraded if the company
services the debt obligations in a timely manner on a sustained
basis.

NSL Sugars Limited (NSL), incorporated in 1999, was promoted by the
Nuziveedu Seeds Group. The company manufactures and markets sugar,
generates power and produces ethanol. The company has three units -
two at Koppa and Aland in Karnataka and the third at Pawarwadi in
Maharashtra. NSL has a 6,000-TCD sugar plant along with a 30-MW
co-generation plant and a 60-KLPD distillery at Koppa in the Mandya
district of Karnataka and a 7,000-TCD sugar plant along with a
34-MW co-generation plant in Aland, Karnataka. Jay Mahesh Sugar
Industries Limited (JMSIL) was taken over by NSLSL in FY2012 and
amalgamated into NSLSL. Currently, Jay Mahesh unit is operational
with a 7,000-TCD sugar unit and a 30-MW cogen unit. NSL has two
subsidiaries, NSL Sugars (Tungabhadra) Ltd, (fully owned) and NSL
Krishnaveni Sugars Ltd. The latter is 74% owned by NSL. The Group
Holding Company is Mandava Holdings Pvt Ltd.


ONE CAPITALL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of One
Capitall Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        52.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-        28.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under

                                 'Issuer Not Cooperating'
                                 Category

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

One Capitall Limited was formed by Mr. Areef Patel to primarily
enter the investment business and finance corporates, firms, and
individuals. The company is a part of the House of Patels Group,
the flagship company of which is Patel Integrated Logistics Limited
(PILL). The Group had earlier ventured into financial services with
Wall Street Finance Limited and subsequently sold its stake in the
company. One Capitall Limited was incorporated on April 11, 2008 as
One Capital Private Limited. Its name was changed to One Capitall
Private Limited on July 1, 2009 and it was converted into a public
limited company on June 9, 2010. The company primarily focuses on
corporate lending, with its portfolio mainly consisting of loan
against property to small builders and developers, asset-backed
loans to small and medium enterprises and unsecured loans to
individuals known to the promoter.


POMMYS GARMENTS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pommys Garments
(India) Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB+'.

The instrument-wise rating actions are:

-- INR399.1 mil. Term loan (Long Term) due on March 2028
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR745 mil. Fund-based facilities (Long term/Short Term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limit (Short Term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade reflects Pommys's delays in debt servicing in July
2022 due to its stressed liquidity position. Ind-Ra has not been
able to ascertain the reason for the delays, as the company has
been non-cooperative.

Rating Sensitivities

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

Company Profile

Incorporated in 1998, Pommys is headed by A. Inico Inbaraj and K.
Raja. The company manufactures and distributes nightwear garments.
It has a cutting unit with an installed capacity of 15,000 pieces
per day.


PRAGATI TRANSMISSION: Ind-Ra Moves BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pragati
Transmission Private Limited's (PTPL) 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 BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR180.58 mil. Term loans due on September 2031 migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR84.00 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 1, 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 2006 by P.D. Kadam and Atul S Bhirangi, Pragati
Transmission is engaged in the manufacturing, supplying and
exporting of precision gears used in aerospace, industrial gear
boxes, power tools, and machine tools and automobiles. The company
also undertakes job work orders for computerized numerical control
gear grinder, hob sharpener, and computerized numerical control
gear tester.


RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Radhagobinda Rice Mills
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.20       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         5.40       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2009, RRMPL is currently engaged in the milling of
non-basmati rice. The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.


RKB GLOBAL: Ind-Ra Hikes LT Issuer Rating to B+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RKB Global
Limited's (RKBGL) Long-Term Issuer Rating to 'IND B+' from 'IND D'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR325 mil. (reduced from INR575 mil.) Fund-based limit
     upgraded with IND B+/Stable/IND A4 rating;

-- INR1.150 bil. Non-fund-based limit upgraded with IND A4
     rating; and

-- INR250 mil. Proposed term loan assigned with IND B+/Stable
     rating.

ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of RKBGL
and its 100% subsidiary RKB Steel Pvt Ltd, due to the strong legal
and operational linkages between them.

The upgrade reflects the timely servicing of RKBGL's debt during
the past four months ended July 2022.

Key Rating Drivers

The ratings reflect RKBGL's continued modest EBITDA margins,
despite increasing to 4.3% in FY22 (FY21: 2.3%), on account of its
control in the operating expenses and an increase in its
manufacturing activities which had higher margins than that of its
trading activities. The return on capital employed was 8.4% in FY22
(FY21: 4.5%). Ind-Ra expects the margins to improve further yoy in
FY23, on account of an increase in its manufacturing activities.

The ratings also reflect RKBGL's weak credit metrics, with its
gross interest coverage (operating EBITDA/gross interest expense)
marginally reducing to 1.5x in FY22 (FY21: 1.7x), due to an
increase in its interest expenses to INR112.9 million (INR54.1
million), and the net leverage (adjusted net debt/operating
EBITDAR) reducing to 10.5x (20.8x), on account of an increase in
its absolute EBITDA to INR174.5 million (INR89.9 million). In FY22,
its unsecured loans from directors and relatives (interest-free and
unsubordinated) reduced to INR13.4 million (FY21: INR30.3 million),
which, as per the management, would be increased to INR50 million
in FY23.

Furthermore, as per the management, the total cost for its Wada
(Palghar, Maharashtra) project was around INR380 million, out of
which, INR100 million (own funds) incurred in FY21, INR100 million
(own funds) incurred in FY22 and the remaining INR180 million
(Phase II) for making additional plant shades and purchasing
machineries will be incurred in FY23 (starting from September
2022). The management had proposed a term loan of INR250 million
from Union Bank of India ('IND AA+/Stable') earlier that is would
be sanctioned shortly. The term loan would also be used for the
reimbursement of its fund-based limit to reduce the interest on the
cash credit limit.

For FY24, RKBGL plans to incur a capex of INR300 million (75% term
loan from and 25% internal accruals), likely in the second half of
the year, towards purchasing machineries and making further plant
shades for its Wada project. Ind-Ra expects the credit metrics to
remain weak in FY23, on account of its additions of new term loans
for making further plant shades and the purchase of machineries.

Furthermore, the management looks to incur a capex of INR50 million
each for its new Kolkata and Odisha plants in FY25 towards
purchasing machineries (75% term loan and 25% internal accruals).

Liquidity Indicator - Poor:  The cash and cash equivalent of RKBGL
remained low at INR1.0 million at FYE22 (FYE21: INR1.5 million).
The average maximum utilization of the company's fund-based limits
and non-fund-based limits was 83.5% over the 12 months ended July
2022. RKBGL had taken an ad-hoc limit of INR50 million from Tata
Capital Financial Services Ltd in August 2021 and January 2022 for
90 days each and it was repaid on time. The cash flow from
operations increased to INR755.2 million in FY22 (FY21: INR203.3
million), on account of the favorable changes in the working
capital. In FY22, the net cash conversion cycle improved to 45 days
(FY21: 126 days), on account of a reduction in the debtor days to
20 days (91 days.

The ratings factor in RKBGL's continued medium scale of operations,
with its revenue increasing to INR4,092.3 million in FY22 (FY21:
INR3,832.7 million), on account of an increase in demand for its
goods and the timely execution of the orders. The increase in its
revenue was supported by the start of operations at its new
manufacturing unit at Wada in March 2021. In 1QFY23, the company
booked net revenue of INR1,263.6 million. As on 1 July 2022, RKBGL
had orders in hand worth INR1,979 million, which the management
expects to execute by end-September 2022. For FY23, the agency
expects the revenue to increase yoy, given the revenue achieved in
1QFY23 and the increase in demand for its end-products. Its FY22
numbers are provisional.

The ratings are supported by more than five decades of experience
of its promoter, Virat Sevantilal Shah, in the steel industry.

Rating Sensitivities

Positive: A substantial improvement in the liquidity position,
would be positive for the ratings.

Negative: A further deterioration in liquidity would be negative
for the ratings.

Company Profile

RKBGL was established as a partnership firm named M/s Rajankumar
and Bros. (Impex) in 1973. The partnership firm was converted into
a private limited company named RKB Global Private Limited in
December 2013 and was then converted to RKBGL (unlisted) in August
2018. The Mumbai-based company engages in trading, manufacturing,
and mining activities at Kalne Mines. It undertakes infrastructure
activities, such as construction of airports. The company also
engages in the trading of bare galvalume coils, hot rolled coils,
among others, and manufactures roofing sheets, galvanized and
corrugated sheets, and electric resistance welded pipes.


SAINI ALLOYS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Saini Alloys
Limited's (SAL) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR244.5 mil. (increased from INR155 mil.) Fund-based working
     capital limits Long-term rating upgraded and short-term
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR5.5 mil. (reduced from INR15 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

Analytical approach: The upgrade reflects an improvement in SAL's
revenue, EBITDA margin and credit metrics in FY22 on account of
higher order execution.

Key Rating Drivers

SAL's revenue increased to INR3,956.51 million in FY22 (FY21:
INR3,161.66 million; FY20: INR1,579.8 million), due to an
improvement in the demand for ingots and castings post the
disruptions caused by the pandemic. During 4MFY23, SAL achieved a
revenue of INR1,464.9 million. The scale of operations remains
medium. The sales quantity of alloy steel castings increased to
1,557MT in 1QFY23 in comparison to 3,771MT in FY22 as the company
has installed an additional capacity of 24,480MT per annum to its
existing 47,520MT per annum to capture the demand for castings of
sizes bigger than those earlier. Thus, Ind-Ra expects the revenue
to improve over the short term. FY22 numbers are provisional.

The ratings also reflect a marginal improvement in SAL's continued
modest EBITDA margin to 1.24% in FY22 (FY21: 1.17%; FY20: 1.49%)
due to an increase in the proportion of manufactured products in
the product mix to 24.98% in FY22 (FY21: 19.42%), coupled with an
increase in the proportion of higher-margin generating alloy steel
casting to 31.01% (27.38%) in comparison to ingots. The return on
capital employed was 8.5% in FY22 (FY21: 9.0%; FY20: 6.2%). Over
the short term, Ind-Ra expects the EBITDA margin to remain at
similar level due to no change in the nature of operations.

The ratings further reflect SAL's continued moderate credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 4.66x in FY22 (FY21: 2.92x; FY20: 3.0x) and the net
financial leverage (adjusted net debt/operating EBITDA) 6.59x
(7.48x; 2.92x). The credit metrics improved yoy in FY22, despite a
working capital term loan being availed by the company during the
year, mainly due to an improvement in the absolute EBITDA to
INR49.2 million (FY21: INR36.99 million; FY20: INR23.51 million).
The net financial leverage had deteriorated in FY21 on account of
an increased utilization of the company's fund-based limits to meet
its working capital requirements. Over the short term, Ind-Ra
expects the net financial leverage to improve due to scheduled debt
repayments and the gross interest coverage to deteriorate on
account of increased interest costs due to the company availing a
new working capital term loan at end-FY22. The company has
scheduled debt repayments of INR0.64 million, INR2.16 million and
INR19.55 million in FY23, FY24 and FY25, respectively.

Liquidity Indicator – Stretched: SAL's average maximum
utilization of its fund-based limits was 58.73% and that of its
non-fund-based limits was 58.60% during the 12 months ended July
2022 with two instance of overutilization of up to two days (one
each in December 2021 and March 2022). The free cash flow remained
negative and deteriorated to INR41.37 million in FY22 (FY21:
negative INR10.95 million; FY20: negative INR53.95 million) due to
a capital expenditure of INR51.96 million for capacity expansion
during the year. The comfortable net working capital cycle
deteriorated to 38 days in FY22 (FY21: 33 days; FY20: 35 days) as a
shipment of goods of around INR100 million was received on 29 March
2022, leading to higher inventory at year end. The cash flow from
operations turned positive at INR10.59 million in FY22 (FY21:
negative INR1.2 million; FY20: negative INR45.58 million) as the
negative changes in working capital requirements were financed by
an increase in advance from customers for casting products. The
cash and cash equivalents stood at INR0.23 million at FYE22 (FYE21:
INR1.61 million; FYE20: INR3.08 million). Moreover, SAL 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 SAL's promoters'
over two decades of experience in the steel industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: A substantial improvement in the scale of operations,
along with an improvement in the liquidity profile while
maintaining the gross interest coverage above 3x, all on a
sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the gross interest
coverage falling below 2x or a further pressure on the liquidity
position, could lead to negative rating action.

Company Profile

Incorporated in 1999, SAL was converted into a limited company in
March 2018. It is located in Uttar Pradesh and is engaged in the
manufacturing of ingots and casting products as wells as the
trading of hot rolled products. It has installed capacity of
42,000MT per annum for ingots and 30,000MT per annum for alloys
steel casting.


SHIV SHIPPING: CARE Keeps B-/A4 Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv
Shipping Services (SSS) continues to remain in the 'Issuer Not
Cooperating' category.

   Long Term/Short     15.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.42       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of SSS under the 'issuer non-cooperating'
category as SSS 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. SSS 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).

SSS was formed as a partnership firm in September 1998 by Mr.
Dharmesh Thakkar and Mr. V Anantharaman with equal profit/loss
sharing ratio. SSS provides port-related services, transportation
and warehousing facilities to its clients who export or import
goods mainly through the Kandla Port in Gujarat. SSS owns one barge
with capacity of 2,000 Metric Tonne (MT). For work orders in excess
of its handling capacities, it acts as a middleman and
sub-contracts it to other players. SSS also has a windmill in
Jaisalmer (Rajasthan) with a power generation capacity of 600
kilowatt, where the power is sold to Government of Rajasthan (GoR)
undertakings. SSS also has associate concerns, namely, Shivshakti
Sealink Pvt. Ltd. (engaged in trading of coal and Shiv Shipping &
Logistics (engaged in logistics business).


SHREEGLUCO BIOTECH: Ind-Ra Assigns BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shreegluco Biotech
Private Limited (SGBPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Positive.

The instrument-wise rating actions are:

-- INR450 mil. Fund-based working capital limits assigned with
     IND BB+/Positive/IND A4+ rating;

-- INR1,197.832 bil. Term loan due on July 2028 assigned with
     IND BB+/Positive rating; and

-- INR12.168 mil. Proposed term loan assigned with IND BB+/
     Positive rating.

The Positive Outlook reflects the likelihood of SGBPL's
maintenance/improvement of revenue and absolute EBITDA in the
medium term, leading to comfortable credit metrics and improved
liquidity.

Key Rating Drivers

Liquidity Indicator - Stretched: The company's average working
capital limit utilization was 73% over the three months ended June
2022. The company had availed a working capital facility of INR450
million which it has been utilizing since May 2022. A further
working capital facility of INR450 million could be sanctioned in a
month's time. The cash flow from operations improved to INR288
million in FY22 (FY21: negative INR34 million), due to an
improvement in the working capital cycle to negative 15 days
(negative 8 days). The debtor days reduced to 24 in FY22 (FY21:
42), while the payable period also fell to 43 days (55 days) and
inventory days were stable at 4 (5). The company had cash and bank
balances of INR14 million at FYE22 (FY21: INR0.4 million). With the
exit from the tolling arrangement, Ind-Ra expects a stretch in the
working capital cycle. SGBPL plans to procure solar panels and an
evaporator at approximately INR220 million, out of which INR140
million could be funded by term loans and the balance through
internal accruals. SGBPL has a repayment obligation of INR210
million for FY23.

The ratings reflect SGBPL's modest credit metrics. The interest
coverage (operating EBITDA/gross interest) improved to 3.10x in
FY21 (FY21: 1.20x) and net financial leverage (adjusted net
debt/operating EBITDA) to 2.41x (5.17x), mainly due to an
improvement in the absolute EBITDA to INR500 million (INR274
million) and a decrease in overall debt to INR1,204 million
(INR1,415 million). The agency, however, expects the company's
credit metrics to deteriorate in FY23, owing to an increase in the
overall debt as the company has sought enhancement in the working
capital facility.

The ratings factor the company's exit from a tolling arrangement
with Cargill India Private Limited (CIPL).  SGBPL had entered into
a marketing agreement with CIPL in April 2019, wherein SGBPL would
undertake job work and manufacture an agreed quantity of maize
starch powder and other products for CIPL under a profit-sharing
arrangement. Under the arrangement, the company would procure raw
materials from CIPL and manufacture the products which were then
sold by CIPL. SGBPL charged tolling/grinding to CIPL and profits
were shared between SGBPL and CIPL in the ratio of 53:47. However,
from June 2022, the arrangement with CIPL has expired. Ind-Ra
expects the exit from the arrangement would benefit SGBPL as the
entire sales would be booked in its books.

SGBPL has a medium scale of operations, with its turnover rising to
INR2,051 million in FY22 (FY21: INR1,263 million), on account of
the faster execution of orders. Ind-Ra expects an increase in the
revenue in FY23, due to the exit from CIPL tolling arrangement
although the volume of the quantity sold is likely to remain the
same. SGBPL has been operating at a capacity of 85%-90%
historically.

The ratings factor in the company's healthy-but-volatile EBITDA
margins. The EBITDA margins rose to 24% in FY22 (FY21: 22%),
primarily due to higher-than-average realization per unit during
the year. The return over capital employed stood at 20% in FY22
(FY21: 9%). The operating margins had been fluctuating between
4%-24% over FY19-FY22 due to price volatility in by-products and
raw materials.

The ratings also factor in the strategic location of the plant near
Mysore region, which provides access to key consuming markets
(textile companies in Coimbatore, paper mills and confectionaries
in Karnataka). Also, it has proximity to the source of raw material
and adequate water supply and labor.

However, the ratings are supported by the company's strong promoter
profile. The promoters have been actively involved in the maize
trading business in Bangalore since 1986 which helps the company in
its maize procurement process.

Rating Sensitivities

Positive: Maintaining the scale of operations and net leverage
remaining below 3x while improving liquidity, on a sustained basis,
will be positive for the ratings.

Negative: A deterioration in the scale of operations or liquidity
and the net leverage exceeding 3x, on a sustained basis, will be
negative for the ratings.

Company Profile

Incorporated in February 2012, SGBPL processes maize to produce
starch powder, liquid glucose, maltodextrin, among others which
find application in pharmaceutical, food, paper, textile industry
for various purposes. SGBPL is promoted by B A Srinath and his wife
Mamatha.


TECHNICO PRIVATE: Ind-Ra Assigns BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Technico (India)
Pvt Ltd.'s (TIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating;

-- INR270 mil. Non-fund based working capital limits assigned
     with IND A4+ rating; and

-- INR100 mil. Term loan due on February 2030 assigned with
     IND BB-/Stable rating.

Key Rating Drivers

The ratings reflect TIPL's small scale of operations as indicated
by the revenue of INR453.65 million in FY22 (FY21: INR381.43
million) and INR40.12 million in 1QFY23. The revenue growth in FY22
is attributed to the completion of projects which were delayed
since FY20-FY21 due to COVID-19 led business disruptions. Ind-Ra
expects the revenue to improve in the medium term due to the orders
worth INR636.34 million in hand. FY22 and 1QFY23 figures are
provisional in nature.

The ratings factor in TIPL's modest EBITDA margin of 8.44% in FY22
(FY21: 10%) with a return on capital employed of 7.5% (7.6%).
Ind-Ra expects EBITDA margin to remain range bound in FY23 due to
the similar nature of the orders in hand.

The ratings also reflect TIPL's moderate credit metrics, as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 1.55x in FY22 (FY21: 1.30x) and the net leverage
(total adjusted net debt/operating EBITDAR) of 4.32x (5.06x). In
FY22, the interest coverage improved due to a decline in the
interest cost and the net leverage improved due to a higher cash
balance. Ind-Ra expects the credit metrics to remain at a similar
level due to a continued absence of any capex plan.

Liquidity Indicator - Poor: The debt repayment is INR24.5 million
each in FY23 and FY24. TIPL's average maximum utilization of the
fund-based limits was 96.40% and non-fund-based limits was 7.77%
during the 12 months ended July 2022. TIPL does not have any
capital market exposure. Also, the net working capital cycle stood
long at 287 days in FY22 (FY21: 398 days) due to inventory holding
of 136 days (233 days). The cash flow from operations was INR14.25
million in FY22 (FY21:  INR14.22 million), the free cash flow was
negative INR35.60 million (INR11.46 million), and the cash and cash
equivalents were INR61.28 million (INR1.41 million).

However, the ratings are supported by the promoters' nearly 42
years of experience in executing turnkey projects. 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 an improvement in the working capital cycle and a further
improvement in the credit metrics with interest coverage above 2.5x
and liquidity profile, all on a sustained basis, could lead to a
positive rating action.

Negative: Any decline in the scale of operations, an increase in
the working capital cycle and deterioration in the overall credit
metrics and liquidity profile, could lead to a negative rating
action.

Company Profile

Incorporated in 1979, TIPL is located in Kolkata and primarily
undertakes turnkey contracts for setting up fire detection and
protection systems. TIPL's operations comprise designing,
manufacturing, installing and maintaining of fire detection and
protection systems, primarily industrial units.


UMESH INDUSTRIES: CARE Lowers Rating on INR8.78cr Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Umesh Industries Private Limited (UIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.78       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of UIPL under the 'issuer non-cooperating'
category as UIPL 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. UIPL 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).

The ratings assigned to the bank facilities of UIPL have been
revised on account of non-avlability of requisite information. The
ratings also factored decline in scale of operations,
profitability, capital structure and debt coverage indicators
during FY21 over FY20.

Harij-based (Gujarat), UIPL was incorporated in November 2004 as
Umesh Cotton Ginning and Pressing Pvt. Ltd. (UCGPPL) and
subsequently the name of the company was changed to UIPL in August
2010. UIPL is promoted by Mr. BabulalIshwarlal Thakkar and is
engaged in manufacturing as well as trading of cotton bales and
cotton seeds since its inception. UIPL deals in 'Shankar 6' type of
cotton which is being sourced through local farmers and also from
agriculture marketing yards from Gujarat. UIPL operates through its
sole ginning and pressing unit located in Harij.




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

H.I.S. CO: To Sell Huis Ten Bosch Resort Stake to Hong Kong Fund
----------------------------------------------------------------
The Japan Times reports that major Japanese travel agency H.I.S.
said Aug. 30 that it will sell its entire stake in the Dutch-themed
Huis Ten Bosch seaside resort in southwestern Japan to a Hong
Kong-based investment fund for JPY66.6 billion ($480 million).

According to the report, the gain from the sale of its 66.7% stake
in the theme park to Hong Kong private equity firm PAG is expected
to help improve the balance sheet of the company, battered by the
coronavirus pandemic that has dealt a heavy blow to the tourism
sector.

Meanwhile, the remaining five shareholders of the resort in Sasebo,
Nagasaki Prefecture, including Kyushu Electric Power and Kyushu
Railway, said they will sell their stakes for a total of JPY29.2
billion to the operator of Huis Ten Bosch.

The Japan Times says H.I.S. plans to complete the sale on Sept. 30
and will record an extraordinary profit of JPY64.6 billion in its
nonconsolidated financial results for the year ending October.

The resort will continue its operations under PAG, the report
notes. The fund, which has invested in the operator of theme park
Universal Studios Japan in Osaka, managed $50 billion in assets for
about 300 investment funds as of March, according to its website.

Later on Aug. 30, PAG said it has highly evaluated Huis Ten Bosch
as it has high growth potential, while Katsuhiko Sakaguchi,
president of Huis Ten Bosch, said, "We appreciate PAG's recognition
of our efforts to date," the report relays.

H.I.S. reported a record net loss of JPY26.9 billion for the six
months through April, with demand for overseas travel plummeting
against the backdrop of the pandemic, the Japan Times discloses.

In response to the huge loss, the travel agency said last week that
it will reduce its capital to JPY100 million from the current
JPY24.8 billion to improve its financial standing, according to the
Japan Times.

H.I.S. had planned to list Huis Ten Bosch on the stock exchange as
early as 2021, but this did not come to fruition, the report
recalls.

Sasebo Mayor Norio Tomonaga, however, praised H.I.S. for its
excellent management, saying that it "started in the red and grew
(Huis Ten Bosch) into a company with value. If it weren't for the
coronavirus pandemic, we would not be in this situation," the
report relays.

Huis Ten Bosch, which had opened in 1992, went bankrupt in 2003 as
heavy initial investments weighed on its profitability. The
resort's business has turned around under H.I.S after the travel
agency decided to support its management in 2010.

The theme park is one of the sites set to host a casino as part of
the central government's plan to construct so-called integrated
resorts to stimulate the economy through the gambling industry.

H.I.S. Co., Ltd. is primarily engaged in travel business. It is
involved in insurance agency such as overseas travel insurance, as
well as development and operation of guest room reservation
system.




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

CULTURE AND THEORY: Creditors' Proofs of Debt Due on Sept. 7
------------------------------------------------------------
Creditors of Culture and Theory Limited are required to file their
proofs of debt by Sept. 27, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 30, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


GREENLANE SIGN: Creditors' Proofs of Debt Due on Sept. 27
---------------------------------------------------------
Creditors ofGreenlane Sign and Exhibition Limitedare required to
file their proofs of debt by Sept. 27, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 30, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


K SUN: Steven Khov and Kieran Jones Appointed as Receivers
----------------------------------------------------------
Steven Khov and Kieran Joneson Aug. 30, 2022, were appointed as
receivers of K Sun Construction Limited.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


MINDSET PLD: First Creditors' Meeting Set for Sept. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mindset Pld
Limited will be held on Sept. 9, 2022, at 11:00 a.m. via video
conference.

Bryan Edward Williams of BWA Insolvency Limited on Aug. 30, 2022,
were appointed as administrator of Mindset Pld.

The administrator may be reached at:

          Bryan Williams
          BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


PORTALSPAN BUILDINGS: First Creditors' Meeting Set for Sept. 5
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Portalspan
Buildings Limited will be held on Sept. 5, 2022, at 11:00 a.m. at
the offices of Initiom Limited, 244 Tristram Street, in Hamilton.

Paul Thomas Manning and Kenneth Peter Brown of BDO Tauranga on Aug.
25, 2022, were appointed as administrators of Portalspan
Buildings.

The administrators may be reached at:

          Paul Thomas Manning
          Kenneth Peter Brown
          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3110




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

CAZ OFFSHORE: Creditors' Meetings Set for Sept. 8
-------------------------------------------------
Caz Offshore Pte Ltd will hold a meeting for its creditors on Sept.
8, 2022, at 2:30 p.m.

Agenda of the meeting includes:

   a. to receive an update on the affairs of the Company and
      status of winding up;;

   b. to approve the remuneration and disbursements of the
      Liquidators; and

   c. to discuss any other matters.

The liquidator can be reached at:

          Chan Kheng Tek
          c/o PricewaterhouseCoopers LLP
          7 Straits View, Marina One
          East Tower, Level 12
          Singapore 018936


LUBE-WAY TRADING: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Lube-way Trading Pte Ltd, on Aug. 22, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Tsang Siu For Thomas
          TT Profession
          c/o 701 Geylang Road
          #04-04, Teambuild Centre
          Singapore 389687


MINGDA HOLDING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Aug. 19, 2022, to
wind up the operations of Mingda Holding Pte. Ltd.

J.P. Morgan Securities Plc filed the petition against the company.

The company's liquidators are:

          Jason Aleksander Kardachi
          Patrick Bance
          Kroll Pte. Limited (f/k/a Borrelli Walsh Pte Limited)
          1 Raffles Place Tower 2, #10-62
          Singapore 048616


PHOENIX LAND: Commences Wind-Up Proceedings
-------------------------------------------
Members of Phoenix Land (Singapore) Pte Ltd, on Aug. 22, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Najeeb Assan
          Zalinah Samade
          M/s IP Consultants
          80 Robinson Road #15-02
          Singapore 068898


SIN HIN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Aug. 26, 2022, to
wind up the operations of Sin Hin Huat Food Industry Pte. Ltd.

DBS Bank Ltd. filed the petition against the company.

The company's liquidators are:

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




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

OPTIMUS ASSET: Court Declares Asset Manager Bankrupt
----------------------------------------------------
The Korea Herald reports that a South Korean court on Aug. 30
officially declared the bankruptcy of Optimus Asset Management,
which had been mired in massive financial fraud leading to losses
worth some KRW560 billion ($415.8 million) for investors.

The Korea Herald relates that the Seoul Bankruptcy Court declared
the troubled asset manager bankrupt, citing its incapability to
make payments due to its "heavy debt."

Optimus filed for bankruptcy with the Seoul court in June, the
report recalls.

According to the report, Optimus was found to have raised KRW1.35
trillion from more than 3,200 individual and institutional
investors from April 2018 to June 2020. It lured them by saying the
money would be invested in safe public institutions.

The money, however, was funneled to high-risk investments or used
in a Ponzi scheme, as a part of it was returned investors to seem
like the firm was involved in legitimate financial transactions,
according to authorities, the Korea Herald relates.

Last month, the Supreme Court here upheld a ruling by the lower
courts to sentence Kim Jae-hyun, the CEO of the asset manager, to
40 years in prison and slapped him with a penalty totaling KRW75
billion, the report says. It marks one of the heaviest penalties
given by a court here for a white collar criminal.

Kim was initially handed a 25-year sentence by a lower court in
July last year, but the sentence was hiked up to 40 years by a
Seoul appellate court early this year, adds the Korea Herald.




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

SRI LANKA: In 'Final Stage' of IMF Talks; Budget Deficit Widens
---------------------------------------------------------------
Reuters reports that crisis-hit Sri Lanka unveiled fresh measures
on Aug. 30 in an interim budget aimed at clinching a bailout
package from the International Monetary Fund, talks for which, the
president said, had reached the "final stage".

According to Reuters, the budget revised up the island nation's
deficit projection for 2022 to 9.8% of the gross domestic product
from 8.8% earlier, while outlining a slide in tax revenue and a
sharp net increase in expenditure.

Unveiling the measures in parliament, President Ranil
Wickremesinghe added that the government would aim to rein in
inflation and introduce legislation to bolster central bank
independence, Reuters relays.

The country of 22 million is battling its worst economic crisis
since independence from Britain in 1948. Wickremesinghe, who took
over as president last month, is pushing to adopt fiscal
consolidation measures agreed with the IMF, Reuters SAYS.

"The government has taken sufficient fiscal reforms, including the
VAT hike in the interim budget as well as income tax raises . . .
which were pre-requisites from a fiscal angle to qualify for the
staff-level agreement," Reuters quotes Udeeshan Jonas, chief
strategist at Colombo-based investment firm CAL Group, as saying.

Negotiations with the IMF, which has a team of officials visiting
Sri Lanka, had made headway, said Wickremesinghe, who is also the
finance minister, Reuters relates.

"It is imperative that we use this opportunity to correct past
mistakes and implement long-term policies that will stabilise the
economy and take us out of the challenges we currently face," he
said in his budget speech.

Sri Lankan officials hope the budget will be followed by a
preliminary, staff-level agreement with the IMF for a loan package
worth between $2 billion and $3 billion, says Reuters.

The revised budget estimates project revenues of 2 trillion Sri
Lankan rupees ($5.6 billion) in 2022, down from an initial figure
of LRK2.23 trillion.

Total expenditure is set to rise to LRK4.4 trillion, exceeding the
earlier estimate of LRK3.9 trillion, Reuters notes.

According to the report, the government's primary deficit,
essentially borrowing requirements excluding interest payments, is
expected to fall to 4% of GDP, however, versus 5.7% in 2021.

"Given the policies outlined in the budget, especially around
structural reforms and achieving a 2% primary surplus by 2025,
groundwork is being set in place to put in reforms that the IMF is
expecting," Reuters quotes Shehan Cooray, head of research for
Acuity Stockbrokers, as saying.

Sri Lanka's sovereign bonds jumped 1.9 cents on the dollar after
Wickremesinghe's speech, although they were still below 33 cents,
less than a third of their face value.

Outlining a raft of other measures to stabilise the bruised
economy, Wickremesinghe said he aimed to bring annual inflation
down to mid single-digit levels from more than 66% now, Reuters
relays.

Fresh taxes will be introduced in the next full-year budget but
value-added tax will rise from Sept. 1 to 15% from 12% now.

"The VAT hike was expected, but with the government looking to
reduce the deficit to 9.8%, it looks like the revenue collections
may not be sufficient with a contracting economy," said Lakshini
Fernando, macroeconomist for investment firm Asia Securities.
In the medium term, Sri Lanka will aim to cut its ratio of debt to
GDP below 100%, versus 120% now, along with economic growth of 5%,
Wickremesinghe, as cited by Reuters, said.

The economy is likely to contract 8% this year and growth is not
likely until the second half of 2023, the central bank has said.

COVID-19 disrupted Sri Lanka's tourism-reliant economy and slashed
remittances from workers overseas.

The damage was compounded by rising oil prices, populist tax cuts
and a seven-month ban last year on imports of chemical fertilisers
that devastated agriculture.

That brought chronic shortages of basic goods, runaway inflation
and mass protests that forced then president Gotabaya Rajapaksa to
flee, leaving his successor, Wickremesinghe, to tackle
restructuring billions of dollars in debt to China and other
countries, Reuters notes.




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

[*] THAILAND: More Than 7,000 Go Bust in Past 7 Months
------------------------------------------------------
The Thaiger reports that the Business Development Department (BDD)
under the Commerce Ministry on Aug. 29 revealed that more than
7,500 businesses in Thailand went bankrupt in the past seven
months.

The number of bankruptcies increased by 24% compared to the same
time last year while the number of new businesses is also expected
to decrease said the BDD, the report says.

BDD Director Tossapon Tangsuboot made public business registration
statistics in Thailand in July of this year, and in the past seven
months from January to July, and they don't look good, The Thaiger
relates.

Some 5,858 new businesses were created in July, an increase of 12%
from June. Most of the new businesses were construction companies,
real estate businesses, and restaurants. The registered capital of
each company was less than a million baht. Meanwhile, 1,543
businesses went bankrupt in July, an increase of 5.47% from June.

On the positive side, more foreign businesses invested in Thailand
in July. Thirty-nine new companies opened last month, adding THB3.7
billion to the country's kitty, The Thaiger relates.

In total, 323 of Thailand's foreign businesses generated over THB73
billion of investment with most of those investors hailing from
Japan, Singapore, and the US.

During the past seven months from January to July, Tossapon said
the number of new businesses decreased by 1.12% compared to the
same period last year. The number of businesses that closed was
7,552, which increased by 1.12% compared to last year, according to
The Thaiger.

New businesses were also expected to decrease throughout the rest
of 2022. This year, it is expected that Thailand sees only 68,000
to 72,000 new businesses.

Thailand saw 72,958 new businesses in 2021, 63,340 in 2020, and
71,485 in 2019, The Thaiger relays.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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