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

                     A S I A   P A C I F I C

          Monday, November 21, 2022, Vol. 25, No. 226

                           Headlines



A U S T R A L I A

COFFEX COFFEE: First Creditors' Meeting Set for Nov. 24
DELIVEROO AUSTRALIA: Menulog Will Honour Unspent Vouchers
KIRSTEVE CONSULTANTS: Second Creditors' Meeting Set for Nov. 23
NORTHSHORE CONCRETING: First Creditors' Meeting Set for Nov. 23
STRATHAN PTY: First Creditors' Meeting Set for Nov. 24

THINK TANK 2022-3: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes
VOLY: Founders Confirm Closure of Online Grocery Deliveries
WWOL AUSTRALIA: Second Creditors' Meeting Set for Nov. 23


C H I N A

CENTRAL CHINA REAL: S&P Lowers ICR to 'CCC-', On Watch Negative


H O N G   K O N G

CATHAY PACIFIC: Expects Annual Loss Despite 2nd Half Improvement
SA SA INT'L: Net Loss Narrows to HK$133.2M in 6 Mos. Ended Sept. 30


I N D I A

ABSOLUTE PROJECT: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
AGARWAL STEEL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
AJAY BUILDERS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
ALFA ONE: CARE Keeps D Debt Rating in Not Cooperating Category
ANJALI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating

ANSAL PROPERTIES: NCLT Initiates Insolvency Proceedings
BALESHWAR KHARAGPUR: Ind-Ra Keeps D Loan Rating in Non Cooperating
BAMBINO AGRO: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
BARWA ADDA: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
BEEPEE ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating

BEVA SILICONES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BHAGWAN MAHAVEER: Ind-Ra Hikes Bank Loan Rating to 'BB+'
CHAUDHRY & SONS: Ind-Ra Hikes & Withdraws Issuer Rating to 'B+'
CHENNAKESAVA CONSTRUCTIONS: CRISIL Keeps B in Not Cooperating
CHHABRA ISPAT: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating

CHINTAMANI FINLEASE: CARE Lowers Rating on INR5cr NCD to C+
COMSAT SYSTEMS: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
DANTAL HYDRAULICS: Ind-Ra Keeps BB Issuer Rating in NonCooperating
DELHI ELECTRIC: Ind-Ra Moves BB LT Issuer Rating to NonCooperating
DEOGHAR AGROTECH: Ind-Ra Moves B+ Issuer Rating to NonCooperating

DEVASHISH INFRA: CRISIL Lowers Rating on INR9cr Cash Loan to B+
DEVGHAR ISPAT: CARE Keeps C Debt Rating in Not Cooperating
DRUSHTI REALTORS: Ind-Ra Withdraws B+ LongTerm Issuer Rating
EVEREST INFRA: Ind-Ra Affirms 'BB' Long Term Issuer Rating
FATEH CHAND: Ind-Ra Assigns 'BB+' Bank Loan Rating

FINSTONE GRANITO: CRISIL Lowers Long/Short Term Debt Rating to D
FUTURE RETAIL: Amazon Moves SC Seeking to Restart Arbitration
GAGAN AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
GAYATRI PROJECTS: NCLT Admits Insolvency Proceedings vs. Firm
GVK POWER: CARE Keeps D Debt Ratings in Not Cooperating Category

HANS INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
HEAVY ENGINEERING: Ind-Ra Cuts Long Term Issuer Rating to 'D'
HETRO SPINNERS: CARE Keeps D Debt Ratings in Not Cooperating
HIMANSHU INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
JAIN SHAWLS: CARE Keeps C Debt Rating in Not Cooperating Category

JHARKHAND ROAD: Ind-Ra Affirms 'D' NonConvertible Debt Rating
KIRORIMAL KASHIRAM: Ind-Ra Assigns BB- LT Issuer Rating
KOPARGAON AHMEDNAGAR: Ind-Ra Keeps 'D' Rating in NonCooperating
KOTEC AUTOMOTIVE: CRISIL Lowers Rating on INR5.7cr Loan to B
KOTKAPURA MUKTSAR: Ind-Ra Keeps 'D' Loan Rating in NonCooperating

KRISHNA IMPEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating
LAN MARK: CRISIL Withdraws B+ Rating on INR6cr Cash Loan
M R REAL: Ind-Ra Moves 'BB' LT Issuer Rating to Non-Cooperating
MAHATHI SOFTWARE: Ind-Ra Moves 'B' Issuer Rating to NonCooperating

MAHATMA JYOTIBA: CARE Keeps C Debt Ratings in Not Cooperating
MANJEERA HOTELS: CRISIL Withdraws D Rating on INR13cr Term Loan
MARYMATHA INFRA: Ind-Ra Moves BB- Rating to Non-Cooperating
MISHRA POLYPACKS: CRISIL Keeps B Debt Rating in Not Cooperating
MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating

MOTHERS PET: CRISIL Lowers Rating on INR22cr Term Loan to B
NANI AGRO: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
NAVTOJ STRUCTURALS: Ind-Ra Gives B+ Issuer Rating, Outlook Stable
NOBLE EDUCATIONAL: Ind-Ra Moves BB- Loan Rating to Non-Cooperating
NORTH INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating

NTPC BHEL: Ind-Ra Affirms B+ Issuer Rating, Outlook Negative
OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating
OZONE INFRA: CARE Keeps D Debt Rating in Not Cooperating
P&M AND HI TECH: CRISIL Withdraws D Rating on INR40cr Cash Loan

P.K. ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
PERFECT INFRACORP: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
PRABHU PETROCHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
PS STEEL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable

R M ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
RAJEEV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAMESHWAR PRASAD: Ind-Ra Moves BB- Rating to Non-Cooperating
RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating
RUCHIRA PRINTING: CARE Keeps C Debt Rating in Not Cooperating

S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
S. R. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SAIRAM COMMUNICATIONS: CRISIL Keeps B+ Ratings in Not Cooperating
SATGURU AGRO: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating

SHIVANGI AGRO: CRISIL Withdraws B+ Rating on INR18cr Cash Loan
SHREE SATGURU: Ind-Ra Moves 'BB-' Issuer Rating to Non-Cooperating
SIKAR BIKANER: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SILVER ESTATE: CARE Keeps C Debt Rating in Not Cooperating
SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating

SRIYANSH KNITTERS: CARE Keeps C Debt Rating in Not Cooperating
STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating
TAMIL NAADU: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
THARUN CONSTRUCTION: Ind-Ra Moves BB- Rating to Non-Cooperating
UNITED COKE: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable

UP KORAUN: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
UP MEHRAUNI: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
UP SARILA: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating
VISHAL SALES: CARE Keeps C Debt Rating in Not Cooperating

WISDOM SOCIAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
YOGENDRA JAISWAL: CARE Keeps C Debt Rating in Not Cooperating


J A P A N

SAPPORO HOLDINGS: Egan-Jones Hikes Commercial Paper Rating to B
SOFTBANK GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Negative


N E W   Z E A L A N D

ANIMAL FARM: Creditors' Proofs of Debt Due on Dec. 15
ANOTHER LEVEL: Creditors' Proofs of Debt Due on Dec. 16
LLOYD EXECUTIVE: Court to Hear Wind-Up Petition on Nov. 28
MICO DEVELOPMENT: Court to Hear Wind-Up Petition on Feb. 3
VESTA TRUSTEE: Creditors' Proofs of Debt Due on Dec. 2



S I N G A P O R E

BLUEFIELD MARITIME: Commences Wind-Up Proceedings
CKS DESIGN: Court to Hear Wind-Up Petition on Dec. 9
JUNO SHIPPING: Creditors' Proofs of Debt Due on Dec. 17
RHODIUM INVESTMENTS: Commences Wind-Up Proceedings
SLS 518: Creditors' Proofs of Debt Due on Dec. 18

SWIBER OFFSHORE: Court Enters Wind-Up Order


S O U T H   K O R E A

ASIANA AIRLINES: HDC, Mirae Asset Lose in US$190MM Lawsuit

                           - - - - -


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A U S T R A L I A
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COFFEX COFFEE: First Creditors' Meeting Set for Nov. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Coffex
Coffee Pty. Ltd. will be held on Nov. 24, 2022, at 11:00 a.m. via
virtual meeting.

Quentin James Olde and Liam John Healey of Ankura Consulting were
appointed as administrators of the company on Nov. 14, 2022.


DELIVEROO AUSTRALIA: Menulog Will Honour Unspent Vouchers
---------------------------------------------------------
SmartCompany reports that food delivery platform Menulog said it
will honour vouchers issued by former competitor Deliveroo
Australia, after the company's collapse effectively left gift card
holders as unsecured creditors.

However, a AUD75 redemption limit is unlikely to cover the full
value of vouchers bought by Australian businesses.

SmartCompany says Deliveroo Australia entered voluntary
administration on Nov. 16, retaining the services of KordaMentha to
handle restaurants and delivery riders with outstanding claims
against the gig economy player.

In its shut-down statement, Deliveroo Australia pledged "guaranteed
enhanced severance payments for employees as well as compensation
for riders and for certain restaurant partners".

Less certain was reimbursement for gift card holders - whose
unspent balances effectively act as loans in the corporate
collapse, the report notes.

SmartCompany relates that the rise of virtual team lunches through
COVID-19 lockdowns saw company leaders splash out on meal delivery
services, and order-in options remain a popular initiative for
businesses hoping to lure workers back into the office.

But firms with outstanding Deliveroo Australia credit are likely to
find themselves at the end of a long line of stakeholders in the
administration process.

According to SmartCompany, Sharon Melamed, founder of corporate
services consultancy Matchboard, said AUD1,300 of Deliveroo
Australia vouchers bought for her clients are now unusable.

"We'll all be lucky to get our money back, as Deliveroo trades on
happily in other markets," the report quotes Ms. Melamed as saying.
"Just doesn't seem right."

On Nov. 18, competitor Menulog announced a partial workaround for
gift voucher creditors: the platform said it would honour
outstanding Deliveroo balances, up to AUD75, with gift card holders
able to redeem that value in Menulog orders instead.

"We expect there will be a lot of customers with unused Deliveroo
vouchers and gift cards, so we would like to give them the
opportunity to redeem those vouchers on their next Menulog order,"
said Menulog managing director Morten Belling.

Gift card values will be rounded up, with AUD17 vouchers becoming
AUD20 of Menulog credit, the company added.

Those looking to access the swap service can do so via the Menulog
Facebook page, the report adds.


KIRSTEVE CONSULTANTS: Second Creditors' Meeting Set for Nov. 23
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Kirsteve
Consultants Pty Ltd has been set for Nov. 23, 2022, at 11:00 a.m.
via Microsoft Teams video and telephone conference.

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 Nov. 22, 2022, at 4:00 p.m.

Brett Orzel and Jeremy Nipps of Cor Cordis were appointed as
administrators of the company on Oct. 19, 2022.


NORTHSHORE CONCRETING: First Creditors' Meeting Set for Nov. 23
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Northshore
Concreting Pty Limited will be held on Nov. 23, 2022, at 12:30 p.m.
at the offices of A2Z Insolvency Solutions at Level 5, 154
Elizabeth Street in Sydney.

Ahmad Zeidan of A2Z Insolvency Solutions was appointed as
administrators of the company on Nov. 11, 2022.


STRATHAN PTY: First Creditors' Meeting Set for Nov. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Strathan Pty
Ltd will be held on Nov. 24, 2022, at 10:00 a.m. at the offices of
Cor Cordis at Mezzanine Leve, 28 The Esplanade in Perth.

Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed
as administrators of the company on Nov. 14, 2022.


THINK TANK 2022-3: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
nine classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by BNY Trust Co. of Australia
Ltd. as trustee of Think Tank Commercial Series 2022-3 Trust.

Think Tank Commercial Series 2022-3 Trust is a securitization of
loans to commercial borrowers, secured by first-registered
mortgages over Australian commercial or residential properties
originated by Think Tank Group Pty Ltd. (Think Tank).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 3.0% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$250,000, funded from day
one by Think Tank, available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

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

  Preliminary Ratings Assigned

  Think Tank Commercial Series 2022-3 Trust

  Class A1, A$210.00 million: AAA (sf)
  Class A2, A$46.20 million: AAA (sf)
  Class B, A$28.00 million: AA (sf)
  Class C, A$25.55 million: A (sf)
  Class D, A$17.85 million: BBB (sf)
  Class E, A$9.45 million: BB (sf)
  Class F, A$6.55 million: B (sf)
  Class G, A$2.80 million: Not rated
  Class H, A$3.50 million: Not rated


VOLY: Founders Confirm Closure of Online Grocery Deliveries
-----------------------------------------------------------
Daily Telegraph reports that a well-known Aussie instant grocery
delivery service has collapsed, just days after customers were
abruptly disconnected from the app.

Daily Telegraph relates that despite raising AUD18 million in
funding, with staff  told that the business had enough funds to
remain operational until February 2023, online start-up VOLY has
become the latest food delivery business to fold.

In an email titled 'An important message from VOLY,' the start-up's
founders Mark Heath and Thibault Henry confirmed the business will
cease their Australian operations on Nov. 17.

"It's with a heavy heart that we announce VOLY is officially
closing in Australia," they wrote.

"While we were able to build an amazing customer base (thank
you!!!) and lay the groundwork for a sustainable business in
Australia, we have had to make the tough decision to exit the
market during this period of global economic uncertainty."

Daily Telegraph relates that Mr. Heath and Mr. Henry also thanked
their customer and employees. It's understood half of VOLY's office
staff were let go in June, when the business closed their Crows
Nest, Manly, Maroubra and Alexandria warehouses. More staff were
also laid off last week.

"We took on a massive challenge - delivering groceries and more
without falling back on gig work and instead working with a team of
fully employed legends to make magic happen," they wrote.

On Nov. 14, Voly's social media accounts were abruptly shut down
with no explanation, the report recalls. This included their
Facebook, Instagram and Twitter presence. The most recent blog
activity was also dated until January, however its social media
accounts have not been active in recent months.

Attempts to use the app were also met with a "closed until further
notice" message.

As the business reduced its operations, VOLY's delivery times also
appeared to length, the report says. While the brand sold itself on
the promise of groceries delivered in 15 minutes or less, delivery
times were extended to 20 minutes and plans to expand into
Melbourne were paused indefinitely.

It was understood the sector was struggling to compete with
supermarket giants Woolworths and Coles, the report notes.


WWOL AUSTRALIA: Second Creditors' Meeting Set for Nov. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of WWOL Australia
Pty Ltd has been set for Nov. 23, 2022, at 3:00 p.m. at the offices
of SV Partners at Level 6, La Balsa, 45 Brisbane Road at
Mooloolaba.
  
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 Nov. 25, 2022, at 5:00 p.m.

Terry Grant van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Oct. 19, 2022.




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CENTRAL CHINA REAL: S&P Lowers ICR to 'CCC-', On Watch Negative
---------------------------------------------------------------
On Nov. 16, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Central China Real Estate Ltd. (CCRE) to 'CCC-'
from 'CCC+'. At the same time, S&P placed the rating on CreditWatch
with negative implications.

The CreditWatch placement reflects the uncertainty over CCRE's
ability to settle its coupon payment within the grace period.

CCRE faces a rising risk of nonpayment of its offshore bonds and
coupons in the next six months. This is given its declining sales,
diminishing cash balance, and rising execution risks.

The China-based property developer missed a US$7.9 million coupon
payment due on Nov. 7, 2022. Failure to pay the coupon within the
30-day grace period will lead to a default.

S&P said, "We downgraded CCRE to 'CCC-' because the probability of
the company defaulting on its offshore senior notes and coupon
payment within the next six months has increased. Apart from
slowing property sales, COVID-19-related restrictions in China's
Henan province could present unexpected executional challenges for
CCRE to make timely payments."

CCRE missed the due date of a US$7.9 million coupon payment due to
logistic reasons, according to the company management. S&P believes
a settlement within the grace period of 30 days is still likely.
However, failure to pay the coupon within the grace period will
trigger an event of default, according to the bond prospectus.

In the absence of refinancing opportunities in the offshore market,
CCRE's high reliance on offshore bonds (63.3% of total debt as of
June 30, 2022) presents a near-term repayment risk. Three senior
notes totaling US$900 million will mature in April, August, and
November 2023; coupon payments of about US$73 million will also be
due in the next six months.

CCRE's sales decline would be exacerbated by the outbreak of COVID
cases in Henan province. Despite supportive policy measures from
the local government, CCRE's sales recovery was slower than S&P
expected. For the 10 months ended Oct. 31, 2022, CCRE's contracted
sales dropped by 56% year on year while the average selling price
fell by 5.6% to Chinese renminbi (RMB) 7,036 per square meter. The
decline in sales will add to the company's cash depletion and
liquidity strain.

Henan province (CCRE's focus area) reported 200 new cases on
November 15. We believe the local government's social distancing
measures to restrict the spread of the pandemic will weigh on
CCRE's operational performance and deplete its cash balance. The
company had unrestricted cash of RMB3.6 billion as of end-June
2022.

Recent policy developments may provide some relief to CCRE's
liquidity strain.These developments include support for domestic
bond issuances by private developers, and bank guarantees to
release part of funds in escrow accounts. In S&P's view, any bond
issuance under the scheme or evidence of release of escrow account
funds would point to improving operating and financing conditions.
However, S&P does not yet see a concrete path for implementing
these plans to solve the liquidity issue.

CreditWatch

The CreditWatch placement reflects the uncertainty over CCRE's
ability to settle coupon payment on its senior note due November
2023 within the 30-day grace period. S&P aims to resolve the
CreditWatch as soon as we have more visibility on the payment of
the coupon.

S&P may lower the rating to 'SD' (selective default) if CCRE fails
to settle the interest payment within the grace period or undergoes
debt restructuring that it views as distressed.

S&P may affirm the rating if CCRE manages to pay the coupon and
formulate a feasible plan to restore its liquidity and tackle debt
maturities due in the next six months. These measures could include
new issuance in the domestic bond market and restoration of various
funding channels.

CCRE is a China-based property developer that focuses on
residential and commercial properties in China's Henan province.
The company is the largest developer in Henan. It also has a small
presence in cultural tourism projects and hotel operations in the
province.

ESG credit indicators: E-3, S-2, G-4




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CATHAY PACIFIC: Expects Annual Loss Despite 2nd Half Improvement
----------------------------------------------------------------
The Business Times reports that Cathay Pacific Airways on Nov. 18
forecast a "substantial" annual loss, even though second-half
results are expected to improve sequentially, thanks to an uptick
in travel and air cargo demand.

The airline carried over five times more passengers in October than
last year, although the figure was 85.4 per cent lower than
pre-pandemic levels in 2019, BT says.

It warned that second-half results from its associates, the
majority of which are recognised three months in arrears, will
still include significant losses.

Cathay reported a first-half loss of HK$5 billion (US$876.6
million) and analysts expect it to record an annual net loss of
HK$3.8 billion, Refinitiv IBES estimated, BT relays. It reported a
HK$5.5 billion loss last year.

Still, the company said it was on track to achieve its target of
operating at up to one-third of pre-pandemic passenger flight
capacity levels by the end of 2022.

"Travel demand for the rest of 2022 continues to improve and is
promising for the Christmas holiday period," chief customer and
commercial officer Ronald Lam said.

               About Cathay Pacific

Cathay Pacific Airways Ltd. is the flag carrier of Hong Kong, with
its head office and main hub located at Hong Kong International
Airport. Cathay operates scheduled airline services.

As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company, on October 18, 2022, retained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Ltd.  
EJR also retained its 'C' local currency rating on commercial paper
issued by the Company.


SA SA INT'L: Net Loss Narrows to HK$133.2M in 6 Mos. Ended Sept. 30
-------------------------------------------------------------------
The Standard reports that Sa Sa International narrowed its net loss
by 26.7% to HK$133.2 million for the six months that ended in
September, with no interim dividend declared due to the challenging
and uncertain operational environment.

Turnover in the first half of its fiscal year dropped 3 percent
year on year to HK$1.55 billion.

Due to the drop in mainland visitors, its sales in Hong Kong and
Macau decreased by 14.2 percent to HK$966.8 million while
same-store sales fell by 11.8 percent, The Standard discloses.

Although Hong Kong continued with the Consumption Voucher Scheme in
April and August, the impact on local retail spending seems to be
diminishing, said the cosmetics retailer.

Its online business in Hong Kong rocketed nearly 89 percent to
HK$110.3 million, said the company, accounting for 10.1 percent of
the total sales in Hong Kong, marking a 5-percentage point
increase.

Its business in the mainland is still underperforming in terms of
sales and profit compared to other markets, as the lockdown policy
lowered foot traffic in stores and forced a suspension of
operations in the worst cases.

Its mainland loss expanded by about 5 percent to HK$43.6 million,
and same-store sales decreased by over 16 percent, despite the
closure of loss-making stores and the curtailing of operating
costs.

Online sales in the mainland, including cross-border sales, plunged
by 28.3 percent to HK$152.2 million but still contributed the most
to the company's total online sales at 50.9 percent, according to
The Standard.

For its business in Malaysia, Sa Sa said it continued to rebound
strongly with the country continuing to relax its pandemic measures
since April, and that business has recovered to 84 percent of
pre-pandemic levels.

The total number of Sa Sa stores shrank to 193 from 234 as of
September 30, of which five net closures of stores were recorded in
Hong Kong and Macau, making it 80; 35 more were axed in the
mainland to make it 42; and 46 stores were closed and five more
opened in Malaysia.

The Standard adds that the company said it will continue to
streamline its physical store network in tourist districts in Hong
Kong and negotiate fair rent on lease renewals, as well as minimize
unnecessary and non-productive expenses to reduce fixed costs of
its offices and shops.

Headquartered in Chai Wan, Hong Kong, Sa Sa International Holdings
Limited -- https://corp.sasa.com/ -- an investment holding company,
engages in the retail and wholesale of cosmetic products in Hong
Kong and Macau, Mainland China, and Malaysia. The company offers
approximately 600 brands of skincare, fragrance, make-up, body
care, hair care, and health and fitness products, as well as beauty
gadgets. It is also involved in intellectual property rights and
property holding; and charitable activities. As of March 31, 2022,
the company operated 234 retail stores. In addition, it sells its
products through e-commerce platforms, including sasa.com, mobile
app, social commerce, and third-party platforms.  




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ABSOLUTE PROJECT: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Absolute
Projects (India) Limited's (APIL) Long-Term Issuer Rating of 'IND
BB' in the non-cooperating category and simultaneously withdrawn
it.

The instrument-wise rating actions are:

-- INR95 mil. Fund-based working capital limit* maintained in the

     non-cooperating category and withdrawn; and

-- INR380 mil. Non-fund-based working capital limit** maintained
     in the non-cooperating category and withdrawn.

* Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

** Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

Key Rating Drivers

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

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

Company Profile

Incorporated in 1995, APIL is promoted by R.S. Ola. The company
executes turnkey projects such as erection and commissioning of
substations, civil work for extension of switch yard, shifting of
lines, and manufacturing electrical goods such as conductors,
transformers, switches and switchgear. It has two manufacturing
units in Greater Noida and Roorkee.


AGARWAL STEEL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Agarwal Steel
Private Limited's  Long-Term Issuer Rating of 'IND BB-' to the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR33.107 mil. Term loan* due on July 2025 migrated to non-
     cooperating category and withdrawn; and

-- INR100 mil. Fund-based working capital limits** migrated to  
     non-cooperating category and withdrawn.

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

** Migrated to 'IND BB-(ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

Key Rating Drivers

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

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

Company Profile

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


AJAY BUILDERS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ajay Builders
Engineers & Construction (OPC) Private Limited's (ABECL; formerly
Ajay Builders) Long-Term Issuer Rating to 'IND D' from 'IND BB+'.
Simultaneously, the agency has reassigned ABECPL a Long-Term Issuer
Rating of 'IND B+' with a Stable Outlook.

The instrument-wise rating actions are:

-- INR52.5 mil. Fund-based facilities downgraded and reassigned
     with IND B+/Stable rating; and

-- INR497.5 mil. Non-fund-based facilities downgraded and
     reassigned with IND A4 rating.

The downgrade reflects a two-day delay in interest payment by
ABECPL on its guaranteed emergency credit line in May 2022, as well
as a 25-day delay in payment of equipment loans in January and
February 2022.

The reassignment of the 'IND B+' rating reflects ABECPL's stable
and satisfactory debt servicing on all bank facilities in the last
90 days.

Key Rating Drivers

The ratings reflect ABECPL's continued small scale of operations,
despite an increase in the revenue to INR1,379.43 million in FY22
(FY21: INR1,152.02 million). The growth in revenue was driven by
the increased order inflow and the timely execution of existing
orders. In 1HFY23, the company booked revenue of INR405 million and
had orders worth INR1,998 million, of which the management expects
INR1,090.1 million to be executed by FYE23. Ind-Ra expects the
revenue to improve further in FY23 due to orders in hand.

Liquidity Indicator- Poor: ABECPL's average maximum utilization of
the fund-based and the non-fund-based limits was 86.02% and 83.91%,
respectively, during the 12 months ended September 2022 with
several instances of overutilization of the fund-based facilities
for up to few days due to interest charges on account of delays in
repayments. The working capital cycle elongated, although remained
at comfortable, to 28 days in FY22 (FY21: 19 days).

The ratings are constrained by ABECPL's high geographical risk, as
most of its projects are concentrated in Uttar Pradesh. High
susceptibility to government regulations due to the company's
tender-based business and high competition further constrains the
ratings.

However, the ratings are supported by ABECPL's healthy, but
volatile operating margins, which expanded to 10.96% in FY22 (FY21:
9.85%, FY20: 9.67%) due to an increase in raw material prices. The
company's return on capital employed stood at 28% in FY22 (FY21:
30.5%). In FY23, Ind-Ra expects the EBITDA margins to remain
healthy as the management plans to undertake cost-controlling
measures.

The ratings also factor ABECPL's in healthy credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 7.42x in FY22 (FY21: 8.61x) and net leverage (total
adjusted net debt/operating EBITDAR) to 1.05x (0.25x) due to an
increase in external borrowings. In FY23, Ind-Ra expects ABECPL's
credit metrics to remain healthy due to the absence of any debt-led
capex plan.

The ratings are also supported by the proprietor's over two decades
of experience in the construction business.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the order book while maintaining the credit
metrics, along with an improvement in the liquidity position, all
on a sustained basis, could be positive for the ratings.

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

Company Profile

Established in 2001, ABECPL is proprietorship firm registered as
Class A contractor in Uttar Pradesh. It is engaged in civil and
road construction for Public Works Department. Ajay Singh is the
proprietor.


ALFA ONE: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alfa One
Hi-Tech Infra Private Limited (AOHIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2021, placed the rating(s) of AOHIPL under the 'issuer
non-cooperating' category as AOHIPL 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. AOHIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 31, 2022, August 10,
2022, August 20, 2022.

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

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

Alfa One Hi-Tech Infra Private Limited (AOHIPL) is a Kannur-based
company engaged in civil constructions for commercial and
residential buildings. Mr. Luthufuddeen P M, the promoter of AOHT,
promoted Alfa One Global Builders Private Ltd (AOGB) in the year
2008 for development of residential and commercial real estate
projects. Mr. Luthufuddeen, the managing director of AOHT, manages
the day-to-day operations of the company.


ANJALI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of   continues
to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of AES under the 'issuer
non-cooperating' category as AES 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. AES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 10, 2022, August 20, 2022, August 30,
2022.

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

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

Sahibabad-UP based Anjali Enterprises (AE) was registered in 2014
as a proprietorship firm established by Ms. Anjali Khanna. The
operation of firm is managed by Mr. Anuj Khanna for all business
purposes. The firm is an approved stockiest and distributor for ITC
products. It holds a local depot in Ghaziabad district which acts
as its warehouse to manage this trading business. The firm caters
to the demands of various medium to small size retailers in
Sahibabad and expanding rapidly to entire Ghaziabad and also
Dilshad Garden along with various Delhi UP border regions.


ANSAL PROPERTIES: NCLT Initiates Insolvency Proceedings
-------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) has directed to initiate insolvency proceedings
against realty firm Ansal Properties & Infrastructures on a
petition filed by 126 flat buyers of one of the company's housing
projects. A two-member bench of the insolvency tribunal had
admitted the plea moved by 126 flat/villa buyers of Ansal API's
real estate project The Fernhill located at Sector 91, Gurgaon, the
report says.

In their petition, the buyers had alleged defaults on the part of
Ansal API in delivering the project within the promised time frame
as well as the grace period provided under the clauses of the
builders-buyers agreement, ET relates.

"The applicants have succeeded in proving their debt and default on
the part of the respondent in the instant case. Hence in the given
facts and circumstances, the present application being complete and
the default being committed above the threshold limit, the present
application is admitted," it said.

It also imposed prohibitions against any recovery under suits,
transfer of property, disposal of assets of the real estate firm
and others under the Insolvency & Bankruptcy Code.

According to the buyers, Ansal API had promised to hand over the
physical possession of the said units booked within 48 months, by
July 2017 for the majority of the applicants, the report relays.

Ansal Properties and Infrastructure Ltd is engaged in real estate
development in North India (in states of Delhi, Haryana, Punjab,
Rajasthan and Uttar Pradesh). The company is a part of API group
engaged in real estate development with wide range of business
verticals, viz, integrated townships, Condominiums, group housing,
commercial, retail, hospitality, special economic zones,
information technology parks, and facility management.


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

The instrument-wise rating action is:

-- INR3,936.2 bil. (INR3,916.4 bil. outstanding as of March 31,
     2020) Senior project bank loans due on June 2030 maintained
     in the non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note:  ISSUER NOT COOPERATING; the ratings were last reviewed on
September 4, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Baleshwar Kharagpur Expressway operates a 24-year concession
project to construct bridges/structures and repair the existing
four-lane highway from Baleshwar to Kharagpur of National Highway
60 in Odisha and West Bengal. The project was awarded on a design,
build, finance, operate and transfer basis by the National Highways
Authority of India ('IND AAA'/Stable).


BAMBINO AGRO: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bambino Agro
Industries Ltd.'s (BAIL) Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR95.00 mil. Fund-based working capital limit* maintained in
     the non-cooperating category and withdrawn; and

-- INR342.90 mil. Term loan** due on September 2026 maintained in

     the non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information about interim financials, sanctioned
bank facilities and utilization, business plan, and projections for
next three years, information on corporate governance, and
management certificate.

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

Company Profile

Established in 1982, BAIL manufactures pasta and wheat products.
The company, which is promoted by M Kishan Rao, has been listed on
BSE Ltd since 1993.


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

The instrument-wise rating action is:

-- INR14.400 bil. (Outstanding INR12,591.2 bil. as of August 31,
     2020) Term loan (long term) due on June 2030 maintained in
     the non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note:  ISSUER NOT COOPERATING; the ratings were last reviewed on
September 7, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

BAEL has been granted a 20-year concession by the National Highways
Authority of India ('IND AAA'/Stable) to widen the
Barwa-Adda-Panagarh section of NH-2 to 521.120km from 398.240km to
six lanes including Panagarh Bypass in the states of Jharkhand and
West Bengal on a design, build, fund, operate, and transfer basis.
BAEL shall pay an annual premium amount of INR420 million from the
appointed date and an escalation of 5% thereafter.


BEEPEE ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beepee
Enterprise Private Limited (BEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Demand         2          CRISIL D (Issuer Not
   Bill Purchase                     Cooperating)

   Letter Of Guarantee    0.3        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BEPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

BEPL was incorporated in 2003, promoted by Mr. Chandrakishor Poddar
along with his sons, Mr. Anup Poddar and Mr. Anil Poddar. The
company manufactures of bed sheets, table cloths, serviettes, chair
covers, table linen, duvets, and mats. BEPL's customers include
various reputed players such as Air India Ltd, Taj Hotels Resorts
and Palaces, and Hotel Leela Ventures Ltd.


BEVA SILICONES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beva
Silicones Private Limited (BSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)
   Working Capital
   Facility                0.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BSPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in December 2008, BSPL manufactures silicone-based
softeners, which find application in textile finishing, leather
processing, and personal care. The company is based out of Chennai
and is promoted by Mr Arun Vivekanandan Ariyarathenam and his
brother Mr Ineeyan Vivekanandan Ariyaratnam.


BHAGWAN MAHAVEER: Ind-Ra Hikes Bank Loan Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bhagwan Mahaveer
Memorial Jain Trust's (BMMJT) bank facilities to 'IND BB+' from
'IND BB'. The Outlook is Positive.

The detailed rating actions are:

-- INR242.94 mil. (reduced from INR300 mil.) Bank loans upgraded
     with IND BB+/Positive rating;

-- INR100 mil. Fund-based working capital facilities* upgraded
     with IND BB+/Positive rating; and

-- INR5 mil. Non-fund-based working capital facilities affirmed
     with IND A4+ rating.

*includes sub-limit of letter of credit/bank guarantee of INR20
million

The rating upgrade and Positive Outlook reflect an improvement in
BMMJT’s scale of operations, profitability, and credit metrics in
FY22, which Ind-Ra expects to continue in the medium term.

Key Rating Drivers

The ratings reflect an improvement in BMMJT's scale of operations
to INR1,988.70 million in FY22 (FY21: INR1,593.38 million).
However, the scale of operations remains medium. Although the
number of patient visits reduced during FY21-FY22 compared to
pre-covid levels, the treatment of covid cases and the treatment
general cases which were on hold during the first covid wave helped
the trust to report the higher revenues for FY22. Due to the
pandemic situation, the number of patient visits had reduced to
1,09,842 in FY21 from 1,53,968 in FY20, which partially recovered
to 1,12,212 in FY22. During April-August 2022, 53,911 number
patients visited the hospital and the trust reported gross hospital
revenue of INR1,068.10 million during April-September 2022. Ind-Ra
expects sustained growth in the revenue for the trust on the back
of improvement in patient visits.

The ratings reflect an improvement in BMMJT's operating
profitability in FY22. The trust's operating margin increased to
11.93% in FY22 (FY21: 7.19%), due to a 23.79% yoy increase in the
key operating income, partially offset by a 17.47% yoy increase in
the key operating expenditure. However, the operating margin
remains thin. Also, the EBITDA margin increased to 16.12% in FY22
(FY21: 10.88%) and the trust reported a net surplus of INR181.85
million in FY22 compared to net deficit of INR34.24 million
reported in FY21.

Liquidity Indicator - Stretched: BMMJT's available funds (cash and
unrestricted investments) were low at INR15.47 million at FYE22
(FYE21: INR14.02 million) and did not adequately cover the total
debt and operating expenditure. The funds available to cover the
total debt and operating expenditure stood at 3.27% and 0.93%,
respectively, in FY22 (FY21: 1.79% and 0.99%, respectively).
BMMJT's collection period remained moderate which reduced to 31
days in FY22 (FY21: 36 days), due to an improvement in the
collection of insurance claims from agencies. The average
utilization of the working capital limits was low at 10.92% for the
12 months ended September 2022.

The trust's debt service commitments stood at INR212.39 million
(10.68% of the total income) in FY22 (FY21: INR242.18 million;
15.20%), and it is likely to amount to INR108.26 million in FY23.
Ind-Ra expects the liquidity profile to improve over the medium
term, on account of a reduction in the debt service commitments and
maintenance of operating profitability along with absence of any
major capex plan.

The ratings also reflect an improvement in BMMJT's debt burden and
coverage ratios. In FY22, the trust's debt/ EBITDA reduced sharply
to 1.48x (FY21: 4.51x) and debt/income reduced to 23.80% (49.09%),
owing to a 39.49% yoy fall in the total debt to INR473.35 million
and an 84.93% yoy increase in EBITDA to INR320.57 million.

The ratings also factor in a fall in the trust's reliance on
unsecured loans. It had repaid unsecured loans of INR419.80 million
in FY22 through external borrowings and internal accruals. BMMJT
serviced its debt over FY17-FY21 through unsecured loans and
donations provided by the trustees. However, BMMJT was able to meet
the debt service requirements during FY22 through its operating
balance as the operating profitability margins improved. The
interest service coverage ratio (EBITDA/interest expenses) also
improved to 5.54x in FY22 (FY21: 1.98x) sand debt service coverage
ratio rose to 1.51x (0.72x) on account of the improvement in
EBITDA.

The ratings are continued to be supported by BMMJT's three decades
of operating experience and strong financial support from the
trustees in the form of corpus donations (FY22: INR150.21 million).
Ind-Ra expects the support from the trustees to continue, if
required.

Rating Sensitivities

Positive: An improvement in the operational performance and cash
flow from operations while maintaining the debt/EBITDA below 3.5x,
would lead to positive rating action.

Negative: Any deterioration in the operational performance and cash
flow from operation leading to significant deterioration in the
credit metrics with debt/EBITDA above 5.0x on a sustained basis,
could lead to an Outlook revision to Negative and/or a negative
rating action.

Company Profile

Established in 1975 as a public charitable trust in Bengaluru,
Karnataka, BMMJT operates a super specialty hospital in Vasanth
Nagar, Bengaluru. The hospital offers a wide range of specialty
services which include pulmonology, nephrology, gastroenterology,
cardiology, neurology, oncology, vascular surgery and pediatrics,
among others. In 2016, the trust constructed a second hospital with
100-bed capacity in Giri Nagar, Bengaluru.


CHAUDHRY & SONS: Ind-Ra Hikes & Withdraws Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Chaudhry & Sons
(Forgings) Private Limited's (CSFPL) Long-Term Issuer Rating to
'IND B+'/Stable from 'IND B (ISSUER NOT COOPERATING)', and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR420 mil. (increased from INR100 mil.) Fund-based working
     capital limit Long-term rating upgraded and short-term
     affirmed, and withdrawn.

* Long-term rating Upgraded to 'IND B+’/Stable & short-term
rating affirmed at ‘IND A4’ before being withdrawn

The upgrade reflects the improvement in CSFPL's revenue, liquidity
and credit metrics in FY22. Ind-Ra is no longer required to
maintain the ratings, as the agency has received a no objection
certificate from the lender. This is consistent with the Securities
and Exchange Board of India's circular dated March 31, 2017 for
credit rating agencies.

Key Rating Drivers

The ratings reflect CSFPL's continued small scale of operations as
the revenue increased to INR379.3 million in FY22 (FY21: INR261.6
million) on account of the execution of a new project of INR730
million. CSFPL achieved net revenue of INR205 million from April 1,
2022 until September 15, 2022. CSFPL has orders in hand of INR250
million, which the management expects to execute within the next
eight months. Ind-Ra thus expects CSFPL to report an increase in
the revenue in FY23.

The ratings also reflect CSFPL's average EBITDA margins of 15.6%
(FY21: 24.6%) with the return on capital employed of 12.0% (17.5%).
The fall in margins was on account of an increase in the cost of
goods sold. Ind-Ra expects CSFPL to report an increase in the
EBITDA margin in FY23 as new projects are likely to be received in
2HFY23 and initially only higher margin products such as motors and
cables are sold.

Liquidity Indicator - Poor: CSFPL's has limited bank lines that too
from a single bank and does not have access to capital markets. The
cash and cash equivalent reduced to INR0.2 million in FY22 (FY21:
INR0.6 million), and the cash flow from operations turned positive
to INR201.4 million (negative INR335.2 million) on account of a
favorable change in the working capital. The net cash conversion
cycle deteriorated to 180 days in FY22 (FY21: 109 days) on account
of a reduction in the creditor days to 66 (252) due to early
payments to suppliers. The fund-based limits and non-fund-based
limits were utilized at an average of 52.5% over the 12 months
ended September 2022.

The ratings continue to be constrained by CSFPL’s weak credit
metrics. The interest coverage (operating EBITDA/gross interest
expense) reduced slightly to 1.5x in FY22 (FY21: 1.6x) on account
of a reduction in the absolute EBITDA to INR59.1 million (INR64.4
million) while the net leverage (total adjusted net debt/operating
EBITDAR) improved significantly to 5.5x (8.0x) because of a
reduction in the total debt to INR325.9 million (INR517.3 million).
Ind-Ra expects the credit metrics to improve in FY23 on account of
no major debt-led capex plans.

The ratings also continue to be constrained by the low short-medium
term revenue visibility owing to no project in the pipeline for the
said period because of the nature of its business, where projects
are undertaken on the basis of cost-benefit analysis.

The ratings also reflects CSFPL's high suppliers concentration
risk. In FY22, the top three suppliers contributed around 95% to
the total purchases (FY21: 95%).

The ratings are supported by the company directors’ experience of
more than 40 years in dismantling sick units, leading to
established relationships with customers and suppliers.

Company Profile

CSFPL is engaged in the dismantling of sick units, majorly
factories. Its head office is located at Ghaziabad (UP).


CHENNAKESAVA CONSTRUCTIONS: CRISIL Keeps B in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Chennakesava Constructions (SCC) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         21         CRISIL A4 (Issuer Not
                                     Cooperating)

   Overdraft Facility      1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SCC for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
cooperation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCC continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

SCC was set up in 1994 by Mr G Ramaiah and his family members. The
firm undertakes construction of canals, bridges, and roads. It is
based in Hyderabad.


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

The instrument-wise rating actions are:

-- INR3.25 mil. Term loan due on June 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR200 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR136.75 mil. Non-fund-based working capital limit migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 9, 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 2005, Chhabra Ispat is a Burdwan, West Bengal based
MS billets manufacturer.


CHINTAMANI FINLEASE: CARE Lowers Rating on INR5cr NCD to C+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chintamani Finlease Limited (CFL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible       5.00      CARE C+; Negative; ISSUER NOT
   Debentures                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2020,
placed the rating of CFL under the 'issuer non-cooperating'
category as CFL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. CFL continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and an email dated August
6, 2022, July 27, 2022 and July 17, 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'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 revision in the rating assigned to AFPL takes into account the
non-availability of update on latest financials and other
operational information, deterioration in financial profile in FY21
along with expectation of stretched liquidity profile considering
bullet repayment of INR5.00 crore NCD, due in February, 2023.

Detailed description of the key rating drivers

CARE Ratings Ltd. has not received any information except
financials for FY21 (extracted from Registrar of Companies). At the
time of last rating on August 31, 2021, the following were the
weaknesses and strengths (updated for the information available
from RoC).

Outlook: Negative

The revision in the outlook considers companies weak financial and
liquidity profile and expectation of stretched liquidity profile
considering bullet repayment of INR5.00 crore NCD, due in February,
2023.

Detailed description of the key rating drivers

Key rating weaknesses

* Small scale of operations with high regional concentration: CFL's
scale of operations continues to be small, with loan portfolio of
INR8.40 crore as on March 31, 2021 (vs. INR9.72 crore in Mar 20).
The company currently operates in Delhi only.

* Unsecured nature of loan book: As on September 30, 2017,
unsecured personal loans constituted 97% of the total loan book and
remaining 3% is gold loans and loan against property. Weak resource
base: CFL has moderate resources profile with total borrowings of
the company stood at INR1.81 crore as on March 31, 2021 down from
INR3.27 crore as on March 31, 2020.

* Moderate income and profitability: The earning profile of
Chintamani Finlease Limited continues to be moderate in line with
its scale of operations. The earning profile is relatively moderate
marked by total income of INR3.55 crore and PAT of INR0.26 crore in
FY21 as against total income of INR4.17 crore and PAT of INR0.54
crore in FY20.

* Moderate Asset Quality: Company's gross NPA and net NPA were
1.63% and 0.81% respectively as on March 31, 2017 visà-vis GNPA
and NNPA at 3.67% and 3.54% respectively during FY16. GNPA and NNPA
stood at 2.57% and 1.82% respectively as on Sep 30, 2017.

Key rating strengths

* Long track record of operations with experienced management:
Chintamani Finlease Limited was promoted by Mr. Puran Chand Jain in
1995, who worked for banks during his corporate tenure. Now, Mr.
Pradeep Kumar Jain is the Chief Managing Director of the company.
He worked for Andhra Bank for 25 years and later joined CFL. He has
got vast experience in banking and is supported by an experienced
second line of leadership consisting of Mr. D P Bhutani, General
Manager, who has 37 years of experience in Andhra Bank. The
promoters are well supported by other professionals having rich
experience in their field.

Chintamani Finlease Limited is a public limited company
incorporated on April 28, 1995 under Registrar of Companies Delhi
and Haryana. It is headquartered in New Delhi. It is registered
with RBI as a NBFC (Non-Banking Financial Company) since July 19,
2002. Chintamani Finlease was founded by Sh. Puran Chand Jain in
the year 1995. The promoter of the Company is Mr. Pradeep Kumar
Jain, who has 25 years of experience in Andhra Bank. The company
provides personal loans, loan against property, gold loans and
other secured loans. It is operational in Delhi only.


COMSAT SYSTEMS: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
--------------------------------------------------------------
CRISIL Rating reaffirmed its 'CRISIL B+/Stable/CRISIL A4' rating on
the bank facilities of Comsat Systems Private Limited (CSPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.5      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan               1.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations and operating margins rating also factors in its working
capital-intensive operations driven by large receivables and
inventory. These weaknesses are partially offset by its promoter's
extensive industry experience, its established relationships with
customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and moderate operating margins: With
revenue of INR14 crore and operating margin of 14.46% in FY22,
scale is small in the intensive competitive media & entertainment
industry. Revenue growth rate in the current fiscal is expected to
remain comparatively low owing to same.

* Working capital-intensive operations: Gross current assets
improved but remain large at 547 days as on March 31, 2022, due to
large receivables and inventory of 158 days and 366 days,
respectively for the year ended March, 31 2021. However, GCA days
are expected to be similar level, operations should remain working
capital intensive over the medium term.

Strengths:

* Extensive experience of promoters: Promoter's extensive industry
experience has enabled the company to establish strong relationship
with the customers and suppliers, which assures the uninterrupted
supply of material required and repeated orders. CRISIL Ratings
believes that extensive experience of promoters will continue to
benefit the company over the medium term.

* Moderate financial risk profile: CSPL has a moderate financial
profile marked by gearing of 0.56 times and total outside
liabilities to adjusted tangible net worth (TOL/ANW) of 0.89 times
for year ending on 31st March 2022. CSPL's debt protection metrics
are expected to improve over the medium term with expected interest
coverage and NCATD of around 4 and 0.44 times in FY2023.

Liquidity: Stretched

Bank limit utilisation is high around 96 percent for the past
twelve months ended July 2022. CRISIL Ratings believes that bank
limit utilization is expected to remain high because of large
working capital requirement. Cash accrual are expected to be over
INR1.5-2 crore that are sufficient against term debt obligation of
INR0.5 crore over the medium term. Current ratio of 2.16 is healthy
as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes that CSPL will continue to benefit from the
extensive industry experience of its promoters.

Rating Sensitivity factors

Upward factors:

* Increase in revenue by over 20-25% and improvement in
profitability on a sustainable basis resulting in higher than
expected cash accruals
* Improvement in working capital cycle

Downward factors:

* Stretch in working capital cycle leading to over 300 days
resulting in stretched liquidity
* Lower than expected revenue or decline in profitability resulting
lower than expected cash accruals

Set up in 1982 in Hyderabad, Telangana CSPL is engaged in the
business of manufacturing antenna for satellite communication and
other antenna in UHF/VHF frequencies. The company is promoted by
Mr. S.John and his family members.


DANTAL HYDRAULICS: Ind-Ra Keeps BB Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dantal
Hydraulics Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and
simultaneously withdrawn it.  

The instrument-wise rating actions are:

-- INR385 mil. Fund-based working capital limit* maintained in
     the non-cooperating category and withdrawn;

-- INR315 mil. Non-fund-based working capital limit** maintained
     in the non-cooperating category and withdrawn; and

-- INR300 mil. Term loan*** due on October 2028 maintained in the

     non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

***Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdraw

Key Rating Drivers

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information pertaining to the past four years
audited financials, latest bank sanction letter and utilization,
business plan and projections for the next three years, corporate
governance, and management certificate.

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

Company Profile

Established 1990, Dantal Hydraulics is a leading manufacturer of
customized hydraulic cylinders and hydraulic systems, aircraft
hydraulic service trolleys and car parking solutions in India. It
has three manufacturing facilities at Manesar (Haryana), a
manufacturing facility at Peenya Industrial Area, Bengaluru, and a
distribution facility in Gurugram.

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

The instrument-wise rating actions are:

-- INR37.50 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR15.00 mil. Non-fund-based working capital limit migrated to

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Established in 1973, DEC is a trader of industrial electrical
products such as wires, control panels and switchgears. The firm
also executes powerplant projects.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Term loan due on March 31, 2029 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 24, 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 2016, Deoghar Agrotech has set up a rice mill for
manufacturing rice from paddy rice and commenced operations from
April 2021. The rice mill is located at Jasidih in Deoghar district
of Jharkhand.


DEVASHISH INFRA: CRISIL Lowers Rating on INR9cr Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Devashish Infrastructure Private Limited to 'CRISIL
B+/Stable/CRISIL A4' from CRISIL BB/Stable/CRISIL A4+

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.7        CRISIL A4 (Downgraded from
                                     'CRISIL BB/Stable')

   Cash Credit            9          CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit       7          CRISIL A4 (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects the weakening business risk profile of the
company on account of decline operating margins to -5.95% in FY
2022 from 6.40% in previous fiscal year 2021 due to volatility of
prices of the raw materials and reduced ability to pass them on to
customers. Ability to return to the historic level of revenue and
profitability is a key monitorable.

The ratings reflect the extensive experience of the promoters in
the industry and the moderate financial risk profile of the
company. These strengths are partially offset by moderate revenue,
declined operating margin and working capital-intensive
operations.

Analytical approach

Unsecured loans of INR1.84 crore as on March 31, 2022, from the
promoter group have been treated as neither debt nor equity as the
loans are expected to be retained in the business over the medium
term.

Key rating drivers & detailed description

Weaknesses:

* Moderate revenue & declined operating margin: Revenue remains
moderate at estimated INR81.6 crore in fiscal 2022. Operating
margin was negative 5.95% in fiscal 2022 because of the lower
economies of scale, fluctuation in raw materials prices and reduced
ability to pass them on to customers. CRISIL Ratings believes the
profitability of DIPL will remain susceptible to fluctuations in
raw material prices.  

* Working capital-intensive operations: The gross current assets
days are estimated at 187 days as on March 31, 2022, driven by high
inventory of 152 days and debtors of about 49 days. The company's
working capital is supported through average suppliers' credit of
about 130 days.

Strengths:

* Extensive industry experience of the promoters: The 3-decade-long
experience of the promoters in the civil construction industry,
their strong technical knowledge of pre-engineered building
products, and healthy relationship with suppliers and dealers
should continue to support the business risk profile. CRISIL
Ratings believe that DIPL shall continue to benefit from promoter's
experience.

* Moderate financial risk profile: The company's financial risk
profile is moderate supported by moderate reliance on external debt
as compared to net worth. Gearing is estimated to be around 2.79
time at the end of fiscal 2022 and the interest coverage ratio and
net cash accruals to total debt is estimated to be moderate at 2.13
times and 0.12 time for fiscal 2022.

Liquidity: Stretched

Net cash accrual is expected to be negative in fiscal 2022 which
will not be sufficient to meet yearly debt repayment obligation of
INR1-1.5 crore. However same will be supported by promoter's
Unsecured loan in the business acting as a cushion. Average
utilization of the fund-based limit of INR9 crore stood at 94%
during the 12 months through June 2022. Liquidity is further
supported by unsecured loans from promoters.

Outlook: Stable

DIPL should continue to benefit from the extensive experience of
its promoters in civil construction industry.

Rating sensitivity factors

Upward factors:

* Sustained improvement in scale of operation while maintaining the
operating margin in the range of 4-5% with improvement in net cash
accrual.
* Improvement in working capital management, strengthening the
liquidity profile

Downward factors:

* Decline in revenue or operating margin, leading to net cash
accrual below INR1 crore
* Further stretch in working capital cycle, weakening the financial
risk profile, especially liquidity

DIPL was founded in 1991 as proprietorship firm, which was
reconstituted as a private limited company with the current name in
2006. Mr Mahesh Vaghela is the promoter. The company, based in
Vadodara, Gujarat, does installation of pre-engineered buildings.

DEVGHAR ISPAT: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Devghar
Ispat (DI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 23,
2021, placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI 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. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2022, August 19, 2022, August 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).

Devghar Ispat (DI) was established as a partnership firm in July
2016 by Mr. Ajay Kumar Agarwal, Mr. Vijay Kumar Agarwal and Mr.
Sanjay Kumar Agarwal based out of Raigarh, Chhattisgarh. The firm
has been engaged in trading of iron and steel products like
billets, ingots and TMT bars etc.


DRUSHTI REALTORS: Ind-Ra Withdraws B+ LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Drushti Realtors
Private Limited's (DRPL) Long-Term Issuer Rating of 'IND B+'.  The
Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND B+' rating on the INR480 mil. Proposed term loan is  

     withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the
company is not proceeding with the instrument as envisaged. The
agency will no longer provide  rating and analytical coverage for
DRPL.

Company Profile

DRPL, incorporated in 2005, is engaged in the construction of
residential projects. It is located at Vile Parle (Mumbai,
Maharashtra). It has one ongoing project- Trishul (a residential
redevelopment project including shops) at Ghatkopar east- Mumbai,
which has a total saleable area of 1,73,430sf.


EVEREST INFRA: Ind-Ra Affirms 'BB' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Everest Infra
Ventures (India) Private Limited's (EIVIPL) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

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

-- INR973.9 mil. (reduced from INR1.750 bil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

Key Rating Drivers

The affirmation reflects EIVIPL's medium scale of operations. The
revenue grew to INR1,513 million in FY22 (FY21: INR1,088 million),
owing to execution of a higher number of orders. As on 30 September
2022, the company had an order book of INR1,747 million, of which
60% of the orders were executed but unbilled. The company booked
revenue of INR450 million till September 2022. Furthermore, EIVIPL
has bid for projects worth INR14,394 million under the Jal Jeevan
Mission in Odisha and is also bidding for projects under Jal Jeevan
Mission and rural electrification works in other states. However,
in the absence of adequate new orders as on the date of review,
Ind-Ra believes there is no revenue visibility post FY23 as the
actual unexecuted order book was only INR694 million, which the
company expects to execute in FY23. FY22 financials are
provisional.

Despite the revenue increase, the EBITDA margins declined to 11% in
FY22 (FY21: 20%) due to an increase in raw material costs as a
percentage of revenue to about 79% (63%). The EBITDA margins
remained modest with a return on capital employed of 6% in FY22
(FY21: 7.7%).

The ratings continue to factor in the company's modest credit
metrics. The interest coverage (operating EBITDA/gross interest
expense) improved to 2.5x in FY22 (FY21: 1.31x) due to a
significant decline in the interest cost to INR62 million (INR166
million), resulting from low utilization of the working capital
facilities. The bank loans declined to INR22 million in FY22 (FY21:
INR362 million) due to the lower use of the fund-based limits and
repayment of vehicle loans. However, the unsecured debt (including
optionally convertible debentures) increased to INR1,825 million in
FY22 (FY21: INR1,758 million) as associated companies infused
around INR68 million of funds to reduce the bank lines. The
management, however, has mentioned that the company will pay
interest on part of the unsecured loans (excluding optionally
convertible debentures and few of the unsecured loans) of INR874.20
million from FY23, which will impact the credit metrics in the
medium term. The net leverage (total adjusted net debt/operating
EBITDAR) increased to 12.0x in FY22 (FY21: 10.0x) due to the
increase in unsecured debt from the promotors and a reduction in
the EBITDA to INR158 million (INR217 million).

Liquidity Indicator - Adequate: The company's fund-based limit was
almost fully unutilized during the 12 months ended August 2022;
however, the average use of the bank guarantee limit was around
73%. As per management, INR100 million of tied bank guarantees
would be free by March 2023 and the unutilized bank guarantee
limits will be sufficient to secure new orders of up to INR7,000
million. The company has scheduled debt repayment of around INR4
million and INR3 million in FY23 and FY24, respectively. The
company has a scheduled repayment of around INR400 million of
unsecured loans from promotors in FY23; however, as per the company
it can be deferred if the free cash flow is not sufficient. The
cash flow from operations is likely to have improved in FY22 (FY21:
INR303 million) due to the shortening of net working capital cycle
to 182 days in FY22 (FY21: 561 days), resulting from a decline in
the receivable period to 88 days (154 days) and inventory holding
period to 153 days (509 days). The company had INR3 million of cash
and cash equivalents at FYE22 (FYE21: INR9 million).

However, the ratings are supported by EIVIPL's strong promoters,
who are also promoters of Apollo Hospitals Enterprise Limited ('IND
AA+'/Stable). A promotor-backed associate company infused INR68
million in the company during FY22 (FY21: INR626 million) in the
form of unsecured loans and has provided an undertaking to provide
timely financial support to the company, if required.

Rating Sensitivities

Positive: An improvement in the revenue and the interest coverage
remaining above 2.0x, along with an improvement in the liquidity,
all on a sustained basis will be positive for the ratings.

Negative: Any deterioration in the credit metrics or a further
stretch in the liquidity will be negative for the ratings.

Company Profile

Incorporated on September 5, 2014, EIVIPL is engaged in the
execution of turnkey civil contracts in Andhra Pradesh, Telangana
and Uttar Pradesh.


FATEH CHAND: Ind-Ra Assigns 'BB+' Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Fateh Chand Charitable Trust's (FCCT) bank facilities:

-- INR16.3 mil. Term loan due on December 2022 affirmed with IND
     BB+/Stable rating;

-- INR42.8 mil. Non-fund-based bank facilities (bank guarantee)  

     affirmed with IND BB+/Stable rating;

-- INR77 mil. Term loan due on December 2026 assigned with IND
     BB+/Stable rating;

-- INR57.2 mil. Non-fund-based bank facilities (bank guarantee)
     assigned with IND BB+/Stable rating; and

-- INR295 mil. Fund-based bank facilities assigned IND BB+/  
     Stable /IND A4+ rating.

Rating Sensitivities

Positive: A sustained improvement in the operating performance as
reflected by EBITDA margins of above 30% coupled with a further
improvement in the liquidity position and credit metrics, could be
positive for the ratings.

Negative: A declining headcount and/or a significant fall in the
operating margins and/or a significant debt-funded capex, leading
to stress on the liquidity position and deterioration in the credit
metrics could lead to a negative rating action.

Company Profile

Established in 2005, FCCT is chaired by Nitin Agrawal. Approved by
National Medical Commission, Muzaffarnagar Medical College and
Hospital, under FCCT's aegis, started its operation in 2006. The
courses offered are MBBS, PG along with para-medical courses to
impart nursing education and training. The hospital with a capacity
of 950 beds, was established primarily to support the college as a
teaching hospital.


FINSTONE GRANITO: CRISIL Lowers Long/Short Term Debt Rating to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the rating on bank facilities of
Finstone Granito Private Limited (FGPL) to 'CRISIL D/CRISIL D
Issuer not cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating' due to delays in servicing debt obligation as
confirmed by management of company.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with FGPL for
obtaining information through letters and emails dated November 10,
2022 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FGPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FGPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has downgraded the rating on
bank facilities of FGPL to 'CRISIL D/CRISIL D Issuer not
cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating' due to delays in servicing debt obligation as
confirmed by management of company.

FGPL was set up on May 1, 2016, by the promoters, Mr Bharatkumar
Lalji Bhimani, Mr Bhaveshkumar Patel, Mr Pritehkumar Harjivan
Patel, Mr Ashokkumar Bhagvanji Delvadiya, Mr Tejas Rajesh Patel,
and Mr Ketul Keshavlal Bhimani. The company started manufacturing
vitrified tiles of various sizes from May 2018.


FUTURE RETAIL: Amazon Moves SC Seeking to Restart Arbitration
-------------------------------------------------------------
The Economic Times of India reports that in a new development in
the tussle over Future Retail, Amazon has moved the Supreme Court
for allowing arbitration proceedings to restart at the Singapore
International Arbitration Centre (SIAC).

Representing Amazon NV Investment Holding LLC, senior counsel Gopal
Subramaniam on Nov. 17 pointed out how Future Group has tried to
stall the proceedings, ET says.

According to the report, Subramaniam said the Future Group has
filed a petition under Article 227 before the Delhi HC challenging
the tribunal's decision of the tribunal.

He emphasised that "the arbitration proceedings should in no way be
postponed."

ET notes that the case pertains to Amazon's investment in Future
Coupons. The bitter feud between Future and Amazon has been going
on for over a year.

According to ET, the tribunal, which had ruled in favour of a
continuation of the proceedings, is going for the final hearing on
November 28.

Hearing the case, CJI Chandrachud noted that the Future Group has
filed more than 200 petitions to stall the proceedings.

"You cannot keep stultifying the proceedings before the arbitral
tribunal and this is just a ploy to delay the proceedings…All
ploys by well heeled parties to delay the arbitration . . . Your
client is trying to be too clever by half . . . As a Chief Justice
of this court I am concerned." the CJI told Future Group's
counsel.

"This is an international arbitration . . . Is this how the courts
of this country will bring repute to the process? Global India must
maintain the sanctity of international arbitral proceedings . . .
We will not let the arbitration process be stultified," he
observed.

ET relates that the bench said that it won't allow the arbitration
process to be stultified and that the matter will be listed next
Friday [Nov. 25].

It may be recalled here that the Future Group had approached SAIC
with a plea to terminate the arbitration proceedings. The SAIC, in
June 28, had rejected this plea.

Future subsequently moved the Delhi HC against SIAC's move, ET
states.

The arbitration proceedings at SAIC had started in October 2020,
following Future's proposal to sell its retail, wholesale &
logistics assets to Mukesh Ambani-led Reliance for INR24,713 crore,
ET notes.

The legal battle started once Future's sale plan was made public,
with Amazon opposing the deal with RIL on the ground that the
INR1,400 crore in had invested in Future Coupons (a promoter of
Future Retail) "does not allow Future to sell retail assets to
certain companies, including Reliance."

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer.  According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.


GAGAN AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gagan Agro
And Rice Exporters (GARE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of GARE under the 'issuer
non-cooperating' category as GARE 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. GARE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26,
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).

Gagan Agro and Rice Exporters was established as a partnership firm
in 2014 and it is currently being managed by Mr. Sumit Singla, Mr.
Rahul Garg and Mrs. Amandeep Kaur. The firm is engaged in
processing of paddy at its manufacturing facility located in
Sangrur, Punjab. It is also engaged in trading of rice.

GAYATRI PROJECTS: NCLT Admits Insolvency Proceedings vs. Firm
-------------------------------------------------------------
The Economic Times of India reports that the Hyderabad bench of the
National Company Law Tribunal (NCLT) has admitted a petition by the
State Bank of India (SBI) to start bankruptcy proceedings against
Gayatri Projects as lenders increase pressure on the debt-laden
engineering, procurement and construction (EPC) company to recover
dues of over INR6,000 crore.

Gayatri Projects reported net loss of INR268.33 crore in the
quarter ended September 2022 as against net loss of INR189.41 crore
during the previous quarter ended September 2021, Business Standard
discloses. Sales declined 63.46% to INR316.25 crore in the quarter
ended September 2022 as against INR865.53 crore during the previous
quarter ended September 2021.

Gayatri Projects Ltd. offers construction services. The Company
builds infrastructure projects such as dams, highways, bridges,
canals, aqueducts, and ports.


GVK POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVK Power
(Goindwal Sahib) Limited (GPGSL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,400.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      40.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed rationale and key rating drivers

GPGSL has not paid surveillance fees for the rating exercise agreed
to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd. rating on GPGSL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating factor in the stretched liquidity position of GVK Power
(Goindwal Sahib) Limited (GPGSL) resulting in delays in servicing
debt obligations.

Detailed description of the key rating drivers

At the time of last rating on August 12, 2021 the following were
the rating strengths and weaknessesDetailed description of the key
rating drivers.

Key Rating Weaknesses

* Stretched liquidity position led by subdued operational &
financial performance: The plant remained non-operational even
after achieving COD due to non-availability of coal, primarily on
account of de-allocation of the coal block and paucity of working
capital to procure coal via e-auction. Although the company has
started receiving coal under Scheme for Harnessing and Allocating
Koyala Transparently in India (SHAKTI), lower demand of electricity
from Punjab State Electricity Board and shortage of working capital
fund, has resulted in low PLF level. During the period FY19-20, the
plant availability has improved from 66.22% to 98.70%, however, the
PLF of the plant continue to be lower at about 27%. Lower power
generation and high fixed cost has resulted in continued net loss
and cash loss during the period FY20 – 9MFY21. All the above
factors coupled with high debt repayment obligation has resulted in
delays in debt servicing.

Key Rating Strengths

* Experienced promoter group: GPGSL belongs to Hyderabad based GVK
group, which is one of the first Independent Power Plant developers
in the country. The GVK group through GVK Power & Infrastructure
Limited (GVKPIL) and its subsidiaries has substantial ownership
interest into power generating assets and is also engaged in
building and developing of highway projects, providing
infrastructure facilities, exploration of oil & natural gas,
operations, maintenance and development (OMD) of airport projects
and exploration of coal mines.

Liquidity: Poor

The liquidity position of the company is poor with high debt
repayment obligation and cash losses during the last 3 years
resulting in delay in debt servicing.

Incorporated in 1998, GPGSL is a wholly-owned subsidiary of GVK
Energy Limited, which in turn is the subsidiary of GVK Power and
Infrastructure Limited (GVKPIL), the flagship company of GVK group.
GPGSL has implemented a 540 MW (2*270 MW), coal-fired thermal power
project at Goindwal Sahib, District Tarn Taran, Punjab. The project
was awarded to GVK group by Government of Punjab (GOP) & Punjab
State Electricity Board (PSEB) during the year 1996, through
International Competitive Bidding (ICB) route. The projected
achieved COD in April 2016. GPGSL has executed an amended and
restated PPA (for 25 years) with PSEB on May 26, 2009, for sale of
entire electricity to be generated through a two-part tariff
structure.


HANS INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hans Industries
Private Limited's (HIPL) Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING).'

The instrument-wise rating actions are:

-- INR400 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The Issuer not cooperating; based on
the best available information

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect HIPL's credit strength as the company has been
non-cooperative with the agency since April 2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

Incorporated in July 2006, HIPL operates a steel rolling mill that
produces mild steel beams, channels and angles. The company has a
4,800 metric tons per annum manufacturing facility in Bhavnagar,
Gujarat.


HEAVY ENGINEERING: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Heavy
Engineering Corporation Limited's (HECL) Long-Term Issuer Rating to
'IND D' from 'IND B-'/Stable.

The instrument-wise rating actions are:

-- INR2.0 bil. Fund-based limits downgraded with IND D rating;
     and

-- INR1.880 bil. Non-fund-based limits downgraded with IND D
     rating.

Key Rating Drivers

The downgrade reflects HECL's delays in the interest servicing of
the working capital facility for more than 30 days, as per the 'No
Default Statement' statement provided by the company, owing to a
poor liquidity position.

Rating Sensitivities

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

Company Profile

HECL was set up in 1958 in Ranchi under the Ministry of Heavy
Industries and Public Enterprises. The company manufactures capital
goods/spare parts for companies from the steel, mining,
engineering, defense, railways and other sectors. It also executes
turn-key projects, from concept to commissioning.


HETRO SPINNERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hetro
Spinners Private Limited (HSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.68      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.52      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2021, placed the rating(s) of HSPL under the 'issuer
non-cooperating' category as HSPL 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. HSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2022, August 10, 2022, August 19,
2022.

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

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

Hetro Spinners Private Limited [erstwhile Sai Manasa Spintex
(India) Limited] was incorporated in the year 2009, however, the
commercial operations of the company started from the year 2010.
The company has changed its constitution from Hetro Spinners
Limited to Hetro Spinners Private Limited in August 2018. The
company was promoted by Mr. K Gopala Reddy, his friends and
relatives. The company is engaged in manufacturing of cotton yarn
(20-47 count) and sale of cotton seeds. The company procures the
raw material (cotton lint) from the traders located in and around
Guntur. The company sells its products i.e. cotton yarn and cotton
seeds to the spinning millers and traders located at various places
like West Bengal, Tamil Nadu, Maharashtra and Telangana.


HIMANSHU INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Himanshu
Industries (HI) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Himanshu Industries (Himanshu) was established in January, 2005 as
a proprietorship firm by Mr. Himanshu Garg. The firm is engaged in
the manufacturing of corrugated boxes, mono cartons and rigid
boxes. The firm has its manufacturing unit at Faridabad, Haryana.


JAIN SHAWLS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jain Shawls
(JS) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           5.00       CARE A4; ISSUER NOT
   Bank 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 September 23,
2021, placed the rating(s) of JS under the 'issuer non-cooperating'
category as JS 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. JS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2022, August 19, 2022, August 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).

Jain Shawls (JAS) is a partnership firm established in 1973 and is
currently being managed by Mr Aridaman Jain, Mr Rakesh Kumar Jain,
Mr Rahul Jain and Mr Arun Jain, sharing profits and losses equally.
The firm is engaged in manufacturing of shawls, scarves, bed
covers, throws, cushion covers, wall hangings and stoles at its
manufacturing facility located at Ludhiana, Punjab. JAS has an
integrated manufacturing process with in-house manufacturing of
fabric and also dyeing, printing & processing while the embroidery
work is outsourced.


JHARKHAND ROAD: Ind-Ra Affirms 'D' NonConvertible Debt Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jharkhand Road
Projects Implementation Company Limited's (JRPICL) non-convertible
debentures' (NCDs) rating at 'IND D'.

The detailed rating action is:


-- INR17.30 bil. (outstanding INR12,324.4 bil. as of August 31,
     2022) Senior, secured, redeemable NCDs* affirmed with IND D
     rating.

* Details in annexure

Key Rating Drivers

Liquidity Indicator – Poor: The affirmation reflects a default in
timely debt servicing due to JRPICL's poor liquidity position on
account of the non-receipt of annuities in FY23. The project had a
total cash balance of INR516.5 million as of 14 October 2022. Debt
service reserve account (DSRA) and major maintenance reserve (MMR)
were completely utilized to meet the earlier debt service
obligations. The restructured terms stipulate that the utilized DSR
and MMR should be replenished by March 2024.

The project had availed one-time restructuring during January 2021
under the COVID-19 resolution framework. The project was granted an
18-month moratorium with the accrued interest to be paid by July
2022 and the deferred principal will be spread across the maturity
period, starting April 2023. The restructuring further allows the
replenishment of DSCR and MMR by March 2024, although non-adherence
will not be constituted as an event of default. As the company had
received arrears of 10 annuities in 4QFY22, JRPICL has repaid the
interest and principal due until July 2022. However, considering no
annuities have been received during FY23 until October 20, 2022,
liquidity in JPRIPL is not enough to meet the debt obligation due
on October 20, 2022, leading to delays in debt servicing.

Annuities Received with Delay: JRPICL's project stretches are
annuity-based and the project is eligible for semi-annual annuity
payments from the Department of Road Construction, the government
of Jharkhand (GoJ). The project is exposed to a weak and single
counterparty credit risk. The project has not received payments
from the government of Jharkhand since March 2022. The total
accumulated receivables amounted to INR5.62 billion as on 20
October 2022.  

The major maintenance work for three out of five project stretches
has been completed. While 70% of the major maintenance work for the
fourth stretch (CKC) is completed, the works are yet to commence
for fifth stretch Patratu Dam Ramgarh. JPRICL would depend on the
receipt of annuities for carrying out major maintenance for the
remaining two projects and to meet its debt obligations.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months and the receipt of outstanding annuity payments could result
in a positive rating action.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on JRPICL, due to either their
nature or the way in which they are being managed by the entity.

Company Profile

In 2007, the GoJ launched the Jharkhand Accelerated Road
Development Programme under a public-private partnership framework.
In February 2008, the GoJ and Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') signed a programme development
agreement to improve 1,500km of selected project road corridors.
The programme is being implemented by Jharkhand Accelerated Road
Development Company Ltd.

JRPICL, which is 6.57% owned by IL&FS and 93.43% owned by its
subsidiary, IL&FS Transportation Networks Limited ('IND D (ISSUER
NOT COOPERATING)') has undertaken and implemented five projects
totalling 627 lane km: Ranchi Ring Road (sections III, IV, V and
VI), Ranchi Patratu Dam, Patratu Dam Ramgarh, Adityapur Kandra and
CKC. All these projects have separate concession agreements with
the GoJ, along with separate escrow accounts.


KIRORIMAL KASHIRAM: Ind-Ra Assigns BB- LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kirorimal Kashiram
Marketing & Agencies Pvt Ltd (KKAMPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR495 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating; and

-- INR148.2 mil. Term loans due on July 2027 assigned with IND
     BB-/Stable rating.

Key Rating Drivers

The ratings reflect the company's medium scale of operations.
KKAMPL achieved a turnover of INR2,334 million in FY22 (FY21:
INR2,397 million, FY20: INR2,790 million). The revenues has over
the past two years  reduced on account of the COVID-19 impact on
the business. The company has two rice mills in Chennai and a
leased unit in Delhi with a total capacity of 42,000 metric tons
per annum.  Management plans to close down the leased unit in Delhi
and expand their capacity by opening another rice mill in Sonipet.
The total cost of the plant in Sonipet is INR200 million-250
million, out of which INR148 million has been funded by debt and
balance through unsecured loans and internal accruals. The
construction of the plant has been completed and management intends
to start the operations by end-October 2022.  Ind-Ra expects the
turnover to improve in the near term on the back project execution
due to the capacity expanded. Figures for FY22 are provisional.

Liquidity Indicator - Poor:  The company's average working capital
limit utilization was 99% over the 12 months ended September  2022.
There has been instances where the company had availed an ad-hoc
facility to fund their working capital requirements. The company's
cashflow from operations remained negative at INR72 million in FY22
(FY21: negative INR 57 million) due to a stretch in the working
capital. Its working capital cycle stretched to 203 days in FY22
(FY21: 168 days, FY20: 130 days), due to higher inventory days to
335 ( 273 days, 201 days). The payable period was 164 days in FY22
(FY21: 147 days, FY20: 101 days) and receivable period was 33 days
(42 days, 30 days). The company has scheduled repayments of INR92
million for FY23. The company had cash and bank balances of INR2
million in FY22 (FY21: INR2 million).

The ratings also factor in KKAMPL's modest credit metrics. The
interest coverage (operating EBITDA/gross interest) improved to
1.19x in FY22 (FY21: 1.08x) due to a lower interest expense
incurred of INR86 million (INR101 million) and net financial
leverage (adjusted net debt/operating EBITDA) deteriorated to 9.62x
(7.87x), mainly due to an increase in overall debt to INR989
million (INR854million). The agency expects the company's credit
metrics to improve in FY23 owing to an improvement in the
operational performance and repayment of financial obligations.

The ratings reflect KKAMPL's modest EBITDA margins of 4.3% in FY22
(FY21: 4.5%, FY20: 3.39%). Ind-Ra however expects the margins to
improve as the company procures rice and other pulses from Haryana
and Punjab predominantly which is in proximity to their new plant
in Sonipat. This will help reduce their freight charges. Also, they
will no longer be required to pay rentals for the leased unit in
Delhi. The total costs including freight charges and rentals
account for almost 3% of the total revenue. ROCE stood at 9.2% for
FY22 (FY21: 9.2%).

The ratings however are supported by the company's strong promoter
profile. The promoter family has over 60 years of experience in the
rice trading industry.

The ratings also reflect company's established operations. KKAMPL
was established in 1995 and is engaged in processing and trading of
basmati rice and other pulses under three brands Double Deer,
Postman, Bullet mostly through wholesale sales primarily to South
Indian states. The processing of rice and pulses accounts for
almost 80% of the total revenue. KKAMPL exports basmati rice to
countries such as the US, Canada, UAE, Saudi Arabia Iran, Israel,
Singapore, and South Africa which together formed 33% of total
revenue.

Rating Sensitivities

Positive: A substantial improvement in liquidity including reducing
in the utilization of fund-based limits and an improvement in the
credit metrics while maintaining the scale of operations and
profitability, on a sustained basis, will be positive for the
ratings.

Negative: Further deterioration in liquidity or the credit metrics
or scale of operations and profitability, on a sustained basis,
will be negative for the ratings.

Company Profile

Incorporated in 1995, KKRAM is primarily engaged in processing and
trading of basmati rice and pulses.


KOPARGAON AHMEDNAGAR: Ind-Ra Keeps 'D' Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kopargaon
Ahmednagar Tollways Phase 1 Private Limited's senior project term
loan in the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.560 bil. Senior project bank loan(long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Kopargaon Ahmednagar Tollways Phase 1 is a special purpose vehicle
that was incorporated to implement the expansion of a 42.6km
stretch on the Kopargaon Ahmednagar section of State Highway 10 in
Maharashtra to four lanes from two under a seven-year concession
from the state government.


KOTEC AUTOMOTIVE: CRISIL Lowers Rating on INR5.7cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Kotec
Automotive Services India Private Limited revised to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL A4 (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

   Cash Credit            3.3        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Working       5.7        CRISIL B/Stable (ISSUER NOT
   Capital Facility                  COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with Kotec for
obtaining information through letters and emails dated August 24,
2022 and October 31, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Kotec, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Kotec
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Kotec revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2008, Kotec is promoted by Mr Sang Man Shim, who
has extensive experience working with the Hyundai group. The
company provides engineering, construction, and factory automation
services to customers in the automobile industry.


KOTKAPURA MUKTSAR: Ind-Ra Keeps 'D' Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kotkapura
Muktsar Tollways Private Limited's senior project bank loan rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR750 mil. Senior project bank loan (Long-term) maintained in

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Kotkapura Muktsar Tollways is a special purpose vehicle promoted by
Supreme Infrastructure BOT Holdings Private Limited (48%), Supreme
Infrastructure India Limited (26%) and SPML Infra Limited (26%). It
has been set up to build, operate and maintain a 30-kilometer
stretch on State Highway 16.


KRISHNA IMPEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Krishna Impex
(KI) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Based out of Chennai, KI trades pulses such as black and green
gram. Its operations are managed by Mr P Ravindranath, managing
partner of the firm.


LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Precision Screws Limited (LPSL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      115.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      77.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 18,
2021, placed the ratings of LPSL under the 'issuer non-cooperating'
category as LPSL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. LPSL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated July 4,
2022, July 14, 2022, July 24, 2022 and October 11, 2022.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 18, 2021, the following were
the rating weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: There have been delays in the servicing
of the debt obligations by LPSL. The company has been classified as
Non-Performing Asset (NPA) by the banks.

* Under Corporate Insolvency Resolution Process (CIRP): By the
order of the National Company Law Tribunal (NCLT), CIRP has been
initiated against LPSL under the provisions of Insolvency and
Bankruptcy Code, 2016 (IBC). The petition for initiation of the
CIRP was filed by an operational creditor of the company. An
Insolvency Resolution Professional (IRP) has also been appointed by
the NCLT, with respect to the company.

Liquidity: Poor

LPSL has poor liquidity position since, there has been delays in
the servicing of the debt obligations by LPSL.

Lakshmi Precision Screws Limited (LPSL) was incorporated in
December, 1968 as a private limited company. Subsequently, the
company was reconstituted as a public limited company in 1972. LPSL
is engaged in the manufacturing of high -tensile fasteners with
total installed capacity of 28,432 Metric Tonnes Per Annum (MTPA),
as on March 31, 2017. The company currently has four manufacturing
units, three are situated in Rohtak and one in Gurugram, Haryana.
The company caters to various sectors such as wind Energy, Oil &
Gas, Locomotives, Automobiles, Agriculture Equipment (tractors) and
different industrial requirements.


LAN MARK: CRISIL Withdraws B+ Rating on INR6cr Cash Loan
--------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Lan Mark Shops India Private
Limited (Lan Mark) to 'CRISIL B+/Stable/Issuer Not Cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of Lan
Mark following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of Lan Mark from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6        CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

Lan Mark, established in 2005, distributes various electronic
products through its franchisee network in Tamil Nadu and Kerala.
Lan Mark's day to day operations are managed by Mr. Jerry Mathew,
Managing Director.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR36.83 mil. Term loan due on March 31, 2024 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 19, 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 August 2012, M R Real Food manufactures flour,
refined flour, semolina and bran at its mills located at Deoghar
(Jharkhand) with a daily installed capacity of 250 metric tons.


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

The instrument-wise rating actions are:

-- INR48 mil. Term loan due on December 2032 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR14.30 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND B (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 8, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 2001, Mahathi Software provides software services
to healthcare organizations. The company is also engaged in leasing
of a three-storey building with a built-up area of 1,35,000sf in
Rushikonda, Vishakapatnam to various software companies.


MAHATMA JYOTIBA: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahatma
Jyotiba Fule Vidhyapeeth Samiti (MJFVS) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.49       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      1.50       CARE C; 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 September 16,
2021, placed the rating(s) of MJFVS under the 'issuer
non-cooperating' category as MJFVS 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.
MJFVS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2022, August 12, 2022, August 22,
2022.

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

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

MJVS was established on 1994 under the Rajasthan Society
Registration Act, 1958, with an objective to provide education
services. The society is running various institutions under the
brand name "Mahatma Jyotiba Fule" (MJF) The society is currently
managed by Mrs Hansha Saini as its Chairman. The society under its
different institutions provides graduates/diploma courses in
Nursing Midwifery, Veterinary Science & Animal Husbandry,
Compounder diploma course, Bachelor of Ayurveda, Medicine and
Surgery (BAMS) and Bachelor of Education. The course being offered
is approved by Veterinary Council of India, while the nursing
courses are approved by Indian Nursing Council. The society also
runs two schools in the name of MJF Vidyapeeth Senior Secondary
School (Hindi-medium school) and Oasis Public School
(English-medium school).


MANJEERA HOTELS: CRISIL Withdraws D Rating on INR13cr Term Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the ratings of Manjeera Hotels and Resorts
Private Limited (MHRPL) to 'CRISIL D/CRISIL D/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its ratings on the bank
facilities of MHRPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of MHRPL
from 'CRISIL D/CRISIL D/Issuer Not Cooperating' to 'CRISIL D/CRISIL
D'. The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Bank         1         CRISIL D (Migrated from
   Guarantee                       'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating Withdrawn

   Proposed Overdraft    3         CRISIL D (Migrated from
   Facility                        'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating Withdrawn

   Proposed Term Loan    8         CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating Withdrawn

   Term Loan             13        CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating Withdrawn

The Manjeera group is promoted by Mr G Yoganand. MHRPL incorporated
in 1995, owns two hotels: Aditya Park (3-star hotel in Ameerpet)
and Radisson (5-star hotel in Gachibowli) in Hyderabad.

Manjeera Hospitality (Rajahmundry) Pvt Ltd (MHPL) was incorporated
in December 2016. The company is developing a hotel (4-star),
convention centre and a mall with multiplex in Rajahmundry.


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

The instrument-wise rating actions are:    

-- INR515 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR1451.1 mil. Non-fund-based working capital limit migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR5 mil. Proposed fund-based working capital limit migrated
     to non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Proposed non-fund-based working capital limit
     migrated to non-cooperating category with IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last rated on
September 13, 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 July 2019, Marymatha Infrastructure is engaged in
civil construction work of roads, buildings, bridges, canals,
sewage treatment plants, metro rail, among others. The company is
promoted by Sen Cherian and Sibu Cherian.


MISHRA POLYPACKS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mishra
Polypacks Private Limited (MPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             21        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

MPPL was set up in 1994, by the promoter, Mr Sushil Kumar Mishra.
The company manufactures polypropylene (PP) bags at its facility in
Hyderabad. It also trades in various steel products, through
warehouses across Hyderabad, Bhagalpur and Kurnool.


MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Machinery Store (MMS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           0.30       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 October 25,
2021, placed the rating(s) of MMS under the 'issuer
non-cooperating' category as MMS 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. MMS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 10, 2022, September 20, 2022,
September 30, 2022.

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

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

Incorporated as a partnership firm in 1954 by Gupta family, Alwar
(Rajasthan) based M/s Modern Machinery Store (MMS) is engaged in
automobile trading and servicing. MMS is an authorized dealer for
two wheelers manufactured by Hero Moto Corp Limited. Besides, it
also operates dealership of John Deere India Private Limited
(JDIPL). The firm has a 3S (sales, service and spares) facility in
Alwar.



MOTHERS PET: CRISIL Lowers Rating on INR22cr Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Mothers Pet Education Society (MPES) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               22        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with MPES for
obtaining information through letters and emails dated August 24,
2022 and October 31, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPES Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

MPES, established in 1987, operates four schools under the name of
Centre Point School in Nagpur. All the schools are affiliated to
the Central Board of Secondary Education. Ms Arundati Upadhyay and
Mr Arundev Upadhyay manage the trust.


NANI AGRO: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nani Agro Foods
Private Limited (NAFPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR600 mil. Fund-based facilities assigned with IND BB+/
     Stable/INDA4+ rating.

Key Rating Drivers

The ratings reflect NAFPL's medium scale of operations, as
indicated by revenue of INR4,794.37 million in FY22 (FY21:
INR3,947.98 million). The revenue rose marginally in FY22 due to an
increase in the number of orders received by the company. The share
of the domestic market in the total revenue increased to 80% in
FY22 (FY21: 74%), while the share of exports fell to 20% (26%). The
management achieved revenue of INR2,386.849 million in 1HFY23. The
revenue is likely to remain stable on a yoy basis in FY23. Ind-Ra
expects the scale of operations to remain medium over the
near-to-medium term. FY22 financials are provisional in nature.

The rating factor in NAFPL's modest EBITDA margins due to the
nature of the business. Furthermore, the margins have been
volatile, fluctuating between 2.8%-4.25% during FY18-FY22, due to
the market-driven pricing of its products and volatile raw material
costs. The margin declined marginally to 3.02% in FY22 (FY21:
3.18%) as the company could not pass on the rise in raw material
prices to its customers. The ROCE stood at 7% in FY22 (FY21: 7%).
The management expects the margin to slightly improve over
FY23-FY25 owing to the cost efficiency measures undertaken by the
company through capex incurred towards transport, loading and
unloading, spillage and waste handling.

The ratings factor in NAFPL's average credit metrics. The company's
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 2.17x in FY22 (FY21: 3.37x) due to an increase in
interest expenses to INR66.71 million (INR37.09 million). The net
leverage (total adjusted debt/operating EBITDA) improved to 8.36x
in FY22 (FY21: 9.00x) owing to an increase in absolute EBITDA to
INR144.92 million (INR125.11million). Ind-Ra expects NAFPL's credit
metrics to improve in the near term owing to the scheduled
repayment of loans.

Liquidity Indicator - Stretched: NAFPL' peak average utilization of
the fund-based working capital limits was 97% during the 12 months
ended August 2022. The cash flow from operations turned positive at
INR2.764.75 million in FY22 (FY21: negative INR336.71 million)
owing to the increase in EBITDA and favorable changes in the
working capital. Despite an increase in the creditor days to 59
days in FY22 (FY21: 103 days); the working capital cycle improved
to 98 days during the year (121 days) as the company's inventory
days reduced to 114 (171) and debtor days fell to 36 days (49
days). NAFPL’s cash and cash equivalents remained low at
INR9.01million in FY22 (FY21: INR19.52 million). The company's
repayment obligations for FY23 and FY24 stand at INR47.10 million
and INR40.85 million, respectively.

The ratings are also constrained by the intense competition in the
industry and the company's exposure to agro-climatic conditions.
Despite having a well-established brand, NAFPL is not insulated
from competition from local manufacturers of spices as well as
established participants. Moreover, the spice industry is
fragmented and is characterized by limited entry barriers, leading
to intense competition, which is likely to put pressure on the
margins. NAFPL is also vulnerable to the inherent risks in
agro-based businesses, such as any adverse changes in government
policies and dependence on agro-climatic conditions. The level of
harvest of chilli mainly depends on agro-climatic conditions, which
impacts the availability and prices of raw material to some
extent.

The ratings are supported by NAFPL's promoters' experience of over
five decades in the manufacturing of spices. Furthermore, the
company has established its position in the industry as a major
manufacturer of spices and trader of other food products, with a
presence in both international and domestic markets (across India).
Moreover, NAFPL has a diversified customer base, consisting of agro
food products manufacturers, wholesalers, retailers and exporters.
Also, NAFPL has stable and long-term relationships with all its
clients.

Rating Sensitivities

Negative: Increased working capital requirements and tightening of
the liquidity profile, along with the interest coverage reducing
below 2x, on a sustained basis, would be negative for the ratings.


Positive: A substantial improvement in profitability and liquidity,
along with an improvement in the credit metrics, on a sustained
basis, would be positive for the ratings.

Company Profile

NAFPL manufactures and exports a range of products such as
turmeric, spices, spices mixes, spice powders, instant mixes and
herbs. The company markets its few products under its own brand
name 'Aditya Trading'. NAFPL derives around 50% of its revenue from
manufacturing activities, and 50% from the trading of spices and
other spice mixes.


NAVTOJ STRUCTURALS: Ind-Ra Gives B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Navtoj Structurals
(NS) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit assigned with
     IND B+/Stable/IND A4 rating; and

-- INR9 mil. Term loan due on March 2023 assigned with IND B+/
     Stable rating.

Key Rating Drivers

The ratings reflect the moderate execution risk for NS's six
ongoing projects, although the projects' progress is in line with
the execution schedule. Most of these projects are also facing time
and cost overrun risks. The six projects entail an overall cost of
around INR303 million, of which the total cost incurred as on
August 31, 2022 was INR129 million (43% construction). For the
remaining construction cost of INR174 million, around 10% will be
financed through proprietor's capital, 7% through unsecured loans
and the remaining from customer advances.  

The ratings also factor in the aggressively improving demand
scenario, which will lead to significant competition for the
company as it does not have a brand name. Furthermore, all the six
ongoing projects are located in Chennai, Tamil Nadu which gives
rise to geographical concentration risk.  

The ratings are constrained by NS's moderate offtake risk in one of
the ongoing projects. It was RERA registered on 1 July 2022, and no
sales were booked till 31 August 2022. Ind-Ra expects the bookings
to improve as the project approaches completion. For the remaining
five ongoing projects, 100% of total developer's  saleable area has
been booked. There are some upcoming projects but details of which
will get finalized by the management after 2 to 3 months.

Liquidity Indicator - Stretched: There could be cash flow
mismatches, if the advances from customers are lower than Ind-Ra's
expectations. As per the management, the debt service coverage
ratio was 5.8x in FY22. Moreover, the firm does not have access to
the capital market and has bank lines from a single bank. Hence, it
depends upon customer advances to meet its financial needs. As per
the management, the debt repayment amounts to INR42.8 million for
FY23. NS's average maximum utilization of the fund-based limits was
88.75% in the 12 months ended September 2022.

The ratings however are supported by the promoter Narenderpal
Singh's experience of more than 25 years in the development of
residential projects (flats), resulting into longstanding
relationships with its customers and suppliers. The firm so far has
completed projects of 33,606 sf including flats in Anna Nagar,
Chennai (Tamil Nadu).

Rating Sensitivities

Positive: An improvement in the sales and the timely receipt of
advances from customers, leading to stronger cash flows, could lead
to a positive rating action.  

Negative: Lower-than-Ind-Ra expected sales volume or lower
realization from bookings or time or cost overruns in the project,
leading to stressed cash flows, could lead to a negative rating
action.

Company Profile

Incorporated in 2007, NS is engaged in the development of
residential projects majorly in Anna Nagar, Chennai. The six
projects are Shiela Garden (AC Block), Good Earth (Lake Area),
Anand Abode (Y Block), Shree Niketan (V Block), Pristine Nest (AF
Block) and Shree Ram Viswas (T.Nagar) in Chennai, which has a total
saleable area of 65,558 sf.  Out of which, NS share (developer's
share) was 23,166 sf. NS is a proprietorship firm and the
proprietor is Narenderpal Singh.


NOBLE EDUCATIONAL: Ind-Ra Moves BB- Loan Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Noble Educational
Trust's (NET) bank facilities rating to the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR60.17 mil. Term loans due on March 31, 2025 migrated to
     non-cooperating category and withdrawn; and

-- INR2.5 mil. Fund-based working capital migrated to non-
     cooperating category and withdrawn.

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

Key Rating Drivers

The rating has been migrated to the non-cooperating category as NET
did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra and has not provided information
pertaining to the operational and financial performance in FY22,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, and information on corporate
governance.

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

Company Profile

NET was established as Public Charitable Trust in 2002 by Dr. A S
A Jerald Gnanarathinam. The trust manages Noble Matriculation
Higher Secondary School in Aruppukottai (Tamil Nadu), which
provides education to K-12 students. NET also established a college
- Noble College of Arts & Science for Women in July 2018.


NORTH INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of North India
Steel Company (NISC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit              3        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NISC for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NISC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NISC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NISC continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established as a proprietorship firm in 2008 by Pune-based Mr
Akhtar Hussain Choudhury, NISC trades in steel scrap after buying
it from automobile original equipment manufacturers and ancillary
units. The firm supplies to thermo-mechanically treated steel bar
manufacturers, casting units, and foundries.


NTPC BHEL: Ind-Ra Affirms B+ Issuer Rating, Outlook Negative
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NTPC BHEL Power
Projects Private Limited's (NBPPL) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Negative.

The instrument-wise rating action are:

-- INR1.25 mil. (reduced from INR1.70 mil.) Non-fund-based limits

     affirmed with IND B+/Negative/IND A4 rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the support provided to NBPPL by its parents Bharat Heavy
Electrical Limited (BHEL; 'IND AA-'/Negative/'IND A1+') and NTPC
Limited ('IND AAA'/Stable/'IND A1+'), in view of the operational as
well as strategic linkages among them.

The Negative Outlook reflects NBPPL's consistently deteriorating
operating performance, poor liquidity, absence of new orders, and
ongoing cases by operational creditors under arbitration, National
Company Law Tribunal etc.

Key Rating Drivers

Lack of Revenue Visibility: During FY22, NBPPL's revenue improved
to INR0.55 billion (FY21: INR0.43 billion, FY20: INR0.75 billion),
on improved project execution; however, the company completely
depends on a single project in Unchahar, Uttar Pradesh for revenue.
The company has not received any new order in the engineering
procurement construction (EPC) segment post 2013 and in the
manufacturing operations segment since 2018, which limits the
scaling-up of operations. This, along with its complete dependence
on the loss-making project in Unchahar with an unexecuted order of
around INR1.05 billion as on 31 March 2022, constrains the ratings.
The balance order is likely to be completed by 1QFY24. As informed
by the management, the company has dropped the plan to bid for an
overseas power plant dismantling and commissioning project and has
no project in the order pipeline. Ind-Ra thus does not expect any
significant turnaround in its operations in the near-to-medium
term.

Going Concern Status by Auditors: The auditors continue to
highlight concerns on the going concern status of the company amid
continued losses leading to complete net worth erosion and thus
negative capital of around INR1.78 billion in FY22. As per BHEL's
FY20 annual report, the board of directors, in its meeting held on
February 8, 2018, had accorded an in-principle approval for
pursuing winding up of NBPPL. Since NBPPL was formed by the
directive of the government of India (GoI), the GoI's approval for
the exit is mandatory.  The Ministry of Power had advised NTPC to
consider buying out of BHEL's stake and decide to either continue
as an in-house EPC arm or shut operations after the completion of
present orders. This advice was noted by NBBPL's board in its
meeting held on August 29, 2019 and as stated in NTPC's FY22 annual
report, NTPC's decision regarding the subject may be taken only
after completion of balance works of NBPPL in Unchahar. Ind-Ra
expects the project to be completed in FY24.

Vacant Land at Mannavaram: The company owns around 753 acres of
land in Mannavaram, Andhra Pradesh, which was sold by the Andhra
Pradesh government at a discounted rate for setting up an
industrial plant for manufacturing equipment for power plants. It
was expected to create a large employment opportunity and boost
industrialization in the nearby area. NBPPL is using  around 143
acres of land to build a manufacturing plant for producing
balance-of-plant equipment while the remaining land remains vacant.
To create the industrial hub as envisaged, significant investment
would be required. Any material investment would be a key
monitorable to the rating.

Liquidity Indicator - Poor: The company's cash flow from operations
turned negative INR0.03 billion approximately in FY22 (FY21:
INR0.06 billion), mainly led by EBITDA losses. Although the working
capital remained stretched in FY22, the Unchahar project creditors
were historically covered by gap funding from NTPC. As of March 31,
2022, the outstanding liability to Unchahar project creditors
(excluding NTPC and BHEL) is INR1,184 million, which is adequately
covered by the balance gap funding of INR291 million and INR980
million trade receivables from NTPC towards vendors. Thus, there is
no operational risk pertaining to Unchahar project creditors. The
gap funding was sanctioned by NTPC based on total cost less total
revenue, implying that the debtors are realizable for payment to
the creditors only. The outstanding trade receivables from BHEL for
north east projects are held by them against liquidated damages,
back charges claim and risk and cost, and are thus not being
liquidated. NBPPL is in discussion with BHEL to resolve the issue.


NBPPL does not have any fund-based working capital facility, and
has to rely solely on realization from debtors or bridge financing
from joint venture partners to meet its working capital
requirements. NBPPL had cash and bank balances of around INR0.07
billion at FYE22 (FYE21: INR0.1 billion). It has an outstanding
bank guarantee of INR1.25 billion as of March 2022, entirely
extended to NTPC and BHEL.

NBPPL does have a large creditor, both part of current and
non-current liabilities of INR3.86 billion in FY22 (FY21: INR3.93
billion, FY20: INR4.10 billion), along with ongoing disputes with
them, namely Powermech Project Limited, Paharpur Cooling Towers
Limited, Wipro Enterprises Private Limited etc. NBPPL is making
intermittent settlements to such operational creditors through the
funds received from the parents. However, the continued large
creditors continue to expose the company to the risk of being
pushed to NCLT, till such creditors are settled. The settlement of
these depends upon the support received from the parents or through
the realization of debtors (both part of the current and
non-current assets) of INR3.36 billion in FY22 (FY21: INR3.38
billion, FY19: INR3.43 billion) as the company, in itself, does not
have adequate cash flows.

Continued EBITDA Losses: The company has continued to report EBITDA
losses for the past multiple years (FY22: INR0.26 billion, FY21:
INR0.9 billion, FY20: INR0.54 billion), largely led by the losses
incurred in the Unchahar EPC project, which accounted for almost
the entire revenue in FY22.

Weak-to-Moderate Linkages with Parents: NBPPL is an equal joint
venture between BHEL and NTPC. NBPPL's board positions are shared
by the parent companies, Department of Heavy Industry and Ministry
of Power. The top management is drawn from them on deputation
basis. Both the promoters have supported NBPPL in terms of awarding
EPC orders and providing gap funding. However, post the
in-principle approval for pursuing winding up of NBPPL, the
linkages have moderated. The final decision on NTPC buying out the
stake of BHEL and thereafter either continuing it as an in-house
EPC arm or closing it after completion of the ongoing project is
yet to be finalized.

Rating Sensitivities

Negative: NBPPL's inability to make timely payments to the
operational creditors, resulting in disorderly winding down of
operations and reduced support from the parents, coupled with a
further deterioration in the operating performance will be negative
for the ratings.

Company Profile

NBPPL is a joint venture company of NTPC and BHEL. It was
established to undertake EPC contracts for power plants and other
infrastructure projects. The company manufactures coal and ash
handling plants in Mannavaram, Andhra Pradesh.


OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Okara
Roadlines continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      5.8       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               4.2       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Okara for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Okara, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Okara
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Okara continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Okara was set up in 1989 and taken over by the existing management
in 2000. It is currently being managed by Mr Wadhwa and his son, Mr
Jigyasu Wadhwa. The Delhi-based firm provides transportation
services to various industries.


OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om
Packaging (OP) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

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

Om Packaging (OP) is a partnership firm, incorporated in 1999,
between Mr Birendra Kumar, Mr. Ramu Sing Yadav & Mr. Shyam Sunder
Yadav and subsequently in February 2012, Mr Ramu Sing Yadav & Mr
Shyam Sunder Yadav retired from the business and Mr. Avinash Kumar
joined the business. OP is thereafter managed by two partners Mr
Birendra Kumarand and Mr. Avinash Kumar. The firm is into business
of manufacturing of wide range of packaging products like
industrial barrels, drums, paper cores and tubes and containers. OM
caters to domestic as well as overseas customers.



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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 14,
2021, placed the rating(s) of OIP under the 'issuer
non-cooperating' category as OIP 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. OIP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2022, September 9, 2022, September
19, 2022.

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

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

Established as a partnership firm in April 2008 by Mr. B.T. Mishra,
Mr. Ghanshyam Dubey, Mr. Keshrinath Vartak, Mrs. Manisha Patil, and
Rohit Infra Projects Private Limited, Ozone Infra Projects (OIP) is
engaged in infrastructure construction activities on an EPC
(Engineering Procurement Construction) basis. The aforementioned
partners were retired in January 2015, whereas the new partners
viz. Mr. Santosh Pote, Mr. Changdeo Kadam and Mr. Shashikant Shinde
were admitted during the same month.


P&M AND HI TECH: CRISIL Withdraws D Rating on INR40cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of P&M and Hi Tech
Infrastructures LLP (PMHT-LLP) to 'CRISIL D/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of PMHT-LLP following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of
PMHT-LLP from 'CRISIL D/Issuer Not Cooperating to 'CRISIL D. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           40        CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

PMHT-LLP, set up in 2010, is a partnership between P&M
Infrastructures Ltd, which developed the P&M Mall in Patna, and
Benko Traders, which represents the Jamshedpur-based Hi Tech group.
The firm was set up to develop and manage a multiplex-cum-mall in
Jamshedpur.


P.K. ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.K.
Engineers and Contractors (PEC) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term           3.00       CARE A4; ISSUER NOT
   Bank 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 September 23,
2021, placed the rating(s) of PEC under the 'issuer
non-cooperating' category as PEC 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. PEC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 9, 2022, August 19, 2022, August 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).

Haryana based PK Engineers and Contractors (PKEC) was established
in 1992 by Mr. Pradeep Kumar Dahiya. PKEC is engaged is engaged in
execution of civil construction projects viz. construction of
commercial building, office complex, underground drainage system,
hard scalping stone work, etc. mainly PWD (Public Welfare
Department) Haryana.

PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patel
Education Society (PES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.73       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Indore (Madhya Pradesh)–based PES was established as an
educational society in September, 2006 with an objective to impart
technical education by Mr. Rakesh Kumar Sharma, Mr. Shivnarayan
Sharma, Mrs. Sharda Sharma. PES manages five colleges namely B. M.
College of Technology, B. M. College of Management and Research, B.
M. College of Pharmaceutical Education and Research, Shri Bherulal
Pharmacy Institute and B.M. College of Professional Studies which
offers a range of undergraduate and postgraduate programmes in
Engineering, Pharmacy, Commerce, Computer Application and
Management.

PERFECT INFRACORP: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Perfect
Infracorp Private Limited's (PIPL) Long-Term Issuer Rating to 'IND
BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING) rating; and

-- INR642 mil. Non-fund-based working capital limits downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. According to the circular, any issuer with an
investment-grade rating remaining non-cooperative with a rating
agency for over six months should be downgraded to a sub-investment
grade rating.  

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)
may not reflect PIPL's credit strength as the company has been
non-cooperative with the agency since April 22, 2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

PIPL was established in 1992 as a partnership firm, Perfect
Construction Company. The constitution of the entity was changed to
a private limited company in December 2012. The company is mainly
engaged in road construction, and strengthening and widening of
existing roads for various governments and semi-government
departments of Gujarat and Madhya Pradesh. The company also works
with government authorities. PIPL is a registered class 'AA' and
'Special Category I' contractor with the Gujarat government.

The company participates in tenders floated by Jilla Panchayat
Roads and Building Division Mehsana; Executive Engineer National
Highway Division Ahmedabad; and Executive Engineer Roads and
Building Division Mehsana; among others.


PRABHU PETROCHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Prabhu
Petrochemicals Private Limited (SPPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term    1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPPPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SPPPL, incorporated in June 2012, is promoted by Mr. Somnath Sakre
and Mr. Kachrulal Karva. It manufactures three, four and five-layer
water tankers of sizes ranging from 100 to 5000 liters. The
registered office is at Aurangabad, Maharashtra.



PS STEEL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on P.S. Steel Tubes Limited:

-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating;

-- INR347.3 mil. Term loan due on March 2027 assigned with IND
     BB+/Stable rating;

-- INR860 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating; and

-- INR137 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Rating Sensitivities

Negative: Deterioration in liquidity or credit metrics with the net
leverage remaining above 5.0x on a sustained basis will be negative
for the rating.

Positive: An improvement in the liquidity position and credit
metrics with the net leverage reducing below 4.0x on a sustained
basis while maintaining the scale of operations will be positive
for the rating.

Company Profile

Incorporated in 1989, PSSTL manufactures steel pipes and tubes. The
company has two plants located in Bhilai (Chhattisgarh) having a
capacity of 56,000mtpa and Khanav (Maharashtra) of 70,000mtpa. It
specializes in production of oxygen lancing pipes, mild steel
electric resistance welded black and galvanized pipes/tubes, square
and rectangular hollow sections, scaffolding pipes, and steel tubes
for idlers and belt conveyors, boiler tubes and air pre-heater
tubes.


R M ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R M
Enterprise (RME) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

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

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

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

Surat (Gujarat) based, RME was established as a partnership firm in
2015. RME is currently executing a residential with 3 BHK 51 flats
at Surat named 'Kusum Heights' which comprises of 13 floors
involving development of 1895.16 Square Feet area. The project
implementation commenced in October 2015 and till April 2017, RME
has incurred the total cost of INR8.81 crore (45% of total project
cost) out of the total cost of INR19.43 crore. RME has received
approvals for land and other relevant clearances for the project.


RAJEEV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajeev
Industries (RI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RI is a proprietorship firm of Mr Rajeev Juneja, established in
2010 and based in Sirmour, Himachal Pradesh. It undertakes contract
manufacturing of detergent cakes and dish wash bars.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note:  ISSUER NOT COOPERATING: The ratings were last reviewed on
September 9, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Rameshwar Prasad Sharma, established in 1997, is AA class road
construction contractor, work for Rajasthan State Road Development
and Construction Corporation Limited (debt rated at 'IND A-'),
Public Works Department, Urban Improvement Trust and various
development authorities in Rajasthan.


RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raymix
Concrete India Private Limited (RCIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Tamil Nadu based, Raymix Concrete was incorporated as a Private
Limited Company in 2005 by Mr. Antony Francis and his family
members. RCIPL is engaged in the mixing and supply of ready-mix
concrete to the customers engaged in the infrastructure works such
as construction of roads and buildings etc. The company purchases
materials like cement, rock, metal and sand from local suppliers
located in and around Chennai and supplies its finished product to
the customers located in and around Tamil Nadu.


RUCHIRA PRINTING: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ruchira
Printing and Packaging (RPP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.10       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 September 23,
2021, placed the rating(s) of RPP) under the 'issuer
non-cooperating' category as RPP 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. RPP continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 9, 2022,
August 19, 2022, August 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).

RPP is a partnership firm established in the year 2003 by its
partners Mr Deepan Garg, Mr Atul Garg and Mr Lucky Garg. The firm
is primarily engaged in the printing and the packaging business
through manufacturing of various types of cartons viz. duplex mono
cartons, paper board cartons, E-flute cartons, etc, for various
industry segments like FMCG, pharmaceuticals, electrical
appliances, etc. The manufacturing facility of the firm is located
at Kala Amb (Himachal Pradesh).


S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. M.
Constructions (SMC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.39       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 2,
2021, placed the rating(s) of SMC under the 'issuer
non-cooperating' category as SMC 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. SMC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2022, September 28, 2022, October
8, 2022.

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

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

Goa-based S.M. Constructions (SMC) was established as a
proprietorship concern in the year 1994 by Mrs Shamshun Shaikh,
with the assistance of her husband Mr Muktar Shaikh, for industrial
construction and real estate development in the state of Goa. The
firm belongs to the Shaikh Muktar Group (SMG) of companies in Goa,
which has interests in mining, construction, engineering,
logistics, hospitality (new venture), shipping and automobiles.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       29.33      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank       1.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 20,
2021, placed the ratings of SRI under the 'issuer non-cooperating'
category as SRI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SRI continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated
October 6, 2022, October 4, 2022, and July 13, 2022.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 20, 2021, the following were
the rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
servicing of the debt obligations by SRI. The company has
been classified as Non-Performing Asset (NPA) by the banks.

* Under Corporate Insolvency Resolution Process (CIRP): By the
order of the National Company Law Tribunal (NCLT), Corporate
Insolvency Resolution Process (CIRP) has been initiated against SRI
under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC)
and the regulations framed thereunder. The petition for initiation
of the CIRP was filed by lenders of the company. A Resolution
Professional (RP) has also been appointed by the NCLT, with respect
to the same.

Liquidity: Poor

SRI has poor liquidity position since, there have been delays in
the servicing of the debt obligations by SRI.

S.R. Industries Limited (SRI) was set up by Mr. R C Mahajan and Mr.
Yash Mahajan in 1989 for manufacturing of terry towel. In 2010,
SRIL started its footwear business under the brand name 'Red Zone'
and 'Front Foot' and a contract manufacturer for PUMA Sports India
Private Limited (PUMA). In FY12, SRIL sold its terry towel business
to focus on its footwear business. The company has its
manufacturing facility in Una district Himachal Pradesh. SRIL is a
manufactures sports shoes, Chappal and sandals for PUMA, Bata,
Relaxo and Mantra.


SAIRAM COMMUNICATIONS: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Sairam
Communications (India) Private Limited (SSCPL) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            1.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSCPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSCPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2014, Chennai-based SSCPL is an authorized
distributor of Airtel SIM cards, mobile handsets, recharge vouchers
and Airtel DTH products to 200 retailers in Chennai region. The
operations of the company managed by Mr S Ponkarthick and Mr Sushil
Lalwani.


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Proposed fund-based facilities 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 23, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

SAOI is a partnership firm set up in 2005 by Krishnalal Chandwani,
Kuldeep Chandwani, and Hemant Chandwani. The Pune-based entity is
engaged in the business of trading and repacking edible oil which
is used further in the food industry. The traded products include
refined soybean oil, sunflower oil, palm oil and mustard oil.


SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shikhar
Microfinance Private Limited (SMPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 30, 2020,
placed the rating of SMPL under the 'issuer non-cooperating'
category as SMPL had failed to provide the requisite information
required for monitoring of the ratings as agreed to in its rating
agreement. SMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2022, July 27, 2022 and July 17, 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's opinion is not sufficient to arrive at a
fair rating. The ratings on bank facilities of SMPL are denoted as
CARE D, INC.

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

The ratings have been reaffirmed at CARE D; INC on account of delay
in servicing of debt obligations by the company as per
confirmation received from the bankers. CARE Ratings Ltd. has not
received any information from the company.

Detailed description of the key rating drivers

At the time of last rating on August 31, 2021, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Ongoing delays: There are ongoing delays in servicing of the
scheduled debt obligations by the company.

* Deteriorating capitalization profile: On account of significant
losses in FY20, the tangible net worth of the company reduced to
negative INR16.29 crore as on March 31, 2021 from negative INR4.0
crore as on March 31, 2020.

* Small scale of operations and declining loan book: The operations
of SMPL remain small with a loan portfolio of INR2.11
crore as on March 31, 2021 reduced from INR12.33 crore as on March
31, 2020.

* Weak financial risk profile: During FY21, the company reported
net loss of INR12.29 crore on total income (net of interest
expense) of INR0.64 crore as against net loss of INR11.5 crore in
FY20 on total income (net of interest expense) of INR0.58 crore in
FY20.

Key Rating Strengths

* Experienced promoters with long track record of operations in the
Micro Finance Institution (MFI) industry: SMPL was promoted by
Satyavir Chakrapani and Vinoy Thomas. Satyavir Chakrapani is the MD
& CEO of SMPL having experience of more than 16 years with the
development sector and microfinance initiatives providing
consultations to various egovernance projects and ICT initiatives
in various capacities like e-governance, developmental and
community issues. Mr Vinoy Thomas (CFO) has over 14 years of
experience in serving various roles that included working with
development financial institutions in the areas of infrastructure
consulting, advisory, financial modeling and analysis.

SMPL is an MFI based out of Delhi and founded by Mr Satyavir
Chakrapani and Mr Vinoy Thomas. In 2007, Shikhar Development
Foundation (SDF) was registered as a trust under the Indian Trust
Act, 1882 for its microfinance operations. In 2008, the trustees of
SDF formed a special purpose vehicle namely Partners of Shikhar
Trust (POST). In March 2009, SDF along with Dia Vikas Capital
Private Limited acquired the non-banking financial company (NBFC),
Anup Leasing Private Limited (ALPLNBFC, incorporated on February
16, 1993). In October 2010, ALPL was renamed SMPL after obtaining
due approvals from RBI. However, on November 12, 2013, SMPL got
converted to NBFC-MFI.


SHIVANGI AGRO: CRISIL Withdraws B+ Rating on INR18cr Cash Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Shivangi Agro India Private
Limited (SAIPL) to 'CRISIL B+/Stable/Issuer Not Cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of SAIPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of SAIPL from 'CRISIL
B+/Stable/Issuer Not Cooperating to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.
                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          18        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Cash         2        CRISIL B+/Stable (Migrated from
   Credit Limit                   'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

SAIPL was incorporated on February 26, 2010, promoted by Mr Bhagwan
Mittal and his sons, Mr Manoj Kumar Mittal and Mr Rajkamal Mittal.
The company processes maida, akra, makka, rawa, and bardana. The
plant at Bahraich, Uttar Pradesh, has a capacity of 2,500 quintal
per day.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based facilities migrated to Non-Cooperating
     category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based facilities 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
23rd September 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Shree Satguru Agro and Oil Products, established in 2008, is a
Pune-based entity engaged in the business of trading and repacking
edible oil which is used further in the food industry. The traded
products include refined soybean oil, sunflower oil, palm oil.


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

The detailed rating action is:

-- INR4.0^ bil. Senior project bank loans (Long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

^The total outstanding (including penal interest) was INR3,934
million as of August 31, 2020.

Note: ISSUER NOT COOPERATING; the ratings were last reviewed on
September 4, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Sikar Bikaner Highway, which is wholly-owned by IL&FS
Transportation Networks Limited ('IND D (ISSUER NOT COOPERATING)'),
is a special purpose company incorporated to undertake the widening
and operations of a combination of a two-lane and a four-lane
highway (National Highway 11) in Rajasthan. The concession grantor
is the Public Works Department of the government of Rajasthan. The
concession is for 25 years, with a right to collect toll during the
concession. The security and terms of the subordinate debt
agreement is junior to the senior debt.


SILVER ESTATE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Silver
Estate Resort (SER) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.77       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 23,
2021, placed the rating(s) of SER under the 'issuer
non-cooperating' category as SER 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. SER
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated August 10, 2022, August 19, 2022, August 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).

Tikamgarh (Madhya Pradesh) based Silver Estate Resort (SER) was
established as a proprietorship concern in 2014 with an objective
to set up a resort. Till FY17, it runs one restaurant namely Gaurav
Restaurant and from April 2017, it started commercial operations of
its resort. The resort is spread out in the area of 44,000 sq. feet
area having 58 rooms which includes Deluxe AC, Executive AC and
Suite AC. The resort has amenities like restaurant facilities,
conventional hall, Wi-Fi Internet access, laundry/dry cleaning,
parking, gym, spa, swimming pool, Cinema Max etc.


SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skyworld
Exim (SE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Skyworld Exim (SWE) was formed in the year 2007 by Mr Rajnish
Gupta. The firm is managed by Mr. Gupta and his father, Mr. Jai
Bhagwan Gupta. SWE is engaged in the import & domestic trading of
fabrics, paper, paper material, foils & multilayer packaging
films.


SRIYANSH KNITTERS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sriyansh
Knitters (SK) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term           1.50       CARE A4; ISSUER NOT
   Bank 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 October 21,
2021, placed the rating(s) of SK under the 'issuer non-cooperating'
category as SK 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. SK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 6, 2022, September 16, 2022, September 26, 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).

Sriyansh Knitters is a partnership firm established in 1967 and
managed by Mr. Dinesh Kumar and his four family members with
partners having equal profit-sharing ratio. The firm is engaged in
trading of textile products and also manufacturing of readymade
garments. The firm has a manufacturing unit in Ludhiana, Punjab.


STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Cast and Forge (SCF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.35       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           2.00       CARE A4; ISSUER NOT
   Bank 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 October 21,
2021, placed the rating(s) of SCF under the 'issuer
non-cooperating' category as SCF 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. SCF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 6, 2022, September 16, 2022, September
26, 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).

Sterling Cast and Forge (SCF) was established in April, 2010 as a
partnership firm with Mr. Subash Chander (aged 62 years) and Mrs.
Anjana Shoor (aged 57 years) as its partners sharing profits and
losses equally. The firm is engaged in manufacturing of hand tools
such as spanners, hammers, pliers, wrenches etc at its
manufacturing facility located in Jalandhar, Punjab.


TAMIL NAADU: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tamil Naadu
Edible Oils Private Limited's (TNEP) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities* downgraded with IND BB+/
     Negative/IND A4+ rating; and

-- INR350 mil. Non-fund-based facilities downgraded with IND A4+
     rating.

*Sub limit of non-fund-based facilities.

The downgrade and Negative Outlook reflect the EBITDA loss reported
by TNEP and its weakened credit metrics in FY22, and the likelihood
of a decline in the company's revenue in FY23, due to a shortage in
the supply of its raw materials and a moderation in the prices of
edible oils resulting in lower realization than that in FY22.
Although the EBITDA turned positive during 6MFY23, the company's
ability to maintain the same during the 2HFY23 is a key
monitorable. Ind-Ra estimates the company's EBITDA margin to be in
the range of 0.7%-1% in FY23, the lowest in its history. The
overall credit metrics would remain weak because of the subdued
EBITDA and its higher adjusted debt levels.

Key Rating Drivers

TNEP reported a INR12.3 million loss in its EBITDA, primarily due
to the increased raw material prices and the company's limited
ability to pass on it to its customers. The company imports
majority of its raw materials from Ukraine and Argentina. The
supply-chain disruptions amid the closure of major ports in Ukraine
hit the availability of crude sunflower oil to TNEP, which managed
to procure it from local suppliers, leading to higher input costs.
In FY22, the raw material costs accounted for 97.5% (FY21:92.5%) of
its total revenue. During 6MFY23, the company reported an EBITDA
profit of INR26.8 million and an EBITDA margin of 1.2%, backed by
increased realization due to a rise in the prices of edible oils.
Ind-Ra expects the company to not maintain this margin in 2HFY23,
because of a moderation in the prices of edible oils. The agency
expects the EBITDA margin to be in the range of 0.7%-1% in FY23. In
addition, TNEP’s profitability is exposed to sudden and sharp
volatility in the raw material prices, which highly rely on various
factors such as the cost of imports, climatic conditions in the
major cultivation regions and international trade policies. In
addition, as the company imports majority of its raw materials, it
faces foreign exchange risk. However, TNEP's hedging policy helps
it safeguard its profitability to some extent.

The ratings also reflect, the weakened credit metrics of the
company due to the EBITDA losses. In FY22, the interest coverage
(operating EBITDA/gross interest expense) was negative 1.13x (FY21:
9.13x) and the net leverage (total adjusted net debt/operating
EBITDAR) was negative 25.98x (FY21: 4.82x). Ind-Ra expects the
overall credit metrics of the company to remain weak, due to the
subdued EBITDA and high adjusted debt levels after adjusting the
letter of credit as majority of TNEP's purchases are backed by
letters of credit.

Liquidity Indicator: Stretched: The combined average maximum
utilization of TNEP's fund-based and non-fund-based limits were
79.5% over the 12 months ended August 2022. Despite the EBITDA
loss, the cashflow from operations turned positive, on account of
reduced working capital requirements at FYE22. In FY22, its net
cash conversion cycle reduced to three days (FY21: 15 days), on
account of a reduction in its inventory days, which remained in the
range of 17-36 days over FY20-FY22. The company always maintain a
one-month stock of its raw materials and the finished goods
inventory will be for 3-4 days. In FY22, the company's inventory
days reduced to 17 days (FY21: 35 days), due to a shortage in the
supply of raw materials due to the ongoing Russia- Ukraine war. The
debtor days of the company remained in the range of 12-25 days over
FY20-FY22 while the creditor days remained in the range of 26-36
days. The company does not have any major debt obligations due to
the absence of term loans.

The ratings factor a medium scale of operations of the company.  In
FY22, TNEP's revenue increased 15.1% to INR4,585 million (FY21:
INR3,985 million), primarily due to the increase in the realization
backed by the increased edible oil prices. The realization was
increased to 1,41,784 metric tons (FY21:1,07,868 metric tons) in
FY22. Ind-Ra expects TNEP's revenue to decline in FY23, on account
of a shortage of the availability of its raw materials and a
reduced realization from edible oils. For As per the provisional
financials for 6MFY23, the company's revenue stood at INR2,199.3
million.

The ratings are supported by TNEP's established presence in the
Tamil Nadu, backed by the promoters' extensive experience. TNEP has
been in the edible oil industry for over three decades. The company
imports unrefined sunflower oil from Ukraine and Argentina and
refines it at its plant in Gummidipoondi, Tamil Nadu. TNEP sells
its products to wholesalers, re-packers, hotel and retailers. Of
its total production, around 75% is being sold to wholesalers and
re-packers, 5%-7% to hotels and the remaining is being sold under
the company's own brand Sundew to retailers. TNEP has an overall
customer base of around 150, which includes companies such as
Mother Dairy Fruits & Vegetable Pvt. Ltd, Bunge India, Kaleesuwari
Refinery Private Limited, among others, that give repetitive
orders. In FY22, its top 10 customers accounted for 53.7% (FY21:
72.6%) of its overall revenue.

Rating Sensitivities

Positive: A significant increase in its EBITDA and the
profitability along with an improvement in the credit metrics and
liquidity will lead to the Outlook being revised to Stable.

Negative: The inability to improve the EBITDA and the
profitability, leading to a further stretch in the credit metrics
and/or a deterioration in the liquidity position would be a
negative for the ratings.

Company Profile

Incorporated in 1986, TNEP processes and markets edible oil in
India. It generates majority of its revenue from Tamil Nadu.


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

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Proposed fund-based limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR250 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Proposed non-fund-based limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

Company Profile

Established in 2016, TCC is a Class 1 civil contractor for Public
Works Department Tamil Nadu. The company constructs buildings for
hostels, government quarters, educational institutions, among
others.


UNITED COKE: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned United Coke
Private Limited (UCPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR500 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating; and

-- INR50 mil. Term loan due on March 2026 assigned with IND BB/
     Stable rating.

Key Rating Drivers

The ratings reflect UCPL's small scale of operations. The revenue
rose to INR827.5 million in FY22 (FY21: INR490.9 million), on
account of normalization of business activities post covid and
higher sales realization. The sales realization was INR30,179/MT in
FY22 (FY21: INR23,429/MT). UCPL achieved net revenue of INR235
million from April 1, 2022 until September 13, 2022. Ind-Ra expects
in FY23 UCPL to achieve revenue around FY22 numbers on account of
the revenue achieved in 5MFY23 and an increase in demand.

The ratings also reflect UCPL's moderate credit metrics with
interest coverage (operating EBITDA/gross interest expense) of 7.1x
in FY22 (FY21: 2.2x) and net leverage (total adjusted net
debt/operating EBITDAR) of 5.5x (10.7x). The credit metrics
improved in FY22 on account of an increase in the absolute EBITDA
to INR43.4 million (FY21: INR24.0 million) and an increase in the
cash & cash equivalent to INR94.8 million (INR37.0 million).

UCPL has a capex plan of around INR90 million, of which INR50
million would be debt funded, during FY23 to FY24 for the
construction of an oven and buying of bricks. The construction
started in May 2022, and management expects to complete it by
end-September 2023 and start production in October 2023. Post capex
completion, the installed capacity will be 55,000MTPA (earlier
36,000MTPA). Ind-Ra expects the credit metrics to become weak in
FY23 on account of the new term loan to be raised for the capex.

Liquidity Indicator - Stretched: UCPL has limited bank lines from a
single bank and does not have access to capital markets. The
fund-based limits and non-fund-based limits were utilized at an
average of 75.28% over the 12 months ended August 2022. The cash
and cash equivalent was INR94.8 million in FY22 (FY21: INR37.0
million). The cash flow from operations turned positive INR22.2
million in FY22 (FY21: negative INR5.1 million) on account of the
increase in the absolute EBITDA. In FY22, the net cash conversion
cycle improved to nil days (FY21: 38 days).

The ratings are constrained by UCPL's high customers and suppliers
concentration risk. In FY22, the top three customers contributed
around 78% to the total sales (FY21: 37% of the total sales). In
FY22, the top three suppliers contributed around 88% to the total
purchases (FY21: 61%).  

The ratings are supported by the promoter's experience of more than
15 years in manufacturing low ash metallurgical coke, leading to
established relationships with customers and suppliers.

The ratings factor in UCPL's healthy EBITDA margins which stood at
5.2% in FY22 (FY21: 4.9%) with return on capital employed of 17.6%
(9.8%). In FY22, the EBITDA margin increased on account of a
reduction in the cost of goods sold as it had used its earlier
stock of raw materials which was purchased at a cheaper price.
Ind-Ra expects UCPL's EBITDA margin to marginally deteriorate in
FY23 on account of normalization of business and increase in
competition.

Rating Sensitivities

Negative: Any deterioration in the scale of operations or weakening
of the credit profile or the liquidity position, will be negative
for the ratings.

Positive: A significant improvement in the scale of operations,
leading to improvement in the credit metrics with the net leverage
reducing below 4.0x and an improvement in the liquidity position,
will be positive for the ratings.

Company Profile

UCPL was incorporated in 2004. It is engaged in business of
manufacturing of low ash metallurgical coke and trading of coking
coal. UCPL has an installed capacity of 36,000MTPA in Kutch
(Gujarat).


UP KORAUN: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Koraun Urja
Private Limited's rupee term loan (RTL) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)'/Negative on
the agency's website.

The detailed rating action is:

-- INR1.690 bil. RTL due on December 31, 2035 maintained in non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)/
     Negative rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

Company Profile

UP Koraun Urja was formed by Essel Green Energy Private Limited for
the development of a 40MW AC solar power project in Koraon Tehsil,
Prayagraj District, Uttar Pradesh.


UP MEHRAUNI: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Mehrauni II
Urja Private Limited's term loan in the non-cooperating category.
The Outlook is Negative. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.790 bil. Term loan due on December 31, 2035 maintained in

     non-cooperating category with IND B- (ISSUER NOT
     COOPERATING)/ Negative rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

UP Mehrauni II Urja was formed by Essel Green Energy Private
Limited for the development of a 40MW AC solar power project in the
Rijola village, Usawan Tehsil, Budaun District of Uttar Pradesh.


UP SARILA: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Sarila Urja
Private Limited's rupee term loan in the non-cooperating category.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
B- (ISSUER NOT COOPERATING)'/Negative on the agency's website.

The detailed rating action is:

-- INR2.0 bil. Project term loan due on December 31, 2035


IND B- (ISSUER NOT COOPERATING)/ Negative rating.

Maintained in non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

UP Sarila Urja was formed by Essel Green Energy Private Limited
for the development of a 40MW AC solar power project in the Rijola
village, Usawan Tehsil, Budaun District of Uttar Pradesh.


VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Visakha
Foods Private Limited (VFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.84       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           0.64       CARE A4; ISSUER NOT
   Bank 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 September 13,
2021, placed the rating(s) of VFPL under the 'issuer
non-cooperating' category as VFPL 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. VFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2022, August 10, 2022, August 19,
2022.

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

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

Vizag based, Visakha Foods Private Limited (VFPL) was incorporated
in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad,
Mr. Ravi Avinash and Ms. Ravi Hemalatha. Presently, the company is
engaged in manufacturing of food products like Pasta and
Vermicelli.


VISHAL SALES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishal
Sales (VS) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of VS under the 'issuer non-cooperating'
category as VS 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. VS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2022, August 20, 2022, August 30, 2022.

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

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

Established in 1994, Vishal Sales was promoted as a proprietorship
firm by Mr. Sanjay Kumar Agarwal. Since its inception, the firm has
been engaged in trading of construction materials like emulsion,
bitumen and other allied products.


WISDOM SOCIAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Wisdom Social
Welfare Trust (WSWT) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      10        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with WSWT for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WSWT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WSWT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WSWT continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

WSWT was estbalished in 2010 by Sachdeva family as an educational
trust. At present the trust runs Wisdom World School in
Kurukshetra, Haryana and is being promoted by Mr. Harish Sachdeva
and family.


YOGENDRA JAISWAL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogendra
Jaiswal (YJ) continues to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      6.00       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 September 30,
2021, placed the rating(s) of YJ under the 'issuer non-cooperating'
category as YJ 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. YJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2022, August 26, 2022, September 5, 2022.

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

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

Indore (Madhya Pradesh) based YJ was formed in 2010. The firm is
engaged in the retailing of country made and Indian Made Foreign
Liquor (IMFL) in Madhya Pradesh. The shops are allotted in Madhya
Pradesh by the state government through a competitive bidding
process for a period of one year. However, the firm had not license
for any shop for FY19 and FY20.




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

SAPPORO HOLDINGS: Egan-Jones Hikes Commercial Paper Rating to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on November 15, 2022, upgraded the
foreign currency and local currency ratings on commercial paper
issued by Sapporo Holdings Ltd. to B from C.

EJR retained its 'B' foreign currency and local currency senior
unsecured ratings on debt issued by the Company.

Headquartered in Tokyo, Japan, Sapporo Holdings Limited produces
and sells alcoholic and non-alcoholic beverages.


SOFTBANK GROUP: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
------------------------------------------------------------------
S&P Global Ratings revised to negative from stable the outlook on
its 'BB+' long-term issuer credit rating on SoftBank Group Corp.
S&P affirmed its 'BB+' long-term issuer credit rating on the
company, as well as its 'BB+' long-term senior unsecured debt
rating and 'B+' subordinated debt rating.

S&P said, "The outlook revision reflects our view that the
materially deteriorated liquidity and creditworthiness of SoftBank
Group's investment portfolio is likely to continue. This is due to
persistent low prices of technology stocks. If financial market
conditions remain severe and asset liquidity does not recover, this
negative influence may outweigh positive factors related to the
company's financial management in our rating analysis.

"The rating affirmation is based on our expectation that SoftBank
Group's disciplined financial operation will underpin the rating.
Its loan-to-value (LTV) ratio (as we define it) is likely to range
between 25% and 30% over the next year."

SoftBank Group's asset liquidity is likely to remain materially
weakened in the next year or so. The proportion of listed shares in
the portfolio, which includes listed assets in SoftBank Vision
Funds (SVF) unless otherwise noted, is likely to remain between 40%
and 45% over the next year or so, lower than previously.

The company has focused its investments on technology stocks, for
which prices have been depressed for a prolonged period. The stock
price of China-based Alibaba Group Holding Ltd. (A+/Stable/--), a
major asset in the company's portfolio, fell about 45% in the year
to Sept. 30, 2022. In addition, the aggregate asset value of SVF1
and SVF2 declined about JPY1.5 trillion in the six months from
March 31 to Sept. 30, 2022. Consequently, the proportion of listed
shares in the portfolio fell to about 43% as of Sept. 30, 2022,
which was a material decline from over 70% as of March 31, 2020.

Quality of the company's investment portfolio is likely to remain
deteriorated over the next year or so. This is due to monetization
of listed assets and stagnant share prices, in S&P's view. S&P
said, "We estimate weighted-average creditworthiness of SoftBank
Group's investment portfolio has fallen to and will likely stay
around the 'bb' category level from the previous 'bbb' category
level over the next year or so. Creditworthiness of its investment
assets has been deteriorating as its proportion of high-credit
quality Alibaba stock has decreased. SoftBank Group is monetizing
shares in Alibaba while investing in startup "unicorn" companies
through SVF. Accordingly, we expect the creditworthiness of its
portfolio to keep deteriorating in line with replacement of
assets."

Damaged creditworthiness from deteriorating liquidity and quality
of the company's investment portfolio is likely to significantly
overwhelm the positive effects of its improving diversity.
Concentration risk in its assets has declined. While shares in
Alibaba previously accounted for about 50% of the portfolio, shares
in subsidiary Arm Ltd., currently the largest asset, account for
about 22% of the portfolio. In addition, investees in funds have
been further diversified. SVF1, which comprises about 16% of the
entire assets, is invested in 78 entities, while SVF2, which
comprises about 19% of assets, is invested in 270 entities.
However, the sum of the three largest assets excluding the SVFs
(Arm, SoftBank Corp., and Alibaba) account for more than 50% of the
entire assets. Accordingly, S&P sees a certain level of
concentration risk in this proportion.

S&P said, "A public listing of Arm, if realized, may positively
affect our evaluation of the company's business risk profile. We do
not incorporate a listing of Arm in our evaluation of the company's
creditworthiness in our base-case scenario. This is because the
timing or the amount are not available." However, listing Arm would
be likely to raise the proportion of listed shares in SoftBank
Group's investment portfolio because Arm's assets accounted for
about 22% of the company's assets as of Sept. 30, 2022.

S&P said, "We expect disciplined financial management amid tough
business conditions to underpin SoftBank Group's immediate
creditworthiness. Despite a continued decline in asset value
because of low stock prices, we expect the company to control its
LTV ratio (as we define it) at 25%-30%, commensurate with our
rating on it, over the next year or so. The company curbed new
investments and cut about JPY2 trillion in debt in the six months
from March 31 to Sept. 30, 2022, despite an 18% decrease in total
asset value owing to declining stock prices. As a result, the LTV
ratio was about 28% as of Sept. 30, 2022.

"Our affirmation of the ratings reflects that positive effects of
the company's disciplined financial operation somewhat mitigate
negative factors in its overall creditworthiness. We lowered our
evaluation of the company's business risk profile to fair from
satisfactory in response to deterioration of both the proportion of
listed shares in its investment portfolio and its weighted-average
creditworthiness. Meanwhile, we raised our evaluation of the
company's comparable rating analysis to positive from neutral,
based on its management's evident policy of disciplined financial
operations and its control of its LTV ratio with about JPY2
trillion in reduced debt. The raised evaluation also incorporates
the many unlisted shares in its investment portfolio with the
potential to be listed.

"The negative outlook reflects our view of a heightened likelihood
that the liquidity of SoftBank Group's assets will not recover from
the current level, due to continuous declines in stock prices of
its listed assets."

S&P might consider downgrading the company if it sees a heightened
likelihood of any of the following scenarios:

-- The proportion of listed assets (including listed assets in
SVF1 and SVF2) in its portfolio does not recover from the current
level in the next six to 12 months.

-- SoftBank Group becomes unlikely to manage its LTV ratio, which
could result in the ratio approaching 40%. This could happen if
rapid and significant deterioration in market conditions causes a
significant decline in its asset value.

-- Its liquidity worsens significantly, due to rapidly increasing
investment in its fund business despite a delay in recouping
existing investments.

S&P might consider revising the outlook upward to stable if both of
the following scenarios are likely to occur:

-- The company maintains disciplined financial management and
manages its LTV ratio at 25%-30%.

-- Its proportion of listed assets (including listed assets in
SVF1 and SVF2) increases to over 60%.

ESG Credit Indicator: E-2, S-3, G-3




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

ANIMAL FARM: Creditors' Proofs of Debt Due on Dec. 15
-----------------------------------------------------
Creditors of Animal Farm Limited are required to file their proofs
of debt by Dec. 15, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 9, 2022.

The company's liquidators are:

          Geoff Falloon
          Biz Rescue Limited
          Business Recovery and Insolvency Specialists
          PO Box 27
          Nelson 7040


ANOTHER LEVEL: Creditors' Proofs of Debt Due on Dec. 16
-------------------------------------------------------
Creditors of Another Level Electrical Services Limited are required
to file their proofs of debt by Dec. 16, 2022, to be included in
the company's dividend distribution.

The High Court at New Plymouth appointed Janet Sprosen and Leon
Francis Bowker of KPMG as liquidators on Nov. 11, 2022.


LLOYD EXECUTIVE: Court to Hear Wind-Up Petition on Nov. 28
----------------------------------------------------------
A petition to wind up the operations of Lloyd Executive Limited
will be heard before the High Court at Auckland on Nov. 28, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 1, 2022.

The Petitioner's solicitor is:

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


MICO DEVELOPMENT: Court to Hear Wind-Up Petition on Feb. 3
----------------------------------------------------------
A petition to wind up the operations of Mico Development Limited
will be heard before the High Court at Auckland on Feb. 3, 2023, at
10:00 a.m.

Simon Dalton and Matthew Peter Kemp filed the petition against the
company on Sept. 16, 2022.

The Petitioner's solicitor is:

          Mark Andrew Edward Sullivan
          Jackson Russell, Solicitors
          Level 13
          41 Shortland Street
          Auckland


VESTA TRUSTEE: Creditors' Proofs of Debt Due on Dec. 2
------------------------------------------------------
Creditors of Vesta Trustee Limited are required to file their
proofs of debt by Dec. 2, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 11, 2022.

The company's liquidators are:

          Raymond Paul Cox
          Stephanie Beth Jeffreys
          Grant Thornton New Zealand Ltd
          Level 4, 152 Fanshawe Street
          PO Box 1961
          Auckland




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

BLUEFIELD MARITIME: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Bluefield Maritime Pte Ltd, on Nov. 11, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

The company's liquidators are:

          Wong Joo Wan
          Tina Phan Mei Ting
          Alternative Advisors
          1 Commonwealth Lane
          #06-21 One Commonwealth
          Singapore 149544


CKS DESIGN: Court to Hear Wind-Up Petition on Dec. 9
----------------------------------------------------
A petition to wind up the operations of CKS Design And Construction
Pte Ltd will be heard before the High Court of Singapore on Dec. 9,
2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 10, 2022.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


JUNO SHIPPING: Creditors' Proofs of Debt Due on Dec. 17
-------------------------------------------------------
Creditors of Juno Shipping Pte. Ltd. are required to file their
proofs of debt by Dec. 17, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 11, 2022.

The company's liquidator is:

          Helmi Bin Ali Bin Talib
          c/o 133 Cecil Street
          #15-02 Keck Seng Tower
          Singapore 069535


RHODIUM INVESTMENTS: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Rhodium Investments Pte Ltd, on Nov. 11, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Wong Joo Wan
          Tina Phan Mei Ting
          Alternative Advisors
          1 Commonwealth Lane
          #06-21 One Commonwealth
          Singapore 149544


SLS 518: Creditors' Proofs of Debt Due on Dec. 18
-------------------------------------------------
Creditors of SLS 518 Pte. Ltd. are required to file their proofs of
debt by Dec. 18, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 11, 2022.

The company's liquidators are:

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


SWIBER OFFSHORE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Nov. 11, 2022, to
wind up the operations of Swiber Offshore Construction Pte Ltd and
Swiber Holdings Limited Pte. Ltd.

The company's liquidators are:

          Toh Ai Ling
          Chan Kwong Shing, Adrian
          Bob Yap Cheng Ghee
          KPMG Services Pte Ltd
          12 Marina View
          #15-01 Asia Square Tower 2
          Singapore 018961




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

ASIANA AIRLINES: HDC, Mirae Asset Lose in US$190MM Lawsuit
----------------------------------------------------------
The Korea Times reports that HDC Hyundai Development Company and
Mirae Asset Securities are not entitled to be refunded the combined
KRW250 billion (US$190 million) they had paid previously for their
acquisition of Asiana Airlines from its parent company, Kumho E&C,
which eventually ended in failure, according to a court ruling, on
Nov. 17.

The Korea Times relates that the Seoul Central District Court
accepted the request from Asiana and Kumho to refuse the refund to
HDC and Mirae Asset from the escrow account. The justice also
ordered the defendants to pay a combined KRW1.5 billion to the
plaintiffs in compensation for their breach of contract.

HDC unveiled its plan to lodge an appeal against the recent ruling,
claiming that its appeal is intended to protect its shareholders
and stakeholders, the report says.

"It is regrettable that the court did not take into account
negative effects from the seller's fault," the company said in its
press release.

Asiana welcomed the court's ruling, The Korea Times relays.

"HDC should accept the court decision and take follow-up measures
in compliance with the ruling," the air carrier said in a
statement.

The Korea Times notes that their legal battle started two years ago
after the HDC-led consortium, which had been selected as the
preferred bidder for the Asiana takeover in November 2019, abruptly
scrapped its plan to acquire the air carrier in September 2020,
citing its snowballing debt.

After hiring two of Korea's top law firms - Yoon & Yang and Shin &
Kim - Asiana and Kumho filed the lawsuit in November 2020, claiming
that the contract was canceled as HDC had remained reluctant to
finish the deal, the report recalls.

In response, HDC and Mirae Asset were once expected to hire the
nation's leading law firm, Kim & Chang, or Bae, Kim & Lee, another
major law firm that offered advice to the builder when it was
considering the Asiana takeover.

However, HDC eventually hired Yulchon, while Mirae Asset hired Lee
& Ko.  The defendants have attributed the contract's cancellation
to Asiana's refusal to provide enough information, according to the
report.

If the upper courts reject HDC's appeal, the builder and the
securities firm will lose KRW200 billion and KRW50 billion,
respectively. The air carrier and its parent, on the other hand,
will be able to secure KRW220 billion and KRW30 billion,
respectively.

In that case, HDC will face heavier cost burdens, given that the
company has already spent a lot of money to compensate the buyers
of I'Park apartments in Gwangju, which is under reconstruction
after its collapse in January this year, the report states.

The court ruling takes some pressure off Asiana for the moment amid
growing uncertainties about its acquisition by airline rival,
Korean Air.

                        About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted.  Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.

In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.



                           *********


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

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

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

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