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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, May 15, 2023, Vol. 26, No. 97

                           Headlines



A U S T R A L I A

DIVINE COMPANY: First Creditors' Meeting Set for May 17
JTL MANAGEMENT: First Creditors' Meeting Set for May 19
KADDY LIMITED: First Creditors' Meeting Set for May 16
MAXIMILIAN'S RESTAURANT: Wedding Venue Suddenly Closes Doors
MCW CORPORATION: First Creditors' Meeting Set for May 17

PLANET SALES: First Creditors' Meeting Set for May 17


C H I N A

CHINA EVERGRANDE: EV Unit Shareholders Agree on Restructuring Deal
FANTASIA HOLDINGS: Shareholder Opposes Debt Restructuring Plan


I N D I A

APY MEDI: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
ARABIAN PETROLEUM: Ind-Ra Affirms BB+ LongT erm Issuer Rating
ASM TRAXIM: CARE Keeps D Debt Ratings in Not Cooperating Category
BALAJI COAL: Ind-Ra Withdraws BB+ Long Term Issuer Rating
BALAJI OILS: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating

BRISK INDIA: CRISIL Lowers Long/Short Term Loan Rating to D
COFFEE DAY: CARE Keeps D Debt Rating in Not Cooperating Category
CREATORS CONSTRUCTIONS: Ind-Ra Keeps 'B' Rating in Non-Cooperating
EKAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
FIRDOOS COLD: CRISIL Assigns B Rating to INR12.8cr Term Loan

JANA CAPITAL: Ind-Ra Gives B- Non-Convertible Rating
KALIKA COLD: CRISIL Lowers Rating on INR4.60cr Cash Loan to B+
LALWANI INDUSTRIES: Ind-Ra Withdraws BB- Long Term Issuer Rating
M MADHAVARAYA: CRISIL Reaffirms B+ Rating on INR27cr Cash Loan
MAA MUKTAKESHI: CRISIL Reaffirms B+ Rating on INR4.50cr Term Loan

MARWAR CARPETS: CARE Lowers Rating on INR2cr LT Loan to B+
MATIZ METALS: Liquidation Process Case Summary
MOHAN PODDAR: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
MOONHOUSE PROJECTS: Ind-Ra Cuts LongTerm Issuer Rating to BB
MOTHERS PRIDE: CARE Keeps D Debt Rating in Not Cooperating

RAJBIR CONSTRUCTION: CRISIL Withdraws B+ Rating on LT Loan
RITUDHAN SUPPLIERS: Ind-Ra Assigns B+ Bank Loan Rating
S.N.Q.S. INT'LS: CRISIL Cuts Rating on INR3.93cr Loan to B+
SARITA DEVI: CARE Keeps B- Debt Rating in Not Cooperating
SATYAM ISPAT: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable

SCHANGALAYA MOTORS: CRISIL Moves B+ Ratings from Not Cooperating
SHARDA AUTO: CRISIL Raises Rating on INR6.60cr Cash Loan to B+
SHREEDHAR SPINNERS: Ind-Ra Affirms BB Long Term Issuer Rating
SJS BIOTECH: CARE Keeps B- Debt Rating in Not Cooperating
SOLEX ENERGY: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

SPICEJET LTD: Says No Plans for Insolvency Filing
SUMAN KANDOI: CARE Keeps B- Debt Rating in Not Cooperating
SVARRNIM INFRA: CARE Lowers Rating on INR5.25cr LT Loan to B
TANVIRKUMAR & CO: CRISIL Reaffirms B+ Rating on INR14.6cr Loan
TOMAR CONSTRUCTION: Ind-Ra Gives BB+ Loan Rating, Outlook Stable

VARALAKSHMI HITECH: CRISIL Reaffirms B+ Rating on INR10cr Loan
VEERAL CONTROLS: CRISIL Reaffirms B- Rating on INR3.45cr Loan
VELAN INFRA: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
VIMCO SOLAR: CRISIL Assigns B- Rating to INR10cr Loans


J A P A N

RAKUTEN GROUP: Posts JPY82.5BB Net Loss for 3 Mos. Ended March 31


N E W   Z E A L A N D

BOBUX INT'L: Munro Footwear Buys Shoe Company Out of Receivership
CONSTRUCT CIVIL: Creditors' Proofs of Debt Due on July 5
FLEUR DE LIS: Creditors' Proofs of Debt Due on July 5
JENNY CRAIG: First Creditors' Meeting Set for May 18
PORSE EDUCATION: Creditors' Proofs of Debt Due on July 5

RVD LIMITED: Grant Thornton Appointed as Receivers


S I N G A P O R E

EQONEX LIMITED: Court to Hear Wind-Up Petition on May 26
HAUS LIFESTYLE: Placed Into Creditors' Voluntary Liquidation
OTISCO INVESTMENT: Creditors' Proofs of Debt Due on June 11
PAYRNET PTE: Commences Wind-Up Proceedings
ROBIN CONSTRUCTION: Creditors' Proofs of Debt Due on June 13

TRINGLE INVESTMENT: Creditors' Proofs of Debt Due on June 11


S O U T H   K O R E A

TERRAFORM LABS: Montenegro Court Releases Former CEO on Bail

                           - - - - -


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

DIVINE COMPANY: First Creditors' Meeting Set for May 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of The Divine
Company Pty Ltd will be held on May 17, 2023, at 11:00 a.m. via
Zoom.

Desmond Teng and John Refalo of Moore Recovery were appointed as
administrators of the company on May 5, 2023.


JTL MANAGEMENT: First Creditors' Meeting Set for May 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of JTL
Management Australia Pty Ltd (trading as Australia Wrapping School
Association; Fancee Car Studio) will be held on May 19, 2023, at
11:00 a.m. via teleconference.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on May 9, 2023.


KADDY LIMITED: First Creditors' Meeting Set for May 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Kaddy Limited;
          - Kaddy Australia Pty Ltd;
          - Kaddy Fulfilment Pty Ltd;
          - Wine Delivery Australia Pty Ltd;
          - Wine Depot Holdings Pty Ltd; and
          - CGWDH Pty Ltd

will be held on May 16, 2023, at 3:00 p.m. via virtual meeting
technology.

Rajiv Goyal, Christopher Johnson, Joseph Hayes of Wexted Advisors
were appointed as administrators of the companies on May 4, 2023.


MAXIMILIAN'S RESTAURANT: Wedding Venue Suddenly Closes Doors
------------------------------------------------------------
News.com.au reports that a number of almost-married couples have
been left heartbroken after a popular wedding venue abruptly closed
its doors.

The owner of Maximillian's Restaurant at Verdun was forced to break
the news to the couples earlier last week after their landlords
claimed AUD500,000 in unpaid rent, news.com.au relates citing 7
News.

The Adelaide Hills business now reads "temporarily closed" on
Google, the report notes.

According to news.com.au, the venue which is nestled among
vineyards with panoramic views of the rolling landscape can host up
to 270 guests.

Wedding guests book out the destination venue for the century-old
homestead, golf club, cellar door and picturesque views.

However, landlords Max and Louise Hruska - who opened the
restaurant more than four decades ago - said the situation has "not
been good" for a while, news.com.au relays.

They said rent has not been paid in full for three years and the
dispute is still before the courts.

Venue operator Andrew Friebe wrote to the couples with bookings
saying the closure was due to "vexatious landlords" and a "failure"
of the court system to provide a "timely and considered" decision,
7 News reported.

He has assured the couples their deposits will be paid back in
full, but at least half a dozen couples will now have to scramble
to find a new wedding venue.

"Despite the impossible financial position this has now put me in -
I give you my commitment that I will return all deposits paid
toward your booking," Mr. Friebe said.

A judgment in the case is expected to arrive by June, news.com.au
notes.

The Hruska's told 7 News they may have to sell the property.


MCW CORPORATION: First Creditors' Meeting Set for May 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of MCW
Corporation Pty Ltd, trading as Perth Security Services, will be
held on May 17, 2023, at 10:30 a.m. at Suite 6.02, Level 6 109 St
Georges Terrace, in Perth, WA, and via teleconference facilities.

Jimmy Trpcevski and Greg Prout of WA Insolvency Solutions were
appointed as administrators of the company on May 5, 2023.


PLANET SALES: First Creditors' Meeting Set for May 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Planet Sales
Pty Ltd will be held on May 17, 2023, at 11:00 a.m. at Quest Perth
Ascot, 266 Great Eastern Highway, in WA and via virtual meeting
technology.

Cameron Hugh Shaw and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on May 5, 2023.




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

CHINA EVERGRANDE: EV Unit Shareholders Agree on Restructuring Deal
------------------------------------------------------------------
Reuters reports that shareholders of China Evergrande New Energy
Vehicle Group accepted a proposal to dispose of two subsidiaries in
a restructuring, according to a filing with the Hong Kong stock
exchange on May 12.

Reuters relates that more than 50% of the votes under the EV
company, a unit of embattled property developer China Evergrande,
were cast at a May 12 general meeting in favour of a proposal
raised in late April, the filing said.

According to the report, the EV unit on April 25 announced the plan
to sell two debt-laden companies to another unit under China
Evergrande as part of the auto firm's restructuring.

The EV unit was expected to book a $3.6 billion gain from the
transfer, while the two companies to be sold held 47 property
projects altogether, said a previous stock filing by the EV unit.

Reuters says the deal would help the EV unit focus on the new
energy vehicle segment and could help improve its valuation and
eventually "may help to attract investors to Evergrande Auto and
raise funds", said a separate filing by the group company.

According to Reuters, China Evergrande said in another filing on
May 12 that it had received an enforcement notice issued by a court
in southern Chinese city of Guangzhou, covering the company, its
controlling shareholder Hui Ka Yan and a property development
subsidiary.

Hui and Evergrande were requested to fulfil their repurchase
obligation worth around CNY5 billion ($700 million) after a deal
dispute, on top of other payment duties including outstanding
dividends, liquidated damages and legal fees, the filing said.

                       About China Evergrande

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.


FANTASIA HOLDINGS: Shareholder Opposes Debt Restructuring Plan
--------------------------------------------------------------
South China Morning Post reports that a Chinese property developer
whose default in 2021 has since fed into a broader industry rout is
facing resistance to its restructuring plan from a major
shareholder.

The Post relates that Fantasia Holdings second-biggest shareholder
TCL Industries opposes the terms of the debt-to-equity swaps, a key
part of the restructuring proposal that would dilute shareholders'
stakes, according to people familiar with the matter who asked not
to be identified discussing private matters. TCL is seeking
equitable treatment between minority investors and the controlling
shareholder, one of the people said.

Hong Kong-listed Fantasia needs to hold a shareholder meeting to
decide on the issuance of shares for the proposed debt swap, with
support from at least 50 per cent of voting shareholders required,
the Post says. TCL, which has a 17.5 per cent shareholding, may
vote against the issuance of new shares if current negotiations
sour, said one of the people. It remains unclear when any
shareholder meeting would take place.

According to the Post, Fantasia said in a response to Bloomberg
that if TCL opposes the proposal, the restructuring efforts may
fail, and in the worst-case scenario, shareholders would get zero
recovery.  

Fantasia has already secured creditors' support for its debt
restructuring, meaning that any disruption at this stage could
undermine an already advanced process, the Post relates. More
broadly, the development highlights the clout that key shareholders
may have as equity becomes a popular element in Chinese defaulters'
restructuring plans. Risks are already rising for weaker developers
in the stock market, where financial strains are threatening the
listing status for some.

After a 15-month wait, Fantasia revealed in January a restructuring
blueprint that seeks to swap US$1.3 billion of offshore borrowings
into shares and extend some debt. If implemented, the plan would
result in offshore creditors collectively owning 52.6 per cent of
the new Fantasia. TCL would be left with merely 1 per cent, and
other minority shareholders with just 1.4 per cent.

Fantasia, which is based in the southern coastal province of
Guangdong and is controlled by founder Zeng Jie, became a defaulter
in October 2021. The controlling shareholder would hold at least a
45 per cent equity interest after the restructuring, based on the
current plan, down from 57.4 per cent as of the end of June 2021,
according to the latest data available.

Any vote may hinge on how rules concerning the controlling
shareholder are applied, the Post notes. The Hong Kong exchange
requires any shareholder and his or her close associates to abstain
from voting if such a shareholder has a material interest in a
transaction. In the event that Fantasia's controlling shareholder
isn't allowed to vote, it would remove a major obstacle for TCL to
attempt to block the share issuance plan.

Fantasia intended to offer a revised plan, leaving minority
shareholders more equity stake post-restructuring, but TCL did not
agree to the details, the Post relates citing people familiar with
the discussions.

Needing to get shareholder approval to issue shares for any debt
swap "does put some leverage in the hands of existing shareholders
but only so much," said Daniel Margulies, a partner at Dechert LLP
who specializes in restructuring matters in Asia.

To some, preserving a founder's control of a company is key to
maintaining normal business operations after suffering a
delinquency.

"The controlling shareholder will remain the largest individual
shareholder, so they have a vested interest in continuing to guide
the company and that interests are aligned," the report quotes
Brandon Gale, head of Asia restructuring at Houlihan Lokey, which
acts as financial adviser to Fantasia on its restructuring, as
saying. Gale was speaking at a recent press event.

                       About Fantasia Holdings

Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of China.
It operates through six segments: Property Development, Property
Investment, Property Agency Services, Property Operation Services,
Hotel Operation, and Others. The company engages in the development
of urban complexes, upscale boutique residences, and mid-to-high
end residence projects; the provision of hotel accommodation,
property management, value-added, engineering, and travel agency
services; and manufacture and sale of fuel pumps. It also provides
community services through online platform; and wealth management,
finance lease, petty loans, P2P, funds and factoring, consumer
finance, insurance, payment services, etc. for enterprises and
individuals, as well as operates and manages various city
complexes, shopping centers, etc. In addition, the company operates
golfs, high-end city clubs, private clubs, theme parks, art
museums, etc.; and develops various home-based care service
stations, daytime care centers, and senior citizen apartments,
which provide home care, health care, rehabilitation therapy,
nutrition catering, and spiritual solace, as well as education
services.  Fantasia Holdings Group Co., Limited is a subsidiary of
Fantasy Pearl International Limited.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
16, 2021, S&P Global Ratings has withdrawn its 'SD' (selective
default) long-term issuer credit rating on Fantasia Holdings Group
Co. Ltd. at the issuer's request.  S&P also withdrew the 'CC'
long-term issue rating on its outstanding senior unsecured notes,
and the 'D' long-term issue rating on the notes due Oct. 4, 2021.




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

APY MEDI: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed APY Medi Services
Private Limited's (AMSPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limit affirmed with IND B+/Stable/IND A4

     rating; and

-- INR260 mil. Term loan due on December 2030 affirmed with IND
     B+/Stable rating.

Key Rating Drivers

The affirmation reflects the operating losses of INR42.35 million
incurred by AMSPL in FY23, according to the provisional financials,
due to fixed overheads amid the delay in the commencement of the
company's hospital in Greater Noida due to its low occupancy. In
FY24, Ind-Ra expects AMSPL to turn profitable on account of
improved operating leverage as the occupancy increases. The company
started operations only in FY23.

The ratings also factor in AMSPL's continued small scale of
operations with a revenue of INR53.58 million. AMSPL had an
occupancy of 170 beds at FYE23 in the first phase; in the second
phase, the total capacity will increase to 300 beds, according to
the company. AMSPL has five major and one minor operation theatres.
Ind-Ra expects the scale of operations to remain small over the
medium term, as the occupancy rate would be low in the initial
years.

The ratings further reflect AMSPL's modest the credit metrics as
the company incurred EBITDA losses in FY23. Ind-Ra expects the
credit metrics to remain modest in FY24 as AMSPL plans to incur a
capex of IN40 million.

Liquidity Indicator - Stretched: AMSPL does not have any capital
market exposure and relies on single banks and financial
institutions to meet its funding requirements. AMSPL's average peak
use of its fund-based working capital limits was 38.95% for the
eight months ended March 2023. In FY23, the net working capital
cycle stood at 130 days. AMSPL's cash flow from operations was at
negative INR60.43 million in FY23. AMSPL has debt repayment
obligations of INR11.3 million during FY24 and FY25 each.

The ratings, however are supported by AMSPL's various designated
doctors who have an overall experience of over two decades in the
healthcare industry.

Rating Sensitivities

Negative: Any delay in achieving  the operating profitability and
deterioration in the credit metrics and liquidity position all on
sustained basis will be negative for the rating.

Positive: Higher-than-Ind-Ra-expected operating profitability,
stronger credit metrics with the ssnet leverage remaining below 6x
and improved in liquidity position will be positive for the
ratings.

Company Profile

AMSPL was incorporated under the provisions of the Companies Act,
1956, with the Registrar of Companies, Delhi, on 3 May 2013. The
company plans to set up multi super specialty hospitals in tier II
cities in India in two phases. Under phase I, the company is
setting up a hospital in Greater Noida, which would commence
operations with 173 beds out of the total planned capacity of 300
beds.



ARABIAN PETROLEUM: Ind-Ra Affirms BB+ LongT erm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arabian Petroleum
Limited's (APL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR170 mil. Fund-based limits affirmed with IND BB+/Stable/IND

     A4+ rating; and

-- INR39.30 mil. Term loans due on April 2027 affirmed with IND
     BB+/Stable rating.

Key Rating Drivers

Liquidity Indicator - Stretched: APL's average maximum utilization
of the fund-based limits was 93.40% during the 12 months ended
March 31, 2023. APL has repayment obligations of INR16.6 million
and INR10.1 million for FY24 and FY25, respectively. The cash flow
from operations continued to be negative at INR49.34 million in
FY22 (FY20: INR38.87 million) due to unfavorable changes in working
capital. This, coupled with capex of INR25.23 million in FY22
(FY21: INR15.13 million) caused the free cash flow to remain
negative and decline further to INR74.58 million (INR54 million).
The net working capital cycle remained elongated despite reducing
to 84 days in FY22 (FY21: 98 days) due to a decline in the debtor
collection period to 55 days (76 days). The cash and cash
equivalents stood at INR2.26 million at FYE22 (FYE21: INR1.71
million). Furthermore, APL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

The ratings continue to reflect APL's medium scale of operations.
The revenue grew to INR1,910.24 million in FY22 (FY21: INR1,099.87
million), driven by an increase in demand for lubricants as well as
expansion of business in new locations and an increase in exports.
The revenue is likely to have increased further to INR2,349 million
in FY23. Ind-Ra expects the revenue to increase further in FY24 on
account of a further increase in demand in the domestic market,
along with an increase in exports.

However, the ratings remain supported by APL's healthy EBITDA
margin of 4.42% in FY22 (FY21: 5.61%) with a return on capital
employed of 17.2% (15.5%). The decline in EBITDA margin was due to
the company's inability to pass on the increase in raw material
prices to its customers. During 10MFY23, the company reported
EBITDA margin of 3.32%. Ind-Ra expects the EBITDA margin to have
marginally deteriorated in FY23 and will remain at similar levels
in the medium term.

The ratings also benefit from the company's continued comfortable
credit metrics as indicated by interest coverage (operating
EBITDA/gross interest expenses) of 4.81x in FY22 (FY21: 5.03x) and
net leverage (total adjusted net debt/operating EBITDAR) of 3.47x
(3.53x). The interest coverage deteriorated marginally due to an
increase in interest cost but the net leverage improved due to an
increase in the absolute EBITDA to INR84.35 million in FY22 (FY21:
INR61.75 million). However, the credit  metrics are likely to have
deteriorated in FY23, due to a decline in the absolute EBITDA on
account of the company's inability to pass on the increase in price
of raw materials to its customers. Ind-Ra expects the credit
metrics to deteriorate further in FY24 due to the decline in
absolute EBITDA.

The ratings also remain supported by the promoters' nearly four
decades of experience in oil and lubricant industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

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

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

Company Profile

Incorporated in 2006, Maharashtra-based APL manufactures industrial
and automotive lubricants.


ASM TRAXIM: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ASM Traxim
Private Limited (ATPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 12, 2022,
placed the rating(s) of ATPL under the 'issuer non-cooperating'
category as ATPL 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. ATPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2023, April 7, 2023, April 17, 2023.

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).

ASM Traxim Pvt. Ltd. (ATPL), incorporated in 2005, is a closely
held company engaged in trading of almonds, poppy seeds and spices
like clove, cinnamon, cumin etc. The company sources almonds
domestically and sells in the domestic market to wholesalers
through brokers. The company also sources a very small percentage
of almonds through imports from USA.


BALAJI COAL: Ind-Ra Withdraws BB+ Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Balaji Coal
Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR75 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB+' rating on the INR400 mil. Non-fund-based working

     capital limit is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Company Profile

Incorporated in 2006, Balaji Coal is engaged in the trading of
steam coal, imported coal, iron and steel.


BALAJI OILS: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Balaji Oils
Industries 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 now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:   

-- INR100 mil. Fund-based working capital limits Migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR223.9 mil. Non-fund-based working capital limits migrated
     to non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 25, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.  

Company Profile

Established in 1985, Balaji Oils manufactures refined palm oil,
refined oil and crude palm oil, hydrogenated vegetable cooking oil,
and bakery shortening.  



BRISK INDIA: CRISIL Lowers Long/Short Term Loan Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Brisk India Private Limited (BIPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        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 BIPL for
obtaining information through letters and emails dated January 22,
2022, February 28, 2022, February 25, 2023, April 29, 2023 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 BIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIPL
is consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has downgraded its ratings on the bank facilities of
BIPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. The rating action is on
the account of delays in debt servicing which came to CRISIL
Ratings' notice from external, public information.

Set up by Mr Chandrakant Gaikwad in 2009, Pune-based BIPL provides
manpower to government departments. Employee strength as on April
1, 2019, was around 8000 workers.


COFFEE DAY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Coffee Day
Global Limited (CDGL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      469.61      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated February 24, 2022, continued to place the rating(s) of CDGL
under the 'issuer non-cooperating' category as CDGL had failed to
provide information for monitoring of the ratings. CDGL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 10, 2023, January 20,
2023, January 30, 2023, April 21, 2023 and phone calls.

In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of the best available information, which
however, in CARE Ratings' 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 February 24, 2022, the following were
the rating weaknesses (updated for the information available from
stock exchange filings by Coffee Day Enterprises Limited (CDEL);
holding company of CDGL):

Key weaknesses

* Ongoing delays in debt servicing: As per the stock exchange
filings of CDEL and interactions with the various lenders of CDGL,
there are ongoing delays in debt servicing by CDGL and lenders have
classified the bank facilities as non-performing assets (NPA). Some
of the lenders have taken initiative to undertake a debt resolution
process for CDGL as per the RBI circular on Prudential Framework
for Resolution of Stressed Assets dated June 7, 2019.

* Continuing losses: The company continued to incur net losses of
INR113.44 crore in FY22 (FY21: net loss of INR306.54 crore) on
account of significant decline in the sales of the company in the
past two years coupled with high fixed costs of the company.

Coffee Day Global Limited (CDGL) was originally incorporated as
Amalgamated Bean Coffee Trading Company Limited on December 6, 1993
as a private limited company, and was subsequently converted to a
public limited company on February 3, 1997. CDGL is an integrated
coffee retailer, having presence across the entire business
activities from coffee procuring till retailing. CDGL has five
business divisions, viz., Café Division (Café Coffee Day), Xpress
Division, Vending Division, Package Division, and Production,
Procurement and Exports (PPE) Division.


CREATORS CONSTRUCTIONS: Ind-Ra Keeps 'B' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Creators
Constructions Limited's Long-Term Issuer Rating of 'IND B (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.  

The instrument-wise rating actions are:

-- INR58.5 mil. Fund-based working capital limit** maintained in
     the non-cooperating category and withdrawn; and

-- INR60 mil. Non-fund-based working capital limit*# maintained
     in the non-cooperating category and withdrawn.

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

*#Maintained at '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 repeated requests by the agency, and has not provided
information about interim, 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 the lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Creators Constructions is an A-class public work department civil
contractor incorporated in 2010. The company is engaged in the
construction of mini civil station, hospital, college and road
contract projects. It derives 90% of its revenue from government
projects.


EKAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ekam Agro
Private Limited (EAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.98       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 12, 2022,
placed the rating(s) of EAPL  under the 'issuer non-cooperating'
category as EAPL 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. EAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2023, April 7, 2023, April 17, 2023.

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).

Ekam Agro Private Limited (EAPL) is a private limited company
incorporated in November, 2012 and is managed by Mr Harish Kumar
Kalra, Ms Shilpa Kasrija, Ms Rashee Angi and Mr Vipul Kalra.
However, the company commenced operations in November, 2014. EAPL
is engaged in the refining of edible oils such as rice bran oil,
mustard oil, cotton seed oil, at its processing facility located in
Muktsar (Punjab). EAPL has two associate concerns, namely,
Evershine Solvex Private Limited and Mithan Lal Kalra Rice Mills
(MKRM). ESPL is engaged in extraction of rice bran oil since 1983.
MKRM is a partnership firm engaged in rice milling since 1977.

FIRDOOS COLD: CRISIL Assigns B Rating to INR12.8cr Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Firdoos Cold Storage Private Limited (FCSPL).

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Term Loan             12.8      CRISIL B/Stable (Assigned)

   Working Capital
   Term Loan              4.2      CRISIL B/Stable (Assigned)

The rating reflects FCSPLs exposure to risks related to adverse
climatic conditions and weak financial profile. These weaknesses
are partially offset by its locational advantage.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to adverse climatic conditions: Its
revenue is directly dependent on the apple yield in a particular
year. The apple yield is, in turn, dependent on climatic conditions
such as change in temperature, ground frost and hailstorm, and
subsequent adversities in terms of proliferation of insect-pest and
diseases, loss of soil fertility, water availability, and natural
calamities which may pose threats on apple production.

* Weak financial profile:  FCSPL has average financial profile
marked by gearing of 5.92 times and total outside liabilities to
adj tangible networth (TOL/ANW) of 6.72 times for year ending on
31st March 2022. FCSPL's debt protection measures have also been at
weak level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.98 times and 0.06 times for fiscal
2022. FCSPL debt protection measures are expected to remain at
similar level with high debt levels.

Strength:

* Locational advantage: Proximity of cold storage in Aglar Shopian
(Jammu and Kashmir) to the apple producing belt will help in
achieving optimum capacity utilization over the medium term.
Further relationship with various vendors all over India provide
them a better presence.

Liquidity: Poor

Cash accruals are expected to be over INR1.06-1.20 crore which are
insufficient against term debt obligation of INR1.68 crore over the
medium term.

In order to support the company to meet the repayment obligations
the promoters have constantly supported the business in the form of
unsecured loans and will continue to do so in the medium term.

Current ratio is moderate at 1.18 times on March 31, 2022.

Outlook: Stable

CRISIL Ratings believe FCSPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Increase in revenue over INR20 crore leading to cash accruals
over INR2 crore over the medium term.
* improvement in the financial risk profile

Downward factors:

* Decline in profitability or stretch in working capital cycle
leading to a decline in cash accruals below INR0.50 crore
* Large debt-funded capital expenditure further weakening capital
structure

Incorporated in September 2018, FCSPL owns and operates a post
controlled-atmosphere (CA) facility for storage of fruits and
vegetables, mainly apples with capacity of 5000 MTPA at Aglar
Shopian, Jammu and Kashmir.

FCSPL is owned & managed by Mr. Ashaq Hussain Shangloo, Mr. Khan
Shabir Ahmad and Mr. Farooq Ahmed Khan.


JANA CAPITAL: Ind-Ra Gives B- Non-Convertible Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Capital Limited's (JCL) non-convertible debentures
(NCDs):

-- INR15.5 mil. NCDs^ assigned; Placed on Rating Watch with
     Negative Implications with IND B-/Rating Watch with Negative
     Implications; and

-- INR2.5 mil. NCDs* maintained on Rating Watch with Negative
     Implications with IND B-/Rating Watch with Negative
     Implications.

^ Yet to be issued
*Details in Annexure

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of JCL and its 100% subsidiary Jana
Holdings Limited (JHL; debt rated at 'IND B-'/Rating Watch with
Negative Implications) as both the entities have a cross-default
clause with each other's indebtedness. The ratings also factor in
the credit profile of Jana Small Finance Bank (JSFB; 42.88% stake
held by JHL), using Ind-Ra's Parent-Subsidiary Linkage criteria.

JCL, a non-deposit taking non-bank finance company-core investment
company, holds 100% stake in JHL. JHL has limited financial
strength. It is a non-operating financial holding company of JSFB
(42.88% stake held by JHL) and the value of its investments is
derived solely from its shareholding in JSFB. The value of the
stake in JSFB is largely subject to the bank's incremental
performance (banking operations commenced in March 2018).

The rated INR2.5 billion NCDs, issued to TPG Asia VI India Markets
Pte. Ltd, are junior to all other issues raised by JHL.
Nevertheless, the NCDs raised by JHL and JCL have a cross-default
clause with each other's indebtedness. The NCDs are created in the
favor of Catalyst Trusteeship Limited and are subservient to the
first ranking pledge created for the benefit of the holders of the
NCDs issued by JHL over the equity shares of JSFB held by JHL until
the senior instruments are paid-off on their due dates.

Ind-Ra has maintained the ratings on Rating Watch with Negative
Implications owing to a consistent deterioration in the financial
risk profiles of JCL and JHL with net losses, weak capitalization
and stretched liquidity, imposing high refinancing risks over the
near term, given the limited financial flexibility of the company
to repay its near-term debt maturities in May 2023. A major portion
of JHL's and JCL's near-term debt maturities is held by its key
shareholders. The group is exploring refinancing options to ensure
the timely repayment of the maturing NCDs. The agency also notes
that the minimum promoter shareholding of 40% in the bank, which is
to be held for five years after the commencement of operations,
expired at end-March 2023 The promoter has to maintain a minimum
shareholding of 20% in the bank March 2023 onwards . The Rating
Watch will be resolved before repayment of INR3 billion of
near-term debt maturities, which fall due in May 2023.    

A common independent director serving on the Boards of Ind-Ra and
JCL did not participate in the meeting of their Board of Directors
or in the meeting of the rating committee, when the securities of
such rated client were being discussed.

Key Rating Drivers

High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be repaid to
the extent of the principal and the high rate of return promised to
the investors. JCL's NCDs have a cross-default clause with the
existing indebtedness of JHL. JHL has sizable repayments of INR15.3
billion and JCL of INR2.6 billion due in May 2023. Ind-Ra will
continue to monitor the repayment efforts taken by the company over
the near term.

Liquidity Indicator for JCL - Poor: JCL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinancing, among other options, before the maturity date of the
respective instruments. The agency expects no dividend income from
JSFB over the medium term.  JHL holds a 42.88% stake in JSFB and is
listing the bank. JHL and JCL are also getting merged, for which,
consent from the 90% creditors is pending. Furthermore, the debt
raised by both the holding companies are in the form of zero-coupon
bonds, which is leading to lumpy pay-outs on maturity in May 2023.


Weak Standalone Financial Profile for JCL: As per FY23 provisional
financials, JCL's earnings profile remained weak with a net loss of
INR3,570.2 million (FY22: net loss of INR2,748.5 million).
Moreover, JCL was unable to meet the minimum capital requirement of
30% as per the regulatory requirements for an non-banking financial
institute-core investment company (NBFI- CIC). JCL’s FY22 auditor
report indicated concerns related to the going concern principle
for JCL considering the accumulated losses, and the resultant
erosion in the net worth and breach of the regulatory financial
parameters as stated above.

Bank's Portfolio Mix in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio and the
share of secured portfolio in its portfolio increased to 55% at
FYE23 (FYE22: 47%).  JSFB has also been lowering its group loan
exposure (FYE23: 3%, FYE22: around 16%, FYE21: 36%). Ind-Ra
believes the group loan portfolio will continue to decline with the
increasing share of secured portfolio. Ind-Ra believes this will
improve the bank's asset quality over the medium term.    

COVID-19 Impact Continues to Weigh on JSFB's Asset Quality;
Seasoning of Secured Portfolio Remains to be Seen: JSFB's gross
non-performing assets stood at 3.6% at FYE23 (FYE22: 5.0%) with
from the majority comprising of unsecured individual loan (46% of
gross non-performing assets. JSFB had written off assets worth
INR5.85 billion in 2022, mainly unsecured loans (group loan). The
net non-performing assets stood at 2.4% at FYE23 (FYE22: 3.4%,
FYE21: 5%, FYE20: 1.4%). The provision stood at INR2.4 billion in
March 2023 with a moderately low provision coverage ratio of 34% in
FY23  (FY22: 32%). However, given the increasing proportion of
secured loans in the portfolio, the bank is likely to increase the
provision cover only modestly over the medium term.

Modest Profitability Expectations; Credit Costs from Secured
Portfolio to be Seen: At FYE23, the company reported
improved-but-modest profit of INR2.56 billion (FY22: INR0.05
billion, FY21: INR0.84 billion, FY20: INR0.3 billion). The bank's
credit cost increased to 3.3% in FY23 from 2.5% in FY20, mainly due
to write-offs from the unsecured portfolio. The agency believes the
bank has the scale to be modestly profitable and expects the credit
costs to moderate with the rise of secured loans in the portfolio,
which could boost the profitability over the medium term.

JSFB's Capital Ratios Remain Constrained: At FYE23, JSFB reported a
tier-1 capital ratio of 13.0% (FY22: 11.83%, FYE21: 11.75%) and a
total capital adequacy ratio of 15.6% (15.26%, 15.51%), both lower
than its peers'. Furthermore, since the bank's provisioning levels
are low and its net non-performing asset/equity was high at 26% at
FYE23 (FYE22: 42.7%), it will need to build higher capital buffers,
especially if the recovery slows.  JSFB has been supported by
regular equity infusions in the past from investors with a capital
infusion of INR4.03 billion from January 2022 to December 2022. The
bank had also raised INR3.40 billion equity in FY20 (FY19: INR10.90
billion, FY18: INR16.40 billion) from existing and new investors.
As per the licensing guidelines, the bank was going to list itself
on the stock exchanges (BSE  Ltd,/National Stock Exchange of India
Ltd) by March 2021. However, it has been delayed due to the
pandemic, and thus, is still under process.

Liquidity Indicator for JSFB – Adequate: JSFB maintained excess
statutory liquidity reserves of INR25.75 billion in FY23, in
addition to the cash reserves that it needs to maintain as part of
the regulatory requirement. The bank's liquidity coverage ratio
stood at 553% at FYE23 (FYE22: 555%; FYE21: 1,199.67%). The bank
also had unutilized lines worth INR6.5 billion from refinancing
institutions at end-March 2023.

JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR130.4 billion in FY23 (FY22:
INR104.8 billion), and the current and savings accounts to INR32.9
billion (INR30.5 billion). The total deposits stood at INR163.3
billion at FYE23, of which, more than 80% have a tenor of more than
one year. Given the substantial traction in low-cost deposits,
JSFB's cost of funds improved to 6.7% in FY23 (FY22: 7.1%, FY20:
7.6%). The cost of funds was also supported by a rollover of
50%-60% of its fixed deposits, which were raised at high interest
rates two-to-three years ago. However, Ind-Ra expects the share of
the current account saving account to decline over the medium term
with a rise in the interest rates exerting some pressure on the
cost of funds.

Rating Sensitivities

The Rating Watch with Negative Implications indicates that the
ratings may either be downgraded or affirmed upon more clarity on
the repayments of the upcoming NCD maturities. The agency will
continue to monitor the developments across the arrangements for
the same.  

Company Profile

JCL was incorporated on March 26, 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated March 24, 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934. JSFB had total advances of
INR161 billion and a diversified presence across 23 states and
union territories in India at end-December 2022.


KALIKA COLD: CRISIL Lowers Rating on INR4.60cr Cash Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Kalika Cold Storage Private Limited (KCSPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.15        CRISIL A4 (Downgraded from
                                     'CRISIL A4+ ')

   Cash Credit           4.60        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan             2.25        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade in ratings reflects the weakened business risk
profile of KCSPL on account of decline in operating margins in
fiscal 22 and fiscal 23 as well. Operating margins from 36.4% in
fiscal 22 has come down to 28.2% in fiscal 22 and should remain at
similar level in fiscal 23 as well. Lower accruals should affect
the financial risk profile of the company leading to estimated
debt-equity ratio above 5 as on March 2023 net cash accruals to
adjusted debt ratio of below 10%.

The rating continues to reflect KCSPL's exposure to the and
intensely competitive nature of the cold storage industry and its
modest scale of operation. These weaknesses are partially offset by
its extensive industry experience of the promoters and its
locational advantage.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to the highly regulated and intensely competitive nature
of the cold storage industry: The potato cold storage industry in
West Bengal is regulated by the West Bengal Cold Storage
Association, with rental rates fixed by the Department of
Agricultural Marketing. The fixed rentals will continue to limit
the ability of the players to earn profits based on their
respective strengths and geographical advantages. Pressure to offer
discounts to ensure healthy utilization of storage capacity,
especially given the intense competition, will also constrain
profitability.

* Modest scale of operation: KCSPLs business profile is constrained
by its scale of operations in the intensely competitive cold
storage services industry.  KCSPLs scale of operations constrained
around Rs. 4.8 Cr for fiscal 2023 will continue limit its operating
flexibility.

Strengths:

* Extensive industry experience of the promoters: The promoters
have been in the cold storage business for over 26 years. Their
expertise, strong understanding of market dynamics and healthy
relationships with traders and farmers helped ensure healthy
utilization of storage capacity and will continue to support the
business.

* Locational advantage: Located around Memari, West Bengal;
proximity of cold storage to the potato producing belt will help in
achieving optimum capacity utilization over the medium term.

Liquidity: Stretched

Bank limit utilisation is moderate at around 74.81 percent for the
past thirteen months ended December 2022. Cash accruals are
expected to be over INR0.76-0.95 crores which are tightly matched
against term debt obligation of INR0.75-0.90 crores over the medium
term. Any shortfall in liquidity will be supported by available
cushion in bank limits. Current ratios are healthy at 1.45 times on
March 31,2022. Moderate cash and bank balance of around Rs.1.47
million as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believe KCSPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals over 2 Cr
* Improvement in its financial profile

Downward factor

* Decline in scale of operations leading to fall in revenue and
profitability margin hence leading to lower net cash accrual below
0.8 Cr.
* Large debt-funded capital expenditure weakens capital structure
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

KCSPL was incorporated in 3rd July 2017 by Mr. Sujit Ghosh and
Kabita Trivedy. KCSPL provide a cold storage facility to potato
farmers and traders in West Bengal.


LALWANI INDUSTRIES: Ind-Ra Withdraws BB- Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lalwani
Industries Limited's a Long-Term Issuer Rating of 'IND BB-'.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR5 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB-' rating on the INR150 mil. Non-fund-based working

     capital limit is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Lalwani Industries manufactures ferro alloys including ferro silico
magnesium, ferro aluminum, ferro chrome, ferro molybdenum and
nickel magnesium, however the manufacturing activities are
suspended. The manufacturing facility is located in South 24
Parganas, West Bengal. The company trades manganese ore, moly oxide
and ferro silicon manganese.



M MADHAVARAYA: CRISIL Reaffirms B+ Rating on INR27cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank facilities of M Madhavaraya Prabhu (MMP).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            27        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's below average
financial risk profile and susceptibility of profitability to
volatility in raw material prices. These weaknesses are partially
offset by extensive industry experience of the proprietor

Key Rating Drivers & Detailed Description

Weaknesses:

* Below average financial risk profile: Gearing ratio improved to
3.30 times as on March 31, 2022 from 3.79 times in previous year
due reduction in net worth. However, Gearing is expected to improve
but shall remain high due high working capital debt and any larger
than expected capital withdrawals will be a key sensitivity factor
over the medium term.

* Susceptibility to volatility in cashew prices: Due to
insufficient supply and high rates of cashews in the domestic
market, the nuts are increasingly being imported. Hence, the firm
remains susceptible to changes in policies of cashew exporting
nations.

Strength:

* Extensive industry experience of proprietor, and established
customer relationships: MMP's proprietor, Mr Tukaram Prabhu, has
experience of over 15 years in the cashew processing industry,
which has helped the firm establish a strong distribution network
and market its product in several states across India. It has also
helped the firm survive adverse business conditions and build
relationships with major customers and suppliers, resulting in
consistent order flow and raw material supply at favorable prices.

Liquidity: Stretched

Bank limit utilisation is high at around 95 percent for the past
twelve months ended February 2023. Cash accrual are expected to be
over INR1.9 crores which are sufficient against term debt
obligation of INR1.2 crores over the medium term. Current ratio are
moderate at 1.31 times on March 31, 2022. The promoters are likely
to extend support in the form of equity and unsecured loans to meet
its working capital requirements and repayment obligations.

Outlook: Stable

CRISIL Ratings believes MMP will continue to benefit from its
strong track record in the cashew industry

Rating Sensitivity factors

Upward Factors:

* Significant improvement in liquidity with moderation in bank
limit utilization to below 85%.

* Improvement in gearing to less than 2.5 times.

* Growth in revenue and steady operating margin, leading to higher
cash accrual

Downward Factors:

* Higher than expected promoter's withdrawal from the firm lowering
its net worth leading to further leveraging the capital structure

* Higher than expected stretch in the working capital cycle putting
pressure on its liquidity

* Decline in revenue or operating profitability or withdrawals
leading to cash accrual of less than INR0.8 crore.

MMP, a proprietorship firm set up in 1983, processes raw cashew
nuts of various grades into cashew kernels. The firm also trades in
raw cashew nuts and cashew kernels. Its processing unit is in
Muduperar village in Dakshina Kannada, Karnataka, and has installed
capacity of 30 tons per day. The firm is managed by Mr Tukaram
Prabhu.


MAA MUKTAKESHI: CRISIL Reaffirms B+ Rating on INR4.50cr Term Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Maa Muktakeshi Potato Freezing Pvt Ltd (MMPFPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.43       CRISIL B+/Stable (Reaffirmed)

   Term Loan             4.50       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the below-average financial risk
profile and modest scale of operations of MMPFPL. These weaknesses
are partially offset by the extensive experience of the promoters
in the cold storage services industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Considering the company was
incorporated in 2018, it has a limited track record. Consequently,
scalability is constrained, as reflected in revenue of INR3.55
crore in fiscals 2022. The early stage and limited capacities will
continue to limit scalability over the medium term.

* Below-average financial risk profile: Modest networth of INR2.21
crore and heavy reliance on external borrowings have led to a
highly leveraged capital structure, with gearing of 3.33 times in
as on March 31, 2022. Debt protection metrics, however, were
moderate, indicated by interest coverage of under 4.95 times and
net cash accrual to total debt ratio of 0.10 time in fiscal 2022.
The financial risk profile is expected to improve over the medium
term with debt repayments.

Strengths:

* Extensive experience of the promoters: The extensive experience
of the promoters, their strong understanding of the market dynamics
and healthy relationships with suppliers and customers will
continue to support the business risk profile.

Liquidity: Stretched

Bank limit utilisation is moderate at around 66 percent for the
past twelve months ended December 2022. Cash accrual are expected
to be over INR63-80 lacs which are tightly matched against term
debt obligation of INR60-75 lacs over the medium term.

Current ratios are low at 0.54 times on March 31, 2022.

Outlook Stable

CRISIL Ratings believes MMPFPL will continue to benefit from the
promoters' extensive experience and healthy relationships with
clients.

Rating Sensitivity factors

Upward factors

* Ability to sustain revenue growth and operating margin, with net
cash accrual at over INR2.5 crore
* Improvement in the capital structure

Downward factors

* Fall in revenue and profitability
* Net cash accrual to debt obligation ratio of less than 1 time

MMPFPL, based in Kolkata, was incorporated in 2018. The company has
recently set up cold storage facilities at Bankura, West Bengal for
potatoes for local farmers, and it also trades in potatoes. Mr
Sujit Ghosh and Ms Kabita Trivedi are the promoters of the
company.


MARWAR CARPETS: CARE Lowers Rating on INR2cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Marwar Carpets International (MCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank     18.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking No Default Statement from MCI to
monitor the ratings vide e-mail communications dated March 17,
2023, April 14, 2023, April 18, 2023, April 28,2023 and May 02,
2023 among others and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings.

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. The rating on MCI's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING/CARE A4;
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 ratings.

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by MCI with CARE
Ratings Ltd.'s efforts to undertake a review of the rating
outstanding. CARE Ratings Ltd. views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings are constrained on account of small though growing scale of
operations, moderate profitability margins, leveraged capital
structure and weak coverage indicators, and elongated operating
cycle. Furthermore, the rating remained constrained by Constitution
of the entity being a partnership firm, foreign exchange exposure,
and highly competitive industry. The rating, however, will draw
comfort from experience partners and location advantage.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

Key Rating weaknesses

* Small though growing scale of operations with low partners'
capital base: The scale of operations of the firm stood small
though growing as marked by total operation income and gross cash
accrual at INR67.94 crore and INR2.81 crores respectively in FY22
as against INR51.91 crores and INR1.75 crores respectively in FY21.
The increase in total operating income was on account of higher
intake from the existing customers. Further, the partners' capital
base of the firm stood small at INR8.60 crore as on March 31, 2022.
The small scale of operations limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.
Though, the risk is partially mitigated by the fact that the scale
of operation is growing continuously. For the period FY20-FY22, the
firm's total operating income grew with CAGR of 15.93% from
INR43.44crore to INR67.94 crore respectively. The firm has booked
total operating income of INR44 crore in 9MFY23.

* Leveraged Capital Structure and weak debt service indicators: As
on March 31,2022 the debt profile of the firm comprises of GECL
loans to the tune of INR3.31 crores, unsecured loan from partners
to the tune of INR7.36 crores, vehicle loans to the tune of INR0.84
crores and working capital limits utilized at INR9.86 crores
against small net worth base of INR8.60 crores. The capital
structure of the firm stood leveraged as marked by overall gearing
of 2.48x as on March 31,2022 against previous year level of 2.76x.
The marginal improvement is on account of lower working capital
utilization as on balance sheet state coupled with accretion of
profit to net worth. Further, on account of moderate profitability
and higher debt levels, the debt ;coverage indicators remained weak
as marked by interest coverage and total debt to GCA of 2.03x and
7.59x, respectively for FY22 as against 1.60x and 12.32x
respectively for FY21.

* Elongated operating cycle: MCI's operating cycle has improved
though remain elongated as weaving of single hand tufted carpet
takes 90 days. The average operating cycle of the firm improved to
117 days in FY22 from 139 days in FY21 on account of improvement in
inventory days. The firm is required to maintain adequate inventory
of raw material for smooth running of its production processes
resulting in average inventory holding period of 156 days in FY22
as against 186 days in FY21. The firm provides credit period of
maximum 1-2 months to its clients although the term of repayment
varies from client to client resulting in average collection period
of 37 days in FY22 as against 50 days in FY21. The firm procures
the raw material from domestic market and receives an average
credit period of around 2-3 months from its suppliers.

* Foreign exchange exposure: The firm is primarily catering to the
export market and its export contribution to total sales stood at
95% for FY22. The raw material is completely procured from domestic
markets. With initial cash outlay for procurement in domestic
currency and significant chunk of sales realization in foreign
currency, the firm is exposed to the fluctuation in exchange rates.
However, the firm partially hedges its foreign currency exposure
through forward contracts. Nevertheless, for the uncovered portion,
the firm's profitability margins are exposed to volatility in
foreign exchange. Moreover, any change in government policies,
either domestic or international is likely to affect the firm's
revenues.  Earnings are also susceptible to strict regulatory
policies relating to tariff barriers (custom duty), non- tariffs
barriers (restriction on the quality of imports), anti- dumping
duties, international freight rates and port charges.

* Constitution of the entity being a partnership firm: MCI
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

* Highly competitive industry: The firm operates in a competitive
industry wherein there is presence of a large number of players in
the unorganized and organized sectors. Hence, the players in the
industry do not have any pricing power and are exposed to
competition which induced pressures on profitability.

Key Rating strengths

* Experienced Partners: Incorporated in 1998, Marwar Carpets
International (MCI) is a family run business and is currently
managed by Ms. Swati Aggarwal, Ms. Manju Aggarwal, Mr. Vipul
Aggarwal and Mr. Nikunj Aggarwal. Ms. Swati has done diploma in
Textile Designing from NIFT and looks after the designing
department of the firm. Mr. Vipul and Mr. Nikunj are commerce
graduates and look after the marketing and finance department of
the firm respectively. MCI has in-house departments for designing,
dyeing, weaving, tufting and final packing of the merchandise.
Further, long presence in industry has ensured in establishing a
healthy relationship with both customers and suppliers.

* Locational Advantage: Panipat is well established manufacturing
hub for carpet handloom industry. The firm benefits from the
location advantage in terms of easy accessibility to carpet
weavers. Additionally, various raw materials required in
manufacturing of carpets are readily available in Panipat, owing to
established supplier base in the same location.

* Moderate profitability margins: The profitability margins of the
firm are directly associated with quality and designing aspect. The
high quality and complex design-based carpet normally fetch better
margins. The profitability margins of the firm marginally declined
though remain moderate as marked by PBILDT margin of 8.18% in FY22
as against 8.99% in FY21. The moderation in margins is on account
of increase in overhead expenses of the firm. Further, the PAT
margins improved from 1.79% in FY21 to 2.89% in FY22 on account of
moderation in finance cost.

Liquidity: Stretched

The liquidity position of the firm remained stretched as marked by
high utilization of working capital limits of the firm at around
95% utilized for the past twelve months ending April 2023. The firm
also has low cash and bank balance of 0.22 Crores as on March 31,
2022.

Delhi based Marwar Carpets International (MCI) was established in,
1998 as a partnership firm and is currently managed by Ms. Swati
Aggarwal, Ms. Manju Aggarwal, Mr. Vipul Aggarwal and Mr. Nikunj
Aggarwal. The firm is 100% Export Oriented Unit(EOU) engaged in the
manufacturing and export of handmade carpets & rugs and have
in-house handlooms for manufacturing the same and has weaving
centre in Panipat, Haryana. The major raw materials required are
raw wool, woollen yarn, cotton yarn, polyester yarn, silk yarn,
staple yarn, dyes & chemicals, etc. The firm procures raw material
from domestic market i.e. Panipat, Bikaner etc and makes hand
turfed as well as well machine looms carpets & rugs. The firm is
exporting its product in overseas markets and is serving more than
50 clients in USA, United Kingdom, etc. directly.


MATIZ METALS: Liquidation Process Case Summary
----------------------------------------------
Debtor: Matiz Metals Private Limited
Byrnihatribhoi Byrnihat
        Meghalaya ML 783101 India

Liquidation Commencement Date:  April 13, 2023

Court: National Company Law Tribunal Guwahati Bench

Liquidator: Amit Pareek
     4tn Floor, Ram Prasad Complex, K.C
            Choudhary Road, Chatribari, Road,
            Chatribari, Guwahati 781001
            Email: amitpareek99@yhaoo.com
            Email: matizmetalsrp@gmail.com

Last date for
submission of claims: May 23, 2023


MOHAN PODDAR: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Mohan Poddar's (MP)
bank facilities as follows:

-- INR90 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/ IND A4+ rating; and

-- INR410 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

Key Rating Drivers

The ratings reflect MP's small scale of operations, as indicated by
revenue of INR993.65 million in FY22 (FY21: INR782.90 million). In
FY22, the revenue improved due to an increase in the number of
orders executed by the company. MP's revenue grew further to
INR1,015 million in FY23 (provisional numbers), led by a continued
rise in the numbers of executed orders.  As of April,2023, the
firm's orderbook was worth INR2,600 million, providing revenue
visibility of 2.6x; a major portion of these orders are likely to
be completed by FYE25, according to MP. Historically, there have
been delays in the execution of projects due to delay in approvals;
therefore, Ind-Ra believes the execution of the existing order book
could be delayed beyond FY25. Nevertheless, Ind-Ra expects the
revenue to improve over the medium term.

The ratings are constrained by the geographical concentration of
projects, as most of the orders are located in Madhya Pradesh and
Chhattisgarh. Any unfavorable developments in these states could
adversely impact the firm.

Liquidity Indicator - Stretched: MP's average maximum utilization
of the fund-based limits was 98.68% and that of the non-fund-based
limits was 75.88% during the 12 months ended March 2023. The firm's
net working capital cycle has been elongated, and it deteriorated
to 293 days in FY22 (FY21: 211 days) due to an increase in
inventory days to 319 days (215 days), as the billings were delayed
to the next year. The cash flow from operations remained negative
at INR19.57 million in FY22 (FY21: negative INR4.49 million) and
the free cash flow remained negative at INR31.91 million (negative
INR30.04 million). The cash and cash equivalents stood at INR4.29
million at FYE22 (FYE21: INR4.56 million). MP does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. MP has repayment
obligations of INR42.6 million in FY24 and has INR19.9 million in
FY25.

The ratings also reflect MP's average credit metrics, as reflected
by interest coverage (operating EBITDA/gross interest expenses) of
3.86x in FY22 (FY21: 3.73x) and net leverage (total adjusted net
debt/operating EBITDAR) of 3.26x (3.60x). Despite increased
interest expense due to higher long-term debt, the credit metrics
witnessed a slight improvement in FY22  owing to the rise in the
absolute EBITDA to INR106.95 million (FY21: INR83.70 million).
Ind-Ra expects the credit metrics to have deteriorated marginally
in FY23 due to a likely decline in the  absolute EBITDA, resulting
from higher raw material costs. However, the credit metrics are
likely to improve in FY24, backed by the scheduled repayment of
long-term debt of INR42.6 million and the absence of any major
debt-led capital expenditure plans.

The ratings are supported by MP's healthy EBITDA margins. The
margin was fairly stable at 10.76% in FY22 (FY21: 10.69%), given
the nature of the business, The ROCE was 16.8% in FY22 (FY21:
15.5%). The EBITDA margin dipped to  around 9.3% in 9MFY23 owing to
a rise in input costs. Ind-Ra expects the margins to be around 10%
over FY23-FY24.

The ratings are also supported by the promoters' nearly two decades
of experience in civil construction industry, which has helped MP
establish strong relationships with customers as well as
suppliers.

Rating Sensitivities

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

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
falling below 3x, and an  improvement in the liquidity profile, all
on a sustained basis, could lead to a positive rating action.

Company Profile

MP was incorporated as a proprietorship firm in 1994 and was
converted into a partnership firm in 2002. It is a class-A
contractor that undertakes civil construction contracts of roads,
buildings and bridges from the government in Jharkhand, Odisha and
Chhattisgarh.



MOONHOUSE PROJECTS: Ind-Ra Cuts LongTerm Issuer Rating to BB
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Moonhouse
Project Limited's (MPL) Long-Term Rating to 'IND BB' from ‘IND
BB+’. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. (increased from INR35 mil.) Fund-based limit  
     downgraded with IND BB/Stable rating; and

-- INR180 mil. (increased from INR80 mil.) Non-fund-based limit
     affirmed with IND A4+ rating.

The downgrade reflects the increase in MPL's debtor days to 199 in
FY22 (FY21: 128), despite the net working capital cycle remaining
negative, which delayed in order execution of order and
simultaneously realizations.

Key Rating Drivers

Liquidity Indicator - Poor: The downgrade reflects the increase in
MPL's debtor days to 199 in FY22 (FY21: 128), despite the net
working capital cycle remaining negative. MPL's average peak use of
its fund-based working capital limits was 96.13% for the 12 months
ended March 2023. MPL does not have any capital market exposure and
relies on single banks and financial institutions to meet its
funding requirements. MPL's cash flow from operations reduced to
INR6.28 million in FY22 (FY21: INR21.53 million). It had a cash
balance of INR37.14 million at FYE22 (FYE21: INR55.98 million).

The ratings further reflect the company's continued small scale of
operations, with marginal deterioration in the revenue to INR378.37
million in FY22 (FY21: INR393.20 million) as the COVID-19 pandemic
had a significant impact on businesses across industries which
resulted in lower orders in hand. In FY23, MPL has been able to
achieve the revenue of INR450.01 million due to the orders
available for execution with no further manpower issues during the
year. As on 30 April 2023, MPL has limited type of projects for the
railways and has an unexecuted order book of INR1,574.69 million,
which will be executed by FY25. In FY24, Ind-Ra expects the revenue
to remain at a similar level due to the same nature of order
leading to a similar execution cycle.

The ratings further reflects MPL's comfortable credit metrics,
owing to the absence of any significant external borrowings. In
FY22, the net leverage ratio (total adjusted net debt/operating
EBITDAR) increased to 1.76x (FY21: 0.35x) and the interest coverage
(operating EBITDA/gross interest expense) reduced to 3.65x (4.91x)
because of an increase in the borrowing and associated interest
expenses. In FY23, Ind-Ra expects the credit metrics to have
remained comfortable due to the absence of any debt-led capex
plans, and the trend could follow in FY24.

The ratings reflect MPL's healthy EBITDA margins of 12.41% in FY22
(FY21: 11.04%) with a return on capital employed of 17.7% (
22.1%).The margins depends on the nature of tenders filed and the
company is engaged in subcontracting. In FY23, Ind-Ra expects the
EBITDA margin to have remained stable yoy, and the trend could
follow in FY24 due to the same nature of orders.

The ratings are also supported by the promoters' experience of over
14 years in civil construction.

Rating Sensitivities

Negative: Any deterioration in the scale of operations, a
continuous stretched in the working capital cycle and deterioration
in the credit metrics and liquidity position will be negative for
the ratings.

Positive: A substantial improvement in the scale of operations,
working capital cycle, credit metrics and liquidity position, all
on a sustained basis, could be positive for the ratings.

Company Profile

Established in 2009, MPL is a private limited construction firm
located in Dhanbad (Jharkhand) with branch offices in West Bengal
and Odisha. The firm undertakes civil works for both government and
private companies.



MOTHERS PRIDE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mothers
Pride Dairy India Private Limited (MPDIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 4, 2022,
placed the rating(s) of MPDIPL under the 'issuer non-cooperating'
category as MPDIPL 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. MPDIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.

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).

Mothers Pride Dairy India Private Limited (MPDIPL) was incorporated
in September 2014 and is primarily engaged in manufacturing of milk
and milk products like Desi Ghee, Paneer, Butter milk, yogurt,
flavoured milk and processed milk. The promoters of the company are
Mr Anant Kumar Choudhary, Mrs. Shalini Choudhary and Ms. Sonia
Gandhi. Mr Anant Kumar Choudhary is also one of the promoters of
SBS Transpole Logistics Private Limited engaged in logistics and
have an experience of more than 10 years. They are supported by
highly qualified and experienced management team with understanding
of the dairy sector. The company has set up a milk processing plant
at Anandpur, Bahjoi, Sambhal (U.P.) The company has commenced
operations from Oct 2016 and the products are marketed under the
brand "freshmen's valley".


RAJBIR CONSTRUCTION: CRISIL Withdraws B+ Rating on LT Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Rajbir Construction Private Limited (RCPL) on the request of the
company and after receiving no objection certificate from the
banks. The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loans.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Rating       -        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Short Term Rating      -        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through email dated March 14, 2022 and May 9,
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 firm. 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 the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.

CRISIL Ratings believes that rating action on RCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of DIL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

RCPL, incorporated in 2007, is promoted by Bhagalpur (Bihar)-based
Mr Bir Kumar Agarwal and his sons Mr Bimal Agarwal and Mr Punit
Agarwal. It undertakes civil construction work, mainly related to
construction of roads, bridges, buildings, and dams.


RITUDHAN SUPPLIERS: Ind-Ra Assigns B+ Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ritudhan Suppliers
Private Limited's (RSPL) bank loans as follows:

-- INR700 mil. Term loan* due on August 2034 assigned with IND
     B+/Stable rating.

*Lease rental discounting (LRD) loans

Key Rating Drivers

Liquidity Indicator – Poor:  Ind-Ra believes RSPL's liquidity is
insufficient to meet its debt servicing obligations over the tenure
of the LRD debt. The cash and cash equivalent stood at just INR1.48
million in FY22 (FY21: INR4.16 million). However, RSPL has a fixed
deposit of INR11.11  million which has been issued against a bank
guarantee to West Bengal Electricity Board  on 100% margin. Also,
Ind-Ra  expects its average debt service coverage ratio (DSCR) to
have been below 1x for FY23 (FY22: 0.95x). The LRD loan taken for
the construction  of Star Mall (FY22 outstanding: INR604.81
million) was  transferred to another bank in September 2022, and
the term loan facility was increased to INR700 million. In FY23,
RSPL paid off unsecured loans of around INR80 million.

The ratings reflect RSPL's weak credit metrics due to high debt
levels (FY22: INR1,271.90 million; FY21: INR1,226.43 million). The
interest coverage (operating EBITDA/gross interest expenses)
improved slightly to 1.01x in FY22 (FY21: 0.89x) and the net
leverage (total adjusted net debt/operating EBITDAR) reduced to
20.72x (33.72x) due to an increase in the absolute EBITDA to
INR61.32 million (INR36.18 million). Ind-Ra expects the credit
profile to have improved in FY23, and the trend could follow in
FY24, based on an improvement in its revenue and a reduction in its
debt. In FY22, the unsecured loans were INR645.99 million (FY21:
INR578.04 million).

The ratings also reflect RSPL's small scale of operations, as
indicated by revenue of INR95.99 million in FY22 (FY21: INR70.39
million). In FY22, the revenue had improved due to an overall
recovery in the business post covid. During FY23, RSPL has booked
revenue of INR128  million, as per the interim financials.

The ratings also factor in RSPL's modest EBITDA margins of 61.32%
in FY22 (FY21: 36.18%). The margins had improved due to  an
increase in the occupancy level post covid. The ROCE was 4.9% in
FY22 (FY21: 3%). Till 1HFY23, RSPL booked EBITDA margin of 66%.
Ind-Ra expects the EBITDA margin to have remained at similar levels
in FY23, and could follow the trend in FY24 due to no major change
in the cost structure of company.

The ratings are supported the company's promoters RDB Group  and
Unimark Group's experience of more than three decades in the real
estate, commercial leasing business and commercial construction
segments.

The ratings also reflect RSPL's steady revenue due to its
five-year-old associations with anchor tenants such as Aditya Birla
Fashions, Lifestyle, Spencer's, Inox which combined cover 73% of
the total carpet area given on lease. On average, RSPL has a lease
period contract of 108 months with its counterparties. In addition,
RSPL's associations with its existing tenants help it renew
contracts on a mutual consent, thereby providing strong revenue
visibility. As of March 31, 2023, the occupancy level was 80% with
a total carpet area of 1,58628 square feet (sq ft). Management
expects it to increase till 85% in FY24. In FY24, Ind-Ra expects
the revenue to improve as company is in talking terms with other
brands to enhance its occupancy levels.

Rating Sensitivities

Negative: Any decline in the occupancy levels and/or delays in the
receipt of rental income, leading to deterioration in the DSCR,
will be negative for the ratings.

Positive: Higher-than-expected rental income, leading to higher
cash generation and/or a substantial decline in the debt, leading
to a DSCR of more than 1x, on a sustained basis, will be positive
for the ratings.

Company Profile

Incorporated in 2012, RSPL is engaged in commercial leasing of
shops in Star Mall, Jessore Road Madhyamgram, Kolkata. Its head
office is located at Lal Bazar Street, Kolkata. The company is
owned and managed by RDB group and Unimark group.


S.N.Q.S. INT'LS: CRISIL Cuts Rating on INR3.93cr Loan to B+
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of
S.N.Q.S. Internationals Pvt Ltd (SNQS) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.07        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Foreign Bill          3           CRISIL A4 (Downgraded from
   Purchase                          'CRISIL A4+')

   Foreign Bill          2.5         CRISIL A4 (Downgraded from
   Purchase                          'CRISIL A4+')

   Long Term Loan        1           CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit        5           CRISIL A4 (Downgraded from
                                     'CRISIL A4+')
   Packing Credit in
   Foreign Currency      3           CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Packing Credit in     4.5         CRISIL A4 (Downgraded from
   Foreign Currency                  'CRISIL A4+')

   Proposed Long Term    3.93        CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade in rating reflects deterioration in the financial
risk profile of the firm. The firm capital structure are marked by
high Total outside liabilities/Total Net worth (TOL/TNW) of 6.64
times and gearing of 4.06 times in line with low net worth of
Rs.5.58 crore as on March 31, 2022. Improvement in operating
performance resulting in better liquidity and financial profile
would remain key rating monitorable over the medium term.

The rating continues to reflect Average financial risk profile.
These weaknesses are partially offset by extensive experience of
partners and moderate scale of operations

Key Rating Drivers & Detailed Description

Weaknesses:

* Below Average financial risk profile: AIL's financial risk
profile is moderate marked by small net worth, moderate capital
structure and comfortable debt protection metrics. Net worth
remains small at around 5.58 crore as on March 31, 2022. Capital
structure is marked by gearing of 4.06 times and TOL/TNW of 4.02 as
on March 31, 2022. Deterioration in capital structure is due to
high debt level into the business. The capital structure is
expected to improve with steady accretions over the medium term.
Debt protection metrics is comfortable marked by interest coverage
of around 2.99 times for fiscal 2022 and expected to improve moving
forward considering the increase in the turnover and
profitability.

* Intensive working capital operations: SNQS working capital
operation intensive in the past fiscals, as reflected in its GCA
days, at 177 days as on March 31, 2022. This is primarily on
account of its large creditors and debtor's requirements of around
102 and 96 days on account of its long working capital cycle. It is
expected to be remains similar level with in 160-180 days in the
respective years

Strengths:

* Promoters' extensive experience in the readymade garments
industry: Presence of more than two decades in the apparel segment
through other entities owned by the promoters has enabled them to
understand market dynamics.

* Moderate Scale of operations: The firm has reported revenue at
INR82 crores for 2022 is against revenue of INR.61.23 crore in the
fiscal 2021. It is expected to improve further in near term. The
promoters have developed a healthy relationship with customers
which includes reputed international players such as Harley
Davidson, Primark, Next Sourcing, Sanrio and Weird Fish Casual
lifestyle etc. The extensive experience of the promoters has also
helped in establishing a healthy relationship with suppliers also.

Liquidity: Stretched

Average Bank limit utilization in the past twelve months ended in
the month of March 2023. Cash accruals are expected to be Rs.5-6
crore which is sufficient against the RO of Rs.2-3 crore.

Current ratio is moderate at 1.19 in the fiscal 2022. The promoters
are likely to extend support in the form of equity and unsecured
loans to meet its working capital requirements and repayment
obligations.

Outlook: Stable

CRISIL Ratings believes SNQS will continue to benefit from the
extensive experience of its promoters and established customer
relationship.

Rating Sensitivity factors

Upward Factors:

* Revenue growth of more than 20% with the profitability margin at
9% leading to higher cash accruals more than INR6 crore
* Improvement in financial risk profile inline with growth in
capital structure and debt protection metrics
* Improvement in working capital cycle

Downward Factors:

* Decline in revenue and profitability leading to cash accrual of
less than INR3 crore
* Large debt funded capex weakening the financial risk profile

Incorporated in 2016, SNQS was formed by transfer of the
manufacturing and export division of SNQS International, a sole
proprietorship firm. Regular operations commenced since September
2017. The promoters of the company are Mr.V.Elangovan (proprietor
of SNQS International) and Mrs. Shanthy Elangovan. The company
manufactures and exports knitted and woven ready-made garments.


SARITA DEVI: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarita Devi
Warehouse (SDW) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.26       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 4, 2022,
placed the rating(s) of SDW under the 'issuer non-cooperating'
category as SDW 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. SDW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.

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).

Sarita Devi Warehouse (SDW) was established in April, 2013 as a
proprietorship concern. However, the commercial operation started
in April, 2014 and is currently being managed by Mrs. Sarita Devi,
as its proprietor. The firm is engaged in the providing leasing
services of warehouse at its facility located in Sirsa, Haryana.
SKW provides the warehouses on lease to its group concern namely,
Siddheshwar Warehouse). Besides this, the proprietor is also
engaged in other group concern namely, Siddheshwar Warehouse, based
in Sirsa, Haryana and is engaged in similar business operations.

SATYAM ISPAT: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings & Research (Ind-Ra) has rated Sri Satyam Ispat
Industries India Pvt. Ltd.'s (SSIIIPL) bank facilities as follows:

-- INR580 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating; and

-- INR400 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating.

Key Rating Drivers

Experienced Promoters: The promoter of SSIIIPL, Vamsidhar
Thiruvidhi, is a third-generation businessman with an experience of
more than two decades in the field of mining and trading of various
metals and raw materials used in the construction sector. He serves
as the managing director on SSIIIPL's Board. Furthermore, the top
management of the company comprises  members with more than two
decades of experience in the  steel industry and in the marketing
of steel and iron ore.

Authorized Dealership: SSIIIPL is an authorized dealer of Jindal
Steel & Power Limited and JSW Steel Limited (IND AA/Stable).  The
company trades in thermo-mechanically treated (TMT) steel bars and
structural steel, its two main products that are likely to have
contributed 67% to the total revenue in FY23 (provisional numbers).
The other products sold by SSIIIPL include cement, ready-mix
concrete, hot rolled coil, coal, and sponge iron, which are sourced
from various other vendors. The entity sells directly to corporates
and other entities, mainly in the construction sector, and benefits
from a wide customer base. The top 10 customers contributed around
67% to the total revenue in FY22 and include reputed names such as
Larsen & Toubro Limited (IND AAA/Stable) and Shapoorji Pallonji and
Company Private Limited.

Medium Scale of Operations; Growth in Revenue and Profitability:
SSIIIPL's revenue grew by 165% yoy to INR2,787.5 million in FY22.
This was only its third full year of operations, and backed by new
working capital sanctions, the company was able to scale up its
operations. In FY23, the revenue grew further by 94% yoy to around
INR5,408.1 million, mainly on account of enhanced working capital
limits and the growing demand in the construction sector in
Hyderabad, which is the main area for the company's operations.
This is evident from the growth in the  sales volumes of SSIIIPL's
main product, TMT bars, which rose by 132% yoy to 46,460 metric
tons (MT) in FY23. Ind-Ra expects the growth in the top-line to
gradually stabilize and remain steady in the long term.

The EBITDA margin increased to 3.5% in FY22 (FY21: 2.6%) as the
entity was able to negotiate lower input prices from suppliers due
to the growth in the size of orders. The margin grew further to
around 4.5% in FY23. Ind-Ra expects the margins to stabilize at
this level, as SSIIIPL is in the business of trading. The absolute
EBITDA improved to INR97.5 million in FY22 (FY21: INR27.7 million)
and is likely to have increased substantially to INR240 million in
FY23. SSIIIPL is reasonably shielded from the volatility in the
prices of steel and iron ore, given the nature of its operations.

Average Credit Metrics: SSIIIPL's gross interest coverage
(operating EBITDA/gross interest expense) fell slightly to 2.33x in
FY22 (FY21: 2.44x) but improved to 4.1x in FY23 due to a
substantial increase in the absolute EBITDA. The net financial
leverage (Ind-Ra-adjusted debt/operating EBITDAR) improved to 7.06x
in FY22 (FY21: 7.5x) and improved further to 5.0x in FY23. In FY23,
despite the increase in the company's total adjusted debt to
INR1,197 million  (FY22: INR693.6 million; FY21: INR229.7 million),
mainly on account of an increase in working capital sanctions, the
credit metrics improved because of the rise in the absolute EBITDA,
resulting from higher revenue. Nevertheless, Ind-Ra expects the
credit metrics to remain moderate in the medium term.

Liquidity Indicator- Stretched: The average maximum utilization of
SSIIIPL's fund-based limits was 94% for the 12 months ended March
2023. The average utilization of its non-fund-based limits was
94.15%  over the same period. SSIIIPL's cash deposits were thin at
INR4.62 million at FYE22 (FYE21: INR21.43 million). The cash flow
from operations remained negative at INR276 million  in FY22 (FY21:
negative INR199 million) and is likely to have remained negative in
FY23 as well. The entity's networking cycle remained fairly
stretched but improved   to 69 days in FY22 (FY21: 117 days) due to
a decline in the debtor days to 98 days (131 days). SSIIIPL follows
a business model wherein the products are delivered directly from
the vendor's site to the customer's site. Hence, the company does
not hold any inventory. However, the net working capital cycle is
still elongated owing to the high debtor days, as SSIIIPL grants a
longer credit period to its customers. The company has repayment
obligations of INR16.3 million each in both FY24 and FY25, which
would be repaid through internal accruals. SSIIIPL does not have
any  major capex plans in the near-to-medium term.

Competitive Business; Cyclical Nature of Industry: SSIIIPL operates
in a highly fragmented industry, with a large number of organized
and unorganized players, leading to intense competition. Also, the
steel trading industry is cyclical in nature owing to its
dependence on macro-economic growth factors; this has a major
impact on the sustainability of trading companies such as SSIIIPL.

Rating Sensitivities

Negative: A substantial deterioration in the scale of operations,
further deterioration in the liquidity profile or the credit
metrics, with the interest coverage falling below 1.5x, will be
negative for the ratings.

Positive: Maintaining the scale of operations, substantial
improvement in the liquidity profile and the interest coverage
remaining above 2.25x would be positive for the ratings.

Company Profile

SSIIIPL was incorporated in 2015 by its promoter, Vamshidhar
Thiruvidhi. The company began operations from February 2019 and is
engaged in the trading of products such as TMT bars, structural
steel, ready mix concrete, cement, GI coil, sponge iron, and coal.
The company is an authorized dealer of JSW Steel Limited and Jindal
Steel Private Limited.


SCHANGALAYA MOTORS: CRISIL Moves B+ Ratings from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Schangalaya Motors
(Schangalaya) to 'CRISIL B/Stable/CRISIL A4' Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of Schangalaya to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           20        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Inventory Funding      2        CRISIL B+/Stable (Migrated
   Facility                        from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Long Term Bank         4.77     CRISIL B+/Stable (Migrated
   Facility                        from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Long Term Loan         5        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Proposed Short Term    3.23     CRISIL A4 (Migrated from
   Bank Loan Facility              'CRISIL A4 ISSUER NOT
                                   COOPERATING')

The rating continues to reflect the group's intense competition in
the automobile dealership industry, working capital intensive
operations and weak financial profile. These weaknesses are
partially offset by its extensive industry experience of the
promoters in automobile industry.

Key Rating Drivers & Detailed Description

Strength:

* Extensive experience of promoters in automobile industry: The
promoters have been in the automobile dealership segment since 2012
though other auto dealership ' Schakralaya. Extensive experience of
the promoters in the industry has enabled group to establish its
presence in Cuddalore and Pondichery districts.

Weaknesses:

* Intense competition in the automobile dealership industry: The
automotive sector is intensely competitive with a large number of
players in the mini, compact, mid-size, executive, premium, and
luxury passenger car segments. The group faces intense competition
from the unorganised used car market and from dealers of other
leading and established players in the segment.

* Working capital intensive operations: Its intensive working
capital management is reflected in its gross current assets (GCA)
of 142 days as on March 31, 2023. Its's large working capital
requirements arise from its high inventory levels. It is required
to extend long credit period. Furthermore, due to its business
need, it holds large work in process & inventory.

* Weak financial profile:  The group has average financial profile
marked by gearing of 3.57 and total outside liabilities to adj
tangible networth (TOL/ANW) of 3.75 for year ending on 31st March
2023.  The group's debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 2.03 times and 0.08 times for fiscal
2023.The group debt protection measures are expected to remain at
similar level with high debt levels.

Liquidity: Stretched

Bank limit utilisation is high at around 98.72 percent for the past
twelve months ended Feb-23. Cash accruals are expected to be over
INR4.4 to 6.12 crore which are sufficient against term debt
obligation of INR3.8 to 4.1 crore over the medium term. In
addition, it will be act as cushion to the liquidity of the
company.

Outlook: Stable

CRISIL Ratings believes the group will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.

Rating Sensitivity factors

Upward factors

* Improvement in overall financial risk profile especially in
liquidity.                                                        

* Improvement in working capital cycle, with GCA days improving to
less than 100 days

Downward factors

* Decline in revenue and lower than expected operating margins
constraining net cash accruals to below INR2 crore
* Any major debt funded capex or stretch in its working capital
cycle leading to weakening of its financial profile

Cuddalore (Tamilnadu) based, Schangalaya was established in 2015 by
Mr. G.R. Durairaj and is a dealer of Mahindra & Mahindra in
Cuddalore and Pondicherry districts.


SHARDA AUTO: CRISIL Raises Rating on INR6.60cr Cash Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Sharda Auto Industries Ltd (SAIL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'. The short-term ratings have been reaffirmed at
CRISIL A4.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.15        CRISIL A4 (Reaffirmed)

   Cash Credit           6.60        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan        3           CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Overdraft Facility    3           CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Working      1.07        CRISIL B+/Stable (Upgraded
   Capital Facility                  from 'CRISIL B/Stable')

   Working Capital       1.68        CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

The rating action reflect the improvement in SAIL's overall credit
risk profile. Revenues rose to over INR31 crore in fiscal 2022 from
INR21 crore in fiscal 2021 and are expected to sustain at over
INR48-50 crores in fiscal 2023 aided by new customer and product
additions. Operating profitability has improved in fiscal 2023
after remaining subdued in fiscals 2022 and 2021 with improvement
in capacity utilization. Furthermore, financial risk profile has
also improved with interest coverage estimated at above 2 times in
fiscal 2023 as compared to 1.04 times in fiscal 2022. Consequently,
the net cash accruals have also improved strengthening the cushion
between net cash accruals and repayment obligations supporting the
overall liquidity.

The ratings continue to reflect the firm's modest scale of
operations and large working capital requirement. These weaknesses
are partially offset by the extensive experience of the promoter in
the automotive (auto) components industry and comfortable capital
structure.

Analytical Approach

Unsecured loan of around INR2.17 crore as on March 31, 2023, from
the promoter has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Though revenues have increased to
over INR48 crore in fiscal 2023 with better capacity utilization
after remaining range bound at over INR20-30 crores over the
previous three fiscals, the scale of operations continues to remain
modest. Modest scale of operations and intense competition in the
auto components industry restricts SAIL's bargaining power,
pricing, and scalability. Significant ramp up in operations at
healthy operating profitability remains a key rating sensitivity
factor for the medium term.

* Large working capital requirement: Gross current assets are
estimated between 125-130 days as on March 31,2023 driven by
receivables of 45-50 days and inventory of over 55-60 days. Debtors
are moderate due to moderate credit period of over 30-45 days
extended to customers and timely realizations from long standing
customers. While inventory levels have reduced from the previous
fiscals with better inventory management, it continues to remain
large. Working capital cycle is expected to improve over the medium
term, though continue to remain large.

Strengths:

* Extensive experience of the promoter: Presence of around 60 years
in the auto components industry through group entities has enabled
the promoter to develop strong understanding of products and
establish healthy relationships with customers. This has led to
increase in revenue to around INR48 crore in fiscal 2023 from
INR34.05 crore in fiscal 2022. The revenues are further expected to
increase with better capacity utilization over the medium term
supported by new customer and product additions.

* Comfortable capital structure: The financial risk profile is
healthy as reflected in moderate networth estimated at INR24-26
crore and total outside liabilities to adjusted networth ratio
estimated at less than 1 time as on March 31, 2023. Gearing is also
comfortable and estimated at over less than 0.5 times as on March
31, 2023. The debt protection measures have also improved in fiscal
2023 due to improvement in operating profitability, with interest
coverage and net cash accruals to adjusted debt ratios estimated at
above 2 times and 0.10 times in fiscal 2023. The financial risk
profile is expected to be sustained over the medium term backed by
no major debt-funded capital expenditure (capex) plans and stable
profitability expected over the medium term.

Liquidity: Poor

Net cash accrual, estimated at INR1.3-1.5 crore per annum in
fiscals 2024 and 2025, are tightly matched against yearly debt
obligation of INR0.7-1.1 crore per fiscal. Bank limit utilisation
is high 95% on average over the 12 months through March 2023. Cash
and bank balance of around Rs.8.2 lakhs as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes SAIL will continue to benefit from the
extensive industry experience of the promoter.

Rating Sensitivity factors

Upward factors:

* Increase in revenue and operating margin leading to net cash
accrual above INR3 crore
* Efficient working capital management improving the liquidity
profile and sustenance of financial risk profile

Downward factors:

* Decline in revenue leading to lower net cash accrual lower than
INR1 crore
* Weakening of the financial risk profile because of large
debt-funded capex or further stretch in the working capital cycle

Incorporated in 2016 and promoted by Mr Nandkishore Sarda, SAIL
manufactures heavy-duty conventional and parabolic leaf springs at
its facility in Nagpur, Maharashtra.


SHREEDHAR SPINNERS: Ind-Ra Affirms BB Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised affirmed Shreedhar
Spinners Private Limited's (SSPL) Outlook to Positive from Stable
while affirming the Long-Term Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits affirmed;
     Outlook revised to Positive from Stable with IND BB/Positive/

     IND A4+ rating;

-- INR400 mil. Term loan due on January 2030 affirmed; Outlook
     revised to Positive from Stable with IND BB/Positive rating;

-- INR100 mil. Non-fund-based working capital limits is  
     withdrawn*.

* The issuer has not proceeded with the instrument as envisaged.

The Outlook revision to Positive reflects the likelihood of an
improvement in SSPL's scale of operations in FY24 as it will be the
first full year operations for the company.

Key Rating Drivers

The ratings reflect the nascent stage of operations of SSPL's
cotton yarn spinning mill at Amravati, Maharashtra. The mill has an
installed capacity of 18,240 spindles, translating into a
production capacity of 5,240 metric tons per annum. The
construction of the unit was completed and the operations started
in November 2022. The commencing of the operations was delayed to
November from June due to a delay in delivering machines from
manufacturers because of the shortage of chips. SSPL booked revenue
of INR212.5 million in the first five months of its operations.
Ind-Ra expects the revenue to increase in FY24 as it will be the
first full year of operations for the company.

To fund the capex of INR677.7 million for setting up the spinning
mill, SSPL had availed a term loan of INR400 million, comprising a
letter of credit of INR240 million (issued in January 2022). The
letter of credit is a sub-limit of the term loan. SSPL's parent
company, Shreedhar Cotsyn Private Limited (SCPL), invested INR145
million in the project at end-March 2023, while the promoters and
other group companies infused INR5 million as equity. The remaining
INR127 million has been secured in the form of unsecured loans from
the promoters at end-March 2023. Initially, the company had planned
a capex of INR614.1 million; however later on, it decided to add
one more ring frame for INR50 million, which was funded through
unsecured loans from the promoters. The cost overrun was INR13.6
million which was funded by the promoters through unsecured loans.


Liquidity Indicator - Stretched: SSPL's average maximum utilization
of the fund-based limits was 65.69% for the four months ended March
2023. The fund-based limits were disbursed post-commencement of the
operations in December 2022. SSPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. SSPL had debt repayments of INR15 million in
FY23; it will have to repay INR30 million in FY24.

The rating, however, benefit from the unit's geographical
advantage, as it is located close to the cotton market, thereby
giving easy access to its raw materials, and Amravati Railway
Station. Furthermore, the unit is being set up in the Amravati
Textile Park, and hence, the mill would not face issues related to
infrastructure, such as roads, power, water, transportation, among
others. The project is also likely to witness sufficient
availability of skilled/semi-skilled labor.

The ratings are also supported by the irrevocable and unconditional
corporate guarantee given by SCPL, Siddhartha Super Spinning Mills
Limited and Ramkrupa Properties Private Limited, other group
companies. Besides them, SRM Spinners Limited, Shri Nagani Silk
Mills Private Limited and Himtex Textile Private Limited are part
of the group. The ratings also benefit from the promoters' three
decades of experience in the textile business.

Rating Sensitivities

Positive: A significant increase in the scale of operations while
maintaining the credit metrics along with an improvement in the
liquidity, all on a sustained basis, could lead to a positive
rating action.  

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
above 4x and/or pressure on the liquidity position, all on a
sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in December 2020, Amravati-based SSPL owns and
operates a cotton spinning plant with an installed capacity of
18,240 spindles, translating into 5,240 metric tons per annum. The
company has a registered office in Mumbai.

SCPL, the parent company, holds a 96.67% stake in SSPL. Other group
companies are namely Siddhartha Super Spinning Mills and Ramkrupa
Properties.


SJS BIOTECH: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SJS Biotech
International (SBI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      0.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 5, 2022,
placed the rating(s) of SBI under the 'issuer non-cooperating'
category as SBI 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. SBI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.

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

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

Delhi based, SJS Biotech International was established in October
2014 as a partnership firm and is currently being managed by Mr.
Deepak Singla, Mr. Sunil Kumar Jindal, Mr. Nilesh Singla, Mr.
Pankaj Singla and Mr. Praveen Kumar Garg. The firm is engaged in
manufacturing of neem extracts such as neem oil, neem cake,
neem-based formulation etc. at its manufacturing facility located
in Haryana. The product manufactured by SJS Biotech is sold PAN
India. The main raw material for the firm is solvents and neem
seeds and the same is procured from dealers locally.


SOLEX ENERGY: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Solex Energy
Limited's (SEL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based limits affirmed with IND BB+/Stable/IND

     A4+ rating;

-- INR357.5 mil. Non-fund-based limits affirmed with IND A4+
     rating; and

-- INR449.5 mil. (increased from INR422.84 mil.) Long term loan
     due on October 2030 affirmed with IND BB+/Stable rating.

Key Rating Drivers

The ratings reflect SEL's medium scale of operations. While the
revenue in FY23 increased to INR1,617.13 million (FY22: INR723.28
million, FY21: INR796.21 million) on account of increased order
execution in both solar panels and engineering, procurement, and
construction (EPC) segments, it was lower than Ind-Ra's expectation
mainly because the Approved List of Models and Manufacturers
certificate for the company's new plant was not received on time.
Solar panels contributed around 95% and EPC 5% to the FY23 revenue.
Ind-Ra expects the top line to grow significantly in FY24, as the
MNRE has suspended the Approved List of Models and Manufacturers
policy for a period of one year with effect from 10 March 2023, and
also the company has enhanced its production capacity. FY23 figures
are provisional in nature.

The ratings also factor in SEL's modest EBITDA margin which
improved to 8.32% in FY23 (FY22: 2.6%) with a return on capital
employed of 11% (3%). The improvement in margin was due to a
decrease in the production expenses and receipt of subsidy income.
However, Ind-Ra expects the margin to improve gradually with the
likely rise in the revenue; although they will remain modest over
the medium term.

The ratings further reflect the company's moderate credit metrics.
Despite an increase in the total debt, the net leverage (net
debt/EBITDA) improved to 4.91x during FY23 (FY22: 9.76x; FY21:
3.31x) mainly on account of an improvement in the absolute EBITDA
increase to INR111.72 million (INR18.57 million). Whereas, the
gross interest coverage (EBITDA/gross interest) marginally fell to
2.39x in FY23 (FY22: 2.47x; FY21: 3.09x) due to an increase in the
interest expenses to INR56.24  million (INR7.5 million; INR10.82
million).  Ind-Ra expects the overall credit metrics to improve
further in FY24 and beyond, backed by the likely increase in the
operating EBITDA and scheduled repayment of term loans.

Debt-led Capex: The company incurred debt-led capex of around
INR590 million in FY22 and FY23 to expand its production capacity
by 600MW in FY23 by establishing a new unit in Tadkeshwar, Kim,
Surat. Of the total capex, INR400 million was funded through bank
and remaining through internal accruals. The commercial operations
started in October 2022; FY24 will be the first full year of
operations for this unit.

Liquidity Indicator – Stretched: It had a cash balance of
INR20.34 million at FYE23 (FYE22: INR22.79 million). The company
has availed a temporary overdraft limit during October to  December
2022.  SEL does not have any capital market exposure and relies on
banks to meet its funding requirements. The free cash flow turned
negative on account the debt-funded capex incurred in FY23. The
fund flow from operation remained positive at INR35 million in FY23
(FY22: INR12 million). The net cash conversion cycle stood at 94
days in FY23 (FY22: 116 days). SEL has scheduled debt repayments of
INR63.08 million and INR64.18 million in FY24 and FY25,
respectively, which Ind-Ra expects to be met through internal
accruals. The average maximum use of the fund-based and the
non-fund-based limits was around 70% and 54%, respectively, during
the 12 months ended March 2023.

The ratings are further constrained by SEL's moderate geographical
concentration risk. Gujarat accounted for 79% of SEL's total
revenue in 11MFY23, followed by Pune (9%) and Raipur (6%). However,
the company plans to venture into other states to reduce the
concentration risk to some extent.

The ratings, however, are supported by the promoters' over two
decades of experience in the solar industry, leading to established
relationships with its customers and suppliers.

Rating Sensitivities

Positive: A significant increase in the scale of operations
(revenue and EBITDA) while maintaining liquidity, resulting in the
interest coverage ratio increasing and sustaining above 4.0x and
the addition of new orders, would be positive for the ratings.

Negative: The inability to improve the scale of operations (revenue
and EBITDA) or deterioration in the liquidity position and the
interest coverage remaining below 3x, on a sustained basis, would
be negative for ratings.

Company Profile

Incorporated in 2014, Gujarat-based SEL manufactures solar products
and undertakes EPC contracts for setting up solar power plants,
solar water pumps, solar water heating systems, and others. It
offers a wide range of solar products such as
mono/multi-crystalline solar photovoltaic modules, solar lanterns,
solar street lights, solar water pumps, and solar inverters. The
company is listed on NSE Emerge.


SPICEJET LTD: Says No Plans for Insolvency Filing
-------------------------------------------------
The Economic Times reports that SpiceJet Ltd said on May 11 it had
no plans to file for insolvency, days after the National Company
Law Tribunal (NCLT) issued a notice to the Ajay Singh-promoted
private carrier on a petition filed by an aircraft lessor seeking
initiation of insolvency resolution proceedings against it.

"SpiceJet has initiated the process of reviving its grounded fleet
with the $50 million funds received by the airline from the
government's Emergency Credit Line Guarantee Scheme (ECLGS) and
internal cash accruals," the company said in a stock exchange
filing.

ET says the airline categorically denied plans to file for
insolvency.

"There is absolutely no question of filing for insolvency. Any
rumour regarding the same is completely baseless. We are focussed
firmly on reviving our grounded fleet and getting more and more
planes back into the air," ET quotes Ajay Singh, Chairman and
Managing Director, SpiceJet, as saying.

According to the report, lessors recently approached the aviation
regulator DGCA for the deregistration of three planes of the
airline. Many aircraft of the budget carrier are grounded due to
various reasons.

The airline's three lessors -- Wilmington Trust SP Services,
Sabarmati Aviation Leasing and Falgu Aviation Leasing -- have
sought the deregistration of one aircraft each, according to an
update on the regulator's website.

ET, citing an aircraft tracking website, discloses that SpiceJet
had 67 aircraft in its fleet comprising Boeing 737, B737 Max and
regional jets Bombardier-Q400. Out of them, 37 were in operations
and 30 were not in service as on May 3.

Last week, SpiceJet said it has mobilised up to INR400 crore to
revive 25 aircraft in its fleet that are out of operations owing to
various factors, recalls ET.

ET relates that CEO Singh had said that there is a need for "more
rational airfares" in the country even as he tried to assuage
concerns of a hike in airfares as a consequence of competitor Go
First filing for voluntary insolvency by terming it a "temporary
phenomena".

He termed the Go First development as "extremely unfortunate" and
expressed hope that the airline can use this opportunity to resolve
their issues.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

On April 28, 2023, Ireland-based Aircastle moved the National
Company Law Tribunal (NCLT) seeking the initiation of insolvency
proceedings against the airline under Section 9(application for
initiation of corporate insolvency resolution process by the
operational creditor) of the Insolvency and Bankruptcy Code.  


SUMAN KANDOI: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suman
Kandoi Warehouse (SKW) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.17       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 5, 2022,
placed the rating(s) of SKW under the 'issuer non-cooperating'
category as SKW 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. SKW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.

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).

Suman Kandoi Warehouse (SKW) was established in April, 2013 as a
proprietorship concern. However, the commercial operations started
in April, 2014 and is currently being managed by Mrs. Suman Kandoi,
as its proprietor. The firm is engaged in the providing leasing
services of warehouse at its facility located in Sirsa, Haryana.
SKW provides the warehouses on lease to its group concern namely,
Siddheshwar Warehouse. Besides this, the proprietor is also engaged
in other group concern namely, Siddheshwar Warehouse, based in
Sirsa, Haryana and is engaged in similar business operations.


SVARRNIM INFRA: CARE Lowers Rating on INR5.25cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Svarrnim Infrastructures Private Limited (SIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Long Term/Short     24.75       CARE B; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable/
                                   CARE A4 and moved to ISSUER NOT

                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SIPL to monitor
the ratings vide various e-mail communications dated April 28,
2023, April 25, 2023, April 14, 2023, and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
of Svarrnim Infrastructures Private Limited's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING/CARE A4;
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).

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by Svarrnim
Infrastructures Private Limited with CARE Ratings Ltd.'s efforts to
undertake a review of the rating outstanding. CARE Ratings Ltd.
views information availability risk as a key factor in its
assessment of credit risk. The revision in ratings assigned to the
bank facilities of Svarrnim Infrastructures Private Limited (SIPL)
factors in small and fluctuating scale of operations, moderate
order book position albeit slow pace of execution, weak coverage
indicators and elongated operating cycle. Further, the ratings are
also constrained by volatility of raw material prices and absence
of price escalation clause and highly competitive industry with
business risk associated with tender-based orders. The ratings,
however, draw comfort from experienced promoters, moderate
profitability margins, and comfortable capital structure.

Analytical approach: Standalone

Outlook: Stable

Key weaknesses

* Small and fluctuating scale of operations: SIPL's scale of
operations has remained small as evident from total operating
income (TOI) of INR45.50 crore and gross cash accruals of INR2.43
crore respectively, during FY22 as against INR51.09 crore and
INR2.55 crore respectively, during FY21. Nevertheless, the scale
remains small; it limits the company's financial flexibility in
times of stress. Moreover, SIPL's scale of operations remained
fluctuating for the period FY18-FY22 (refers to the period from
April 1 to March 31). TOI registered decline in FY19 and FY20
thereafter improved in FY21. However, in FY22 the scale of
operations has again declined by 10.94% from FY21 primarily on
account of lower execution of orders. During, 9MFY23 (refer to the
period from April 01, 2022, to December 31, 2022; based on
provisional result), total operating income of the company stood at
INR25.59 crore.

* Moderate order book position albeit slow pace of execution SIPL
has an unexecuted order book position of Rs.114.15 crore as on
January 16, 2022, which is equivalent to ~2.51x the total operating
income achieved in FY22. The tenor of the construction contracts to
be executed varies up to minimum of 18 months and maximum 36 months
depending upon the type of contract bid and awarded, thereby
reflecting revenue visibility over the medium term. However, the
progress of certain orders remains slow moving owing to various
issues such as delay in clearance of land, environmental
clearances, etc. Further, the company is also exposed to risk of
any unfavourable changes in the policies towards award of new
contracts. Thus, effective, and timely execution of the orders has
a direct bearing on the total income and margins of the company.
CARE cannot comment on the same as updated information is not
available due to non-cooperation by SIPL.

* Weak Debt coverage Indicators: The debt coverage indicators of
the company stood weak on account of high debt levels leading to
high interest cost. The interest coverage ratio and total debt to
GCA stood at 2.51x and 7.80x respectively, for FY22 as against
3.23x and 4.56x respectively, for FY21.

* Elongated operating cycle: The operating cycle of the company is
elongated and stood at 231 days for FY22 on account of high
inventory and collection period. The company raises bills on
milestone basis i.e., on the completion of certain percentage of
work and thereon which gets acknowledge by client after necessary
inspection of work done by the respective departments. Post the
inspection, department clears the payment within 2-3 months
(maximum) by deducting certain percentage of bill raised (ranging
from 10% of bill amount) in the form of retention money, which they
refund post completion of defect liability period. In FY22 the
company has executed the contract of one of the clients which
delayed in making payments leading to elongation in collection
period to 273 days. Further, the company receives an average credit
period of around 2-3 months from its suppliers. However, due to
delayed in realization of payment from its client, company delayed
in making payment to its suppliers leading to elongated credit
period of 154 days.

* Volatility of raw material prices and absence of price escalation
clause: In the absence of any backward integration, the company
procures its primary raw materials which includes steel, cement,
sand, etc. from approved vendors/regional players specified by the
respective clients at market rates and hence, it is susceptible to
volatility in the input prices, and which may have adverse impact
on the profitability of the company. Further, the company's
contracts do not have a built-in price escalation clause as
majority of contract have lower tenure. Thus, the ability of the
company to pass on increased price burden to the customers in a
timely manner and maintain profitability margins is critical from
the credit perspective.

* Highly competitive industry with business risk associated with
tender-based orders: SIPL operates in a highly competitive
construction industry wherein it faces direct competition from
various organized and unorganized players in the market given the
low barriers to entry. There are number of small and regional
players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. SIPL receives majority of work orders from government/
public sector undertakings. The risk arises from the fact that any
changes in geopolitical environment and policy matters would affect
all the projects at large. Furthermore, any changes in the
government policy or government spending on projects are likely to
affect the revenues and profits of the company. The company majorly
undertakes government projects, which are awarded through the
tender-based system. This exposes the company towards risk
associated with the tender-based business, which is characterized
by intense competition. The growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder.

Key strengths

* Experienced Promoters: SIPL is a family run business. Mr. Ajay
Garg is the managing director, Mrs. Rama Garg, Mr. Abhay Garg and
Mr. Akshay Garg are the directors and collectively look after the
overall operations of the company. Mr. Ajay Garg is a graduate and
has an overall experience of more than two decades as a contractor.
He has been associated with the company since its inception. Prior
to this, he is engaged in contract business under the sole
proprietorship firm M/s. Ajay Garg established in 1983 which was
merged with SIPL. Mr. Ajay Garg is supported by his wife Mrs. Rama
Garg who has done Post graduation and his two sons Mr. Abhay Garg
who is a chartered accountant and Mr. Akshay Garg who is a civil
engineer. Furthermore, SIPL is also supported by a team of
qualified engineers, supervisory staff and technical team to work
on various sites having relevant experience in their respective
fields. The company has a considerable track record in this
business which has given them an understanding of the dynamics of
the market and enabled them to establish long term relationships
with both suppliers and customers.

* Moderate profitability margins: The company undertakes government
projects, which are awarded through the tender-based system, thus
margins rests on the nature of contract executed. The profitability
margins of the company as marked by PBILDT margin stood moderate
though improved by around 145 bps to 9.26% in FY22 as against 7.81%
in FY21 owing to decline in overhead expenses. However, PAT margin
of the company declined to 3.97% in FY22 as against 4.14% in FY21
owing to increase in interest and depreciation cost during the
year.

* Comfortable capital structure: As on March 31, 2022 the debt
profile of the company comprises of term loan of INR2.72 crore,
Mobilization advance of INR3.29 crore, unsecured loan of INR7.98
crore and working capital borrowings of INR4.99 crore. The capital
structure of the company stood comfortable as on the past three
balance sheet dates ending March 31, '20-'22 on account of limited
debt levels against relatively moderate net worth base. Overall
gearing ratio stood at 0.95x as on March 31, 2022 showing marginal
deterioration from 0.64x as on March 31, 2021 primarily on account
of higher unsecured loan.

Liquidity: Stretched

The liquidity is stretched as marked by low unencumbered cash and
bank balances of INR0.14 crore as on March 31, 2022.

Uttar Pradesh, based Svarrnim Infrastructures Private Limited
(SIPL) was incorporated in 2010 as a private limited company by Mr.
Ajay Garg. Prior to this Mr. Ajay Garg started his career as a sole
proprietor of the firm named M/S Ajay Kumar established in 1983 and
then later on merged with SIPL. SIPL is a family run business
currently being managed by Mr. Ajay Garg, Mrs. Rama Garg, Mr. Abhay
Garg and Mr. Akshay Garg. The company is engaged in civil
construction work like development of land, construction of
buildings, roads, etc. for the Government/Semi-Government, public
undertakings and private companies. The company also undertakes the
site development work like parks, pools, fountains, stadium, etc.
SIPL has executed considerable number of contracts in the past. It
has executed various civil contracts across India viz. Noida,
Alwar, Jaipur, Dehradun, etc.


TANVIRKUMAR & CO: CRISIL Reaffirms B+ Rating on INR14.6cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Tanvirkumar & Co (TKC).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Post Shipment
   Credit                 49.9      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     14.6      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect working capital intensive nature of
operations and the firms modest operating margins resulting from
its susceptibility to volatile diamond prices amidst intense
competition. These weaknesses are partially offset by the extensive
experience of the partners in the diamond industry and their
moderate capital structure.

Analytical Approach

Unsecured loans from partners and related parties of around INR3.18
crore as on March 31, 2022 have been treated as debt due to
withdrawals in past

Key Rating Drivers & Detailed Description

Strengths:

* Established presence in the diamond industry: TKC has established
its position in the domestic and international diamond market for
more than five decades, supported by extensive experience of the
promoters. This experience has led to promoters maintaining a
long-standing relationship with their customers while successfully
navigating through several business cycles over the years. Firm is
expected to generate revenue of INR247 Cr in fiscal 2023 as against
INR192 Cr in fiscal 2022.

* Moderate capital structure: Firm has moderate capital structure
with moderate networth of INR32.54 Cr and average total outside
liabilities and adjusted networth ratio at 3.05 times as on March
31,2022 and expected to be around 3.53 times as on March 31, 2023.
Capital structure of the firm is expected to remain similar over
the medium term in absence of any debt funded capex undertaken by
the firm.

Weaknesses:

* Working Capital Intensive Operations: TKC's operations continue
to remain working capital intensive as reflected in 249 Gross
current asset (GCA) days as on March 31,2022 and expected to be
around 232 days as on March 31,2023 mainly due to higher debtors
days at around 141 days as on March 31,2022 and expectation of
around 109 days as on 31 March 2023, these working capital
requirements are majorly met by bank lines and creditors which
stood at 82 days as on March 31,2022 and expected at 100 days as on
March 31,2023

* Susceptibility to volatile diamond prices amidst intense
competition resulting in moderate operating profit margins: Low
entry barriers, capital requirement and technology requirements has
led to fragmentations of the diamond industry into numerous
unorganized players across the country leading to intense
competition. TKC is also exposed to risks related to volatility in
diamond prices. Impact of volatility of raw material prices on the
operating margins remains a key monitorable over medium term.
Further, sustenance of revenue growth and operating margin amid
dampen demand growth to remain monitorable. Firm's operating margin
has remained in range of 3.34-4.86% for last 3 years through fiscal
2022 and is expected to achieved margins of 2.98% in fiscal 2023,
sustenance of the same remains to be a key monitorable factor


Liquidity: Stretched

Liquidity of the firm continues to remain stretched as seen in the
average bank limit utilization of around 97% for the last 12 months
ended March 2023 for its fund-based limits. The net cash accruals
for fiscal 2023 are expected to be over INR2.54 Cr against
repayment obligations of INR2.21 Cr. The moderate net cash accruals
against high repayment obligations put a further stretch to the
liquidity of the firm, however, the same is comforted by unsecured
loans from the promoters. The current ratio of the firm is at 1.44
times as on March 31,2022 and expected at 1.37 times as on March
31,2023. Firm does not have any major capex plans over the medium
term. Firm has a cash and cash equivalent balance of INR2.98 Cr as
on March 31, 2023.

Outlook: Stable

CRISIL Ratings believes TKC will continue to benefit over the
medium term from the extensive experience of partners

Rating Sensitivity factors

Upward Factors

* Sustained improvement in revenue along with stable operating
margin leading to higher cash accruals of over INR3.5 crores.
* Improved leverage levels and efficiently managed working capital
cycle with sustained debt levels, strengthens overall financial
risk profile

Downward factors

* Substantial decline in revenue on sustained basis or dip in
operating margins resulting in much lower cash accruals below
INR2.5 Cr
* Stretch in working capital cycle on continued basis or more than
expected capital withdrawal debt funded capex weakening the
financial risk profile especially liquidity

TKC (formerly, Milan Jewellers) was set up in 1976 by Mr Tanvir
Kirtilal Chokshi and Mr Kamlesh Jhaveri. Currently, Mr Milan
Choksi, Mr Mihir Jhaveri, Mr Shanay Choksi, and Mr Nailesh Choksi
are the key partners. The firm manufactures and trades in polished
diamonds and diamond-studded jewellery, through its retail outlet,
under the brand Moksh.


TOMAR CONSTRUCTION: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Tomar Construction
Company's (TCC) bank facilities as follows:

-- INR84 mil. Fund-based working capital limit assigned with IND
     BB+/Stable/IND A4+ rating; and

-- INR318 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Key Rating Drivers

The ratings reflect TCC's small scale of operations as indicated by
a revenue of INR313.66 million in FY22 (FY21: INR358.69 million).
In FY22, the revenue declined yoy due to the slow execution of
orders in hand. According to the provisional financials for FY23,
TCC booked a revenue of INR429.88 million and had an order book of
INR1,628 million at end-March 2023, to be executed by September
2024. In FY24, Ind-Ra expects the revenue to improve further, due
to the ongoing execution of the new orders allotted during FY23.

The ratings also reflect TCC's moderate net leverage (adjusted net
debt/operating EBITDAR) of 1.74x in FY22 (FY21: 0.17x) and
comfortable interest coverage (operating EBITDA/gross interest
expenses) of 3.54x (3.27x). In FY22, the net leverage deteriorated
yoy due to a reduction in the cash & equivalents to INR11.85
million (FY21: INR53.83 million) and the interest coverage
marginally improved due to a slight reduction in the interest
expense. In FY24, Ind-Ra expects the credit metrics to deteriorate
yoy due to an increased utilization of fund-based facility and as
the company has availed a term loan.

The ratings also factor in the TCC's modest EBITDA margin of 8.50%
in FY22 (FY21: 7.61%) with a return on capital employed of 10.1%
(9.70%). In FY22, the EBITDA margin improved yoy due to a reduction
in the raw material cost. In FY24, Ind-Ra expects the EBITDA margin
to remain at similar level.

Liquidity Indicator - Stretched : The cash flow from operations
turned negative at INR1.34 million in FY22 (FY21: positive INR23.25
million) due to unfavorable changes in the working capital.
Furthermore, the free cash flow remained negative at INR47.04
million (FY21: negative INR30.15 million). The cash and cash
equivalents stood at INR11.85 million at FYE22 (FYE21: INR53.83
million). TCC does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The debt repayment for FY24 is INR12.14 million and
that for FY25 is INR10 million. TCC's average maximum utilization
of the fund-based limits was 70.13% and that of its non-fund-based
limits was 54.22% during the 12 months ended March 2023. The modest
net working capital cycle elongated to 25 days in FY22 (FY21: 9
days) due to an increase in the inventory days to 40 (25).

However, the ratings are supported by the promoters' nearly two
decades of experience in the construction industry.

Rating Sensitivities

Negative: Deterioration in the scale of operations, due to a
slowdown in the order execution and deterioration in the overall
credit metrics, with the interest coverage falling below 2.0x
and/or a stretch in the liquidity position, will be negative for
the ratings.

Positive: An improvement in the scale of operations, revenue
visibility and an improvement in the credit metrics, and improved
liquidity position, will be positive for the ratings.

Company Profile

TCC is a partnership firm formed by Sandeep Tomar and Sumit Tomar
in 2004. The firm is a road construction contractor that bids for
contracts from the Central government for the construction of
national highways.


VARALAKSHMI HITECH: CRISIL Reaffirms B+ Rating on INR10cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sri Varalakshmi Hitech Rice Industries
(SVRI).

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           10        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations amid
intense competition, working intensive capital requirement,
Susceptibility to price volatility risk. These weaknesses are
partially offset by extensive experience of the partners in the
rice industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: SVRIs
business profile is constrained by its scale of operations in
intensively competitive agriculture. The rice industry is highly
fragmented due to low capital intensity and limited value addition,
resulting in low entry barriers. The consequent intense competitive
pressure may continue to constrain scalability, pricing power and
profitability. Scale has been low, reflected in operating income of
INR42.17 crore in fiscal 2023 and modest capacity compared to other
large players.

* Working capital intensive operations: The working capital cycle
may remain stretched owing to sizeable inventory. This is because
paddy (major raw material) is available only during the crop season
(October to January-February). Gross current assets are at 151 days
as on March 31, 2023.

* Susceptibility to price volatility risk: The price volatility
risk is attributed to ago-climatic risk which is dependent on
adequate and timely monsoon. Since cost of paddy accounts for
80-85% of total production cost, the operating margin will remain
exposed to any sharp volatility in paddy prices.

Strengths:

* Extensive experience of partners: The partners have experience of
over a decade in the rice industry; their strong understanding of
market dynamics and healthy relations with customers and suppliers
should continue to support the business.

Liquidity: Stretched.

Liquidity is likely to remain supported by the ample surplus
available in cash accrual. Cash accrual is expected at INR0.90-1.1
crore per annum, sufficient to meet the debt obligation of INR0.28
crore each for fiscals 2024 and 2025. Bank limit utilization is
moderate at 63% for the past twelve months ending March 2023

Outlook: Stable

SVRI will continue to benefit from extensive experience of its
partners.

Rating Sensitivity Factors

Upward Factors

* Sustained increment in scale of operating with stable operating
margins of 4.5-4.75%
* Sustained improvement in the financial risk profile due to lower
gearing and better liquidity

Downward Factors

* Revenue declining by 20% per annum or operating margin declining
by 3.5%, resulting in cash accrual below INR0.7-0.8 crore.
* Sizeable stretch in working capital cycle or large debt-funded
capital expenditure, thereby impacting financial risk profile

SVRI, a partnership firm set up in 2002, is engaged in milling and
processing of paddy into rice, rice bran, broken rice and husk. Its
rice mill located at Chigurupadu in Naidupeta (Andhra Pradesh) has
installed paddy milling capacity of 4 tonne per hour. Mr G Sudhakar
is the promoter.


VEERAL CONTROLS: CRISIL Reaffirms B- Rating on INR3.45cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Veeral Controls Pvt Ltd (VCPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)

   Cash Credit            3.45      CRISIL B-/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       1.90      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              0.55      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              0.60      CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations of
VCPL, its large working capital requirement and average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the promoter in the electronic equipment
and instruments industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue declined to INR3.17 crore in
fiscal 2022 from INR14.17 crore in fiscal 2021. Operations were
impacted during the fiscal by delay in revenue realisations due to
delay in receipt of completion certificates from customer and
cancelation of orders from key customers in the wind energy sector
due to economic slowdown, leading to subdued revenue and
profitability. However, revenue is estimated to have increased to
around INR8.5 crore for fiscal 2023 backed by completion of a few
new projects.

* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets of 1,669 days as on
March 31, 2022, because of receivables and inventory of 468 days
and 820 days, respectively. The gross current assets will remain
large over the medium term on account of sizeable inventory due to
bulk purchase of raw material.

* Average financial risk profile: The financial risk profile is
constrained by modest adjusted networth of INR4.87 crore and
gearing of 1.14 times as on March 31, 2022. Debt protection metrics
were weak, as reflected in interest coverage of negative 1.49 times
and net cash accrual to adjusted debt ratio of negative 0.16 times
for fiscal 2022. The metrics are expected to weaken further over
the medium term because of modest accretion to reserve.

Strength:

* Extensive experience of the promoter: The promoter's experience
of over three decades in the electronic equipment manufacturing
business, his technical expertise, and healthy relationships with
customers and suppliers should continue to support the business and
help scale up operations.

Liquidity: Stretched

Net cash accrual is expected to be insufficient to meet debt
obligation of INR50 lakh per fiscal over medium term. Bank lines of
INR3.45 crore were utilised extensively at 97% on average for the
12 months through November 2022. Unsecured loan of INR3.60 crore as
on March 31, 2022, supported the working capital management.
Current ratio was moderate at 1.78 times as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes VCPL will continue to benefit from the
experience of the promoter.

Rating Sensitivity factors

Upward factors:

* Significant growth in revenue and stable operating margin,
leading to net cash accrual of over INR45 lakh
* Improvement in the working capital cycle

Downward factors:

* Total outside liabilities to adjusted networth ratio of over 4.5
times
* Stretch in the working capital cycle or increased dependence on
external borrowings weakening liquidity

Set up as a partnership firm in 1981 and reconstituted as a private
limited company in 1993, VCPL manufactures electronic equipment and
instruments. Based in Gandhinagar, Gujarat, the company is promoted
by Mr Varunesh Kumar Prasad.


VELAN INFRA: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Velan Infra
Projects Pvt Ltd.'s (VIPPL) bank facilities ratings as follows:

-- INR230 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating;

-- INR219.46 mil. Term loan due on June 2032 assigned with IND BB

     /Stable rating;

-- INR70 mil. Proposed fund-based working capital limits assigned

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

-- INR741.6 mil. Proposed term loan assigned with IND BB/Stable
     rating.

Key Rating Drivers

The ratings reflect VIPPL's medium scale of operations as indicated
by revenue of INR1,011.50 million in FY22 (FY21: INR212.54
million). In FY22, the revenue increased owing to execution of a
higher number of orders, which were delayed due to COVID-19. Until
2021, VIPPL primary focused on solar-related infrastructure and
rooftop solar projects. However, starting 2022, VIPPL shifted its
focus towards executing open access solar projects, which have a
higher revenue potential than rooftop projects. As per management,
VIPPL achieved revenue of INR1,696.09 million in FY23. As of 1
April 2023, it has an order book of INR14,420.8 million, to be
executed by FY25. Ind-Ra expects the revenue to improve further in
FY24, due to orders in hand.

Liquidity Indicator -Stretched: The company's net working cycle
turned negative to 29 days in FY22 (FY21: 144 days), mainly on
account of a decrease in the inventory holding period to 18 days
(100 days) and an increase in the payable period to 147 days (73
days). VIPPL's average maximum utilization of the fund-based
working capital limits was around 85.5% over the 12 months ended
March 2023. In FY22, the cash flow from operations turned positive
and increased to INR141.82 million (FY21: negative INR27.1
million), mainly on account of favorable changes in working
capital. However, the free cash flow remained negative at INR9.30
million in FY22 (FY21: negative INR27.1 million), despite
improving, owing to capex of INR150 million incurred in FY22. The
cash and cash equivalents stood at INR246.49 million at FYE22
(FYE21: INR0.16 million).

The ratings are also constrained by geographical concentration
risks as it derives almost 100% of the total revenue from Tamil
Nadu.

However, the ratings are supported by VIPPL's healthy EBITDA margin
of 8.95% in FY22 (FY21: 10.84%) with a return on capital employed
of 34.2% (26%). The EBITDA margin declined marginally in FY22 due
to an increase in direct and personnel expenses. The margin is
likely to have been at 13%-14% in FY23 and will remain at similar
levels in FY24, due to the presence of higher margin orders.

The ratings also benefit from VIPPL's comfortable credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 11.32x in FY22 (FY21: 7.2x) and the net leverage
(total adjusted net debt/operating EBITDAR) of negative 0.14x
(1.69x). The improvement in the credit metrics was due to an
increase in absolute EBITDA and cash balance. However, Ind-Ra
expects the credit metrics to have deteriorated in FY23 and will
continue to do so in  FY24 due to the planned near-term debt-led
capex.

The ratings are also supported by the promoters 10 years of
experience in the solar power business, leading to established
relationships with its suppliers and customers.

Rating Sensitivities

Positive: An increase in the scale of operations, along with
revenue visibility stemming from an enhanced order book while
maintaining the liquidity position and credit metrics, all on a
sustained basis, will be positive for the ratings.

Negative: Inability to create and sustain a sizeable order book,
along with delays in the execution of new orders leading to a
stretch in the working capital cycle and deterioration in the
credit metrics, all on a sustained basis, will be negative for the
ratings.

Company Profile

Incorporated in 2018, Ayanambakkam, Chennai-based, VIPPL is engaged
in the installing, erecting, testing and commissioning of all types
of solar power plants.  



VIMCO SOLAR: CRISIL Assigns B- Rating to INR10cr Loans
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facilities of Vimco Solar (VS).  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.26        CRISIL B-/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    9.74        CRISIL B-/Stable (Assigned)

The rating reflects VS's modest scale of operation, working capital
intensive operations. These weaknesses are partially offset by its
extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: VS business profile is constrained by
its scale of operations in the intensely competitive solar energy
industry.  VSs scale of operations will continue limit its
operating flexibility. The firm achieved a revenue of INR1.92 crore
in FY 23, which has increased over the years and will remain a key
monitorable over the medium term.

* Working capital intensive operations: Gross current assets were
at 533.9-409.7 days over the three fiscals ended March 31, 2022.
Its intensive working capital management is reflected in its gross
current assets (GCA) of 533.9 days as on March 31, 2022. Its's
large working capital requirements arise from its high creditor and
inventory levels. Furthermore, due to its business need, it holds
large inventory.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has an extensive experience in the industry. This has given him an
understanding of the dynamics of the market and enabled him to
establish relationships with suppliers and customers.

Liquidity: Poor

Bank limit utilisation is high at around 98.6 percent for the past
twelve months ended March-23.

Cash accrual are expected to be over INR3.84 crores which are
sufficient as the firm does not have any term debt obligation. In
addition, it will be act as cushion to the liquidity of the
company.

Current ratio is moderate at 1.07 times on March31, 2022.

Outlook: Stable

CRISIL Ratings believes VS will continue to benefit over the medium
term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.

Rating Sensitivity factors

Upward factors:

* Improvement in working capital cycle, along with improvement in
bank limit utilization below 85% on a sustained basis.
* Improvement in revenue of the company with sustenance in
operating margins.

Downward factors:

* If its business stagnant due to weak demand or a stretch in
receivables or pile-up of inventory adversely affects liquidity
* Decline in operating margins below 2%.

VS was established in 2015, it's engaged in distributorship and
installation of solar panels and allied works. VS is owned &
managed by Raghav Vij.




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

RAKUTEN GROUP: Posts JPY82.5BB Net Loss for 3 Mos. Ended March 31
-----------------------------------------------------------------
Nikkei Asia reports that Rakuten Group's mobile operations
continued to weigh on overall earnings last quarter, results
released on May 12 show, but the Japanese e-commerce company has
not given up on the business.

Rakuten posted an JPY82.5 billion ($608 million) net loss for the
three months through March, a slight improvement on the year, but
still a fourth straight year of red ink for that quarter, the
Nikkei discloses.

The Nikkei relates that the mobile segment logged a JPY102.6
billion loss, outweighing profits from e-commerce and fintech.
Though the loss was smaller than a year earlier and average revenue
per user grew, the overall picture remained dim.

Rakuten Mobile launched in 2020 with the hope that it could
challenge Japan's dominant trio of NTT Docomo, KDDI and SoftBank.
But it has so far claimed only a 2% share of the market, to the
combined 80%-plus enjoyed by the big three, due partly to a
reputation for reception issues.

The Nikkei says the company hopes a new roaming agreement with KDDI
will help change that, drawing more subscribers while also saving
money on investment.

According to the report, Rakuten on May 12 announced a new mobile
plan that removes the existing 5-gigabyte data cap for domestic
roaming on KDDI's network, providing unlimited data in an area
covering 99.9% of Japan's population at the same price as its
current unlimited plan. This should mean better connection quality
for users, especially in urban areas.

"This has just about solved our coverage problem," the Nikkei
quotes Chairman and CEO Hiroshi Mikitani as saying.

Rakuten had 4.54 million mobile subscribers at the end of March,
about 80,000 more than in December. "We aim to double or triple our
current pace if we can," Mikitani said.

The company estimated at May 12's briefing that the agreement with
KDDI will save 300 billion yen in capital spending over three
years. Some analysts expect it to improve Rakuten's cash flow.

But the company still has a long way to go to shore up its
finances, the report notes.

Rakuten reported an operating cash outflow of more than JPY100
billion last quarter. It has funded investments such as base
station construction through borrowing and bonds, and now has
JPY1.2 trillion in outstanding corporate bonds coming due over the
next five years -- including JPY300 billion next year and over
JPY400 billion in 2025.

As part of its efforts to raise capital, Rakuten on May 12
announced an agreement to sell the entirety of its 20% interest in
supermarket operator Seiyu Holdings to private equity firm KKR,
Seiyu's majority owner, at the end of May. It is also preparing for
a public listing of Rakuten Securities Holdings, which Mikitani
said will be "not that far in the future," the Nikkei reports.

The group raised JPY70 billion by selling part of its stake in
Rakuten Bank during the lender's initial public offering last
month. But these funds "will not have the strong enough impact to
change the direction of credit rating back from negative in a
stable manner," said Makiko Yoshimura at S&P Global.

                           About Rakuten

Japan-based Rakuten Group provides e-commerce, fintech, digital
content, and communications products and services.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-January, S&P Global Ratings affirmed its 'BB' issue credit
rating to Rakuten Group Inc.'s (BB/Negative/--) U.S.
dollar-denominated senior unsecured bonds ($500 million; issued in
November 2022; due in 2024) following the company's announcement of
a potential additional issuance.




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

BOBUX INT'L: Munro Footwear Buys Shoe Company Out of Receivership
-----------------------------------------------------------------
Stuff.co.nz reports that popular children's shoe brand Bobux has
been bought by Australian company Munro Footwear Group (MFG).

Stuff relates that the sale comes four weeks after Bobux went into
receivership after battling Covid-19 supply chain issues and
overspending on an IT upgrade.

MFG is Australasia's largest privately-owned footwear company with
over 290 retail stores and more than 2,500 employees in Australia.

Stuff says the company has made several significant brand and
retail acquisitions over the last decade including Ziera, which
closed its New Zealand stores in 2020 but continues to operate
across the Tasman.

According to the report, MFG co-chief executive Jay Munro said MFG
had a proven track record of building brands and was confident it
could do the same for Bobux.

"Ziera has experienced improved performance under our business
model. I'm very confident that we will be able to preserve the
essence and heritage of the Bobux brand whilst enabling it to reach
its full potential."

The sale is expected to be finalised by June 2, the report notes.
Until then, MFG will work closely with the Bobux business, its
factories and wholesale customers. The Bobux website will remain
operational.

Stuff adds that MFG co-chief executive Marcus Bartlett said its
business model, robust supply chain and e-commerce expertise, along
with Bobux's brand recognition and loyal following, would make the
brand a market leader.

"Through our Styletread business, we're very familiar with Bobux
and know their emphasis on designing innovative, stylish, and
comfortable shoes for growing feet.

"This directly complements our product ethos of quality footwear
without compromising style or comfort."

                            About Bobux

New Zealand-based Bobux provides high-quality shoes, boots and
sandals for toddlers and kids in over 40 countries.  

On April 11, 2023, Conor McElhinney and Andrew Grenfell of
McGrathNicol were appointed as receivers of Bobux International by
the Bank of New Zealand.


CONSTRUCT CIVIL: Creditors' Proofs of Debt Due on July 5
--------------------------------------------------------
Creditors of Construct Civil Limited are required to file their
proofs of debt by July 5, 2023, to be included in the company's
dividend distribution.

Christopher Carey McCullagh and Stephen Mark Lawrence of PKF
Corporate were appointed joint and several liquidators of the
company by an order of the High Court at Auckland on May 5, 2023

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery
          PO Box 3678
          Auckland 1140


FLEUR DE LIS: Creditors' Proofs of Debt Due on July 5
-----------------------------------------------------
Creditors of Fleur De Lis Bakery & Cafe Limited (trading as Classic
Cakes) are required to file their proofs of debt by July 5, 2023,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2023.

The company's liquidators are:

          Janet Sprosen
          Leon Francis Bowker
          KPMG Auckland
          18 Viaduct Harbour Avenue (PO Box 1584)
          Shortland Street
          Auckland 1140


JENNY CRAIG: First Creditors' Meeting Set for May 18
----------------------------------------------------
A first meeting of the creditors in the proceedings of Jenny Craig
Weight Loss Centres (NZ) Limited will be held on May 18, 2023, at
4:30 p.m. via Zoom.

The purpose of the meeting is to determine:

     a. whether to appoint a committee of creditors; and
  
     b. if so, who are to be the committee’s members.

At the meeting, creditors may also by resolution:

     a. remove the administrators from office; and

     b. appoint someone else as administrator of the company.

Joseph Hansell and Vaughan Strawbridge of FTI Consulting were
appointed as administrators of the company on May 9, 2023.


PORSE EDUCATION: Creditors' Proofs of Debt Due on July 5
--------------------------------------------------------
Creditors of Porse Education & Training (NZ) Limited are required
to file their proofs of debt by July 5, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 5, 2023.

The company's liquidators are:

          Janet Sprosen
          Leon Francis Bowker
          KPMG Auckland
          18 Viaduct Harbour Avenue (PO Box 1584)
          Shortland Street
          Auckland 1140


RVD LIMITED: Grant Thornton Appointed as Receivers
--------------------------------------------------
David Ian Ruscoe and Malcolm Russell Moore of Grant Thornton New
Zealand Limited on May 11, 2023, were appointed as receivers of RVD
Limited (formerly Simply Developments Limited).

The receivers may be reached at:

          Grant Thornton New Zealand Limited
          PO Box 1961, Auckland




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

EQONEX LIMITED: Court to Hear Wind-Up Petition on May 26
--------------------------------------------------------
A petition to wind up the operations of Eqonex Limited (Under
Judicial Management) will be heard before the High Court of
Singapore on May 26, 2023, at 10:00 a.m.

Luke Anthony Furler, the Judicial Manager of Eqonex Limited, filed
the petition against the company on May 3, 2023.

The Petitioner's solicitors are:

          BlackOak LLC
          One George Street, #12-01/02
          Singapore 049145


HAUS LIFESTYLE: Placed Into Creditors' Voluntary Liquidation
------------------------------------------------------------
The Business Times reports that Haus Lifestyle, which runs fitness
studio chain Haus Athletics, has been placed into creditors'
voluntary liquidation. Both its outlets, at Cross Street Exchange
and OUE Downtown Gallery, have been shut down.

Cameron Duncan and David Kim of restructuring specialist
KordaMentha were appointed provisional liquidators on Apr 21,
according to a creditors' letter seen by The Business Times.

Some 268 provisional creditors, many of them studio members, are
owed SGD1.8 million in total, BT discloses.


OTISCO INVESTMENT: Creditors' Proofs of Debt Due on June 11
-----------------------------------------------------------
Creditors of Otisco Investment Pte. Ltd. are required to file their
proofs of debt by June 11, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 10, 2023.

The company's liquidator is:

          Sam Kok Weng
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936


PAYRNET PTE: Commences Wind-Up Proceedings
------------------------------------------
Members of PayrNet Pte. Ltd. and Railsbank Technologies Pte. Ltd.
on May 3, 2023, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

          Ong Shyue Wen
          Saw Meng Tee
          EA Consulting Pte Ltd
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


ROBIN CONSTRUCTION: Creditors' Proofs of Debt Due on June 13
------------------------------------------------------------
Creditors of Robin Construction (Private) Limited are required to
file their proofs of debt by June 13, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 9, 2023.

The company's liquidators are:

          Ang Huey Pueh
          Tee Lian Choy
          105 Cecil Street
          #15-02 The Octagon
          Singapore 069534


TRINGLE INVESTMENT: Creditors' Proofs of Debt Due on June 11
------------------------------------------------------------
Creditors of Tringle Investment Pte. Ltd. are required to file
their proofs of debt by June 11, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 10, 2023.

The company's liquidator is:

          Sam Kok Weng
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936




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

TERRAFORM LABS: Montenegro Court Releases Former CEO on Bail
------------------------------------------------------------
Reuters reports that a court in Montenegro agreed on May 12 to
release Do Kwon, a cryptocurrency entrepreneur charged in the U.S.
with a multibillion-dollar fraud, on bail of EUR400,000
(US$440,320), pending a trial on local charges.

Do Kwon, a South Korean national, is the former CEO of South
Korea-based Terraform Labs, the company behind the stablecoin
TerraUSD that collapsed in May 2022 roiling cryptocurrency markets,
Reuters say.

Following his arrest in Montenegro in March, the U.S. District
Court in Manhattan made public an eight-count indictment against Do
Kwon for securities fraud, wire fraud, commodities fraud and
conspiracy, according to Reuters.

He was detained with Han Chang-joon, Terraform Labs' former finance
officer, who will also be released on bail of EUR400,000. The pair
were charged with forging official documents and a court in
Podgorica ordered them to be placed in a 30-day pre-trial
detention.

The two defendants will remain under house arrest and be supervised
by police, the Basic court in Montenegro's capital Podgorica said
in a statement.

"The court . . . found that the possibility of losing the posted
bail of 400,000 euros each, works sufficiently to dissuade them
from any desire to flee," the statement, as cited by Reuters,
said.

The defendants, who at a hearing on May 11 denied any wrongdoing
over the charges pressed by the Montenegrin prosecutor, told the
court they have property worth millions and that the bail would be
posted by their wives, it said.

Reuters relates that Montenegrin police arrested Do Kwon and
Chang-joon at Podgorica airport as they tried to board a flight to
Dubai.

Police later said they had found doctored Costa Rican passports, a
separate set of Belgian passports, laptop computers and other
devices in their luggage.

South Korean and U.S. authorities sought extradition of Do Kwon and
Chang-joon and the handover of the computers.

Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a
price-stable cryptocurrency. The Company seeks to power the
next-generation payment network and grow the real GDP of the
blockchain economy. Terraform labs provides financial
infrastructure for the next generation of decentralized
application.



                           *********


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 2023.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***