/raid1/www/Hosts/bankrupt/TCRAP_Public/210310.mbx        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

          Wednesday, March 10, 2021, Vol. 24, No. 44

                           Headlines



A U S T R A L I A

DAVIS CONTRACTING: First Creditors' Meeting Set for March 17
FIRSTMAC MORTGAGE 2021-1PP: S&P Assigns BB (sf) Rating to E Notes
FOB FOODS: Second Creditors' Meeting Set for March 15
MCLOWD PTY: First Creditors' Meeting Set for March 17
MGW AUSTRALIA: Second Creditors' Meeting Set for March 22

SWEET AMBITION: Second Creditors' Meeting Set for March 17


C H I N A

HONG YANG: S&P Withdraws 'B' Long-Term Issuer Credit Rating


I N D I A

AIR INDIA: Employee's Takeover Bid Disqualified
AMARNATH AGGARWAL: ICRA Keeps B+ Debt Rating in Not Cooperating
AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
ANJALI WATERFORD: Insolvency Resolution Process Case Summary
API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating

APPLE TILES: Insolvency Resolution Process Case Summary
APR CONSTRUCTIONS: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
ATHULITHA LABORATORIES: Ind-Ra Keeps BB- Rating in Non-Cooperating
AUTO PROFILES: Ind-Ra Cuts Issuer Rating to BB, Outlook Negative

AVADH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
BASANT CITY: ICRA Withdraws B+ Rating on INR10cr LT Loan
BHATIA COKE: ICRA Keeps D Debt Ratings in Not Cooperating
BIPICO INDUSTRIES: Ind-Ra Cuts Issuer Rating to B+, Outlook Stable
BUDHIA AGENCIES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

CHENNAI WATER: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
DA TOLL: ICRA Withdraws D Rating on INR1898.78cr Loans
DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
FLEXITUFF VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
FRANCO LEOME: ICRA Keeps B+ Debt Rating in Not Cooperating

GAMA INFRAPROP: Ind-Ra Withdraws 'B-' Bank Loan Rating
GMR ENERGY: ICRA Keeps B/A4 Debt Rating in Not Cooperating
GMR KAMALANGA: ICRA Keeps D Debt Ratings in Not Cooperating
HEMANG RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating
HEMCO GARMENTS: Insolvency Resolution Process Case Summary

HYQUIP SYSTEMS: Ind-Ra Affirms 'B-' Issuer Rating, Outlook Stable
JAGANNATH RICE: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
JORABAT SHILLONG: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
K SESHAGIRI RAO: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
KPM PROCESSING: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating

KRANTHI EDIFICE: ICRA Keeps D Debt Ratings in Not Cooperating
KRISENTER IMPEX: Insolvency Resolution Process Case Summary
KRISHNA EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'D'
KUNJ ROLLER: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
KVK GRANITES: ICRA Keeps D Debt Ratings in Not Cooperating

LOT MOBILES: ICRA Lowers Rating on INR5.0cr LT Loan to B+
MAA BHUASUNI: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
MECTECH PROCESS: Ind-Ra Gives BB+ LT Issuer Rating, Outlook Stable
NAGARJUNA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating

NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
PASUPATI SPINNING: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
PRASHANTH EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
R V PLASTIC: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
RAIPUR ENERGEN: ICRA Keeps D Debt Ratings in Not Cooperating

RAJARATNA MILLS: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
SICAL CONNECT: ICRA Reaffirms D Rating on INR24cr Term Loan
SILVER STAR: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
STEEL AND METAL: Ind-Ra Affirms 'BB+' Bank Loan Rating
SUNWAY INFRA: ICRA Keeps D Debt Rating in Not Cooperating

TECHNOCAST FOUNDRY: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
TERA SOFTWARE: Ind-Ra Keeps 'BB+' Issuer Rating in Non-Cooperating
TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating
URBANEDGE HOTELS: ICRA Reaffirms C+ Rating on INR112cr Term Loan

VAKRANGEE FOUNDATION: Ind-Ra Keeps 'B+' Rating in Non-Cooperating
VASAN HEALTHCARE: Agarwal Healthcare Expresses Interest to Buy Firm
VIJAYA RAJA: ICRA Keeps B+ Debt Rating in Not Cooperating
WARASGAON POWER: Insolvency Resolution Process Case Summary
WEST GUJARAT: Ind-Ra Hikes Non-Convertible Debts Rating to 'B-'

YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
[*] INDIA: Banks May Seek Extension of Freeze on NCLT Proceedings


N E W   Z E A L A N D

NF GLOBAL: Must Find NZD17 Million to Avoid Liquidation
POP-UP GLOBE: Placed Into Liquidation After Impacted by Covid-19


S I N G A P O R E

HIAP SENG: Judicial Management Extended to September 14
HIN LEONG: High Court Approves Oil Trader's Winding Up Bid

                           - - - - -


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

DAVIS CONTRACTING: First Creditors' Meeting Set for March 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Davis
Contracting (WA) Pty Ltd will be held on March 17, 2021, at 10:00
a.m. via virtual meeting technology.

Richard Albarran, Cameron Shaw, Sule Arnautovic of Hall Chadwick
were appointed as administrators of Davis Contracting on March 5,
2021.

FIRSTMAC MORTGAGE 2021-1PP: S&P Assigns BB (sf) Rating to E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to six of the seven classes of
prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series 2021-1PP.

The ratings reflect:

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

-- S&P's view of the credit support, which is sufficient to
withstand the stresses we apply. Credit support for the rated notes
comprises note subordination, excess spread, and lenders' mortgage
insurance on 7.2% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 1.1% of the outstanding note balance, subject to a floor
of A$1,210,000, and the principal draw function are sufficient to
ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Firstmac Ltd., available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The fixed- to floating-rate interest-rate swap provided by
Westpac Banking Corp. to hedge the mismatch between receipts from
fixed-rate mortgage loans and the variable-rate RMBS.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2021-1PP

  Class A-1, A$990.00 million: AAA (sf)
  Class A-2, A$55.00 million: AAA (sf)
  Class B, A$19.80 million: AA (sf)
  Class C, A$14.00 million: A (sf)
  Class D, A$9.20 million: BBB (sf)
  Class E, A$5.40 million: BB (sf)
  Class F, A$6.60 million: Not rated


FOB FOODS: Second Creditors' Meeting Set for March 15
-----------------------------------------------------
A second meeting of creditors in the proceedings of Fob Foods Pty
Ltd, trading as Co Hanh, has been set for March 15, 2021, at 1:30
p.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 14, 2021, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Fob Foods on Feb. 8, 2021.


MCLOWD PTY: First Creditors' Meeting Set for March 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mclowd Pty
Ltd will be held on March 17, 2021, at 9:00 a.m. via Microsoft
Teams.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Mclowd Pty on March
5, 2021.


MGW AUSTRALIA: Second Creditors' Meeting Set for March 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of MGW Australia
Pty Ltd, trading as Sizzling Sizzling, has been set for March 22,
2021, at 11:00 a.m. via Zoom meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 19, 2021, at 4:00 p.m.

Danny Vrkic & Daniel O'Brien of DV Recovery Management were
appointed as administrators of MGW Australia on Feb. 15, 2021.

SWEET AMBITION: Second Creditors' Meeting Set for March 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sweet Ambition
Pty Ltd, trading as The Cake Merchant, has been set for March 17,
2021, at 11:00 a.m. at the offices of Rapsey Griffiths Turnaround +
Advisory, Level 5, 55-57 Hunter Street, in Newcastle, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 16, 2021, at 4:00 p.m.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of Sweet Ambition on Feb. 10, 2021.



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

HONG YANG: S&P Withdraws 'B' Long-Term Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit ratings
on Hong Yang Group Co. Ltd. and Redsun Properties Group Ltd. at the
companies' request. The outlook was stable at the time of the
withdrawal.





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

AIR INDIA: Employee's Takeover Bid Disqualified
-----------------------------------------------
Ragini Saxena at Bloomberg News reports that a group of Air India
Ltd. employees has been ruled out of a bidding process to take
control of the loss-making national carrier, as the government
moves ahead with its years-long attempt to offload the airline.

"I write to you with a heavy heart on the outcome of our bid to
acquire Air India," the airline's commercial director Meenakshi
Malik wrote in a letter to employees dated March 8, Bloomberg
relays. "We have been unsuccessful in qualifying to the next phase
of the 'Disinvestment Acquisition process.'"

Citing a letter from Ernst & Young, which is advising the
government on the sale, Malik said the group didn't meet
eligibility requirements, Bloomberg relays. They include submitting
three years of audited financial statements for foreign consortium
members and being an appropriately regulated foreign investment
fund. The group of employees partnered with a Seychelles-based fund
for the bid.

Tata Sons Ltd., the holding company of the conglomerate that owns
an 84% stake in AirAsia India and controls Jaguar Land Rover, is
among the remaining bidders, according to Bloomberg. SpiceJet Ltd.
promoter Ajay Singh and two other investors have also shown an
interest in acquiring Air India, the Economic Times reported last
month. Singh is seeking a 100% stake with support from investors,
including a foreign fund, according to the report.

Debt-ridden Air India has been up for sale since 2017, Bloomberg
says.  The government extended a bid deadline last year and said
potential suitors would be allowed to decide how much of its debt
they'd take on as part of the transaction, the report relates. The
carrier has been unprofitable since its 2007 merger with
state-owned domestic operator Indian Airlines Ltd., and has relied
on taxpayer money to keep flying.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

Since the 2011-12 financial year, the government of India has
pumped more than INR300 billion into the troubled airline, whose
net losses for the year ended March 2019 reached INR85 billion, its
biggest since the 2008 financial crisis and up 59% from losses of
INR53 billion a year earlier, according to the Nikkei.

AMARNATH AGGARWAL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Amarnath
Aggarwal Constructions in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           2.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund based-                     COOPERATING; Rating continues
   Cash Credit                     to remain in the 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1979, AAC is into the construction of roads,
bridges, road over bridges (RoB) etc. AAC is a part of the Amarnath
Aggarwal group, which has been in the construction and real estate
business for past 30 years through various group
companies and primarily has presence in Punjab, Haryana and
Himachal Pradesh.

AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR562.30-crore bank facilities of
Shree Ambika Sugars Limited continue to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          34.63      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-         527.67      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Shree Ambika Sugars Limited, is a part of the Thiru Arooran Group,
and was incorporated in 1988. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 11,500 TCD
of cane crushing capacity, 56 MW cogeneration unit and 60 KLPD
distillery. It also has 750 TPD sugar refinery.


ANJALI WATERFORD: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Anjali Waterford Hospitality and Infra Limited
        Plot No. 304-L-III Road No. 78
        Julbilee Hills, Hyderabad
        TG 500033

Insolvency Commencement Date: February 22, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 21, 2021

Insolvency professional: Pradeep Kumar Sravanan

Interim Resolution
Professional:            Pradeep Kumar Sravanan
                         6-40, Plot No. 101
                         Suprabhat Township
                         Venture-2
                         Near Nalla Mallareddy
                         Engineering College
                         K. Singram, Ghatkesar Mandal
                         Rangareddy District
                         Hyderabad 500088
                         E-mail: 12283kumar@icmaim.in

Last date for
submission of claims:    March 12, 2021


API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Api
Associates Private Limited in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.61       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-          0.39       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-         3.00       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category
  
The rating is denoted as "[ICRA]D/D ISSUER NOT COOPERATING" ICRA
has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

API is a part of Mr. Anil Aggarwal faction within the larger Action
group that has been in the footwear business for more than three
decades. The company was incorporated in 1986 and is engaged in
manufacturing of PVC footwear, it has set up its manufacturing
facilities in Delhi.

API reported an OI of INR13.88 crore in FY2017 as against 22.28
crore in FY2016 and a net loss of INR11.98 crore in FY2017 as
against a net profit of INR0.06 crore in FY2016.


APPLE TILES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Apple Tiles Private Limited
        Survey No. 105/P/1-2 of Vill. Makansar
        National Highway 8-A
        Tal. Morbi (Dist. Rajkot)
        Bandhunagar, Gujarat 363642
        India

Insolvency Commencement Date: March 1, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 31, 2021

Insolvency professional: Mr. Bhavan Trivedi

Interim Resolution
Professional:            Mr. Bhavan Trivedi
                         55, 6th Floor, Shri Krishna Centre
                         Nr. Mithakhali Six Roads
                         Navrangpura, Ahmedabad
                         Gujarat 380009
                         E-mail: bhavant@yahoo.com

Last date for
submission of claims:    March 18, 2021


APR CONSTRUCTIONS: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned APR Constructions
Limited (APRCL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR175 mil. Fund-based facilities assigned with IND BB+/Stable

     /IND A4+ rating; and

-- INR1.325 bil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect APRCL's moderate scale of operations. The
company's revenue declined 27.6% yoy to INR1,742.47 million in FY20
(FY18: INR2,763.78 million) due to the slow execution of orders and
delayed approvals from the government departments due to COVID-19
led operational disruption. The company achieved revenue of
INR1,355.44 million in 9MFY21. Its order book stood at INR6,100.53
million (3.5x FY20 revenue) at end-9MFY21, which provides moderate
revenue visibility for the next two-to-three years.

The ratings factor in APRCL's highly-concentrated order book, as
the top five orders contributed to around 78% of the outstanding
orders at end-9MFY21. Irrigation projects accounted for around 85%
of the outstanding order book in FY20. Also, in terms of geography,
Andhra Pradesh and Telangana contributed to around 82.5% of the
outstanding order book at end-9MFY21. The management does not plan
to diversify to other sectors/geography in the near term since
diversification may result in decline in EBITDA margins. During
FY20 and 9MFY21, one project from Jigaon (Maharashtra) contributed
to around 83.2% and 96.6% of revenue, respectively. The project was
under the priority projects for the government of Maharashtra and
hence, the company made significant progress in the same. However,
since most of the company's customers are state government
departments, there are delays in ongoing projects on account of
pending design approvals, which adversely impacts the revenue
booking and receivable position.

The ratings are also factor in the company's modest EBITDA margin,
which contracted to 7.8% in FY20 (FY19: 8.45%) due to the increased
execution of lower-margin material portion of the contract; margins
are lower for EPC companies when they bill material portion than
the labor portion of the contract. The company's return on capital
employed stood at 7.5% in FY20 (FY19: 12.1%). The company's margins
are lower than peers due to its sub-contracted nature of project
execution. As per the company's cost structure in FY20, the
sub-contracting expenses contributed to about 87.6% of the total
costs (FY19: 74.4%). The company provides bank guarantee for all
the contracts in its own name and the risk of slow/faulty execution
lies with the company, which may result in margin contraction.

The ratings also factor in the modest credit metrics of APRCL. Its
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 8.16x in FY20 (FY19: 9.2x) due to a decline in the
absolute EBITDA to INR135 million (INR203 million) and the company
reported negative leverage due to its net cash position.

Liquidity Indicator- Adequate: APRCL reported nil utilization of
its fund-based limits of INR175 million over the last 12-months
ended January 2021. The company has strong cash position as
reflected in its cash balance of INR136.75 million at FYE20. The
company does not have any term loans outstanding. The company did
not avail of the Reserve Bank of India-prescribed moratorium. The
gross working capital cycle of the company stretched to 217 days in
FY20 (FY19: 147 days) due to increased inventory days as the
company could not complete its billing owing to the lockdown.

The ratings, however, are also supported by APRCL's promoter's over
four decades of experience in the execution of irrigation and other
projects.

RATING SENSITIVITIES

Positive: The successful execution of the order book, reduction in
order book concentration, improvement in the business profile
resulting in an improvement in the EBITDA margins, while
maintaining the current liquidity position, resulting in an
improvement in the credit metrics, on a sustained basis, could be
positive for the ratings.

Negative: Delays in the execution of the order book; weakening in
the scale of operations; a decline in the EBITDA margins;
deterioration in liquidity position resulting in deterioration in
credit metrics, on a sustained basis, could be negative for the
ratings.

COMPANY PROFILE

APRCL was incorporated in 2004 and is engaged in engineering,
procurement and construction contracts for central and state
governments in irrigation, roads, railway bridges, industrial
infrastructure, etc mainly in the states of Andhra Pradesh and
Telangana.

ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ashritha
Health Pvt Ltd in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.65       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 2012, AHPL is promoted by its Dr. Bhargavi Reddy
(MBBS, MD) and Dr. Shekhar Reddy (BDS). The promoters also run a
25-bedded hospital on a rented premise in Thippasandra, Bangaluru
names "Dr Bhargavi Reddy Women and Childcare Hospital". The
hospital provides treatment in various department viz. gynecology,
pediatrics, general physician among others.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR30.2 mil. Term Loan due on December 2022 maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR30 mil. Non-fund-based working capital limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR115 mil. Proposed fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged); and

-- INR30 mil. Proposed Non-fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in October 2011 in Hyderabad, Athulitha Laboratories
manufactures drug intermediates.

AUTO PROFILES: Ind-Ra Cuts Issuer Rating to BB, Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Auto Profiles
Limited's (APL) Long-Term Issuer Rating to 'IND BB' from 'IND BB+'.
The Outlook is Negative.

The instrument-wise rating actions are:

-- INR280 mil. (reduced from INR304 mil.) Fund-based working
     capital limit Long-term downgraded/short-term affirmed with
     IND BB/Negative/IND A4+ rating;

-- INR15 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating;

-- INR236.9mil. (reduced from INR291.35 mil.) Term loan due on
     August 2024 downgraded with IND BB/Negative rating;

-- INR40.7 mil. Term loan due on September 2024 assigned with
     IND BB/Negative rating; and

-- INR81.9 mil. Working capital term loan due on January 2026
     assigned with IND BB/Negative rating.

The downgrade reflects the deterioration of the credit metrics and
the decline in revenue in FY20. The Negative Outlook reflects the
likelihood of the metrics weakening further in FY21.

KEY RATING DRIVERS

APL's credit metrics weakened in FY20 due to a decline in EBITDA to
INR142 million (FY19: INR233 million) and the incurring of a
debt-led CAPEX of INR87.5 million. The net leverage (total adjusted
net debt/ operating EBITDA) was 4.7x in FY20 (FY19: 2.6x) and the
interest coverage (operating EBITDA/ gross interest expense) was
2.3x (3.5x). Ind-Ra expects the metrics to deteriorate further in
FY21 due to the disbursement of term loan and working capital loan
amounting to a total of INR144.9 million during the year.

Moreover, the revenue declined to INR2,372.4 million in FY20 (FY19:
INR5,367 million) due to lower demand for commercial vehicles in
the domestic market. The scale of operations continued to be
medium. APL's performance has been adversely impacted by the
overall slowdown in the automobile industry, which worsened because
of the pandemic-led issues. In 10MFY21, the company achieved
revenue of only INR967.8 million. Consequently, Ind-Ra expects the
revenue to decline on a year-on-year basis in FY21.

The ratings reflect the modest EBITDA margins due to the nature of
the business. The margin rose to 6% in FY20 (FY19: 4.3%) as Tata
Motors Limited (TML), the company's main customer, agreed to a
long-pending revision at prices to compensate for the increase in
the price of consumables, labor costs, and electricity charges.
The ROCE was 3.2% in FY20 (FY19: 11%). Ind-Ra expects margins to be
6%-7% in the short-to-medium term.

Liquidity Indicator – Poor: APL's average maximum utilization of
fund-based limits was 88% for the 12 months ended January 2021. The
net cash cycle elongated to 62 days in FY20 (FY19: 22 days) on
account of an increase in the inventory days to 82 days (FY19: 32
days). The company had unencumbered cash of INR12.9 million in FY20
(FY19: INR38.1 million). However, the cash flow from operations
declined to INR24.1 million in FY20 (FY19: INR121.5 million) on
account of unfavorable changes in the working capital. Moreover,
APL's free cash flow deteriorated further to a negative to INR63.4
million in FY20 (FY19: negative INR48.8 million) owing to the
undertaking of CAPEX and decline in the cash flow from operations.
Ind-Ra expects the liquidity position to remain stretched over the
short-to-medium term on account of higher working capital
requirements. Furthermore, the company does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company had availed Reserve Bank
of India-prescribed debt moratorium for March-August 2020.

The ratings are also constrained by APL's customer concentration
risk, with TML contributing 93% to the company's revenue in FY20
(FY19: 75%).

The ratings have factored in the prevailing weakness in overall
automotive demand, with COVID-19-led disruptions having aggravated
the already ongoing slowdown in the automobile industry. The sector
witnessed considerable stress in 1QFY21; however, with the lockdown
restrictions being lifted, the sales of vehicles improved on a mom
basis in 2QFY21.

The ratings, however, derive comfort from APL's long-standing
associations with reputed customers such as TML and Daimler India
Commercial Private Ltd.

The ratings are also supported by APL's promoters' experience of
over three decades in manufacturing sheet metal pressed auto
components.

RATING SENSITIVITIES

Negative: A decline in revenue and operating profitability below
Ind-Ra's expectations, or further deterioration in the liquidity
profile, resulting in the interest coverage falling below 1.7x, on
a sustained basis, would lead to negative rating action.
Positive: An improvement in the scale of operations and increase in
the EBITDA margins, along with an improvement in the liquidity
position, resulting in the interest coverage remaining above 1.7x,
would lead to the Outlook being revised to Stable.

COMPANY PROFILE

APL was incorporated under the Companies Act, 1956, in 1989. APL is
promoted by Mr. Bikash Mukherjee. It is engaged in the
manufacturing of sheet metal pressed auto components and has a
total production capacity of 78,000 metric tons per annum.

AVADH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Avadh
Cotex Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

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

   Long Term/          1.95        [ICRA]B+ (Stable)/[ICRA]A4
   Short Term–                     ISSUER NOT COOPERATING;  
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Established in 2006, Avadh Cotex Private Limited is a private
limited company managed by Mr. Bharatbhai Bhalala and Mr.
Sanjaybhai Bhalala. The company is engaged in ginning and pressing
of raw cotton to produce cotton bales and cottonseeds. The plant is
equipped with 26 ginning machines and 1 pressing machine with
processing capacity of 2300 kg of raw cotton per day per machine
(assuming 12 hours shift). The key promoters, Mr. Bharatbhai
Bhalala and Mr. Sanjaybhai Bhalala, have extensive experience in
the cotton ginning business.


BASANT CITY: ICRA Withdraws B+ Rating on INR10cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Basant
City Centre Malls Private Limited, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          10.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based TL                  COOPERATING; Withdrawn

Rationale

The long-term and short-term rating assigned to Basant City Centre
Malls Private Limited have been withdrawn at the request of the
company, based on the No Due Certificate/Closure Certificate
provided by its banker, and in accordance with ICRA's policy on
withdrawal and suspension. ICRA is withdrawing the rating and it
does not have information to suggest that the credit risk has
changed since the time the ratings were last reviewed.

Basant City Centre Malls Private Limited (BCCMPL) is a private
limited company promoted by Mr. Basantkumar Patil and his
associates to carry on the business of construction and development
of residential and commercial properties. The company was
incorporated in 2006 with its registered office at Bangalore. The
firm is being managed by Mr. Patil who has developed several other
projects including software parks, and a hospital in Bangalore. He
also runs three hotels in Bangalore and Hubli and a charitable
trust in Bijapur. He has also served as the president of Karnataka
Film Producers Association for the period 2001-05. The company is
currently developing a residential cum commercial project, "Basant
Hiralkh" at Court Circle, Traveller's Bunglow Road, Hubli. The
project has residential and commercial structures consisting of two
towers of eight floors each. The project is being executed in JDA
mode whereby the company has 100% share in residential area and 43%
share in commercial area. The total project cost is INR135 crore
which is to be funded through bank loans to the tune of INR65
crore, INR50 crore through promoter contribution and balance INR20
crore through customer advances.

BHATIA COKE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bhatia
Coke & Energy Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         24.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund Based-        110.83      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non Fund based      14.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Unallocated         75.67      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non Fund Based      75.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

A part of Bhatia Group of Indore, Bhatia Coke & Energy Limited
(BCEL) is a manufacturer of coke with an installed capacity of
340,000 MTPA. In addition, the company also has 22.5MW capacity for
power generation using waste heat recovered from coke oven plant.

BCEL was incorporated in June 2008; however, it didn't undertake
any operations till business transfer agreement was signed with
erstwhile flagship company of the group i.e. Bhatia International
Limited, which has been renamed to Asian Natural Resources (India)
Limited (ANRIL). As a part of Bhatia Group's restructuring plans,
coke manufacturing unit having capacity of 168,000 MTPA and 10MW
power plant based on waste heat recovered from coke oven plant were
transferred to BCEL. The effective date of transfer of business to
BCEL was October 2009; however, actual transfer happened in
February 2011 after appraisal and approval of bankers. Subsequently
in FY2013, BCEL completed brownfield capacity expansion program at
its unit in Gummidipoondi, Tamil Nadu, whereby coke manufacturing
capacity was doubled to about 340,000 MTPA and power generation
capacity was increased to about 22.5 MW.

BIPICO INDUSTRIES: Ind-Ra Cuts Issuer Rating to B+, Outlook Stable
------------------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Bipico Industries
(Tools) Pvt Ltd's (BITPL) Long-Term Issuer Rating to 'IND B+' from
'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR185 mil. Fund-based working capital limits downgraded with
     IND B+/Stable /IND A4 rating;

-- INR35.6 mil. Term loan due on March 2023 downgraded with
     IND B+/Stable rating; and

-- INR1 mil. Non-fund-based working capital limits is withdrawn
     (repaid in full).

KEY RATING DRIVERS

The downgrade reflects BITPL's continued small scale of operations.
Its revenue declined to INR469 million in FY20 (FY19: INR577
million) due to fewer orders from the automobile sector; the
stoppage of production due to the breaking out of the fire at its
unit in Mumbai (Maharashtra) during September 2019, and the
COVID-led lockdown. The company recorded a revenue of INR320
million in 9MFY21. Ind-Ra expects the company's revenue to further
decline yoy owing to the COVID-19 led operational disruptions
during April and May 2020.

The ratings also factor in the company's modest EBITDA margin. The
margin plummeted to 0.6% in FY20 (FY19: 8.2%) due to the poor
absorption of fixed costs owing to the deteriorated revenue. Its
return on capital employed was negative 3% in FY20 (FY19: 6%).
Ind-Ra expects the company's EBITDA margin to remain modest with an
improvement likely in FY21, owing to fixed cost-reduction measures
undertaken by management.

The ratings also factor in the modest credit metrics. The interest
coverage (operating EBITDA/gross interest expense) deteriorated to
0.1x in FY20 (FY19: 1.7x) and net financial leverage (total
adjusted net debt/operating EBITDAR) to 91.7x ( 4.7x) due to a
significant decline in the absolute EBITDA to INR3 million ( INR47
million). Ind-Ra expects the credit metrics to improve in FY21
owing to an expected improvement in the absolute EBITDA due to the
cost-reduction measures, and the absence of any debt-lead capex
plan.

Liquidity Indicator- Poor: The company utilized average 85% of its
working capital limits during the 12-months ended January 2021. Its
cash flow from operations improved to INR17 million in FY20 (FY19:
INR8 million) due to an improvement in the cash conversion cycle.
The company's cash conversion cycle, although elongated, improved
to 421 days in FY20 (FY19: 430 days) owing to a reduction in the
inventory days to 375 (389 days). Its free cash flows improved to
INR2 million in FY20 (FY19: negative INR31 million) due to an
improvement in its cash flow from operations. The company had an
unchanged cash balance of INR7 million at FYE20 and the company
availed of the Reserve Bank of India-prescribed moratorium from
March 2020 to August 2020.

The ratings, however, are supported by the promoter's over three
decades of experience in the manufacturing of saw blade and
industrial cutting tools.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations and
EBITDA margin, leading to a sustained improvement in the credit
metrics and liquidity position, will be positive for the ratings

Negative: A decline in the scale of operations or EBITDA margins,
leading to deterioration in the credit metrics, with the interest
coverage remaining below 1.2x, on sustained basis, or the weakening
of the liquidity position will be negative for the ratings.  

COMPANY PROFILE

BITPL was incorporated in 1972, engaged in the manufacture of
hacksaw blades and bandsaw blades.


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

The instrument-wise rating action is:

-- INR195 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002, Budhia Agencies is an authorized dealer of
Tata Motors Limited based in Jharkhand. It undertakes sale of
light, medium and heavy commercial vehicles. It has 15 outlets,
including two sales-service-spares centers, in Jharkhand. Mentu
Budhia, Rajendra Prasad Budhia, Rahul Budhia and Babita Budhia are
the promoters.


CHENNAI WATER: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Chennai Water Desalination Ltd's (CWDL) bank facilities:


-- The 'IND D' rating on the INR3.78 bil. Senior project bank
     loan (long-term) is withdrawn; and

-- INR50 mil. Performance guarantee (executed in the form of bank

     guarantee) (long term) maintained in non-cooperating category

     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 6, 2019. Ind-Ra is unable to provide an update on the
Performance Bank Guarantee, as the agency does not have adequate
information to review the ratings.

KEY RATING DRIVERS

The rating of the bank guarantee has been maintained in the
non-cooperating category as CWDL did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


Ind-Ra is no longer required to maintain the senior project bank
loan rating, as the agency has received no-dues certificates from
all the lenders.

COMPANY PROFILE

CWDL is a special purpose vehicle that was incorporated to design,
construct, operate and maintain a 100-million-liter-per-day
seawater desalination plant in Minjur, about 35km north of
Chennai.


DA TOLL: ICRA Withdraws D Rating on INR1898.78cr Loans
------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
DA Toll Road Private Limited at the request of the company and
based on the No Objection Certificate received from its banker.
ICRA is withdrawing the rating and it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The Key rating drivers, Liquidity position,
Rating sensitivities, Key financial indicators have not been
captured as the rated instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-    1883.34      [ICRA]D (ISSUER NOT
   based–Term Loan                 COOPERATING); withdrawn

   Long term-           15.44      [ICRA]D (ISSUER NOT
   Unallocated                     COOPERATING); withdrawn

Incorporated in May 2010, DA Toll Road Private Limited (DATRL), is
a special purpose vehicle (SPV) which was earlier promoted by
Reliance Infrastructure Limited (R Infra). In 2020, Singapore based
entity, Cube Highways and Infrastructure III Pte Ltd acquired the
project. The SPV has been set up for the purpose of
widening/up-gradation of the stretch between Delhi and Agra from
existing 4-lanes to 6-lanes. The total length of the road under the
project is 179.50 kilometre (km). The project was awarded to the
company under a competitive bidding process under National Highway
Development Program (NHDP) on a Design, Build, Finance, Operate and
Transfer (DBFOT) basis. The key bid variable was the grant
receivable from NHAI which was bid at INR180 crore. The concession
period is for 26 years from the appointed date (i.e., October 16,
2012).


DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Deco
Equipments Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-          8.19       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 1989, Deco Equipments Private Limited manufactures
custom-made axel parts, break assembly related parts, engine &
transmission components, earth moving components etc., which finds
its application in commercial vehicles and construction equipments.
DEPL is a closely held company and managed by Mr. Deric Fernandis,
Managing Director who served as an Engineer at Machinery
Manufactures Corporation – textile division for 8 years before
starting DEPL in 1989. DEPL's manufacturing facility is located in
Hebbal industrial area at Mysore in Karnataka and presently employs
around 160 workers (85 permanent employees and the rest on
contractual basis).

FLEXITUFF VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Flexituff Ventures
International Limited (FVIL) continue to remain in 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/ [ICRA]D
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         37.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain
   Term Loan                      under 'Issuer Not Cooperating'
                                  category

   Long Term-        289.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain
   Cash Credit                    under 'Issuer Not Cooperating'
                                  category
   Short-Term-
   Non-Fund Based    293.00       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category    

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

Flexituff Ventures International Limited (FVIL) was formed in 1966
as a partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Bourses in 2011. FVIL is engaged in the  business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags, primarily for domestic markets),
geotextile fabrics and ground cover (used for prevention of
landslides, control of soil erosion and river bank protection) and
polymer compounds (used for wires and cables) and drippers. The
main product of the company is FIBC, which is used in bulk
packaging and transportation requirement for multiple industries
like cement, chemical, pharmaceutical, food processing consumer
goods, sugar and meat products. The company has two manufacturing
facilities, located at Pithampur (Madhya Pradesh) and Kashipur
(Uttarakhand), and two wholly-owned subsidiaries in U.K. and the
USA. The manufacturing facility at Kashipur commenced operations in
December 2015 and has a capacity of 22,000 metric tonne per annum
(MTPA).

FRANCO LEOME: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Franco
Leome Shoes (P) Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          40.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund based-                     COOPERATING; Rating continues
   Cash Credit                     to remain in the 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1995, FLSPL is a manufacturer and retailer of
leather and non-leather footwear for men and sells its products
under its own brand Franco Leone. FLS has two manufacturing units
in Baddi (Himachal Pradesh), one in Greater Noida (Uttar
Pradesh), and one in Bahadurgarh (Haryana).

GAMA INFRAPROP: Ind-Ra Withdraws 'B-' Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gama Infraprop
Private Limited's (GIPL) bank loan ratings in the non-cooperating
category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND B- rating on the INR3,016.42 bil. Senior project bank

     loans maintained in non-cooperating category and withdrawn;

-- The 'IND B- rating on the INR299.8 mil. Cash credit facility
     maintained in non-cooperating category and withdrawn;

-- The 'IND B- rating on the INR651.8 mil. Letter of credit
     maintained in non-cooperating category and withdrawn;

-- The 'IND B- rating on the INR175.8 mil. Bank guarantee
     maintained in non-cooperating category and withdrawn; and

-- The 'IND B- rating on the INR40.0 mil. Performance bank
     guarantee maintained in non-cooperating category and
     withdrawn.

KEY RATING DRIVERS

GIPL did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency.

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

COMPANY PROFILE

GIPL is promoted by M/s RLG Group, which is engaged in chemical
manufacturing, pharmaceutical manufacturing, and power generation.
It was incorporated under the Companies Act, 1956, to develop and
operate a 225MW (nameplate capacity) combined-cycle gas-fired power
plant in Udhamsinghnagar (Uttarakhand). The project is designed to
use natural gas/re-gasified liquefied natural gas as the main fuel
for power generation. The power plant achieved commercial
operations date on March 16, 2016.

GMR ENERGY: ICRA Keeps B/A4 Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR610.00 crore bank facilities of GMR
Energy Limited continue to remain under 'Issuer Not Cooperating'
category'. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/          610.00      [ICRA]B (Stable)/[ICRA]A4
   Short-term                      ISSUER NOT COOPERATING;
   Non-fund based                  Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

GMR Energy Limited was originally incorporated as Tanir Bavi Power
Company Limited (TBPCL) and promoted by foreign investors in
October 1996. Subsequent to TBCPL's acquisition by GMR
Infrastructure Limited (GIL), the name of the company was changed
to GMR Energy Limited in 2003. GMR Energy earlier owned and
operated a barge-mounted, naphtha-based combined cycle plant of
capacity 235 MW near Mangalore in the state of Karnataka. The plant
commenced commissioning in June 2001 and sold electricity to two of
the Karnataka State electricity distribution companies - namely
Bangalore Electricity Supply Company Ltd and Mangalore Electricity
Supply Company Ltd as per the terms of a PPA, which expired in June
2008. Since the expiry of the PPA, GMR Energy has been operating
the plant on 2 merchant mode. In FY2011, GMR Energy transitioned to
gas-based operations at a cost of approx. INR605 crore and the
plant was relocated to Kakinada in Andhra    Pradesh. With the
induction of Tenaga, the company has a portfolio of coal-based,
gas-based and renewable (hydro & solar) power projects, with a
total capacity of 4,630 MW. The portfolio comprises an operating
capacity of 2,300 MW (1,650MW of coal-based, 623MW of gas-based and
25MW of solar capacity. Apart from this, projects with an aggregate
generation capacity of 2,330 MW are under various stages of
completion/ development in India and Nepal.

GMR KAMALANGA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR3855.00 crore bank facilities of
GMR Kamalanga Energy Limited continue to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based       3405.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Non-fund based    450.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category  

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

GMR Kamalanga Energy Limited (GKEL) is an SPV promoted by the GMR
Group for development of 1050 MW (3 X 350 MW) domestic coal based
thermal power plant at Kamalanga in the state of Odisha. GMR Group
holds ~86% stake in GKEL through GMR Energy Limited, while balance
is held by India Infrastructure fund and IDFC Limited. The plant
has been commissioned in March 2014 as against original
commissioning schedule of March 2012. The final project cost is
estimated at INR6,519 crore.   The company has three Power Purchase
Agreement (PPA) with Grid Corporation of Odisha (GRIDCO; 263 MW),
Haryana Utilities (300 MW net) and Bihar state utility (260 MW
net).

HEMANG RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hemang
Resources Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/D ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         12.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non Fund based       6.28      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Unallocated        104.72      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category


   Non Fund based      77.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Hemang Resources Limited (erstwhile Bhatia Industries and
Infrastructure Limited) is promoted by the Bhatia Group of Indore,
and is involved in coal trading, wherein coal is imported from
coalfields in Indonesia and South Africa and is sold to domestic
companies. It was initially incorporated as BCC Finance Limited and
was involved in asset financing business. Subsequently in the year
FY2007, it surrendered its NBFC certificate and changed the name to
Bhatia Industries and Infrastructure Limited before being renamed
HRL from March 2015 onwards. Since then, the company has been
trading in coal as the main commodity, apart from commodities such
as sand and soybean (which is now discontinued). Within the Bhatia
Group, HRL is vested with the 'stock and sale' business with focus
on catering to small corporate entities and dealers.

HEMCO GARMENTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: HEMCO Garments Private Limited
        D-4A, Sara Industrial Estate Village
        Mauza Central Hope Town
        Pargana Pachwa Doon
        Vikas Nagar, Dehradun
        Uttarkhand 248197
        India

Insolvency Commencement Date: March 1, 2021

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: August 27, 2021

Insolvency professional: Deepak Mittal

Interim Resolution
Professional:            Deepak Mittal
                         R-4/39, Raj Nagar
                         Ghaziabad 201002
                         E-mail: reshmaandco@gmail.com
                                 irp.hemco@rrinsolvency.com

Last date for
submission of claims:    March 15, 2021


HYQUIP SYSTEMS: Ind-Ra Affirms 'B-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hyquip Systems
Limited's (HSL) Long-Term Issuer Rating at 'IND B-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR86.6 mil. Fund-based facilities affirmed with IND B-/Stable

     /IND A4 rating; and

-- INR102 mil. Non-fund-based facilities affirmed with IND A4
     rating.

The affirmation reflects HSL's continued poor liquidity in FY21.

KEY RATING DRIVERS

Liquidity Indicator – Poor: HSL's working capital limits were
fully utilized with several instances of overutilization, extending
up to 28 days, during the 12-months ended January 2021. The cash
flow from operations deteriorated to negative INR12.2 million in
FY20 (FY19: negative INR4 million) due to elongation in the cash
conversion cycle to 754 days (471 days) owing to an increase in the
inventory days to 762 (402). The company had cash of INR0.8 million
by FYE20. HSL availed of the interest moratorium under the Reserve
Bank of India's COVID-19 regulatory package for its working capital
over April-August 2020.

The ratings are further constrained by HSL's continued small scale
of operations. Its revenue declined to INR170.7 million in FY20
(FY19: INR243.6 million) due to the company's focus on high-margin
project orders instead of volume-based orders. At end-December
2020, HSL had an order book of INR802.24 million (4.7x FY20
revenue), to be executed by end-March 2021, providing robust
short-term revenue visibility. Ind-Ra expects any adverse changes
in the export market due to any additional lockdown over FY21-FY22
to impact company's revenue. HSL recorded revenue of INR259.69
million for 10MFY21.

The ratings also factor in HSL's modest EBITDA margin. The margin
expanded to 13.8% in FY20 (FY19: 5.8%) due to an increase in the
execution of high-margin orders. Its return on capital was modest
at 8% in FY20 (FY19: 6%).

The ratings are also constrained by HSL's modest credit metrics.
Its interest coverage (EBITDA/interest expense)  improved to 1.1x
in FY20 (FY19: 0.7x) and net leverage  (adjusted net debt/
operating EBITDA) to 6.1x (9.8x) due to an improvement in the
absolute EBITDA to INR23.5 million (INR14.1 million). Ind-Ra
expects the company's credit metrics and EBITDA to be stable in
FY21 on account of a similar level of business activity.

The ratings, however, are supported by HSL's promoter's over three
decades of experience in the manufacturing of bulk material
handling equipment and turkey project work for steel, cement,
sugar, paper and power industries, leading to longstanding
relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: Any further decline in the liquidity profile with
deterioration in the revenue and credit metrics, on a sustained
basis, will be negative for the ratings.

Positive: An improvement in the liquidity profile with an
improvement in the revenue and a further improvement in the credit
metrics, on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Hyderabad-based HSL, incorporated in 1987, is an engineering
company manufacturing bulk material handling equipment for varied
projects and industries.

JAGANNATH RICE: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jagannath Rice
Mill's (JRM) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR180 mil. (increased from INR150 mil.) Fund-based working
     capital limit affirmed with IND BB/Stable rating; and

-- INR40 mil. Proposed fund-based working capital limit withdrawn

     (the company did not proceed with the instrument as
     envisaged).

KEY RATING DRIVERS

The affirmation reflects JRM's continued medium-scale operations
and continued weak credit metrics in FY20. The revenue increased to
INR1,370.1 million in FY20 (FY19: INR1,223.75 million, FY18:
INR1,014.1 million) on account of an increase in sales realization.
During 9MFY21, the company booked revenue of INR1,048.6 million.
The management expects the revenue to be in line with FY20 revenue
in FY21.

The ratings continue to factor in the firm's modest EBITDA margins
of 2.5% in FY20 (FY19: 3.4%) with a return on capital employed of
10% (15%). The decline in margins was due to an increase in the
cost of raw materials, coupled with an increase in discounts
offered to its wholesalers and customers to maintain its brand
visibility.

In FY20, JRM's gross interest coverage (operating EBITDAR/gross
interest expense) remained stable at 1.5x (FY19: 1.5x); however,
the net leverage (net debt/operating EBITDA) deteriorated to 5.1x
(4.0x). The credit metrics remained weak because of the decline in
the absolute operating EBITDA to INR34.08 million in FY20 (FY19:
INR41.27 million) and an increase in the overall debt levels to
INR181.21 million (INR170 million) driven by increased utilization
of the working capital limits.

Liquidity Indicator - Poor: The firm's average maximum utilization
of the fund-based facilities was 85.8% during the 12 months ended
December 2020. The cash flow from operations continued to be
negative at INR27.44 million (FY19: negative INR19.31 million) due
to increased utilization of the working capital and the decline in
the absolute EBITDA. Consequently, the free cash flow declined to
negative INR34.67 million in FY20 (FY19: negative INR27.40
million). Although, JRM's funds flow from operations remained
positive due to the absence of major capex plans. The cash and cash
equivalents stood at INR7.85 million at FYE20 (FYE19: INR5.52
million).

The ratings, however, remain supported by the promoters' experience
of more than three decades in the flour milling industry.

RATING SENSITIVITIES

Negative: Deterioration in the scale of operations, along with
deterioration in the credit metrics leading to the interest
coverage reducing below 1.5x, or deterioration in the liquidity
profile, all on a sustained basis, will be negative for the
ratings.
Positive: An increase in the scale of operations, along with an
improvement in credit metrics leading to the interest coverage
rising above 2.25x, while maintaining the liquidity profile, all on
a sustained basis, will be positive for the ratings.

COMPANY PROFILE

JRM is one of the oldest roller flour mills in Bhubaneswar, Odisha.
Founded in 1972, it operates as a partnership firm and sells its
products under the brand Rishta Foods, which is a part of the JRG
Group.


JORABAT SHILLONG: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings on
Jorbat Shillong Expressway Limited's (JSEL) senior and subordinated
non-convertible debentures (NCDs) at 'IND D', as follows:

-- INR6.412 bil. (outstanding INR5,924.2 bil. as of February 28,
     2021) Senior NCDs* (long-term) affirmed with IND D rating;
     and

-- INR2,421.6 bil. (outstanding INR2,237.3 bil. as of February
     28, 2021) Subordinate NCDs* (long-term) affirmed with IND D
     rating.

* Details in annexure

KEY RATING DRIVERS

The affirmation reflects JSEL's continued inability to service its
debt obligations towards the debenture holders due to the ongoing
National Company Law Appellate Tribunal (NCLAT) proceedings. The
same has been confirmed by the debenture trustee.

JSEL, which is fully owned by IL&FS Transportation Networks Limited
('IND D'), had received 10 annuities until January 31, 2021. The
annuities have been received in a timely manner, although there
have been some deductions. Of the gross value of INR725.1 million
of 10th annuity, the approved amount was INR711.6 million and JSEL
received INR700.6 million on January 28, 2021.

The management has confirmed the availability of a debt service
reserve balance of INR654.7 million, major maintenance reserve of
INR44.0 million and free cash of INR39.0 million as on 25 February
2021. Furthermore, the project has other reserves and investment in
mutual funds, which includes encumbered cash, amounting to
INR5,798.2 million.

JSEL has been classified under the amber category according to the
NCLAT order dated 12 February 2019. The NCLAT defines amber
entities as those domestic group entities that are not able to meet
all their obligations (financial and operational), but can meet
only operational payment obligations and payment obligations to
senior secured financial creditors. Ind-Ra continues to seek
clarity on the resolution of IL&FS and its group companies,
including JSEL in accordance with the NCLAT's orders.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
result in an upgrade

COMPANY PROFILE

JSEL is a special purpose vehicle that was incorporated to
implement a lane expansion project under the build-operate-transfer
annuity model. JSEL has a 20-year concession (expiring in January
2031) from National Highways Authority of India ('IND AAA'/Stable)
to design, construct, develop, finance, operate and maintain a
61.8km stretch between Jorbat (Assam) and Barapani (Meghalaya) on
NH40.

K SESHAGIRI RAO: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained K Seshagiri Rao
& Co's Long-Term Issuer Rating in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     INDA4+ (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based working capital limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR90 mil. Proposed fund-based working capital limit withdrawn

     (the company did not proceed with the instrument as
     envisaged); and

-- INR40 mil. Proposed Non-fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1982, K Seshagiri Rao & Co. execute material and hot
slag handling, scrap, skull recovery in steel industries, hiring of
heavy machinery and excavation contracts.

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

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR97.50 mil. Term loan due on June 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR18.4 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
January 21, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KPMPL was incorporated by Sekaran P along with Chandrasekaran N and
Thamilselvi Sekaran in 2010. The company processes fabric (used for
manufacturing home textiles and hosiery garments) on a job-work
basis. KPMPL plans to venture into knitting in FY21. Its plant and
registered office are located in Arulpuram (Tamil Nadu).

KRANTHI EDIFICE: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR122.00-crore bank facilities of
Kranthi Edifice Private Limited continue to remain under 'Issuer
Not Cooperating' category'. The rating is denoted as "[ICRA]D
ISSUER NOT COOPERATING"

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          12.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-         110.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Kranthi Edifice Private Limited (KEPL), formerly Kranthi
Constructions a partnership firm formed in 1983 and converted to
private limited company in May 2012. KEPL is promoted by Mr. M
Pratap Reddy and is in to the construction business for the past 30
years. KEPL is predominantly into irrigation projects and has
executed contracts for various dams, lift irrigation projects,
canals, aqueducts etc. Kranthi is Special Class & Class I
contractor for Andhra Pradesh, Telangana and Karnataka Government
state irrigation projects.

KRISENTER IMPEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Krisenter Impex Private Limited
        Room No. 105, 4th Floor
        D D Corner Stone
        Kadavanthra, Kochi
        Pin 682020
        Kerala, India

Insolvency Commencement Date: February 26, 2021

Court: National Company Law Tribunal, Calicut Bench

Estimated date of closure of
insolvency resolution process: August 24, 2021

Insolvency professional: Ms. Baiju. P

Interim Resolution
Professional:            Ms. Baiju. P
                         Room No. 7/845D-6, IIIrd Floor
                         Koyenco Bazar, S.M. Street
                         Calicut 673001
                         Kerala
                         E-mail: cabaiju@yahoo.in
                                 ipbaijup@gmail.com

Last date for
submission of claims:    March 17, 2021


KRISHNA EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Krishna
Educational & Charitable Society's (SKECS) bank facilities to 'IND
D (ISSUER NOT COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The detailed rating actions are:

-- INR66 mil. Term loan (long-term) issued on Jul 2017 – Jan
2019
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Working capital facility (long-term) downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects SKECS's delays in debt servicing, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

SKCES was established in 2008 under the Societies Registration Act,
1860. The society operates two institutes in Barnala, Punjab,
namely Aryabhatta Group of Institutes and Aryabhatta College.

KUNJ ROLLER: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kunj Roller Flour
Mills Pvt. Ltd's (KRFM) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits affirmed with IND BB+/Stable
     rating; and

-- INR9.22 mil. (reduced from INR17.4) mil. Term loan due on
     September 2022 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects KRFM's continued medium scale of
operations, as indicated by revenue of INR1,274.29 million in FY20
(FY19: INR1,212 million). Although the mill had to be shut down for
a few days towards the end of the year because of the COVID-19-led
lockdown in the country, the revenue increased marginally because
of an increase in the number of orders. The company's overall
performance in FY21  has been impacted by the pandemic-led
disruptions. However, the agency expects the revenue to be stable
in FY21 owing to a decline in wheat prices.

The ratings reflect the modest EBITDA margins due to the intense
competition in the industry, resulting from the fragmented and
unorganized nature of the business. The margin fell to 2.3% in FY20
(FY19: 2.6%) due to an increase in raw material prices. The ROCE
was 7% in FY20 (FY19: 8%). The management expects the margins to
increase to 3.5% in FY21 due to the fall in raw material prices.

The ratings are also constrained by the weak credit metrics due to
the modest margins. The metrics deteriorated in FY20 owing to the
fall in the absolute EBITDA to INR29.81 million (FY19: INR30.85
million) and an increase in the overall debt to INR236.31 million
(INR207.74 million), resulting from higher usage of the cash credit
facility.  The gross coverage (operating EBITDA/gross interest
expense) was 1.6x (FY19: 1.7x) and the net leverage(adjusted net
debt/operating EBITDAR)  was 7.8x (6.7x). The agency expects the
metrics to improve in FY21 on the back of the likely improvement in
profitability . Also, the management has paid of the unsecured loan
through guaranteed emergency COVID-19 loan and does not have any
further plans to take any unsecured loan in FY21 or enhance the
working capital. This will lead to a fall in the total debt in
FY21, thereby improving the leverage of the company.

Liquidity Indicator - Poor: KRFM's average utilization of the
fund-based limits was 82.4% (FY19:96.7%) during the 12 months ended
December 2021. The net working capital cycle elongated slightly to
67 days in FY20 (FY19: 66 days) due to an increase in inventory
days to 36 days (31 days). The cash flow from operations improved
but remained negative at INR16.1 million in FY20 (FY19: negative
INR17.73 million) due to unfavorable changes in the working
capital. At FYE20, KRFM had cash and cash equivalents of INR2.53
million (FY19: INR2.1 million). The company had availed the Reserve
Bank of India-prescribed debt moratorium for its fund-based
facilities amounting to INR52 million.

The ratings, however, are supported by the promoters' experience of
more than three decades in the wheat processing business.
Furthermore, the promoters have experience in other agro-based
businesses (such as solvent extraction and refining), cables and
conductors, power and infrastructure etc.

RATING SENSITIVITIES

Negative: Deterioration in the profitability and liquidity, leading
to the gross interest coverage falling below 1.5x, on a sustained
basis, will be negative for the ratings.

Positive: A substantial increase in the scale of operations, along
with an improvement in the liquidity and the gross interest
coverage exceeding 2.5x, on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Incorporated on May 7, 1997, KRFM operates a flour mill with an
installed capacity of 200MT per day. The company sells flour in the
eastern part of India under the Rishta Food brand. It began
commercial production on April 1, 2000.

KVK GRANITES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR6.81-crore bank facilities of Kvk
Granites continue to remain under 'Issuer Not Cooperating'
category'.  The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-           1.76      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-          5.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term/           0.05      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term–                    COOPERATING; Rating continues
   Unallocated                    to remain in the 'Issuer Not
                                  Cooperating' category

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

Founded in 2007 by Mr. KV Krishna Reddy, KVK granites is primarily
into mining and trading of granite. The firm operates two quarries
based in Karimnagar. In line with its growth aspirations, the firm
had acquired two other mines, one each in Mysore and Chittoor in
FY2014. Only the two Karimnagar mines are operational at present.
The majority of the sales of the firm are from exports to China
while a small portion of it comes from the domestic market.

LOT MOBILES: ICRA Lowers Rating on INR5.0cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Lot
Mobiles Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           5.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Lot Mobiles Private Limited (LMPL) was incorporated in 2012 in
order to undertake retailing of telecommunication devices,
particularly mobiles phone and tablets and telecommunication
services through a chain of multi-brand and multi service outlets
under the brand name of 'LOT'. Currently, LMPL has total 108 retail
outlets in various cities of Andhra Pradesh and Telangana selling
mobiles communication devices of brands such as Apple, Blackberry,
Celkon, HTC, Karbon, Micromax, Nokia, Samsung, LG, and Sony. LMPL
also provides accessories and services like recharge, new sim card,
hellotunes and other downloads.


MAA BHUASUNI: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Maa Bhuasuni
Roller Flour Mills' (MBRFM) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit affirmed with
     IND BB/Stable rating;

-- INR11.91 mil. (reduced from INR18.72 mil.) Long-term loans due

     on June 2023 affirmed with IND BB/Stable rating; and

-- INR30 mil. Proposed fund-based working capital limit withdrawn

     (the issuer is no longer proceeding with the instrument as
     envisaged).

KEY RATING DRIVERS

The affirmation reflects MBRFM's continued small scale of
operations. Its revenue improved 12% yoy to INR968.01 million in
FY20 due to increased demand from its existing customers. A further
growth in the revenue was arrested by the COVID-19 led logistical
and operational disruption across the country. In 9MFY21, the
company booked a revenue of INR684 million and the management
expects it to further grow by an additional 10% in FY21, driven by
an increase in the orders from the existing customer base.

The ratings factor in the company's modest margins. The margin
expanded slightly to 4.1% in FY20 (FY19:4%) despite an increase in
overhead expenses, which was offset by lower prices of wheat
procured. The company's return on capital employed stood at 11% in
FY20 (FY19: 10%). The agency expects the margins to improve
slightly due to a fall in the price of wheat procured.

The ratings also factor in MBRFM's continued weak credit metrics.
Its gross interest coverage (operating EBITDAR/gross interest
expense) declined to 1.7x in FY20 (FY19: 2x) due to an increase in
the interest on promoters' capital. The net leverage (adjusted net
debt/operating EBITDAR) improved to 3.3x in FY20 (FY19: 3.8x) on
account of the scheduled repayment of the term loan and a decline
in the overall debt of the company to INR137.6 million (INR142.3
million). The agency expects the metrics to improve in FY21 on the
back of improvement in the profitability.

The ratings also factor in the partnership nature of the
organization.

Liquidity Indicator - Stretched: The maximum average utilization of
fund-based facilities was 88.2% during the 12-months ended December
2020. The cash flow from operations deteriorated to negative
INR20.6 million in FY20 (FY19: negative INR20.57 million) due to an
elongated working capital cycle, which subsequently affecting the
free cash flow which also continued to be negative at INR31.4
million (negative INR24.9 million). The cash and cash equivalent
stood at INR3.5 million at FYE20 (FYE19: INR8.9 million). The
company has availed a moratorium for its fund-based facilities
amounting to INR35.5 million and also postponed the interest
payment over March-August 2020 under the Reserve Bank of India's
COVID-19 regulatory package scheme.

The ratings, however, are supported by the promoters' experience of
over three decades in the flour milling industry.

RATING SENSITIVITIES

Negative: Deterioration in the profitability and liquidity, leading
to the interest coverage reducing below 1.5x will be negative for
the ratings.

Positive: A substantial increase in the scale of operations, with
an improvement in the liquidity with the interest coverage
exceeding 2.5x, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

MBRFM, established in 1984, processes wheat products such as white
flour, semolina, flour, and bran. The total installed capacity of
the firm is 210 million tons per day.

MECTECH PROCESS: Ind-Ra Gives BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mectech Process
Engineers Private Limited (MPEPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

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

-- INR150 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect MPEPL's small scale of operations. The
company's revenue grew 43.60% yoy to INR724.89 million in FY20 due
to an increase in exports as well as the work orders executed. The
company recorded revenue of INR625.15 million over 9MFY21.

The ratings are also constrained by the company's modest EBITDA
margin. The margin expanded slightly to 3.95% in FY20 (FY19: 3.63%)
due to a slight fall in the company's manufacturing and personnel
expenses. The company's return on capital employed stood at 7.8%
for FY20 (FY19: 3.4%).

The ratings, however, are supported by the company's healthy credit
metrics. In FY20, the company's interest coverage (operating
EBITDA/gross interest expense) improved to 4.08x (FY19: 3.78x) and
net leverage (net debt/operating EBITDA) to negative 2.84x (0.64x)
due to a substantial increase in the absolute EBITDA to INR28.66
million (INR18.34 million). However, Ind-Ra believes the company's
metrics and margins will deteriorate slightly in FY21 owing to the
COVID-19 led operational disruption.

The ratings are also supported by MPEPL's significant presence in
the edible oil machinery manufacturing industry throughout India
and abroad.

Liquidity Indicator - Adequate: The company's average use of its
fund-based limits stood at 1% during the 12-months ended December
2020. Although elongated, MPEPL's net working capital cycle
improved to 119 days in FY20 (FY19: 266 days) due to an improvement
in its inventory holding period to 114 days (261 days). The cash
flow from operations improved to INR133.05 million in FY20 (FY19:
INR46.48 million) due to favorable changes in the working capital
cycle. Its cash and cash equivalents stood at INR103.73 million at
FYE20 (FYE19: INR2.23 million). The company did not avail the
Reserve Bank of India-prescribed moratorium, neither did it avail
of the COVID-19 loan.

RATING SENSITIVITIES

Positive: Further substantial growth in the revenue and the
operating EBITDA leading to further a sustained improvement in the
credit metrics, along with an improvement in the liquidity position
will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 1983, MPEPL is an engineering, procurement and
construction company, which undertakes turnkey projects, supplies
equipment and machineries for edible oil producing companies. Its
manufacturing plant is based in Sonipat and Manesar (Haryana).     
                                                                 

NAGARJUNA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR8.00-crore bank facilities of
Nagarjuna Warehousing continue to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           7.78       [ICRA]B(Stable) ISSUER NOT
   Fund Based TL                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-           0.22       [ICRA]B(Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Nagarjuna Warehousing, a partnership concern established in 2015,
is engaged in the construction of go-downs and leasing out to
FCI/CCI. The firm is in the process of constructing 3 godowns with
aggregate capacity of 24,000 MT at Gajalpuram village, Thripuraram
Mandal of Nalgonda district, which are expected to commence
operations in September, 2017. The total cost of the project is
estimated at INR10.54 crore which is to be funded through INR7.78
crore of term loans and equity of INR2.76 crore.

NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of National
Steel and Agro Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-        200.55      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund Based-         17.95      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Unallocated        215.30      [ICRA]D ISSUER NOT COOPERATING;  
    
                                  Rating Continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

   Unallocated      1199.52       [ICRA]D ISSUER NOT COOPERATING;  
    
                                  Rating Continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1985, National Steel and Agro Industries Limited
(NSAIL) manufactures cold-rolled (CR) coils, galvanised plain (GP)/
galvanised corrugated (GC) coils and sheets, and colour coated
coils and sheets. The company started as a CR coil manufacturer and
undertook forward integration by expanding into GP/GC coils/ sheets
and colour coated coils/sheets divisions over the years. At
present, the company has an installed capacity of 300,000 TPA in
the CR coils division, 330,000 TPA in the GP/GC unit and 170,000
TPA in the colour coated coils division. In addition, it also has a
captive power plant with an installed capacity of 6 MW.

NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nuway
Organic Naturals (India) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          8.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund based-         18.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category
   Unallocated
   Limits               6.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Nuway Organic Naturals India Limited (NONIL) is primarily engaged
in the production and sale of alcoholic products. The proposed
distillery project was conceived by Punjab Agro Industries
Corporation Limited (PAIC), Chandigarh, with a view to add value to
the damaged grains and surplus agro-produce available from within
the state of Punjab. The distillery based on grains with a capacity
of 45 kilolitres per day (KLPD) of potable alcohol has been set up
in Rajpura over a land measuring 28.15    acres. The company
manufactures Extra-Neutral Alcohol (ENA), which is used for
production of Punjabmade Liquor (PML) as well as Indian-made
Foreign Liquor (IMFL).

PASUPATI SPINNING: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pasupati Spinning
& Weaving Mills Limited (PSWML) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR335.20 mil. Fund-based limits assigned with IND BB-/Stable
     rating;

-- INR69.65 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR31.79 mil. Term loan due on August 2022 assigned with IND
     BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect PSWML's medium scale of operations as indicated
by revenue of INR1,116.87 million in FY20 (FY19: INR1,144.96
million, FY18: INR1,231.65 million. The revenue has been declining
since FY18 due to a decrease in exports to the European market
owing to the levy of anti-dumping duty by the government of Turkey
since 2018 and the general elections in Turkey which caused
political uncertainty, although normalized in August 2019. PSWML
booked revenue of INR223 million in 2QFY21. The agency expects the
revenue to decline further in FY21, due to slower pace of execution
of orders in 9MFY21 due to unavailability of labor led by COVID-19
pandemic.

The ratings are also constrained by the firm's modest operating
profitability of 6.64%-8.10% over FY17-FY20. The margins improved
to 8.10% in FY20 (FY19: 7.71%), due to a decline in raw material
cost. The return on capital employed was 6.5% in FY20 (FY19: 6.5%).
However, Ind-Ra expects the operating profitability to deteriorate
in FY21 to cover the fixed cost caused by the closure of factory
due to the COVID-19. During 1QFY21, the firm reported EBITDA losses
due to the factory closure.

Liquidity Indicator Stretched: PSWML's average maximum utilization
of the fund-based limits was about 80.85% for the 12 months ended
December 2020. The net working capital cycle elongated to 187 days
in FY20 (FY19: 171 days) owing to an increase in the inventory
holding period to 153 days (147 days) and receivable period of 101
days (83 days), partially offset by an increase in creditor period
to 67 days (59 days). The cash flow from operations turned negative
to INR45.53 million in FY20 (FY19: INR19.94 million) on account of
unfavorable changes in working capital. The fund flow from
operations, however, remained positive during at INR32.58 million
in FY20 (FY19: INR26.72  million) due to an increase in the
absolute EBITDA to INR90.45 million (FY19: INR88.29 million). At
FYE20, PSWML had a cash balance of INR1.69 million (FYE19: INR40.36
million), against the total debt of INR507 million (INR497
million). PSWML did not avail the Reserve Bank of India-prescribed
moratorium.

The ratings also factor in the firm's moderate credit metrics. The
gross interest coverage (operating EBITDA/gross interest expense)
improved to 1.54 x in FY20 (FY19: 1.44x) due to the increase in the
operating EBITDA, while the net leverage (total adjusted net
debt/operating EBITDA) deteriorated to 5.59x (5.17x) due to the
increase in the total debt. The interest expenses remained low
despite the increase in the borrowings, since it includes other
debt of INR18.04 million in FY20 (FY19: INR28.50 million) from the
directors which is non-interest bearing. Ind-Ra expects the credit
metrics to deteriorate in FY21 due to a decrease in revenue leading
to a lower operating profit.

The ratings, however, are supported by the company's promoters'
over four decades of experience in the textile industry.   

RATING SENSITIVITIES

Negative:  A decline in revenue, leading to deterioration in the
credit metrics and/or any weakening of the liquidity position, all
on a sustained basis will be negative for the ratings.

Positive: An increase in the revenue, along with an improvement in
the overall credit metrics, with the net leverage reducing below
3.5x, all on a sustained basis, would lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 1979 by Shri Ramesh Kumar Jain, PSWML manufactures
cotton/synthetic/blended yarn, knitted fabrics and readymade
garments at its unit in Haryana and polyester grey and dyed sewing
thread in Himachal Pradesh.

PRASHANTH EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR7.00-crore bank facilities of
Prashanth Educational Society continue to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           4.60       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           2.40       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Registered in 2007, Prashanth Educational Society has three English
medium Schools, an international School and a business school under
its auspice. The institutions are located in Tirupati in Andhra
Pradesh. The society is promoted by Mr, V. Chandra Sekhar Reddy who
has more than three decades of experience in the education sector.

R V PLASTIC: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R V Plastic
Limited's (RVPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR200 mil. (increased from INR160 mil.) Fund-based limits
     affirmed with IND BB- /Stable/IND A4+ rating;

-- INR80 mil. (increased from INR60 mil.) Non-fund-based limits
     affirmed with IND A4+ rating; and

-- INR36.8 mil. Term loan due on September 2025 assigned with
     IND BB-/Stable rating.

KEY RATING DRIVERS

The affirmation reflects RVPL's small scale of operations, as
indicated by revenue of INR453.34 million in FY20 (FY19: INR229.96
million). The revenue grew by 97% yoy due to an increase in the
number of orders received from the customers. While the company's
performance was impacted by the COVID-19-related disruptions, the
number of orders increased post the lifting of the pandemic-led
lockdown and industrial demand has recovered gradually. During
10MFY21, RVPL booked revenue of INR238.09 million. In FY21, the
management expects to earn revenue of INR400 million.

The ratings reflect RVPL's modest EBITDA margins due to the nature
of the business as well as intense competition in the industry. The
margin fell sharply to 5.2% in FY20 (FY19: 10.1%) due to lower
margins on direct sales and stable overhead / fixed costs. The ROCE
was 8% in FY20 (FY19: 8%). The EBITDA margin is likely to improve
in FY21 due to an increase in the number of orders and a rise in
polymer prices, resulting from an increase in crude oil prices.

The ratings are constrained by the weak credit metrics due to the
modest margins. The metrics improved in FY20 on account of a
decline in debt (FY20: INR213.62 million; FY19: INR234.79 million),
and the subsequent fall in interest expenses. The interest coverage
(operating EBITDA/gross interest expenses) was 1.2x in FY20 (FY19:
1.1x) and the net financial leverage (adjusted net debt/operating
EBITDA) was 8.5x (9.5x). In FY21, the metrics are likely to recover
on the back of the likely improvement in margins.

Liquidity Indicator- Poor: RVPL's working capital utilization was
99.1% for the 12 months ended January 2021. Its cash flow from
operations turned positive at INR26.7 million in FY20 (FY19:
negative INR30.17 million) due to favorable changes in the working
capital. The working capital cycle improved to 192 days in FY20
(FY19: 412 days), owing to a decline in the receivables period to
198 days (429days). RVPL's debtor period is elongated as they
comprise receivables for trading sales as well as commission-based
sales. The cash and cash equivalents amounted to INR0.5 million at
FYE20 (FYE19: INR0.1 million) against the total debt INR213.6
million. The company has been mostly dependent upon its short-term
loans, which have been increasing on a yoy basis, for its working
capital requirements. RVPL had availed the Reserve Bank of
India-prescribed debt moratorium for its fund-based facilities
amounting to INR36.8 million and also postponed the interest
payment over March-August 2020 under the COVID-19 regulatory
package scheme.

The ratings, however, are supported by the promoters' experience of
more than four decades of experience in the trading of plastic
granules business, which has enabled the company to have decade-old
relationships with most of the customers, and thereby helped it to
secure repeat orders.

RATING SENSITIVITIES

Negative: Deterioration in the scale of operations, leading to a
decline in the credit metrics, or deterioration in the liquidity
position will be negative for the ratings.  

Positive: A substantial growth in the scale of operations, leading
to an improvement in the credit metrics, with the interest coverage
exceeding 2.0x, and an improvement in the liquidity position will
be positive for the ratings.

COMPANY PROFILE

RVPL was incorporated in 1995 and is engaged in the trading of
plastic granules. The company's registered office is in New Delhi
and its head office is in Faridabad (Haryana).

RAIPUR ENERGEN: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR7717.00 crore bank facilities of
Raipur Energen Limited (erstwhile GMR Chhattisgarh Energy Limited)
continue to remain under 'Issuer Not Cooperating' category'. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loans        5850.00     [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Unallocated       1867.00     [ICRA]D ISSUER NOT COOPERATING;
   limits                        Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Raipur Energy Limited (erstwhile GMR Chhattisgarh Energy Limited)
is an SPV which operates 1370 MW (2 X 685 MW) domestic coal based
super-critical thermal power plant. The plant is located at Raipur
District, in the state of Chhattisgarh. The plant has declared the
commercial operations in March 2016 (Unit 1 in November 2015 and
Unit 2 in March 2016) as against original COD of March 2014. The
SPV was previously promoted by the GMR Group, that was taken over
by Adani Power Ltd in August 2019 through a competitive bidding
process initiated by the lead bank i.e. Axis Bank after the company
got into financial stress  and was unable to service its debt
obligations. Under the resolution process, Adani Power Ltd has
taken over the project and renamed it 'Raipur Energen Limited'.

RAJARATNA MILLS: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Rajaratna
Mills Private Limited's (RMPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR178.0 mil. (increased fromINR97.6 mil.) Term loan due on
     May 2025 affirmed with IND BB/Stable rating;

-- INR228.0 mil. (reduced from INR308.7 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating;
     and

-- INR50.0 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RMPL's continued medium scale of
operations, as indicated by revenue INR1,134.8 million in FY20
(FY19: INR1,208.2 million). The revenue declined to owe to a fall
in sales realizations, a decline in export orders due to the
COVID-19-led disruptions, and a halt in production towards the end
of the year because of the nationwide lockdown. At 9MFYE21, RMPL
had an order book of INR45 million, to be executed by end-March
2021. It recorded revenue of INR762 million in 9MFY21. The
management expects the revenue to dip slightly on a yoy basis  in
FY21, considering the impact of the pandemic-led issues

The ratings are also constrained by RMPL's modest credit metrics
due to the high debt levels (FY20: INR417.0  million; FY19:
INR565.0 million). The credit metrics deteriorated in FY20 owing to
a decline in the absolute EBITDA to INR79.85 million (FY19:
INR110.7 million). The interest coverage (operating EBITDA/gross
interest expense) was 2.4x in FY20 (FY19: 2.8x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 5.21x
(4.3x). During 9MFY21, the interest coverage was stable at 2.4x.
Ind-Ra expects the credit metrics to deteriorate further in the
near term due to the undertaking of a COVID-19 loan during 4QFY21.

The ratings reflect RMPL's modest EBITDA margins due to the intense
competition in the industry.  Furthermore, the margins have been
volatile, ranging between 6%-9% during FY18-FY20, due to
fluctuations in raw material prices and forex volatility. The
EBITDA margins declined to 7% in FY20 (FY19: 9%,  FY18: 6.8%) due
to an increase in raw material prices.  The return on capital
employed was 6% in FY20 (FY19: 9%). In 9MFY21, the company's EBITDA
margins improved to 7.3%, led by a fall in raw material costs.
Ind-Ra expects the margins to remain stable on a yoy basis in
FY21.

Liquidity Indicator – Stretched:  RMPL's average use of the
fund-based and the non-fund-based facilities was 58% and 15%,
respectively, during the 12 months ended January 2021. The cash
flow from improved to  INR 98.4 million (FY19: INR 3.48 million)
due to favorable changes in the working capital. The working
capital cycle improved to 129 days in FY20 (FY19: 142 days) owing
to an increase in the debtor collection period to 18 days (35
days). Consequently, the free cash flow improved to INR67.33
million in FY20 (FY19: INR43.39 million). At FYE20, the company had
a bank balance of INR0.83 million (FYE19: INR87.0 million). RMPL
has scheduled debt repayments of INR9.9 million for FY21, which
will be met through internal accruals. The company did not avail
the Reserve Bank of India-prescribed debt moratorium.

The ratings, however, continue to be supported by the promoters'
experience of more than a decade in yarn manufacturing.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin and new debt-led capex,
leading to deterioration in the credit metrics, on a sustained
basis, or a stretch in the liquidity position could be negative for
the ratings.

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

COMPANY PROFILE

Formed in 1954, RMPL manufactures cotton yarn in Palani, Tamil
Nadu.

SICAL CONNECT: ICRA Reaffirms D Rating on INR24cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sical
Connect Limited (SCL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans           24.00      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation takes into account the delays in debt
servicing by SCL. The ratings also consider the delays in debt
servicing by parent - Sical Logistics Limited (SLL, rated at
[ICRA]D/[ICRA]D) and several fellow subsidiaries and classification
of the account to Non-performing Asset (NPA) by certain lenders.
SLL has extended unconditional and irrevocable corporate guarantee
to INR24.0 crore bank facilities of SCL. SCL has transferred all of
its dredging operations to the parent SLL as on April, 2018 and
doesn't generate any substantial operating revenues but maintains a
legal presence. SLL is part of Coffee Day group of companies. The
Coffee Day group (including SLL and its subsidiaries) had witnessed
significantly reduced financial flexibility post the demise of
Coffee Day group's founder – (late) Mr. V G Siddhartha, which
resulted in severe liquidity constraint. The financial performance
of consolidated SLL has witnessed moderation in FY2020 and in
current fiscal on account of liquidity issues arising from
unavailability of adequate working capital limits and stoppage of
disbursal of loan installments by several lenders. Further, the
performance has also been impacted by disruptions due to Covid-19
pandemic in the current fiscal. High level of pledging of promoter
holding (38.49% as on Sep 30, 2020) and significant reduction in
share prices in last one year have also impacted its financial
flexibility. In case of inability to complete the Sical Iron Ore
Terminal Limited project, SLL may witness large write off, further
weakening the credit profile.

ICRA notes that both SLL and parent Coffee Day group are looking at
deleveraging by raising funds through asset sales, which may
include the parent's stake sale in SLL. Further, SLL is also
looking at fund raising from new investors, which may provide the
needed working capital to start work on some of the projects. The
deleveraging and fund-raising initiatives will be monitored and
will be crucial for improvement in liquidity and credit profile of
the company, which has high repayment obligations over next few
years. ICRA also takes note of the corporate guarantees extended by
SLL to its several subsidiaries.

Key rating drivers and their description

Credit challenges

* Weakened financial flexibility and liquidity profile of the
group: The parent of SCL is SLL, which has also extended corporate
guarantee to bank facilities of SCL. SLL in turn had been supported
by Coffee Day group through operational and financial support in
the past, after takeover of SLL from its erstwhile promoters.
However, since the demise of Coffee Day group promoter – Mr. V G
Siddhartha, the financial flexibility of the coffee day group and
SLL and its subsidiaries have been significantly weakened, which
coupled with moderation in financial performance and have high
repayment obligations have led to significant liquidity pressure.
SLL and several of its subsidiaries (except SMART) have been
delaying on their debt servicing and have been declared NPA by some
lenders. With weak coverage metrics, the ongoing business
uncertainties and any delays in the deleveraging process may
further impact the credit risk profile of the Company and remains a
key monitorable.

Liquidity position: Poor

SCL's liquidity profile is poor as reflected by the delays in debt
servicing. Further, the liquidity profile of parent - SLL is also
poor as reflected by delays in debt servicing. SLL (consolidated)
has repayment obligation of ~Rs. 534.98 crore on consolidated basis
and ~ INR478.40 crore on standalone basis in FY2021, while cash
accruals are expected to be constrained. Due to the weakened
financial flexibility its ability to refinance the loans is also
severely constrained.

Rating sensitivities

Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months) by SCL and also the parent
SLL, following improvement in liquidity profile of the group.

Sical connect Limited erstwhile known as Norsea Offshore India
Limited (Norsea) is a step-down subsidiary of Sical Logistics
Limited and is engaged in the business of dredging. The company
owned a dredger (total gross block of Rs 136 crore as on 31st March
2018) which it leasesed to its parent, Sical, for the execution of
dredging contracts across ports in India. On April, 2018, Sical
connect Limited's dredging business was hived off with the entire
assets transferred to Sical Logistics Limited. On July 25, 2019 the
company's name was changed from Norsea Offshore India Limited to
Sical Connect Limited.

Guarantor profile
Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) had picked
up 10% stake initially in November 2010 before raising the stake to
54.2%. However, the Coffee Day Group, at present, holds a total
38.49% shareholding in SLL through its Group entities namely
Tanglin (32.82%) and GiriVidyuth (India) Ltd (4.99%). The Coffee
Day Group has a diversified portfolio of companies, which have
presence in owning and managing coffee plantations, coffee exports
and retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.

SILVER STAR: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Silver Star
Group's Long-Term Issuer Rating in non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits maintained in
     noncooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Proposed term loan withdrawn (the company did not
     proceed with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Pune-based Silver Star Group is a partnership
firm engaged in the real estate business.

STEEL AND METAL: Ind-Ra Affirms 'BB+' Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Steel and Metal Tubes (India) Private Limited's (SMT)
debt instruments:

-- INR20 mil. Fund-based limit assigned with IND BB+/Stable/IND
     A4+ rating;

-- INR110 mil. Fund-based limit affirmed with IND BB+/Stable/IND
     A4+ rating; and

-- INR180 mil. Non-fund-based limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: SMT's average use of its
fund-based limits stood at 44.11% for the 12 months ended November
2020. Its cash flow from operations turned positive to INR52.17
million in FY20 (FY19: negative INR28.62 million) on account of an
improvement in receivables to INR139.64 million (INR203.43
million). Cash and cash equivalents increased to INR7.06 million at
FYE20 (FYE19: INR0.01 million). The company did not avail the
Reserve Bank of India-prescribed moratorium for the existing
facility. However, it availed a working capital term loan of
INR13.10 million under the guaranteed emergency credit line and a
working capital demand loan of INR13 million. The working capital
cycle stood at 38 days in FY20 (FY19: 32 days). The company
maintains low inventory, owing to volatility in hot-rolled coil
prices. In the normal course of business, SMT provides a credit
period of around one month to its customers and receives the same
from its suppliers.

The affirmation reflects SMT's continued medium scale of
operations, despite a decline in the revenue to INR1,118.11 million
in FY20 (FY19: INR1,610.64 million). The decline in revenue was due
to a shift in the company's focus towards the sale of high-margin
products, as well as the COVID-19 led economic disruptions. The
company achieved net sales of INR655.45 million until November
2020. Ind-Ra expects the revenue to remain at a similar level in
FY21, mainly due to muted demand from customers owing to the
COVID-19 pandemic.

The ratings also factor in SMT's continued modest EBITDA margin of
3.01% in FY20 (FY19: 1.84%) with a return on capital employed of
9.7% (7.9%). The margin improvement was driven by favorable price
movements, cost reduction measures adopted by the company as well
as increased focus on the sale of high-margin lighting poles.
Ind-Ra expects the EBITDA margin to remain modest in FY21.

The ratings also continue to reflect SMT's moderate credit metrics
as indicated by interest coverage (operating EBITDA/gross interest
expense) of 2.26x in FY20 (FY19: 2.12x) and net leverage (total
adjusted net debt/operating EBITDAR) of 3.04x (6.34x). The
improvement in the credit metrics was on account of a decrease in
the total debt to INR109.56 million (INR187.99 million) and an
improvement in the absolute EBITDA to INR33.67 million (INR29.65
million). Ind-Ra expects the credit metrics to deteriorate
marginally in FY21, due to an increase in the debt levels.

The ratings also remain supported by the promoters'
three-decade-long experience in the iron and steel industry.

RATING SENSITIVITIES

Negative: A significant decline in the scale of operations, leading
to a further deterioration in the credit metrics, resulting in the
interest coverage declining below 2x on a sustained basis, will be
negative for the ratings.

Positive: A substantial growth in the revenue along with an
improvement in the operating EBITDA margin, leading to a sustained
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1971 as a private limited company, SMT was
reconstituted as a deemed limited company in July 1984. The company
manufactures electric resistance welded pipes and tubes. It has a
50,000-tonne per annum manufacturing plant in Ghaziabad, Uttar
Pradesh.

SUNWAY INFRA: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sunway
Infrastructure Services Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Fund       8.50      [ICRA]D ISSUER NOT COOPERATING;
   based/Term Loan                Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

SISL was incorporated in July 2012 and is a part of the Cygnus
Group. The company rents out construction equipment to major
construction players such as L&T in the NCR region. The company
currently owns various categories of boom trucks, Pumps and Lifts.


TECHNOCAST FOUNDRY: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Technocast
Foundry's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB- rating on the INR130 mil. Fund-based facilities*
     maintained in non-cooperating category and withdrawn; and

-- The 'IND BB- rating on the INR57.2 mil. Long-term loans**
     maintained in non-cooperating category and withdrawn.

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

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

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests and follow-ups by
Ind-Ra. The issuer has not provided information about the interim,
sanctioned bank facilities and utilization, business plan, and
projections for the 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 the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Incorporated in 2002, Technocast Foundry manufactures machined grey
ductile iron casting at its unit in Arasur, Coimbatore (Tamil
Nadu).

TERA SOFTWARE: Ind-Ra Keeps 'BB+' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Tera Software
Limited's (Terasoft) Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR430 mil. Fund-based facilities maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR880 mil. Non-fund-based facilities maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

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


TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR50.00-crore bank facilities of
Terra Energy Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-           8.95      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-           9.89      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-          20.16      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-
   Non-Fund Based      11.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Terra Energy Limited was incorporated in March 2000, following the
demerger of the cogeneration plants of Thiru Arooran Sugars Limited
(TASL). It has an installed capacity of 47.1 MW. TASL is the
holding company of TEL with 66% shareholding. These cogeneration
plants are located adjacent to the sugar plants of TASL. TEL has
barter arrangement with TASL for supply of steam and power in lieu
of bagasse. TEL exports surplus power to Tamil Nadu Generation and
Distribution Corporation (TANGEDCO).

THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR339.18 crore bank facilities of
Thiru Arooran Sugars Limited continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          56.84      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-          29.70      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-         235.03      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-          16.11      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-         1.50       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD of
cane crushing capacity in its two plants, and a 60-KLPD distillery.
The plants are integrated with a 47.10-MW cogeneration unit of the
company's subsidiary Terra Energy Limited (TASL holds 66.19% stake
in Terra Energy Limited), with which it has barter arrangement for
supply of steam and power.

URBANEDGE HOTELS: ICRA Reaffirms C+ Rating on INR112cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Urbanedge
Hotels Private Limited (UHPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Term Loan           112.00      [ICRA]C+; reaffirmed

Rationale

The rating considers UHPL's weak financial profile, which is
characterised by higher debt levels in relation to its current
scale of operations and operating/net losses since inception, and
stretched coverage indicators.

Given the losses, the company requires periodical fund infusion
from its private equity (PE) investor, Apollo Global LLC, towards
fulfilling its debt obligations. From April 2013 to YTD FY2021, the
PE investor has infused ~INR350.9 crore, for loss funding and
towards debt repayments. The fund infusion has largely remained
timely, barring a two-month period in October–November 2017,
wherein there was a delay owing to the disqualification of the
board, pending submission of financial statements for the period
FY2014–FY2017. UHPL appointed third-party financial advisors in
July 2015 to review the company's financial transactions and
provide accounting and advisory services, which helped in
streamlining its accounting and internal controls. The company
witnessed a steep decline in revenues in H1 FY2021 to INR1.9 crore
(INR30.5 crore in H1 FY2020), owing to the sharp fall in
occupancies post the onset of the Covid-19 pandemic. To tide over
the liquidity stress, the company had initially availed moratorium
for the period of March–August 2020. Post that, UHPL applied for
a loan restructuring relief under the resolution framework for
pandemic-related stress specified by the Reserve Bank of India
(RBI). ICRA notes that the restructuring proposal was not invoked
by the lender and the same was communicated to the company on
December 28, 2020. However, when the proposal lapsed as on December
28, 2020, the company's debt servicing was timely and there were no
overdues. UHPL had cleared all the principal and interest
obligations for the period of March 2020–December 2020, using the
proceeds from the sale of its property at Ahmedabad, Gujarat; the
debt outstanding on its books is INR49.7 crore as on January 31,
2021. Additionally, the company has received in principle sanction
of INR15.0 crore of working capital term loan (20% of its
outstanding debt as on February 29, 2020), under Guaranteed
Emergency Credit Line 2.0 scheme (GECL 2.0) from its lender, which
is expected to support the debt repayments in the near term.

UHPL's three hotels have locational advantage by virtue of being in
proximity to large business parks in Chennai, Bangalore and
Coimbatore. This can help the hotels to attract corporate
customers. The company's strategy to focus on corporate customers
is expected to drive improvement in occupancy over the longer term.
Further, in line with the industry, UHPL's revenues and margins are
exposed to industry cyclicality, economic cycles and exogenous
risks. Going forward, the company's ability to service its debt
obligations on a timely basis remains dependent on the timely
infusion of funds by its investors.

Key rating drivers and their description

Credit strengths

* Periodic fund infusions from PE investor supports debt servicing:
The company is yet to achieve break-even at the operating level and
requires constant financial support. The PE investor, who currently
holds a 98.33% stake in the company, has infused ~Rs. 350.9 crore
over the past eight years (since  April 1, 2013 till January 31,
2021) for loss funding and towards servicing of debt obligations.
With the company's accruals likely to remain under pressure in the
near term, timely equity infusions from the PE investors will be
critical for repayment of principal and interest obligations going
forward.

* Strategic location of hotels in areas of its operations likely to
support future occupancy: UHPL's hotel properties are strategically
located near business/information technology parks, airport, etc.,
attracting corporate customers (which contributed to over ~50% of
the FY2020 revenues for the company) and business travellers. The
company's flagship property at Whitefield, Bangalore (which
contributed to ~40% of the revenues in FY2020) reported occupancy
of ~60–70% in FY2018–FY2020, owing to the higher demand in the
region. The company's overall occupancy is at present low at ~4%
(H1 FY2021), given the steep fall in the demand amid the pandemic
and the company' high dependence on the IT sector for two of its
properties (in Chennai and Bangalore). Nevertheless, its strategy
to focus on corporate customers is expected to drive improvement in
occupancy over the longer term.

Credit challenge

* Financial profile characterised by stretched coverage indicators
and insufficient cash flows from operations to meet debt
obligations: The company's revenues witnessed a sharp deterioration
to INR1.9 crore in H1 FY2021 vis-a-vis INR30.5 crore in H1 FY2020,
owing to the steep fall in occupancies amid the pandemic. UHPL has
been incurring operating and net losses since its inception in
FY2007. The company's operating cash flows are not sufficient to
meet the term loan obligations (both interest and principal),
resulting in negative debt coverage indicators. UHPL had availed
moratorium for the period March-August 2020; the interest and
principal obligations during the moratorium period would be paid at
the end of the loan tenor along with the last instalment. UHPL had
met all the principal and interest obligations (INR37.2 crore) for
the period September–January 2021 from the proceeds arising from
the sale of its property at Ahmedabad, Gujarat and the current debt
outstanding on its books is INR49.7 crore. Despite reduction in the
debt levels, UHPL is highly leveraged with debt at unsustainable
levels, given the current scale of operations. The company's
coverage indicators are expected to remain stretched going
forward.

* Past delays in debt servicing; however, UHPL has been regular in
payments since then – UHPL's term loans were restructured in
2012, consequent to delays in meeting the debt obligations. Since
April 2015, the company has been regular in meeting the term loan
obligations with continued equity infusions from PE investors.
There were temporary delays in repayment of term loan during
October–November 2017 due to disqualification of directors by the
Ministry of Corporate Affairs for delay in filing of financial
statements. Subsequently, the company has been regular in debt
servicing.

* Vulnerability of revenues to inherent industry cyclicality and
economic cycles: The hotel industry is highly cyclical, with
performance heavily dependent on the general economic performance
and extent of global travel, apart from exogenous shocks. Any
weakness in macro-economics in the key source markets and in India
will drive down the travel into the market, thus adversely
affecting the performance of the hotel industry.
Liquidity position: Poor

The company's liquidity has remained poor with net losses since its
inception, resulting in negative cash flow from operations.
Including the anticipated drawdown of INR15.0 crore of GECL, the
company is expected to have repayment obligations of INR22.8 crore,
INR21.4 crore and INR3.8 crore in FY2022, FY2023 and FY2024,
respectively. With insufficient cash flow from operations to meet
the interest and principal obligations, the same is expected to be
carried out through equity infusion by the private equity investor.
The company had cash and liquid investments of ~INR1.4 crore as on
September 30, 2020. Going forward, UHPL has no major capex plans.
The equity infusions from the PE investors will be critical in
meeting the debt obligations going forward.

Rating sensitivities

Positive factors - Substantial improvement in the credit profile of
the company, with reduction in debt levels and sustained
serviceability of the debt obligations from its operational cash
flows could trigger a rating upgrade.

Negative factors - Further weakening in liquidity in the absence of
timely and adequate support from the investors could lead to a
downgrade of the company's rating.


UHPL was incorporated in 2006 as a special purpose vehicle (SPV)
between Auromatrix Hotels Private Limited (Auromatrix 1.67% stake)
and CPI (India) Private Limited (CPI). CPI, a fund managed by
Apollo Global Management LLC1, owns a 98.33% stake in UHPL.
Auromatrix was promoted by Mr. Kumaran Sitaraman in 2002 to
develop, operate and manage hotels. UHPL owns three hotels, one
each in Chennai (Old Mahabalipuram Road IT Expressway), Bangalore
(Whitefield) and Coimbatore (Singanallur) with a total inventory of
462 rooms. In December 2020, the company sold its hotel at
Ahmedabad (SG Road) for a total consideration of INR67.5 crore.
Auromatrix has developed the hotels and currently manages the same
under a franchisee agreement of the four-star upscale brand Aloft,
owned by the Marriot Hotels Group. In FY2020, the company incurred
a net loss of INR33.1 crore on an operating income (OI) of INR61.6
crore compared with net loss of INR35.8 crore on an OI of INR61.8
crore in FY2019.

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

The detailed rating action is:

-- INR35.30 mil. Term loans due on February 2022 maintained in  
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Vakrangee Foundation was established in July 2010 and is
incorporated under the Societies Registration Act, 1973. The
society was founded by Manish Bohra and Bhawna Bohra. The society
runs the Academic World School in Bemetara, Chhattisgarh.


VASAN HEALTHCARE: Agarwal Healthcare Expresses Interest to Buy Firm
-------------------------------------------------------------------
The Hindu reports that Dr. Agarwal Healthcare Limited has evinced
interest in buying Vasan Healthcare Pvt. Ltd., the National Company
Law Tribunal (NCLT), Chennai, was informed, while seeking extension
of time for the insolvency resolution process.

In 2017, the NCLT had ordered the commencement of insolvency
proceedings against Vasan Healthcare, in a petition filed by Alcon
Laboratories (India) Pvt. Ltd., one of its suppliers.

Later, the proceedings were stayed by a single judge of the Madras
High Court. Nearly two years later, in October 2019, the Division
Bench had vacated the stay and the case is back at NCLT, The Hindu
relates.

According to The Hindu, V. Mahesh, the insolvency resolution
process appointee to oversee the proceedings, had filed a petition
to extend the time for the process which came to an end on December
28, 2020. He pointed out that Vasan Healthcare had branches in
Karnataka, Telangana, Andhra Pradesh, Puducherry and Tamil Nadu.

However, for interested parties to submit their bids (resolution
plan) they need to travel to these States to make assessments of
the assets and health facilities of Vasan Healthcare. This was not
possible due to the lockdown, the petition pointed out, the report
relays.

The Hindu says the NCLT granted till May 31, 2021 to find a
suitable resolution for Vasan Healthcare. If a resolution is not
found by that date, the tribunal said it would be constrained to
proceed as per the provisions of the Insolvency and Bankruptcy Code
and pass an order for liquidation.

Financial creditors, including Andhra Bank, Edelweiss Asset
Reconstruction, Kotak Mahindra Bank and HDFC Bank, have a claim
totalling INR1,268 crore against the company, The Hindu discloses.

VIJAYA RAJA: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Vijaya Raja Rajeswari Constructions Private Limited continues to
remain under 'Issuer Not Cooperating' category'. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          10.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Vijaya Raja Rajeswari Constructions Private Limited was
incorporated in 2007 and is engaged in the business of construction
of residential apartments in the states of Andhra Pradesh and
Telangana. The company is currently developing VRR Vaibhavam at an
estimated project cost of INR58.22 crore in Vijayawada on a land
area of 11527 sq yards; while ~50% of the project work has been
completed as on 30th November, 2016, the construction of the
project is expected to be completed by March, 2018.

WARASGAON POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Warasgaon Power Supply Limited
        Hincon House
        Lal Bahadur Shastri Marg
        Vikhroli (West)
        Mumbai 400083

Insolvency Commencement Date: February 8, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 7, 2021

Insolvency professional: Mr. Shailesh Verma

Interim Resolution
Professional:            Mr. Shailesh Verma
                         E1004, Vijaya Apartments
                         Mall Road, Ahinsa Khand 2
                         Near Shanti Gopal Hospital
                         Indirapuram, Ghaziabad
                         Uttar Pradesh 201014
                         E-mail: shailesh3108@gmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         27th Floor, Tower 3
                         One International Center
                         Elphinstone (W)
                         Mumbai 400013
                         E-mail: inlavasaip@deloitte.com
                                 shaiverma@deloitte.com

Last date for
submission of claims:    March 15, 2021


WEST GUJARAT: Ind-Ra Hikes Non-Convertible Debts Rating to 'B-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded West Gujarat
Expressway Limited's (WGEL) non-convertible debentures' (NCDs) to
'IND B-' from 'IND D' with a Stable Outlook.

The detailed rating action is:

-- INR1,412.6 bil. (INR1,092.3 bil. outstanding on January 31,
     2021) Senior, secured, redeemable NCDs* (long-term) upgraded
     with IND B-/Stable rating.

*Details in Annexure

The upgrade reflects WGEL's complete payment of pending negative
grants in January 2021 and the timely and consistent debt servicing
of both secured and unsecured loans (hereafter referred to as the
debt) for 17 months since August 2019. The restructuring of debt,
to accommodate the unsecured debt availed from sponsors and to
service it on par with the senior-secured debt availed from project
lender has diluted the debt terms and adversely impacted the
coverages significantly. The stretched coverages; the absence of
adequate liquidity (including at least three months of debt service
reserve (DSR)), and the absence of clarity on the right of
unsecured loans to call an event of default on WGEL, constrains the
rating of the rated senior-secured debt.

KEY RATING DRIVERS

The rating is supported by the project meeting its debt service
obligations in a timely manner since August 2019. The timely debt
servicing in WGEL was confirmed by the debenture trustee. Further,
the pending obligation of INR75 million of negative grant payment
to the National Highways Authority of India (NHAI; 'IND
AAA'/Stable) was met in FY21. With this payment, WGEL, has
completed all the negative grant obligations, thereby mitigating
the concession agreement-related project termination risks to a
moderate extent. However, Ind-Ra notes that despite the NHAI
providing an extension for the payment of negative grant up to
January 31, 2020 (last installment), WGEL was able to completely
pay the negative grant only by 19 November 2020. This indicates
that WGEL has still been suffering from the improper management of
liquidity.

The project's revenue grew at a healthy CAGR of 6% over FY15-FY20,
reflecting stability in this project stretch. The strong traffic
growth in the corridor has led to WGEL's steady increase in yoy
revenue. The project was acutely impacted during the COVID-19 led
lockdown; however, post the lockdown, the project witnessed sharp
recovery toward pre-pandemic levels and eventually exceeded those
levels October 2020 onwards. Commercial traffic contributes about
60% of the tollable traffic. There are no major alternate routes
around the project stretch. A diversified mix of commercial
traffic, along with a steady passenger traffic, mitigates revenue
risk to a certain extent.

Liquidity Indicator-Stretched: The cash balance (including trust
and retention account, DSR and other reserves) as of February 23,
2021 was INR206 million. The project's cash holding was equivalent
to three-and-half months of future debt obligations. However,
preserving the liquidity position at the current levels is a key
metric for monitoring the rating. Deterioration in the liquidity
position from the current level will be credit negative. The
project availed the Reserve Bank of India-prescribed moratorium for
only the principal payments during March-August 2020, while
interest payments were regularly serviced. A DSR of at least three
months' of debt service obligations of the debt will be credit
positive.

The rating is constrained by the weak credit profile of the sponsor
and the operations & maintenance (O&M) operator  IL&FS
Transportation Networks Ltd (ITNL; 'IND D'), which continues to
keep WGEL's O&M risks elevated. The historical delays in the timely
execution of the scheduled first cycle and second cycle major
maintenance is a constraining factor. Ind-Ra believes the
management is likely to continue with the same O&M operator in the
near term. Further, an independent engineer had initiated penal
charges on the entity for default in maintenance obligation and
others; the same, according to the management is under discussion
and no material amount is likely to be paid.

As part of the resolution of WGEL's debt, the sponsor loans
(unsecured) have been accommodated along with the secured loans and
the debt terms have been diluted (including reduced debt service
reserve account and minimum debt service coverage ratio covenant).
Although the interest rate for the restructured debt has materially
reduced than the original debt structure pre-restructuring, the
coverages on a consolidated basis has significantly eroded. Given
the stressed coverage, the higher-than-envisaged O&M cost or lower
traffic volumes from the base-case assumptions would materially
alter the project metrics. The cash flow subordination clause
related to the unsecured loans ensures that, in the event of
insufficient cash flows, the secured overdue amounts shall be paid
first before making any payments to the unsecured lenders. However,
there is no clause that would restrict unsecured lenders' right to
declare an event of default in case of the non-payment of debt dues
in the amended financing documents. Therefore, Ind-Ra has factored
a consolidated debt (rated debt + unsecured loans) for the
computation of WGEL's debt servicing obligation.

RATING SENSITIVITIES

Positive: Developments that would collectively lead to a positive
rating action are:

- the average DSCR for the debt exceeding 1.05x

- the maintenance of at least three months' DSR for the debt

- the regular servicing of the debt

Negative: Developments which could, individually or collectively,
lead to a negative rating action are:

- a delay (or) default in the servicing of the debt

- the non-maintenance of liquidity (including DSR, equivalent to
at least three months of debt servicing, for the debt

COMPANY PROFILE

WGEL is a special purpose vehicle, set up to develop, design,
finance, construct, operate and maintain a 68km Jetpur Gondal and
Rajkot bypass section (National Highway 8B including Rajkot bypass)
in Gujarat. The project was awarded by the NHAI and involves the
widening of the existing Jetpur-Gondal section (two-to-four laning,
26km), improving the existing four-lane Gondal-Rajkot Section
(32km), and widening the existing Rajkot bypass (two-to-four
laning, 10km).

YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has continued the ratings for the INR6.40 crore bank
facilities of Shree Yamuna Ginning and Pressing Factory to the
'ISSUER NOT COOPERATING' category. The rating is now denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based/           5.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated           1.40       [ICRA]B+ (Stable) ISSUER NOT
   Limits                           COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

Established in 2012 as a partnership firm, Shree Yamuna Ginning and
Pressing Factory is involved in ginning and pressing of raw cotton
to produce cotton bales and cotton seeds. The firm is venturing
into crushing activities to manufacture cotton oil and cotton cake.
Its manufacturing facility, located in Jamnagar (Gujarat), is
equipped with 18 ginning machines and a pressing machine with a
capacity of 200 bales per day. The firm is managed by six partners,
who have extensive experience in the cotton industry.   

In FY2019, the firm reported a net profit of INR0.36 crore on an OI
of INR37.64 crore compared to a net profit of INR0.30 crore on an
OI of INR44.65 crore in the previous year.

[*] INDIA: Banks May Seek Extension of Freeze on NCLT Proceedings
-----------------------------------------------------------------
The Times of India reports that bankers are worried that there will
be a flood of applications at the National Company Law Tribunal
(NCLT) after the government suspension of insolvency proceedings
ends on March 25 this year.

According to the report, some resolution cases like Future Retail
could get derailed if operational creditors initiate insolvency
proceedings. A section of bankers feels that the government can use
the leeway under the amendment and extend the suspension up to June
2021.

As part of its Covid relief measures, the government had issued on
June 25 a notification to suspend insolvency proceedings by six
months. In December, the centre extended the suspension by another
three months, TOI recalls.

TOI says the original ordinance allows the government to extend the
suspension for up to one year. The ordinance states that no
application for initiation of corporate insolvency resolution
process of a corporate debtor shall be filed for any default
arising on or after March 25, 2020.

The reason behind the ordinance was that the lockdown was a force
majeure situation beyond the control of debtors and, even if
insolvency were to be initiated, there would not be many buyers,
TOI relates.

According to the report, bankers said since lenders cannot initiate
insolvency proceedings against those who defaulted during the Covid
lockdown, they have no choice but to offer them a one-time
restructuring under the pandemic relief scheme. This window for the
restructuring of small business loans is available until March 31
this year.




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

NF GLOBAL: Must Find NZD17 Million to Avoid Liquidation
-------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that Russians, Italians,
and the former owner of the Leeds United Football club want their
NZD17 million back from a small Auckland company.

NF Global, directed by Auckland resident Claude Oberto, has been
given until April by the High Court in Auckland to repay entities
connected to the international businessmen, Stuff says.

According to Stuff, Associate Judge Roger Bell, in a judgment
released last week, said the company's balance sheet showed it owed
customers NZD11 million and had a negative equity.

"Creditors in this case are some NZD16.8 million . . . it may be
wondered how many other customers NF Global has besides those in
this case," he said.

NF Global was set up in 2009 and runs an online platform for the
international transfer of funds without customers needing to go
through the mainstream banking system.

All shares in the company are owned by Starboard Capital SA which
is registered in Switzerland but operates from London. The company
also owns the London based Northern Fides group which provides
asset protection and wealth management services.

Mr. Oberto's Linkedin profile said he has run NF Global since 2014
before which he was an "independent chairman" of the New Zealand
Financial Advisors Association and the chairman of the Community
Organisations Grants Scheme.

Stuff relates that the case before Judge Bell related to four
creditors who deposited money with NF Global in the last two years
and who wanted the company put into liquidation. Starboard opposed
the liquidation application.

Michael Arjang, an Israeli/Italian businessman claimed about NZD2m
and LD Drago, a Romanian company owned by Paulo Zeriali, a
London-based businessman, wanted its NZD529,000 back. Sky Capital
Management, a Hong Kong software company owned by Russians sought
NZD3.3 million and Eleanora Sport an English company owned by
Italian Massimo Cellino, the former owner of the Leeds United
Football Club, claimed about NZD11 million, Stuff discloses.

Judge Bell adjourned the liquidation application to April 23 to
allow Starboard Capital and Northern Fides to provide funds for NF
Global, Stuff adds.

POP-UP GLOBE: Placed Into Liquidation After Impacted by Covid-19
----------------------------------------------------------------
Debrin Foxcroft at Stuff.co.nz reports that Auckland's Pop-up Globe
theatre has been put into liquidation after being unable to weather
the impact of the Covid-19 global pandemic.

In a statement on the decision to liquidate, Pop-up Globe directors
Dr Miles Gregory and Tobias Grant said they were "gutted" it had
come to this, Stuff relates.

Pop-up Globe was a replica of the second Globe Theatre, the
historic building where playwright William Shakespeare held his
productions.  The temporary theatre, which billed itself as the
world's first working replica of the second Globe, debuted in a car
park in Auckland's CBD in 2016.  From 2017, the temporary summer
theatre was constructed in the gardens at Ellerslie Racecourse.

By January last year, Pop-up Globe had produced 16 professional
Shakespeare productions, entertained more than 750,000 ticket
holders including more than 50,000 school students, and was
successfully operating international touring seasons, organisers
said.

Last year was expected to be the final year Pop-up Globe performed
in New Zealand, the report says.

According to Stuff, Pop-up Globe announced it was planning to focus
on international touring while maintaining its headquarters in
Auckland.  

But the local season was curtailed by Covid-19 restrictions and
international plans were put on hold, Stuff notes.

On March 4, liquidators Clive Bish and Gareth Hoole were appointed,
Stuff discloses.

According to Stuff, Mr. Bish said it was too early to comment on
the liquidation process.

A report would be released at a later date, the report adds.



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

HIAP SENG: Judicial Management Extended to September 14
-------------------------------------------------------
The Business Times reports that the period of judicial management
for both Hiap Seng Engineering and its subsidiary has been extended
another six months to September 14.

Both their applications to extend the judicial management order
were granted by the High Court on March 8, the report says.

Last October, Hiap Seng Engineering's subsidiary, Hiap Seng
Engineering (Thailand) Co, entered into a conditional sale and
purchase for the disposal of its office building and factory, as
well as various furniture, office equipment and machinery, for
THB300 million (about SGD13.3 million), BT recalls.

Hiap Seng Engineering's executive director for finance also
resigned to "pursue his other personal interests".

Trading in Hiap Seng's shares has been suspended since November
2019, BT notes.

Hiap Seng Engineering Ltd provides building construction,
engineering, procurement, construction, and plant maintenance
services for the oil and gas, and energy sectors in Singapore,
Malaysia, Thailand, Vietnam, the United Arab Emirates, and
internationally.

Hiap Seng Engineering and its subsidiary, HS Compression & Process
(HSCP), were placed under judicial management in September 2020.

HIN LEONG: High Court Approves Oil Trader's Winding Up Bid
----------------------------------------------------------
The Straits Times reports that the High Court has given the green
light for the winding up of Hin Leong Trading, marking the end of
the road for the collapsed oil trading giant after nearly a year of
restructuring.

In a hearing on March 8 before High Court Justice Kannan Ramesh,
judicial managers Goh Thien Phong and Chan Kheng Tek of
PricewaterhouseCoopers (PwC) Advisory Services were appointed
liquidators of Hin Leong, the report discloses.

They had applied for Hin Leong to be wound up after three potential
bidders walked away from a deal to buy Hin Leong and two related
companies as a combined entity, according to the report.

Selling Hin Leong, its shipping arm Ocean Tankers and Lim
family-owned Xihe Holdings as a combined entity would have helped
to recover more than the firm's US$257 million in estimated assets,
ST notes citing Bloomberg. The liquidation of a company usually
results in a fire sale of its assets, which raises less money than
a formal bidding process.

Once one of Asia's top oil traders, Hin Leong collapsed last year
after the oil price plunge triggered a default that exposed years
of hidden losses and alleged fraud by its founder Lim Oon Kuin -
better known as O.K. Lim - as well as his son Evan Lim Chee Meng
and his daughter Lim Huey Ching, ST notes.

ST relates that PwC filed suit last August to force Lim and his two
children to repay the US$3.5 billion debt and $90 million in
dividends that they allegedly paid themselves even though their
company was insolvent. PwC alleged that they breached their
fiduciary duties as directors and engaged in fraudulent trading.

The alleged fraudulent activity included "the creation of
fictitious gains to conceal accumulated trading and other losses,
the forgery of documents, the manipulation of Hin Leong's accounts
through irregular accounting entries, the overstatement of Hin
Leong's inventory and the obtaining of financing through improper
means", according to the lawsuit, ST relays.

HSBC, Hin Leong's largest creditor with about US$600 million owing,
also took legal action against the family, followed by Bank of
China, ST says. According to estimates stated in court filings last
year, DBS, ABN Amro Bank and OCBC Bank are owed about US$200
million to US$300 million each.

During the hearing on March 8, the Lim family objected to the
judicial managers being appointed as liquidators, citing a conflict
of interest in that they would not be able to objectively review
the judicial managers' fees. Instead, the family proposed Mr. Henry
Tan and Mr. Chan Yee Hong from Nexia TS as the firm's liquidators,
ST says.

But lawyers for the JMs argued that there is no conflict of
interest, as the fees will be reviewed by the court and the
creditors.

The liquidators will continue with the lawsuit against the Lim
family, collect accounts receivables from counterparties and
dispose of Hin Leong's remaining assets including an industrial
building at Playfair Road, ST understands.

Another issue yet to be resolved is the substantial amount of oil
cargo that are still stored in tanks at Universal Terminal. These
are under a court injunction obtained by a creditor, ST
understands. The Lim family managed and owned 41 per cent of
Universal Terminal through Universal Group Holdings.

Hin Leong has between 10 and 15 workers left, who are still needed
to help with the liquidation process, ST understands.

                      About Hin Leong Trading

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.


                           *********


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 2021.  All rights reserved.  ISSN: 1520-9482.

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