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

                     A S I A   P A C I F I C

          Monday, May 10, 2021, Vol. 24, No. 87

                           Headlines



A U S T R A L I A

FIRETAIL ENERGY: Second Creditors' Meeting Set for May 17
HSU EVENTS: Second Creditors' Meeting Set for May 14
LLHR1 PTY: Second Creditors' Meeting Set for May 13
NELFARS PTY: Second Creditors' Meeting Set for May 14
SAVEMORE WHOLESALE: Second Creditors' Meeting Set for May 13

SELECT CORP: Second Creditors' Meeting Set for May 13
VILLAMOYA HOLDINGS: Second Creditors' Meeting Set for May 14


C H I N A

MUNDIPHARMA INT'L: Seeks Bids for China Unit in Over US$1BB Deal


I N D I A

ADINATH AGRO: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
ASIAN HOTELS: Ind-Ra Cuts Issuer Rating to 'D', Outlook Negative
BIOMEDIX OPTOTECHNIK: Ind-Ra Moves 'BB' Rating to Non-Cooperating
BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating
BRIJ ENGINEERING: CARE Lowers Rating on INR7.0cr Loan to C

FATEH CHAND: Ind-Ra Affirms 'BB+' Bank Loan Rating
GIRIJASHANKAR COTTON: ICRA Keeps B+ Ratings in Not Cooperating
GWALIOR DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
HINDUSTAN ADHESIVES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
HKR ROADWAYS: Ind-Ra Affirms 'D' Bank Loan Rating

JAGDAMBA POULTRY: ICRA Cuts Rating on INR11.50cr Loan to D
KANCHI KARPOORAM: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
LALL MINERALS: Ind-Ra Keeps 'BB-' Issuer Rating in Non-Cooperating
M.B. PARIKH: CARE Lowers Rating on INR6.0cr LT Loan to B-
MAHASEMAM TRUST: Ind-Ra Affirms 'BB+' Loan Rating, Outlook Stable

MAHESH GINNING: ICRA Keeps B+ Debt Rating in Not Cooperating
MANJEET FIBERS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
MARUTI PRODUCTS: ICRA Keeps B+ Debt Rating in Not Cooperating
MBC INFRA-SPACE: CARE Keeps C Debt Rating in Not Cooperating
MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating

MUKTSAR COTTON: ICRA Keeps B Debt Rating in Not Cooperating
MURLI ELECTRODE: CARE Lowers Rating on INR4cr LT Loan to C
NAINITAL MOTORS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
NANDI COTTON: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
NANNAI MAL: CARE Lowers Rating on INR6.0cr LT Loan to B-

NEELKANTH YARN: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
OM SAI: CARE Lowers Rating on INR8.75cr LT Loan to B
RAMANI TIMBER: Ind-Ra Affirms B- LT Issuer Rating, Outlook Stable
RELIGARE FINVEST: Ind-Ra Corrects April 30 Rating Release
REPUTE FOODS: ICRA Keeps B Debt Ratings in Not Cooperating

SAGAR BUSINESS: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
SAI AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
SATYA SUBAL: ICRA Lowers Rating on INR4.66cr Cash Loan to D
SEAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SHITARAM INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating

SHIVAM WOOD: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
SHREEGOPAL GOBIND: ICRA Keeps B+ Debt Ratings in Not Cooperating
SIXTH ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SUPREME AHMEDNAGAR: Ind-Ra Keeps 'D' Rating in Non-Cooperating
SUPREME BEST: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating

SUPREME INFRAPROJECTS: Ind-Ra Keeps 'D' Rating in Non-Cooperating
SUPREME KOPARGAON: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SUPREME PANVEL: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SUPREME SUYOG: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SUPREME VASAI: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating

SWAMI YOGANAND: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
TDI INTERNATIONAL: CARE Lowers Rating on INR169.07cr Loan to B-
UJALA MINERALS: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
URBAN TRANSIT: CARE Keeps D Debt Ratings in Not Cooperating
VENKATESWARA CONSTRUCTIONS: ICRA Withdraws B+ Debt Rating

VIJAY TEXTILES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
VOLTAIC POWER: ICRA Assigns B Issuer Rating
WINWIND POWER: ICRA Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

STAR ENERGY: Fitch Affirms BB- Rating on US$580MM Sec. Notes


J A P A N

JAPAN AIRLINES: Posts Biggest Loss Since Relisting in 2012


N E W   Z E A L A N D

SMITHS CITY: Former Staff Owed Thousand for Unpaid Meetings


P H I L I P P I N E S

PALM TREE: PDIC Advises Borrowers to Pay Their Obligations


S I N G A P O R E

FALCON ENERGY: Seeks Extension of Scheme Meeting
FRASERS CENTREPOINT: EY Appointed as Liquidators to Unit

                           - - - - -


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

FIRETAIL ENERGY: Second Creditors' Meeting Set for May 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Firetail Energy
Services Pty Ltd and Firetail Energy Assets Pty Ltd has been set
for May 17, 2021, at 11:00 a.m. and 12:30 p.m., respectively, at
the offices of BCR Advisory, Level 5, 63 Pirie Street, in Adelaide,
SA.

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 May 14, 2021, at 4:00 p.m.

Stephen Glen James of BCR Advisory was appointed as administrator
of Firetail Energy on March 31, 2021.


HSU EVENTS: Second Creditors' Meeting Set for May 14
----------------------------------------------------
A second meeting of creditors in the proceedings of HSU Events Pty
Ltd has been set for May 14, 2021, at 11:00 a.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 May 12, 2021, at 5:00 p.m.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of HSU Events on March 31, 2021.


LLHR1 PTY: Second Creditors' Meeting Set for May 13
---------------------------------------------------
A second meeting of creditors in the proceedings of LLHR1 Pty Ltd
has been set for May 13, 2021, at 11:30 a.m. via teleconference
only.

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 May 12, 2021, at 5:00 p.m.

Nicholas David Cooper and Dominic Charles Cantone of Oracle
Insolvency Services were appointed as administrators of LLHR1 Pty
on March 29, 2021.


NELFARS PTY: Second Creditors' Meeting Set for May 14
-----------------------------------------------------
A second meeting of creditors in the proceedings of Nelfars Pty Ltd
has been set for May 14, 2021, at 10:00 a.m. via teleconference
only from the Offices of Hall Chadwick, Level 40, 2 Park Street, in
Sydney, 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 May 13, 2021, at 5:00 p.m.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
Nelfars Pty on April 16, 2021.


SAVEMORE WHOLESALE: Second Creditors' Meeting Set for May 13
------------------------------------------------------------
A second meeting of creditors in the proceedings of Savemore
Wholesale Pty Ltd has been set for May 13, 2021, at 12:00 p.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 May 12, 2021, at 5:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Savemore Wholesale on April 15, 2021.


SELECT CORP: Second Creditors' Meeting Set for May 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of Select
Corporation Pty Ltd Formerly Trading As "Select Residential
Solutions" has been set for May 13, 2021, at 2:30 p.m. via
teleconference only.

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 May 12, 2021, at 4:00 p.m.

David Ashley Norman Hurt and Jimmy Trpcevski of WA Insolvency
Solutions were appointed as administrators of Select Corporation on
March 31, 2021.


VILLAMOYA HOLDINGS: Second Creditors' Meeting Set for May 14
------------------------------------------------------------
A second meeting of creditors in the proceedings of Villamoya
Holdings Pty Ltd, trading as "Subway Store 25739", has been set for
May 14, 2021, at 10:0 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2021, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory Pty Ltd was
appointed as administrator of Villamoya Holdings on March 31,
2021.




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

MUNDIPHARMA INT'L: Seeks Bids for China Unit in Over US$1BB Deal
----------------------------------------------------------------
Reuters reports that Mundipharma International Ltd，owned by the
billionaire American Sackler family, has kicked off the sale of its
China unit in a deal that could fetch more than $1 billion, people
familiar with the situation told Reuters.

Mundipharma has invited a select group of potential buyers,
including private equity firms and local and international
pharmaceutical companies, to bid for the asset, said the people,
Reuters relays.

Initial bids are due by the end of May, said one of them.

Reuters says Mundipharma hired Deutsche Bank last year to explore a
sale of itself and some individual businesses. It decided to run a
standalone sale process for its China business earlier this year,
the people said.

Mundipharma International Ltd. markets and develops analgesics for
the treatment of moderate to severe pain. The Company also
researches and conducts testing for respiratory and cancer
medications. Mundipharma International holds worldwide product
registrations with the regulatory affairs functions located in the
United Kingdom and Germany.

Mundipharma launched its China business in 1993 via a high-profile
signing ceremony at the Great Hall of the People on Tiananmen
Square, according to Reuters.




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

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

The instrument-wise rating actions are:

-- INR126.54 mil. (outstanding as of March 31, 2021) Term loan
     due on February 1, 2034 migrated to non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR135 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 22, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Adinath Agro was incorporated in 1995 in Pune. It manufactures
various food products under the brand names Surabhi, Magic King and
Winn, primarily serving to the states in southern and central
India. The company has two manufacturing facilities one each in
Jejuri (Pune) and Kolvihire (Pune).


ASIAN HOTELS: Ind-Ra Cuts Issuer Rating to 'D', Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asian Hotels
(West) Limited's (AHWL) Long-Term Issuer Rating to 'IND D' from
'IND BB+'. The Outlook was Negative.

The instrument-wise rating actions are:

-- INR2,207.65 bil. Term loan (Long-term) due on March 2033
     downgraded with IND D rating; and

-- INR270 mil. Fund-based working capital limits (Long-term/
     Short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects AHWL's delays in the repayment of principal
and interest of term loans in April 2021, due to stretched
liquidity resulting from disruptions led by COVID-19-led lockdown
and delays in disbursement of guaranteed emergency credit line.
RATING SENSITIVITIES

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

COMPANY PROFILE

AHWL was incorporated on January 8, 2007 as Chillwinds Hotels
Private Limited and was changed to present name on February 12,
2010. The company entered into a Scheme of Arrangement & Demerger
with Asian Hotels Limited, under which Hyatt Regency Mumbai of the
Asian Hotels was demerged and vested in the company.

AHWL operates a 401-room five-star hotel at Mumbai and has
partnered with Hyatt Hotels India for branding, operating and
marketing the hotel under the Hyatt Regency brand.


BIOMEDIX OPTOTECHNIK: Ind-Ra Moves 'BB' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Biomedix
Optotechnik & Devices Private Limited's Long-Term Issuer Rating to
the non-cooperating category. The Outlook was Stable. 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 continue to appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR3 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR86.1 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed non-fund-based limit withdrawn (the
     company did not proceed with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last downgraded on
April 24, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bengaluru-based Biomedix Optotechnik & Devices was incorporated in
1986 as a proprietary firm and later reconstituted as a private
limited company in November 1993. The company manufactures and
trades high-tech medical electronics devices such as medical
appliances used in ophthalmology. The company has six regional
sales offices and five extended sales offices across India with a
total employee size of around 110.

BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Boncon
Trade Private Limited (BTPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated January 28, 2020, placed the
rating of Boncon Trade Private Limited (BTPL) under the 'issuer
non-cooperating' category as BTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BTPL continues to be non-cooperative despite repeated requests for
submission of information through email dated February 12, 2021,
March 17, 2021, March 23,2021 and numerous phone calls. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 28, 2020 the following were
the rating strengths and weaknesses (Updated for the information
available from Registrar of Companies).

Key Rating Weaknesses

* Small Scale of operations along with losses registered: The scale
of operations of the company is small as indicated by an operating
income of INR0.56 crore during FY20 as against 0.03 crore in
FY19.Further net worth base stands completely eroded as on March
31,2020. The small scale of operations restricts the financial
flexibility of the company.

* Fragmented nature of industry: The mobile phone segment is highly
fragmented with a large number of organized and unorganized players
operating in the market. The company faces competition other
players operating in the same segment and also from low-priced
products from China in the mobile handset and accessories segment.

* Technology obsolescence risk: The mobile handsets and accessories
segment is characterized by rapid changes in technology keeping in
line with the changing customer preferences and requirements and
continuous innovation. Thus, the company faces the risk of its
products getting obsolete with the introduction of new
technologies.

Key Rating Strengths

* Experienced Partners: BTPL is promoted by Mr. Sunil Somani and
Mr. Gaurav Somani having an experience of more than two decades in
the cellular phone trading business. Established distribution
network: The company has an established the dealership network
during the year in Tier I and Tier II cities for ZTE Mobiles. Till
December 2014, the company had 29 dealers for ZTE mobiles which are
continued for the current distributorship of Samsung, Lenovo and
Gionee. Furthermore, the company has increased the number of
distributors to 60. These distributors further distribute the
products to retailers across India.

Incorporated in the year 2013, BTPL is a part of Calyx Group based
out of Pune, Maharashtra. Till December 2014, BTPL was engaged in
distribution of smart phones of ZTE Telecom India Private Limited
(ZTE) through a contract with ZTE. However, in FY15, the company
discontinued the contract and is currently engaged in wholesale
trading of mobile handsets for Lenovo, Gionee and Samsung (no
contract). The company is registered with Amazon India, Flipkart
and Snapdeal for online selling.


BRIJ ENGINEERING: CARE Lowers Rating on INR7.0cr Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Brij
Engineering Works-Kanpur (BEW), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      7.00       CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 27, 2020 placed the
ratings of BEW under the 'issuer non-cooperating' category as BEW
had failed to provide information for monitoring of the rating. BEW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 10, 2021, February 20, 2021, March 2,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further banker could not be contacted.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by BEW with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk. Further, the ratings
continue to remain constrained owing to small and fluctuating scale
of operations with low net worth, modest profitability margins and
liquidity position, customer concentration as well as geographical
concentration risk and constitution as a partnership concern and
high competitive intensity in the government civil construction
segment. The ratings, however, continue to take comfort from
experienced partners with established relationship with government
customers, moderate order book position and moderate solvency
position.

Detailed description of the key rating drivers

At the time of last rating on March 27, 2020 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small and fluctuating scale of operations with low net worth The
scale of operation of the firm remained small as marked by total
operating income and gross cash accrual of INR23.73 crore and
INR1.01 crore for FY18 (FY refers to period April 1 to March 31).
Further, the scale of operations of the company has been
fluctuating for the past three financial years, i.e., FY16–FY18
mainly on account of tender driven nature of business. Further, the
company has achieved TOI of ~Rs.20 crore for 10MFY19 (refers to
period April 1 to January 31; based on provisional results). The
capital base of the firm also remained relatively low at INR3.96
crore as on March 31, 2018. Nevertheless the scale of operation
stood small, which limits the bidding capability, pricing power and
benefits of economies of scale.

* Modest profitability margins and liquidity position: The
profitability margins of the firm largely depend upon nature of
contract executed and stood moderate for the past three financial
years i.e. (FY16-FY18). The profitability of BEW remained moderate
with PBILDT and PAT margin of 5.92% and 4.19% respectively in FY18.
In FY18, PBILDT margin has increased marginally by 39 bps over FY17
mainly on account of execution of contracts with better margins.
With increase in PBILDT margin, PAT margin of the firm also grew by
55 bps over FY17. The liquidity indicators of the company stood
modest as marked by current ratio of 1.02x for FY18. The cash and
bank balances stood at INR0.08 crore as on March 31, 2018.
Operating cycle of the firm stood negative due to high creditor
period in comparison with collection period and inventory holding
period. The net cash from operating activities stood at negative
INR1.25 crore as on March 31, 2018.

* Customer concentration as well as geographical concentration risk
and constitution as a partnership concern: Client base of BWE is
skewed towards government departments in Uttar Pradesh. Further,
BWE is a regional player and all the projects are executed in Uttar
Pradesh only which reflects geographical concentration risk.
Furthermore, its constitution as a partnership concern leads to
limited financial flexibility and risk of withdrawal of capital.

* High competitive intensity in the government civil construction
segment: BEW faces direct competition from various organized and
unorganized players in the market. There are number of small and
regional players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. Further, the firm also undertakes contracts of which are
awarded through the tender based system. This exposes the company
towards risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.

Key Rating Strengths

* Experienced partners with established relationship with
government customers: Mr. Brij Kishore Gupta has around four
decades of experience in the civil construction industry. All
partners of the firm look after overall affairs of the firm. The
long standing experience and in-depth knowledge in the construction
industry of partners has benefited the firm and has able to
establish customer and supplier base in the market.

* Moderate order book position: As on February 27, 2019, BWE has an
outstanding order book position of INR33.13 crore which is 1.40
times of FY18's Total Operating Income (TOI) reflecting moderate
order book position. The on-going projects of the firm are likely
to be executed within next 12 months, providing medium term revenue
visibility.

* Moderate solvency position: The firm has debt mainly in the form
of unsecured loans from family, friends and relatives. The capital
structure of the firm remained moderate with an overall gearing of
0.89 times as on March 31, 2018, improved from 1.39 times as on
March 31, 2017 mainly on account of increase in net worth of the
firm due to retention of profits and infusion of funds by partners
amounting to INR0.23 crore in FY18. Further, debt service coverage
indicators of the firm remained comfortable with total debt to GCA
and interest coverage ratio which stood at 3.48 times and 3.24
times respectively for FY18.

Kanpur (Uttar Pradesh) based Brij Engineering Work (BEW) was formed
as partnership concern by Mr. Brij Kishore Gupta, Mar. Swapnil
Gupta, Mrs. Sheela Gupta and Mrs. Shweta Gupta in September 01,
1978. The partners shares profits and losses in the ratio of 15%,
15%, 35% and 35% respectively. The firm is engaged in the
construction of overhead tank, sewage pipelines and sewage
treatment plants, installation and commissioning of water supply
lines. The firm takes the contracts from government departments
through participating in tenders.

FATEH CHAND: Ind-Ra Affirms 'BB+' Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Fateh Chand
Charitable Trusts (FCCT) bank facilities as follows:

-- INR76.4 mil. (reduced from INR147.2 mil.) Term loan due on
     March 2023 affirmed with IND BB+/Stable rating; and

-- INR42.8 mil. Non-fund-based bank facilities (bank guarantee)
     affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings remain constrained by significant volatility in FCCT's
current balance before interest and depreciation (CBBID) margins.
After demonstrating a continuously improving trend over FY16-FY18
to reach 34.1% in FY18, the CBBID margins fell steeply to 14.3% in
FY19. A substantial increase in administrative and operating costs,
including expenses on advertisement, repair and maintenance and
security service, led to the decline in the CBBID margins. In FY20,
the CBBID margins marginally fell further to 14.1%.  

Nevertheless, despite the decline in CBBID margins and in the
absolute CBBID, the credit metrics largely remained comfortable in
FY20 due to the repayments of long-term loans. The debt burden
(debt/CBBID), which had marginally increased to 1.95x in FY19
(FY18: 1.16x) improved to 1.46x in FY20. The interest coverage
continued to improve from 6.5x in FY18 to 7.3x in FY19 and further
to 10.4x in FY20. Ind-Ra expects the credit metrics to remain
comfortable over the near-to-medium terms.

FCCT's overall student's headcount increased to 1,306 in FY20 from
1,282 in FY19, and further to 1,385 in the academic year 2020-2021,
mainly due to a rise in the headcount under the nursing (FY21: 491,
FY20: 442) and post graduate (PG) (FY21: 146, FY20: 116) courses.

The total revenue grew 9.8% yoy in FY20 to INR1,436.9 million,
mainly due to a continuous surge in the average revenue per student
in the Bachelor of Medicine, Bachelor of Surgery (MBBS) and PG
courses. The average revenue per MBBS student increased 4.7% yoy to
INR1.27 million in FY20 (FY19: 12.2%) and PG student inched up
fractionally 0.2% yoy (41.0%) to INR2.57 million. Given the further
increase in the headcount in the academic year 2020-21, the revenue
would have continued to demonstrate yoy growth in FY21.

Liquidity indicator - Adequate: Despite a fall in the absolute
CBBID to INR194.9 million (average FY19-FY20) from INR377.1 million
in FY18, the decline in the cash flow from operations remained
under check at an average of INR303.5 million over FY19-FY20 (FY18:
INR383.1 million), due to net working capital inflows. The trust
managed to fund its capex of INR240.6 million (average FY19-FY20)
without any net addition of debt. The trust has one overdraft
facility of INR145 million; its average maximum monthly utilization
was 61.2% during the 12 months ended February 2021.

RATING SENSITIVITIES

Positive: Events that may, individually or collectively, lead to a
positive rating action are:

a. CBBID margins increasing and staying above 35%

b. debt burden reducing below 1.0x

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

a. the debt burden rising and staying above 3.5x
b. declining headcount leading to a reasonable fall in the total
revenue

COMPANY PROFILE

Established in 2005, FCCT is chaired by Satish C. Goel and is
affiliated to the Chaudhary Charan Singh University, Meerut.
Approved by the Medical Council of India, Muzaffarnagar Medical
College and Hospital, under FCCT's aegis, started its operation in
2006. The courses offered are MBBS, PG along with para-medical
courses to impart nursing education and training. The admissions
are done through Uttar Pradesh National Eligibility cum Entrance
Test. The college does not offer any part time courses. The
hospital, with a capacity of 700 beds, was established primarily to
support the college as a teaching hospital.


GIRIJASHANKAR COTTON: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Girijashankar Cotton Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term fund        7.00      [ICRA]B+(Stable); ISSUER NOT
   based (CC Limit)                COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long term             1.00      [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; 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 October 2005, GCPL is engaged in cotton ginning and
pressing. GCPL procures raw seed cotton (Kapas) from
farmers/mandis, which is processed in ginning mills for removing
seeds and other impurities. The raw cotton seed sourced by the firm
is of various kinds such as desi, Shankar 6, BB, MCU-5 and H4
cotton variety which is of high quality with staple length of 28
–32 mm. The manufacturing facility is located in Sendhwa, Madhya
Pradesh.

GWALIOR DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gwalior
Distilleries Limited (GDL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       37.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated January 28, 2020, placed the
rating of GDL under the 'issuer non-cooperating' category as GDL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GDL continues to be
non-cooperative despite repeated requests for submission of
information through email dated February 12, 2021, March 17, 2021
and March 23,2021, April 20,2021 and numerous phone calls. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 28, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing obligations and weak liquidity position:
As per the interaction with the banker, there have been instances
of delays in repayment of interest obligation in the term facility
availed on account of the stretched liquidity position and delay in
achieving COD, due to delay in receiving approvals.

GDL was incorporated in the year 1986 by Mr. Govind Yadav to
undertake the business of blending and bottling of Indian made
foreign liquor (IMFL). The IMFL blending and bottling unit of the
company is located in Bhind district of Madhya Pradesh.

HINDUSTAN ADHESIVES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hindustan
Adhesives Limited's (HAL) Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency.

The instrument-wise rating actions are:             

-- INR208 mil. Fund-based working capital limit downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR75 mil. Non-fund based working capital limit downgraded
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR196.40 mil. Term loan due on July 2024 downgraded with IND
     BB (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

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

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect HAL's credit strength as the company has been
non-cooperative with the agency since October 6, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

HAL, established in 1988, is part of the Bagla group. It
manufactures special adhesive tapes and polyolefin shrink films.

HKR ROADWAYS: Ind-Ra Affirms 'D' Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed HKR Roadways
Limited's (HKRRL) bank loans' rating as follows:

-- INR15.250 bil. Bank loans (long-term) affirmed with IND D
     rating.

KEY RATING DRIVERS

The affirmation reflects HKRRL's continued delays in debt serving
obligations in FY21 due to a tight liquidity position, resulting
from insufficient toll collections during the year.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

HKRRL is a special purpose company incorporated to implement a lane
expansion (to four lanes from two lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from Andhra Pradesh Road Development Corporation.


JAGDAMBA POULTRY: ICRA Cuts Rating on INR11.50cr Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shree
Jagdamba Poultry Private Limited (SJP), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           11.50      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                     COOPERATING; Rating downgraded
   Fund Based                      from [ICRA]B(Stable)/[ICRA]A4
                                   and continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.  The rating is based on limited
information on the entity's performance since the time it was last
rated in January 2020. 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.

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 2001 and promoted by Mr. Rakesh Singh, Shree
Jagdamba Poultry Private Limited (SJP) is a family managed company
engaged in the production of table eggs and trading of paddy,
maize, wheat, rice, animal and poultry feed. Based in Nagpur, the
company operates six sheds on a five-acre land and has a capacity
of around 0.66 lakh layers and produces about 0.59 lakh eggs in a
day. In the trading segment, the company sources trading products
from across India which are sold to distributors and traders based
in Nagpur.

KANCHI KARPOORAM: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kanchi Karpooram
Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on INR70.0 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB-' rating on INR100.0 mil. Non-fund-based working
     capital limit is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 1992, Kanchi Karpooram manufactures camphor and
by-products dipentene, sodium acetate trihydrate and pine tar.

LALL MINERALS: Ind-Ra Keeps 'BB-' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lall Minerals
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:

-- INR65 mil. Fund-based working capital limit maintained in the
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR295 mil. Proposed 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 3, 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 September 2005, Lall Minerals is engaged in the
trading of iron ore, iron ore fines and iron ore pellets.


M.B. PARIKH: CARE Lowers Rating on INR6.0cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M.B.
Parikh & Sons (MBPS), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 28,2020, placed the
rating of MBPS under the 'issuer noncooperating' category as MBPS
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. MBPS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
February 12, 2021, March 17, 2021 and March 23, 2021, April 19,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating has been revised by taking into account no due diligence
conducted and non-availability of information due to noncooperation
by MBPS with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on January 28, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with low and fluctuating profitability:
Total operating income of the firm has grown at compounded annual
growth rate (CAGR) of 24.98% over the period of FY14 to FY16 on
account of addition in the customer base coupled with increase in
demand from existing customers. However, the scale of operations
remained small with total operating income (TOI) of INR35.19 crore
in FY16 and tangible net worth of INR1.35 crore as on March 31,
2016, thus limiting financial flexibility of the firm. The firm
operates at thin PBILDT and PAT margin due to trading nature of
operations. Also, margins are susceptible to price fluctuations in
food grain prices. The PBILDT margin of the organization remained
low in the range 3.48% to 4.70% during last three years.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of MBPS remained highly leveraged during last
three balance sheet dates on account of higher reliance on working
capital limits and unsecured loans from related parties.
Furthermore, the debt coverage indicators also remained weak during
FY14-FY16 due to increase in debt level and low profit margins.

* Working capital intensive nature of operation: Operations of MBPS
are working capital intensive in nature with funds being largely
blocked in inventory (as the firm has to maintain sufficient amount
of inventory to meet the urgent requirement of the clients) and
also in receivables (as the firm has to give higher credit period
to its customers due to intense competition from the market and to
maintain relationship with its customer). Furthermore, with low
credit period received from its suppliers the operations are highly
dependent on working capital borrowing which led to higher average
utilisation of working capital limits.

Key Rating Strengths

* Long track record of operations and experienced partners: MBPS
has been in existence for more than a century and is managed by
Parikh family, with Mr. Sanjeev Vardhibhai Parikh, Mr. Sourabh
Sanjeev Parikh and Mr. Aditya Sanjeev Parikh managing the firm as
partners. Mr. Sanjeev Parikh has been associated with trading for
nearly 4 decades and has developed strong business relations with
customers. His sons are also looking after day-to-day operations of
the firm who possesses more than a decade of experience through
their association with the firm. Over the years of its operation in
the trading of food grains industry, the promoters of the firm have
developed longstanding & established relationships with customers
and suppliers. It also has distributorship of many basmati rice
brands like Fortune, Heritage, Dawat, Sadhu, Star, Jalsa, etc.

M.B. Parikh & Sons (MBPS) was established in the year 1914 by Late
Mr. Manilal Parikh. Presently Mr. Sanjeev Vardhibhai Parikh, Mr
Sourabh Sanjeev Parikh and Mr. Aditya Sanjeev Parikh are managing
the firm as partners. The firm is engaged in trading of food grains
viz. Pulses, Dal, Rice, Wheat, Poha, Jawar, Sabudana, Rawa, Maida
etc. MBPS operates out of its registered office at Kolhapur,
Maharashtra.

MAHASEMAM TRUST: Ind-Ra Affirms 'BB+' Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mahasemam Trust's
(MT) bank loans' rating at 'IND BB+' with a Stable Outlook.

The detailed rating action is:

-- INR949.39 mil. Bank loans affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

Second Wave of COVID-19 Infections May Exert Pressure on Asset
Quality and Credit Costs: At end-February 2021, MT's gross
non-performing assets (portfolio at risk 90+days past due) stood at
0.86% (FYE20: 0.14%, FYE19: 0.09%). Ind-Ra expects the company to
face some asset quality pressures in the near term, due to the
second wave of COVID-19-led disruptions. The microfinance sector
experienced 5%-10% credit costs during demonetization and
COVID-19-led lockdowns in 2020. As a result, Ind-Ra expects the
trust's near-term credit costs to elevate further (9MFY21: 1.3%,
FY20: 1.3%, FY19: 1%), affecting its profitability (return on asset
of 2.9%, FY20: 3.3%, FY19: 2.4%) and capital buffers (Tier-I
capital ratio of 29.33%, 23.42%, 19.2%). Ind-Ra expects incremental
funding to remain a challenge for mid-to-small-sized microfinance
institutions.

No Access to Credit Bureaus: MT operates on a trust model and
therefore, cannot enlist its borrowers to credit bureaus, which
enhances the risk of the borrowing profile. In its petition to the
District Court of Madurai dated 10 February 2020, MT acknowledged
that is not being able to tap a credit bureau similar to a
non-banking finance company, impacting its business prospects and
leading to difficulties in conducting business. While MT has a
vintage of more than two decades and has not witnessed major issues
in terms of borrower defaults even during demonetization, Ind-Ra
believes the trust's inability to access credit bureaus could still
lead to uncertainties relating to the customers over leveraging
themselves.

Modest Standalone Profile: At end-February 2021, MT's assets under
management was INR1,292 million (FYE20: INR1,400 million, FYE19:
INR1,397.8 million), which remains concentrated in Tamil Nadu
(operates in 10 districts). Also, the trust does not intend to
expand its portfolio out of Tamil Nadu in the near term. MT
disbursed around INR650 million during January-March 2021. At
end-December 2020, with net worth of INR365.5 million, MT's capital
to risk weighted assets ratio and Tier-1 capital ratio was 29.33%
(FY20: 23.42%, FY19: 19.2%), better than its peers'; however, its
legal form places substantial limitations in terms of equity raise.
Given MT is a trust, The Reserve Bank of India norms are voluntary
for now. MT operates at yields of 24%-25% and the Reserve Bank of
India pricing norms, if applied, could cause a reduction in yields
and the consequent reduction in pre-provision profits by about
40%.

Collections Improved Post Lockdown; Although Concentration Risks
Persists: MT's collection efficiency (current collection/current
demand) improved to almost 100% in March 2021, similar to that of
pre-Covid levels, from around 92% in September 2020. Around 70% of
its borrowers are from sectors classified as essential goods and
services by the government, resulting in stable cash flows despite
the COVID-19 led lockdown during the first wave. MT's portfolio,
however, remains majorly concentrated in Tamil Nadu's districts of
Tirunelveli (18%), followed by Tuticorin (17%) and Virudhunagar
(14%), and the rest with seven additional districts of Tamil Nadu,
exposing it to state concentration risk. Ind-Ra believes any
additional restrictions in terms of the movement of people or a
sudden lockdown in areas due to incremental COVID-19 cases from the
second wave could hamper the collections, and thereby the asset
quality of the borrowers.

High Vintage Microfinance Experience: While in the trust form, MT
has over 20 years of experience in the microfinance space. It has
seen multiple cycles and has a well-seasoned portfolio. The
management has considerable experience of more than two decades in
the business and has a strong understanding of the local market and
customer segments in Tamil Nadu, which helps them in controlling
the delinquencies although concentrated in a single state.

Liquidity Indicator – Adequate: At end-February 2021, MT had
unencumbered cash and liquid investments of INR61.2 million,
equivalent to about 18.7% of its asset under management. The
company also has encumbered cash (fixed deposits) of around INR180
million. MT has outflows in terms of debt servicing (principal and
interest) of around INR160 million and operating expenses of INR27
million for 1QFY22. As per the February 2021 asset liability
management statement, MT has a cumulative surplus of around 17% in
the up to one-year period and 18% in the up to three months bucket
even after stressing the inflows by 30%. Ind-Ra expects the trust
to be conservative in disbursements as managing liquidity would be
challenging in case of a moderate drop in collections hereon. The
management does not expect any material decline in MT's thrift
deposits amounting to INR458 million at end-December 2020, as the
deposits are only repaid when the members leave the group. In the
last nine months, it has received additional sanction of INR400
million.

RATING SENSITIVITIES

Positive: The rating could be upgraded if the trust is able to
significantly expand and diversify its franchise, scale-up
operations while maintaining adequate short-term liquidity, higher
capital buffers and lower leverage on a sustained basis while
maintaining asset quality.

Negative: Inability to maintain adequate capital buffers and
back-up liquidity provisions, rising leverage and deterioration in
the asset quality (credit costs rising above 5%),
higher-than-expected drop in collections or tier 1 capital level of
less than 20% or any event that could lead to material outflow of
its thrift deposits could result in a negative rating action.

COMPANY PROFILE

MT is a Madurai, Tamil Nadu-based trust engaged in microfinance
activities. The trust provides personal unsecured loans to its
members across nine districts Madurai, Tirunelveli, Kanyakumari,
Tuticorin, Virudhunagar, Ramanathpuram, Shivagangai, Tenkasi and
Theni in Tamil Nadu.

Over 99% of the trust's loan portfolio consists of women self-help
group (SHG) loans. SHGs operate on the joint-liability group model
with the joint guarantee signed by the groups. The trust also
provides maternity loans, education loans, marriage loans, and
sanitation loans to aid and cover the entire life cycle of SHG
members.

MAHESH GINNING: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahesh
Ginning Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term   
   Fund based            5.25      [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; 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.

MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is part of the Mahesh Group belonging to the
Tayal family of Sendhwa, Madhya Pradesh, which is predominantly
engaged in cotton trading and ginning, and has more than two
decades of experience in this line of business. MGPL procures kapas
from farmers/mandis, which is processed in ginning mills for
removing seeds and other impurities. The cotton bales are sold to
spinning mills and traders whereas cotton seeds are sold to oil
extraction units.

MANJEET FIBERS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Manjeet Fibers
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 now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR380 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR81.1 mil. Term loan due on July 2021 maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR120 mil. Proposed fund-based working capital limits
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 13, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in June 2012, Manjeet Fibers is engaged in the
agro-processing, ginning and pressing of cotton, and allied
activities. Its annual installed capacity for processing raw cotton
is 1152,000 quintals.


MARUTI PRODUCTS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maruti
Products 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 fund       4.28       [ICRA]B+ (Stable) ISSUER NOT
   Based (Term Loan)               COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long-term/short     17.50       [ICRA]B+(Stable)/[ICRA]A4
   Term fund based/                ISSUER NOT COOPERATING;  
   non fundbased                   Continues to remain 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 April 2010, MPPL manufactures steel billets in its
manufacturing facility located in Jaipur with a total installed
capacity of 27,000 Metric Tonne Per Annum (MTPA). The company
procures its key raw material such as sponge iron and steel scrap
from domestic as well as international market and supplies its
product to the rolling mills located in Rajasthan.

MBC INFRA-SPACE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MBC
Infra-Space Private Limited (MBC) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.55      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING Category

   Short Term Bank       4.25      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2020, placed the
rating(s) of MBC Infra-Space Private Limited (MBC) under the
'issuer non-cooperating' category as MBC had failed to provide
information for monitoring of the rating. MBC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and email dated February 06, 2021,
February 16, 2021 and February 26, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to bank facilities of MBC are constrained on
account of its small scale of operations with thin profit margins,
leveraged capital structure and modest debt coverage indicators and
moderate order book position. Further, the ratings are also
constrained due to its tender driven nature of business with high
competitive intensity of construction industry and volatility in
material prices.

The ratings, however, derives comfort from experienced promoters
and reputed clientele.

Detailed description of the key rating drivers

At the time of last rating on March 23, 2020 the following were the
rating strengths and weaknesses: (updated for information available
from registrar of the companies)

Key Rating Weaknesses

* Small scale of operations with thin profit margins: Scale of
operations have continued to remained small marked by TOI of
INR14.63 crore in FY19 (INR 19.18 crore during FY18). Profit
margins continued to remained thin marked by PAT Margin of 0.35%
during FY19 (0.39% during FY18).

* Leveraged capital structure and modest debt coverage indicators:

Capital structure has improved but continued to remained leveraged
marked by overall gearing ratio of 2.21x as on March 31, 2019
(2.35x as on March 31, 2018). Debt coverage indicators remained
modest marked by TDGCA of 10.59 years and interest coverage of
1.37x during FY19 (8.81 years and 1.46x during FY18).

* Moderate order book Position: MBC holds moderate order book of
INR12.10 crore as on January 10, 2019 out of which majority orders
will be executed by the end of March 2019.

* Tender driven nature of business with high competitive intensity:
MBC participates in the tenders passed by various state government
department as well as various large corporates for civil
construction work mainly pertaining to industrial civil
construction. Hence, the entire business prospects are highly
dependent on the tenders floated by corporates. Further, the
construction industry is highly fragmented in nature with presence
of large number of unorganized players and a few large organized
players. Further, the profitability also varies among the projects.
Hence, the aggressive bidding by the players in order to bag the
contracts with high competition may lead to dip in its
profitability.

* Volatility in material prices: MBC procures materials like steel,
cement and sand from local suppliers, prices of which are highly
volatile in nature. Hence, its business is exposed to fluctuation
in raw material prices i.e. steel, cement and sand. Any adverse
changes in procurement cost can have a negative impact on its
profit margins.

Key Rating Strengths

* Experienced Promoters: MBC is managed by Mr. Manoj Baruah, a key
promoter, holds more than a decade of experience in civil
construction industry through his association with MB Corporation
and MBC since 1999 and looks after overall management of MBC.

* Reputed clientele: MBC is catering to the demands of the
government department of Gujarat and other various large corporates
having sound credit profile.

Vapi (Gujarat) based, MBC was established as private limited
company in year 2012 by Mr. Manoj Barua and Mrs. Bobby Baruah. The
company is based at Vapi and is primarily involved in business of
industrial civil construction and has carried out various projects
such as civil work for construction of Industrial shed and other
industrial civil construction. Also, Mr. Manoj Baruah is also
associated with a proprietorship firm named MB Corporation since
1999.

MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Meenamani
Real Venture LLP in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           20.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; 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.

Meenamani Real Venture LLP (MRV) was established in March 2010 as a
partnership firm and was subsequently converted into Limited
Liability Partnership firm in FY2017. The firm is a part of Goel
Ganga Group which has been real estate development for more than 2
decades. The firm has already developed "Ganga Estoria Phase I"
with total saleable are of 88,000 sq ft. The construction of
phase-I was completed in August 2014 and all the units have been
sold out. The firm is developing a residential real estate project
'Ganga Estoria Phase-II' at Undri in Pune consisting one building
(14 floors) with 110 2BHK flats with a total saleable area of
1,18,800 sq ft.

MUKTSAR COTTON: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Muktsar
Cotton (P) Ltd in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based/CC        10.00      [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; 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.

MCPL was incorporated in September 1996 and is engaged in cotton
ginning to produce cotton lint and cotton seeds. The company also
crushes cotton seeds to produce cotton seed oil and cotton seed
cake, however their proportion in the company's total sales is
modest. The company has a ginning unit in Muktsar (Punjab) with 32
ginning machines and 7 expellers and an installed capacity for
ginning 750 quintals of kapas and crushing 600 quintals of cotton
seeds per day. The entire cotton produced is sold to a group
company, which is engaged in cotton yarn spinning.

MURLI ELECTRODE: CARE Lowers Rating on INR4cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Murli Electrode Private Limited (MEPL), as:

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

   Short Term Bank
   Facilities            1.00      CARE A4; ISSUER NOT COOPERATING

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated January 30, 2020, placed the
ratings of MEPL under the 'issuer non-cooperating' category as MEPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. MEPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letters dated
February 12, 2021, March 17, 2021, March 23, 2021, April 19, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating has been revised by taking into account no due diligence
conducted and non-availability of information due to noncooperation
by MEPL with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on January 30, 2020 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Susceptibility of operating profitability margins to fluctuation
in raw material prices: The major raw materials used by MEPL are
steel-wire and silicate which forms around 85% of the cost of sale.
The prices of steel-wire and silicate are highly volatile in nature
hence it is exposed to price fluctuation risk. MEPL usually
maintains inventory for around 90-100 days for smooth flow of
operations.

* Cyclicality in the industry and susceptibility to slowdown in the
end user industry: The fortunes of MEPL is closely linked to the
fortunes of the primary steel industry and heavily dependent on the
automotive, engineering and infrastructure industries as the main
customers.

Key Rating Strengths

* Extensive experience of promoters in the industry: MEPL is owned
by Maloo family based out of Nagpur. Key promoter of MEPL, Mr.
Murli Maloo, Director, has almost two decades of experience in the
welding electrodes industry and looks after the finance division of
the company. He is assisted by Mr. Mahesh Maloo, Director, who also
looks after the finance division, Mr. Dinesh Maloo, Director, who
looks after the sales division and Mr. Harish Maloo, Director, who
looks after the overall administration of the company. The
company's senior management team comprises of well-qualified and
experienced professionals.

* Established dealership and distribution network: MEPL has a wide
distribution network across India with more than 32-40 authorized
distributors which are spread across India. Moreover, the company
has spread its operations covering 10-12 states of India. Over the
years, it has developed market for its products and established
good relationship with various customers.

Analytical approach: Standalone

Nagpur based, Murli Electrode Private Limited (MEPL) was
incorporated on June 23, 1998, by Mr. Murli Maloo, Mr. Mahesh
Maloo, Mr. Dinesh Maloo and Mr. Harish Maloo. MEPL is engaged in
the manufacturing of various types of welding electrodes, welding
consumables and wires.

NAINITAL MOTORS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nainital Motors
Private Limited's (NMPL) 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:

-- INR180 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR2.5 mil. Term loan due on August 2020 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
12, 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 2008, N Nainital Motors MPL is an authorized dealer
of Maruti Suzuki India in Uttarakhand. The company also provides
car repair, auto finance, and car insurance services.

NANDI COTTON: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nandi Cotton
Ginning Mill Private Limited's (NCGM) Long-Term Issuer Rating of
'IND B' to the non-cooperating category and has simultaneously
withdrawn it.

The instrument-wise rating actions:

-- INR6.2 mil. Term loans* due on October 2020 migrated to non-
     cooperating category and withdrawn; and

-- INR200 mil. Fund-based facilities# migrated to non-cooperating

     category and withdrawn.

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

#Migrated to 'IND B (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT
COOPERATING)' before being withdrawn

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
22, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

KEY RATING DRIVERS

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

NCGM is engaged in ginning and pressing of cotton (equipped with 36
ginning machines). It has a daily installed capacity of 300 bales.


NANNAI MAL: CARE Lowers Rating on INR6.0cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nannai Mal Janki Das (NMJD), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2020 placed the
ratings of NMJD under the 'issuer non-cooperating' category as NMJD
had failed to provide information for monitoring of the rating.
NMJD continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 8, 2021, February 18, 2021, February
28, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. Further banker could not be contacted.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by NMJD with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings continue to remain constrained owing to small scale of
operations, leverage Capital Structure, constitution of the entity
being a partnership firm and highly competitive industry. The
ratings, however, continue to take comfort from experienced
management, moderate profitability margins and coverage indicators
and comfortable operating cycle.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2020 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: Despite being operational for almost
six decades, the scale of operations has remained small marked by a
total operating income and gross cash accruals of INR28.80 crore
and INR1.05 crore respectively during FY18 (refers to the period
April 1 to March 31; based on provisional results). The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits.

* Leverage Capital Structure: The capital structure of the firm
stood leveraged owing to high dependence on the external borrowing
to meet its working capital requirements. The overall gearing ratio
stood above 1.49x as on the balance sheet date of the past two
financial years i.e. FY17-FY18.

* Constitution of the entity being a partnership firm: NMJD
constitutes itself as a partnership firm which has the inherent
risk for possible withdrawal of partner's capital at any time.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be a key factor
affecting credit decision for the lenders.

* Highly competitive industry: NMJD operates is highly competitive
marked by the presence of numerous players in India. Hence the
players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability.

Key Rating Strengths

* Experienced management: The operations of NJMD are currently
being managed by Mr. Kapil Jhalani who is a graduate and has an
experience of almost three and a half decades in trading through
association with NMJD. Mr. Shrey Jhalani also has joined family
business in April, 2015 and is currently pursuing his
post-graduation at the same time.

* Moderate profitability margins and coverage indicators: The
profitability margins of the firm stood moderate on account of sale
of long track record of operations in the industry due to which
they have better bargaining power. The PBILDT margin and PAT margin
stood above 5% and around 3% for the last two financial years i.e.
FY17-FY18. Owing to moderate profitability resulting in moderate
GCA, the debt service coverage indicators stood moderate as marked
by the interest coverage ratio and total debt to GCA of 2.65x and
around 6.81x in FY18.

* Comfortable operating cycle: Operating cycle of the company stood
around 95 days in FY18. The company gives a credit period of around
2 months to its customers resulting in an average collection period
of 78 days in FY18. The company holds inventory in the form of
finished goods to meet the immediate demand of its customers
resulting in an inventory holding of 45 days in FY18. The company
gets a credit period of around a month from its suppliers resulting
in an average creditor period of 28 days in FY18. The working
capital borrowings remained around 75% utilized for past 12-months
ended February, 2019.

Nannai Mal Janki Das (NMJD) was incorporated in 1957 as a
partnership firm. The firm is currently being managed by Mr. Kapil
Jhalani and Mr. Shrey Jhalani sharing profits in the ratio 3:1. The
firm is engaged in the trading of machine tools and hardware such
as cutting tools, hand tools, screw driver kit, etc. NMJD sells its
products through dealers and distributors located PAN India.

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

The instrument-wise rating actions are:

-- INR108 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR130 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 May
19, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.


OM SAI: CARE Lowers Rating on INR8.75cr LT Loan to B
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Om Sai Auto (SOSA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.75      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SOSA to monitor the rating
vide e-mail communications/letters dated April 13, 2021, April 19,
2021, April 20, 2021 and numerous phone calls. However, despite our
repeated requests, the entity has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which, however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on SOSA's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING. Further, the banker could not be contacted.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Partnership nature of constitution: Shri Om Sai Auto (SOSA),
being a partnership firm, is exposed to inherent risk of partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partner would be the key
factors affecting credit decision for the lenders.

* Small scale of operation: The firm has started its operation from
April 2016 and has a short track record of operation of around 3
years. The scale of operations remained small as compared to its
peers with a PAT of INR0.29 crore on total operating income of
INR32.17 crore during FY19. Further, the total capital employed of
the firm also remained low at INR13.64 crore as on Mar.31, 2019.

* Risk of non-renewal of dealership agreement from principles:
SOSA has entered into a dealership agreement with HMC in October,
2014. The dealership agreement with the principle is generally
renewed at the discretion of HMC. Furthermore, the agreements may
get terminated at any time on violation of certain clauses.

* Pricing constraints and margin pressure arising out of
competition from other auto dealers in the market: SOSA faces
aggressive competition on account of established presence of
authorized dealers of other two wheeler manufacturers like Bajaj,
TVS, Honda, and Yamaha etc. Considering the existing competition,
SOSA is required to offer better terms like providing discounts on
purchases to attract new customers. Such discounts offered to
customers create margin pressure and may negatively impact the
revenue earning capacity of the firm. Furthermore, the revenues of
SOSA would also be governed by launch of newer models by HMC, and
acceptance of the products in the market.

* Working capital intensive nature of operation: The business of
automobile dealership is having inherent high working capital
intensity due to high inventory holding period. The firm has to
maintain the fixed level of inventory for display and to guard
itself against supply shortages. Furthermore, HMC, with whom SOSA
is having its association, demands payment in advance, resulting in
higher working capital requirements.

Key Rating Strengths

* Experienced partners: The firm is managed by Mr. Sidhi Nath with
the help of other partner, namely Mrs. Urmila Sharma (wife of Mr.
Sidhi Nath). The managing partner is having over two decades of
experience in automobile dealership business through its associate
concern M/s Siddhartha Tractors (dealership of Mahindra &
Mahindra).

* Authorized dealership of Hero Motorcop Ltd with integrated nature
of business: SOSA is an authorized dealer of HMC and has started
its association since 2014. The firm has one showroom located at
Gaya in Bihar. SOSA is getting a competitive advantage of being one
of the two dealers of Hero vehicles for Gaya. Hero has been one of
market leaders in the two wheelers segment for decades and has a
wide & established distribution network of sales and service
centers across India, providing it a competitive advantage over its
peers.

Shri Om Sai Auto (SOSA) is a partnership firm established in August
2014 by one Mr. Sidhi Nath of Gaya along with other partners Mrs
Urmila Sharma. Afterwards the firm started to initiate an auto
dealership business and has setup a selling and servicing facility
at Gaya in Bihar. The firm as taken dealership authority from Hero
Motocorp Ltd for selling and servicing two wheelers. The firm has
started commercial operation from April 2016. The day-to-day
affairs of the firm are looked after by Mr. Sidhi Nath (Managing
Partner) with adequate support from other partner and a team of
experienced personnel.

RAMANI TIMBER: Ind-Ra Affirms B- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed Ramani Timber
Corporation's (RTC) Long-Term Issuer Rating at 'IND B-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR55 mil. (reduced from INR75 mil.) Fund-based working
     capital limits affirmed with IND B-/Stable /IND A4 rating;

-- INR18.7 mil. (reduced from INR37.6 mil.) Term loan due on
     March 2023 affirmed with IND B-/Stable rating; and

-- INR140 mil. Non-fund-based working capital limits affirmed
     with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects RTC's continued small scale of operations,
as indicated by revenue of INR241 million in FY20 (FY19: INR260.87
million). The revenue declined because of a fall in the number of
orders received by the company, owing to lower demand in the
domestic market, and also because RTC's peak season income was hit
by the COVID-19-led lockdown towards the end of the year.
Furthermore, the company's imports had been affected by supply
chain issues resulting from the pandemic-led issues.  As per the
management, the firm's revenue is likely to have declined to INR207
million in FY21 because of  COVID-led disruptions.

The ratings are constrained by RTC's modest EBITDA margins owing to
the trading nature of business. The firm's EBITDA margin improved
to 5.5% in FY20 (FY19: 5.3%) due to a fall in raw material prices.
The company's return on capital employed was 10% in FY20 (FY19:
11%). The margin is likely to have decreased in FY21, as the fall
in revenue would have led to poor absorption of fixed costs.

The ratings reflect RTC's weak credit metrics due to the modest
EBITDA margins. The metrics deteriorated in FY20 as the total debt
rose to INR89 million (FY19: INR82 million) and the absolute EBITDA
fell slightly to INR13.3 million (INR13.9 million). The gross
interest coverage (operating EBITDAR/gross interest expense) was
1.03x in FY20 (FY19: 1.08x) and the net leverage (total adjusted
net debt/operating EBITDAR) was 6.7x (5.50x). The metrics are
likely to have deteriorated further in FY21 due to the likely fall
in the EBITDA margins.

Liquidity Indicator-Poor: RTC's average utilization of the
fund-based and non-fund-based facilities was 55% and 47%,
respectively, for the 12 months ended March 2021.  The cash flow
from operations remained negative and deteriorated to INR16 million
in FY20 (FY19: negative NR8.40 million), as the working capital
cycle elongated to 112 days (75 days) owing to an increase in the
debtors days to 145 days (130 days). The cash and cash equivalents
amounted to INR0.37 million in FY20 (FY19: INR5.31 million). The
firm had availed the Reserve Bank of India-prescribed debt
moratorium for March-August 2020.  

The ratings are supported by the promoters' experience of three
decades in the timber trading business.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue and the EBITDA
margin, leading to deterioration in the overall credit metrics and
weakening of the liquidity position, will lead to a negative rating
action.  

Positive: An improvement in the liquidity position along with a
significant rise in the revenue and EBITDA margins, leading to the
gross interest coverage exceeding  1.3x, on a sustained basis will
lead to positive rating action.

COMPANY PROFILE

RTC was incorporated in 1985 as a partnership firm. The firm is
engaged in the trading of timber in Trichy, Tamil Nadu. It is
headed by Ramesh N Patel.


RELIGARE FINVEST: Ind-Ra Corrects April 30 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Religare Finvest
Limited's (RFL) rating published on April 30, 2021 to correctly
state that the company has already proposed a debt resolution plan
(DRP) to its lenders.

The amended version is:

India Ratings and Research (Ind-Ra) has affirmed Religare Finvest
Limited's (RFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR4 mil. Lower tier 2 sub-debt# downgraded with IND D rating;

     and

-- INR150 mil. Long-term bank loans affirmed with IND D rating.

#Details in Annexure

KEY RATING DRIVERS

The ratings reflect RFL's continued delays in debt servicing due to
its stretched liquidity situation, along with a strained funding
profile. The company has informed the agency, as well as the NCD
holder (Axis Bank) that it is not in a position to service the
interest and principal amount of the non-convertible debentures on
the approaching maturity date of 30 April 2021.

The company is still under the corrective action plan as advised by
the Reserve Bank of India (RBI) since January 2018. A simultaneous
exercise for identifying potential investors was undertaken in
consultation with a consortium of banks, under which debt
resolution was proposed with TCG Advisory Services Pvt. Ltd.  as
the investor. However, the RBI did not approve of this request for
a change in RFL's control in favor of TCG Advisory Services.

The management has informed the agency through a fresh submission
that the company, to revive its business and ensure proper
alignment of its asset liability profile, has already proposed a
DRP with Religare Enterprises Limited continuing as its promoter to
its lenders, subject to all requisite approvals and compliances
with all applicable norms/regulations. The DRP, the management
believes, may not need prior approval from the RBI, as the latter
is a non-bank finance company-core investment companies registered
entity with the RBI. Further, RFL is also actively pursuing
recovery cases, including Lakshmi Vilas Bank, and expects to
recover its fixed deposits along with interest from the bank.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in the re-assessment of the credit profile.

COMPANY PROFILE

RFL is a non-bank finance company that primarily provides loans to
small and medium enterprises through its product offering of loan
against property and working capital loans. RFL had total assets
worth INR54.04 billion at end-March 2020. During FY20, RFL incurred
a net loss of INR8.96 billion (FY19: INR15.48 billion).

REPUTE FOODS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Repute
Foods Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan            1.92       [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Cash Credit          4.00       [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Unallocated          7.08       [ICRA]B(Stable); ISSUER NOT
   Limits                          COOPERATING; 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 on September 2013, Repute Foods Private Limited (RFPL)
is engaged in processing of cashew kernels from raw cashew nuts
(RCN) with its plant located at Rajkot, Gujarat, having an
installed capacity of processing ~4 ton of cashew kernels per day
(considering the 24 hours processing). The company is also engaged
in sorting and trading of food grains such as raw cashew nuts,
wheat, urad, tuvar, onion, cumin etc. The key promoter Mr. Kishor
Vachhani has long standing experience in agro commodity trading
business though his association with group concerns namely AEM
Investment Ltd, Rajdeep Corporation, Farmrich General Trading LLC
and Repute Exim Private Limited.

SAGAR BUSINESS: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sagar Business
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 now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR230 mil. Fund based working capital limit maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR20 mil. Proposed fund based working capital limit*
     withdrawn (the company did not proceed with the instrument as

     envisaged).

* As the company did not proceed with the instrument as envisaged.


Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1983 in Bihar, Sagar Business is engaged in the
selling of steel products of other companies.

SAI AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Sai
Agro Industries in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term-           4.00       [ICRA]B(stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-           2.50       [ICRA]B(stable); ISSUER NOT
   Term Loan                       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.

Sri Sai Agro Industries was established in 2014 by Mr.
Balarammurthy, Mr. Prasad and Mr. Venkateshwar Rao. The firm is
involved in milling, processing and selling of boiled rice, raw
rice, bran and husk. It started its operations in April, 2015 after
the promoters had closed the operations of another entity, Sri Guru
Sai Rice Industries, involved in the same line of business. The
firm procures a major portion of its raw material requirements from
farmers located in Raichur and its neighbouring districts in
Karnataka and sells the finished products in the domestic market
(primarily Maharashtra) to rice traders mainly under the brand name
"RB Gold". The firm's manufacturing facility is located in
Sindhanur in Karnataka, spread over six acres of land with an
aggregate installed capacity of 6 tonnes per hour of milling.

SATYA SUBAL: ICRA Lowers Rating on INR4.66cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Satya
Subal Himghar Private Limited (SSHPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based         4.28        [ICRA]D ISSUER NOT COOPERATING;
   Limits-Term                    Rating downgraded from [ICRA]B
   Loan                           (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Fund Based         4.66        [ICRA]D ISSUER NOT COOPERATING;
   Limits–Cash                    Rating downgraded from [ICRA]B
   Credit                         (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Fund Based         0.96        [ICRA]D ISSUER NOT COOPERATING;
   Limits–Working                 Rating downgraded from [ICRA]B
   Capital Loan                   (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Non Fund Based     0.10        [ICRA]D ISSUER NOT
   Limits–Bank                    COOPERATING; Rating downgraded

   Guarantee                      from [ICRA] A4 and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.  The rating is based on limited
information on the entity's performance since the time it was last
rated in September 2020. 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.

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 April 2012, Satya Subal Himghar Private Limited
(SSHPL) is promoted by the West Bengal-based Ghosh family.  The
company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,800 metric
tonnes (MT). The cold-storage unit is located at Baghapukur, in
Paschim Midnapore, West Bengal.


SEAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seam
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       38.17      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale and Key Rating Drivers

CARE had, vide press release dated April 1, 2020, had reaffirmed
the ratings of SIL under the 'Issuer Non-cooperating' category as
the company had failed to provide information for monitoring of the
ratings. SIL continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
February 15, 2021, February 25, 2021 and March 7, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 1, 2020, the following were the
rating weaknesses and strengths (updated based on best available
information):

Key Rating Weaknesses

* Ongoing delays in debt servicing: As per banker interaction,
there are ongoing delays in debt servicing.

Seam Industries Ltd (SIL) was incorporated as a backward
integration unit to help its parent Sunil Hi-Tech Engineers Limited
(SHEL) to consolidate its fabrication and installation know-how in
the power sector. SIL is a subsidiary of SHEL, which holds 88.61%
(as on March 31, 2018), while the rest is held by promoters of
Sunil HiTech in their individual capacity.

SIL is engaged in the manufacturing of pressure parts used by power
plants, petrochemical plants, sugar industry and heavy engineering
industry. SIL primarily undertakes fabrication related to pressure
parts, IBR (Indian Boiler Regulations) certified piping systems.
Besides, that it also undertakes fabrication of tanks, cooling
coils, trays and jackets, distillation columns and volumetric
condensers. SIL operates out of two units located in Nagpur with a
combined area of 1,50,000 sq. meters and covered sheds of 11,800
sq. meters. The two units have a consolidated installed capacity of
fabrication of 24,000 metric tonnes per annum (MTPA) of structures,
4,000 MTPA of piping and 5,000 MTPA of carbon piping and allied
works.


SHITARAM INDUSTRIES: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shitaram
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term fund       5.33       [ICRA]B- (Stable) ISSUER NOT
   based 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 April 2012 as a partnership firm, Shitaram
Industries (SI) is engaged in ginning and pressing of raw cotton.
The manufacturing facility is located in Rajkot, Gujarat and is
equipped with 18 ginning machines having an input capacity of
~11,860 MTPA. The commercial operations commenced in December 2013.
The firm is promoted and managed by Mr. Harshad K Ratanpara, Mr.
Suresh N Ratanpara, Mr. Bhudar R Chikani, Mr. Harjivan V Bhadja and
Mr. Pravin B Vachhani along with other family members and
relatives.

SHIVAM WOOD: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shivam Wood Works'
(SWW) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR36 mil. (reduced from INR46 mil.) Fund-based working
     capital limits affirmed with IND B+/Stable/IND A4 rating;

-- INR200 mil. Non-fund-based working capital limits affirmed
     with IND A4 rating; and

-- INR10.0 mil. Term loan due on June 2024 assigned with IND B+/
     Stable rating.

KEY RATING DRIVERS

The affirmation  reflects SWW's continued small scale of
operations, as reflected by revenue of INR406.14 million in FY20
(FY19: INR464.38 million). The decline in revenue was driven by a
fall in the number of orders received due to poor domestic demand
as well as the adverse impact of the COVID-19 outbreak. The firm
had booked sales of INR324 million till 9MFY21.

The ratings also factor in SWW's weak credit metrics. The interest
coverage (operating EBITDAR/gross interest expense) improved
slightly to 1.32x in FY20 (FY19: 1.04x) and the net leverage (total
adjusted net debt/operating EBITDAR) to 4.65x (4.74x). The
improvement in the metrics was driven by a fall in debt to INR99.4
million in  FY20 (FY19: INR118.3 million), and the resultant
decrease in interest expenses to INR16.18 million (INR23.88
million), coupled with the low usage of working capital limits.

The ratings are constrained by SWW's inherently modest EBITDA,
owing to the trading nature of business. Its EBITDA margin
contracted to 5.25% in FY20 (FY19: 5.35%) owing to an increase in
the overall direct expenses, coupled with a decrease in the
revenue. The firm's return on capital employed stood at 13% in FY20
(FY19: 18%).

Liquidity Indicator-Stretched:  SWW has high repayments of INR16.6
million in FY22 and INR13.0 million in FY23, due to which the
agency expects its debt service coverage ratio  to deteriorate over
the medium term. SWW's average utilization of the fund-based
facilities and non-fund-based limits over the 12 months ended
February 2020 stood at 71.4% and 52.2%, respectively. The cash flow
from operations turned positive to INR13.88 million in FY20 (FY19:
negative INR61.46 million) due to an improvement in the working
capital to INR94.4 million from INR108.0 million. Its cash and cash
equivalents amounted to INR0.31 million at FYE20 (FYE19: INR0.30
million).  The firm availed the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings, however, continue to be supported by the promoters'
experience of three decades in the trading of timber.

RATING SENSITIVITIES

Negative: A further decline in the revenue or the EBITDA margin,
leading to any deterioration in the overall credit metrics, along
with deterioration in the liquidity will lead to a negative rating
action.

Positive: A significant rise in the revenue and the EBITDA margin,
leading to the interest coverage exceeding 1.8x, along with a
further improvement in the liquidity position will lead to positive
rating action.

COMPANY PROFILE

SWW was incorporated in 1999 as partnership firm and is engaged in
the trading of timber in Trichy (Tamil Nadu). The firm was founded
by Ramesh N Patel.


SHREEGOPAL GOBIND: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shreegopal
Gobind Agro Tech Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-          11.00      [ICRA]B+(Stable); ISSUER NOT
   Working Capital                 COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Fund-based-          12.50      [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Unallocated           1.50      [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; 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 2013, SGAT is engaged in milling, processing and
sorting of non-basmati rice. The company has its plant at Kaimur
(Bihar) with a milling capacity of 48000 tonnes per annum.

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

The instrument-wise rating actions are:

-- INR80.6 mil. (increased from INR30.6 mil.) Fund-based
     facilities affirmed with IND BB+/Stable rating;

-- INR59.4 mil. Packing credit affirmed with IND BB+/Stable
     rating; and

-- INR227.6 mil. (increased from INR204.8 mil.) Term loan due on
     August 2024 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SETPL's continued small scale of
operations. According to the provisional financials for FY21, the
company's revenue fell to INR377.9 million (FY20: INR483.5 million;
FY19: INR427.5 million), primarily due to a decline in the orders
received due to the COVID-19-led disruptions. However, Ind-Ra
expects the revenue to improve in FY22, backed by the company's
moderate order book worth INR109 million, to be executed by
September 2021.

The ratings reflect SETPL's modest EBITDA margins due to the
trading nature of the business. The margin improved to 22% in FY21
(FY20: 17.15%), due to reduced material costs and other associated
expenses as the company shifted its operating strategy to the
operating expenditure model from the capital expenditure model. The
return on capital was 7% in FY21 (FY18: 9%).

Liquidity Indicator - Stretched: SETPL's average maximum
utilization of the fund-based working capital limits stood at 75%
for the 12 months ended March 2021. The cash flow from operations
dropped to INR31 million in FY21 (FY20: INR133.5 million), mainly
as the other items before funds from operations deteriorated to
negative INR42.6 million (INR3.42 million). The working capital
cycle deteriorated slightly to 105 days (103 days), resulting from
an increase in debtor days (FY21: 43; FY19: 37) and inventory
holding days (110; 106). At FYE21, the company's cash balance was
INR19.10 million and its unutilized credit line amounted to INR31.5
million. SETPL availed the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings are, however, supported by the company's
deteriorated-but-moderate credit metrics. Despite an increase in
the absolute EBITDA to INR83.59 million in FY21 (FY20: INR82.9
million; FY19: INR51.0 million), the interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.33x (FY20: 3.63x),
due to an increase in the interest expenses to INR35.92 million
(INR22.86 million). The net financial leverage (adjusted net
debt/operating EBITDAR) deteriorated to 3.8x in FY21 (FY20: 3.3x)
due to the addition of new COVID-19 loans. The debt increased to
INR337 million in FY21 (FY20: INR283.6 million). The company has
started a project with ICICI Bank so the new term loan INR180
million got transferred from Punjab National Bank (debt rated at
'IND AAA'/Stable) to ICICI Bank in October 2020. ICICI Bank is
depositing the money to an escrow account which is being debited
when the installment gets due and it is not considered as a risk
factor for the company. Ind-Ra expects the credit metrics to
improve in FY22 with the scheduled repayment of the term loan.

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

RATING SENSITIVITIES

Negative: A decline in the scale of operations or a further
elongation of the net working capital cycle, leading to
deterioration in the credit metrics, all on a sustained basis,
could be negative for the ratings.

Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics, with the net leverage
reducing below 2.5x, all on a sustained basis, could be positive
for the ratings.

COMPANY PROFILE

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

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

The instrument-wise rating actions are:

-- INR4.05 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Ahmednagar Karmala Tembhurni Tollways is a special purpose
vehicle incorporated to implement a 61.71km-lane extension (two to
four lanes) on the Ahmendnagar-Karmala-Tembhurni section of State
Highway 141 in Maharashtra, under a 22.78-year concession from the
state government. The project is sponsored by Supreme
Infrastructure India Ltd.


SUPREME BEST: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Best
Value Kolhapur (Shiroli) Sangli Tollways Private Limited's term
loan in the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR2.475 bil. Term loan due on March 31, 2027- March 31, 2029
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Supreme Best Value Kolhapur was set up by Supreme Infrastructure
BOT Holdings Private Limited, a subsidiary of Supreme
Infrastructure India Ltd 'IND D (ISSUER NOT COOPERATING)' to
complete the construction of, and operate and maintain, the 52km
stretch of state highway connecting Shiroli and Sangli under a
concession from the Public Works Department, the government of
Maharashtra.


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

The detailed rating action is:

-- INR646.9 mil. Term loans (Long-term) due on March 31, 2022
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Supreme Infraprojects is a special purpose company owned by Supreme
Infrastructure BOT Private Limited, a 100% subsidiary of Supreme
India Infrastructure Limited 'IND D (ISSUER NOT COOPERATING)'. It
was set up to complete the construction of, and operate and
maintain, the 55.77km state highway connecting Patiala and
Malerkotla under a re-assigned concession from Public Works
Department, the government of Punjab. The project commenced
operations on June 25, 2012.


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

The detailed rating action is:

-- INR1.75 bil. Term loan (Long-term) issued on June 30, 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

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

COMPANY PROFILE

Supreme Kopargaon Ahmednagar Tollways was set up by Supreme Infra
BOT Private Ltd (a 100% subsidiary of Supreme India Infrastructure
Limited) to complete the construction of, and operate and maintain
the 55km stretch of state highway SH-10 that connects Kopargaon and
Ahmednagar. The project is a re-assigned concession from the Public
Works Department, Government of Maharashtra. It commenced
operations on September 24, 2021.

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

The instrument-wise rating action is:

-- INR9.0 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Panvel Indapur Tollways is a special purpose company
incorporated to implement a 84km-lane expansion (from two lanes to
four lanes) project on a design, build, finance, operate and
transfer basis, under a 21-year concession from National Highways
Authority of India ('IND AAA'/Stable). The company is a joint
venture between Supreme Infrastructure India Ltd (64%), China State
Construction Engineering Hong Kong Limited (26%) and Mahavir Road
and Infrastructure Pvt Limited (10%).

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

The detailed rating action is:

-- INR600 mil. Bank loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Supreme Suyog Funicular Ropeways is a special purpose vehicle
incorporated to construct a funicular railway at Haji Malanggad,
Ambernath (Maharashtra) on a build, operate and transfer basis
under a 24.5 years concession agreement with the government of
Maharashtra.


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

The detailed rating action is:

-- INR1.540 bil. Bank loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Vasai Bhiwandi Tollways is a special purpose vehicle that
was acquired by Supreme Infra BOT Private Limited in October 2013.

SWAMI YOGANAND: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swami Yoganand
Charitable Trust's bank facilities 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 ratings. The ratings will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR49.5 mil. Term loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR30 mil. Working capital facility (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
24, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Swami Yoganand Charitable Trust was established in 2002. It runs
two boarding schools under the name Vatsalya International School
in Anand, Gujarat.

TDI INTERNATIONAL: CARE Lowers Rating on INR169.07cr Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of TDI
International India Private Limited as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      169.07      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Revised from
                                   CARE B and moved to ISSUER NOT
                                   COOPERATING category and
                                   removed from Credit watch
                                   with Developing Implications;
                                   Stable outlook assigned

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TDI to monitor the rating(s)
vide e-mail communications/letters dated April 8, 2021, April 9,
2021, April 13, 2021 and April 14, 2021 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on TDI's bank facilities will now be denoted as CARE B-;
Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of non-receipt of
information required for the ratings due to which CARE is unable to
conduct appropriate credit risk assessment. CARE views information
availability risk as a key factor in its assessment of credit
risk.

Detailed description of the key rating drivers

At the time of last rating on October 13, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Business risk profile adversely impacted on account of COVID-19:
The business performance of the company has been adversely impacted
on account of persistence of the COVID-19 pandemic across the world
and the continuing suspension of domestic and international flights
as per the order of Directorate General of Civil Aviation (DGCA)
following the measures announced by the Government of India (GoI)
on containment of the outbreak of COVID-19. While the domestic and
international flights continue to remain suspended for longer than
previously expected, the operations are limited to destinations
covered under the air travel bubble arrangement. This has resulted
in decline in domestic and international traffic levels of
unprecedented proportions. Since the revenues of the company are
linked to leasing of advertisement space on airports and metro
stations, which in-turn is correlated with the passenger traffic
levels, the financial risk profile of the company is expected to
remain weakened until the recovery of passenger traffic to
pre-COVID level happens, which is expected to take place in the
medium term.

* Weak financial risk profile: The company achieved total operating
income of INR138.67 crore in FY20 (FY refer to the period from 1
April till 31 March). The company has incurred net losses to the
tune of INR50.56 crore during the said period. As on March 31,
2020, the company has negative net worth base and the capital
structure stood highly leveraged. In view of the weakening
financial risk profile and elevated debt level the company had
applied for restructuring of loans in September 2020 under the
Reserve Bank of India's (RBI) guidelines issued on August 6, 2020.

* Significant contingent liabilities: TDI has significant
contingent liabilities amounting to INR415.90 crore as on March 31,
2020 in its books with major portion of liability towards corporate
guarantee extended to weaker group company Bhadra International
India (P) Limited (BIIPL) and liability on account of disputed
license fee claims by AAI and DMRC. Any invocation of corporate
guarantee or development in contingent liabilities would remain a
key rating sensitivity.

* Susceptibility to seasonality and cyclicality in business:
The business is cyclical in nature as with the renewal of contracts
with the authority, the license fee and hardware maintenance costs
for the company increases due to intense competition for tender
based orders but the same is not passed on to the customers
immediately. Thus, during the initial term of the contract the
company incurs losses, but slowly as the costs are passed on to the
customers the business starts incurring profit. The business of TDI
is also susceptible to seasonality in advertising spend by
companies and advertisers' preferences which is also impacted by
socio-economic and political factors/events.

Key Rating Strengths

* Extensive experience of promoters in OOH advertising with over 30
years of experience: TDI International India Private Limited (TDI)
was established by Mr. Prem Bajaj in 1986 to provide Out-of-Home
(OOH) advertising solutions. With experience of over 3 decades in
OOH, he ably expanded the business of TDI from the first contract
in airport advertising space in 1987 to now having advertising
space across four airports in India. Mr. Prem Bajaj is well
supported by Mr. Hiyav Bajaj who is involved in various aspects of
day-to-day functioning of the business. He is a commerce graduate
of Delhi University and has done Master's in accounting finance and
management from University of Bradford. He is responsible for
procuring the Metro Rail Contract and has formed a full-fledged
independent Mobile & Internet Advertising Wing.

* Concentrated revenue from limited segments albeit diversification
through metro advertising, media services and Mobile and Internet
Advertising (MAD): With airport advertising contributing around 70%
in last 2 financial years (FY19 & FY20) to the total revenue, the
company's revenue concentration risk remains high. However, the
business is diversified into Metro Advertising, Media Services and
MAD. TDI has advertising rights for a period of ten years of 102
metro stations in New Delhi by DMRC. The revenue contribution from
metro segment has been stable at around 20% in FY19 & FY20 (Prov.)
of the total revenue. MAD and media services contributed 10% in
FY20 (P.Y: 10%) to total revenue. On account of the Covid-19
pandemic, the countries have announced lockdowns and travel bans.
Attributed to the slowdown in economies, the companies reduced
their budgets on advertisement which is likely to impact the
company's revenue profile in near future.

* Successful renewal of long-term contracts with advertising rights
of ten years providing revenue visibility for medium to long term:
TDI has longstanding association with AAI and DMRC as the first
concessionaire in the organised advertising space. TDI has
established relationship with AAI spanning over nearly three
decades. TDI ventured into airport advertising space with its first
contract with Indira Gandhi International Airport, New Delhi in
1987 and currently has advertising sites spread across four
airports namely Ahmedabad, Chennai, Cochin and Goa on exclusive
right basis. The highest revenue is from Chennai airport (51%)
followed by Ahmedabad airport (26%) and Cochin airport (14%).
Additionally, TDI has advertising rights for a period of ten years
in New Delhi by DMRC of 102 metro stations spreads across 6 lines.
The long-term contracts of metro, Chennai & Goa airports along with
continuous extension at Ahmedabad airport provide the revenue
visibility to TDI for medium to long term.

* Diversified and reputed clientele: The company pays licensing
fees to acquire advertising space at the airports/metro stations
and further lease them out to the potential clients. The company
has a well-diversified client portfolio and caters to both
advertising agencies and direct clients. Revenue from advertising
agencies comprises about 37% of the total revenue and the rest is
from direct clients. The company also handles all aspects of OOH
advertising such as strategic planning, media buying, creative
solution etc. through its division TDI Media Services.

Liquidity: Poor

Liquidity of the company remained weak on the back of limited
revenue in the current year on account of Covid-19 outbreak which
has brought business operation to a halt across the industries
associated with passenger traffic at airport/metro stations. The
uncertainty over the resumption of operations, leasing of
advertisement space and restoration of passenger traffic are the
factors which may keep the liquidity of the company stretched with
limited revenue visibility in short to medium term.

To tide over the uncertainty attached to the Covid-19 outbreak, the
company had availed moratorium till August 2020 and later requested
its lenders for the implementation of resolution plan involving
restructuring under the RBI's Circular for 'Resolution Framework
for COVID-19 related stress' dated Aug 6, 2020. The company
subsequently provided a detailed resolution plan to its lenders for
their deliberation.

Incorporated in the year 1986, TDI International India Private
Limited (TDI) was established by Mr. Prem Bajaj to provide
OutofHome (OOH) advertising solutions. TDI ventured into airport
advertising space in the year 1987. The company has acquired
advertising rights of 102 metro stations in New Delhi by DMRC
(Delhi Metro Rail Corporation) and has been dealing since 2012
which contributes approximately 19% of the total revenue.


UJALA MINERALS: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ujala Minerals'
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:

-- INR100 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR150 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
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on March 15, 2004, Ujala Minerals is a partnership
firm engaged in the trading of iron ore and iron ore fines. Ramesh
Chandra Moharana and Anil Jaiswal are the partners.

URBAN TRANSIT: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Urban
Transit Private Limited (UTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       152.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short       10.00     CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

Detailed Rationale and Key Rating Drivers

CARE had, vide press release dated March 16, 2020, had placed the
ratings of UTPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings. UTPL continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
January 30, 2021, February 09, 2021 and February 19, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 16, 2020, the following were
the rating weaknesses and strengths (updated based on best
available information):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There had been instances of
delays in servicing of debt obligation.

Urban Transit Private Limited (UTPL) is a wholly owned subsidiary
of Scomi Engineering Berhad, Malaysia (SEB). UTPL was executing a
subcontract of Mumbai Monorail Project which entails supply of
Telecommunications, Signalling and Communication Equipment and
Installation, Testing and Commissioning (ITC) of these systems and
the rolling stock including Operation and Maintenance of Monorail
System in Mumbai Metropolitan Region, Mumbai. The subcontract was
awarded to UTPL by the unincorporated consortium of Larsen & Toubro
Ltd. (L&T) and SEB, hereafter called LTSE, which is the contractor
for 19.7 km Mumbai Monorail appointed by Mumbai Metropolitan Region
Development Authority (MMRDA). SEB's portion of the contract
relates to provision of train cars and its related electrical
systems and L&T's part pertains to civil and structural
construction works. The original value of the contract for UTPL was
INR292 crore.


VENKATESWARA CONSTRUCTIONS: ICRA Withdraws B+ Debt Rating
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sri Venkateswara Constructions (SVC) at the request of the company
and based on the No Objection Certificate received from the banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

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

   Non Fund Based        5.00      [ICRA]A4; ISSUER NOT
                                   COOPERATING; Withdrawn

Sri Venkateswara Constructions is a partnership firm by M.Venkata
Narayana Reddy, M. Rajayalaxmi, M. Pattabhi Rami Reddy, M.
Syamalamma and M. Sarat Chandra Reddy. The Partnership firm was
incorporated in 2003 and was subsequently reconstituted in 2008
after retirement of a partner Mr. M Sivakumar Reddy. Sri
Venkateswara construction executes the Public works department
contracts in the area of Irrigation such as Canal Works, Drainage
works and check dam works and other contract works. The scope of
work executed in the past few years includes irrigation works such
as; structuring of canal and dams, water supply work and formation
of roads and drainage work. The company generally executes projects
for government departments.


VIJAY TEXTILES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vijay Textiles
Ltd.'s Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR270.5 mil. Term loan (Long-term) due on December 2021
     affirmed with IND D rating;

-- INR665.7 mil. Fund-based working capital limit (Long-term/
     Short-term) affirmed with IND D rating; and

-- INR10 mil. Non-fund-based working capital limit (Long-term/
     Short-term) affirmed with IND D rating.

KEY RATING DRIVERS

The rating reflects Vijay Textiles' continued delays in debt
servicing since 31 December 2019, due to stretched liquidity. At
end-April 2021, lenders had classified the company's account as a
non-performing asset, due to delays in debt servicing in term loans
and fund-based limits.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1990, Vijay Textiles has a 15
million-meter-per-annum home textile printing, dyeing and
embroidery facility in the Mahbubnagar district near Hyderabad. The
company is listed on the Bombay Stock Exchange.

VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinayak
International – Jaipur (VI) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 14, 2020, placed
the rating of VI under the 'issuer non-cooperating' category as VI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. VI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated April 16, 2021, April 19, 2021 and April 20, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 14, 2020, the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Delay in debt servicing owing to poor liquidity position

There was overdrawing's in cash credit limits for more than 30 days
owing to poor liquidity position.

Jaipur (Rajasthan) based, Vinayak International (VI) was formed as
a proprietorship concern by Mr. Vikas Agarwal. The firm was earlier
engaged in the business of trading of Hot rolled (HR) coil, cold
rolled (CR) coil, galvanized Plain (GP) sheet, G-3 sheets and
Pre-painted galvanized iron roofing sheet (PPGI). However, from
2011, VI got engaged in de-coiling of HR and CR coils and further
manufacturing of GP sheet, G-3 sheets and PPGI roofing sheets. The
manufacturing unit of the firm is located in Vishwakarma Industrial
Area, Jaipur with combined total installed capacity of 6000 Tonnes
Per Month (TPM) as on March 31, 2018. The firm also has windmills
having production capacity of 600 Kilowatt (KW). The firm has
entered into a Purchase Power Agreement (PPA) with Ajmer Vidyut
Vitran Nigam Limited (AVVNL) in November, 2015 for a total tenure
of 25 years at a fixed rate of INR5.75 per unit of electricity.

VOLTAIC POWER: ICRA Assigns B Issuer Rating
-------------------------------------------
ICRA has assigned Issuer Rating of [ICRA]B (Stable) to Voltaic
Power Private Limited (VPPL).

Rationale

The assigned rating factors in the healthy growth in VPPL's
revenues in the past on account of acquisition of new clients. The
company continues to benefit from the experience of its promoters
and established relationships with customers, leading to repeat
orders. VPPL's outstanding order book of ~INR4.2 crore, coupled
with other orders in the pipeline, provides near-term revenue
visibility. The ratings also factor in the healthy coverage
indicators of the company. Most of VPPL's debt is in the form of
interest-bearing unsecured loans from promoters. As a result of
limited external debt and low fixed capital intensity, its coverage
indicators and ROCE remain healthy.

The strengths, however, are partially offset by VPPL's small scale
of operations, as indicated by its low net worth of INR0.1 crore as
on March 31, 2020. The company's scale of operations, while
continuously growing since inception, has remained modest over the
years. VPPL reported OI of INR5.4 crore and INR6.2 crore in FY2019
and FY2020, respectively. The modest scale deprives the company of
the advantages that emanate from economies of scale, thus limiting
its competitive position. ICRA notes that VPPL's modest scale,
along with intense competition, resulted in very thin operating
margins in the past.  Going forward, the company's scale of
operations is likely to increase but its margins are expected to
remain below average. The Stable outlook on the [ICRA]B rating
reflects ICRA's opinion that the company will continue to benefit
from the experience of its promoters and its outstanding order
book.

Key rating drivers and their description

Credit strengths

* Healthy revenue growth in the past because of new client
acquisition: VPPL benefits from the experience of its promoters,
who have been involved in the industry since 2014. As a result, the
company has well-established relationships with its major
customers, leading to repeat orders in the recent fiscals. This has
resulted in its scale growing to INR6.2 crore in FY2020 from INR5.4
crore in FY2019. Revenues for FY2021 are estimated at ~INR10
crore.

* Healthy ROCE due to low capital-intensive nature of business: The
fixed capital intensity for Voltaic has remained low with the
company operating from a leased facility. This led to high ROCE in
the past, despite its profitability being on the lower side.

* Promoters support VPPL by infusing unsecured loans when required:
The promoters have been in the business since 2014. In the absence
of any bank borrowings, the promoters have supported the operations
by infusing unsecured loans as and when required. In FY2020, they
infused unsecured loans of INR0.1 crore in the business.

Credit challenges

* Relatively smaller scale of operations: The firm's scale of
operations, albeit continuously growing since its inception, has
remained modest over the years with OI of INR5.4 crore and INR6.2
crore in FY2019 and FY2020, respectively. The modest scale of
operations is also characterised by its tangible net worth of
INR0.10 crore as on March 31, 2020. The modest scale deprives the
company of the advantages that emanate from economies of scale,
thus limiting its competitive position.

* Low operating profitability in the past: VPPL's operating
profitability was very low in the past. The operating margins were
subdued on account of the company securing orders at very thin
margins. Further, its profitability continues to be impacted by the
stiff competition in the business.

* Intense competition: The competition is very high on account of
the presence of other larger and established players, thereby
limiting the margins. Given the intense competition and the low
scale of operations, VPPL's margins are expected to remain at very
low levels.

Liquidity position: Stretched

As a result of its modest accruals, VPPL's liquidity is stretched,
as characterised by its low cash and cash equivalents as on March
31, 2020. The company does not have any working capital facilities
from the bank.

Rating sensitivities

Positive factors – ICRA could upgrade VPPL's rating if there is
sustained growth in its net worth, scale and profitability metrics.
TOL/TNW decreasing to below 4 times could also result in a ratings
upgrade.

Negative factors – ICRA could downgrade the ratings of VPPL if
there is a decrease in scale or profitability. Large debt-funded
capital expenditure could also result in a ratings downgrade.

Voltaic Power Private Limited (VPPL) was established in 2014 as a
partnership firm and later converted to a private limited company
in 2016. The company manufactures a wide range of AC street lights,
flood lights, solar inverters, heavy duty tubular batteries, LED
high bay lights, high mast poles, solar lanterns, etc. The company
also undertakes tender-based solar and electric lighting projects
across India. The tenders are floated through the e-procurement
system of the Government. The product profile of the company
comprises various products like solar and AC street lights, solar
panels, solar water heaters, solar water pumping systems and
installation and maintenance projects of the lights.

It procures solar panels, batteries, solar tubular poles and other
raw materials from various vendors. The company has undertaken
projects for entities like Uttarakhand Renewable Energy Development
Authority, NKG Infrastructure, Patanjali Renewable Energy Ltd, USHA
Shriram, etc. in FY2020.

WINWIND POWER: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Winwind
Power Energy Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term:        150         [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain in
   Facilities                    the 'Issuer Not Cooperating'
                                 category

   Long Term:        288.22      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loans                    Rating Continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Short term:       169.94      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based                Rating Continues to remain in
   Facilities                    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.

Winwind Power Energy Private Limited (WPEPL) was incorporated in
India in July 2007 as a 100% subsidiary of Winwind OY (WWO) - a
Finland based wind turbine manufacturer, established in the year
2000. WWO, a relatively recent entrant in the European Wind Energy
market, offers two WTG models – WWD1 with a 1 MW capacity and
WWD3 with a 3 MW capacity. It has supplied approximately 328 MW of
wind power capacity in markets such as Finland, Sweden, Estonia,
Portugal, France, and Czech Republic. WPEPL commissioned its
manufacturing and assembly plant in Vengal, Tamil Nadu in June 2009
for producing the WWD1 model and currently possesses a production
capacity of 4 WWD1 WTGs per day. WWO was acquired by the Chennai
based Siva Ventures Ltd. (SVL) in October 2006. SVL is a wholly
owned subsidiary of Siva Industries and Holdings Ltd. (SIHL,
erstwhile Sterling Infotech Limited), which was promoted by Mr. C.
Sivasankaran in 1994. SVL is the principal investment arm of The
Siva Group (SG).



=================
I N D O N E S I A
=================

STAR ENERGY: Fitch Affirms BB- Rating on US$580MM Sec. Notes
------------------------------------------------------------
Fitch Ratings has affirmed Star Energy Geothermal (Wayang Windu)
Ltd.'s (SEGWW) USD580 million fully amortising 6.75% senior secured
notes due 2033 at 'BB-'. The Outlook is Stable.

RATING RATIONALE

The renewable energy project benefits from long-term contracts to
use geothermal resources and sell electricity to Indonesian
state-owned power company PT Perusahaan Listrik Negara (Persero)
(PLN, BBB/Stable). The take-or-pay nature of the electricity sales
contract (ESC) with PLN eliminates most volume and merchant price
risks. Fitch expects the supply of geothermal resources to be
reliable, subject to appropriate and timely well maintenance and
drilling of new wells.

The Covid-19 pandemic has not significantly affected SEGWW's
financial results for the year ended 31 December 2020 because of
the take-or-pay clauses under the existing ESC with PLN. SEGWW has
also not experienced significant disruptions to its power plants or
business continuity management plan as a result of various
government-implemented lockdowns and social distancing
requirements.

SEGWW's financial profile under the Fitch rating case shows an
average annual debt-service coverage ratio (DSCR) of 1.29x with a
minimum of 1.12x. The low level of excess cash generation would
limit the ability to fund necessary capex, if it needs to be
accelerated, or other unexpected costs. The metrics are appropriate
for a 'BB-' rated facility of this type under Fitch's Renewable
Energy Project Rating Criteria.

KEY RATING DRIVERS

Robust Operating Record, Inherent Volatility in Resource Supply:
Operation Risk - Weaker

SEGWW has ample operating experience and a strong record with very
high average availability and capacity factors (excluding an outage
in 2015) for both of its generation units since they started
operations. However, SEGWW's operation of the units could expose
the company to the risks of cost overruns and operational
underperformance.

The power plant suffered an extended outage in 2015 due to a
landslide that damaged a steam pipeline, although SEGWW has made
considerable changes to reduce the probability of such an event
recurring. SEGWW completed countermeasure works at all high-risk
areas in 2019.

Operating costs in 2020 were higher than in 2019, driven mostly by
higher depreciation and amortisation of new assets that were
previously booked as assets under construction. SEGWW has a
detailed capital investment plan for drilling new wells and
maintaining existing wells. The external technical consultant,
GeothermEx, has reviewed and is satisfied with the plan. However,
GeothermEx has also advised that there is considerable uncertainty
on capex timing given the nature of the geothermal assets. In the
latest round of make-up well drilling, the plant achieved
additional steam supply that was better than targeted at a cost
lower than budgeted.

The lack of a detailed operating cost analysis by a third-party
technical advisor constrains Fitch's assessment. For major drilling
programmes (capex exceeding USD100 million over two years), a
reserve account will prefund 25% of the well drilling costs, for
each half-year period, over the next two years. The reserve account
will also cover planned major maintenance costs for six months.

Resource Supply Validated by Consultant: Revenue Risk - Volume -
Midrange

The volatility and decline in steam supply inherent in the
geothermal resource introduces supply risk to electricity
generation, but SEGWW has managed to keep the steam depletion rate
lower than previously forecast through a well-intervention
programme and drilling of make-up wells. By end-2020, SEGWW's steam
supply was 34 kg/s above the target and 49kg/s above the steam
requirement of 450kg/s. The existing geothermal resources are
sufficient to support 280MW of electricity generation for 30 years
or 390MW of electricity generation for 20 years, according to
GeothermEx's report in February 2018.

Curtailment risk is limited by the take-or-pay nature of the ESC
under which PLN is required to pay for 95% of the rated capacity of
each of the two generators if it is not dispatched.

Supportive Long-Term Power Purchase Agreement: Revenue Risk - Price
- Stronger

The electricity tariffs are largely fixed under the ESC. The price
for electricity produced by Unit 1 may be renegotiated after 2030,
but SEGWW would be required to add USD50 million to the debt
reserve account from 2028. This will provide a cash cushion if the
renegotiation does not yield similar or better terms.

The tariffs are indexed using straightforward, broad-based publicly
available indexation formulas. The tariffs are denominated in US
dollars but partially indexed to the US dollar-rupiah exchange
rate, such that SEGWW's revenue in US dollars will decline if the
rupiah depreciates against the US dollar. However, the cash flow
impact of lower revenue is partially offset by lower operating
costs in US dollar terms because most of the operating costs, such
as labour, are denominated in rupiah. SEGWW does not enter into
foreign-exchange hedges, leaving it exposed to exchange-rate risk.

Fully Amortising Debt: Debt Structure - Midrange

The seniority, full amortisation and fixed coupon of the USD580
million bonds are features of a debt structure that would be
assessed as a 'Stronger' attribute under Fitch's key rating driver
assessment of renewable projects. SEGWW may have to pay higher
coupon rates if it issues debt to fund the development of Unit 3,
and the new debt would be required to meet a projected DSCR of
1.3x. The existing notes may not have security over the new assets,
and may not have access to the cash flow from Unit 3 for debt
service, if this additional debt is structured as a new debt
tranche instead of additional notes issued from the current
tranche.

The six-month debt service reserve account (DSRA) is a feature of a
'Midrange' debt structure. The lock-up regime at 1.1x look-back
DSCR is not particularly robust and is weaker than that of some
peers. The debt amortisation results in steady deleveraging, but
the annual cash flow and DSCRs are volatile. Overall, Fitch
assesses the debt structure as 'Midrange'.

PEER GROUP

Fitch rates the US dollar secured bonds issued by Star Energy
Geothermal (Salak-Darajat) Restricted Group's (SEGSD RG) at 'BBB-'
with a Stable Outlook. SEGSD RG's rating is higher than that of
SEGWW as it benefits from economies of scale, a longer operating
history, lower capex required per unit of its capacity and stronger
reserve requirements within its debt structure. SEGSD RG's rating
case DSCR is much higher at 1.63x, supported by a lower initial
debt load, despite SEGWW's higher tariffs.

SEGSD RG benefits from economies of scale from operating 648MW of
installed capacity and diversification across nine generation units
in two sites. In comparison, SEGWW operates only two units in a
single site with 227MW installed capacity. The Darajat operations,
which is a dry steam reservoir, have cost advantages over Wayang
Windu. On a per MW basis, SEGSD RG has lower capex than SEGWW. This
is because the restricted group operates only five of the nine
turbine units, with the remaining four units operated and
maintained by PLN. However, SEGWW benefits from higher tariffs.

SEGSD RG's debt structure benefits from a stronger reserve feature
(major maintenance reserve account (MMRA) equal to a third of total
capex in next three years) compared with that of SEGWW, where the
MMRA is equal to planned maintenance costs for the next six months
and prefunding of 25% of the major drilling programme for each
half-year period over the next two years. In addition, SEGSD RG's
distribution lock-up ratio of 1.15x 12-month backward-looking DSCR
is higher than SEGWW's 1.10x.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Projected average DSCR above 1.35x in Fitch's rating case.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The projected average DSCR dropping below 1.25x in Fitch's
    rating case as a result of production declines or
    interruptions, operating difficulties, additional debt or
    other factors.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

TRANSACTION SUMMARY

SEGWW is part of the Star Energy Group, the largest geothermal
energy producer in Indonesia and the third largest in the world.
SEGWW has the exclusive right to use geothermal resources in the
Wayang Windu area in West Java, Indonesia, about 40km south of the
city of Bandung. SEGWW operates two power generation units with a
combined gross installed capacity of 227MW. Unit 1 is 110MW and
began commercial operations in June 2000, while Unit 2 is 117MW and
started in March 2009

CREDIT UPDATE

SEGWW continued to maintain its strong operational performance,
evidenced by its high availability factor of 99.79% in 2020 -
marginally better than management's projection of 99.30%. The
availability factor in 2019 was lower due to shutdown and
turnaround (SDTA) maintenance of Unit 1, which was completed in 12
days, against the target of 14 days.

Net capacity picked up to 96.58% in 2020, from 95.43% in 2019, due
to curtailment of PLN and Unit 1 SDTA in 2019. However, the
curtailment risk is limited given the take-or-pay arrangement of
the ESC under which PLN is required to pay for 95% of the rated
capacity if it does not take all the electricity nominated.

FINANCIAL ANALYSIS

The Fitch base case assumes a capacity factor of 97% for both
generation units, and uses management's forecast for operating
expenses and capex. SEGWW has an average annual DSCR of 1.40x and a
minimum DSCR of 1.33x under the base case.

The Fitch rating case assumes a capacity factor of 95% for both
units, which is equal to the lowest level in recent years. Fitch
also assumes that major overhauls of the power plants are performed
every three years (as they have been historically), compared with
every four years in management's assumptions. Fitch's rating case
also applies a 15% stress to management's assumptions for operating
expenses and a 5% stress to capex.

The Fitch rating case results in an average annual DSCR of 1.29x
and a minimum DSCR of 1.12x. The achieved coverage level reflects
the higher lifecycle capex risks associated with geothermal
facilities compared with other renewable projects, and is
appropriate for a 'BB-' rating, although it is above the 'BB-'
threshold of 1.20x for concentrated solar power projects in Fitch's
criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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

JAPAN AIRLINES: Posts Biggest Loss Since Relisting in 2012
----------------------------------------------------------
Nikkei Asia reports that Japan Airlines posted a consolidated net
loss of JPY286.6 billion (US$2.6 billion) for fiscal 2020 on May 7,
marking the biggest yearly loss since it relisted in 2012, amid a
sharp decline in passengers due to the coronavirus pandemic.

Although the net loss is the group's biggest ever, it improved by
JPY14 billion over a full-year company forecast in February of a
net loss of JPY300 billion, Nikkei Asia relates.

According to the report, the group said it has been cutting costs,
including fewer scheduled flights and reorganizing its labor
force.

Sales dropped 65.3% from the previous year to JPY481.2 billion for
the same period as the pandemic weighed on its core airline
business.

JAL refrained from forecasting sales for the current fiscal year
ending March amid lingering uncertainties related to COVID-19, adds
Nikkei Asia.

                        About Japan Airlines

Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air
transport, aerial work, and aircraft maintenance services. It
operates through the Air Transport and Others segments. The Air
Transport segment engages in air transport business, airport
passenger service, ground handling service, maintenance service,
cargo service, passenger transport service and airport area
business. The Others segment includes travel planning and sales.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
25, 2021, Egan-Jones Ratings Company, on February 16, 2021
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Japan Airlines Co Ltd. to BB from BB+.




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

SMITHS CITY: Former Staff Owed Thousand for Unpaid Meetings
-----------------------------------------------------------
Stuff.co.nz reports that more than 100 former Smiths City staff are
still owed thousands for unpaid meetings, the company's
receivership documents show.

Smiths City went into receivership in May last year before the
brand was bought by investor Colin Neal, who set up Smiths City
(2020).

According to the creditor compromise proposal, issued by receiver
Colin Gower from BDO and Alastair Kerr, on behalf of the company's
directors, the company still owes about NZD60,000 to 101 former
employees for unpaid meetings they were required to attend, Stuff
relays.

This follows a decision by the Employment Court in 2018 which
ordered the company to pay its employees for unpaid pre-work
meetings, the report says.

For at least 15 years, every Smiths City store in the country held
a meeting of sales staff for 15 minutes every morning, covering
topics ranging from sales targets to promotions, according to
Stuff.

Stuff relates that staff were not paid for the meetings and the
time was not recorded as hours worked, resulting in some staff not
receiving the minimum wage once the extra 15 minutes was taken into
account.

The company argued the meetings were not compulsory and no
disciplinary action was taken against staff for not attending them,
but the court found otherwise, the report says. Chief Judge
Christina Inglis said "the expectation to attend, and pressure
placed on staff to do so, was direct and forceful.”

At the time of the decision, the company owed NZD1.5 million for
the unpaid meetings, Stuff discloses.

Stuff says if the 101 former employees make themselves known to
receivers, they will be paid.

If those that are still owed money for those meetings are not
found, the balance will go to Inland Revenue as unclaimed money.

Each known creditor has been sent the creditor compromise proposal
to vote on, with voting closing on June 4.

Stuff says the proposal makes it clear that the NZD4.6 million
available to pay Smiths City's debt will not be sufficient to cover
everything that is owed.

The majority of creditors will get between 40-60 cents on the
dollar of what they are owed, depending on their classification as
either a Class 1 or Class 2 creditor, which includes unsecured
creditors, Stuff relays.

Business that have not yet made a claim also have until June 4 to
do so, the report adds.

Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a
retail chain selling furniture and home appliances. Smiths City was
founded in Christchurch in 1918 and was floated on the stock
exchange in 1972.  It has 25 stores throughout New Zealand.




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

PALM TREE: PDIC Advises Borrowers to Pay Their Obligations
----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), the Receiver
of the closed Palm Tree Bank, Inc. (A Rural Bank) reminded
borrowers of the bank that they are under obligation to pay their
loans notwithstanding the closure of the bank.

PDIC advised borrowers to transact only with authorized PDIC
representatives, emphasizing that it has not engaged any person,
agent or agency to collect the loan payments for and in behalf of
the bank. PDIC advised borrowers to always secure copies of
Official Receipts issued by the PDIC, as liquidator of the closed
Palm Tree Bank, Inc. (A Rural Bank).

Palm Tree Bank, Inc. (A Rural Bank) was ordered closed by virtue of
Monetary Board Resolution No. 482.A dated April 22, 2021. It is a
two-unit rural bank with Head Office located at Door #5 Global Agro
Bldg., Kolambog, Brgy. Lapasan, Cagayan de Oro City (Capital),
Misamis Oriental. Its lone branch, Cotabato City Branch, is located
at EC Tanghal Bldg., No. 5 Don Roman Vilo St., Brgy. Poblacion VI,
Cotabato City.

Deposits of borrowers who have past due loans with the bank are
automatically applied to their loans, by operation of law. If the
loans are on current status, the borrowers may opt to apply their
deposits against their loans, to avoid paying interest on their
loans.

Borrowers of Palm Tree Bank, Inc. (A Rural Bank) may pay their
loans and other obligations through any of the following modes:

1. by paying directly at any Philippine National Bank (PNB) branch.
Payment should be for the account of PDIC FAO BURL – Palm Tree
Bank, Inc. (A Rural Bank). Borrowers are advised to indicate their
assigned Account Reference Numbers which will be provided by PDIC,
on the PNB payment slips. Borrowers should submit a copy of the
duly-validated Payment Slip to the authorized Deputy Receiver (DR)
for Loans or Assisting Deputy Receiver (ADR) for Loans by mail to
the Public Assistance Department, PDIC, 3rd Floor SSS Building,
6782 Ayala Avenue corner V.A. Rufino St., Makati City
1226; or by email to palmtree-pad@pdic.gov.ph.

2. by paying through postal money order (PMO) or check payable to
PDIC FAO BURL – Palm Tree Bank, Inc. (A Rural Bank). Payment
should be directly sent via mail to the PDIC Loans Management
Department III, 5th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City 1226.

3. by paying directly at the PDIC Public Assistance Center located
at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City. In compliance with health protocols, visit to the
PAC is by appointment basis only. To make an appointment, borrowers
may call the Public Assistance Hotline during office hours at (02)
8841-4141 or at Toll Free number 1-800-1-888-7342 or
1-800-1-888-PDIC (for clients outside Metro Manila), send an email
to palmtree-pad@pdic.gov.ph, or send a private message at PDIC's
official Facebook page, www.facebook.com/OfficialPDIC.

Payment through check will be applied to the account of the
borrower only upon clearance of the check. Official Receipts will
be sent by PDIC by mail for payments made through PNB branches and
PMO/check sent via mail. In case of non-receipt of Official
Receipts within a reasonable time, please notify PDIC through mail,
email and phone.

Borrowers who do not receive their Official Receipts are advised to
send by mail/email a copy of their PNB deposit/payment slips to the
PDIC Public Assistance Department (PAD), 3rd Floor, SSS Bldg., 6782
Ayala Avenue corner V.A. Rufino St., Makati City or via email to
palmtree-pad@pdic.gov.ph and to Ms. Thelma A. Peña at
tbarias@pdic.gov.ph.

Borrowers of the bank may contact the PDIC Public Assistance
Department for any queries or concerns at (02) 8841-4141 during
office hours or send these through email at
palmtree-pad@pdic.gov.ph or private message at PDIC's Facebook
page, www.facebook.com/OfficialPDIC. Borrowers outside Metro Manila
may also call PDIC during office hours at its Toll Free Hotline at
1-800-1-888-PDIC (7342).




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

FALCON ENERGY: Seeks Extension of Scheme Meeting
------------------------------------------------
The Business Times reports that Falcon Energy Group and its
subsidiary Asetanian Marine have asked the High Court for
extensions for their scheme meetings, the board said on May 4.

BT relates that the extension applications are fixed for hearing on
May 12 at 2:30 p.m, and any interested party who wants to attend
should notify Falcon and Asetanian in writing by May 6, no later
than 6:00 p.m.

Singapore-based Falcon Energy Group Limited, an investment holding
company, provides services from the initial exploration stage to
production and postproduction stage to oil companies and
contractors worldwide.

Falcon Energy Group and its subsidiary Asetanian Marine on July 25,
2019, filed applications in the High Court for a moratorium as part
of a court-supervised process to reorganise their liabilities.

Falcon Energy Group and Asetanian have engaged Rajah & Tann
Singapore LLP as legal advisers and KPMG Services as their
independent financial adviser in this process.


FRASERS CENTREPOINT: EY Appointed as Liquidators to Unit
--------------------------------------------------------
The Business Times reports that Frasers Centrepoint Trust (FCT) has
appointed Aaron Loh and Angela Ee care of EY Corporate Advisors as
the liquidators of inactive, wholly-owned subsidiary ARMF
(Singapore) Pte Ltd, the manager said on May 4.

The voluntary liquidation is not expected to have any material
impact on the net tangible assets or distributions per unit of FCT
and its subsidiaries for the year to Sept. 30, 2021, BT says.

Frasers Centrepoint Trust is a leading developer-sponsored retail
real estate investment trust and one of the largest suburban retail
mall owners in Singapore with total assets of approximately SGD6.7
billion. FCT's current property portfolio comprises 11 retail
malls9 and an office building located in the suburban regions of
Singapore, near homes and within minutes to transportation
amenities. The retail portfolio has over 2.3 million square feet of
net lettable area with over 1,500 leases with a strong focus on
providing for necessity spending, food & beverage and essential
services. The portfolio comprises Causeway Point, Northpoint City
North Wing (including Yishun 10 Retail Podium), Anchorpoint, YewTee
Point, Changi City Point, Waterway Point (40%-interest), Tiong
Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines
1) and an office property (Central Plaza). FCT's malls enjoy stable
and recurring shopper footfall supported by commuter traffic and
residential population in the catchment. FCT also holds a 31.15%
stake in Hektar Real Estate Investment Trust, a retail-focused REIT
in Malaysia listed on the Main Market of Bursa Malaysia Securities
Berhad. FCT is index constituent of several benchmark indices
including the FTSE EPRA/NAREIT Global Real Estate Index Series
(Global Developed Index), FTSE ST Real Estate investment Trust
Index, MSCI Singapore Small Cap Index and the SGX iEdge S-REIT
Leaders Index. Listed on the Main Board of the Singapore Exchange
Securities Trading Limited since July 5, 2006, FCT is managed by
Frasers Centrepoint Asset Management Ltd., a real estate management
company and a wholly-owned subsidiary of Frasers Property Limited.



                           *********


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.

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

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



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