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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 17, 2021, Vol. 24, No. 92

                           Headlines



A U S T R A L I A

AFG 2019-2: S&P Affirms BB (sf) Rating on Class E Notes
RESIMAC BASTILLE 2018-1NC: S&P Raises Cl. F Notes Rating to BB(sf)


C H I N A

ZIJIN MINING: Fitch Affirms 'BB+' LT IDR, Alters Outlook  to Pos.


I N D I A

AAYUR TECHNOLOGY: CARE Reaffirms D Rating on Bank Facilities
ATIBIR INDUSTRIES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
B.J. GRAINS: CARE Keeps D Debt Ratings in Not Cooperating
BHANWAR SINGH: CARE Lowers Rating on INR0.50cr LT Loan to C
CAMERICH PAPERS: CARE Keeps D Debt Ratings in Not Cooperating

CREATOR POLY: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
DIAMOND TEXTILE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
ESHYAN INFRATECH: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
FATEHPURIA TRANSFORMERS: CARE Cuts Rating on INR11cr Loan to D
GOAN REAL: CARE Keeps D Debt Ratings in Not Cooperating

HRA SALES: Ind-Ra Keeps 'B-' LT Issuer Rating in Non-Cooperating
INTERNATIONAL COIL: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
IVR HOTELS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
IVRCL LIMITED: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
K.RADHAKRISHNA NAIK: CARE Keeps D Debt Ratings in Not Cooperating

KRISHNA PRASAD: CARE Lowers Rating on INR6.0cr LT Loan to C
KUMAR URBAN: Insolvency Resolution Process Case Summary
LANDMARK HOUSING: Insolvency Resolution Process Case Summary
LATHA RICE: CARE Keeps D Debt Ratings in Not Cooperating
MANCHUKONDA AGROTECH: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating

MANDVI VIBHAG: CARE Keeps D Debt Ratings in Not Cooperating
MEHADIA AND SONS: CARE Keeps C Debt Ratings in Not Cooperating
METALINK: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
MITHILA CARS: Insolvency Resolution Process Case Summary
MYSORE PAPER: Ind-Ra Affirms 'D' Unsupported Rating

NEOLITE ZKW: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
NICHEM INDUSTRIES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
P.K. METAL: CARE Keeps D Debt Ratings in Not Cooperating
PRICE & BUCKLAND: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
RAJASTHAN COMMUNICATIONS: Ind-Ra Keeps B+ Rating in Non-Cooperating

RDC MOTOR PRIVATE: Insolvency Resolution Process Case Summary
RYATAR SAHAKARI: CARE Lowers Rating on INR75cr Loans to D
SAMBANDAM SPINNING: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
SANNIDHI FOODS: CARE Keeps D Debt Ratings in Not Cooperating
SARITA FORGINGS: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating

SHIRAGUPPI SUGAR: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SHRIMATI NARASAMMA: CARE Keeps D Debt Ratings in Not Cooperating
SIKKA MOTORS: CARE Lowers Rating on INR49cr LT Loan to C
SKYLARK REALTORS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
SN BUILDCON: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating

SPARTAN ENGINEERING: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
SURESH ANGADI: CARE Assigns D Rating to INR19.82cr LT Loan
TIRUPATI CARBONS: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
TIRUPATI INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
UNITY APPLIANCES: Insolvency Resolution Process Case Summary



M A L A Y S I A

1MDB: U.S. DoJ Returns MYR1.9 Billion of Recovered Funds


T H A I L A N D

THAI AIRWAYS: PM Denies THB50-Bil. Recapitalization Plan
[*] THAILAND: Travel Restrictions Threaten Aviation Sector Recovery

                           - - - - -


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

AFG 2019-2: S&P Affirms BB (sf) Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings raised its ratings on seven classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for AFG 2019-1
Trust in respect of Series 2019-1 and AFG 2019-2 Trust in respect
of Series 2019-2. At the same time, S&P affirmed its ratings on
five classes of notes. The transactions are securitizations of
prime residential mortgages originated by AFG Securities Pty Ltd.
(AFG).

The rating actions reflect:

-- For the raised ratings, increasing credit support and a
declining expectation of losses as the pool loan-to-value ratio
decreases. Strong cash flows are supportive of the higher rating
levels, and arrears levels remain low. As of March 31, 2021, the
AFG 2019-1 trust pool has a balance of about A$278 million and a
pool factor of about 56%. The pool's weighted-average loan-to-value
ratio was 60% and weighted-average seasoning was 51 months. The AFG
2019-2 trust pool has a balance of about A$331 million and a pool
factor of about 66%. The pool's weighted-average loan-to-value
ratio is 63% and weighted-average seasoning is 28 months.

-- That since close, arrears have been favorable compared with the
Standard & Poor's Performance Index for prime loans. As of March
31, 2021, loans more than 30 days in arrears make up 0.51% of the
AFG 2019-1 trust pool, of which 0.40% is more than 90 days in
arrears. Loans with COVID-19-related hardship arrangements make up
0.76% of the pool. For the AFG 2019-2 trust pool, loans more than
30 days in arrears make up 0.50% of the pool, of which 0.14% is
more than 90 days in arrears. Loans with COVID-19-related hardship
arrangements make up 0.25% of the pool.

-- For the lower-rated note tranches, the moderating factors are
that the dollar of credit support provided to those notes is
relatively small compared with the loan-size distributions, and
relative to loans that are greater than 90 days in arrears, as well
as the proportion of loans more than 90 days in arrears.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for all rated notes as well as mortgage insurance
covering about 39% of the loans in the AFG 2019-1 portfolio and 21%
in the AFG 2019-2 portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transactions, including an amortizing
liquidity facility and principal draws, are sufficient under S&P's
stress assumptions to ensure timely payment of interest.

-- The availability of an extraordinary expense reserve, funded at
closing by AFG, that can cover any extraordinary expenses for the
transactions. The reserve will be topped up via excess spread, if
drawn.

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

  Ratings Raised

  AFG 2019-1 Trust in respect of Series 2019-1

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  AFG 2019-2 Trust in respect of Series 2019-2

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)

  Ratings Affirmed

  AFG 2019-1 Trust in respect of Series 2019-1

  Class A2: AAA (sf)
  Class AB: AAA (sf)

  AFG 2019-2 Trust in respect of Series 2019-2

  Class A: AAA (sf)
  Class AB: AAA (sf)
  Class E: BB (sf)


RESIMAC BASTILLE 2018-1NC: S&P Raises Cl. F Notes Rating to BB(sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of prime and
nonconforming residential mortgage-backed securities (RMBS) issued
by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust
- RESIMAC Series 2018-1NC. At the same time, S&P affirmed its
ratings on three classes of notes.

The rating actions reflect:

-- S&P's view of the credit quality of the underlying collateral
portfolio, which as of March 31, 2021, has a pool factor of 51.6%.
The portfolio has a current weighted-average loan-to-value ratio of
66.6% and weighted-average seasoning of 54.9 months.

-- Loans more than 30 days in arrears make up 3.02% of the
portfolio current balance, of which 0.87% are more than 90 days in
arrears. In addition, borrowers with COVID-19-related hardship
arrangements make up 3.51% of the collateral portfolio. However,
S&P believes the increase in subordination from junior classes of
notes, the structural mechanisms in the transaction, and the
continued strong cash-flow generation mitigate the risk of loans
under a COVID-19 hardship arrangement moving into long-term
arrears.

-- S&P said, "Our view that the credit support provided to each
class of rated notes, which has increased since closing, is
sufficient to withstand the stresses we apply at each respective
rating level. This credit support comprises subordination from
junior classes of notes, lenders' mortgage insurance on 5.8% of the
portfolio, and excess spread (if any). In addition, there have been
no losses to date and no charge-offs to any of the classes of
notes. Factors constraining our ratings include that the proportion
of low-documentation loans remains high at 82.9%, having increased
marginally compared with that on closing. Given the capital
structure and structural mechanisms in the transaction, the
lower-rated class E and class D notes are more exposed to adverse
credit movements in the portfolio compared with other rated classes
of notes. Given the structural complexity of the transaction, our
cash-flow modeling of the class C, class D, and class E notes
indicates that despite having higher levels of subordination, these
classes of notes would face strains when subjected to rating
stresses higher than those listed below for each note class."

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility and principal draws mechanism, are sufficient to ensure
timely payment of interest on the rated classes of notes.

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

  Ratings Raised

  RESIMAC Bastille Trust – RESIMAC Series 2018-1NC

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  RESIMAC Bastille Trust – RESIMAC Series 2018-1NC

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)




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

ZIJIN MINING: Fitch Affirms 'BB+' LT IDR, Alters Outlook  to Pos.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Zijin Mining
Group Co., Ltd's Long-Term Issuer Default Rating (IDR) to Positive,
from Stable, and has affirmed the rating at 'BB+'.

The Positive Outlook reflects Fitch's expectation that Zijin will
maintain strong profitability in the next two to three years on
higher production volume and commodity prices, with FFO net
leverage trending below 2.5x from 2022.

Zijin's ratings are supported by its diversified portfolio of
precious and base metals, low cost position, high-yielding assets
with a long mine life and strong cash-flow generation ability. The
ratings are constrained by net leverage of 4.1x at end-2020,
although Fitch expects this to fall rapidly.

KEY RATING DRIVERS

Strong Deleveraging Capability: Fitch expects FFO net leverage to
fall to 2.8x in 2021, from 4.1x a year earlier, before trending
down further to below 2.5x from 2022. This is likely to be driven
by Zijin's strong profitability and cash flow generation,
benefiting from high commodity prices and increased production
volume after the acquisition of several mining projects in recent
years. Capex is also likely to fall, helping free cash flow turn
positive in 2022 post the high capex cycle from 2019 to 2021; a
period of high spending on the development of the acquired mining
assets.

Rising Production Volume: Fitch estimates that Zijin's mined gold
volume will reach 52 tonnes (t) in 2021 and 67t in 2022, from 38t
in 2020, following a ramp-up of the Buritica gold project in South
America's Colombia and Aurora gold mine in Guyana. Fitch also
expects Zijin's copper volume to surge to around 560,000t in 2021
and over 830,000t in 2022, from around 450,000t in 2020, driven by
production ramp-up at domestic mines and the RTB Bor copper project
in Serbia, as well as the addition of the Kamoa and Timok copper
projects in the Republic of Congo and Serbia, respectively.

Performance on Track: Zijin's 1Q21 performance was in line with
Fitch's expectation and Fitch believes the company is on track to
deliver its projected annual production targets. Zijin reported
strong revenue growth of 31% and gross profit margin expansion of
4.1pp in 1Q20. The performance was driven by higher sales volume of
mined gold and copper, which increased by 9.0% and 7.6% yoy,
respectively, as well as copper's elevated average selling price by
47% yoy.

Porgera Mine Resumes Operation: Zijin and Barrick Gold Corporation
have jointly reached a deal with the Papua New Guinea government
and landowners that offers a 51% share in the Porgera gold mine to
local shareholders and 49% to Barrick Niugini Limited, a joint
venture between Zijin and Barrick. Zijin expects the operation to
resume this year as this is in the interest of all parties.

The mine has an average annual output of around 16t of gold, of
which about 4t will be added to Zijin's production, given its 24.5%
interest in the mine. Zijin had a 47.5% interest in the mine before
the deal, with the mine contributing 2.4t in 2020 before it was
shut in April as the government refused to extent the mining
lease.

Acquisitions Drive Growth: Zijin's ambitious 10-year development
plan is supported by its more globalised operation, higher
production volume and enriched metal reserves as well as improved
management, research and environmental and social factors. These
should turn Zijin into a large-scale international mining group by
2030.

Fitch thinks the development and ramping-up of Zijin's existing
mining projects will be sufficient to achieve its short-term
targets in the next two-three years, but the additional M&A that is
needed to meet its longer-term goals is likely to strain its
leverage if debt financed. Fitch assumes CNY5 billion in annual
investment outflow from 2022 to reflect potential M&As.

Diversified Profit Base: Zijin has domestic and international
operations in gold, copper, zinc, silver and iron ore. Its
businesses range from mining and refining to processing, smelting
and trading. The high diversification allows Zijin to enjoy greater
growth potential, as it can share cash flow among projects at
different stages of development, limiting cash flow volatility. Its
diversified product portfolios, which contain both precious and
base metals, also complement each other during commodity-price
volatility.

DERIVATION SUMMARY

Zijin is better diversified than gold miners, Kinross Gold
Corporation (BBB-/Positive) and Yamana Gold Inc. (BBB-/Stable), due
to its expanding copper business, which has become a major profit
contributor. Zijin's copper and gold businesses also complement
each other during commodity price volatility. However, the rated
gold miners have higher mining profitability and lower leverage
than Zijin.

Zijin is smaller in scale than Anglo American plc (BBB/Stable) and
Freeport-McMoRan Inc. (BB+/Positive), and has higher net leverage
than Anglo American. However, Zijin is more diversified and its
cash flow generation is less volatile than that of Freeport.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Mined gold sales volume of 52t in 2021, 67t in 2022 and 74t in
    2023 (2020: 38t);

-- Mined gold average selling price of CNY328/gram in 2021,
    CNY289 in 2022 and CNY249 in 2023 (2020: CNY365/gram);

-- Mined copper sales volume of 562,000t in 2021, 832,000t in
    2022 and 915,000t in 2023 (2020:450,000t);

-- Mined copper average selling price of CNY43,000/t in 2021,
    CNY40,000/t in 2022 and CNY40,000/t in 2023 (2020:
    CNY37,000/t);

-- Capex of CNY18.0 in 2021, CNY8.5 in 2022 and CNY8.0 billion in
    2023;

-- Annual investment outflow of CNY5 billion in 2022 and 2023;

-- Dividend pay-out ratio of 50% in 2021 to 2023.

RATING SENSITIVITIES

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

-- FFO net leverage sustained below 2.5x;

-- Sustained positive free cash flow generation.

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

-- The Outlook will be revised to Stable if the positive
    sensitivities are not reached within the next 12-18 months.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
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 four 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.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Zijin has multiple onshore and offshore funding
sources as well as ample liquidity from major banks. It had CNY105
billion in unused credit facilities as of end-2020 and CNY11
billion in cash, against CNY33 billion in short-term debt.

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.



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

AAYUR TECHNOLOGY: CARE Reaffirms D Rating on Bank Facilities
------------------------------------------------------------
CARE has reaffirmed the ratings assigned to the bank facilities of
Aayur Technology Solutions Private Limited at CARE D; Issuer not
cooperating; based on the best available information and has
simultaneously withdrawn it, with immediate effect. The ratings
factors decline in small scale of operations, weak debt coverage
indicators and net loss during FY20 (refers to the period April 1
to March 31). However, the ratings derive strength from established
track record of the company and reputed clientele base.

The rating withdrawal is at the request of Aayur Technology
Solutions Private Limited and 'No Objection Certificate' received
from the lender that have extended the facilities rated by CARE.

Detailed Description of the Key Rating Drivers

At the time of last rating on April 5, 2021, the following were the
key rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations and thin profitability margins: The
total operating income has marginally increased by 12.95% and stood
at INR6.80 crore during FY20 against INR6.02 crore in FY19. The
PBILDT margin has improved from -0.07%(FY19) and to 9.04%(FY20),
however, the net loss was INR0.96 Cr in FY20.

* Leveraged capital structure and weak debt coverage indicators:
Networth is negative due to accumulation of continuous loss,
networth was negative by INR1.26 Cr. The overall gearing ratio has
deteriorated and stood moderate at -8.19x and the PBILDT interest
coverage ratio stood weak at 0.45x as on March 31, 2020.

Key Rating Strengths

* Established track record of the company and moderate experience
of promoters in the manufacturing of electronics equipment: ATSPL
was incorporated in 2006 by Mr. K. Kiran and his friends. Mr. K.
Kiran is qualified in B.Tech (Computer Science). He is the Managing
Director of the company who takes care of day to day operations. He
has more than one decade of experience in manufacturing of
electronic products. The other directors also have more than one
decade of experience in the industry since inception of the
business. Due to long term presence in the business, the promoters
have established good relationship with suppliers and customers.

* Reputed customer base: The customer base of the company is well
established, as the promoters have been in this line of business
for more than one decade, as a result of which, it has developed
good contacts with the customers. The major customers are Bharat
Electronics Limited, HCIL Comtel Limited, Bharat Heavy Electricals
Limited among others.

Aayur Technology Solutions Private Limited (ATSPL) was incorporated
in 2006 by Mr. K. Kiran and his friends. Its manufacturing unit is
located in Rajajinagar, Bangalore. ATSPL is an ISO 9001:2008
certified company. The company is into manufacturing of electronic
equipment and system design solutions provider for the Defence
sector. It manufactures various electronic instruments solely for
the Indian defense sector. Some of the products manufactured by
ATSPL include ruggedized LCD units, Universal rack mount, rugged
portable units & work stations etc. Current installed capacity for
the manufacturing of defense products is 1200 pieces per annum.

ATIBIR INDUSTRIES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Atibir Industries
Company Limited's (AICL) Long-Term Issuer Ratings at 'IND D (ISSUER
NOT COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR2.180 bil. Fund-based-working capital limit (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR2,628.3 bil. Non-fund-based working capital limit (Short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects AICL's continued delays in debt servicing
for a period exceeding 30 days, the details of which are not
available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2000, AICL manufactures sponge iron, pig iron,
sinter and pellets.


B.J. GRAINS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of B.J.
Grains (BJG) continue to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 7, 2020, placed the
rating of BJG under the 'issuer noncooperating' category as BJG had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. BJG continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and email dated February
12, 2021, March 10, 2021 and April 21, 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 February 7, 2020 the following were
the rating weaknesses (updated for the information available).

Key Rating Weaknesses

* Delays in debt service obligations: As per banker interaction
dated April 20, 2021, there are continuous delays in the cash
credit facility and the account has been classified as NPA.

Established in October 2015, as a proprietorship entity, B. J.
Grains is engaged in trading of grains and pulses. The firm started
its commercial operations from February 2016. BJG procures the raw
material primarily from domestic market, partly through various
brokers, processing mills and partly from farmers present in the
vicinity of Nagpur and adjoining region. The entity's sales are
entirely domestic with majority sales to distilleries located in
and around Vidarbha region and remaining via various brokers. The
firm does not have owned storage facilities to store the traded
goods; instead the facilities are leased as and when required.

BHANWAR SINGH: CARE Lowers Rating on INR0.50cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhanwar Singh Rathore (BSR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues to
                                   remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank     14.50       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 February 24, 2020, placed
the rating(s) of BSR under the 'issuer non-cooperating' category as
BSR had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. BSR
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 12, 2021, April 16, 2021, April 17, 2021 and 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 revision in the rating takes into accounts of non-availability
of requisite information. The ratings, further, continue to remain
constrained on account of its of its financial risk profile marked
by moderate profitability margins with inherent revenue risk
associated with contractual business, moderate solvency position,
stretched liquidity position and constitution as a proprietorship
concern.

The ratings, however, continue to derive strength from experienced
management and continuous growth in Total Operating Income (TOI)
during last three financial years ended FY18 (FY refers to the
period from April 1 to March 31) along with healthy order book
position.

Detailed Description of the Key Rating Drivers

At the time of last rating on February 24, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Moderate profitability margins and moderate solvency position:
The profitability margins of the firm stood moderate with PBILTD
and PAT margin of 3.62% and 2.79% respectively in FY18 as against
5.43% and 3.07% respectively in FY17. The solvency position of the
company stood moderate with an overall gearing of 1.60 times as on
March 31, 2018, significantly improved from 5.97 times as on March
31, 2017 mainly due to decrease in working capital bank borrowings
and unsecured loans from related parties and considering of
unsecured loans of INR2.88 as a quasi-equity which are subordinated
to bank borrowings. Further, the debt coverage indicators stood
moderate with total debt to GCA of 7.55 times as on March 31, 2018
and interest coverage at 4.34 times in FY18.

* Stretched liquidity position: The liquidity position of the firm
stood stretched marked by full utilization of its working capital
bank borrowings during the last twelve month ended in November,
2018. Further, the current ratio stood at 1.37 times as on March
31, 2018 and quick ratio at 1.35 times as on March 31, 2018. The
operating cycle of the firm stood negative during FY18. The firm
has cash and bank balance of INR0.15 crore as on March 31, 2018.

* Inherent risk associated with contractual business and
constitution as a proprietorship concern: BSR operates in the
industry where the income of the entity is primarily dependent on
collection of toll from the contracts based on the renewal of old
contracts as well as awarding of fresh contracts. Majority of the
contracts are of one to two years tenure and would be re-awarded
through bidding process. Thus, the turnover of the firm is highly
dependent upon the renewal of the existing contract as well as
securing new contracts. Further, its constitution as a
proprietorship concern restricts its overall financial flexibility
in terms of limited access to external funds for any future
expansion plans. Further, there is inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of proprietor.

Key Rating Strengths

* Experienced management: Mr. Bhanwar Singh Rathore, Proprietor,
has more than two decade of experience through its group concerns
and looks after the overall affairs of the toll tax collection
business. Further, he is supported by his son, Mr. Shivraj Singh,
MBA by qualification, who have 5 years of experience in the
industry. The firm has a staff of experienced employees for smooth
functioning of its businesses. Further, the promoters has promoted
Shiv Shakti Royalties Private Limited, Singla Bulidcon Private
Limited, Shiv Ganga Minerals Private Limited and Shiv Jyoti
Enterprises Private Limited which are engaged in the business of
hotel, civil construction and manufacturing of PVC pipes
respectively. Also the promoters has promoted Rajasthan Desert
Safari, Bhanwar Sungh Palace and Bhanwar Niwas, all of which are
operating hotels all over Rajasthan.

* Continuous growth in Total operating Income (TOI) along with
moderate order book position: During FY18, TOI of the firm has
improved by 219.49% over FY17 (158.29% in FY17 over FY16) mainly on
account of toll collection contracts received by the firm in March
2017 for next two years. Till December 31, 2018 the firm has
achieved turnover of INR40.05 crore. The firm has received toll
collection agreements for SH-26 Nasirabad- Deoli-Kekri Road
amounting to INR47.55 crore, SH-90 Jaipur- Jobner-Kuchaman- Nagaur
Road amounting to INR29.58 crore and SH-67 Pali- Nadol- Gomati Road
of INR 11.81 crore in March 2017 for next two years.

Rajasthan based BSR was formed as a proprietorship concern by Mr.
Bhanwar Singh Rathore. The firm is engaged in the business of toll
tax collection and also engaged in the business of the retailing of
petroleum products of Indian Oil Corporation Limited. The firm has
a retail outlet located at Village Goyla, Near Sarwar, District
Ajmer (Rajasthan). The toll tax collection points was located at
Nasirabad-Kekri-Deoli Road (SH-26), Jaipur-Jobner-Kuchaman-Nagaur
Road (SH-90), PaliNadol-Gomati ka Chouraha Road.

CAMERICH PAPERS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Camerich
Papers Private Limited (CPPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      122.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2020, placed the
ratings of CPPL under the 'issuer non-cooperating' category as CPPL
had failed to provide information for monitoring of the rating.
CPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 06, 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. The ratings on CPPL bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of CPPL continued to
remain constrained on account of the ongoing delays in debt
servicing.

Detailed Description of the Key Rating Drivers

At the time of last rating on March 20, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* On-going delays in debt servicing: As per interaction with the
lenders, there have been delays in principle and interest repayment
of the term loan along with instances of overdrawing in the cash
credit limit exceeding 30 days.

* Weak financial risk profile along with net losses during FY19
CPPL reported total operating income of INR48.93 crore along with
PBILDT of INR 8.88 crore during FY19, which were significantly
lower than envisaged levels. The fall in operating profitability
combined with stable interest and depreciation cost translated into
net loss of INR8.17 crore and gross cash loss of INR1.91 crore
during FY19. CPPL's capital structure remained weak marked by
overall gearing of 4.69x as on March 31, 2019. The company's debt
coverage indicators also remained weak with PBILDT interest
coverage of 0.82x during FY19.
  
Incorporated in 2014, CPPL (CIN:U21000GJ2014PTC080492) had setup a
green field project of manufacturing of duplex and triplex paper
board with specialty packaging boards like Folding Box Board (FBB)
and white top Craft Liners (WTLs) which commenced commercial
operation in June, 2018. The Plant is located at Morbi, Gujarat
with installed capacity of manufacturing 90,000 Metric Tonne Per
Annum (MTPA) of different type of paper from waste/recycled papers.
CPPL is promoted by Mr. Kamlesh Sitapara, Mr. Arjun Sitapara
(Sitapara family), Mr. Gunvant Surani (Surani family), Mr.
Yogeshkumar Patel and Mr. Mohanbhai Donga.

CREATOR POLY: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Creator Poly
Extrusions LLP'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 B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR37 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR63.9 mil. Term loans due on January 2028 maintained in non-
     cooperating category with IND B (ISSUER NOT COOPERATING)     

     rating; and

-- INR9.1 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
January 9, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Creator Poly Extrusions was incorporated on 29 April 2016 to set up
an industrial unit for manufacturing polymer items used in the
telecom industry and sewage applications, among others.


DIAMOND TEXTILE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Diamond Textile
Mills Private Limited's (DTMPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR25 mil. (increased from INR15 mil.) Term loan due on
     February 2022 downgraded with IND BB+/Stable rating;

-- INR465 mil. (reduced from INR475 mil.) Fund-based working
     capital limit downgraded with IND BB+/Stable/IND A4+ rating;
     and

-- INR40 mil. Non-fund-based working capital limit downgraded
     with IND A4+ rating.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The downgrade reflects DTMPL's
continued stretched liquidity profile. There were instances of over
dues up to 10 days observed in the packing credit facility during
November 2020 to January 2021, resulting from delayed receivables
from export customers. The company's average maximum utilization of
the fund-based working capital limits was 96% during the 12 months
ended March 2021. The working capital cycle remained stretched at
71 days in FY21 (FY20: 67 days, FY19: 50 days), owing to a long
receivable period of 79 days (53 days, 54 days), due to higher
quantum and value of execution of orders in 4QFY21. FY21 financials
are provisional in nature.

At FYE21, the company's cash and bank balance stood at INR4.3
million (FYE20: INR3.3 million). The company has repayment
obligations of INR80.6 million for FY22, likely to be met from
internal accruals. DTMPL had availed of the Reserve Bank of
India-prescribed debt moratorium for interest payments on certain
fund-based limits, and interest and principal payments on the term
loans. The interest on the fund-based limits was converted into a
funded interest term loan, which was fully repaid by March 2021.

The cash flow from operations improved to INR89.4 million in FY21
(FY20: INR46.3 million, FY19: negative INR131.7 million), owing to
lower creditors outstanding and lower tax paid due to net losses in
FY20 than FY19 and higher EBITDA in FY21. Any decline in its EBITDA
margins would impact the cash flows.

The ratings remain constrained by the company's weak credit
metrics, despite an improvement in the interest coverage (operating
EBITDA/gross interest expense) to 2.3x in FY21 (FY20: 1.3x, FY19:
2.9x) and the net leverage (total adjusted debt/operating EBITDA)
to 4.9x (8.7x, 3.7x). This was due to an increase in the EBITDA to
INR215.9 million in FY21 (FY20: INR128.2 million, FY19: INR280.6
million) and a decline in the interest cost to INR94.3 million
(INR99.9 million, INR96.8 million) as it availed moratorium on
interest obligations of various debt exposures. Furthermore, the
overall debt declined to INR1,079.2 million at FYE21 (FYE20:
INR1,120.5 million, FYE19: INR1,047.6 million), due to lower
utilization of the working capital limits and conversion of
unsecured loans to equity share capital. The steep deterioration in
the overall credit metrics in FY20 was on account of a decline in
EBITDA coupled with an increase in working capital utilization and
interest-bearing unsecured loans. Ind-Ra expects the credit metrics
to remain at similar levels in the medium term and improve
gradually with the repayment of debt.

The ratings also factor in DTMPL's continued medium scale of
operations. The operating revenue declined 17% yoy to INR1,768.6
million in FY21, owing to the COVID-19-led disruptions during
1HFY21. With the increase in demand and better market dynamics, the
company's operating performance improved during 2HFY21. During
FY20, the operating revenue remained almost stable at INR2,191.3
million (FY19: INR2,166 million), owing to an increase in the
trading of yarn. Ind-Ra expects the scale of operations to remain
medium with some improvement in the revenue in FY22. However, any
impact on the operations due to the second wave of infections will
have a direct impact on the revenue.

The ratings are also constrained by DTMPL's limited bargaining
power with suppliers and, to some extent, the susceptibility of its
margins to movements in raw material prices and foreign exchange
fluctuations.

The ratings also factor in the company's modest profitability.
Despite the pandemic-led disruptions and subdued operations in
1HFY21, pent-up demand and other favorable market dynamics such as
higher yarn prices and stable cotton prices benefitted the company
in 2HFY21. Also, with the trading operations transferred to the
associate entities in FY21 (trading revenue of INR128.7 million
booked in FY21), the EBITDA margin improved to 12.2% in FY21 (FY20:
5.6%, FY19: 12.9%) with a return on capital employed of 5.9%. The
EBITDA margins declined in FY20 due to an increase in the revenue
from the trading of yarn to INR360.3 million (FY19: INR126.1
million), and the consequent lower margins associated with the
trading nature of operations, coupled with lower realizations from
unfavorable market dynamics. The agency expects the margins to
remain modest in the medium term.

However, the ratings remain to be supported by the company's
established track record. DTMPL has been operating since 1978,
leading to a strong presence in the domestic as well as
international markets. The company's promoters, Narendrabhai Patel,
Rajendra R Patel, and Dhruv Patel have experience of about 40
years, 22 years, and 15 years, respectively, in the textile
segment. The vast experience of the promoters has enabled the
company to build an established client base and strong market
position over the years.

Moreover, the ratings continue to benefit from the company's
favorable geographical location as its operations are based in
Gujarat, where cotton is abundantly available.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity profile along
with a substantial increase in the revenue while maintaining the
EBITDA margin, leading to the net leverage reducing below 3x all on
a sustained basis, would lead to positive rating action.

Negative: A further deterioration in the liquidity and a decline in
the EBITDA margin, leading to deterioration in the credit metrics
will lead to a negative rating action.

COMPANY PROFILE

Incorporated in December 1978, DTMPL was earlier engaged in the
processing of grey fabrics and job work. The company undertook a
major greenfield expansion during 2011-2013 through backward
integration by setting up spinning and weaving capacities. DTMPL's
unit in Ahmedabad has an installed capacity of 34,272 spindles to
produce varied quality of cotton yarns and 96 air-jet weaving looms
to produce 12.38 million meters of grey cloth annually. The company
majorly manufactures combed compact yarn, combed compact weaving
yarn and carded weaving yarn.


ESHYAN INFRATECH: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Eshyan
Infratech'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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limits maintained in the

     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Non-fund-based working capital limits maintained in

     the non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR15 mil. Proposed fund-based working capital limits
     withdrawn (the company did not proceed with the instrument as

     envisaged); and

-- INR35 mil. Proposed non-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
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

Eshyan Infratech was incorporated in 2013 as a partnership firm. It
is engaged in the civil construction of underground level water
tank, overhead water tank, pipelines and roads. The firm has
completed water pipeline construction in Karnataka and Andhra
Pradesh, and an underground level water tank in Andhra Pradesh.

FATEHPURIA TRANSFORMERS: CARE Cuts Rating on INR11cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fatehpuria Transformers and Switchgears Private Limited (FTSPL),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Long Term/           10.00      CARE D/CARE D; ISSUER NOT
   Short Term Bank                 COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

  Short Term Bank       28.00      CARE D; ISSUER NOT COOPERATING
  Facilities                       Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 15, 2021, classified
the ratings of FTSPL under the 'issuer non-cooperating' category as
FTSPL had failed to provide information for monitoring of the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at 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.

The ratings have been revised on account of publicly available
information regarding delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per the publicly available
information, there are ongoing delays in debt servicing by the
company.

Jaipur based, FTSPL was incorporated as a partnership firm in 1981
and was converted into private limited company in 1995. Since
inception, the company is engaged in manufacturing of power &
distribution transformers. FTSPL manufactures three phase power as
well as single and three phase distribution transformers ranging
from 16 kilovolt ampere (KVA) to 8 megavolt ampere (MVA). FTSPL
operates out of its manufacturing facility located at Kalwar road,
Jaipur with installed capacity to manufacture transformers of 2,000
MVA as on March 31, 2018. FTSPL is a member of Indian Electrical &
Electronics Manufacturers Association (IEEMA) and Engineering
Export Promotion Council. Further, the company also has two wind
mills of 0.8 MW each located at Karnataka and Maharashtra for which
the company has signed power purchase agreement with respective
state governments.

GOAN REAL: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goan Real
Estate and Construction Private Limited (GREC) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      67.86       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 May 7, 2020, placed the
rating(s) of GREC under the 'issuer non-cooperating' category as
GREC had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. GREC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 23, 2021, April 02, 2021, April 07, 2021 and April 12, 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 assigned to the bank facilities factors the on-going
delays reported in audited financial reports on its debt servicing
obligations.

Detailed description of the key rating drivers

At the time of last rating on May 7, 2020, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Delays in repayment of term loan: There are ongoing delays in
repayment of term loan on account of cash flow mismatches and
liquidity stress in the company.

Goan Real Estate and Construction Pvt Ltd (GREC), incorporated in
1989, has been promoted by the Dynamix Group. The Dynamix Group was
founded in the early 1970's by Mr. K. M. Goenka with a foray in
real estate development. GREC is developing an integrated
township-type project named "Aldeia de Goa" located at Bambolim,
Goa, spread over nearly 145 acres of land. The project is being
developed in a phase wise manner. The project encompasses exclusive
plots, villas, apartments, landscaped gardens, multiple clubhouses,
a five star hotel and a proposed mall with commercial and retail
spaces.

HRA SALES: Ind-Ra Keeps 'B-' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained HRA Sales
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 B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B- (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

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

     envisaged); and

-- INR25 mil. Proposed non-fund-based working capital limits
     withdrawn (the company did not proceed with the instrument as

     envisaged) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 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 2007, HRA Sales is a registered distributor of
Titan watches, Vivo mobiles, and Apple products and its
accessories. The company is promoted by Kuldeep Agrawal and has its
registered office in Faridabad, Haryana.


INTERNATIONAL COIL: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained International
Coil 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:

-- INR180 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR700 mil. Non-fund-based working capital limit maintained in

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

-- INR120 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
March 3, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

International Coil Limited was incorporated in 1965 as Universal
Refrigeration Limited. Over the years, the company has been
consistently upgrading its technology and products, and has been
changing its name. In 2004, the company was renamed International
Coil Limited. The company has four business divisions: air
conditioning (district energy, cooling/heating), refrigeration
(cold storages and freezing plants), heat transfer (air cooled
cooling systems) and EPC Projects (engineering project contracts).
Its registered office is in New Delhi.


IVR HOTELS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IVR Hotels and
Resorts 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. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR450 mil. Term loans (Long-term) due on FY24 maintained in  
     non-cooperating category with IND D (ISSUER NOT CO-OPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
15, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

IVR Hotels and Resorts is a subsidiary of IVRCL Limited 'IND D
(ISSUER NOT COOPERATING).' It is developing a golf township project
in Sriperumbudur, Chennai.


IVRCL LIMITED: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IVRCL 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. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR16.800 bil. Consortium fund-based limits (long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR19.460 bil. Long-term loans (long-term) due on FY24
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR2.0 bil. Non-convertible debentures(long-term) issued on
     December 2009 INE875A07014 coupon rate 12.15% due on December

     19, 2013 maintained in non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR48.50 bil. Consortium non-fund based limits (long-
     term/short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
15, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Hyderabad-based IVRCL provides engineering, procurement, and
construction services to the sectors of irrigation, water supply,
transportation, buildings and industrial structures. It is listed
on the National Stock Exchange and Bombay Stock Exchange.

K.RADHAKRISHNA NAIK: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
K.Radhakrishna Naik continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.02      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       1.36      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 5, 2020, placed the
rating(s) of K.Radhakrishna Naik under the 'issuer noncooperating'
category as the company had failed to provide information for
monitoring of the rating. The company continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated April 5, 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. The rating on
K.Radhakrishna Naik bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of the last rating on February 5, 2020, the following
were the strengths and weaknesses:

Key Rating Weaknesses

* Delay in servicing the debt obligations: There are ongoing delays
in servicing debt obligations on time due to stretched liquidity
position on back of net loss incurred during FY18 (refers to period
April 1 to March 31) coupled with untimely receipt of payments for
works executed.

* Small scale of operations with proprietorship nature of entity as
constitution: Despite of being in business for more than four
decades, the scale of operations marked by the total operating
income stood small at INR 7.46 crore in FY18 and the tangible net
worth base stood small at INR 2.30 crore as on March 31, 2018. KRN,
being a proprietorship firm, is exposed to inherent risk of the
promoter's capital being withdrawn at time of personal contingency
and firm being dissolved upon his death. Moreover, proprietorship
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. However, there has been no
withdrawal of capital during the review period.

* Financial risk profile marked by leveraged capital structure and
weak coverage ratios: The capital structure marked by the overall
gearing has deteriorated and stood at 2.47x as on March 31, 2018 as
compared to 2.28x as on March 31, 2017 due to higher utilization of
working capital facilities, increase in term loan (agri loan) and
coupled with decline in net worth on back of net loss during FY18.
The debt coverage indicators marked by the interest coverage ratio
and total debt to GCA stood weak at 1.58x and 15.12x respectively
in FY18 as compared to 2.63x and 9.77x respectively in FY17 due to
increase in total debt levels and decrease in cash accruals on back
of net loss during FY18. Further, the total debt to CFO stood at
3.23x as on March 31, 2018 due to realization of debtors and
decline in other current assets like deposits, loans and advances
during FY18.

* Short-term revenue visibility from order book position: The firm
has an order book of INR3.74 crore as on March 21, 2018 as compared
to order book of 11.36 crore as on February 5, 2018. The firm order
book translates 0.50x of total operating income of FY18 and which
is likely to be completed by 2020. The said order book provides
revenue visibility for short term period. The firm has received
about 100% of the work orders from Karnataka Government.

* High competitive industry in the tender driven government civil
construction segment along with high geographical concentration
risk: The project portfolio of KRN is concentrated in the state of
Karnataka which reflects the high geographical concentration risk.
The risk arises from the fact that any change in the geo political
environment or policy matters would affect all the projects at
large. Furthermore, KRN faces fierce competition from other
companies and firms for tenders of contracts and any changes in
current policies of the government with regard to change in budget
allocation would impact KRN revenue considerably.

* Volatility in input prices with no price escalation clause: The
major inputs for the firm are cement, bricks, sand, bitumen, etc.
An erratic trend in the input prices can adversely impact the
profitability of the firm. Further, majority of the contracts
executed by KRN do not contain price escalation clause thus
exposing it to the risk of volatile raw material prices.

Key Rating Strengths

* Experienced promoter with long track record of operations: The
proprietor, Mr. K.Radhakrishna Naik, a graduate, through his firm
has an experience of close to 4 decades in civil construction.
Since its inception, KRN has undertaken many projects for
construction of roads, buildings and bridges. Due to long term
presence of the proprietor in the market, the firm has established
relationship with government organizations and suppliers.

* Growth in operating income: Total operating income has increased
by 18.96% and stood small at INR 7.46 crore in FY18 due to better
execution of orders.

K.Radhakrishna Naik (KRN) is a proprietorship firm established in
1978 by Mr. K. Radhakrishna Naik in Udayagiri, Karnataka. The firm
is a class I civil contractor for Public Works Department (PWD),
Karnataka for undertaking civil constructions of buildings, roads
etc. Over the last two years, KRN has constructed roads and bridges
in Bantwal and Mangalore regions of Karnataka for Karnataka Rural
Road Development Agency (KRRDA) and Public Works Department,
Karnataka. The firm subcontracts 30% of its labour work to various
other contractors.

KRISHNA PRASAD: CARE Lowers Rating on INR6.0cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Krishna Prasad Industries, as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 3, 2020, placed the
rating(s) of Krishna Prasad Industries under the 'issuer
non-cooperating' category as the company had failed to provide
information for monitoring of the rating. The company continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated April 9, 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. The ratings on
Krishna Prasad Industries facilities will now be denoted as CARE C;
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.

Detailed description of the key rating drivers

At the time of the last rating on February 4, 2020, the following
were the rating strengths and weaknesses considered:

Key Rating Weaknesses

* Declining and Small scale of operations during review period:
Despite of being in the industry for 8 years the scale of
operations of KPI remained low marked by TOI of INR10.49 crore in
FY18 with a low net worth base of INR4.1 7 crore as on March 31,
2018. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits and limits
competitive position and pricing flexibility compared to larger
entities.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the KPI stood leveraged marked by overall
gearing of 1.32x as on March 31, 2018 though it has improved
marginally from 1.80x as on March 31, 2017 on back of decrease in
total debt level due to repayment of term loan accretion of profits
to reserves. The debt profile of the firm majorly consist of cash
credit of INR3.60 crore, term loan INR0.81 crore, warehouse loan
INR0.68 crore and unsecured loan (interest 15% approx.) of INR0.43
crore as on March 31, 2018. The debt coverage indicators of the
firm stood weak, marked by TD/GCA and interest coverage of 16.08x
and 3.64x respectively in FY18. Interest coverage has declined
during review period from 1.55x in FY16 to 1.47x in FY18 due to
decrease in PBILDT in absolute term on back of low orders and
frequent change in management. However the TD/GCA has marginally
improved due decrease in total debt level on back of repayment of
term loan.

* Working capital intensive nature of operations: Paddy in India is
harvested mainly at the end of two major agricultural seasons
Kharif (June to September) and Rabi (November to April). The
millers have to stock enough paddy by the end of the each season as
the price and quality of paddy is better during the harvesting
season. During this season, the firm keeps a stock of 3 months. The
paddy is procured from the farmers generally with a credit period
of 10-15 days. The firm makes sales through intermediaries and
receives payment within 15-30 days, though the collection days are
at 38 days to retain the customers. Inventories were high as on
March 31, 2018 due to low orders and frequent change in
constitution of the firm, which resulted in high operating cycle at
296 days as on March 31, 2018. Due to change in constitution the
new management has been repaid the outstanding loan as on March 31,
2018 and the firm has a proposal of cash credit of INR6.00 crore
from Andhra Bank for their working capital requirement.

* Highly fragmented and competitive nature of business with intense
competition from large number of players: The rice milling business
requires limited quantum of investment in machinery, however has
high working capital needs. Further, rice milling is not very
technology intensive and as a consequence the industry is highly
fragmented with large number of players operating in the organized
and unorganized segments. The high level of competition has ensured
limiting bargaining power, as a consequence of which rice mills are
operating at low to moderate profitability margins.

* Partnership nature of concern with inherent risk of withdrawal of
capital and limited resources of the proprietor: Being a
Proprietorship firm, MVRG is exposed to inherent risk of Proprietor
capital being withdrawn at a time of personal
contingency and firm being dissolved upon the death/retirement and
insolvency of the proprietor. Moreover, proprietorship business has
restricted avenues to raise capital which could prove hindrance to
its growth. Further, there is a capital infusion of INR0.83 crore
from FY16-FY18.

Key Rating Strengths

* Experienced promoter for more than two decades in agro industry:
Krishna Prasad Industries was established in June 2011 by Mr.
Venkateshwar Prasad and Mr. Gallya. Later in November, 2018 the
partnership deed reconstituted and six new partners Mr. V.
Ramakrishna, Mr. V. Srinivas, Mr. N. Srinivas Rao, Mr. N. Surya
Teja, Mr. B. Mahesh Kumar and Mr. B. Venkat Rajeev has joined the
firm and took over the entire business from Mr. Vennkateshwar
prsasad. Partners of KPI have more than 3 decades of experience in
rice milling and trading business.

* Locational advantage: The mill is located in Raichur district of
Karnataka state which is one of the major paddy cultivation areas
in this State. This ensures easy raw material access and smooth
supply of raw materials at competitive prices and lower logistic
expenditure.

* Wide Product range: KPI has a well- diversified product portfolio
including various types of rice products i.e. rice, steamed rice,
boiled rice, rice broken, rice barn, etc., which helps the firm to
generate revenue from different segment of rice market. The firm
has a brand "Kolam Gold" registered in the name of the firm helps
to compete with large players.

* Increase in PBILDT margins during review period, albeit PAT
margin remained thin: During the review, the firm purchased paddy
from the local farmers when the prices were relatively low and also
received trade discount on purchase in high volume of rice for
better margins. The PBILDT margin improved from 6.54% in FY16 to
10.23% in FY18 due to the above mentioned fact. However, the PAT
margin of the firm has marginally declined from 0.43% in FY17 to
0.40% in FY18 on back of decline in PBILDT in absolute terms and
decline in total operating income due to low orders and frequent
change in management.

* Favorable demand outlook for Agro Industry: Agriculture is the
primary source of livelihood for about 58 per cent of India's
population. Gross Value Added by agriculture, forestry and fishing
is estimated at INR17.67 trillion (US$ 274.23 billion) in FY18. The
Indian food industry is poised for huge growth, increasing its
contribution to world food trade every year due to its immense
potential for value addition, particularly within the food
processing industry. The Indian food and grocery market is the
world's sixth largest, with retail contributing 70 per cent of the
sales. The Indian food processing industry accounts for 32 per cent
of the country's total food market, one of the largest industries
in India and is ranked fifth in terms of production, consumption,
export and expected growth. It contributes around 8.80 and 8.39 per
cent of Gross Value Added (GVA) in Manufacturing and Agriculture
respectively, 13 per cent of India's exports and six per cent of
total industrial investment.

Raichur based (Karnataka) Krishna Prasad Industries is a
Partnership firm established in June 2011 by Mr. Venkateshwar
Prasad and Mr. Gallya. Later in 2015, Mr. Gallaya retired from
partnership firm and Ms. Shruti (D/o Mr. Venkateshwara) has joined
as an active partner. In the November, 2018 the partnership deed
reconstituted and six new partners Mr. V. Ramakrishna, Mr. V.
Srinivas, Mr. N. Srinivas Rao, Mr. N. Surya Teja, Mr. B. Mahesh
Kumar and Mr. B. Venkat Rajeev has joined the firm and took over
the entire business for purchase consideration of INR2.00 crore
from Mr. Vennkateshwar prsasad. KPI is engaged in Engaged in Rice
Milling and Paraboiling. The firm majorly deals in rice, steamed
rice, boiled rice, rice broken, rice bran, etc. The firm purchase
its raw material i.e. paddy from local farmers, process the paddy
in their plant and sells the final product in the state of
Karnataka, Tamil Nadu, Maharashtra, Gujarat, etc. KPI has an
installed capacity of 6 tons per day.


KUMAR URBAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Kumar Urban Development Private Limited
        10th Floor, Kumar Business Centre
        CTS No. 29, Opp. Pune Central
        Bund Garden Road
        Pune 411001

Insolvency Commencement Date: April 28, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 2, 2021
                               (180 days from commencement)

Insolvency professional: Atul Jain

Interim Resolution
Professional:            Atul Jain
                         C/o GMJ & Co, Chartered Accountants
                         3rd & 4th Floor, Vaastu Darshan
                         "B" Wing, Azad Road
                         Above Central Bank of India
                         Andheri (East)
                         Mumbai 400069
                         E-mail: atuljainca@hotmail.com
                                 rp.kumarurban@gmail.com

Classes of creditors:    Allottees under a Real Estate Project
                         as per clause (f) of Section 5(8)

Insolvency
Professionals
Representative of
Creditors in a class:    Hemant J. Mehta
                         Mahesh Kumar Gupta
                         Manish Motilal Jaju

Last date for
submission of claims:    May 21, 2021


LANDMARK HOUSING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Landmark Housing Projects Chennai Private Limited
        No. 27, Saravana Street
        T. Nagar, Chennai 600017

Insolvency Commencement Date: April 29, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 25, 2021
                               (180 days from commencement)

Insolvency professional: Sanjeevi C

Interim Resolution
Professional:            Sanjeevi C
                         469A4 Golden Enclave
                         Anugraha Appartments
                         Kamarajar Road
                         Peelamedu Post
                         Coimbatore 641004
                         Tamilnadu
                         E-mail: sanjeevicra@yahoo.co.in

                            - and -

                         Door No. 7/43-114
                         Shiradi Avenue
                         Nearby CRI Pumps
                         Keeranatham Post
                         Coimbatore 641035
                         Tamilnadu

Last date for
submission of claims:    May 16, 2021


LATHA RICE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Latha Rice
Industries (LRI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.39      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 7, 2020, continued
to keep the rating of LRI under the 'issuer non-cooperating'
category as LRI had failed to provide information for monitoring of
the rating. LRI continues to be noncooperative despite repeated
requests for submission of information through e-mails dated
February 12, 2021, March 10, 2021 and April 23, 2021, phone calls
and a letter dated February 12, 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 the last rating on February 7, 2020, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in debt service obligations: As per banker interaction
dated November 20, 2018, there were on-going delays in repayment of
principal and interest obligation of term loan and cash credit for
more than 30 days.

Latha Rice Industries (LRI) was established as a partnership firm
in the October 2015 by Mr. Mahendra Muppavarappu and Mr. Nagayya
Muppavarappu. The processing facilities are located at Nagpur,
Maharashtra with rice milling capacity of 48000 tonnes per annum
(TPA). The finished product of LRI is sold under the brand name
Bahubali.


MANCHUKONDA AGROTECH: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Manchukonda
Agrotech Private Limited's (MAPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR300 mil. (reduced from INR400 mil.) Fund-based limits
     affirmed with IND BB+/Stable/IND A4+ rating;

-- INR52.7 mil. Non-fund based limits* assigned with IND BB+/
     Stable/IND A4+ rating; and

-- INR211.9 mil. Term loan due on March 2022 withdrawn (Paid in
     full).

*Term loan of INR39.5 million (sub-limit to non-fund-based limit)


KEY RATING DRIVERS

The affirmation reflects MAPL's continued medium scale of
operations. The company's revenue declined 25% YoY to INR2,293
million in FY21 owing to a halt in production during the initial
phase of COVID-19 led lockdown in 1QFY21. The revenue also declined
due to a 50% YoY reduction in the labor force resulting in a
reduction in the overall capacity utilization to 68% in FY21 (FY20:
83%). Ind-Ra expects the company's revenue to grow in FY22 on the
back of an increase in the operational capacity by 144 metric tons
per day from 2QFY22 (FY21:432 metric tons per day). FY21 numbers
are provisional in nature.

The ratings are also constrained by MAPL's continued modest EBITDA
margins, owing to the commoditized nature of the products. The
company's margin plummeted to 2.3% in FY21 (FY20:7.6%) owing to the
COVID-19 led production disruption and an increase in the price of
the raw material (paddy) owing to the purchase of paddy on a retail
basis. Ind-Ra expects MAPL's operating profitability to remain
susceptible to volatility in raw material prices, which essentially
depend on the total agricultural output. The government regulations
pertaining to minimum support price and procurement policies also
impact raw material availability. The company's return on capital
employed stood negative 1% in FY21 (FY20: 22%) due to operating
losses (earnings before interest and tax). Ind-Ra expects the
margins to improve in FY22 in line with the top line.

Liquidity Indicator - Stretched: Given the nature of the company's
business, its entire debt is short-term in nature, majorly
comprising working capital limits. Ind-Ra estimates the cash flow
from operations to have turned negative to INR89.41 million in FY21
(FY20: INR312.9 million) due to a substantial decline in the
absolute EBITDA by 77% to INR54 million and an elongation in the
working capital cycle to 48 days (28 days). The elongation was
driven by a stretch in debtor days to 35 in FY21 (FY20: 29) and an
inventory holding period to 22 days (16 days). Considering the
negative cash flows along with CAPEX undertaken during FY20 and
FY21, Ind-Ra estimates the company's free cash flows to have turned
negative to INR119.81 million in FY21 (FY20: INR231.26 million).
The average maximum utilization of the fund-based limits stood low
at 15% during the 12-months ended March 2021.  The company did not
avail of the Reserve Bank of India's prescribed debt moratorium.

The ratings also factor in MAPL's moderate credit metrics. The net
leverage (total adjusted debt/operating EBITDA) deteriorated to
7.9x in FY21 (FY20: 1.23x) majorly owing to an increase in the
unsecured loans from promoters to INR369.8 million (INR24 million)
for the ongoing CAPEX. Meanwhile, the gross interest coverage
(operating EBITDA/interest) also deteriorated to 2.65x in FY21
(FY20: 5.76x) due to the substantial decline in the absolute
EBITDA. Ind-Ra expects the net leverage to improve below -4x in
FY22 due to the repayment of unsecured loans to promoters. Ind-Ra
expects the credit metrics to improve on the back of likely
improvement in top line and EBITDA in FY22, aided by the
incremental capacity along with no near-term major CAPEX.

The ratings, however, are supported by the promoters' experience of
over 30 years in the trading and processing of rice.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations and
operating profitability along with an improvement in the liquidity
profile, and the net leverage reducing below 4x, on a sustained
basis, could lead to positive rating action.

Negativity: A further decline in the scale of operations and
operating profitability, along with further deterioration in the
liquidity profile, and the net leverage sustaining above 5x, on a
sustained basis, could lead to negative rating action.

COMPANY PROFILE

MAPL was incorporated in 2009 in Miryalaguda (Telangana). The
company processes paddy to produce raw rice, steam rice, and
par-boiled rice. The company has an installed capacity of 36
tons/hour. It has also installed a 5MW co-generation power plant,
majorly utilized for captive consumption.


MANDVI VIBHAG: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Mandvi Vibhag Sahakari Khand Udyog Mandli Ltd. (SMSKL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       53.91      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 May 22, 2020, reviewed the
rating assigned to the bank facilities of (SMSKL under the 'issuer
non-cooperating' category as SMSKL had failed to provide
information for monitoring of the ratings. SMSKL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and an email dated April 7, 2021,
April 17, 2021, April 27, 2021 and April 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.

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

The rating assigned to the bank facilities of SMSKL continues to
remain constrained on account of on-going delay in servicing of
debt obligations.

Detailed description of the key rating drivers

At the time of last rating on May 22, 2020, the following was the
weakness (updated for the information available):

Key Rating Weakness

* On-going delays in servicing of debt obligations: During 11MFY16,
the SMSKL produced 20,548 metric tonne (MT) sugar and reported
69.06% of capacity utilisation. The TOI during the period was
INR44.58 crore including sale of stock of previous year. However,
delays in the commencement of operations of the manufacturing
facility, lower than envisaged generation of cash accruals owing to
depressed sugar prices and lower level of sanctioned working
capital facilities compared with its scale of operations resulted
into cash-flow mismatch and consequently delay in its debt
servicing.

Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli
Limited (SMSKL; erstwhile Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) is a co-operative society
registered under The Gujarat Co-operative Society Act 1961.
Initially, the society was engaged in the trading of sugarcane,
procuring sugarcane from farmer members and supplying to sugar mill
in the vicinity. In FY15, SMSKL set-up a green field sugar
manufacturing unit with an installed capacity of 2,500 tonne of
sugarcane crushing per day (TCD) and a warehouse with a capacity of
24,000 metric tonne (MTs) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project was completed with
delay of about 8 months as against its envisaged completion
timeline of May 2014 and commercial operations commenced from
February 2015. After demonetization, due to liquidity crunch, the
cooperative society was not able to make payments in cash to its
farmers for procurement of sugarcane and because of this during the
sugarcane crushing.


MEHADIA AND SONS: CARE Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mehadia and
Sons (MS) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        6.50      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 3, 2020, placed the
rating of MS under the 'issuer noncooperating' category as MS had
failed to provide information for monitoring of the rating. MS
continues to be noncooperative despite repeated requests for
submission of information through phone calls, letter dated
February 5, 2021 and e-mails dated February 5, 2021, February 10,
2021, February 26, 2021, March 10, 2021, April 23, 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 February 3, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Relatively modest scale of operations with low profitability
margins: The operations of the entity remained small with total
operating income of INR26.19 crore in FY18 (Provisional) and total
capital employed of INR8.83 crore as on March 31, 2018 thus
limiting financial flexibility of the entity in times of stress.
Since the entity is into trading business which is inherently a low
value additive and volume driven nature of business its profit
margins remained low.

* Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings to support its
business operations, resulting in leveraged capital structure as
indicated by overall gearing of 3.01x as on March 31, 2018.
Moreover, due to low accruals and high gearing levels, the debt
coverage indicators remained weak.

* Stretched liquidity position: Operations of the entity remained
working capital intensive with gross current assets of 218 days
during FY18 with fund majorly blocked in inventory holding and
receivables. The working capital requirements are met by the cash
credit facility availed by the entity. Further, there are overdraws
in the cash credit facility for 20-25 days.

* Presence in highly fragmented and competitive industry: The
Indian trading industry is highly unorganized & fragmented in
nature. Due to low entry barriers, the trading Industry in the
country is flooded with many unorganized players. This has led to
high level of competition in the industry and players work on
wafer-thin margins. The cost of goods purchased is the major cost
component for the trading industry, accounting for about 92-94% of
the sales. Availability of goods is not an issue for the industry
but procuring these goods at competitive prices poses a challenge
to maintain margins. Demand prospects of the trading industry
continue to be further constrained to a large extent by the
influence of the economic cycle.

* Partnership nature of constitution: Being a partnership firm, MS
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or death
of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

* Long and established track record of the entity with experienced:
MS has an established track record of around two decades in the
trading of pharmaceutical products and textile yarn. MS is managed
by promoters who have an average experience of more than two and
half decades in the relevant line of business through association
with Mehadia group. Long experience of the partners has supported
the business risk profile of the entity to a large extent.

* Established relations with suppliers and customers: MS has an
established track record of around two decades in the trading of
garments, pharmaceutical products and fabric. The promoters have an
average industrial experience of more than two and half decades,
through associate concerns Mehadia and Sons C&F Division, MCF
(established in 1981) and R. J. Tradelinks, RJT (established in
1997)] engaged in similar line of business. The entity is likely to
be benefited due to wide experience of the promoters in the same
field.

* Diversified revenue stream along with association with
established brand name: MS is engaged in trading of pharmaceutical
medicines and fabrics. The diversified revenue stream and
association with established brand helps entity in times of stress
and fortifies its business profile.

* Synergistic association from group entities: MS derives
synergistic advantage from its association with group concern, RJT
and MCF, having common suppliers and customers, which aids in easy
procurement of traded goods and further disbursement of same
through established network.

Established in the year 1999, Mehadia and Sons (MS) is a
partnership firm based in Nagpur, Maharashtra and promoted by Mr.
Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal Agrawal,
Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal Agrawal. The
entity is engaged in diverse trading business (trading of
pharmaceutical items and fabrics) which constituted around 90% and
around 10%, respectively, of total revenue during FY18
(Provisional). The firm belongs to Mehadia Group, which has three
entities including MS, Mehadia and Sons C&F Division (established
in 1981) and R. J. Tradelinks (established in 1997).


METALINK: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Metalink'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 B (ISSUER
NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:      

-- INR44.5 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     rating;

-- INR5 mil. Non-fund-based working capital limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR17.5 mil. Proposed fund-based limit withdrawn (the company
     did not proceed with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 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 2003, Metalink is a partnership firm engaged in
manufacturing and export of fabricated steel products.


MITHILA CARS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mithila Cars Private Limited
        Plot No. A3/A4
        Hatkesh Udyog, 1st Floor
        Near Hatkesh Industrial Estate
        Mira Bhayander Road
        Mira Road, Thane 401107

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 27, 2021
                               (180 days from commencement)

Insolvency professional: Prajakta Menezes

Interim Resolution
Professional:            Prajakta Menezes
                         416, Crystal Paradise
                         Dattaji Salvi Marg
                         Above Pizza Express
                         Off Veera Desai Road
                         Andheri West
                         Mumbai 400053
                         E-mail: prajakta@prmlegal.in
                                 irp.mithilacars@gmail.com

Last date for
submission of claims:    May 19, 2021


MYSORE PAPER: Ind-Ra Affirms 'D' Unsupported Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on The Mysore Paper Mills Limited's (MPM) bonds:

-- INR300 mil. Bonds INE924F08041 issued May 15, 2012 coupon rate

     8.95% due on June 20, 2023 placed on Rating Watch Negative  
     with IND AA-(CE)/RWN;

-- Unsupported rating affirmed with IND D rating.

Analytical Approach: Ind-Ra continues to factor in the credit
profile of the government of Karnataka (GoK) to arrive at MPM's
rating. This is because the GoK has given an unconditional and
irrevocable guarantee for the timely payment of both principal and
interest of the bonds. MP's demonstrated track record of meeting
debt service commitments as per the structured payment mechanism
and annual budgetary provision is factored into the rating.

KEY RATING DRIVERS

The RWN reflects a likely delay in making interest payments to the
bondholders by MPM, due on May 15, 2021 and June 20, 2021, on
account of the COVID-19 induced lockdown in the state.

The GoK has made funds available, according to the sanction vide Go
CI:22: CPM:2021(e) dated April 27, 2021, for payment of interest
and principal payments to the bondholders due on May 15, 2021 and
June 20, 2021.

MPM has communicated to the agency that the GoK declared lockdown
during April 29, 2021 to May 12, 2021 is likely to extend further.
Thus, the process of crediting government released funds for the
debt servicing could get delayed due to unavoidable circumstances.

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded
upon resolution. Ind-Ra will resolve the RWN following at least one
cycle of timely interest/principal payments on the bonds.

COMPANY PROFILE

MPM was founded in 1936 and became a GoK company in 1977. While the
GoK holds 65% of the company, IDBI Bank Ltd ('IND A'/ Negative/'IND
A1') and other financial institutions hold 11%, insurance companies
hold 3%, and general public and others hold 21%. MPM has about 40
years of experience in manufacturing paper and newsprints.


NEOLITE ZKW: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Neolite ZKW
Lightings Private Limited's (NZKWPL) Long-Term Issuer Rating to
'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT
COOPERATING)'. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR185.9 mil. Term loan due on March 2020 downgraded with
     IND BB (ISSUER NOT COOPERATING) rating;

-- INR320.0 mil. Fund-based working capital limits downgraded
     with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR97.5 mil. Non-fund-based limits downgraded with IND A4+
     (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 Securities and Exchange Board of
India circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating remaining non-cooperative with a rating agency for over six
months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect NZKWPL's credit strength as the issuer has been
non-cooperative with the agency since September 28, 2020.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

COMPANY PROFILE

Incorporated in October 1992, NZKWPL manufactures automotive
lighting systems. The company has its head office as well as a
plant in Bahadurgarh (Haryana).

NICHEM INDUSTRIES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nichem
Industries' 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).'

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit maintained in the

     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR40 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
January 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1988, Nichem Industries is an Ahmedabad-based
manufacturer of reactive and synthetic organized dyes, with an
annual installed capacity of 1,560 metric tons per annum.


P.K. METAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P.K. Metal
Industries (PKML) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.45      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 March 26, 2020 placed the
ratings of PKML under the 'issuer non-cooperating' category as PKML
had failed to provide information for monitoring of the rating.
PKML continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 01, 2021, February 24, 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 takes into account no due-diligence conducted due to
non-cooperation by PK 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.

The rating assigned to the bank facilities of P.K. Metal Industries
takes into consideration ongoing delays in debt servicing by the
firm on account of stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on March 26, 2020 the following were the
rating weaknesses and strengths:

* Delays in debt servicing: There are ongoing delays in debt
servicing due to closure of the factory and stretched liquidity
position of the firm.

Uttarakhand based PKML was established in year 2016 and was
promoted by Mr. Vishal Gaur. Currently, the firm is engaged in
manufacturing of aluminum sections for aluminium doors, windows
etc. The manufacturing facility of the firm is located at
Bhagwanpur, Rurki having an installed capacity of 6.5 metric tonnes
per day. The firm mainly caters to the domestic market. The firm
imports its raw material i.e. aluminum scarp (around 50%) from
Israel and Dubai and rest is purchased domestically from local
traders. The firm is using extrusion technology to make the
aluminum sections.

PRICE & BUCKLAND: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Price & Buckland
(India) 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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR48 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Term loans due on March 2023 maintained in non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR7 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 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Price & Buckland (India) was established in 2010 as a private
company, with Naveen Thapliyal, Nick Buckland, and Ant Buckland as
the promoters. The company is a subsidiary of Price & Buckland Ltd
– an established British brand for premium school wear.


RAJASTHAN COMMUNICATIONS: Ind-Ra Keeps B+ Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajasthan
Communications' 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Proposed non- 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
January 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2009, Rajasthan Communications is a partnership firm
engaged in the construction of roads and flyovers, largely in
Dholpur and Bharatpur in Rajasthan and surrounding districts.


RDC MOTOR PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: RDC Motor Private Limited
        No. 18/178, 1st Floor
        Defence Officers Colony
        Ekkaduthangal
        Chennai 600035
        Tamil Nadu
        India

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 28, 2021
                               (180 days from commencement)

Insolvency professional: J. Karthiga

Interim Resolution
Professional:            J. Karthiga
                         Sri Nivas, New No. 1, Old No. 1052
                         41st Street, Korattur
                         Chennai 600080
                         E-mail: karthigasri@gmail.com
                                 irp.rdcmotor@gmail.com

Last date for
submission of claims:    May 18, 2021


RYATAR SAHAKARI: CARE Lowers Rating on INR75cr Loans to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ryatar Sahakari Sakkare Karkhane Niyamit (RSSKN), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       55.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 3, 2020 placed the
ratings of RSSKN under the 'issuer non-cooperating' category as
RSSKN had failed to provide information for monitoring of the
rating. RSSKN continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated March 1, 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.

The rating has been revised on account of on-going delays in
servicing the rated debt, as confirmed by lender during
interaction.

Detailed description of the key rating drivers

At the time of last rating on February 3, 2020, the following were
the rating strengths and weaknesses (updated for lender
interaction):

Key Rating Weaknesses

* Delays in debt servicing: As per banker interaction, it was
informed that accounts of the entity has been classified as NPA.

Ryatar Sahakari Sakkare Karkhane Niyamit (RSSKN) is a cooperative
society, incorporated in 1982 by Mr. R. S. Talewad. The first
crushing season was conducted on November 1999, with a crushing
capacity of 2500 tonnes per day (TCD). The society has installed a
co-generation plant of 11 MW in the year 2007. The surplus power
(post captive consumption) generated from cogeneration unit is sold
to Karnataka Power Transmission Corporation Limited (KPTCL). The
plant of RSSKN is located at Bagalkot, Karnataka. Presently the
society is managed by Mr. R.S. Talewad, Chairman and Mr. Ashok
Morab as Managing Director.

SAMBANDAM SPINNING: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sambandam
Spinning Mills Limited's (SSML) 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:

-- INR532.5 mil. Fund-based working capital limits downgraded
     with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR102.6 mil. Term loans due on June 2025 downgraded with
     IND BB (ISSUER NOT COOPERATING) rating;

-- INR92.5 mil. Non-fund based limit downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR76.1 mil. Fixed deposit programme downgraded with IND tB
     (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 Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment grade
rating remains non cooperative with the rating agency for more than
six months should be downgraded to sub-investment grade rating.

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

COMPANY PROFILE

SSML is a Salem-based cotton yarn manufacturer.


SANNIDHI FOODS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Sannidhi Foods Private Limited (SSFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.36       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 March 6, 2020, placed the
rating(s) of SSFPL under the 'issuer non-cooperating' category as
SSFPL had failed to provide information for monitoring of the
rating. SSFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated April 2020 to April 1, 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). (Updated for the information available in ROC)

Detailed description of the key rating drivers

At the time of last rating on March 6, 2020, the following were the
rating strengths and weaknesses.

Key Rating Weakness

* Delays in debt servicing: The firm has on-going delays in term
loan interest payment along with servicing of interest obligations
due to stressed liquidity position.

Andhra Pradesh based (Chittoor) Sree Sannidhi Foods Private Limited
(SSFPL) was incorporated in 2010. During January 2014, the company
was taken over by the current management comprising Mr. Shivam
Goyal and Ms. Shavya Goyal. The company is engaged in manufacturing
of fruit pulp, tomato paste and trading of fruits; it commenced
full-fledged commercial operations from June 2014. SSFPL has total
installed capacity of 16,800 tonnes per annum at its manufacturing
unit located at Chittoor, Andhra Pradesh.


SARITA FORGINGS: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sarita Forgings
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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR85 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Term loan due on March 2022 maintained in non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR50 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 6, 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 1996, Sarita Forgings manufactures all kinds of
heavy steel forgings in north India.

SHIRAGUPPI SUGAR: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Shiraguppi Sugar Works Limited (SSWL) bank facilities:

-- Long-term issuer rating affirmed with IND BB/Stable rating;

-- INR900 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating;

-- INR1.316 bil. Term loan due on July 2025 assigned with IND BB/

     Stable rating; and

-- INR300 mil. Fund-based working capital limit affirmed with IND

     BB/Stable/IND A4+ rating.

RATING SENSITIVITIES

Positive:  An increase in the scale of operations, leading to the
interest coverage above 1.5x, along with an improvement in its
liquidity profile will be positive for the ratings.

Negative: Lower-than-expected scale of operations, leading to
further deterioration in the liquidity profile as well as the
credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, SSWL manufactures sugar. It has a registered
office in Belagavi, Karnataka. The company also sells by-products
such as bagasse, molasses, and pressmud. SSWL has an installed
capacity of 5,000 tons crushed per day and a 20MW co-generation
plant.


SHRIMATI NARASAMMA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shrimati
Narasamma Gotyal Shikshana Samaste (SNGSS) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.33       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 6, 2020, placed the
rating(s) of SNGSS under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated April 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. The rating on Shrimati Narasamma Gotyal
Shikshana Samaste bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed Rationale& Key Rating Drivers

At the time of last press release dated February 6, 2020, the
following were the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt repayments: There are on-going delays in
repayment of term loan instalment and interest repayments due to
weak liquidity position along with insufficient cash accruals
generated during FY17 and FY18(Provisional) to meet the debt
obligation on time. The quarterly repayment of instalment due on
July, 2018 was not met with over dues of Rs0.16 Crore and Rs 0.04
crore in term loan 1 and term loan 2 respectively.

* Short track record of entity and small size of operations: SNGSS
was established in 2015. The society held classes for two academic
years so far. Further, the Trust has small size of operations
marked by gross receipts of INR0.04 crore during FY17 and low
corpus fund of INR1.43 crore as on March 31, 2017. The trust
received gross receipts of Rs 0.61 crore during FY18 (Provisional)
with surplus of Rs 0.09 crore.

* Financial risk profile marked by leveraged capital structure and
net and cash losses during first year of operations: The capital
structure marked by overall gearing stood leveraged at 2.03x as of
March 31, 2017 on back of high debt and low corpus fund amount due
to initial years of operation. Further, the society also registered
cash losses of Rs 0.05 crore during FY17 on account of school
registration fees and other fixed expenditure incurred and low
gross receipts received on account of low enrolment of students.

* Low enrolment ratio: Being a newly established educational
society, the enrolment ratio of SNGSS has been low during the last
two academic years.

Key Rating Strengths

* Vast experience of the key management in the educational sector:
SNGSS was established by Mr. Jettappa Siddappa Bolegaon, a social
worker. The key executives, forming the teaching and non-teaching
staff of the society have combined experience of more than a
decade. Mr. Ch.Kalyan, the Principal of P.U.C College has an
experience of 7 years and holds master's degree in science and
education (Msc, Med). Mr. G.T.Grebal, the Principal of the primary
and secondary school has an experience of 3 years and is Master's
degree in Arts and Bachelor's degree in Education (M.A and Bed).
Apart from the above, the society is supported by well qualified
teaching staff of 26 members.

* Satisfactory infrastructure facilities: The school and P.U.C
buildings are constructed in a 6,972 square feet campus and have 2
floors with 3 science labs, a computer lab with 38 computers, 1000
Litre Purified Drinking Water Tank and a playground measuring 3267
square metre. The society also has hostel facility which
accommodates up to 300 students.

Shrimati Narasamma Gotyal Shikshana Samaste (SNGSS) was established
in the year 2015 to provide primary and higher school education by
Mr. Jettappa Siddappa Bolegaon, a social worker. The society is
located in Vijapur district of Karnataka. Currently, the society
runs classes from kinder garden to 8th standard and Pre- University
Course -1 (PUC -1) and PreUniversity Course -2 and has strength of
528 students (as on March 31, 2018 (Provisional)) and 44 staff
members. The campus is built in an area of 6,972 square feet.


SIKKA MOTORS: CARE Lowers Rating on INR49cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sikka Motors Private Limited (SMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       49.00      CARE C; 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 18, 2020 placed the
rating(s) of SMPL under the 'issuer non-cooperating' category as
SMPL had failed to provide information for monitoring of the
rating. SMPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated February 21, 2021, February 11, 2021, February 1,
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 non-availability
of information and no due diligence conducted due to
non-cooperation by Sikka Motors Private Limited 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 by
short track record though modest scale of operations, weak
profitability margins, leveraged Capital Structure and weak
coverage indicators. The rating is further constrained by fortunes
of the company linked with growth plans of the manufacturer,
pricing constraints and margin pressure arising out of competition
from various auto dealers in the market and competitive nature of
the auto industry. The rating, however, draws comfort from
experienced promoters and association with established brand name.

Detailed description of the key rating drivers

At the time of last rating on March 18, 2020, the following were
the rating weaknesses and strengths (Updated for the information
available from registrar of companies):

Key Rating Weaknesses

* Short track record though modest scale of operations: SMPL
commenced operations in October 2016 and has limited track record
of operations in auto dealership business as compared with other
established players. The scale of operations stood modest marked by
a total operating income and gross cash accruals of INR107.11 crore
and INR1.05 crore respectively during FY20 as against INR 188.02
crore and Rs1.08 crore respectively for FY19(refers to the period
April 1 to March 31). Further, the company's net worth base is
relatively modest at INR12.18 crore as on March 31, 2020. The
modest scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Weak profitability margins: An automotive dealer's revenues are
driven by car volumes while the profits are driven by sale of
spares and service income as the latter fetch higher profit
margins. SMPL has limited negotiating power with HMIL and has no
control over the selling price of the cars as the same is fixed by
the manufacturer. Profitability margins of the company continue to
remain weak as marked by PBILDT margin of -4.09% in FY20 as against
-5.20% in FY19. However, the PAT margin has improved as marked by
0.75% in FY20 as against 0.38% in FY19.

* Leveraged Capital Structure and weak coverage indicators: The
capital structure of the company stood leveraged as marked by
debt-equity ratio and overall gearing ratio of 1.37x and 4.81x
respectively as on March 31, 2020 as against 1.44x and 5.13x
respectively as on March 31, 2019. The debt coverage indicators of
the company stood weak as marked by interest coverage and total
debt to GCA of (0.57)x and 55.57x respectively for FY20 as against
(1.30)x and 54.72x respectively for FY19.

* Fortunes of the company linked with growth plans of the
manufacturer: The company procures its product directly from its
principal; Hyundai Motors India Limited (HMIL), and is not
dependent upon any dealers/distributors for business which helps
the company to avail better pricing of purchases. This also exposes
the company's revenue growth and profitability to its supplier's
future growth prospects. Any impact on business and financial
profile of the manufacturer will also have an impact on the growth
prospects of the company.

* Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market: The margin on
products is set at a particular level by Hyundai Motors India
Limited (HMIL) thereby restricting the company to earn incremental
income. The market also faces aggressive competition from various
other auto dealers of companies. In order to capture the market
share, the auto dealers have to offer better buying terms like
providing credit period or allowing discounts on purchases which
create margin pressure.

* Competitive nature of the auto industry: SMPL is exposed to
competition from the products of other OEM's and dealers operating
in the same region. Accordingly, SMPL has to resort to offering
better buying terms like allowing discounts to capture the market
share. Such discounts create margin pressure and negatively impact
the earning capacity of the company. However, the company's long
association with its clients, its established network helps it to
sustain the competition and maintain its strong market position in
the region. Furthermore, the auto industry is inherently vulnerable
to the economic cycles and is highly sensitive to the interest
rates and fuel prices. The company thus faces significant risks
associated with such cyclical nature of the auto industry.

Key Rating Strengths

* Experienced Promoters: SMPL is promoted by Mr. Gurinder Singh
Sikka, Mr. Harvinder Singh Sikka , Ms. Jasvinder Kaur and Ms.
Kusham Kaur. Mr. Gurinder Singh Sikka and Mr. Harvinder Singh Sikka
both are graduates by qualification and engaged in the dealership
of automobile commercial vehicles since last two decades in
association with SMPL and family run business. Ms. Jasvinder Kaur
is a post graduate by qualification and has an experience of around
more than five years. Ms. Kusham Kaur is a graduate by
qualification and has an experience of around more than one decade
through her association with SMPL and family run business.

* Association with established brand name: SMPL is an authorized
dealer of Hyundai Motors Company (HMC) which is one of the largest
automobile manufacturers in passenger cars. In the domestic
passenger car market, HMC has established market position
underpinned by the strong position of its healthy presence in the
Hatch back, Sedan, SUV and MUV segment in domestic market.

Liquidity - Stretched

The liquidity of the company stood stretched as marked by highly
utilized working capital limits to the extent of ~80-90%. Further,
the current and quick ratios stood at 1.42x and 0.61x respectively
as of March 31, 2020.

Incorporated in 2013, Sikka Motors Private Limited (SMPL) is
promoted by Mr. Gurinder Singh Sikka, Mr. Harvinder Singh Sikka,
Ms. Jasvinder Kaur and Ms. Kusham Kaur. SMPL's commercial
operations commenced from October 2016. The company is an
authorized dealership of Hyundai Motors India Limited (HMIL) for
Passenger vehicles. The company operates a 3S facility (Sales
Spares, Service) and its showroom is located at Wazirpur Industrial
Area- New Delhi.


SKYLARK REALTORS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Skylark Realtors
Pvt. Ltd.'s (SRPL) 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 action is:

-- INR3.50 bil. Term loans due on August 2023 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 Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating, remaining non-cooperative with a rating agency for over six
months, should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect SRPL's credit strength as the issuer has been
non-cooperative with the agency since September 24, 2020.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

COMPANY PROFILE

Incorporated in 2010, SRPL executes residential and commercial
projects in Mira Road, Mumbai. SRPL's overall operations are
managed by Vijay Jain. SRPL is developing a township named JP North
project in Mira Road, Mumbai which contains six different
residential/commercial projects. Apart from that, SRPL has another
ongoing project named Barcelona in Mira Road, Mumbai under its
subsidiary firm Shree Mahalaxmi Developers.


SN BUILDCON: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SN Buildcon'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 B (ISSUER
NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR60 mil. Proposed long-term loans* assigned and maintained
     in non-cooperating category with IND B (ISSUER NOT
     COOPERATING) rating.

*The provisional rating of the proposed bank facilities has been
converted to final rating as per Ind-Ra's updated policy.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SN Buildcon is a partnership firm set up in July 2014. It is an SPV
formed specifically for the execution of a proposed residential
project, Green Fields in Wadki.


SPARTAN ENGINEERING: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Spartan
Engineering Industries 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:

-- INR250.00 mil. Fund-based working capital limits maintained in

     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR20.4 mil. Term loan due on September 2022 maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR109.6 mil. Proposed fund-based limits withdrawn (the
     company did not proceed with the instrument as envisaged);
     and

-- INR120 mil. Non-fund-based working capital limits maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 1, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1988, Mumbai-based Spartan Engineering Industries
is engaged in the manufacturing and trading of construction
equipment and machines.


SURESH ANGADI: CARE Assigns D Rating to INR19.82cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of Suresh
Angadi Education Foundation (SAEF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.82      CARE D Assigned
   Facilities           

   Long Term Bank       59.54      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING
                                   category and Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SAEF are tempered by
past delays in servicing debt obligations.

Key rating sensitivities

Positive rating sensitivities

* Trust's ability to service the loans on a timely basis for a
continuous period of 90 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in repayment of sanctioned facilities: As per the bank
statements submitted, the trust is servicing the repayment
obligations along with delay as a result penal interest is also
charged in the bank statements. As per subsequent interaction with
the banker, the same was also confirmed.

Suresh Angadi Education Foundation (SAEF) was established in the
year 2008 by Late Mr. Suresh Channabasappa Angadi, who was once an
MP from Belagavi, Karnataka till Sept'20. The trust was established
to set up educational institutions in Belagavi. SAEF started Angadi
College of Commerce & Science (affiliated with Rani Channamma
University, Belagavi) in 2008 which provides courses like PUC, B.
Com, BBA, B.Sc. & BCA. Subsequently in 2009, it started Angadi
Institute of Technology and Management (affiliated with
Visvesvaraya Technological University) which provides courses like
B.E. (Civil, Mechanical, Electrical & Electronics, Computer
Science), MBA, M.Tech. and other PG courses, also diploma course
(affiliated with DTE, Bangalore) in civil and mechanical was
introduced in the year 2013. In 2015, the trust started
International school (affiliated with CBSE, New Delhi). Angadi
School of Architecture was established in 2016.


TIRUPATI CARBONS: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tirupati Carbons
& Chemicals Private Limited's (TCCPL) Long-Term Issuer Rating to
'IND B+' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR70 mil. (increased from INR40 mil.) Fund-based working
     capital limits downgraded with IND B+/Stable rating;

-- INR10 mil. (increased from INR5 mil.) Non-fund-based working
     capital limits downgraded with IND A4 rating; and

-- INR4.75 mil. Term loan due on April 2020 withdrawn (paid in
     full).

KEY RATING DRIVERS

Liquidity Indicator - Poor: The downgrade reflects TCCPL's
continued poor liquidity profile as indicated by 96.26% average
maximum utilization of the fund-based working capital limits during
the 12 months ended February 2021. The networking capital cycle
elongated further to 117 days in FY21 (FY20: 152 days, FY19: 155
days) due to a long receivable period of 64 days (60 days, 45 days)
and an inventory holding period of 56 days (98 days, 126 days).
However, the cash flow from operations improved to INR24 million in
FY21 (FY20: INR6.99 million, FY19: negative INR38.05 million) due
to a decrease in working capital requirements. At FYE21, it had low
cash and cash equivalents of INR0.04 million. TCCPL had also
availed the Reserve Bank of India-prescribed moratorium for its
fund-based limits during April-September 2020. FY21 financials are
provisional in nature.

The ratings remain constrained by TCCPL's small scale of
operations, despite an improvement in the revenue to INR283 million
in FY21 (FY20: INR267 million, FY19: INR297 million), due to the
execution of a higher number of orders. During FY20, the revenue
declined due to the closure of a mine in Jharkhand in January 2019
from where the company procured raw graphite ore, as well as
disruptions in operation during January-July 2019. The company now
procures semi-finished graphite from other companies and processes
it at the facilities situated in Rajdewra and Visakhapatnam.

The ratings are further constrained by TCCPL's continued moderate
credit metrics. The interest coverage (operating EBITDA/gross
interest expense) improved to 2.09x in FY21 (FY20: 0.19x, FY19:
2.95x) and the net leverage (total adjusted net debt/operating
EBITDAR) to 4.70x (43.76x, 3.57x) owing to an increase in the
absolute EBITDA to INR15.39 million (INR2.16 million, INR23.56
million). The significant decline in the EBITDA in FY20 was on
account of higher procurement cost. TCCPL did not undertake any
major debt-led capex in FY21 and does not plan to do so in FY22 as
well.

The ratings also reflect the company's modest EBITDA margins with a
return on capital employed of negative 6.2% in FY21 (FY20: 2.3%,
FY19: 11%). The margins improved marginally to 5.42% in FY21 (FY20:
2.16%, FY19: 23.56%), on account of reduction in operational and
administrative expenses as well as absence of fixed costs
associated the operations of the mine.

However, the ratings remain supported by the promoter's experience
of over two decades in the manufacturing of  graphite.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations,
leading to an improvement in the credit metrics would lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics with the interest coverage
reducing below 2.0x or further pressure on the liquidity position,
will be negative for the ratings.

COMPANY PROFILE

Incorporated in December 2006, TCCPL is engaged in the
manufacturing of graphite from semi-processed graphite. It has a
total installed capacity of 6,600 tons per annum and total
production capacity of 5,100 tons per annum at Rajdewra and
Visakhapatnam facilities.


TIRUPATI INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tirupati
Industries (TI) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.47      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 April 3, 2020, placed
ratings of TI under the 'Issuer  Not Cooperating' category as TI
had failed to provide information for monitoring of the ratings. TI
continues to be noncooperative despite repeated requests for
submission of information through phone calls and emails dated
April 21, 2021, April 22, 2021, April 24, 2021, April 25, 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 assigned to the bank facilities of TI continues to
remain constrained on account of on-going delay in servicing
of debt obligations.

Detailed description of the key rating drivers

At the time of last rating on April 3, 2020, the following was the
weakness (updated for the information available):

Key Rating Weakness

* On-going delay in servicing of debt obligations: As informed by
the lender, account continues to be classified as NPA.

Gujarat based Tirupati Industries was set up in May 2014 as a
partnership firm and is engaged in processing of groundnut de-oiled
cake for cattle feed and various other applications. TIS had an
installed capacity of 300 metric ton (MT) per day of oil cake as on
March 31, 2019. Along with this, TI is also engaged in
opportunity-based trading of other agricommodities including
de-oiled rice bran (DORB). The firm is presently managed by seven
partners, principal amongst them being Mr. Ashish Talaviya.


UNITY APPLIANCES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unity Appliances Limited
        171-C, 17th Floor Mittal Court C Wing
        Nariman Point Mumbai 400021

Insolvency Commencement Date: May 6, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 1, 2021

Insolvency professional: Mr. Girish Krishna Hingorani

Interim Resolution
Professional:            Mr. Girish Krishna Hingorani
                         5 C Mehta Sadan
                         S H Parelkar Marg
                         Dadar, Mumbai City
                         Maharashtra 400028
                         E-mail: girish2207@rediffmail.com
                                 cirp.unityappliances@gmail.com

Last date for
submission of claims:    May 25, 2021




===============
M A L A Y S I A
===============

1MDB: U.S. DoJ Returns MYR1.9 Billion of Recovered Funds
--------------------------------------------------------
Reuters reports that Malaysia on May 12 said the U.S. Department of
Justice has returned MYR1.9 billion (US$460.22 million) of funds
recovered from assets related to sovereign fund 1Malaysia
Development Berhad (1MDB).

According to Reuters, Malaysian and U.S. investigators say at least
US$4.5 billion was stolen from 1MDB between 2009 and 2014, in a
wide-ranging scandal that has implicated high-level officials,
banks and financial institutions around the world.

The United States has been returning funds it has recovered from
seized assets that were allegedly bought with stolen 1MDB money,
Reuters discloses.

the finance ministry said in a statement Malaysia has so far
received MYR16.05 billion (US$3.89 billion) of seized and
repatriated 1MDB funds, Reuters notes.

The ministry, as cited by Reuters, said it plans to use the
recovered funds to repay liabilities of 1MDB and its former unit
SRC. 1MDB has MYR39.8 billion in outstanding debt, while the unit
SRC has MYR2.57 billion of remaining debt.

The ministry said the funds -- held in a special trust account --
are sufficient to service 1MDB's debt obligations for 2021 and
2022, Reuters relays.

The account does not currently include the US$700 million
settlement reached with Malaysian banking group Ambank and US$60
million settlement with audit firm Deloitte earlier this year,
according to Reuters.

Negotiations are also currently ongoing with auditor KPMG, the
finance ministry said without disclosing more details, Reuters
relates.

Over the last three years, Malaysia has been trying to recover 1MDB
funds from global banks, financial institutions, individuals and
other entities it says have caused losses from 1MDB, Reuters
recounts.




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

THAI AIRWAYS: PM Denies THB50-Bil. Recapitalization Plan
--------------------------------------------------------
Bangkok Post reports that Prime Minister Prayut Chan-o-cha on May
14 denied reports that the government, through the Finance
Ministry, would allocate THB50 billion to recapitalize financially
struggling Thai Airways International Plc (THAI).

He was responding to reports the carrier would again become a state
enterprise through the re-acquisition of the ministry's majority
stake in the airline, Bangkok Post notes.

According to Bangkok Post, the prime minister said THAI is
currently moving through the debt rehabilitation process.

"I have decided that the government will not involve itself in the
work of the rehabilitation plan administrators.

"The government will not provide any financial support . . . When
the rehabilitation plan begins to be implemented, we'll then decide
how to proceed," Bangkok Post quotes Gen Prayut as saying.

The airline lost its state-owned status last year when the Finance
Ministry reduced its stake to under 50%, to help ease the
debt-rehabilitation process, Bangkok Post recounts.

Previously, several cabinet ministers were concerned the government
would need to guarantee a loan worth billions of baht to prop up
THAI if it were to come under the state enterprise umbrella again,
Bangkok Post relays.

They argued reinstatement, which would require the Finance Ministry
to become the majority shareholder again, would boost the airline's
financial strength and its bargaining power with creditors, Bangkok
Post states.

On May 12, creditors postponed a vote on THAI's debt-restructuring
plan until this week, Bangkok Post recounts.

The vote, to be held on Wednesday, May 19, will decide whether the
airline, burdened by debts exceeding 300 billion baht, can stay in
business, Bangkok Post discloses.  The airline needs more than 50%
of creditors to accept its plan, Bangkok Post says.

Pantip Sripimol, director-general of the State Enterprise Policy
Office, said the week's vote was delayed after more than 10
creditors called for the plan to be amended, Bangkok Post notes.

One issue involves getting the Finance Ministry, still THAI's
biggest shareholder, to guarantee loans for the airline to make it
easier for it to borrow and more viable to sustain the company,
according to Bangkok Post.

But before the ministry can act as a loan guarantor, it must boost
its take back to over 50%, which would make THAI a state enterprise
again, Bangkok Post relays.

Calls to reinstate the Finance Ministry as the majority shareholder
have come under fire from critics who fear it would be too much of
a financial burden, Bangkok Post states.

The airline, which suffered a record loss of THB141 billion last
year, is reportedly seeking a deferment of bond repayments for six
years and a waiver of unpaid loan interest, Bangkok Post
discloses.


[*] THAILAND: Travel Restrictions Threaten Aviation Sector Recovery
-------------------------------------------------------------------
Bangkok Post reports that travel restrictions in many parts of the
world caused by new outbreaks triggered by virus mutations and
differing paces of vaccination threaten recovery prospects for the
aviation industry, which is suffering its worst crisis.

According to Bangkok Post, Jeffrey Goh, chief executive of Star
Alliance, said the lack of standards and coordination as well as
the manner in which Covid-related restrictions are enforced is
making recovery less predictable or sustainable.

Mr. Goh said travel is vital to being human and travel policies
should support this movement through responsible and risk-based
assessments, using testing and controls to protect populations and
prevent further spread of the virus, Bangkok Post relates.

He said inoculations are key to restarting international air travel
as well as avoiding quarantine, which is a threat to the recovery
of the aviation industry, Bangkok Post notes.

However, robust testing protocols remain important while the world
waits for people to be vaccinated, Bangkok Post states.

"The role of government is to support the industry and prepare for
recovery. This is critical," Bangkok Post quotes Mr. Goh as saying.
"Beyond financial support, recovery of air travel is dependent on
travel restrictions that governments adopt.  These measures should
be based on medical evidence."

Subhas Menon, director-general at the Association of Asia Pacific
Airlines (AAPA), said different travel requirements have to be
streamlined through bilateral travel bubbles or corridors for
clarification and a more coordinated approach, Bangkok Post
relays.

Mr. Menon suggested all parties in the aviation industry including
governments work together to prioritise travel and tourism for
global recovery, Bangkok Post discloses.

He said smart travel solutions have become even more important to
make travel seamless because of confusing health and travel
requirements, Bangkok Post notes.

Testing procedures and certificates of vaccination need to be
digitised to facilitate the travel process, via the form of a
digital pass.

The AAPA estimates the aviation industry will take until at least
2024 before it fully recovers, Bangkok Post states.

In terms of passenger growth, Mr. Goh said leisure travel will
start to shift in the near term, but business travel will remain
depressed throughout this year and improve in 2022, Bangkok Post
relays.

According to Bangkok Post, he said the outbreak has made customers
expect more flexible air tickets, which are adjustable based on
their travel plans in case of emergency travel restrictions.



                           *********


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
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Information contained herein is obtained from sources believed
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