/raid1/www/Hosts/bankrupt/TCRAP_Public/210616.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, June 16, 2021, Vol. 24, No. 114

                           Headlines



A U S T R A L I A

CHRISTIAN DEMOCRATIC: Party Placed in Receivership
ICBC CAPITAL: ASIC Bans Director from Managing Corporations
PRESBYTERIAN CHURCH: ASIC Probes Fund, AUD26M From Investors Frozen
PRESBYTERIAN CHURCH: PresCare Continues Operations


C H I N A

CHINA AOYUAN: Fitch Assigns BB Rating to Proposed USD Notes


I N D I A

A SHAMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANDHRA PRADESH URBAN: ICRA Lowers Rating on INR632.97cr Loan to D
ANDHRA PRADESH: ICRA Lowers Rating on INR2,500cr Loan to D
ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
BUCHIYYAMMA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating

CENTRIC STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
CHOWDHRY RUBBER: Insolvency Resolution Process Case Summary
CONTROLS AND SCHEMATICS: ICRA Reaffirms B- Rating on INR4cr Loan
DALMIA POLYMERS: Insolvency Resolution Process Case Summary
DC WOVENSACK: ICRA Withdraws B+ Rating on INR6.60cr LT Loan

GAJANAND RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating
GOEL EXIM: ICRA Keeps D Debt Ratings in Not Cooperating Category
HOSLEY INDIA: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
JAYARAJ FORTUNE: ICRA Cuts Rating on INR5.0cr LT Loan to B+

KARNATAKA STATE: ICRA Cuts Rating on INR500cr Term Loan to D
KRANO MINERAL: ICRA Reaffirms B+ Rating on INR3.50cr Term Loan
KRISH AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
OME SREE: ICRA Keeps C Debt Ratings in Not Cooperating Category
R.K. DHABHAI: ICRA Keeps D Debt Ratings in Not Cooperating

RAMAN EDUCATION: ICRA Reaffirms D Rating on INR34cr Term Loans
RAMKRUSHNA GINNING: ICRA Withdraws B+ Rating on INR9.9cr Loan
RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating
SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating

SAPPHIRE LIFESCIENCES: ICRA Reaffirms D Rating on INR12.50cr Loan
SETCO AUTO: ICRA Assigns D Rating to INR200cr LT Loan
SETCO AUTOMOTIVE: ICRA Assigns D Rating to INR350cr LT Loan
SIMOCO TELECOM: CARE Keeps D Debt Rating in Not Cooperating
SRINIVASA EDUCATIONAL: ICRA Withdraws B+ Rating on Long Term Loan

SURAJ CROPSCIENCES: CARE Keeps D Debt Rating in Not Cooperating
SURYA CONTAINERS: CARE Keeps D Debt Ratings in Not Cooperating
TEAM KRIAN: ICRA Withdraws B+ Rating on INR15cr LT Loan
THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating
TIRUPATI COLD: CARE Keeps D Debt Rating in Not Cooperating

UNOSACK FLEXIBLE: CARE Keeps C Debt Rating in Not Cooperating


J A P A N

TOSHIBA CORP: Japan's Trade Minister Unapologetic About Dealings


P A K I S T A N

PAKISTAN: Seeks Another Year to Pay Back Chinese Loans


S I N G A P O R E

HONTOP ENERGY: Creditors' Meeting Set for June 29
HYFLUX LTD: May Get Under SGD200 Million in Liquidation
SKK TRANSPORT: Court to Hear Wind-Up Petition on July 2


S O U T H   K O R E A

SSANGYONG MOTOR: Workers to Take Unpaid Leave for Two Years


S R I   L A N K A

SRI LANKA: Fitch Affirms 'CCC' LT Foreign Currency IDR


T H A I L A N D

THAI AIRWAYS: Court Approves THB400BB Debt Revamp Plan

                           - - - - -


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

CHRISTIAN DEMOCRATIC: Party Placed in Receivership
--------------------------------------------------
John Sandeman at Eternity News reports that the Christian
Democratic Party has had an administrator appointed "as a result of
the board forming a view that the association was likely to become
insolvent".

In a note to members, Schon G. Condon - who has been appointed
administrator and manager - points to litigation as the reason the
party is likely to become insolvent, Eternity relays.

In addition to disorder at some of its recent general meetings, the
party is the target of at least two law suits. One is by a former
party treasurer Charles Knox - a member of the "Newcastle Faction"
of the CDP - that concerns whether the way the party board was
properly elected. Affidavits raised as part of this case, and seen
by Eternity, question how competently the party has handled its
funds.

Eternity says the conduct of party elections is also the subject of
complaints. Other significant people, such as former party
president Ross Clifford (who heads Morling College), have stood
down from party positions.

Lyle Shelton was appointed by leader Fred Nile to rebuild the party
and lead it into the next NSW election. News of the recievership
will not help.

In a June 8 notice to members, Condon records his further
appointment in May as administrator/manager under the orders of
Justice Patricia Henry of the Equity Division of the Supreme Court,
Eternity relays. He had served a few weeks of being a voluntary
administrator after his initial appointment by the board.

This means he replaces the party board and controls the party
assets.

"In accordance with the Court Orders, I am required to convene an
extraordinary general meeting of members to elect a new board which
will take place in due course," Mr. Condon writes to members,
Eternity relays. "In addition to the calling of the meeting I am
empowered to obtain and collate feedback from the association
members in relation to any governance issue they percieve, as well
as any issues relating to a person's membership. Accordingly if you
have any comments, concerns or issues you would like to raise with
me prior to the calling of the extraordinary general meeting, would
you please provide these comments by 5:00 p.m. on June 15, 2021, by
email to infor@condon.com.au"

While at first sight the appointment of Condon as
administrator/manager to the Christian Democratic Party appears to
be a severe setback, if effective discussion takes place it may
well provide a way for the large number of party dissidents, and
several factions (several of whom have been talking to Eternity),
to be re-united, adds Eternity.


ICBC CAPITAL: ASIC Bans Director from Managing Corporations
-----------------------------------------------------------
Dimitrios (James) Podaridis, of Victoria, has been disqualified
from managing companies for two years after his involvement in two
failed companies.

During various times between 2015 and 2018, Mr. Podaridis was a
director of two companies that went into liquidation:

   * A.C.N. 605 261 603 Pty Ltd (ACN 605 261 603) (formerly known
as Champion Beverages Pty Ltd) (Champion); and

   * ICBC Capital Pty Ltd (ACN 140 629 296) (ICBC).

Champion operated as a product distributor in Australia and New
Zealand. ICBC, which previously held an Australian Financial
Services licence, provided advisory services, raised capital and
traded in shares.

In making its decision, ASIC found that Mr. Podaridis:

   * Breached his record keeping obligations in relation to both
Champion and ICBC;

   * Breached his duties to act with due care and diligence with
regard to ICBC, in that he failed to actively participate in the
company's management or take reasonable steps to monitor the
company's affairs; and

   * Does not adequately understand a director's duties.

The total amount owed to creditors across both companies is
estimated to be between AUD562,380 and AUD1.69 million.

In making the decision to disqualify Mr Podaridis, ASIC relied on
supplementary reports lodged by Peter Gountzos and Michael Carrafa
of SV Partners as liquidators of Champion, and Clifford Sanderson
of Dissolve as liquidator of ICBC.

ASIC assisted the liquidators of both Champion and ICBC, to prepare
supplementary reports by providing funding from the Assetless
Administration Fund.

Mr. Podaridis is disqualified from managing corporations until May
24, 2023.

Section 206F of the Corporations Act gives ASIC the power to
disqualify a person from managing corporations for up to five years
if, within a seven-year period, the person was an officer of two or
more companies that were wound up and the liquidators lodge reports
with ASIC about each company's inability to pay its debts or
alleging misconduct.

ASIC maintains a banned and disqualified persons register that
provides information about people who have been disqualified from:

   * involvement in the management of a corporation;
   * auditing self-managed superannuation funds (SMSFs); or
   * practicing in the financial services or credit industry.


PRESBYTERIAN CHURCH: ASIC Probes Fund, AUD26M From Investors Frozen
-------------------------------------------------------------------
Guardian Australia reports that the corporate regulator has
launched an investigation into an investment fund run by the
collapsed Presbyterian Church of Queensland that took AUD26m from
investors, including church employees and clergy.

Queensland's supreme court appointed receivers to the church
earlier this month. Guardian Australia has learned the church has
debts of about AUD101 million, mostly related to its aged care
business, Prescare.

According to the report, parishioners said they are worried that
selling individual churches and land out from under congregations
might be necessary to pay off debts and recover frozen
investments.

The church has significant assets, including the heritage-listed
Ann Street Presbyterian Church in the heart of the Brisbane CBD.

For decades the church has operated a capital fund to allow it to
buy new property, and upgrade and extend buildings. It promises to
pay investors annual interest of between 2.75% to 3.75%, the report
says.

Fine print on a brochure said the fund is intended for investors
whose primary purpose is to "support the charitable purposes" of
the church "and for whom considerations of profit are not of
primary relevance".

An exemption granted to charitable bodies allowed the church to
operate the fund without a financial services licence and allowed
it to give less information to investors than other funds are
required to.

However, Guardian Australia understands the Australian Securities
and Investments Commission is looking into governance issues
surrounding the investment fund that include whether the use of
this exemption was appropriate.

ASIC raised concerns about the existence of the exemption for
charities in 2013, but ultimately decided against revoking it.

In a statement, the receivers, PwC partners Michael Owen and Phil
Carter, said they were still assessing the state of the fund. In
the meantime, all deposits and withdrawals have been frozen,
Guardian Australia notes.

The fund is notionally for so-called wholesale investors, but
accepts smaller deposits from individuals with an association to
the church - including clergy, employees and volunteers.

Guardian Australia understands some had put their life savings in
the fund. The receivers have told investors it is too early to say
whether they will be able to retrieve their money.

The fund's most recent financial report, from 2019, shows it has
more than AUD26 million in deposits at call and only AUD8.7 million
in current assets - a "working capital deficiency" of AUD18
million, Guardian Australia discloses.

"The board is confident the fund is able to continue as a going
concern because the fund has had a working capital deficiency for
over 20 years," the 2019 financial report said. "History has proven
only a small portion of the liability is called on each year."

About AUD11 million of money paid into the fund is tied up in a
series of loans, including AUD3.68 million loaned to individual
church congregations and AUD5.35 million to a church-owned
business, Credere Services, which reported AUD24 million in net
liabilities in 2019.

Credere is not in administration. However, it is the owner of
Contented Chef, which fell into administration in January with
debts totalling more than AUD13 million, the report notes.

When Owen and Carter were appointed receivers of the church, its
moderator, Reverend Dr Philip Strong, said: "While our team has
worked hard for more than a year to restructure the operations,
historical contractual arrangements have made this extremely
challenging."


PRESBYTERIAN CHURCH: PresCare Continues Operations
--------------------------------------------------
Australian Ageing Agenda reports that aged care provider PresCare
is continuing operations as usual for now after the Presbyterian
Church of Queensland was placed into receivership for being unable
to pay its debts.

In August last year, PresCare announced plans to sell its seven
aged care homes and exit the residential aged care sector due to
the significant capital investment required to remain, the report
recalls.

In addition to PresCare, the Presbyterian Church of Queensland
(PCQ) operates its congregations, the Queensland Theological
College and Toowoomba school Fairholme College.

The Supreme Court of Queensland appointed Michael Owen and Phil
Carter from PwC Australia as receivers of PCQ's legal entity on May
12, the report notes.

According to the report, Mr. Owen said their priority was to work
closely with PCQ and its stakeholders while they investigated
organisation's situation.

"We plan to continue to operate the services that PCQ provides
across the community on a 'business as usual' basis while we
conduct this review, and we will update stakeholders further once
this initial assessment has been completed," the report quotes Mr.
Owen as saying.

It is expected that the aged care receivership will have minimal
impact on the operations of QTC and Fairholme College, the report
says.

Australian Ageing Agenda relates that PCQ moderator Reverend Dr
Philip Strong said receivership was necessary to ensure the
organisation could provide services in the long-term.

"Unfortunately, contractual arrangements entered into in previous
years, coupled with a very difficult aged care environment have
proved to be a barrier to continued operations," the report quotes
Reverend Dr. Strong as saying.  "While our team has worked hard for
more than a year to restructure the operations, historical
contractual arrangements have made this extremely challenging.
While making the decision to appoint a receiver is a difficult one,
we believe it is the best next step."

PresCare exchanged contracts last month with fellow aged care
provider Apollo Care for the sale of three facilities, Alexandra
Gardens in Rockhampton and Groundwater Lodge and Yaralla Place in
Maryborough.

Apollo Care CEO Stephen Becsi said Apollo Care would provide full
continuity of resident care and accommodation and employment to all
staff at these facilities, which continue to operate under the
PresCare name, the report relays.

"We have made a commitment to the residents, their families and
PresCare staff in Rockhampton and Maryborough - and we don't intend
to let them down."

PresCare's remaining facilities, Vela in Carina, Protea in
Townsville and WRB in Cordina, are subject to offers but have not
yet been contracted, adds Australian Ageing Agenda.




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CHINA AOYUAN: Fitch Assigns BB Rating to Proposed USD Notes
-----------------------------------------------------------
Fitch Ratings has assigned property developer China Aoyuan Group
Limited's (BB/Negative) proposed US dollar senior notes a 'BB'
rating.

The proposed notes are rated at the same level as Aoyuan's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Aoyuan intends to use the net proceeds from
the issue to refinance its existing debt.

Fitch revised the Outlook on Aoyuan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to Negative from Stable on 7 June 2021,
and affirmed the rating at 'BB'. Fitch also affirmed the senior
unsecured rating and the rating on the outstanding US dollar senior
notes at 'BB'.

The Negative Outlook reflects Fitch's view that Aoyuan's
proportional consolidated leverage may stay above 40% - Fitch's
negative rating trigger - in the forecast period to 2024, after
edging up to 41.8% by end-2020 from 37.9% at end-June 2020. Fitch
is uncertain if the drop in implied cash collected can be reversed
by end-2021 and whether Aoyuan can reduce guarantees to joint
ventures (JVs) and associates in 2021. The Outlook may return to
Stable if Aoyuan improves in the abovementioned aspects in 2021.

KEY RATING DRIVERS

Leverage Rose on Land Purchases: Aoyuan's proportional consolidated
leverage had exceeded the negative rating trigger of 40% by
end-2020 after buying CNY45 billion in land - higher than the
budgeted CNY35 billion for 2020 - as it took advantage of lower
land prices. Land bank life extended to 2.8 years (2.3 years at
end-1H20). Fitch believes Aoyuan's land bank and 60 urban renewal
projects (URPs) will give it enough land to sustain its business
model. It will not be under pressure to acquire land at sub-optimal
prices to maintain contracted sales.

Lower Implied Cash Collection: Implied cash collected - defined as
change in customer deposits plus revenue booked during the year -
fell to CNY47 billion in 2020 from CNY74 billion in 2019 despite
steady attributable contracted sales of CNY98 billion in 2020. The
implied cash collection was only 48% of the reported attributable
sales during the year. Customer deposits of CNY7.5 billion are lost
due to disposal of subsidiaries. Management said CNY32 billion of
cash was collected from JVs and associates.

This suggests that a large portion of Aoyuan's attributable
contracted sales in 2020 were from JVs and associates, as a large
proportion of land acquired was via JVs and associates in that
year. The high proportion of off-balance-sheet projects means the
performance of many projects is not fully reflected in the
company's financials, in Fitch's view.

Increase in Guarantees: Aoyuan's net debt + guarantees/adjusted
inventory (on consolidated basis) jumped to 59.2% from 45.7% in
2019. This was driven by the rise in guarantees provided to JVs to
CNY24 billion in 2020 from CNY8 billion in 2019, due partly to some
subsidiaries being changed to JVs during the year. In addition, the
JV projects Aoyuan engaged in rose to 90 in 2020 from 10 in 2019.
Management expects guarantees to decline as Aoyuan will switch to
providing guarantees on an attributable proportion basis instead of
full ones.

Minority Shareholders: Aoyuan's exposure to non-controlling
interests (NCI) rose to 66% of total equity by end-2020. This is
high among Fitch-rated Chinese developers, and reflects Aoyuan's
reliance on capital contributions from minority shareholders -
mostly developers and URP fund unitholders - to finance its
expansion. This lowers Aoyuan's need for debt funding, but creates
the potential for cash leakage. High NCI exposure also reduces
Aoyuan's financial flexibility because homebuilders with lower NCI
can dispose of stakes in projects to cut leverage.

About 20% of NCI is attributable to private funds Aoyuan set up to
gather capital for the URPs it started prior to 2018. Fitch does
not treat this as debt, as there is a loss-sharing provision and no
fixed return on investment. There may be cash outflow to buy out
minority investors of the URPs as they mature, but Fitch believes
the amount will be lower than the cost of acquiring the land bank
in the open market.

Larger Scale: Aoyuan was one of the fastest-growing among peers
with attributable contracted sales increasing by CAGR of 44% in
2016-2020. Revenue rose by 34% in 2020. Aoyuan had 370 projects in
95 cities across China and overseas at end-2020. It has improved
the geographical diversification of its land bank and reduced its
reliance on lower-tier cities over the past few years. Southern
China, its largest market, accounted for 35% of land bank by gross
floor area (GFA) in 2020, compared with 42% in 2019.

More Volatile End-Markets: Aoyuan is more exposed to industry risks
due to higher exposure to lower-tier cities and commercial property
than 'BB' peers. Commercial properties have a lower sell-through
rate and are more susceptible to economic cycles, leaving Aoyuan
with more operational risk than peers that sell only residential
projects. Commercial property from integrated-development projects
was 13% of its contracted sales in 2020. Fitch expects a stable
product mix in the short term, with commercial products making up
20% of saleable resources in 2021.

DERIVATION SUMMARY

Aoyuan's contracted sales are larger than the CNY50 billion-70
billion (on an attributable basis) of 'BB-' peers, including
Central China Real Estate Limited (BB-/Stable), Times China
Holdings Limited (BB-/Stable) and KWG Group Holdings Limited
(BB-/Stable). Aoyuan's land bank is more geographically diversified
and larger than that of the three peers, which are more regionally
based and have operations in fewer than 50 cities.

Aoyuan's attributable contracted sales scale and revenue scale are
comparable with that of 'BB' rated peers, such as CIFI Holdings
(Group) Co. Ltd. (BB/Stable) and Logan Group Company Limited
(BB/Stable).

Aoyuan's 2020 proportionately consolidated leverage of 41.8% is
slightly higher than that of Times' 39%, but Aoyuan's land bank
life is longer at 2.8 years against Times' 2.5 years. Aoyuan's
profitability is higher than that of China SCE Group Holdings
Limited (BB-/Stable), but Aoyuan's leverage is around 1pp higher.

Aoyuan and Risesun Real Estate Development Co.,Ltd. (BB-/Stable)
have similar scales. Risesun's land bank is more concentrated, with
around 60% of land reserves in Beijing and the Bohai area, which is
under stricter scrutiny than other regions. In comparison, 35% of
Aoyuan's land bank is in southern China, which has stronger
economic prospects. They both focus on lower-tier cities, which is
reflected in their similar average selling prices (ASPs) of around
CNY11,000 per sq m, but Aoyuan's land bank is more diversified
because it covers 95 cities compared with Risesun's 79. Risesun has
a shorter land bank life (2.3 years) than Aoyuan's 2.8 years at
end-2020.

KEY ASSUMPTIONS

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

-- CNY105 billion-109 billion of attributable sales in 2021-2024;

-- 6% rise on average in ASP a year in 2021-2024;

-- GFA acquired to be 0.8x-1.0x of GFA sold in 2021-2024;

-- 4% rise in average land costs a year in 2021-2024;

-- Unsold land bank life maintained at around 2.5 years
    (excluding URPs);

-- Selling, general and administrative expenses at 6%-8% of
    revenue.

RATING SENSITIVITIES

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

-- Fitch will revise the Outlook to Stable if the negative rating
    triggers are not met in 12-18 months.

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

-- Proportionally consolidated leverage (net debt/adjusted
    inventory) above 40% for a sustained period;

-- Large increase in NCI exposure and guarantees to debts of JVs
    and associates;

-- Continued weakness in implied cash collected (defined as
    change in customer deposits plus revenue booked during the
    year).

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: Aoyuan had CNY52.5 billion in available cash on
hand at end-2020, just enough to cover short-term debt of CNY52.4
billion. The ratio will improve if the short-term debt backed by
restricted and pledged deposits is excluded. The group's ratio of
total cash to short-term debt was 1.3x. The company has multiple
funding channels, including onshore and offshore bank loans, and
private and public bond issuance.

ISSUER PROFILE

Aoyuan is a mid-sized Chinese property developer, with a solid base
in Guangdong province - 28% of the total land bank by GFA at
end-2020 - and a greater presence in major economic zones - 45% of
the total land bank.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY133 billion of adjusted inventory used in
the proportionately consolidated leverage calculation at end-2020
includes: CNY158 billion of properties for sale; CNY4 billion of
deposits paid for acquisitions of subsidiaries and potential
purchases of land use rights and property projects; CNY1 billion of
land use rights; CNY5 billion of other receivables related to
development-property acquisitions; CNY4.4 billion of project
consideration payables; CNY1.9 billion of acquisition consideration
payables; CNY5.5 billion due from NCI; CNY5.5 billion due to NCI;
CNY8.8 billion in investment properties; CNY69 billion in contract
liabilities; CNY4.3 billion of buildings; and CNY27 billion in
adjusted inventory at its JVs.

Fitch has adjusted the value of investment properties based on
investment properties at cost.

Fitch has included JV net debt of CNY10 billion to the net debt
calculation on a proportionately consolidated leverage
calculation.

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.



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A SHAMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------
ICRA has retained the ratings for the bank facilities of A Shama
Rao Foundation in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           69.50      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–            0.25      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

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

Established in April 1988, A Shama Rao Foundation (ASRF) is a part
of the Srinivas Group of Colleges and Vijayalakshmi Group of
Colleges, which run many educational institutes offering various
courses ranging from pre-university to post graduation. The group
operates with 18 institutions at present, offering courses in hotel
management, medical, nursing, pharmacy, physiotherapy, management,
engineering and hospitality among others. The colleges of the Group
are located on three campuses in and around Mangalore namely
Pandeshwar, Valachil and Mukka. The Trust has five trustees, with
Mr. A  Raghavendra Rao as its current President. ASRF has
established Srinivasa University in 2013, which commenced
operations in the academic year 2015-16. The university offers
courses in the fields of management, engineering, commerce, allied
health sciences, hotel management, social science and humanities.

ANDHRA PRADESH URBAN: ICRA Lowers Rating on INR632.97cr Loan to D
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Andhra
Pradesh Urban Finance and Infrastructure Development Corporation
(APUFIDC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–         632.97      [ICRA]D; Downgraded from
   Proposed                        [ICRA]BB+ (Stable) and
   Term Loan                       Withdrawn

   Long-term-         5367.03      [ICRA]D; Downgraded from
   Unallocated                     [ICRA]BB+ (Stable) and
   Limits                          Withdrawn  

Rationale

The rating downgrade reflects the delays and irregularities in
servicing of long-term loans by APUFIDC, based on the feedback
received from the banker and the confirmation from the management.
While the term-loan, on which delay has occurred is not rated by
ICRA, the rating assigned to the INR6000 crore proposed and
unallocated bank limits has been downgraded as per ICRA's Policy on
Default Recognition.

Also, the rating has been withdrawn at the company's request as per
ICRA's Policy on Withdrawal of Credit Rating.

Key rating drivers and their description

Credit strengths: NA

Credit weaknesses

* Delays in debt servicing: There has been a delay by APUFIDC in
the repayment of its long-term loans.

Liquidity position: Poor

Although the corporation maintains a healthy cash and bank balance
(~INR600 crore) as on March 31, 2020, the management has confirmed
the delays were due to administrative reasons. The long term loan
availed in March 2021, is likely to have a annual repayment
obligation of ~INR65 crore per month with interest payable on a
monthly basis. The interest payment for the month of March, April
and May 2021 remains unpaid as on June 5, 2021.

Rating sensitivities

Positive factors - Regularisation of debt servicing on a sustained
basis may lead to a rating upgrade.

Negative factors – Not Applicable

The Andhra Pradesh Urban Finance and Infrastructure Development
Corporation Limited (APUFIDC) was incorporated in January 1993 by
the Government of Andhra Pradesh (GoAP) under the Companies Act
1956. The company provides financial, technical, and administrative
assistance to the urban local bodies (ULBs) within the state and
channelises funds between the ULBs and the Government of Andhra
Pradesh (GoAP). It acts as the state level nodal agency for various
Central and state government schemes such as the AMRUT and the
Smart Cities Mission. The company is governed by the Board of
Directors (BoD), members to which are appointed by the GoAP. The
Managing Director (MD), appointed by the GoAP is the executive
head, who is supported by the department heads. The APUFIDC has an
employee strength of around 40 as on March 31, 2020.


ANDHRA PRADESH: ICRA Lowers Rating on INR2,500cr Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Andhra
Pradesh State Road Transport Corporation (APSRTC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based          2,500       [ICRA]D; Downgraded from
   Term Loans                      [ICRA]BBB+ (CE) (Stable)
   (Guaranteed)        

   Fund-based          3,180       [ICRA]D; Downgraded from
   Term Loans                      [ICRA]BBB- (Stable)

Rationale

The rating downgrade reflects the delays and irregularities in
servicing of long-term loans by APSRTC based on the feedback
received from the banker and the confirmation from the management.
The APSRTC's financial performance is likely to remain weak in
FY2022, owing to the complete shutdown of traffic operations
because of the strict lockdown imposed by the Government of Andhra
Pradesh (GoAP) from the last week of April 2021 to check the second
wave of the Covid-19 pandemic. This is likely to stretch the cash
flows and strain the liquidity position of the APSRTC, resulting in
delays in debt servicing, despite support received from the GoAP.
The revised rating for the INR2,500 crore bank limits do not take
into consideration the guarantee provided by the GoAP as
effectiveness of the earlier stipulated guarantee mechanism was not
demonstrated during the shortfall (the guarantee was not invoked by
the banks). ICRA notes that the establishment costs, which is one
of the major constituents of the total expenditure of APSRTC,
continues to be paid directly from the treasury of the GoAP, which
indicates no change in the degree of linkages with the state
government.

Key rating drivers and their description

Credit strengths

* Strategic importance to the state government APSRTC is
wholly-owned by the GoAP and is responsible for providing transport
infrastructure and services to the passengers in the state. Its
operations are supervised by its Board of Directors appointed by
the GoAP.

Credit weaknesses

* Delays in debt servicing: There has been a delay by the APSRTC in
the repayment of its long-term loans.

* Complete shutdown due to state lockdown from last week of April
2021: Owing to the second wave of the Covid-19 pandemic, the GoAP
has announced a state-wide lockdown from the last week of April
2021, which has been continuing till now, impacting the traffic
revenues of the APSRTC. With almost no operations for more than a
month now, the APSRTC's liquidity position remains stretched.
Nevertheless, it is expecting to receive support from the GoAP in
the form of a one-time revenue support to repay its outstanding
dues to the banks. Its liquidity position is likely to remain
stretched in the near term on account of the weak traffic revenues
and high repayment obligations, despite the establishment costs
being completely paid by the GoK from its treasury.

Liquidity position: Poor

The corporation has substantial annual debt repayments of around
~Rs. 600 crore due in FY2022. Its liquidity position remains poor,
as reflected by the delays in the repayment of long-term loans
during the current fiscal on account of low traffic collections
amidst the strict lockdown imposed by the GoAP.

Rating sensitivities

Positive factors - Regularization of debt servicing on a sustained
basis may lead to a rating upgrade.

Negative factors – Not Applicable

The APSRTC was established in January 1958 as an independent entity
under Section 3 of the Road Transport Corporation (RTC) Act, 1950
as a charitable trust, to provide adequate, efficient and economic
passenger road transport services in the state of Andhra Pradesh.
The operations of the APSRTC are supervised by the Board of
Directors (BoDs), which is chaired by a Vice Chairman and Managing
Director, who is appointed by the GoAP. The BoD comprises
representatives from the Transport and Finance Departments of the
state government, Executive Directors and Financial Advisor of the
APSRTC and representatives of the Government of India. As on March
31, 2020, with a fleet strength of 11,834, the APSRTC operates
close to 11,000 schedules daily through 128 depots and has 51,930
personnel.


ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Annadata
Rice Mill in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D/[ICRA] D; ISSUER NOT COOPERATING".

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

   Unallocated       5.00       [ICRA]D/[ICRA] D; ISSUER NOT
   Limits                       COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
  
Established in 2007 as a partnership firm, ARM has been promoted by
Mr. Sekh Jakir Ali and Mr. Mirza Amanat Ali. The firm mills govind
bhog rice and has an installed milling capacity of 8,400 metric
tonnes per annum (MTPA) in the Burdwan district of West Bengal.


BUCHIYYAMMA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Buchiyyamma Rice Mill in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

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

   Long Term–           13.00      [ICRA] B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Buchiyyamma Rice Mill (SBRM), established in 1983 by Mr. K.
Papa Reddy and other partners, is involved in the milling of paddy,
and produces raw and boiled rice. The firm has a milling unit in
Tossipudi in East Godavari district of Andhra Pradesh.  SBRM has a
paddy milling capacity of 43,200 MTPA.


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

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

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

Incorporated in 1986, Centric Steel Limited (CSL) is promoted by
Kochar family and is engaged in the manufacturing of precision
tubes which find application in automobile, structural steel and
heavy engineering industries. The firm's manufacturing facility is
located at Taloja in Maharashtra and has an installed capacity of
~3 crore meters per annum.


CHOWDHRY RUBBER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Chowdhry Rubber & Chemical Private Limited
        19/310/40, Old Rohtak Road
        Shehzada Bagh
        Nr. Daya Basti Railway Station
        New Delhi DI 110035
        IN

Insolvency Commencement Date: June 3, 2021

Court: National Company Law Tribunal, New Delhi, Court No. IV

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

Insolvency professional: Mukesh Gupta

Interim Resolution
Professional:            Mukesh Gupta
                         F-1, Milap Nagar
                         Uttam Nagar
                         New Delhi 110059
                         E-mail: camukeship@rediffmail.com
                                 cirp.crcpl@gmail.com

Last date for
submission of claims:    June 20, 2021


CONTROLS AND SCHEMATICS: ICRA Reaffirms B- Rating on INR4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Controls
and Schematics Private Limited (CSPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term            4.00       [ICRA]B- (Stable); Reaffirmed
   Fund-based–
   Cash Credit          

   Long-term/           5.00       [ICRA]B- (Stable)/[ICRA]A4;
   Short-term                      Reaffirmed
   Non Fund based       
                                   
Rationale

The ratings reaffirmation considers CSPL weak financial profile, as
reflected by operating losses incurred in FY2020 and FY2021, weak
debt coverage indicators and tight liquidity position of the
company arising out of its stretched receivables and huge
inventory. The ratings remain constrained by the company's
declining revenues and high customer concentration risk as 79% of
its revenues was derived from a single customer in FY2020. While
receipt of a single large order in March 2021 provides revenue
visibility in the near term, the timeliness of the order execution
given the second wave of the Covid-19 pandemic and the ability of
the company to ramp up its scale of operations remain critical.

The ratings, however, favorably factor in the extensive experience
of the company's promoters in manufacturing control equipment, its
reputed client profile along with the pre-qualification status
obtained from various public-sector undertakings (PSUs) and private
companies.

The Stable outlook on the [ICRA]B- rating reflects ICRA's
expectation that the company would continue to benefit from the
extensive experience of its promoters in the power industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of the promoters in the manufacturing of
control equipment: CSPL's operations are overseen by its Managing
Director, Mr. P. P. Reddy, who has been in the power industry for
the last 40 years. He has worked on various turnkey orders
including designing, engineering, manufacturing, supplying,
erecting and commissioning of switchgears.

* Reputed client profile; pre-qualification status obtained from
PSUs and private companies: The company has a long track record of
supplying low tension (LT) switchgear products to various state
electricity boards, oil refining companies, thermal power stations,
and leading engineering, procurement and construction (EPC)
contractors among others. This has helped CSPL build up a strong
pre-qualification status over the last four decades. Bharat Heavy
Electricals Ltd. (BHEL) is the company's largest customer,
accounting for 70% of the total revenues in FY2019 and 79% in
FY2020.

Credit challenges

* Weak financial profile characterized by declining revenues,
operating losses and muted debt coverage indicators: CSPL's
turnover declined to INR8.20 crore in FY2020 from INR15.51 crore in
FY2019 and further to INR1.26 crore in FY2021 due to weak demand
scenario from power plants, leading to low order inflows in FY2020
and slowdown in execution of orders of those clients, where the
company was facing bill realization issues. Nevertheless, the
company has received a large order of INR27.92 crore from BHEL in
March 2021 with a tenure of 2 years. While this provides revenue
visibility in the near term, the timeliness of execution of this
contract would remain critical due to the second wave of the
Covid-19 pandemic. CSPL reported operating and cash losses in
FY2020 and FY2021 due to a decline in its scale of operations.
Significant continued losses led to weak debt coverage metrics.

* High working capital intensity of operations: CSPL's working
capital intensity remains on the higher side due to stretched
receivables position. The outstanding receivables increased due to
stretched payments from BGR Energy Systems.

* High customer concentration: CSPL supplies products to various
state electricity boards, oil refining companies, thermal power
stations and leading EPC contractors. However, it has focused more
on clients in the power sector. Overall, sales were concentrated
among the top two clients, which accounted for ~94% of its total
sales in FY2020. The customer concentration risk remains high for
the company with the top five customers accounting for over 98% of
the total sales in FY2020 and BHEL alone contributing ~79% to the
total sales. The customer concentration is likely to remain, going
forward, as 93% of the total order in hand as on April 30, 2021 is
from BHEL.

* Profitability remains vulnerable to adverse movement in prices of
raw materials: The raw materials used for manufacturing are steel,
copper, aluminium etc. The company is exposed to fluctuation in the
prices of the said items, given the fixed-price nature of orders.

Liquidity position: Stretched

CSPL's liquidity position is stretched, as reflected by significant
cash losses incurred by the company in FY2020 and FY2021, resulting
in a decline in free cash and bank balance available. The company
has a sanctioned working capital limit of INR4.00 crore for which
the utilization remained nil from April 2020 to April 2021.
However, the utilization is likely to increase once the execution
of new order from BHEL commences. The ability of the company to
ramp up its scale of operations and effectively manage its working
capital position remains critical.

Rating sensitivities

Positive factors – ICRA may upgrade the company's ratings if
there is a substantial growth in revenue and profitability, and
better working capital management on a sustained basis.

Negative factors – Pressure on the company's ratings may arise if
a significant delay in execution of BHEL's order leads to continued
losses and liquidity constraint and/or a further stretch in the
receivables.

Controls and Schematics Private Limited, incorporated in 1971 as a
limited company, was converted into a private limited company in
May 2016. The company undertakes total turnkey orders of LT
switchgear projects comprising supply of equipment like motor
control centers (MCCs), power control centers (PCCs), bus ducts,
distribution boards and push button stations for process industries
and their erection and commissioning. The company maintains its
focus on customers from the power, refinery and petrochemical
sectors. At present, it has a manufacturing facility in Hyderabad.


DALMIA POLYMERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Dalmia Polymers LLP
        D-2, Block-D
        Green Park Extn
        Delhi 110016

Insolvency Commencement Date: June 3, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 3, 2021

Insolvency professional: Umesh Singhal

Interim Resolution
Professional:            Umesh Singhal
                         Sigma Legal Group
                         407-408, GD-ITL Tower B-08
                         Netaji Subhash Place
                         Pitampura
                         New Delhi 110034
                         E-mail: singhaluk@hotmail.com
                                 cirp.dalmiapolymers@gmail.com

Last date for
submission of claims:    June 21, 2021


DC WOVENSACK: ICRA Withdraws B+ Rating on INR6.60cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of DC
Wovensack Private Limited (DCW or the company) at the request of
the company and based on the No Objection received from its banker,
and in accordance with ICRA's policy on withdrawal and suspension
of credit rating. However, ICRA does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The key rating drivers, liquidity position,
rating sensitivities, key financial indicators have not been
captured as the rated instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-
   based Limit–
   Cash Credit           3.25      [ICRA]B+ (Stable); Withdrawn

   Long-term–
   Unallocated
   Amount                6.60      [ICRA]B+ (Stable); Withdrawn


Incorporated in 2012, DCW manufactures woven sacks, mainly used as
packaging material in the fertiliser, sugar, cement, food and
chemical industries. The company has a polypropelene (PP)
woven-fabric manufacturing unit at Pipodara village in Mangrol
district of Surat (Gujarat) with a total installed capacity of
4,372 metric tonne per annum (MTPA) of woven fabric.


GAJANAND RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gajanand
Rice Mill in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           8.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         10.17       [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1982, Gajanand Rice Mill (GRM) is involved in the
processing, milling and polishing of non-basmati rice. The firm
produces polished rice, rice bran and broken rice. Its
manufacturing facility of is located at Bavla, Ahmedabad, with an
installed capacity of processing paddy at 6 tonne per hour. The
processing and milling unit of the firm is spread across an area of
17,300 square yards. The firm is currently owned and managed by Mr.
Ashwin Thakkar and Mr. Chinubhai Thakkar along with four other
partners.


GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ginni
Holdings in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D/[ICRA] D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         1.50       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                   Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        1.00       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term/         2.00       [ICRA]D/[ICRA]D ISSUER NOT
   Short Term–                   COOPERATING; Rating continues
to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
  
Ginni Holdings is a manufacturer, wholesaler and trader of gold,
diamonds and silver ornaments/jewellery. Ginni Holdings is a
partnership firm established in the year 2006 and promoted by Mr.
Pradeep Kumar Goel and his family. Ginni Holdings's customers
primarily consist of wholesalers and retailers based in New Delhi
area.


GOEL EXIM: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Goel Exim
India Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        50.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                   Rating continues to remain under
   CC                            'Issuer Not Cooperating'
                                 Category

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

GEIPL is a manufacturer, wholesaler and trader of gold, diamonds
and silver ornaments/jewelry. The company was incorporated in the
year 2004. The customers of GEIPL are primarily wholesalers and
retailers based in New Delhi area. The company is part of the Delhi
Based Group engaged in the manufacturing, wholesale and retail
sales of gold and diamond. GEIPL had acquired two partnership
firms, namely, Shree Ganpati Impex and Bhavya Gold with effect from
15 March 2010. The partners of both the firms are shareholders of
the company.


HOSLEY INDIA: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Hosley
India Private Limited (HIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           1.00       [ICRA]B+ (Stable); Rating
   Fund based                      reaffirmed and removed
   Term Loan                       from the 'Issuer Not
                                   Cooperating' category

   Short Term–          10.00      [ICRA]A4; Rating reaffirmed
   Fund Based                      and removed from the 'Issuer
   Bills Discounting/              Not Cooperating' category
   Packing Credit                  
                                                                  

Rationale

The rating action takes into account the long and established track
record of HIPL's promoters in home decor industry, with business
interests across multiple countries. HIPL is a part of the Hosley
Group, which has several established associate companies in the
international and domestic markets, through which large share of
sales are generated. Additionally, the company has a diversified
portfolio of products within the home decor segment, consisting of
iron art wares, glass art wares, perfumed products, incense sticks,
wooden art wares, and other handicraft and decorative items.

Nonetheless, the ratings are constrained by the company's modest
scale of operations, thin operating profitability margins and weak
debt protection indicators—interest coverage stood at 1.03 times
and total debt/OPBDITA at 14.37 times in FY2020.

The ratings are further constrained by the intense competition in
the industry, characterized by low capital intensity and limited
entry barriers, with presence of numerous small-to-medium-sized
players as well as significant competition from China.

Though the company derives significant benefit from associate
concerns, the same also leads to high dependence and concentration
on Group entities, which account for over 90% of its sales.
Further, its liquidity position remains dependent on timely
collections from these Group entities. However, ICRA notes that the
elongated receivable cycle (including that from Group entities) has
resulted in high working capital intensity of operations at 44% in
FY2020 and elevated working capital limits utilisation at 89% in
FY2021. Although the same has sequentially improved since March
2021, its sustainability remains to be seen. ICRA also notes the
vulnerability of profitability to foreign currency fluctuation risk
in the absence of a robust hedging policy.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that HIPL will continue to benefit from the extensive experience of
its promoters and established position of Group entities in the
international market.

Key rating drivers and their description

Credit strengths

* Long track record of promoters in home decor industry: The
promoters have more than two decades of experience in the
processing and trading business of home decor and fragrance items.
The promoters' long presence in the industry has helped the company
to establish strong relationships with suppliers.

* Established presence of Group companies in multiple countries
helps in procurement of export orders: The company is a part of the
Hosley Group with a number of Group companies involved in similar
lines of business. The Group entities are located across countries,
aiding HIPL in obtaining overseas orders. The company primarily
processes for its Group companies based in India as well in the
foreign markets. Though the associate entities enable order
procurement, the business of the company is dependent upon the
performance of its Group concerns to which it makes over 90% of the
sales, thus remaining exposed to high client-concentration risk.

* Diversified portfolio of products: The company has a diversified
portfolio of products within the home decor segment, consisting of
iron art wares, glass art wares, perfumed products, incense sticks,
wooden art wares, and other handicraft and decorative items across
multiple price points.

Credit challenges

* Modest scale of operations: HIPL's scale of operations remains
modest with an operating income (OI) of INR40.43 crore (audited)
and INR39.78 (provisional) in FY2020 and FY2021, respectively. This
prevents the company from benefiting from the economies of scale
and also weighs on its competitive position vis-à-vis the
large-sized entities, while limiting its ability to tide over
disruptions. This is also reflected in the significant fluctuations
in its revenues over the years.

* Thin profitability and weak debt protection indicators: HIPL
processes semi-furnished handicraft items and hence, has limited
value addition and low realisation per piece. This along with
intense competition in the industry, characterized by low capital
intensity and limited entry barriers due to the presence of
numerous small-to-medium-sized players as well as significant
competition from China puts pressure on its profitability. Owing to
thin margins, the debt protection indicators remained weak with
interest coverage at 1.03 times and total debt/OPBDITA at 14.37
times in FY2020.

* Working capital-intensive operations: The long debtor days cycle
coupled with high inventory levels led to high requirement of
working capital needs, which was primarily funded through bill
discounting limits. The net working capital intensity of operations
(NWC/OI) stood at 44% in FY2020 and the average fund-based limits
utilization was high at 98% and 89% in FY2020 and FY2021,
respectively. Nonetheless, the same has improved in the last two
quarters.

* Vulnerability to fluctuations in exchange rates: The company
follows only a selective hedging policy. However, as it is mainly
an export-oriented unit, its profitability remains exposed to
fluctuations in exchange rates.

Liquidity position: Stretched

HIPL's liquidity position is stretched. The fund-based limit
utilisation averaged at 89% in FY2021 and 98% in FY2020. The
company has unencumbered cash and bank balance of INR2.40 crore as
on March 31, 2021. ICRA notes that though the liquidity has
sequentially improved since March 2021, the sustainability of the
same is yet to be seen. Further, with the elevated working capital
requirement and modest accruals, its liquidity is estimated to
remain stretched, in line with the trend in the past.

Rating sensitivities

Positive factors – ICRA could upgrade the ratings in case of
improvement in its scale of operations, financial risk profile and
liquidity position on a consistent basis.

Negative factors – Decline in revenues, deterioration in
financial risk profile or additional stress in the liquidity
position on a prolonged basis will be negative triggers.

HIPL was incorporated in February 2002 by the Kumar family. Mr.
Piyush Kumar is the director of the company at present. HIPL is a
part of the Hosley Group, which has other companies in the US,
China, Mauritius, Hong Kong and India. The company manufactures and
trades home decor and fragrance items. Its manufacturing facility
is located in Noida, Uttar Pradesh in an approximate area of about
75,000 sq. ft. The product profile of the company includes perfumed
wax candles, incense sticks, iron art wares, glass art wares as
well as wooden art wares, and other handicraft and decorative
items. Most of the products manufactured by the company are
exported to Group companies.

JAYARAJ FORTUNE: ICRA Cuts Rating on INR5.0cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jayaraj
Fortune Packaging Private Limited, as:

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

   Short Term–         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Jayaraj Fortune Packaging Private Limited performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with Jayaraj Fortune Packaging
Private Limited , ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

Jayaraj Fortune Packaging Private Limited was incorporated in 2007
and is promoted by Mr. P S R Prasad and Ms. B P L Pratheesha. The
manufacturing facility is located in Nallapadu village in Guntur
district of Andhra Pradesh. The company is involved in the
manufacturing of corrugated fibre boxes and caters to the tobacco,
textile, FMCG and agricultural products sector and has installed
capacity of 15000 MTPA. The company specializes in manufacturing of
C48 cartons which are used for packaging of tobacco products and
caters to local manufacturers & traders and also exports its
products to countries such as UAE, Cambodia and Sri Lanka.

KARNATAKA STATE: ICRA Cuts Rating on INR500cr Term Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Karnataka State Road Transport Corporation (KSRTC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-         500.00      [ICRA]D; downgraded from
   Term Loans                      [ICRA]BB+ (Stable)

Rationale

The rating downgrade reflects the delays and irregularities in
servicing of long-term loans by KSRTC, based on the feedback
received from the banker. KSRTC's financial performance is likely
to remain weak in FY2022 owing to complete shutdown of traffic
operations because of employee strike and the subsequent strict
lockdown imposed by the Government of Karnataka (GoK) from the last
week of April 2021 to check the second wave of the Covid-19
pandemic. This is likely to stretch the cash flows and strain the
liquidity position of KSRTC further.

Key rating drivers and their description

Credit strengths

* Strategic importance to the state government; financial
flexibility as state-owned entity: The KSRTC is owned by the GoK
(87% shareholding) and the Government of India (17% stake). The
corporation has strong financial linkages with the state
government, with the GoK part-funding a considerable portion of its
capital expenditure program through grants. Moreover, in the recent
past, the GoK has also released revenue grants in the form of
advance subsidies for payment of salaries to the KSRTC's employees
on account of the complete shutdown in operations due to the
Covid-19 pandemic, albeit with some delay recently.

Credit weaknesses

* Delays in debt servicing: There has been a delay by KRTC in the
repayment of its long-term loans.

* Complete shutdown of traffic operations due to employee strike
and strict lockdown imposed by the state government from last week
of April 2021: Owing to the second wave of the Covid-19 pandemic,
the GoK has announced a state-wide lockdown from the last week of
April 2021, which has been continuing till now, impacting the
traffic revenues of KSRTC. Prior to the lockdown there was state
wide strike by all the Road Transport Corporation employees in the
state. With almost no operations for more than a month now, KSRTC's
liquidity position remains stretched. Despite continuation of
one-time revenue support from the GoK in future to meet its
critical fixed expenses like salaries, KSRTC's liquidity position
is likely to remain stretched in the near term on account of high
fixed costs, repayment obligations and weak traffic revenues.

Liquidity position: Poor

The corporation has substantial annual debt repayments of INR93.36
crore due in FY2022. Its liquidity position remains poor, as
reflected by the delays in the repayment of long-term loans during
the current fiscal.

Rating sensitivities

Positive factors - Regularization of debt servicing on a sustained
basis may lead to a rating upgrade.

Negative factors – Not Applicable

The KSRTC was established in August 1961 under the provisions of
the Road Transport Corporation (RTC) Act, 1950 to provide adequate,
efficient and economic passenger road transport services in
Karnataka. Over the years, the operations of the corporation have
been restructured into four corporations (on the basis of region)
with the objective of increasing operational and financial
efficiency. These are the KSRTC, the Bengaluru Metropolitan
Transport Corporation (BMTC), the North West Karnataka Road
Transport Corporation (NWKRTC) and the North East Karnataka Road
Transport Corporation (NEKRTC). The operational jurisdiction of the
KSRTC (headquartered in Bengaluru) covers 17 districts in southern
Karnataka, with most of its operations spanning across tier-II and
tier-III cities, and rural regions. Additionally, it provides
connectivity to various other cities and towns in the adjoining
districts/state through inter-state operations. As on March 31,
2020, the KSRTC had a fleet strength of 8,709 buses, operating
about 8,173 schedules daily through 83 depots, two regional
workshops and 38,368 personnel.


KRANO MINERAL: ICRA Reaffirms B+ Rating on INR3.50cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Krano
Mineral (KM), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Term Loan            3.50       [ICRA]B+ (Stable); reaffirmed

   Fund-based
   Working
   Capital
   Facilities           2.20       [ICRA]B+ (Stable); reaffirmed

   Non-fund
   Based Bank
   Guarantee            0.30       [ICRA]A4; reaffirmed


Rationale

The reaffirmation of the ratings takes into account KM's financial
profile characterized by modest scale of operations and high
working capital intensity due to elongated receivables and high
inventories, although creditors also remain high. Elevated payable
days translated into high total outside liabilities (TOL)/ tangible
net worth ratio of 2.31 times as on March 31, 2021 Furthermore, the
ratings factor in the intense competition in the industry and
vulnerability of cash flows to the performance of the ceramic tile
industry, which in turn remains exposed to the cyclicality of the
real estate industry.

Moreover, liquidity remains stretched as demonstrated by high
utilization of working capital limits and low free cash balances
available. The ratings also take into account the risk of capital
withdrawal, given its constitution as a partnership firm. The
ratings, however, favorably factor in the extensive experience of
the promoters in the ceramic industry and the proximity to
customers and raw material sources, by virtue of its presence in
Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that KM will continue to benefit from the promoter's established
relationship with customers.

Key rating drivers and their description

Credit strengths

* Extensive experience of management in ceramic industry: The
promoters have extensive experience in the ceramic industry by
virtue of their association with other entities involved in the
ceramic tile manufacturing business. The firm also benefits from
the established relationship of the promoters with other tile
manufacturers in Morbi, Gujarat.

* Location-specific advantage: The firm's presence in Morbi, which
is a ceramic hub, provides easy access to quality raw materials
from Gujarat and Rajasthan and saves on transportation cost. The
company also benefits from the proximity to its customers.

Credit challenges

* Weak financial risk profile: With stabilization of operations, KM
reported healthy revenue growth of 87% in FY2021; however, the
scale of operations remained modest as evident from an operating
income of INR16.21 crore (Rs. 8.67 crore in FY2020). The total
outside liabilities/tangible net worth stood at 2.31 times as on
March 31, 2021 (2.20 times as on March 31, 2020) due to high
reliance on borrowings along with weak tangible net worth. ICRA
also notes that the working capital intensity of the firm stood
high at 39% in FY2020 and 28% in FY2021 due to elongated
receivables and inventory levels, despite comfort from the
creditors.

* Profitability susceptible to intense competition and cyclicality
in real estate industry: The competitive intensity of the industry
remains high, with low capital requirement and limited entry
barriers. The large number of players in the unorganized segment,
with most of them located in Gujarat and operating on low cost
structures, creates a pressure on the profit margin. Furthermore,
the ceramic tiles industry remains the primary end-user of KM's
end-product, body clay, whose performance remains linked to the
real estate sector. Hence, the firm's profitability and cash flows
are likely to remain vulnerable to the inherent cyclicality of the
industry.

* Risk of capital withdrawal, given its constitution as a
partnership firm: Given its constitution as a partnership firm, KM
is exposed to discrete risks, including the possibility of capital
withdrawal by the partners and limited ability to raise capital,
among others.

Liquidity position: Stretched

The liquidity is Stretched. The firm has repayment obligation of
INR0.86 crore in FY2022 and INR0.97 crore in FY2023 for its term
loan and Covid loan. As on March 31, 2021, the free cash and bank
balance stood at INR0.07 crore and unutilized working capital
limits at INR0.30 crore. The company's ability to generate healthy
accruals will remain critical in timely debt servicing.

Rating sensitivities

Positive factors – ICRA could upgrade the rating if the firm
demonstrates substantial growth in revenues, along with improvement
in profitability.

Negative factors – Negative pressure on the ratings could arise
if there is a weakening of the capital structure, debt coverage
indicators or liquidity profile.

Established in March 2018, Krano Minerals commenced commercial
production from April 2019, with a product profile consisting of
body clay, which is a key raw material for manufacturing tiles used
in parking areas. KM's manufacturing unit is located at Morbi, the
ceramic tile manufacturing hub of Gujarat, and is equipped to
manufacture 1,35,000 metric tonne (MT) of body clay per annum.

The firm reported a net loss (before tax) of INR0.39 crore on an
operating income of INR8.67 crore in FY2020. As per provisional
results, it reported a net profit (before tax) of INR0.53 crore on
an operating income of INR16.21 crore.


KRISH AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Krish Agro
Farms Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         14.38      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund-based         12.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2013, KAFPL is involved in milling of paddy to
produce non-basmati parboiled rice. The company started its
operation (Unit-I) with a milling capacity of 60,000 metric tonne
per annum (MTPA) in December 2015. The overall milling capacity was
enhanced to 132,000 MTPA in May 2018 with the commissioning of
Unit-II. The production facilities of the company are in Hooghly
district of West Bengal. The company is promoted by Hooghly-based
Shaw family.


OME SREE: ICRA Keeps C Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ome Sree
Sai Ganesh Poultries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         1.50       [ICRA]C ISSUER NOT COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         3.85       [ICRA]C ISSUER NOT COOPERATING;
   Fund Based TL                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term–         1.65       [ICRA]C ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2015 as a partnership firm, Ome Sree Sai Ganesh
Poultries (OME) is engaged in commercial layer poultry farming. The
poultry farm is located in West Godavari district of Andhra Pradesh
with a total installed capacity of 100,000- layer birds.


R.K. DHABHAI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of R.K.
Dhabhai Minerals and Chemicals Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] D/D ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         3.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                   Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term–        2.21       [ICRA]D; ISSUER NOT
COOPERATING;
   NonFund Based                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Incorporated in 2007 by Mr. R.K. Dhabhai and his wife Mrs. Urmila
Dhabhai, RK performs job work like grinding, crushing, loading and
transportation of rock phosphate. The company's two operational
units for grinding and crushing are in Rajasthan with a total
grinding capacity of 1,08,000 metric tonnes (MT) per annum and
total crushing capacity of 2,40,000 MT per annum.


RAMAN EDUCATION: ICRA Reaffirms D Rating on INR34cr Term Loans
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Raman
Education Society (RES), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           34.00      [ICRA]D; reaffirmed and
   Fund-based–                     removed from 'Issuer Not
   Term Loans                      Cooperating' category

Rationale

The reaffirmation of the rating primarily considers the
irregularity in debt servicing by RES on account of cash flow
mismatches owing to delay in realization of fees from students amid
the Covid-19 pandemic. An uneven pattern of fees collection, as
inherent in the higher education segment, gives rise to the risks
of cash flow mismatches, making proper treasury operations
important. The rating is also constrained by the moderate profile
of the educational institute run by RES and stiff competition faced
by it, which are likely to restrict the flexibility to increase
fees, going forward. RES plans to undertake a sizeable capex for
setting up a medical college and hospital, a major portion of which
is likely to be funded by debt. This would adversely impact the
entity's capital structure and liquidity. Moreover, as a new
entrant in the healthcare business, RES is likely to remain highly
vulnerable to the risks related to implementation of the proposed
project within the budgeted cost and the estimated timeframe and
operational risks associated with the sector post commissioning.

ICRA, however, continues to consider the established track record
of the society in imparting education for more than two decades and
the status of a state private university (C. V. Raman Global
University/CGU) conferred to the institute by the Government of
Odisha in 2020, leading to a significant increase in fresh
admissions in the academic year 2020-21. The same is likely to
improve the institute's acceptance among the students and potential
employers, going forward.

Key rating drivers and their description

Credit strengths

* Established track record of the society in imparting education:
The educational institute managed by RES started its operations in
1997 with four undergraduate (UG) programs. Now, the institute
offers 17 UG programs in engineering, and many post-graduate (PG)
programs in engineering, management, science, literature as well as
Ph.D. courses. It has created many centers of excellence for
facilitating specialized training and research in various subjects,
in collaboration with renowned industry partners.

* Status of a state private university received in 2020; fresh
admissions improved significantly: The erstwhile C.V. Raman College
of Engineering (CVRCE) was converted into a state private
university named C. V. Raman Global University (CGU) in 2020.
Consequently, the number of fresh admissions in the institute's UG
engineering courses increased to 945 in the academic session
2020-21 compared to 625 in the previous session. The status of a
university has rendered greater flexibility in admission procedure,
course designing, evaluation mechanism, implementation of research
plans, independent governance policies etc. This is likely to
improve the institute's acceptance among the students and potential
employers, going forward.

Credit challenges

* Irregularities in debt servicing: The society availed moratorium
on debt servicing from March 2020 to August 2020 because of the
pandemic. However, significant cash flow mismatches because of
delay in fees collection from students following deferment of
admissions and academic sessions due to the pandemic led to
irregularities in debt servicing in the subsequent months.

* Susceptibility to cash flow mismatches due to an uneven pattern
of fees collection: As the tuition fees are not received on a
monthly basis, cash inflows of the institutes in the higher
education segment are not uniformly spread across the year, though
the operating expenses and outflows towards capital expenditure are
spread over the entire year. Given the irregular nature of fees
collections, prudent management of cash flows and liquidity becomes
vital from the credit perspective. Though fees are usually
collected by CGU in advance from the students for the academic
year, a significant amount of fees remained due from the students
(Rs. 13.87 crore as on December 31, 2020) due to the pandemic,
which exerted pressure on the entity's cash flows. This, in turn,
led to delays in servicing of term loans.

* Moderate profile of the institute and stiff competition likely to
limit flexibility in fees hike, going forward: The engineering
faculty of CGU was ranked 93 by the National Institutional Ranking
Framework (NIRF). Despite an improvement in the fresh admission in
the UG engineering courses in the academic session 2020-21, the
occupancy of the approved intake capacity in the UG engineering
courses stood at a moderate level of 66%. The institute's placement
track record also remained modest in the recent years. Besides, CGU
would continue to face stiff competition from other established
engineering institutes in Odisha, which in turn, is likely to
restrict the flexibility in fees hike, going forward.

* Sizeable capex planned for a medical college and hospital likely
to result in a rise in debt level and exert pressure on liquidity:
The society plans to set up a medical college with 150 MBBS seats
and a hospital with 650 beds in Bhubaneswar, Odisha. It has
received approval from the Government of Odisha for the same,
however, approval from the National Medical Commission
(NMC) is pending. Initially, RES plans to set up a 350-bedded
hospital in the first phase of the project, for which the budgeted
cost is around INR150 crore. The major portion of the project cost
is likely to be funded by term loans and the balance from internal
sources. This is likely to result in a significant increase in the
entity's debt level and keep its liquidity under pressure.
Besides, RES is likely to remain highly vulnerable to the risks of
time and cost overrun in the proposed project and operational risks
associated with the sector post-commissioning as it is a new
entrant in the industry.

Liquidity position: Poor

The liquidity position of RES is poor. The entity incurred sizeable
capital expenditure in the recent years and is in the process of
executing incremental capital expenditure for construction of
hostels, purchase of equipment etc. The term loans availed for
capex led to increased debt repayment obligation. The society's
overdraft limit remained fully utilized as on December 31, 2020.
RES availed moratorium on debt servicing from March 2020 to August
2020 due to the pandemic. However, there were delays in collection
of fees from students following deferment of admission and academic
sessions amid the pandemic, leading to income-expense mismatches
and irregularities in debt servicing since September 2020. Sizeable
debt-funded capex planned for setting up a medical college and
hospital is likely to exert further pressure on the entity's
liquidity. However, the project is at a nascent stage at present.

Rating sensitivities

Positive factors – Regularization of debt servicing on a
sustained basis, supported by an improvement in liquidity position,
may lead to an upgrade of the rating.

Negative factors – Not applicable.

Established in 1989, RES started an engineering college named C.V.
Raman College of Engineering (CVRCE) in Bhubaneswar, Odisha in
1997. In 2020, the institute was accorded the status of a state
private university by the Government of Odisha and was accordingly
renamed as C. V. Raman Global University (CGU). It offers various
courses like B.Tech, M.Tech, MBA, M.Sc., M.A. (English), Ph.D. and
a few short-term courses. The strength of students in CGU stood at
3,567 in the 2020-21 academic session. The institute's engineering
section was ranked 93 by the National Institutional Ranking
Framework (NIRF).


RAMKRUSHNA GINNING: ICRA Withdraws B+ Rating on INR9.9cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shree Ramkrushna Ginning And Oil Industries at the request of the
company and based on the No Objection Certificate received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           9.90       [ICRA]B+(Stable); ISSUER NOT
   Fund based/CC                    COOPERATING; Withdrawn

Established in 1998, SRGOI is involved in the business of ginning
and pressing of raw cotton to produce cotton bales and cotton
seeds. It also crushes cotton seeds to produce cotton seed oil and
cotton seed oil cake. The firm's manufacturing facility is located
at Tankara in Rajkot, Gujarat.

The firm is promoted by eight partners, while it is actively
managed by five partners, namely Mr. Lavjibhai Kakasaniya, Mr.
Virjibhai Kakasaniya, Mr. Rameshchandra Kakasaniya, Mr.
Narbherambhai Kakasaniya and Mr. Jagdishbhai Kakasaniya. The
partners are also associated with other group concerns involved in
ceramic as well as cotton ginning and spinning industries.

RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rutu
Enterprises (RE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      26.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     24.00       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 2,2020, placed the
rating of RE under the 'issuer noncooperating' category as RE had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 26,2021, March 10,2021 and May 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.

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

Detailed description of the key rating drivers

Analytical approach: Combined

CARE had taken a combined view of Rutu Enterprises (Rutu) and Reise
Enterprises (Reise) due to the same promoters (Mr Tusshar Munoat
holds 99% in Reise and 100% in Rutu), common management and high
operational linkages. The two companies together are referred to as
the Munoat Group (MG).

The Munoat Group consists of two entities namely Reise Enterprises
and Rutu Enterprises and is promoted by Mr. Tusshar Munoat. In
2015, the proprietor undertook a backward integration project
(under Reise) and established anasphalt batch mix plant with an
installed capacity of 160 tons/hour capacity for manufacturing
ready mix road asphalt required for constructing the road Sangli,
Maharashtra. Rutu Enterprises was established in 2011 and
undertakes turnkey project services & contracts in construction of
roads, laying pipelines, civil and other construction works.
Furthermore, the firm has also ventured into electrical contracts
and has also undertaken railway contracts.

SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samraddhi
Cot Fibers Private Limited (SCFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      7.01        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 8, 2020, placed the
rating(s) of SCFPL under the 'issuer non-cooperating' category as
SCFPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated March
24, 2021, April 3, 2021, April 13, 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).

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr. Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing.

SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Samrat Sea
Brines Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan           4.25      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Cash Credit         2.75      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated
   Limits              4.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated on September 29th, 2011, Samrat Sea Brines Private
Limited (SSBPL) is engaged in manufacturing of iodized salt and
refined iodized salt. The company's manufacturing unit is located
at Santalpur (District- Patan), Gujarat. The promoters and
directors have past experience in salt manufacturing/trading owing
to their association in other concerns engaged in similar
operations.


SAPPHIRE LIFESCIENCES: ICRA Reaffirms D Rating on INR12.50cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sapphire
Lifesciences Private Limited (SLPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term fund
   based limit-
   Cash Credit         12.50       [ICRA]D; Reaffirmed

   Long-term fund
   based limit-
   Term loans           5.68       [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation reflects continued irregularities in
servicing of bank debt obligations by SLPL because of its weak
liquidity position arising from its stretched financial profile.
This is attributable to its high working capital requirement, high
interest cost and impending repayment obligations (arising from the
debt-funded capital expenditure undertaken in the past), which have
resulted in a stressed cash flow position. The rating also factors
in the company's low profitability, which resulted in weak coverage
indicators. ICRA also notes that there is intense competition and
relatively low entry barriers in the semi-regulated pharmaceutical
markets in which SLPL operates. The ratings, however, favorably
considers the extensive experience of SLPL's management in the
pharmaceutical industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in pharmaceutical industry -
Mr. Parag Shah, a chemical engineer and the company's key
management personnel, has an experience of over 25 years in the
pharmaceutical industry and handles commercial activities of the
business.

Credit challenges

* Stretched liquidity position leading to delays in servicing debt
obligations: ICRA has noted that the company continues to delay its
term loan repayments, coupled with almost full utilization of its
fund-based working capital limits for the recent months, as
confirmed by the lender. Increase in the working capital
requirement, coupled with significant debt-funded capex during the
last few years, resulted in high interest cost and repayment
obligations, straining the company's cash flow position.
Regularization of debt servicing for a sustained period remains a
key rating monitorable.

* Low profitability with weak coverage indicators: The operating
profit margins (OPM) of the company have remained low in the last
four years. The OPM increased to 9.79% in FY2020 from 6.56% in
FY2019 due to reduction in raw material (RM) expense. However,
higher RM cost impacted the OPM in FY2021 and OPM was reduced to
6.08%. High interest expenses further impacted the net profit
margins in FY2021. The net profit margins have moved in line with
the OPM and it stood at 0.97% and 0.70% in FY2020 and FY2021,
respectively. The interest coverage ratio was affected by the
higher interest rate and stood at the same levels at 1.98 times in
FY2021 and 2.00 times in FY2020. Other debt coverage indicators
stood weak in FY2021 as reflected by Total Debt/OPBDITA of 3.73
times and NCA/Total Debt of 12% (4.17 times and 11%, respectively,
in FY2020).

* Intense competition and relatively low entry barriers in
semi-regulated market: The continuous effort to boost Indian
pharmaceutical exports to South East Asia, Africa and Latin America
(including regular buyer-seller meets and exhibitions to showcase
India's pharmaceutical capabilities) have resulted in a significant
demand for Indian pharmaceutical products over the last couple of
years. Low entry barriers, coupled with numerous pharmaceutical
formulation manufacturing companies, result in intense competition
within the industry and limit the company's margin flexibility.

Liquidity position: Poor

The company's liquidity profile remained poor as evident from the
ongoing irregularities in debt servicing. Further, it has minimal
liquidity buffer in the form of undrawn working capital due to
almost full average monthly utilization levels of the fund-based
working capital limits during the 12-month period that ended in
April 2021.

Rating sensitivities

Positive factors – The rating may be upgraded in case of an
improvement in the credit profile of the company, resulting in
regularization of debt servicing for a sustained period.

Negative factors – Not applicable

Sapphire Lifesciences Private Limited, earlier known as Sapphire
Capsules Pvt. Ltd., is an integrated pharmaceutical contract
manufacturing enterprise, involved in production of tablets and
capsules. Its current installed manufacturing capacity is 180 crore
of capsules and tablets each. SLPL's registered office is in Mumbai
and its manufacturing plant is at Palghar (Thane district) in
Maharashtra, which holds the Good Manufacturing Practices (GMP)
certification by World Health Organisation (WHO). As per the
provisional figures, SLPL recorded a net profit of INR0.59 crore on
an operating income of INR85.18 crore in FY2021.

SETCO AUTO: ICRA Assigns D Rating to INR200cr LT Loan
-----------------------------------------------------
ICRA has assigned rating to the bank facilities of Setco Auto
Systems Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           200.0      [ICRA]D; Assigned
   Bonds/NCD/LTD        

Rationale

For arriving at the ratings, ICRA has taken a consolidated view of
SAL, and its subsidiaries, given the close business, financial and
managerial linkages among them. The assigned rating considers SAL's
ongoing irregularities in servicing of its bank debt obligations on
account of weak liquidity position arising from its stretched
financial profile. This was on the back of the downturn faced by
the medium & heavy commercial vehicles (M&HCV) industry in the last
two years, which was further exacerbated by the Covid-19 pandemic.
Besides, internal challenges in scaling up of Lava Cast Private
Limited (LCPL), a subsidiary of SAL, resulted in high cash burn at
the consolidated level and affected the liquidity profile at the
Group level. The rating also factors in the modest debt coverage
indicators and high working capital intensive nature of business,
given the stretched debtor position and high inventory levels.

The rating, however, takes into account the extensive experience of
the promoters, established operational track record and strong
relationships with original equipment manufacturers (OEM) in the
M&HCV clutch manufacturing business.

ICRA notes that the company has proposed a restructuring of its
business, wherein it proposes to repay all its bank obligations by
raising fresh debt from an external investor. Post that, the plan
covers transfer of its sole (clutch) manufacturing business on a
slump sale basis to Setco Auto Systems Private Limited (SASPL,
erstwhile TransStadia Sport Sciences Private Limited), a wholly
owned subsidiary of SAL. It has further plans to raise debt at the
SASPL level to streamline the business, and re-energize the company
through this liquidity support.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters and established operational
track record of the company for more than 35 years in the auto
component industry: SAL is managed by Mr. Harish Sheth, who have an
extensive experience of over 35 years in the auto component
industry. SAL manufactures clutches primarily for MHCVs and has an
established operational track record. The company's revenues are
distributed across three key segments, original equipment
manufacturers (OEM), original equipment suppliers (OES) and
independent aftermarket (IAM). The company forayed into the
manufacturing of clutches for the farm tractor segment in FY2021.
SAL also sells its products in foreign markets through its three
foreign subsidiaries.

* Strong relationships with OEMs with repeat businesses: The
company has developed an established customer base with several
repeat businesses. It has an established brand presence in the
automotive market with reputed M&HCV OEMs in India.

Subsidiary from Q4 FY2021

Credit challenges

* Ongoing delays in servicing of debt obligations: SAL has been
delaying its debt servicing from the last fiscal owing to the
downturn faced by the automotive industry, which was further
exacerbated by the Covid-19 pandemic, resulting in its poor
liquidity position. Regularization of debt servicing for a
sustained period remains a key rating monitorable.

* Weak financial profile characterized by net losses at the
consolidated level for the last four years, high working capital
intensity and modest debt coverage indicators: The financial
profile of the company remained weak owing to net losses at the
consolidated level for the last four years. The company reported
losses of INR13.6 crore in FY2017, which increased to INR49.6 crore
in FY2020 owing to significant reduction in the top line of the
company at the consolidated level. SAL's revenues at the
consolidated level declined to INR471.1 crore in FY2020 from
INR681.2 crore in FY2019 owing to industry-wide slowdown in the
automotive sector and migration to BS-VI vehicles. The revenues
further declined to INR245 crore in 9M FY2021 owing to the Cvid-19
pandemic leading in lockdown and global supply chain issues. On a
consolidated level, the company also reported losses due to
internal challenges in LCPL, a subsidiary of SAL. The company's
working capital intensity of operations have historically remained
on the higher side in the range of 20-30% during FY2016 to FY2020
owing to elongated receivables and high inventory levels. The
company's debt coverage indicators have historically remained
modest, as reflected by an interest coverage of above 1.25 times
and TOL/TNW of below 3.00 times during FY2016-FY2019. The debt
coverage indicators further weakened in FY2020, as reflected by an
interest coverage of 0.6 times, and TD/OPBDITA of 11.5 times as on
March 31, 2020 owing to lower profit levels.

* Stressed financial profile of LCPL, which has undergone debt
restructuring in FY2021: LCPL, an 89.2% subsidiary of SAL started
commercial production from April 2016, wherein it has an installed
casting capacity of 30,000 MTPA. LCPL has been reporting losses for
the past four years due to internal challenges like higher
rejections and lower yields. The downturn in the OEM production in
the last two years further impacted the utilization levels of the
company. LCPL could not service the debt obligation in FY2020 due
to high losses and internal challenges. The company underwent debt
restructuring, which was implemented in FY2021, providing much
needed liquidity buffer to LCPL through elongated repayment period
along with lower interest cost. The same is also expected to reduce
dependence on SAL going forward, however the actual scenario
remains to be seen.

* High exposure to cyclicality in the auto industry, wherein
near-term challenges related to Covid-19 remains: SAL primarily
caters to the automobile industry and manufactures clutches used in
MHCVs. Thus, it remains exposed to the cyclicality in the auto
industry as evident from the volatility in the top line over the
past fiscals. Further, it is also exposed to near-term challenges
related to the Covid-19 pandemic, affecting demand in the auto
industry.

Liquidity position: Poor

The company's liquidity profile remained poor with negative cash
accruals, resulting in delays in repayment of debt obligation.
Further, it had minimal liquidity buffer in the form of undrawn
working capital due to almost full average monthly utilization
levels of the fund-based working capital limits during the past
12-month period that ended on April 30, 2020. However, the company
intends to improve its liquidity position and streamline its
business through the upcoming restructuring plan.

Rating sensitivities

Positive factors – The rating may be upgraded in case of an
improvement in the credit profile of the company, resulting in
regularization of debt servicing for a sustained period.

Negative factors – Not Applicable

Established in 1982 in collaboration with Gujarat Industrial
Development Corporation (GIDC), Gujarat Setco Automotive Limited
(GSAL) was a manufacturer of clutches for original equipment
manufacturers (OEMs). Around 2000, GIDC stepped out of GSAL and it
was renamed as Setco Automotive Limited (SAL). SAL is the flagship
company of The Setco Group, promoted by the Sheth family and is
involved in manufacturing of clutches primarily for MHCVs. The
company sells clutches under its own brand name – LIPE. SAL is
managed by Mr. Harish Sheth, who have an extensive experience of
over 35 years in the auto component business. The company has its
own manufacturing unit in Gujarat and another assembly unit in
Uttarakhand. In addition to OEMs, the company caters to the
original equipment suppliers (OES) and independent aftermarket
(IAM). Further, SAL has forayed into manufacturing of clutches for
the farm segment (tractors) in FY2021. At present, there are no
operations in SASPL. However, after the slump sale, the entire
clutch business will be transferred to SASPL from SAL.


SETCO AUTOMOTIVE: ICRA Assigns D Rating to INR350cr LT Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Setco Automotive
Limited (SAL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           350.0      [ICRA]D; Assigned
   Bonds/NCD/LTD        

Rationale

For arriving at the ratings, ICRA has taken a consolidated view of
SAL, and its subsidiaries, given the close business, financial and
managerial linkages among them. The assigned rating considers SAL's
ongoing irregularities in servicing of its bank debt obligations on
account of weak liquidity position arising from its stretched
financial profile. This was on the back of the downturn faced by
the medium & heavy commercial vehicles (M&HCV) industry in the last
two years, which was further exacerbated by the Covid-19 pandemic.
Besides, internal challenges in scaling up of Lava Cast Private
Limited (LCPL), a subsidiary of SAL, resulted in high cash burn at
the consolidated level and affected the liquidity profile at the
Group level. The rating also factors in the modest debt coverage
indicators and high working capital intensive nature of business,
given the stretched debtor position and high inventory levels.

The rating, however, takes into account the extensive experience of
the promoters, established operational track record and strong
relationships with original equipment manufacturers (OEM) in the
M&HCV clutch manufacturing business.

ICRA notes that the company has proposed a restructuring of its
business, wherein it proposes to repay all its bank obligations by
raising fresh debt from an external investor. Post that, the plan
covers transfer of its sole (clutch) manufacturing business on a
slump sale basis to Setco Auto Systems Private Limited (SASPL,
erstwhile TransStadia Sport Sciences Private Limited), a
whollyowned subsidiary1 of SAL. It has further plans to raise debt
at the SASPL level to streamline the business, and re-energise the
company through this liquidity support.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters and established operational
track record of the company for more than 35 years in the auto
component industry: SAL is managed by Mr. Harish Sheth, who have an
extensive experience of over 35 years in the auto component
industry. SAL manufactures clutches primarily for MHCVs and has an
established operational track record. The company's revenues are
distributed across three key segments, original equipment
manufacturers (OEM), original equipment suppliers (OES) and
independent aftermarket (IAM). The company forayed into the
manufacturing of clutches for the farm tractor segment in FY2021.
SAL also sells its products in foreign markets through its three
foreign subsidiaries.

* Strong relationships with OEMs with repeat businesses: The
company has developed an established customer base with several
repeat businesses. It has an established brand presence in the
automotive market with reputed M&HCV OEMs in India.

Credit challenges

* Ongoing delays in servicing of debt obligations: SAL has been
delaying its debt servicing from the last fiscal owing to the
downturn faced by the automotive industry, which was further
exacerbated by the Covid-19 pandemic, resulting in its poor
liquidity position. Regularization of debt servicing for a
sustained period remains a key rating monitorable.

* Weak financial profile characterized by net losses at the
consolidated level for the last four years, high working capital
intensity and modest debt coverage indicators: The financial
profile of the company remained weak owing to net losses at the
consolidated level for the last four years. The company reported
losses of INR13.6 crore in FY2017, which increased to INR49.6 crore
in FY2020 owing to significant reduction in the top line of the
company at the consolidated level. SAL's revenues at the
consolidated level declined to INR471.1 crore in FY2020 from
INR681.2 crore in FY2019 owing to industry-wide slowdown in the
automotive sector and migration to BS-VI vehicles. The revenues
further declined to INR245 crore in 9M FY2021 owing to the Cvid-19
pandemic leading in lockdown and global supply chain issues. On a
consolidated level, the company also reported losses due to
internal challenges in LCPL, a subsidiary of SAL. The company's
working capital intensity of operations have historically remained
on the higher side in the range of 20-30% during FY2016 to FY2020
owing to elongated receivables and high inventory levels. The
company's debt coverage indicators have historically remained
modest, as reflected by an interest coverage of above 1.25 times
and TOL/TNW of below 3.00 times during FY2016-FY2019. The debt
coverage indicators further weakened in FY2020, as reflected by an
interest coverage of 0.6 times, and TD/OPBDITA of 11.5 times as on
March 31, 2020 owing to lower profit levels.

* Stressed financial profile of LCPL, which has undergone debt
restructuring in FY2021: LCPL, an 89.2% subsidiary of SAL started
commercial production from April 2016, wherein it has an installed
casting capacity of 30,000 MTPA. LCPL has been reporting losses for
the past four years due to internal challenges like higher
rejections and lower yields. The downturn in the OEM production in
the last two years further impacted the utilization levels of the
company. LCPL could not service the debt obligation in FY2020 due
to high losses and internal challenges. The company underwent debt
restructuring, which was implemented in FY2021, providing much
needed liquidity buffer to LCPL through elongated repayment period
along with lower interest cost. The same is also expected to reduce
dependence on SAL going forward, however the actual scenario
remains to be seen.

* High exposure to cyclicality in the auto industry, wherein
near-term challenges related to Covid-19 remains: SAL primarily
caters to the automobile industry and manufactures clutches used in
MHCVs. Thus, it remains exposed to the cyclicality in the auto
industry as evident from the volatility in the top line over the
past fiscals. Further, it is also exposed to near-term challenges
related to the Covid-19 pandemic, affecting demand in the auto
industry.

Liquidity position: Poor

The company's liquidity profile remained poor with negative cash
accruals, resulting in delays in repayment of debt obligation.
Further, it had minimal liquidity buffer in the form of undrawn
working capital due to almost full average monthly utilization
levels of the fund-based working capital limits during the past
12-month period that ended on April 30, 2020. However, the company
intends to improve its liquidity position and streamline its
business through the upcoming restructuring plan.

Rating sensitivities

Positive factors – The rating may be upgraded in case of an
improvement in the credit profile of the company, resulting in
regularization of debt servicing for a sustained period.

Negative factors – Not Applicable

Consolidation/Standalone

For arriving at the ratings, ICRA has considered the consolidated
financials of SAL.

Established in 1982 in collaboration with Gujarat Industrial
Development Corporation (GIDC), Gujarat Setco Automotive Limited
(GSAL) was a manufacturer of clutches for original equipment
manufacturers (OEMs). Around 2000, GIDC stepped out of GSAL and it
was renamed as Setco Automotive Limited (SAL). SAL is the flagship
company of The Setco Group, promoted by the Sheth family and is
involved in manufacturing of clutches primarily for MHCVs. The
company sells clutches under its own brand name – LIPE. SAL is
managed by Mr. Harish Sheth, who have an extensive experience of
over 35 years in the auto component business. The company has its
own manufacturing unit in Gujarat and another assembly unit in
Uttarakhand. In addition to OEMs, the company caters to the
original equipment suppliers (OES) and independent aftermarket
(IAM). Further, SAL has forayed into manufacturing of clutches for
the farm segment (tractors) in FY2021. At present, there are no
operations in SASPL. However, after the slump sale, the entire
clutch business will be transferred to SASPL from SAL.

SIMOCO TELECOM: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Simoco
Telecommunications (South Asia) Limited (STSL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       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 April 15, 2020, placed the
rating(s) of STSL under the 'issuer non-cooperating' category as
STSL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. STSL continue to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 1, 2021, March 11, 2021 and March 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. Further, banker could not be contacted.

Simoco Telecommunication (South Asia) Limited (STSL) incorporated
in the year April 1979, was initially engaged in manufacturing of
wireless equipment, mobile phones, computer parts and accessories,
software solutions, surveillance system and solar products. The
company was taken over by Mr. Sanjoy Kumar Ghosh, Managing
Director, from Simoco International Limited, U.K., in the year
2001. STL is currently engaged in manufacturing of LED products,
solar lantern and two-way radio communication equipment and is
currently running with an installed capacity of 1,28,300 numbers
per annum. Mr. Sanjoy Kumar Ghosh, aged about 54 years, having
around three decades of experience in electric equipment industry,
looks after the overall management of the company. He is also
assisted by other director and a team of experienced personnel.


SRINIVASA EDUCATIONAL: ICRA Withdraws B+ Rating on Long Term Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sri Srinivasa Educational And Charitable trust at the request of
the company and based on the No Objection Certificate received from
its banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-           90.36      [ICRA]B+ (Stable); ISSUER NOT
   Fund based                      COOPERATING; Withdrawn

Sri Srinivasa Educational & Charitable Trust (SSECT) is a section 8
company (under the Companies Act 2013), promoted by Mr. G.
Dayanand. SSECT has set up an engineering college (Sapthagiri
College of Engineering), a hospital (Sapthagri Hospital) cum
medical college (Sapthagiri Institute of Medical Sciences &
Research Center) and a senior secondary school (under the
franchisee of National Public School) in Bengaluru (Karnataka). The
engineering college offers B. Tech and M. Tech programs while the
medical college offers the MBBS program. SSECT is part of the
Bengaluru based Giriraj Dayanand Group which in addition to
education also has presence in hospitality and liquor retailing
commenced operations in January 2014.


SURAJ CROPSCIENCES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suraj
Cropsciences Limited (SCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.57       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 of SCL under the 'issuer non-cooperating' category as SCL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SCL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated March 23, 2021,
April 02, 2021 and April 12, 2021. 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 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.

Kalol-based (Gujarat) Suraj Cropsciences Limited (SCL), an ISO
9001:2008 certified company, was incorporated as a private limited
company during January 2010 which was later on reconstituted as a
public limited company in February 2015. SCL is headed by Mr.
Shivpratapsingh Kushwaha and it is engaged into the business of
developing and processing of varieties of agro-seeds including
cereals, fibers, fodder, oil seeds, pulses and vegetables seeds.


SURYA CONTAINERS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Containers Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short 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 May 22, 2020, placed the
rating(s) of SCPL under the 'issuer non-cooperating' category as
SCPL had failed to provide information for monitoring of the rating
for the rating exercise and had not paid fees for rating exercise
as agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 07, 2021, April 17, 2021 and April 27, 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).

Incorporated in the year 1993, SCPL was promoted by Mr. Banwarilal
Chaudhary and family members. It is engaged in manufacturing and
supplying of Industrial Drums and Barrels (Mild steel) with an
installed capacity of 3,00,000 units of drums and 2,50,000 units of
barrels per annum as on March 31, 2016 at its plant located at
Gandhinagar, Gujarat. SCPL manufactures drums and with storage
capacity of 10 Liters to 235 Liters which are used in storing
chemicals, pesticide, food, oils, bulk drugs, pharmaceuticals and
other high value products.

TEAM KRIAN: ICRA Withdraws B+ Rating on INR15cr LT Loan
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Team Krian at the request of the company and based on the No
Objection Certificate received from its banker. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           15.00      [ICRA]B+(Stable); ISSUER NOT
   Fund based/CC                    COOPERATING; Withdrawn

Incorporated in 2002 by Mr. Vivek Gupta, Team Krian is a
partnership firm which manufactures high-end fashion garments,
primarily for women. There are two manufacturing facilities of the
firm located at Greater Noida and Noida (Uttar Pradesh).

The firm has an installed capacity to manufacture ~25 lakh garment
pieces per annum. It exports garments and its clientele includes
well-known brands like Zara, Mango, Next, etc.


THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Thiruvananthpuram Road Development Company Limited (TRDCL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      42.02       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
   Term Loan                       under ISSUER NOT COOPERATING
                                   category


Detailed Rationale & Key Rating Drivers

TRDCL continues to default on its debt service obligations since
November, 2018. CARE has also received monthly No Default Statement
(NDS) till April, 2021 stating defaults in the debt servicing. CARE
had, vide its press release dated June 23, 2020, reaffirmed the
rating of TRDCL under the 'issuer non-cooperating' category as
TRDCL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TRDCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls including emails dated
October 29, 2020, January 18, 2021, May 9, 2021 and May 21, 2021.
CARE was unable to establish contact with the lenders. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information.

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

Thiruvananthpuram Road Development Company Limited (TRDCL) is an
SPV formed and equally owned by IL&FS Transportation Networks
Limited (ITNL, rated CARE D; Issuer Not Cooperating) and Punj Lloyd
Limited (PLL, rated CARE D; Issuer Not Cooperating). The company
was incorporated on March 01, 2004 to design, finance, construct,
operate and maintain the road network of 42.07 km within the
capital city of Thiruvananthpuram, Kerala. ITNL–PLL consortium,
which quoted the lowest annuity amount of INR35.50 crore, was
selected to develop the road network. Kerala Road Fund Board is the
annuity provider.

TIRUPATI COLD: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Cold Storage (TCS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.54      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 19, 2020, placed the
rating of TCS under the 'issuer non-cooperating' category as TCS
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TCS continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
April 4, 2021, April 14, 2021 and April 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.

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

Established in the year 2006, TCS is providing cold storage
facility for storing potatoes on a rental basis. TCS was
established by three partners and is managed by Mr. Hasmukhbhai
Padhiyar. TCS has an installed capacity of 8500 metric ton at its
facilities located at Mansa- Gujarat as on March 31, 2016.


UNOSACK FLEXIBLE: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of UnoSack
Flexible Packaging Private Limited (UFPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      5.00       CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

CARE had, vide its press release dated May 18, 2020, placed the
rating of UFPPL under the 'issuer non-cooperating' category as
UFPPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. UFPPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated May 8, 2021, May 11, 2021, May 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(s).

Indore (Madhya Pradesh)-based Uno Sack Flexible Packaging Private
Limited (UFPPL) was established in 2010 by Mr. Prafulla Hardia and
Mr. Murarilal Hardia. UFPPL commenced its operations from FY10.
UFPPL is engaged in the business of manufacturing of Flexible
Intermediate Bulk Container (FIBC) as well as PP fabric bag. The
manufacturing facility of UFPPL is located at Indore (Madhya
Pradesh). UFPPL procures raw material majorly from Reliance
Industries Limited. It sells its products majorly to the cement
industry.




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

TOSHIBA CORP: Japan's Trade Minister Unapologetic About Dealings
----------------------------------------------------------------
Reuters reports that Japan's trade minister said on June 15 he was
not planning to order up a probe into allegations made by an
independent investigation that his ministry helped Toshiba Corp
lean on foreign shareholders.

Hiroshi Kajiyama, head of the Ministry for Economy, Trade and
Industry (METI), also said it was normal for the government to deal
with individual companies when matters of national security are at
stake, Reuters relays.

"We merely implemented policies that were natural for METI," he
told a regular post-cabinet news conference.

A shareholder-commissioned independent investigation last week
alleged Toshiba management colluded with Japan's trade ministry to
block foreign investors from gaining board influence, in what one
Toshiba shareholder has called the world's worst corporate scandal
in a decade, according to Reuters.

Reuters says the damning report has renewed concerns about
corporate governance at Toshiba as well as Japan more broadly,
though some investors have also said the successful push for the
probe by activist shareholders and the report's vindication of
their assertions represents progress.

Kajiyama said, however, that he saw the report as an internal
Toshiba investigation and did not think the report was all true,
Reuters relays.

Toshiba's businesses include defence-related work such as submarine
batteries and radars and it also builds nuclear reactors, making it
strategically important to the government.

Reuters has previously reported Harvard University's endowment fund
had been told by Hiromichi Mizuno, a METI adviser at the time, that
it could be subject to a regulatory probe if the fund did not
follow management's recommendations for board nominees at Toshiba's
AGM last July.

The Harvard fund subsequently abstained from voting.

Reuters relates that the investigators' report said Toshiba,
working in unison with the trade ministry, "effectively asked" a
government adviser, described as "Mr. M", to negotiate with the
Harvard fund to change its voting behaviour.

Kajiyama said last week that he had been told by ministry officials
that it was not true that any request was made to engage with
individual investors, Reuters relays.

The probe also found that Toshiba, with the ministry, tried to
force Toshiba's top shareholder, Singapore-based Effissimo Capital
Management, to withdraw shareholder proposals for board nominees
aimed at improving governance.

In the wake of the report, Toshiba has said two board members will
not be standing for re-election although Board Chairman Osamu
Nagayama on June 14 resisted calls to step down, adds Reuters.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific on  March
26, 2021, S&P Global Ratings has raised by one notch to 'BB+' its
long-term issuer credit ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. At the same time, S&P
affirmed its 'B' short-term issuer credit and commercial paper
program ratings. The outlook on the long-term issuer credit rating
is stable.




===============
P A K I S T A N
===============

PAKISTAN: Seeks Another Year to Pay Back Chinese Loans
------------------------------------------------------
Livemint.com reports that a debt-ridden Pakistan has requested its
all-weather ally China that it needs another year to pay back a
billion dollars Islamabad had borrowed from Beijing last year.

Livemint.com, citing The Frontier Post, relates that Prime Minister
Imran Khan has written a letter to Chinese Premier Li Keqiang on
June 8 that July 23, 2021, was the date when Pakistan is supposed
to return one billion dollars it had borrowed.

Imran Khan further stated that due to this support by China, "this
deposit is contributing significantly easing pressure on our
external account."

He requested that another 12 months be given to Pakistan to pay
back this loan at an interest rate of one per cent, according to
The Frontier Post, Livemint.com relays.

Earlier, a bankrupt Pakistan's debt problems escalated when China
declined to restructure USD3 billion in liabilities.

Islamabad has requested Beijing to forgive debt liabilities owed to
China-funded energy projects established under the China-Pakistan
Economic Corridor (CPEC).

According to Livemint.com, media reports suggest that China has
refused to budge on Islamabad's request to renegotiate the power
purchase agreements, saying that any debt relief would require
Chinese banks to amend the terms and conditions under which the
credits were extended.

The banks, including China Development Bank and the Export-Import
Bank of China, were not prepared to revise any of the clauses of
the agreement reached earlier with the government, Beijing said in
response to the request to renegotiate terms, Livemint.com relays.

As reported in the Troubled Company Reporter-Asia Pacific on April
5, 2021, Moody's Investors Service has assigned a foreign currency
senior unsecured programme rating of (P)B3 to the Government of
Pakistan's global medium-term note programme, as well as B3 ratings
to the senior unsecured, US dollar denominated notes issued under
the programme with maturities of 5, 10 and 30 years.

The payment obligations associated with the notes representing
drawdowns from the programme are direct, unsecured obligations of
the Government of Pakistan and rank pari passu with all its other
unsecured and unsubordinated obligations. Pakistan intends to use
the net proceeds from each issuance for general budgetary
purposes.

The ratings mirror Pakistan's long-term issuer rating of B3.




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

HONTOP ENERGY: Creditors' Meeting Set for June 29
-------------------------------------------------
Hontop Energy (Singapore) Pte Ltd, which is in Judicial Management,
will hold a meeting for its creditors on June 29, 2021, at 10:30
a.m., via electronic means.

Agenda of the meeting includes:

   a. to approve the Judicial Managers' Statement of Proposals;

   b. consider and if thought fit, to appoint a committee of
      creditors; and

   c. any other business.


The company's Judicial Managers are:

          Lin Yueh Hung
          Oon Su Sun
          c/o RSM Corporate Advisory Pte Ltd
          8 Wilkie Road #03-08 Wilkie Edge
          Singapore 228095


HYFLUX LTD: May Get Under SGD200 Million in Liquidation
-------------------------------------------------------
Bloomberg News reports that asset sales in a liquidation process at
Hyflux Ltd., one of Singapore's highest-profile distressed
companies, would likely bring in less than SGD200 million ($151
million), a person familiar with the matter said, a fraction of the
amount creditors are claiming.

Hyflux's judicial manager Borrelli Walsh Ltd. filed a court
application earlier this month to wind up the water-treatment and
power company, and said there are six bids involving individual
assets, Bloomberg recalls.

There's no specific timeline to sell these assets, but the judicial
manager aims to do so as soon as possible, according to the person,
who asked not to be identified because the matter is private,
Bloomberg relays.

According to Bloomberg, proceeds of that size from the liquidation
would confirm creditors' concerns that they may get little back
from the company, which began a court-supervised debt restructuring
process in 2018 and faced about S$2.8 billion in total investor
claims. Investors in the once-highflying firm include about 34,000
individuals who put money in products including perpetual notes and
preference shares.

Borrelli Walsh, which has been in charge of Hyflux since November
last year, said in its statement earlier this month that the
remaining value of the Hyflux Group would be best realized in a
liquidation, relays Bloomberg.

Patrick Bance, a Singapore-based director at Borrelli Walsh,
declined to comment when asked about the asset sale forecasts,
Bloomberg notes. The judicial manager said last week it previously
terminated discussions with Hyflux's Middle Eastern bidder Utico
FZC as it was unable to meet the required conditions. Borrelli
Walsh also said Hyflux will hold a virtual townhall meeting for all
noteholders on June 18.

One of the bidders for Hyflux assets is Singapore's Keppel
Infrastructure Trust, according to the person, Bloomberg relays.
It's interested in the TuasOne waste-to-energy plant and the
remaining 30% stake in the SingSpring desalination plant that it
doesn't own already, the person said.

Keppel Infrastructure has contractual rights to acquire the 30%
stake in the SingSpring plant and to take over the operations, and
that's unaffected by the liquidation proceedings, the firm's
spokesperson said in an email response to Bloomberg queries. The
company is unable to comment further due to ongoing confidential
discussions with Hyflux's judicial manager, the spokesperson said.

                          About Hyflux Ltd

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.

SKK TRANSPORT: Court to Hear Wind-Up Petition on July 2
-------------------------------------------------------
A petition to wind up the operations of SKK Transport Pte Ltd will
be heard before the High Court of Singapore on July 2, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 2, 2021.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098




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

SSANGYONG MOTOR: Workers to Take Unpaid Leave for Two Years
-----------------------------------------------------------
Yonhap News Agency reports that half of SsangYong Motor's workers
will go on unpaid leave for two years beginning next month as part
of self-help measures as the debt-ridden automaker is striving to
speed up its sales process, the company said June 14.

According to the report, SsangYong said its management and labor
union inked a deal on the corporate restructuring plan and will
carry out the measures in July after ironing out the details.

Over half of SsangYong workers last week voted for the company's
proposal of a two-year unpaid leave to half of its 4,800 employees,
as well as cut in their wages and other welfare benefits to stay
afloat with cost-reduction efforts, Yonhap says.

Yonhap relates that the company also plans to sell further assets
to raise funds and not to hire new employees over the next five
years to streamline its structure, while the union promised to
stage no strike for years to come.

The automaker has been under court receivership since April as its
parent, Indian parent Mahindra & Mahindra, failed to attract an
investor amid the prolonged pandemic and worsening financial
status.

According to Yonhap, SsangYong said the unpaid leave is a
"reasonable" and "effective" way to cut labor costs and maintain
employment without massive layoffs, hoping it will speed up the
prolonged merger and acquisition (MA) process.

"The restructuring plan provides the momentum for a successful MA
under favorable conditions," SsangYong said in a statement.

Yonhap relates that SsangYong said it will submit the
rehabilitation plan to the Seoul Bankruptcy Court, which is
expected to post a notice for an auction later this month.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra acquired a 70% stake in SsangYong for KRW523 billion in
2011 and now holds a 74.65% stake in the carmaker.

SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

Under court receivership, SsangYong's survival depends on whether
there will be a new investor to acquire a streamlined SsangYong
after debt settlement and other restructuring efforts, Yonhap said.



=================
S R I   L A N K A
=================

SRI LANKA: Fitch Affirms 'CCC' LT Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'CCC'.

KEY RATING DRIVERS

Sri Lanka's 'CCC' rating reflects a challenging foreign-currency
sovereign external debt repayment burden over the medium term, low
foreign-exchange reserves and high and rising government debt that
gives rise to sustainability risks.

External liquidity pressures have eased somewhat in recent months
following bilateral loan disbursements, and Fitch's expectation of
a forthcoming IMF special drawing rights (SDR) allocation.
Nevertheless, Sri Lanka's medium-term debt service challenges are
substantial and pose risks to the sovereign's debt repayment
capacity, in Fitch's view. A total of about USD29 billion in
foreign-currency debt obligations are due between now and 2026,
against foreign-exchange reserves of USD4.5 billion as of end-April
2021.

The authorities have recently secured project financing through
various multilateral and bilateral channels, including the Asian
Development Bank (AAA/Stable), Asian Infrastructure Investment Bank
(AAA/Stable), China Development Bank (A+/Stable) and The
Export-Import Bank of Korea (AA-/Stable), as well as swap
facilities under the South Asian Association for Regional
Cooperation (SAARC) currency framework and the People's Bank of
China, equivalent to USD400 million and USD1.5 billion,
respectively. The planned IMF SDR allocation would also add USD780
million to reserves. These resources should enable Sri Lanka to
meet its remaining debt maturities through the rest of this year,
including a USD1 billion International Sovereign Bond maturing in
July. However, the authorities have yet to specify their plans for
meeting the country's foreign-currency debt-servicing needs for
2022 and the medium term. They have consistently indicated that
they do not plan to seek programme financing from the IMF.

Fitch projects foreign-exchange reserves to remain at about USD 4.5
billion by end-2021 before declining to USD3.9 billion by end-2022.
Under Fitch's baseline, the current account deficit is likely to
widen to 2.8% in 2021 and narrow to 2.1% of GDP in 2022. Fitch's
forecasts assume remittances will remain resilient in 2021-2022 and
tourism is likely to recover only from 2022.

Sri Lanka's economy contracted by 3.6% in 2020 as a result of the
Covid-19 pandemic. Fitch projects growth of 3.8% in 2021, down from
an earlier forecast of 4.9%, in light of a recent surge in virus
cases. Fitch expects the economy to grow by 3.9% in 2022. There
remains a high degree of uncertainty associated with Fitch's
forecasts in light of the evolution of new Covid-19 cases in the
country. The authorities plan to inoculate 60% of the population by
end-2021, but this target could be hampered by vaccine supply
shortages.

Travel and tourism, an important driver of the economy, have been
hit hard and the outlook for recovery remains uncertain,
particularly given the recent surge in virus cases. The direct
contribution of tourism to pre-pandemic GDP was about 4%, but the
indirect contribution was much higher. Tourist arrivals in the
first five months of 2021 were 97% lower than the same period last
year.

The general government deficit widened to 11.1% of GDP in 2020,
from 9.6% in 2019, as the economic contraction led to a sharp fall
in fiscal revenue. Fitch expects the deficit to remain elevated in
2021 and 2022 at 11.1% and 10.4%, respectively. Fitch's deficit
projections are wider than those presented by the government under
its growth-oriented strategy of 9.4% and 7.5%, respectively. Under
Fitch's forecasts, the revenue-to-GDP ratio in 2021 would rise to
10.9% in 2021 and 11.1% in 2022, compared with the authorities'
projections of 11.9% and 13.0%, respectively.

The government's fiscal consolidation strategy is based on a
planned acceleration in GDP growth, underpinned by tax cuts, as
opposed to direct revenue-raising or expenditure measures, albeit
supported by planned improvements in tax administration. The
interest-to-revenue ratio remains high, at around 71% as of 2020,
well above the 'CCC' median of 13%. The government expects to
achieve primary surpluses from 2023, supported by annual GDP growth
of 6%, which appear optimistic in Fitch's view as Fitch anticipates
growth that is closer to 4%, still above the pace in the immediate
pre-pandemic period.

General government debt reached 101% of GDP by end-2020, broadly in
line with Fitch's forecast at Fitch's last review in November.
Fitch's baseline forecasts suggest this ratio will rise further to
108% by 2022. Fitch does not think the government will meet its
2025 targets of reducing government debt to 70% of GDP and
narrowing the fiscal deficit to 4% of GDP.

Sri Lanka's basic human development indicators, including education
standards, are high compared with those of rating category peers.
The UN Human Development Index Score positions Sri Lanka in the
62nd percentile, well above the 27th percentile for the 'CCC'
median. The country's per capita income of about USD3,822 is also
above the 'CCC' median of USD2,662.

The banking sector is vulnerable to Sri Lankan sovereign weakness
due to the banks' significant direct exposure to the sovereign and
their domestically focused operations. The operating environment
for banks remains challenging, and asset quality continues to be a
key risk. Reported asset-quality measures at end-2020 - impaired
loans for Fitch-rated banks rose to 9.7% by end-2020 from 9.5% at
end-2019 -- likely understate the extent of credit impairment due
to forbearance measures.

ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in Fitch's
proprietary Sovereign Rating Model. Sri Lanka has a medium World
Bank Governance Indicator ranking in the 46th percentile,
reflecting a recent record of peaceful political transitions, a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

RATING SENSITIVITIES

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Increased signs of a probable default event, for instance,
    from severe external liquidity stress, potentially reflected
    in an ongoing erosion of foreign-exchange reserves and reduced
    capacity of the government to access external financing.

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- External Finances: Improvement in external finances, supported
    by higher non-debt inflows or a reduction in external
    sovereign refinancing risks from an improved liability
    profile.

-- Public Finances: Stronger public finances, reflected in a
    sustained decline in the general government debt-to-GDP ratio
    to closer to the 'B' median, and underpinned by a credible
    medium-term fiscal consolidation strategy.

-- Structural: Improved policy coherence and credibility, leading
    to more sustainable public and external finances and a
    reduction in the risk of debt distress.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with the rating criteria for ratings in the 'CCC'
range and below, Fitch's sovereign rating committee has not used
the SRM and QO to explain the ratings, which are instead guided by
Fitch's rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency Issuer Default Rating.
Fitch's QO is a forward-looking qualitative framework designed to
allow for adjustment to the SRM output to assign the final rating,
reflecting factors within Fitch's criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

The global economy performs in line with Fitch's global GDP
forecasts published in the latest Global Economic Outlook report.

ESG CONSIDERATIONS

Sri Lanka has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are highly relevant to the rating and a
key rating driver with a high weight.

Sri Lanka has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Sri Lanka has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as strong social stability and voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.

Sri Lanka has an ESG Relevance Score of '4' for Creditor Rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Sri Lanka, as for all sovereigns.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.



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

THAI AIRWAYS: Court Approves THB400BB Debt Revamp Plan
------------------------------------------------------
Reuters reports that Thai Airways International won court approval
on June 15 for restructuring its 400-billion-baht debt load as the
airline that is already under bankruptcy protection seeks to turn
around its fortunes.

The court ruling removes the last hurdle to the implementation of
the plan, seen as critical for the carrier which last year posted a
record loss of about THB141.2 billion, the report says.

According to Reuters, the Central Bankruptcy Court in Bangkok said
in its order it approved the rehabilitation plan. The court did not
make any changes to the plan that was previously approved by
creditors.

A hearing was postponed after two complaints were filed against the
plan by certain creditors, the report notes.

"We are satisfied with the decision," Somboon Sangrungjang of law
firm Kudun and Partners, which represents 87 saving cooperatives,
told Reuters.

The plan covers the airline's debt of THB400 billion, he said.

A committee of five, including the airline's acting chief executive
Chansin Treenuchagron and its former CEO, Piyasvasti Amranand, will
administer the plan, says Reuters.

Mr. Piyasvasti helmed the airline the last time it was profitable
in 2009 to 2012.

Reuters says the airline was in difficulty well before the
coronavirus pandemic grounded many flights across the globe,
booking losses nearly every year after 2012.

Reuters relates that the restructuring plan, which relies heavily
on debt extensions and debt-to-equity conversions, limits most of
the haircuts to late interest payments.

The carrier said in March it plans reduce its fleet size to 86 jets
by 2025 from the current 103. Thai Airways said it has cut THB30
billion in expenses, Reuters relays.

The Thai government holds a 47.86% stake in the carrier, but it is
not governed by the country's state-enterprise law.

According to Reuters, the airline this month resumed routes between
European cities and Phuket in anticipation of a government scheme
to allow vaccinated tourists to skip a mandatory quarantine.

THAI shares have been suspended from trade since May 18 this year.
They last traded at THB3.32 each, Reuters discloses.  

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

In May 2021, Thai Airways' creditors approved the airline's debt
restructuring plan.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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

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



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