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

                     A S I A   P A C I F I C

          Friday, July 9, 2021, Vol. 24, No. 131

                           Headlines



A U S T R A L I A

EWATER GROUP: Second Creditors' Meeting Set for July 15
ICA MINING: Second Creditors' Meeting Set for July 16
JAMP HARDWARE: First Creditors' Meeting Set for July 16
ONTHEGO GROUP: Sportswear Startup Collapses; Owes Creditors AUD6.5M
RHODIUM TRADING: First Creditors' Meeting Set for July 15

SYDNEY AIRPORT: Macquarie Consortium Weighs Rival Bid
VERDANT COMPANY: Second Creditors' Meeting Set for July 15


I N D I A

ANNA BHAU: CARE Keeps D Debt Rating in Not Cooperating
ARCHANA FLOUR: CARE Lowers Rating on INR19.30cr LT Loan to B
BHAVANI RICE: CARE Keeps D Debt Rating in Not Cooperating
CONSOLIDATED CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating
DATTA KRUPA: CARE Keeps D Debt Rating in Not Cooperating

DCR DISTILLERY: CARE Keeps D Debt Rating in Not Cooperating
DUGGAR FIBER: CARE Keeps D Debt Rating in Not Cooperating Category
G. M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
IL&FS TAMIL: CARE Keeps D Debt Rating in Not Cooperating Category
INDIA MEGA: CARE Keeps D Debt Rating in Not Cooperating Category

INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating
MOBILESTORE SERVICES: CARE Keeps D Debt Ratings in Not Cooperating
MUMBAI INTERNATIONAL: Adani Seeks $1BB to Refinance Airport Debt
NATHJI COTTON: CARE Keeps D Debt Ratings in Not Cooperating
NEMCARE HOSPITAL: CARE Keeps D Debt Ratings in Not Cooperating

NURNEHER AGRO: CARE Keeps C Debt Rating in Not Cooperating
OYO HOTELS: NCLAT Allows Withdrawal of Insolvency Case
R R HOLIDAY: CARE Lowers Rating on INR60cr LT Loan to D
RAJ OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating
RAJ-SNEH AUTO: CARE Keeps D Debt Ratings in Not Cooperating

RATTAN POLYCHEM: CARE Keeps D Debt Ratings in Not Cooperating
RECMET ALLOYS: CARE Keeps C Debt Rating in Not Cooperating
REGEN INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
SELVANAAYAKI TEXTILE: CARE Keeps B Debt Rating in Not Cooperating

SHAKTI MALTARE: CARE Keeps B- Debt Rating in Not Cooperating
SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating
SURYA MANUFACTURING: CARE Keeps D Debt Rating in Not Cooperating
TALWALKARS BETTER: CARE Keeps D Debt Ratings in Not Cooperating

TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating


N E W   Z E A L A N D

[*] NEW ZEALAND: Closed Borders Worsen Labor Shortages


S I N G A P O R E

ELTRACO ROOFING: Court Enters Wind-Up Order
SIGNODE SINGAPORE: Creditors' Proofs of Debt Due on Aug. 9
SKK TRANSPORT: Court Enters Wind-Up Order

                           - - - - -


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

EWATER GROUP: Second Creditors' Meeting Set for July 15
-------------------------------------------------------
A second meeting of creditors in the proceedings of eWater Group
Pty Ltd and eWater Systems Pty Ltd has been set for July 15, 2021,
at 12:00 p.m. and 1:00 p.m., respectively, via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 14, 2021, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
eWater Group on June 9, 2021.


ICA MINING: Second Creditors' Meeting Set for July 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

     - ICA Mining Pty Ltd
     - Peko Bull Pty Ltd
     - Peko Rehabilitation Project Pty Ltd
     - Sitzler Savage Pty Ltd

has been set for July 16, 2021, at 10:30 a.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 15, 2021, at 5:00 p.m.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
ICA Mining et al. on June 13, 2021.


JAMP HARDWARE: First Creditors' Meeting Set for July 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Jamp
Hardware Pty Ltd, trading as Tasmanian Trade Hardware & Lindisfarne
Hardware, will be held on July 16, 2021, at 10:30 a.m. via
telephone conference facilities.

Paul John Cook and Adam Lee Johnston of Paul Cook & Associates were
appointed as administrators of Jamp Hardware on July 6, 2021.


ONTHEGO GROUP: Sportswear Startup Collapses; Owes Creditors AUD6.5M
-------------------------------------------------------------------
SmartCompany reports that branded sportswear startup ONTHEGO Group
Pty Ltd (trading as ONTHEGO Sports) has reportedly collapsed, after
COVID-19 put a stop to community events and a partnership with
Wesfarmers allegedly wasn't as fruitful as hoped.

In early June it was reported that the business was in
administration, but still actively trading, with founder and chief
executive Mick Spencer saying the move was a proactive step towards
saving the business, SmartCompany relates.

Now, reports suggest the startup has collapsed, owing some $6.5
million to creditors, and is set to be wound down once its assets -
including stock, IP and equipment - are sold on.

Speaking to SmartCompany, Mr. Spencer said the bulk of the debt
owed was in secure convertible notes for investors, which were not
due for some 12 months' time.

The team had been in discussions to sell the business, he added.

"We knew the secured debt was possibly going to be a hindrance," he
explained.

"The best thing for us to do was to go into administration to get a
better structure for the business moving forward."

Now, a sale is being finalised, and a new owner will take over the
business and its assets. That means the business has been
'mothballed' for a few weeks until completion.

Mr. Spencer himself will no longer be involved, and said its "up to
them" how the new owners operate the business, SmartCompany
relays.

SmartCompany says the collapse is being partly attributed to the
effects of the COVID-19 pandemic, which saw many large orders for
sporting events cancelled.

ONTHEGO provides software allowing customers to design and order
sports clothing and other accessories quickly and easily, through
both online and order and in-store kiosks.


RHODIUM TRADING: First Creditors' Meeting Set for July 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Rhodium
Trading Australia Pty Ltd will be held on July 15, 2021, at 2:00
p.m. via electronic means.

Marcus William Ayres and Stephen James Parbery of Kroll were
appointed as administrators of Rhodium Trading on July 6, 2021.


SYDNEY AIRPORT: Macquarie Consortium Weighs Rival Bid
-----------------------------------------------------
Harry Brumpton, Gillian Tan, and Manuel Baigorri at Bloomberg News
report that a consortium led by Macquarie Group Ltd. is exploring a
rival offer for Sydney Airport, in a potential challenge to IFM
Investors Pty's AUD22.3 billion ($17 billion) bid, people with
knowledge of the matter said.

Bloomberg relates that the Australian firm has been speaking with
potential partners, including local pension funds, about making a
joint offer, according to the people. The bidding group could
include funds managed by Macquarie Infrastructure & Real Assets,
the people said, asking not to be identified because the
information is private.

Macquarie may also use some of its own capital for the deal and
could seek to rope in some of the MIRA funds' investors to join the
consortium, one of the people said, Bloomberg relays.

Any transaction for Sydney Airport, Australia's main overseas
gateway, would be one of the boldest bets yet on a recovery in
global travel after the coronavirus pandemic. Including debt, a
purchase of Sydney Airport would rank as the largest-ever
acquisition in the country and one of the world's biggest airport
deals in recent years, according to data compiled by Bloomberg.

Deliberations are at an early stage, and there's no certainty
Macquarie will proceed with a formal offer, the people, as cited by
Bloomberg, said. Macquarie could also seek to join IFM's
consortium, one of the people said.

According to Bloomberg, Sydney Airport said this week it received
an offer of AUD8.25 per security from an investor group led by
infrastructure manager IFM. The proposal represented a 42% premium
to Sydney Airport's last closing price before it was announced. IFM
teamed up with QSuper, a pension fund based in the Australian state
of Queensland, and Global Infrastructure Partners for the bid.

A Macquarie-backed investor group previously owned the Sydney
airport after winning a concession from the government in 2002, the
report notes. The Australian bank later began to sever ties with
its listed airport management affiliate, and the company changed
its name in 2009. It decided to hand the last of its Sydney Airport
stake back to Macquarie shareholders in 2013.

IFM's airport assets include Manchester Airports Group and Vienna
International Airport, as well as stake in gateways in Melbourne,
Perth, Adelaide and Brisbane. GIP has previously invested in
Edinburgh Airport, London's Gatwick Airport and London City
Airport, Bloomberg discloses.


VERDANT COMPANY: Second Creditors' Meeting Set for July 15
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Verdant
Company Pty Ltd has been set for July 15, 2021, at 11:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 14, 2021, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
The Verdant Company on June 9, 2021.




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

ANNA BHAU: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anna Bhau
Ajara Taluka Shetkari Sahkari Soot Girani Limited (ABGL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 7, 2020, placed the
rating(s) of ABGL under the 'issuer non-cooperating' category as
ABGL 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. ABGL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated March 23,
2021, April 02, 2021, April 12, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

ABGL is a co-operative society established in October 1979,
promoted by Mr. Amogh Wagh in the strength of General Manager.
There are over 17 members in the society. The society is engaged in
the business of cotton spinning with its sole manufacturing unit
located at Ajara, Maharashtra with the products sold under the
brand name 'Ajara Spin'. The society is an open end spinning unit
and consists of twenty one ring frame machines having production
capacity of 25,000 kg of yarn per day and manufactures yarn with
the range of 24 to 32 counts of cotton yarn.


ARCHANA FLOUR: CARE Lowers Rating on INR19.30cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Archana Flour Mill (AFM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.30      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2021, placed the
ratings of AFM under the 'issuer noncooperating' category as AFM
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. AFM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated February
23, 2021, June 4, 2021 and June 16, 2021 as under. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of AFM
takes into account non-availability of information due to
noncooperation by AFM with CARE'S efforts to undertake a review of
the rating outstanding and no due diligence with the bankers and
auditors. CARE views information availability risk as a key factor
in its assessment of credit risk.

AFM was established as a proprietorship concern on June 11, 2015 by
Mr. Shri Pradeep Bhimashankar Pedde. The firm is engaged in
processing of wheat at its processing facility located at Latur,
Maharashtra, having an installed capacity to process 250 metric
tonnes per day (MTPD) of wheat. The product profile of AFM includes
atta, maida, suzi, rawa and other by products.


BHAVANI RICE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhavani
Rice Mill (BRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       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 June 12, 2020, placed the
rating(s) of BRM under the 'issuer noncooperating' category as BRM
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. BRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 28, 2021, May 8, 2021, May 18, 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).

Bavla (Gujarat) based Bhavani Rice Mill (BRM) was established in
1975 as a proprietorship firm by Mr. Bhailalbhai Patel and later
converted into partnership firm. BRM is engaged in the milling and
processing of non-basmati rice. BRM is operating from its sole
manufacturing plant located in Bavla (Gujarat) having installed
paddy processing capacity of 100 Metric Tonnes per day as on March
31, 2017.

CONSOLIDATED CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Consolidated Construction Consortium Limited (CCCL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      597.89      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     602.00      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 28, 2020, placed the
rating(s) of CCCL under the 'issuer non-cooperating' category as
Consolidated Construction Consortium Limited (CCCL) had failed to
provide information for monitoring of the rating. CCCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated April 3,
2021, June 10, 2021 and June 14, 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).

CCCL was incorporated in 1997 by first-generation entrepreneurs Mr
R Sarabeswar, Mr S Sivaramakrishnan and Mr V G Janarthanam. CCCL is
primarily engaged in construction activities in commercial,
infrastructure, industrial and residential domain. CCCL has other
subsidiaries, namely, Consolidated Interiors Ltd (interior
contracts and fit out services), Noble Consolidated Glazing Ltd
(Glazing Services) and CCCL Power Infrastructure Ltd (BOP Orders
for Power Projects and food processing).


DATTA KRUPA: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Datta Krupa
Roller Flour Mill Private Limited (DRFM) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      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 18, 2020, placed the
rating(s) of DRFM under the 'issuer non-cooperating' category as
DRFM 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. DRFM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2021, April 13, 2021, April 23, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Analytical approach: Combined.

For arriving at the rating, CARE has combined the business and
financial risk profiles of India Mega Agro - Anaj Limited (IMA) and
Datta Krupa Roller Flour Mill Private Limited (DRFM) hereinafter
referred as Dattakrupa Group (DKG). Both companies are under common
management with similar nature of operations and product portfolio.
Moreover, the combined approach is also based on common
shareholders and undertaking from the promoter-director ensuring
financial fungibility between the companies whenever required.

Incorporated in 2005, Dattakrupa Roller Flour Mill Private Limited
(DRFM - part of Dattakrupa group) manufactures wheat products such
as atta, maida, suji, rawa and dal mills. The company's
manufacturing facility is located at Parbhani, Maharashtra. Its
roller flour mill has a processing capacity of 250 tonnes per day
and its dal mill has a processing capacity of 50 tonnes per day.
Later Dattakrupa group in 2010 expanded its operations in agro
processing industry with incorporation of India Mega Agro - Anaj
Limited (IMA) located at Nanded, Maharashtra. IMA is engaged in the
business of multiple food processing like roller flour mill; cattle
& poultry unit; dal & rice mill; oil mill & refinery; solvent unit
and biscuit unit.


DCR DISTILLERY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DCR
Distillery Private Limited (DDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.40      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 June 23, 2020, placed the
rating(s) of DDPL under the 'issuer non-cooperating' category as
DDPL 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. DDPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 9, 2021, May 19, 2021, May 29, 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).

Sagar-based (Madhya Pradesh) DCR Distillery Private Limited (DDPL)
was incorporated in November, 2010 by Mr. Gajendra Singh Rathore
along with his family members with an objective to set up a plant
for manufacturing of Extra Neutral Alcohol (ENA) and Rectified
Spirit (RS). The manufacturing unit of the firm is located in
Mehar, Sagar - Madhya Pradesh with installed capacity of 50000
litres per day (LPD) as on May, 2017. DDPL procure its raw material
from local market through brokers and supplies to private companies
in bulk quantity. Further, in FY19, the company has also got
license for retail sale and it is going to launch its own brand
name 'Father Gold' for retail products.


DUGGAR FIBER: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Duggar
Fiber Private Limited (DFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.30      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 DFPL under the 'issuer non-cooperating' category as
DFPL 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. DFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
8, 2021 and June 22, 2021 among others. 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).

Delhi based Duggar Fiber Pvt. Ltd. (DFPL) was incorporated in
December 1980 by Mr Radhey Shyam Agrawal and Mr. Rajendra Kr
Agrawal. The company is currently being managed by Mr Purshottam Kr
Gupta, Mr Ashok Chauhan and Mr. Sahdev Sharma. DFPL is engaged in
manufacturing and trading of iron & steel products i.e. mild steel
(MS) ingots. The manufacturing facility of the company is located
at SMA Industrial area in Delhi.


G. M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G. M. Agro
Industries (GMAI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 10, 2020, placed the
rating(s) of GMAI under the 'issuer non-cooperating' category as
GMAI 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. GMAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2021, May 6, 2021, and May 16, 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).

GMA was established in April, 2009 as a partnership firm by two
partners Mr. Jashvant Thakkar and Mr. Navinchandra Thakkar. Mr.
Jashvant Thakkar has a long industry experience of around 35 years.
GMA is engaged in the business of rice processing and trading of
grains and pulses. GMA operates from its manufacturing facilities
located at Bavla (Gujarat).


IL&FS TAMIL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS Tamil
Nadu Power Company Limited (ITNPCL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     5,584.93     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 June 17, 2020, placed the
rating(s) of ITNPCL under the 'issuer non-cooperating' category as
ITNPCL 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. ITNPCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls email dated May 03, 2021,
May 13, 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).

ITNPCL is a Special Purpose Vehicle (SPV) promoted by IL&FS Energy
Development Company Ltd. (IEDCL, rated CARE D; Issuer Not
Cooperating holds 91.38% stake) which itself is a subsidiary of
Infrastructure Leasing & Financial Services Limited (IL&FS, rated
CARE D; holds 91.42% stake). The company has set-up 1,200 MW (2X600
MW) integrated imported coal-based subcritical thermal power plant
in Cuddalore, Tamil Nadu.


INDIA MEGA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of India Mega
Agro - Anaj Limited (IMA) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      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 18, 2020, placed the
rating(s) of IMA under the 'issuer non-cooperating' category as IMA
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. IMA continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 3,
2021, April 13, 2021, April 23, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Combined.

For arriving at the rating, CARE has combined the business and
financial risk profiles of India Mega Agro -Anaj Limited (IMA) and
Datta Krupa Roller Flour Mill Private Limited (DRFM – rated CARE
D, Issuer Not Cooperating) hereinafter referred as Dattakrupa Group
(DKG). Both companies are under common management with similar
nature of operations and product portfolio. Moreover, the combined
approach is also based on common shareholders and undertaking from
the promoter-director ensuring financial fungibility between the
companies whenever required.

India Mega Agro - Anaj Limited (IMA) was incorporated in 2010 by
promoter cum managing director: Mr. Ajay Kumar Baheti. IMA is a
part of Dattakrupa group which was formed in the year 2005 through
incorporation of Datta Krupa Roller Flour Mill Private Limited
(DRFM) at Parbhani. The group started its manufacturing activity
with processing of flour mill and dal mill. Later in order to
expand & diversify its operations and avail various government
benefits attached to the food processing industries, the group
incorporated IMA; which was set up by acquiring 50 acres on lease
at MIDC in Krushnoor district, Nanded. Over the period of time, the
group has set-up various food processing divisions like roller
flour mill; cattle & poultry unit in 2015; dal & rice mill in 2016;
oil mill & refinery, solvent & biscuit unit in 2017. Currently the
group has two manufacturing units located at Parbhani and Nanded.

INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Infinity
Infratech (IIT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.91      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank
   Facilities            0.60      CARE A4; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 24, 2020, placed the
ratings of IIT under the 'issuer noncooperating' category as IIT
had failed to provide information for monitoring of the ratings for
the rating exercise as agreed to in its Rating Agreement. IIT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 10, 2021, May 20, 2021 and May 30, 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.

Vapi-based (Gujarat), IIT was established by the proprietor, Mr
Pratik Desai in 2010. The firm is engaged mainly in stone crushing
activity and manufacturing of RCC (Reinforced Cement Concrete) Hume
pipes and service tenders of government in civil projects. The
proprietor owns a quarry from which stone is extracted and then
extracted material is crushed and transformed in the form of
various stones and artificial crushed sand. IIT owns two plants for
stone crushing in Karajgam, located near Vapi (Gujarat). The
installed capacity was of 9.6 lakh stones per annum as on March 31,
2016. The major customers of IIT are located in Gujarat,
Maharashtra and Dadra & Nagar Haveli.


MOBILESTORE SERVICES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The
Mobilestore Services Limited (TMSL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       70.66      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      26.00      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 June 5, 2020, placed the
rating(s) of TMSL under the 'issuer non-cooperating' category as
TMSL 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. TMSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2021, May 1, 2021, May 11, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The MobileStore Services Limited (TMSL), a part of the Essar Group,
is engaged in the business of distribution of telecom, consumer
electronics and related products including mobile handsets,
accessories, domestic appliances and other consumer durable
products. The company is a step-down subsidiary of Essar Global
Limited (the ultimate holding company). The Essar Group is engaged
in diversified activities like infrastructure, steel, oil and gas,
power, telecom and technology, shipping and logistics and
construction. TMSSL is the owner of the brand "The MobileStore" and
has licensed it to its group company The MobileStore Limited (TMSL)
for usage of the brand.


MUMBAI INTERNATIONAL: Adani Seeks $1BB to Refinance Airport Debt
----------------------------------------------------------------
Suvashree Ghosh and Baiju Kalesh at Bloomberg News report that
Indian tycoon Gautam Adani is seeking a loan of about INR75 billion
($1 billion) to refinance existing debt of Mumbai's international
airport, according to people familiar with the matter.

Barclays Plc and JPMorgan Chase & Co. are among banks in
discussions to provide the funds to Adani Airport Holdings Ltd.,
the people said. Deutsche Bank AG is also in talks to help with the
financing, one of the people said.

Bloomberg relates that Mumbai International Airport Ltd. has a debt
of about INR80 billion, the people said, who asked not to be
identified as the information is private.

According to Bloomberg, a refinancing package would come after
Adani Airport in August agreed to acquire the debt of GVK Airport
Developers Ltd., which owns about 50.5% of the airport in the
Indian financial hub. In February, Adani Airport completed the
purchase of a 23.5% stake in the Mumbai airport by buying out two
South African companies.

Deliberations are ongoing and details of the refinancing could
still change, the people said, adds Bloomberg.  

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
11, 2021, CRISIL has downgraded its rating on the bank loan
facilities of Mumbai International Airport Limited (MIAL) to
'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4' while removing the
ratings placed on Rating Watch with Negative implications.'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         175       CRISIL D (Downgraded from
                                    'CRISIL C/Watch Negative'
                                    and removed from Watch)

   Bank Guarantee         330       CRISIL D (Downgraded from
                                    'CRISIL A4 ' and removed
                                    from Watch)

   Letter of Credit        50       CRISIL D (Downgraded from
                                    'CRISIL C/Watch Negative'
                                    and removed from Watch)

   Letter of Credit       250       CRISIL D (Downgraded from
                                    'CRISIL C/Watch Negative'
                                    and removed from Watch)

   Cash Credit            330       CRISIL D (Downgraded from
                                    'CRISIL A4 ' and removed
                                    from Watch)

   Rupee Term Loan       8646.74     CRISIL D (Downgraded from
                                    'CRISIL C/Watch Negative'
                                    and removed from Watch)

The rating action reflects continuation of delays in servicing of
the debt obligations beyond December 31, 2020. MIAL had applied for
restructuring its ADF, project and working capital loan facilities
in line with the Reserve Bank of India (RBI) circular dated June 7,
2019, under the change in management clause. The company has
requested lenders to take September 30, 2020, as the cut-off date
for the proposed restructuring [1]. As the application for
restructuring was made before the debt obligation was due and as
the cash flow of MIAL has been severely impacted because of
Covid-19 related disruptions, CRISIL had not treated the missed
debt obligation as default till date in line with the August 2020
circular of the Securities and Exchange Board of India[2]. However,
CRISIL understands that no final decision or implementation
timelines on the proposed restructuring plan have been finalized
till January 4, 2021. Hence, CRISIL has taken treated delays in
debt servicing beyond December 31, 2020 as default on debt
obligations.


NATHJI COTTON: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Nathji Cotton & Oil Industries (SNCOI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.66       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 June 10, 2020, placed the
rating(s) of SNCOI under the 'issuer non-cooperating' category as
SNCOI 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. SNCOI continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2021, May 6, 2021, May 16, 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).

Morbi-based (Gujarat) SNCOI is a partnership firm and was
established in July, 2015 by Mr Kamleshbhai Likhiya Mr Girishbhai
Likhiya and Mr Bharatbhai Charola. SNCOI is engaged into cotton
ginning, cleaning and bailing process. The firm procures raw cotton
from farmers and sells its products in domestic market to the
states like Maharshtra, Tamilnadu etc.

NEMCARE HOSPITAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nemcare
Hospital Tezpur Private Limited (NHTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      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 6, 2019 placed the
rating of NHTPL under the 'issuer non-cooperating' category as
NHTPL 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. NHTPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated May 23,
2021 and June 12, 2021 among others.  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.

NHTPL was incorporated on May 23, 2016 by Guwahati based NEMCARE
Group. North East Medical Care & Research Centre Pvt Ltd (NEMCRCPL)
holding 88.64% stake in NHTPL is the flagship company of the group
which is already operating a 100 bed multi-speciality hospital in
Guwahati, Assam since last 2 decade. This apart, Nemcare Hospital
Pvt Ltd (NHPL, IND D) another company of the group is running a 200
bed multi-speciality hospital in Guwahati. NHTPL is setting up a 60
bed multi-speciality hospital in Tezpur, Assam at an estimated cost
of INR25.98 crore (being funded at a debt equity ratio of 1.7:1).
The commencement of the same has been postponed from April'18 and
the project is expected to be completed by April 2020. Dr. Mihir
Kumar Baruah, Director [MBBS, PGDHHM] along with Dr. Hiteshwar
Baruah (MBBS, MAIMS, FAIMS) serving as the chairman and Managing
Director of NHTPL is looking after day to day operations of the
company. The promoters are having an experience of more than two
decades in the healthcare industry.

NURNEHER AGRO: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nurneher
Agro Products Private Limited (NAPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.83       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank
   Facilities           0.19       CARE A4; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 24, 2020, placed the
ratings of NAPPL under the 'issuer non-cooperating' category as
NAPPL 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. NAPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
10, 2021, March 20, 2021, March 30, 2021 among others. 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.

Incorporated in June 2016, Nurneher Agro Products Private Limited
(NAPPL) was promoted by Mr. Liakat Ali Mallick and Mrs. Nurneher
Begam Mallick for setting up a cold storage facility for potatoes
in Burdwan, West Bengal. The company has setup its cold storage
facility having a capacity 14.0 lakh quintal with a cost of
INR10.02 crore funded at a debt equity of 1.73x. The company has
started loading its cold storage and commenced its operations from
March 1, 2018.


OYO HOTELS: NCLAT Allows Withdrawal of Insolvency Case
------------------------------------------------------
Hindustan Times reports that the National Company Law Appellate
Tribunal (NCLAT) has allowed withdrawal of insolvency against OYO
Hotels and Homes Private Limited (OHHPL), which is a subsidiary of
OYO.

The order effectively concludes the insolvency proceedings against
the company.

The tribunal's order disallowed the intervention of external
parties, including FHRAI.

In a statement, OYO said that it will continue to work closely with
its hotel partners for the closure of any pending claims.

Hindustan Times relates that Rohit Kapoor, CEO for OYO's India &
Southeast Asia operations, said, "We welcome the decision of NCLAT
and that the matter has finally been laid to rest. We had already
settled with the original claimant but subsequent interveners with
vested interests who were not a party to the case had delayed its
closure."

He further said that the company remains committed to building the
"most trusted brand" for its partners and resolving all issues.

"Covid-19 has impacted the travel industry significantly and we
believe the efforts of industry organizations should be to help
resurrect the industry during this grim time. Despite today's
judgment, we welcome collaborative conversations with them and all
other associations to work towards the resurgence of travel in
India," the report quotes Kapoor as saying.

Counsels of OYO, Khaitan & Co said: "It was a straightforward case
where the two parties involved had settled the matter and there was
no room for any interventions which has now been upheld by the
tribunal also."

Hindustan Times says OYO had already made a settlement worth Rs 16
lakh with Rakesh Yadav, a Gurugram-based hotelier who had moved
NCLT Ahmedabad against the company.

OYO was first served a notice by Yadav in 2019. The National
Company Law Tribunal (NCLT) admitted a plea for corporate
insolvency proceeding against OYO Group's subsidiary OYO Hotels and
Homes Pvt Ltd (OHHPL) in April following the hotelier's complaint.


R R HOLIDAY: CARE Lowers Rating on INR60cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R R
Holiday Homes Private Limited (RRHHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facility             60.00      CARE D Revised from CARE C

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of RRHHPL is
due to default in payment of interest obligation which was due on
June 30, 2021. The ratings factors in the impact of second wave of
Covid-19 and subsequent state-wise lockdown impacting the revenues
and liquidity position of the company. The rating continues to
factor in the delay in payment of term loan EMI in the past, which
was repaid fully in September 2020 by refinancing the loan from new
lender, delay in payment of statutory undisputed dues and moderate
debt coverage matrix. However, the ratings derive strength from
experienced promoter and favorable location of hotels translating
into better average room rent and occupancy rate; albeit, impacted
due to Covid-19 in FY21 and YTDFY22 (April 2021- June 20, 2021).

Rating Sensitivities

Positive Factors

* Growth in scale of operations with TOI exceeding INR100 crore on
a sustained basis

* Improvement in overall gearing below 1x on a sustained basis with
repayment of term loan obligations in a timely manner

* Regularization of statutory undisputed dues

Detailed description of the key rating drivers

Key Rating Weaknesses

* Default in servicing interest obligation: RRHHPL has term loan
sanctioned from KSIDC, for which the company pays interest on
monthly basis amounting to ~Rs.0.42 crore. The said term loan is
under loan moratorium period and repayment of principal will start
from September 2021. RRHHPL paid its interest obligation till May
2021. However, as per discussion with management and banker, RRHHPL
has defaulted on its interest payment obligation due on June 30,
2021.

* Second wave of Covid-19 impacted revenues: Total operating income
(TOI) of RRHHPL for April 2020–January 2021 period was INR9.90
crores. Further, the company is estimated to have reported a
revenue of about INR11 crore for the full year FY21 as against a
projected revenue of ~Rs.42 crore for the full year FY21, led by
Covid-19 lockdown during most part of FY2020-21. Also, the lockdown
due to second wave of Covid-19 continue to impact the operations of
the company there by significantly impacting the revenue and
liquidity position of the company.

* Delay in payment of term loan EMI and refinancing of term loan by
KSIDC: As on March 31, 2020, the company had outstanding long term
borrowing of INR37.93 crores and the delayed EMI payments amounting
to INR0.65 crore. As a result of stretch in its liquidity position
due to the impact of Covid-19 on hotel and tourism industry, the
company had delayed its payment of term loan (EMI payment) during
March 2020-August 2020 period. Kerala State Industrial Development
Corporation Limited (KSIDC), which provides financial assistance to
medium and large-scale industries. On the request of the company,
on August 10, 2020, KSIDC sanctioned term loan assistance of INR35
crores including takeover of existing loan facility of INR27 crore
from banks, which has been fully repaid in September 2020 and
remaining amount for extension of existing property and working
capital needs. Further, on February 26, 2021, KSIDC sanctioned
another term loan of INR25 crores including takeover of loan from
Kerala Finance Corporation, extension of property and working
capital needs. The refinancing of term loan was sanctioned for the
purpose to reduce the financial cost, renovation and upgradation of
existing hotel.

* Delay in undisputed statutory dues during FY19 and FY20: Audited
financial statement reported delay in undisputed statutory dues to
the extent of INR12.78 crore as on March 31, 2020 and INR10.14
crore as on March 31, 2019. The dues pertain to EPF, ESI, TDS,
CGST, SGST, KVAT and Luxury tax. Out of total dues, GST dues
amounted to INR9 crores, KVAT and Luxury tax amounted to INR0.52
crore and other dues amounted INR0.62 crore. As on February 26,
2021, out of total pending amount, the company has GST payable of
INR2.30 crores (remaining INR6.70 been paid by the company), dues
related to KVAT and Luxury tax are applied for closure under
Amnesty scheme declared by the Government of Kerala and the company
has received order to close such tax. Other dues pertain to EPF,
ESI and TDS which are routine in nature and payable on regular
basis.

* Inherent seasonal nature of the hotel industry: The hotel
industry is cyclical and inherently seasonal in nature as the
demand for the hotel rooms varies with the business cycle.
Occupancy also depends on the tourism seasonality as it involves
the concentration of tourist inflows during particular months.
RRHHPL's Uday Samudra experiences high demand during October-March
with occupancy ~85%-90% and low demand during April-September with
occupancy ~65%. Uday Suites has a long-term agreement with airlines
for providing food & accommodation to Air crew, with tenor of the
agreement varying in the range of 2-3 years, Uday sky kitchen
provides flight catering to various airlines and revenue from this
unit is not affected much by seasonal nature of industry. Further,
Uday serenity backwaters at Alleppey has become wedding destination
spot over the years.

Key Rating Strengths

* Experienced promoter: RRHHPL is promoted by Mr. S. Rajasekharan
Nair (Chairman & Managing Director) along with his wife Mrs.
Udaychandrika Nair (Executive director). Mr. S. Rajasekharan Nair
has extensive experience of over four decades in hospitality
business. Mr. Raja Gopaal Iyer is a CEO and has experience of over
3 decades in hoteling and hospitality business.

* Favorable location of hotels: The hotels are located at favorable
locations being developed at close proximity to beach or airport.
Two of the hotels, Uday samudra and Uday suites are located near
Kovalam beach and Shanghumugham beach respectively. Uday suites and
Uday sky kitchen are within 5 kms range from Trivandrum
International Airport. Recently developed Uday Serenity Backwaters
is located near Punnamada lake. The same can be corroborated from
the 57% average occupancy with average room rent being INR10,000
during FY20, despite seasonality.

* Moderate capital structure and debt coverage indicators: The
net-worth of RRHHPL was moderate and stood at INR47.20 crores as on
March 31, 2020 (PY: INR34.30 crores), the increment in net-worth is
due to ploughing back of profits. The total debt as on March 31,
2020 stood at INR46.68 crores as against INR50.58 crores as on
March 31, 2019. Out of total debt, INR37.93 crores accounted for
long term borrowing and INR8.74 crores accounted for short term
borrowing from which INR3.62 crores pertain to short term loan from
promoter and INR5.12 crores were used as working capital
borrowings. Further, overall gearing improved to 0.94x as on March
31, 2020 as against 1.37x as on March 31, 2019. While, TOL/NW stood
1.25x as on March 31, 2020 (as compared to 1.79x as on March 31,
2019). TD/GCA improved to 2.52x in FY20 (PY: 7.71x) primarily due
to higher GCA.

* Industry Outlook: Hospitality sector suffered three quarters of
economic disruption due to Covid-19 pandemic. The Indian hotel
industry is among the sectors that have been impacted the earliest
by the outbreak of the Covid-19 pandemic and the last sector to
recover, considering travel and tourism as a discretionary
activity. Covid-19 induced lockdown consequently led Occupancy
Rates (OR) on a downward trajectory from March 2020 before it
started improving from May, 2020. Furthermore, the lockdown due to
second wave of Covid-19 since March 2021 continue to impact the
hospitality sector in India, there by significantly impacting the
revenue and liquidity position of players. Gradual easing up of
lockdown measures and the impact of the same on the Hotel Industry
remain to be seen in the near term.

Liquidity Analysis: Poor

The operations of the hotels were severely impacted since March 26,
2020 due to outbreak of the Covid-19 pandemic up to September 2020.
Resulting which RRHHPL was utilizing 100% of its working capital
borrowings during February 2020 to August 2020. However, from
September 2020, KSIDC took over loans including working capital
borrowings of INR5 crores with repayment of KSIDC loan to begin
from September 2021, provides liquidity support to certain extent.

The liquidity is further hampered due to state-wise lockdown
imposed in Kerala due to second wave of Covid-19.

Uday Sky Kitchen (USK), Thiruvananthapuram: USK is situated
adjacent to Uday Suites, catering food services to Air India,
Indigo, Spice Jet and Island Aviation (Maldives airline).

Uday Serenity Backwater Resort, Alleppey, Alappuzha: Uday
Backwaters is a newly constructed, fully operational resort. The
resort has 42 rooms and 8 cottages along with 1 swimming pool and 1
conference room. The resort is located near shores of Punnamada
lake.

Uday Convention Centre, Kowdiar, Thiruvananthapuram: Uday
convention centre attracting corporate events and has capacity of
2000 people.


RAJ OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj
Overseas (ROS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 2, 2020, placed the
rating(s) of ROS under the 'issuer noncooperating' category as ROS
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ROS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated May 8, 2021, April 28, 2021 and April 18, 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).

Agra, Uttar Pradesh based Raj Overseas (ROS) was established in
October, 2010 by Mr. Kaustubh Raj Yadav and Mrs. Rekha Yadav.
However, it is currently being managed by Mr. Kaustubh Raj Yadav
and Mr. Rajveer Singh Yadav sharing profit and losses equally. The
firm is engaged in manufacturing of footwear products like shoes,
slippers, sandals etc. The manufacturing facility of the company is
located at Agra in Uttar Pradesh. The company has integrated
manufacturing process. The company sells its products in
international as well as domestic markets. The main raw material
for the manufacturing of footwear is natural rubber, plastic foam
and vinyl and other different raw material (pvc granules) and
chemicals depending upon the type of products. The raw material is
procured domestically from local manufactures and dealers. Raj
Overseas has an associate concern namely Madhur Cold Storage
Private Limited (incorporated in 2008) engaged in running of cold
storages.


RAJ-SNEH AUTO: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj-Sneh
Auto India Private Limited (RSAIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     34.10       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 20, 2020 placed the
ratings of RSAIPL under the 'issuer non-cooperating' category as
RSAIPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. RSAIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 06, 2021, March 16, 2021, March 26, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

Raj-Sneh Auto India Private Limited (RSAIPL) promoted by Mr Ashok
Kumar Jain and Mr Manoj Kumar Gupta who have an experience of more
than two decade in auto dealership business was incorporated in
2005 and is an authorized dealer of Maruti Suzuki India Limited
(MSIL) vehicles. It is engaged in the sale of new cars, servicing
of vehicles, sale of spare parts, and sale and purchase of
pre-owned cars. RSAIPL operates four showrooms (all 3S), six
service and one True Value outlets in and around Meerut.


RATTAN POLYCHEM: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rattan
Polychem Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short     12.00       CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   Category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 14, 2020 placed the
ratings of RPPL under the 'issuer non-cooperating' category as RPPL
had failed to provide information for monitoring of the rating.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 30, 2021, April 9, 2021, April 19, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further banker could not be contacted.

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

Faridabad (Haryana) based, Rattan Polychem Private Ltd (RPPL)
incorporated in December 3, 2009 is promoted by Mr. Yashvir Singh
Dagar and Mrs. Darshana Dagar. The company is engaged in
manufacturing of Expandable polystyrene (EPS) of various grades
ranging from RPCL 1218 to RPCL 9100. The manufacturing facility of
the company is located at Faridabad, Haryana. EPS is a major raw
material for manufacturing of 'Thermo Cole' products which finds
applications in thermal insulation of buildings, cold storage,
industrial refrigeration and air conditioning. RPPL mainly procures
raw material namely styrene from importers and sells the product in
domestic market through its own network. Further, the company sells
EPS to packing material and construction companies in Gujarat,
Haryana, Uttarakhand, Uttar Pradesh, Delhi, Chennai and Rajasthan.

RECMET ALLOYS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Recmet
Alloys Private Limited (RAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.95      CARE C; 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 June 29, 2020, placed the
rating(s) of RAPL under the 'issuer non-cooperating' category as
RAPL 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. RAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2021, May 25, 2021, June 4, 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).

New Delhi based RAPL was incorporated during October 2010 with
objective of setting up a Lead refining and smelting unit at
Jambusar, Bharuch district (Gujarat) at a proposed refining
capacity of 24,000 MT per annum. RAPL's registered office is in New
Delhi but all its operations are carried out from its Vadodara
(Gujarat) office as this is near to its plant in Jambusar, Bharuch
district (Gujarat). RAPL is promoted by Mr. Rabindra Agarwal, Mr.
Sanjay Saini, Mr. Kunj Behari Sarraf and Mr. Anup Agarwal with the
first three directors having experience of more than a decade into
Non-ferrous metal industry. RAPL has completed its project of
setting up Lead refining and smelting unit in April, 2016 the total
cost of the project was INR12.85 core which was funded through debt
to equity of 0.45 times. The plant has been set up on a land plot
purchased by the company at Jambusar having area of 34,095 sq.
meters.

REGEN INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ReGen
Infrastructure and Services Private Limited (RISPL) continues to
remain in the 'Issuer Not Cooperating' category.

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

   Long Term/Short      15.00      CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated June 5, 2020, had placed the
ratings of RISPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. RISPL continues to
be non-cooperative despite requests for submission of information
through phone calls and e-mails dated April 21, 2021, May 01, 2021
and May 11, 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.

Regen Infrastructure and Services Private Limited (RISPL) was
incorporated in January 2008 to provide wind power solutions on
turnkey basis. The company is a wholly owned subsidiary of Regen
Power Tech Private Ltd. (RPPL) (CARE D). Till FY17, RISPL was
engaged in the business of erection, installation and commissioning
of Wind Energy Generators (WEGs), providing O&M services for WEGs
installed by RPPL only, creating infrastructure such as site
development and providing power evacuation facility for wind power
projects. Post FY17, EPC activities of the company will be taken
over by RPPL and RISPL will focus only on providing O&M services to
clients of RPPL.


REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ReGen
Powertech Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      412.64      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short   1,215.00      CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     365.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
   
Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated June 5, 2020, had placed the
ratings of RPPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. RPPL continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated April 21, 2021, May 1, 2021
and May 11, 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.

Regen Powertech Private Limited (RPPL) was incorporated in December
2006 to provide wind power solutions on turnkey basis and
commissioned its first Wind Energy Converter (WEC) project in
August 2008. The company is promoted by Mr Madhusudan Khemka, Mr.
R.Sundaresh and Mr. M. Prabhakar Rao through his company Mandava
Holdings (P) Ltd (formerly Nuziveedu Seeds Ltd). The entire
promoter shareholding of 59.36% is held through a holding company
NSL Power Equipment Trading Pvt. Ltd (NSLPET). The balance
shareholding is with private equity funds.


SELVANAAYAKI TEXTILE: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Selvanaayaki Textile (SST) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 18, 2020, placed the
rating(s) of SST under the 'issuer non-cooperating' category as SST
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. SST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 03, 2021, April 13, 2021 and April 23, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SST have been
revised on account of non-availability of requisite information.

Sri Selvanaayaki Textile (SST) is a proprietorship concern
established in the year 1989 by Mr. R. Palanisamy. The firm is
primarily engaged in the manufacture of grey fabrics. The promoter
is also supported by his wife Mrs. P. Indumathi in handling the
operations as well as the operations of the group concerns. SST has
two units for sizing of yarn. Each of the units have an installed
capacity to size about 3500 kg of yarn per day per shift. The firm
runs two shifts per day. The firm purchases the ginned cotton and
sends it for conversion to yarn of 40s count to its sister concern,
Amaravathi Dyeing (P) Ltd. Upon the conversion, the same is
strengthened through sizing process in SST. After sizing of yarn in
the firm, the weaving process is outsourced to job workers who are
spread across different locations having 1200 power looms operated
for SST in and around Coimbatore as on August 28, 2018. Upon
completion of weaving, the grey fabric is inspected by the quality
control team present in the factory and sent to the customers in
bale packing of 900-1000 meters.


SHAKTI MALTARE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shakti
Maltare And Lemonade Private Limited (SMLP) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 27, 2020, placed the
rating of SMLP under the 'issuer non-cooperating' category as SMLP
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. SMLP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
13, 2021, April 2, 2021 among others. 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.

Incorporated in 2012, Shakti Maltare and Lemonade Private Limited
(SMLP) was promoted by Mr. Bikram Kishore Sahoo, Mr. Ramesh Chandra
Sahoo and Mr. Bijay Kumar Sahoo of Odisha to set up a blending and
bottling plant of Indian Made Foreign Liquor (IMFL). SMLP has
successfully set up the plant at Dhenkawal, Odisha which became
operational from June 2016. The company has been engaged in
blending, bottling, distribution and selling of Indian Made Foreign
Liquor (IMFL) with an installed capacity of 12 lakh cases per
annum. The company has taken franchisee of Jagatjit Industries
Limited (JIL) and the company is blending, bottling and selling
IMFL using the brand name of JIL like Aristocrat Premium Whisky, AC
Sek C Whisky and Binnie's Whisky. The company sells its products
mainly to Odisha State Beverages Corporation Limited. This apart,
the company is also engaged in blending, bottling and supply of
IMFL for ADS Spirits Private Limited (ADS) and Allied Blenders and
Distillers Private Limited (ABD) whereas the company receives a
fixed rate of commission per bottle from ADS and ABD.

SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shradha
Agencies Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           28.00      CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 6, 2019 placed the
rating of SAPL under the 'issuer non-cooperating' category as SAPL
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. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated May 12
2021 and June 1, 2021 among others.  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.

Shradha Agencies Pvt. Ltd. (SAPL) which was originally incorporated
as a sole proprietorship firm in 1992 by the name of Shradha
Agencies was later reconstituted as a private limited company in
1996. It is a part of the Shradha group of Kolkata which has been
promoted by Late Dr. C. L. Arora during early 1970 with primary
interest into trading and logistics. Currently, the company is
being managed by Shri Rajeev Arora (son of Late Dr. C. L. Arora).
The company currently functions as a distributor of FMCG products,
Mobile handsets and accessories, Pens and Safety Matches across the
state of West Bengal (WB).


SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singer
Impex (SIM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      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 June 18, 2020, placed the
rating(s) of SIM under the 'issuer noncooperating' category as SIM
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. SIM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 04, 2021, May 14, 2021, 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).

Surat-based (Gujarat) Singer Impex (SIM) was established in 2008 by
Mr Deepak Narang and Mr Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the authorized
distributor of TOYO brand embroidery parts and needles from China.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long 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 May 8, 2020, placed the
rating(s) of SMPL under the 'issuer non-cooperating' category as
SMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
8, 2021 and June 22, 2021 among others. 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).

SMPL was incorporated in 1995 as a private limited company by Mr.
Mahavir Prasad Kejriwal. Currently, the company's operations are
being managed by his grandson, Mr. Aditya Kejriwal. SMPL is
primarily engaged in the manufacturing of various types of plywood,
block boards, flush doors, gurjan plywood, triple pressed &
calibrated teak plywood and decorative veneers. The manufacturing
facilities of the company are located in Araria (Bihar) and Jhajjar
(Haryana) with total installed capacity of 1,25,100 cubic meters
per annum as on September 30, 2017.


TALWALKARS BETTER: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Talwalkars
Better Value Fitness Limited (TBVFL) continues to remain in the
'Issuer Not Cooperating' category.

                          Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   LT-Bank Facilities–    84.20     CARE D; ISSUER NOT
COOPERATING
   Term Loan                        Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

   Non-Convertible
   Debenture Issue       105.00     CARE D; ISSUER NOT COOPERATING
                                    Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TBVFL to monitor the ratings
vide e-mail communications June 23, 2021, June 22, 2021, June 18,
2021, June 12, 2021, June 8, 2021, June 4, 2021, June 2, 2021 and
May 31, 2021, and various other emails on the above subject.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on TBVFL's bank facilities and instruments will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

CARE has considered combined financials of Talwalkars Better value
Fitness Limited (TBVFL) and Talwalkars Healthclubs Limited (THL,
Erstwhile Talwalkars Lifestyle Limited) for analysis referred as
TBVFL (combined) due to business and financial linkages along with
common management.

The rating takes into account ongoing delays in debt servicing by
the company.

Detailed description of the key rating drivers

Key Rating Weaknesses (As per PR dated Aug 02, 2019)

* Deteriorating debt coverage indicators; asset monetisation
remains key rating monitorable: As on March 31, 2019 (UA), the
total outstanding debt stood at INR~759 crore an increase of
45.30%. The debt was primarily on account of to fund its various
expansion plans, predominantly for the David Lloyd Club in Pune.
Consequently, the debt coverage metrics also deteriorated. As of
March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as
against 7.10x as of March 31, 2018. Similarly, overall gearing as
well as total debt to gross cash accruals deteriorated to 1.05x and
5.33x as against 0.89x and 3.91x respectively.  Furthemore, TBVFL
(combined) has invested in other complementing ventures in the
lifestyle segment such as 'Sarva'. As these investments are taking
longer than expected to generate material returns, adjusting for
the same (including goodwill), the overall gearing ratio as on
March 31, 2019 stands at 1.57x as against 1.11x as on March 31,
2018.  The management is looking to raise funds by the end of
calendar year 2019 through various avenues such as sale of equity,
sale of stake in joint ventures/associate companies and to monetise
some of its gym properties by entering in a sale and lease back
transaction to partially retire its debt. The ability of the
company to timely raise funds and subsequent debt reduction is a
key rating monitorable.

* Reduced financial flexibility: The financial flexibility of TBVFL
(combined) has reduced on account of significant reduction in
market capitalisation along with increase in promoters' pledged
shares. The promoters' stake pledged has increased to 76.11%
(TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the
promoters' to reduce quantum of pledged shares continues to remain
a key rating monitorable.

* Relatively moderate scale of operations: TBVFL's scale of
operations are moderate and seasonal in nature as second quarter
and fourth quarter of the fiscal year together contribute almost
61% of its overall consolidated revenues in FY19. Hence, any
adverse impact on the business in the peak season may adversely
impact the profitability.

* On-going significant capex towards existing line of business as
well as towards newer business segments which have not generated
returns in line with expectation: During FY19, on a combined basis,
the company had incurred capex of INR173.03 crore of which, INR111.
18 crore was for gym business and INR61.84 crore was for the
lifestyle business. The company's ability to improve its asset
turnover and increasing turnover of higher value added segment is
crucial to improve its credit profile. Further, the company is
setting up a club in Pune in collaboration with David Lloyd Leisure
Limited which got delayed and is expected to start operation
shortly. The performance in terms of member addition remains a
rating sensitivity.

Key Rating Strengths

* Long track record and extensive experience of the promoters in
the fitness industry: TBVFL and THL, promoted jointly by the
Talwalkar and Gawande families in 2003 has well-established track
record of operating gyms/fitness centres of over a decade and half
in the fitness industry with presence across the country. The brand
"Talwalkars" is in existence since 1932. The promoters, Mr Madhukar
Talwalkar and Mr Prashant Talwalkar, have more than four decades of
experience in various segments/aspects of fitness industry.

* Diversified product portfolio; albeit higher dependence on
revenues from gym services: TBVFL (combined) have a diversified
product portfolio offering multiple products spanning from basic
gym services to aerobics, yoga, diet-based weight reduction
programs, massage, spa, and health counselling. While the
contribution from its value added services is increasing the
company continues to derive major share of revenues from basic gym
services across its outlets.

Liquidity: Poor

There are ongoing delays in company's debt service obligations

Analytical approach: Combined Financials of THL and TBVFL have been
considered for analysis; given the strong operational synergies
along with common management.

Incorporated in 2003, Talwalkars Better Value Fitness Limited
(TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr.
Prashant Talwalkar and Mr. Anant Gawande. The company is one of the
leading fitness chains in India offering a wide range of services
like weight loss, weight gain, and other fitness programs like body
sculpting, shaping, general fitness, massage, spa and health
counselling under the brand "Talwalkars". The company offers
various value added fitness programs in its bouquet of fitness
programs like Zumba (dance inspired fitness program), NuForm
(Electric Muscle Simulation based Technology fitness program),
Reduce (weight loss diet program), Transform (holistic fitness
program). TBVFL (combined) operates gyms/fitness centre on three
models viz directly managed gyms, franchisee route and subsidiary
model (wherein TBVFL enters into an agreement with a master
franchise, and TBVFL owns around 51% equity and the brand). Over
the last seven years, TBVFL has grown rapidly from operating 63
gyms/fitness centres as on March 31, 2010, to 272 gyms/fitness
centres as on March 31, 2019.


TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Talwalkars
Healthclubs Limited (THL) continues to remain in the 'Issuer Not
Cooperating' category.

                          Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   LT-Bank Facilities–   280.74     CARE D; ISSUER NOT
COOPERATING
   Term Loan                        Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

   Non-Convertible       163.34     CARE D; ISSUER NOT COOPERATING
   Debenture Issue                  Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

   Proposed Non-          25.00     CARE D; ISSUER NOT COOPERATING
   Convertible                      Rating continues to remain
   Debenture Issue                  under ISSUER NOT COOPERATING
                                    category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from THL to monitor the ratings
vide e-mail June 23, 2021, June 22, 2021, June 18, 2021, June 12,
2021, June 8, 2021, June 4, 2021, June 2, 2021 and May 31, 2021,
and various other emails on the above subject. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on THL's bank
facilities and instruments will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

CARE has considered combined financials of Talwalkars Better Value
Fitness Limited (TBVFL) and Talwalkars Healthclubs Limited (THL,
Erstwhile Talwalkars Lifestyle Limited) for analysis referred as
TBVFL (combined) due to business and financial linkages along with
common management.

The rating takes into account ongoing delays in debt servicing by
the company.

Detailed description of the key rating drivers

Key Rating Weaknesses (As per PR dated Aug. 2, 2019)

* Deteriorating debt coverage indicators; asset monetisation
remains key rating monitorable: As on March 31, 2019 (UA), the
total outstanding debt stood at INR~759 crore an increase of
45.30%. The debt was primarily on account of to fund its various
expansion plans, predominantly for the David Lloyd Club in Pune.
Consequently, the debt coverage metrics also deteriorated. As of
March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as
against 7.10x as of March 31, 2018. Similarly, overall gearing as
well as total debt to gross cash accruals deteriorated to 1.05x and
5.33x as against 0.89x and 3.91x respectively. Furthemore, TBVFL
(combined) has invested in other complementing ventures in the
lifestyle segment such as 'Sarva'. As these investments are taking
longer than expected to generate material returns, adjusting for
the same (including goodwill), the overall gearing ratio as on
March 31, 2019 stands at 1.57x as against 1.11x as on March 31,
2018. The management is looking to raise funds by the end of
calendar year 2019 through various avenues such as sale of equity,
sale of stake in joint ventures/associate companies and to monetise
some of its gym properties by entering in a sale and lease back
transaction to partially retire its debt. The ability of the
company to timely raise funds and subsequent debt reduction is a
key rating monitorable.

* Reduced financial flexibility: The financial flexibility of TBVFL
(combined) has reduced on account of significant reduction in
market capitalisation along with increase in promoters' pledged
shares. The promoters' stake pledged has increased to 76.11%
(TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the
promoters' to reduce quantum of pledged shares continues to remain
a key rating monitorable.

* Relatively moderate scale of operations: TBVFL's scale of
operations are moderate and seasonal in nature as second quarter
and fourth quarter of the fiscal year together contribute almost
61% of its overall consolidated revenues in FY19. Hence, any
adverse impact on the business in the peak season may adversely
impact the profitability.

* On-going significant capex towards existing line of business as
well as towards newer business segments which have not generated
returns in line with expectation: During FY19, on a combined basis,
the company had incurred capex of INR173.03 crore of which, INR111.
18 crore was for gym business and INR61.84 crore was for the
lifestyle business. The company's ability to improve its asset
turnover and increasing turnover of higher value added segment is
crucial to improve its credit profile. Further, the company is
setting up a club in Pune in collaboration with David Lloyd Leisure
Limited which got delayed and is expected to start operation
shortly. The performance in terms of member addition remains a
rating sensitivity.

Key Rating Strengths

* Long track record and extensive experience of the promoters in
the fitness industry: TBVFL and THL, promoted jointly by the
Talwalkar and Gawande families in 2003 has well-established track
record of operating gyms/fitness centres of over a decade and half
in the fitness industry with presence across the country. The brand
"Talwalkars" is in existence since 1932. The promoters, Mr Madhukar
Talwalkar and Mr Prashant Talwalkar, have more than four decades of
experience in various segments/aspects of fitness industry.

* Diversified product portfolio; albeit higher dependence on
revenues from gym services: TBVFL (combined) have a diversified
product portfolio offering multiple products spanning from basic
gym services to aerobics, yoga, diet-based weight reduction
programs, massage, spa, and health counselling. While the
contribution from its value added services is increasing the
company continues to derive major share of revenues from basic gym
services across its outlets.

Liquidity: Poor

There are ongoing delays in company's debt service obligations

Analytical approach: Combined Financials of THL and TBVFL have been
considered for analysis; given the strong operational synergies
along with common management.

Incorporated in 2003, Talwalkars Better Value Fitness Limited
(TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr.
Prashant Talwalkar and Mr. Anant Gawande. The company is one of the
leading fitness chains in India offering a wide range of services
like weight loss, weight gain, and other fitness programs like body
sculpting, shaping, general fitness, massage, spa and health
counselling under the brand "Talwalkars". The company offers
various value added fitness programs in its bouquet of fitness
programs like Zumba (dance inspired fitness program), NuForm
(Electric Muscle Simulation based Technology fitness program),
Reduce (weight loss diet program), Transform (holistic fitness
program). TBVFL (combined) operates gyms/fitness centre on three
models viz. directly managed gyms, franchisee route and subsidiary
model (wherein TBVFL enters into an agreement with a master
franchise, and TBVFL owns around 51% equity and the brand). Over
the last seven years, TBVFL has grown rapidly from operating 63
gyms/fitness centres as on March 31, 2010, to 272 gyms/fitness
centres as on March 31, 2019.




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

[*] NEW ZEALAND: Closed Borders Worsen Labor Shortages
------------------------------------------------------
Reuters reports that New Zealand's closed borders have helped keep
COVID-19 out of the Pacific nation, but a critical shortage of
migrant labour is now fuelling protests among businesses and
workers struggling with a staffing crisis.

About 2,000 eateries stopped service and turned off lights across
on July 6 and are planning other stop work events as part of a
two-month campaign to draw the government's attention to the severe
shortages in skilled labor.

According to Stuff, the labour crunch comes after New Zealand
sealed its border in March last year in response to the raging
coronavirus pandemic. The measures helped contain COVID-19 locally,
and Prime Minister Jacinda Ardern has vowed to maintain an
elimination strategy that's been lauded globally.

But although the COVID-free economy has bounced back faster than
expected, its vaccination rate is much lower than developed peers
and immigration has hit historic lows, leading to acute labour
shortages in a country that relies on low-skilled migrant workers.

"Before COVID-19 hit and closed our borders upwards of 25% of our
workforce were international work visa holders," Restaurant
Association on New Zealand, an industry body organising the
protests, said in a statement.

"Losing them is enough to make a difference so big that it can
affect a business in catastrophic ways," the association said,
Stuff relays.

Some restaurants in Auckland and other major cities temporarily
shut due to understaffing or just to give their burnt out staff a
break, media reports have said, according to Stuff.

Adding to business frustrations is the government's reset on
immigration announced in May, which would further cut the number of
low-skilled migrants when borders eventually re-open, and look to
attract more highly skilled migrants and rich investors, says
Stuff.

"If the government don't reverse this policy, more restaurants will
shut down and that's sad, and potentially new and great restaurants
won't be able to open because the innovators out there will find it
too hard to start recruiting," National President of Restaurant
Association of New Zealand Mike Egan told local media 1NEWS.

Stuff says essential services workers are also upset. About 30,000
nurses are set to walk off their jobs later this year in a series
of strikes for better pay and working conditions as they complained
of burnout.

"We are facing a national health crisis in terms of safe staffing,
recruitment and retention; and the working conditions our members
face can no longer be endured and that's why our issues matter,"
the report quotes the New Zealand Nurses Organisation lead advocate
David Wait as saying in a statement.




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

ELTRACO ROOFING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on July 2, 2021, to
wind up the operations of Eltraco Roofing System Pte. Ltd.

NS Bluescope Lysaght Singapore Pte Ltd filed the petition against
the company.

The company's liquidators are:

         Mr. Farooq Ahmad Mann
         c/o M/s Mann & Associates PAC
         3 Shenton Way
         #03-06C Shenton House
         Singapore 068805


SIGNODE SINGAPORE: Creditors' Proofs of Debt Due on Aug. 9
----------------------------------------------------------
Creditors of Signode Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 9,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 29, 2021.

The company's liquidator is:

         Johann Sebastian Evert Nap
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


SKK TRANSPORT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on July 2, 2021, to
wind up the operations of SKK Transport Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

         BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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