/raid1/www/Hosts/bankrupt/TCRAP_Public/210728.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, July 28, 2021, Vol. 24, No. 144

                           Headlines



A U S T R A L I A

FENTBOROUGH PTY: ASIC Cancels AFS Licence
HELLAS CAKES: Pastry Shop to Close After 60 Years
LANDSCAPE TANKS: Second Creditors' Meeting Set for Aug. 4
PREMIER PLUMBING: First Creditors' Meeting Set for Aug. 6
RAPID LOGISTICS: Second Creditors' Meeting Set for Aug. 4

REDWOOD CONSTRUCTION: First Creditors' Meeting Set for Aug. 4


C H I N A

CHINA EVERGRANDE: Cancels Plan for Special Dividend
EVERGRANDE GROUP: S&P Lowers ICR to 'B-', Outlook Negative
GEMDALE EVER: Moody's Assigns Ba3 Rating to Proposed MTN Program


H O N G   K O N G

YES! E-SPORTS: Court to Hear Wind-Up Petition on Aug. 18


I N D I A

A.P.R. GINN: ICRA Keeps B Debt Rating in Not Cooperating Category
AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating
AHITRI SPINNING: ICRA Lowers Rating on INR18cr Term Loan to D
ALLURI USHA: ICRA Keeps B Debt Ratings in Not Cooperating
B.K. PRINT: ICRA Keeps B Debt Ratings in Not Cooperating

BANASHANKARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
CHABBRA'S ASSOCIATES: Ind-Ra Moves BB+ Rating to Non-Cooperating
CLEANTECH ENERGY: Fitch Gives 'BB-(EXP)' to New USD 2026 Notes
CRYSTAL SEA: ICRA Keeps D Debt Ratings in Not Cooperating
DEORANI DEVI: ICRA Keeps D Debt Ratings in Not Cooperating

DINDAYAL JALAN: ICRA Keeps B+ Debt Rating in Not Cooperating
EXTOL EDUCATION: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
FINO PAYTECH: Ind-Ra Corrects July 10, 2020 Rating Release
FOREIGN TRADE INSTITUTE : Ind-Ra Keeps BB Rating in Non-Cooperating
G R CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating

GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Debt Rating in Not Cooperating
INDIA: Tables Bill in Lok Sabha to Amend Insolvency Law
INFANT'S TRAVELS: ICRA Keeps B+ Debt Rating in Not Cooperating
J.R. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
JAY BHARAT FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating

JAY BHARAT SPICES: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
KARAVALI OCEAN: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
KINGFISHER AIRLINES: UK High Court Declares Vijay Mallya Bankrupt

KISHORE INFRASTRUCTURES: Ind-Ra Moves BB Rating to Non-Cooperating
KODURI ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating
LAKSHMI BALAJI: ICRA Keeps B Debt Rating in Not Cooperating
LAXMINARAYAN INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
MOONLIGHT MARBLES: ICRA Keeps D Debt Ratings in Not Cooperating

NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
NTPC BHEL: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Negative
PD CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating
PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
PREMIER SEAFOODS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

RADHA GOVIND: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
RAJALAKSHMI EDUCATIONAL: ICRA Cuts Rating on INR20cr Loans to D
RAJALAKSHMI HOSTELS: ICRA Lowers Rating on INR20cr Loans to D
RAJENDRA PRASAD: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
RAMEE HOTELS: ICRA Lowers Rating on INR10cr Overdraft to D

RUCKMONI MEMORIAL: Ind-Ra Keeps 'BB' Loan Rating in Non-Cooperating
SANMATI EDIBLE: ICRA Keeps B Debt Rating in Not Cooperating
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
ST. WILFRED: ICRA Keeps B+ Debt Ratings in Not Cooperating

SUVISHRHU SPECIALITY: Insolvency Resolution Process Case Summary
UNITED COMPOSHEETS: ICRA Keeps B Debt Ratings in Not Cooperating
VIDYA PRASARINI: ICRA Keeps D Debt Ratings in Not Cooperating


J A P A N

RAKUTEN GROUP: S&P Lowers LongTerm Issuer Credit Rating to 'BB+'


S I N G A P O R E

BIOMASS VENTURES: Court Enters Wind-Up Order

                           - - - - -


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

FENTBOROUGH PTY: ASIC Cancels AFS Licence
-----------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
Queensland-based financial services provider Fentborough Pty Ltd.

ASIC found that Fentborough failed to lodge its annual accounts and
compliance certificates for the financial years ended June 30, 2019
and June 30, 2020 and failed to maintain membership with the
Australian Financial Complaints Authority (AFCA).

Fentborough was no longer carrying on a financial services business
and does not intend to carry on business under the licence in the
foreseeable future.

Under the Corporations Act 2001, ASIC may suspend or cancel an AFS
licence if the licensee fails to meet its legal obligations,
including its obligations to lodge financial statements and
auditor's reports annually and hold membership of a dispute
resolution system.

The cancellation of Fentborough's AFS licence is part of ASIC's
ongoing efforts to improve standards across the financial services
industry.

Fentborough held a AFS limited licence 483519 since May 13, 2016.
Fentborough may apply to the Administrative Appeals Tribunal (AAT)
for a review of ASIC's decision.


HELLAS CAKES: Pastry Shop to Close After 60 Years
-------------------------------------------------
SmartCompany reports that the family owners of Hellas Cakes, a
60-year-old Greek pastry shop in Melbourne, have announced they
will sell the business, after the COVID-19 pandemic brought forward
their plans to close.

SmartCompany relates that business owner Peter Laliotis, who took
over the business from his father George Laliotis, said plans to
close the shop "were on the cards" and the pandemic pushed him to
make the decision sooner.

"We've come to a point where we've said enough is enough and we
need to move on, and we've decided we're going to close its doors,"
Laliotis told Sunrise.

"Obviously during COVID-19 too, it didn't make it any easier," he
said.

Iraklis Kenos founded the business in 1962 in the Melbourne suburb
of Richmond after learning to make pastry at the age of 12 in
Athens, SmartCompany discloses.

George Laliotis came on board as Kenos' business partner after
immigrating to Australia in the 1970s. When Kenos left the
business, George Laliotis and an employee George Kandaras took over
ownership. George Laliotis' son Peter Laliotis is currently is
running the business.

According to the report, Mr. Laliotis said last year was a
difficult period because he lost his father and business mentor and
the pandemic disrupted trade.

However, Laliotis is optimistic about the future and has plans to
travel to Greece as soon as COVID-19 restrictions are lifted.

Loyal customers have taken to social media to express how much they
enjoyed the traditional Hellenic pastries and sweets.

"Congratulations on a such an iconic business. Thank you for
supplying our shops for so many years," one Facebook user
commented.

Mr. Laliotis' decision to close the business coincided with
Melbourne's fifth coronavirus lockdown, SmartCompany relays.

Hellas Cakes will keep trading until at least September.


LANDSCAPE TANKS: Second Creditors' Meeting Set for Aug. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Landscape Tanks
No. 2 Pty Ltd and Landscape Tanks Pty Ltd has been set for Aug. 4,
2021, at 9:30 a.m. and 10:00 a.m. via Microsoft Teams.

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 Aug. 2, 2021, at 5:00 p.m.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Landscape Tanks on July 6, 2021.


PREMIER PLUMBING: First Creditors' Meeting Set for Aug. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Premier
Plumbing Australia Pty Ltd will be held on Aug. 6, 2021, at 11:30
a.m. via virtual meeting technology.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Premier Plumbing on July 27, 2021.


RAPID LOGISTICS: Second Creditors' Meeting Set for Aug. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rapid Logistics
Group Pty Ltd has been set for Aug. 4, 2021, at 11:00 a.m. via
video conference.

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 Aug. 3, 2021, at 4:00 p.m.

Danny Vrkic of DV Recovery Management was appointed as
administrator of Rapid Logistics on June 29, 2021.


REDWOOD CONSTRUCTION: First Creditors' Meeting Set for Aug. 4
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Redwood
Construction Services 7 Pty Ltd will be held on Aug. 4, 2021, at
11:00 a.m. via virtual facilities.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of Redwood Construction on July 23, 2021.




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

CHINA EVERGRANDE: Cancels Plan for Special Dividend
---------------------------------------------------
Nikkei Asia reports that the board of China Evergrande Group
decided July 27 to abandon a plan to declare a special dividend
after a backlash from investors and banks, sending shares in the
world's most indebted developer sharply lower.

Evergrande shares sank 11.3% during the morning trading session
[July 27] in Hong Kong to HK$5.95, a four-year low. The stock has
declined more than 40% during July alone, the report notes.

Adding to the pressure, S&P Global Ratings cut Evergrande's credit
score on July 26 by two notches to B-, noting "recent weakening in
Evergrande's funding access."

According to Nikkei Asia, Evergrande has been hit by a string of
blows since it unveiled the surprise dividend proposal two weeks
ago. Last week, a court froze a CNY132 million ($20.35 million)
bank deposit belonging to Evergrande at the request of creditor
China Guangfa Bank, sales were halted on company projects in a city
in Hunan Province and several banks in Hong Kong stopped new
mortgages for its developments there, Nikkei Asia recalls.

Nikkei Asia says the planned payment would have been Evergrande's
first special dividend paid since 2018, but given its cash woes,
some analysts expected the company to award shareholders with stock
in the group's Hong Kong-listed electric vehicle unit China
Evergrande New Vehicle Group. This would have allowed it to remove
the unit's debt unit from its balance sheet.

But Evergrande said July 27 that the decision not to proceed took
"into consideration the current market environment, the rights of
the shareholders and creditors, and the long-term development of
the various businesses under the group," the report relays.

Evergrande is closely tracked by regulators, investors and rating
agencies concerned about the potential for contagion across China's
$50 trillion financial system should the company default on loans
from banks and trusts, Nikkei Asia notes.

It has been under pressure since early 2020 as it has tried to
safely descend from a mountain of liabilities, the report says.
Despite its claims to be making progress with debt reduction,
outstanding liabilities grew 5.4% to $301 billion last year. While
the company has reduced so-called interest-bearing liabilities by
repaying bonds, a rise in bills payable to suppliers has climbed
faster.

Evergrande has not defaulted on any of its bonds, but some units
have missed payments on bills payable this year, says Nikkei Asia.

It had only CNY158.8 billion in cash and cash equivalents at the
end of 2020, against CNY335.5 billion of borrowing due over the
following 12 months, Nikkei Asia discloses citing the company's
last annual report.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific in early
July 2021, Moody's Investors Service has downgraded the corporate
family ratings of China Evergrande Group to B2 from B1; Hengda Real
Estate Group Company Limited to B2 from B1; Tianji Holding Limited
to B3 from B2; and the backed senior unsecured ratings of Scenery
Journey Limited to B3 from B2. The backed senior unsecured rating
on the notes issued by Scenery Journey are guaranteed by Tianji.
The notes are also supported by a keepwell deed and a deed of
equity interest purchase undertaking between Hengda, Tianji,
Scenery Journey and the bond trustee.  At the same time, Moody's
has placed the ratings under review for further downgrade. The
previous ratings outlook was negative.


EVERGRANDE GROUP: S&P Lowers ICR to 'B-', Outlook Negative
----------------------------------------------------------
S&P Global Ratings downgraded Evergrande Group, Hengda Real Estate
Group Co. Ltd., and Tianji Holding Ltd. to 'B-' from 'B+'. S&P also
lowered its long-term issue rating on the U.S.-dollar notes issued
by Evergrande and guaranteed by Tianji to 'CCC+' from 'B'.

The negative outlook reflects the increasing risk that Evergrande's
funding access may continue to deteriorate and that potentially
significant margin erosion may further drag down its credit
profile.

S&P downgraded the ratings because the recent weakening in
Evergrande's funding access is leading to significant risks in its
ability to execute its debt reduction plan in an orderly manner. A
tightening credit environment is increasingly impeding such
efforts.

Evergrande laid out a plan to reduce debt in 2020, partly because
of the need to comply with the so-called "three red lines"
regulatory guidelines. This widely circulated policy purportedly
limits China developers from raising new debt unless they clear
thresholds on three criteria: liabilities to assets, net debt to
equity, and cash to short-term debt.

In addition, Evergrande's aggressive price promotions may lead to
severe margin erosion, likely significantly weighing on its
operating profit. It also poses questions on the sustainability of
its contracted sales. S&P believes it will be difficult to keep
using price promotions if the gross margin drops into the teens.

Evergrande's deteriorating funding access is highlighted by the
Guangfa Bank incident. S&P said, "Guangfa Bank's recent freeze of
Evergrande assets as well as reports that banks are lowering their
exposure to the developer reinforce our view that its access to
funding is tightening. Although we understand the Guangfa Bank
conflict has been resolved and any freeze already unwound, it
points to the fragility of the company's funding situation, in our
view."

S&P said, "We also anticipate that Evergrande's bank loan exposure
will fall more than we previously expected. We think some moderate
decrease would be reasonable given the company's deleveraging
campaign." However, Evergrande already needs to substantially trim
outstanding bonds and trust financing. The entity, as such, will
have to carefully manage a moderate decline in bank loan use to
avoid any complications to its liquidity management.

Evergrande's offshore maturity wall is significant next year.

Even though Evergrande has sorted out all its public bond
maturities in 2021, it still faces over US$6 billion of offshore
maturities in 2022 (against around US$4.5 billion in 2021), with
repayments more heavily loaded in the first half of that year.
Evergrande may find that refinancing challenging if the firm's
capital market access does not recover in time.

Evergrande is undergoing a sharp margin compression, hurting
leverage. S&P said, "We anticipate Evergrande's gross margin will
drop to 15%-18% in 2021-2022 from around 25% in 2020, as the
company prioritizes sales and cash collection through the use of
price cuts. That will further squeeze its operating profit
generation with annual EBITDA in 2021 to 2023 dropping to a level
that is 40%-50% below its peak in 2019. Its leverage, as measured
by debt to EBITDA, will also likely rise to 7.5x-8.0x in 2021-2022,
compared with 6.9x in 2020. Our projection for 2021-2022 leverage
is much higher than we previously expected, despite a projected
drop in reported debt by around 40% by 2022."

Evergrande may find it has less room to cut prices to drive sales.
Evergrande's recent average price on contracted sales has dropped
to around Chinese renminbi (RMB) 8,100 per square meter (sqm),
sharply lower than its peak level of over RMB10,000 per sqm. Even
with a relatively competitive average land cost of RMB2,120 per sqm
within its land bank, the margin squeeze will likely be material.
Land costs are likely to rise. The entity has little room to keep
cutting prices if it wants to stay profitable.

Evergrande is still an asset-rich company and has means to raise
funds. That is the case even after a few rounds of significant
fundraising. Evergrande has announced that it is seeking to list
Fangchebao Group Co. Ltd. (FCB) in the U.S., while there might also
be a few other candidates for listing, such as its theme park
business and its bottled-water operations. In the first half of the
year, it raised over RMB50 billion-equivalent from listings or
selling stakes in subsidiaries, including its property management
arm and new energy vehicle business.

S&P also believes that Evergrande may monetize some of its property
development and rental property assets. The amount, though
difficult to gauge, may be sizable. Evergrande still has more than
200 million sqm of land bank in China's higher-tier cities, with
urban redevelopment projects and vast land reserves in second- and
third-tier cities.

Evergrande's core subsidiary, Hengda, is experiencing parallel
trends in liquidity and leverage, and S&P's rating on the firm will
continue to move in tandem with that on Evergrande, given Hengda's
importance within the group. The property developer arm accounts
for about 70% of Evergrande's debt, and 85%-90% of its sales and
profit.

CHINA EVERGRANDE GROUP

The negative outlook reflects the increasing risk that Evergrande's
funding access may continue to deteriorate given the tight credit
environment--in particular, financial institutions are lowering
their exposure to the firm. It also reflects S&P's view that the
entity is at risk of continued significant margin erosion, which
may push up leverage.

S&P said, "We may lower the rating if Evergrande's funding access
weakens. This may happen if financial institutions reduce exposure
to the firm, or if Evergrande does not come up with a feasible plan
to address its sizable bond and short-term maturities in 2022.

"We could revise the outlook to stable if Evergrande's funding
access stabilizes and it formulates a viable plan to tackle its
maturing debt. This could include significant fundraisings,
including asset sales."

HENGDA REAL ESTATE GROUP CO. LTD.

The negative outlook on Hengda mirrors that on its parent company,
Evergrande. The outlook on Evergrande reflects the increasing risk
that Evergrande's funding access may continue to deteriorate and
that its potentially significant margin erosion may hamper its
ability to drive sales with promotions.

S&P may lower the rating on Hengda if we downgrade its parent.

S&P could revise the outlook on Hengda to stable if it made a
similar revision to the outlook on its parent.

TIANJI HOLDING LTD.

The negative outlook on Tianji mirrors that on its parent company,
Hengda, and its ultimate parent, Evergrande.

S&P may lower the rating on Tianji if it downgrades its parent.

S&P could revise the outlook on Tianji to stable if it made a
similar revision to the outlook on its parent.

Evergrande is a large property developer focusing on China's
residential market. The company is one of the top developers in
China, operating in more cities than any other peer, and with the
largest land reserves among listed Chinese real estate companies.
As of Dec. 31, 2020, the company held land reserves of about 231
million sqm, covering 798 projects in 234 cities. It also invests
in other industries such as cultural tourism, electric vehicles,
financial services, and health care. Hui Ka Yan founded the company
in 1996, and it was listed on the Hong Kong stock exchange in
November 2009.

Hengda is a developer incorporated in China. It is 63.46%-owned by
Evergrande. Hengda owns all the residential and commercial property
projects of the group. Hengda is one of the largest property
developers in China by sales, land reserves, and the number of
cities in which it has operations.

Tianji was incorporated in Hong Kong in 2009 and is a wholly owned
subsidiary of Hengda. It serves as the sole offshore platform for
project acquisition and offshore financing under a keepwell
agreement.


GEMDALE EVER: Moody's Assigns Ba3 Rating to Proposed MTN Program
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the proposed notes drawdown under the medium-term note
(MTN) program issued by Gemdale Ever Prosperity Investment Limited,
a wholly owned subsidiary of Famous Commercial Limited (Ba3
stable).

The proposed notes will be unconditionally and irrevocably
guaranteed by Famous and is supported by a deed of equity interest
purchase undertaking and a keepwell deed between Gemdale
Corporation (Gemdale, Ba2 stable), Famous, Gemdale Ever Prosperity
and the bond trustee.

RATINGS RATIONALE

"The proposed notes will lengthen Gemdale and Famous' debt maturity
profile and will not have a material impact on their credit
metrics, since the proceeds will be used mainly for refinancing,"
says Kelly Chen, a Moody's Assistant Vice President.

Famous' Ba3 CFR and senior unsecured rating on its guaranteed bonds
reflect Famous' standalone credit profile and a two-notch rating
uplift due to parental support from Gemdale, based on Moody's
expectation that Gemdale will provide financial support to its
subsidiary in times of stress.

Moody's support assumption considers (1) Gemdale's full ownership
of Famous; (2) Famous' status as Gemdale's primary platform to
raise funds from offshore debt capital markets; and (3) Gemdale's
track record of providing financial support to Famous.

Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and potential
volatility in its sales performance. However, the standalone credit
profile also factors in operational benefits arising from the
company's status as a subsidiary of Gemdale, such as cost
efficiencies and a strong brand name.

Famous' liquidity is weak. Nonetheless, Moody's expects the company
to continue receiving funding support from Gemdale and have
adequate banking facilities to fund its operations, given its close
linkage with Gemdale.

The Ba3 senior unsecured rating on the bonds guaranteed by Famous
are not affected by subordination to claims at the operating
companies. This is because Moody's expects support from Gemdale to
flow through the holding company rather than directly to its main
operating companies, mitigating any differences in expected loss
that could result from structural subordination.

Moody's, however, views that the keepwell agreements provide weaker
protection to bondholders than explicit guarantees from Gemdale.
The enforcement of keepwell agreements could also be subject to
extensive legal and procedural uncertainties, particularly because
of a lack of legal precedent in China for enforcing such
agreements.

Gemdale's ability to provide support is reflected in its Ba2 CFR,
which has considered its established brand name, long operating
track record in China's (A1 stable) property market, and
disciplined and stable management team. The Ba2 CFR also factors in
its good liquidity and good access to various funding channels.

However, Gemdale's Ba2 CFR is constrained by its significant
exposure to joint venture (JV) projects, which raise its contingent
liabilities and lower its corporate and financial transparency.

Moody's expects Gemdale's debt leverage ratio, as measured by
revenue to adjusted debt, to remain at around 75% over the next
12-18 months, compared with around 73% in 2020, because its revenue
growth is likely to be in line with its debt growth.

However, its interest-servicing ability, as measured by
EBIT/interest, will decrease slightly to 4.4x from 4.8x over the
same period because its reported gross profit margin is likely to
decline to 30% from 32% due to rising land costs. These levels of
credit metrics will remain solid for its Ba2 CFR.

Gemdale's liquidity is good, supported by its strong contracted
sales and solid access to funding. As of December 31, 2020, the
company's cash balance of RMB54.2 billion covered 1.3x of its
short-term debt as of the same date. Moody's expects Gemdale's cash
holdings, together with its contracted sales proceeds after
deducting basic operating cash flow items, will be sufficient to
meet its refinancing needs and committed land payments over the
next 12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Gemdale's track record of disciplined
financial management, diversified ownership and board of directors,
and its established governance standard, which mitigate the risks
brought by its weakened corporate transparency due to the company's
high use of JVs.

Moody's has also taken into account Famous' private company status
and low corporate transparency. However, Gemdale's 100% ownership
of the company, established governance structure and history of
providing support to its subsidiary mitigate these risks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Moody's could upgrade Famous' CFR and the rating for its guaranteed
bonds if (1) Famous improves its scale and diversity, reducing its
sales and earnings volatility; and (2) Gemdale's CFR is upgraded.

On the other hand, Famous' CFR and the rating for its guaranteed
bonds could come under pressure if (1) Gemdale's rating is
downgraded; or (2) Gemdale reduces its ownership of or lowers its
support for Famous.

Moody's could also downgrade the ratings if the Famous' credit
profile or liquidity deteriorates materially because of a failure
to implement its business plan or if it expands aggressively.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. As of December 31, 2020, the company's land bank
totaled around 60.4 million square meters (sqm) in salable gross
floor area (GFA).

Incorporated in Hong Kong SAR, China, in 1995, Famous Commercial
Limited is a wholly-owned subsidiary of Gemdale Corporation. The
company also serves as Gemdale's funding vehicle in overseas
markets.




=================
H O N G   K O N G
=================

YES! E-SPORTS: Court to Hear Wind-Up Petition on Aug. 18
--------------------------------------------------------
A petition to wind up the operations of Yes! E-Sports Asia Holdings
Limited will be heard before the High Court of Hong Kong on Aug.
18, 2021, at 9:30 a.m.

Look's Securities Limited filed the petition against the company on
June 1, 2021.

The Petitioner's solicitors are:

          Tung, Ng, Tse & Lam
          26/F, CMA Building
          64 Connaught Road
          Central, Hong Kong




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I N D I A
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A.P.R. GINN: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of A.P.R.
Ginn And Pressing Mills in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

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

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

A.P.R. Ginn & Pressing Mills is a proprietorship concern
established in the year 1985 by Mr. A.P. Rangasamy. The company
operates a cotton ginning and pressing unit in Coimbatore,
Tamilnadu with 24 ginning machines each with a production capacity
of 50 kg of ginned cotton per hour. APR mainly deals in DCH variety
of raw cotton which is procured directly from farmers. The company
produces cotton lint which is sold to various dealers.


AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Agron
Logistics India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based
   limits            10.00        [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 2006, Agron Logistics India Private Limited is
promoted by Mr. Sadanand Pandey. ALIPL is a logistic service
provider primarily engaged in providing full truckload bulk cargo
transportation services on an annual contract basis. The company
operates a fleet of around 500 trucks, out of which 63 trucks are
owned and the remaining are leased by the company. The company also
provides value-added services like couriering, freight forwarding
and warehousing to its customers.


AHITRI SPINNING: ICRA Lowers Rating on INR18cr Term Loan to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ahitri Spinning Mills Pvt. Ltd. (ASMPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        18.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from
                                 [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund Based–         1.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non-Fund-           1.35      [ICRA]D ISSUER NOT COOPERATING;
   Based Bank                    Rating downgraded from [ICRA]A4
   Guarantee/LC                  and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Material event

There is public announcement by Insolvency and Bankruptcy Board of
India (IBBI) that The Royss Trade (proprietor of Kritika Priyen
Khona) has made an application in IBBI against Ahitri Spinning
Mills Pvt. Ltd The IBBI has mentioned October 30, 2021 as the
estimated date closure of insolvency resolution process.

Impact of material event

The amount and nature of claim made by Royss Trade (proprietor of
Kritika Priyen Khona) is uncertain.

Rationale

The rating is based on limited information on the entity's
performance since the time it was last rated on May 2021. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Incorporated in June 2014, Ahitri Spinning Mills Pvt. Ltd. (ASMPL)
is promoted by Mr. Haresh Trivedi, Mr. Hirabhai Ahir, Mrs. Jyotiben
Ahir, Mrs. Parul Trivedi and family members. ASMPL is engaged in
spinning cotton and manufactures 100% carded cotton yarn, in the
range of 28s to 34s counts. The commercial operations commenced in
September 2017. The manufacturing facility is in Dholi village,
Ahmedabad, and has an installed capacity of 13056 spindles per
annum. The key promoters have experience in the textile industry
through their association with entities in cotton ginning.


ALLURI USHA: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Alluri
Usha Gandhi in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-           8.80         [ICRA] B (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Term Loan                         continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Long Term–           1.20         [ICRA] B (Stable); ISSUER
   Unallocated                       NOT COOPERATING; Rating
                                     Continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Alluri Usha Gandhi (AUG), a proprietorship concern, was established
in 2014. The business activities include construction of warehouse
and leasing out to Andhra Pradesh State Civil Supply Corporation
Limited.

B.K. PRINT: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of B.K. Print
And Pack in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable): ISSUER NOT COOPERATING".

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

   Long Term-            3.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Term Loan                         continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Established in July 2010, B.K. Print And Pack is engaged in the
manufacturing of corrugated boxes and mono cartons for a range of
industries which includes FMCG, automobile, consumer durables,
liquor and engineering industries. The firm manufactures five
ply-corrugated cartons and printed cartons. The firm's
manufacturing unit, located in Haridwar, is a fully automated plant
with an installed capacity of 1000 metric tonnes per day. The
primary raw material – kraft paper and duplex board are purchased
from various traders and paper mills located mainly in Uttarakhand.
The client profile of firm includes reputed customers present
across diverse industries such as beverage, FMCG, pharmaceutical,
etc.


BANASHANKARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Banashankari Agro Farms LLP in the 'Issuer Not Cooperating'
category.  The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–       15.80        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based–        3.00        [ICRA]B+(Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

    Unallocated       1.20        [ICRA]B+(Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Banashankari Agro Farms LLP is a partnership firm, owned and
managed by Mr. S N Raghunath and family. The firm is based out of
Malur in Karnataka and commenced operations from April 2016. BAFLLP
was procuring hatchable eggs primarily from its group concern,
Banashankari Poultry Farms Private Limited (BPFPL), and supplies
day-old chick (DOCs) received from its hatchery unit to contract
farmers for rearing, and then sells the live birds to local
distributors. In December 2018, the firm has taken over the entire
process of BPFPL and is now engaged in the process from breeding of
parent broiler to selling the live birds to local distributors. The
firm has an installed aggregate placement capacity to sell 250000
birds per week and it is operating with a capacity to sell 180,000
birds per week at present.


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

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR470 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
25, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in February 1997, Chabbra's Associates is a
partnership firm based in Secunderabad, Hyderabad. The firm is
primarily engaged in civil construction.

CLEANTECH ENERGY: Fitch Gives 'BB-(EXP)' to New USD 2026 Notes
---------------------------------------------------------------
Fitch Ratings has assigned India Cleantech Energy's (ICEL) proposed
US dollar senior secured notes due 2026 an expected rating of
'BB-(EXP)'. The Outlook is Stable.

The rating on the notes reflects the credit profile of a restricted
group of 12 entities (Acme RG1) that are fully owned by Acme Solar
Holdings Private Limited. Acme RG1 operates solar generation assets
with combined capacity of 450MW (or 605MWp) in eight Indian states.
ICEL is an orphan financing vehicle incorporated in Mauritius that
will be held by a trust and its ownership is not linked to Acme
Solar Holdings.

ICEL will use the proceeds of the proposed notes to subscribe to
non-convertible debentures (NCDs) denominated in rupees to be
issued by the entities in the restricted group. ICEL will not
undertake any business activity other than investing in the NCDs.
The operating entities in Acme RG1 will use the proceeds of NCDs to
repay existing project debt and address prepayment penalties and
transaction costs. Any remaining proceeds will be upstreamed to
Acme Solar Holdings.

RATING RATIONALE

The rating benefits from the fully contracted revenues of the
operating assets, whose counterparties include sovereign-owned
entities and distribution companies owned by various Indian states.
The rating is also supported by the adequate financial profile of
the restricted group. All of Acme RG1's capacity is under long-term
power purchase agreements (PPAs) with the majority (93% of
capacity) with tariffs fixed through the PPA terms, which extend
beyond the tenor of the proposed US dollar notes.

Fitch considers the revenue from sovereign-owned utilities as fully
contracted revenue and apply the fully contracted project
threshold. The credit quality of sovereign-owned utilities does not
constrain the rating as Fitch treats the revenue exposure to these
utilities as the systemic risk of the sector. While Fitch does not
rate the state-owned utilities, Fitch believes that delay in
payments by one of them would not necessarily lead to a default of
the transaction given diversification across multiple
counterparties. However, Fitch considers it prudent to treat the
revenue from these state utilities as merchant revenue and apply
the merchant project threshold. Therefore, Fitch applies a
revenue-based weighted average threshold in determining the
rating.

KEY RATING DRIVERS

Experienced Contractors; Proven Technology: Operation Risk -
Midrange

Acme RG1 comprises polycrystalline solar projects, which are a
proven technology with a long-established history. Fitch regards
the operation of this type of solar projects as straightforward and
the solar modules are provided by internationally known suppliers.
Operation and maintenance work is carried out by Acme Cleantech
Solutions Private Limited and its affiliate under 25-year
fixed-price contracts with 4% annual price escalation. Replacement
operators are readily available in the market. The operation risk
assessment is constrained to 'Midrange' as the operating cost
forecast is not validated by an independent technical advisor and
the operating record shows modest variability.

Reasonable Forecast Spread, Adequate Operating Performance -
Revenue Risk (Volume) - Midrange

The energy yield forecast produced by third-party experts indicates
an overall P50/1-Year P90 spread of 7% leading to the 'Midrange'
assessment for revenue risk (volume). The portfolio has
capacity-weighted average life of about 4.0 years with all assets
operating for more than 2 years. The actual load factors recorded
by Acme RG1's portfolio in the financial years ended in March 2020
(FY20) and March 2021 (FY21), which amount to full years of
operation for all the assets, exhibit low volatility from the
1-year P90 projections (about 2%). The curtailment risk is limited
in India given the "must-run" status of renewable energy projects.

Fixed Long-Term Prices for Almost all Contracts, Low Renewal Risk -
Revenue Risk (Price): Midrange

All of Acme RG1's capacity is under long-term PPAs, with 93% of
capacity under fixed-price contracts that extend beyond the tenor
of the proposed US dollar notes, protecting the portfolio from
merchant price volatility. The revenue risk (price) is constrained
to 'Midrange' because 7% of Acme RG1's capacity is exposed to the
national average power purchase cost (APPC), which is set annually.
However, the variable tariff will apply only in FY28, which is
after the maturity of the proposed US dollar notes. The PPAs of
Acme RG1's portfolio have capacity-weighted residual life of about
21 years. Contracts with sovereign-owned utilities account for 55%
of alternative current (AC) capacity (or about 61% of direct
current (DC) capacity) of the restricted group's total capacity
while the remaining capacity is contracted with state distribution
companies.

Partially Amortised Bond, Manageable Refinancing Risk - Debt
Structure: Weaker

About 7% of the principal of the proposed US dollar notes will be
amortised over the note life. The refinancing risk exposure is
mitigated by a mandatory cash sweep of about 19% of principal and a
cash trap in the final year. The refinancing risk of the remaining
68% of principal is further mitigated by the remaining tenor of
PPAs, which extend beyond maturity of the notes, and the group's
access to domestic markets. The NCDs will be cross guaranteed by
each of Acme RG1's entities. The NCDs benefit from the usual
protective structural features, including a standard cash
distribution waterfall, distribution lockup at 1.3x 12-month
backward-looking debt service coverage ratio (DSCR) and cash
lock-up in the final year of the bond tenor. The restricted group
will maintain a debt service reserve account but not a major
maintenance reserve account.

The US dollar noteholders benefit from a 100% share pledge by ICEL
and charge over all assets of ICEL excluding its rupee-denominated
NCDs. ICEL, which is the holder of the rupee NCDs issued by
operating entities within the restricted group, benefits from a
standard security package, including charge over movable and
immovable assets, and a pledge over a 51% stake in the restricted
group entities. While this provides the noteholders with only
indirect access to the NCDs' security package, this is a common
issuance structure adopted by several other Fitch-rated
transactions. The transaction is partially exposed to rupee
depreciation up to a contracted strike price in relation to the 40%
remaining principal hedged using options. However, holders of the
NCDs will provide a redemption premium to cover any funding
shortfall between the forex spot at inception and strike price,
which will mitigate the risk to bond holders, although it weakens
the credit profile of Acme RG1.

PEER GROUP

Fitch views Acme RG1 as comparable with Azure Power Solar Energy
Private Limited (Azure RG2, senior secured notes: BB/Stable). Both
are pure solar portfolios with moderate gap in P50/1-year P90
projections despite relatively short operating periods.
Operating-cost forecasts for both are not validated by independent
technical advisors. Acme RG1 and Azure RG2 also have similar
issuance and debt structure with relatively large bullet payments
at maturity.

Acme RG1 benefits from exposure to stronger counterparties, with
55% of capacity contracted with sovereign-owned utilities and the
remaining with state distribution companies. In comparison, the
majority of Azure RG2's capacity is contracted with state
distribution companies. Nevertheless, Acme RG1's weaker financial
profile counteracts stronger counterparty exposure, justifying a
notch of difference in the credit assessment.

Adani Green Energy Limited Restricted Group 1 (AGEL RG1, senior
secured notes: BB+/Stable) and Adani Green Energy Limited
Restricted Group 2 (AGEL RG2, senior secured notes: BBB-/Negative,
underlying credit profile: bbb/stable) are also pure solar
portfolios with 100% capacity contracted under fixed-price PPAs for
the full bond tenor with either sovereign or state-owned
utilities.

AGEL RG2 and AGEL RG 1 benefit from higher revenue exposure to
stronger counterparties, i.e. sovereign-owned utilities and direct
issuance structure. AGEL RG2 has a stronger debt structure than
AGEL RG1 and Acme RG1 as the balloon payment at maturity is lower
at only 24% of the principal. Both AGEL RG1 and AGEL RG2 also have
stronger financial profile than Acme RG1. Combined, these factors
justify the assessment of ICEL's proposed US dollar notes at two
notches lower than AGEL RG1's secured notes and multiple notches
lower than AGEL RG2's secured notes.

India Green Power Holdings (ReNew RG1, BB-/Positive, underlying
profile: bb-/stable) has an issuance and debt structure similar to
that of Acme RG1, with orphan issuance structure and residual forex
exposure. While ReNew RG1 has a stronger financial profile than
Acme RG1, the latter has a stronger portfolio configuration (100%
pure solar portfolio) as Renew RG1 comprises a mix of wind and
solar projects. Acme RG1 also has stronger counterparties, while
close to 80% of Renew RG1's capacity is contracted with state
distribution companies. Combined, their similar credit assessments
are justified, in Fitch's view.

RATING SENSITIVITIES

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

Average annual DSCR across the refinancing period persistently
below 1.20x as a result of:

-- Energy production underperforming long-term projections due
    tolow solar resource or operational issues; and/or

-- Working-capital issues due to off-takers' payment delays;
    and/or

-- Less favourable refinancing terms and structure than the
    assumptions made in Fitch's financial analysis.

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

-- Average annual DSCR across the refinancing period persistently
    above 1.30x.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

The transaction is a proposed issuance of senior secured notes due
2026. ICEL will use the net proceeds of the proposed US dollar
notes to subscribe to rupee-denominated NCDs issued by the entities
in the restricted group. The entities in the restricted group will
use the proceeds from the NCDs and their existing cash and cash
equivalents to prepay existing debt of the restricted group,
on-lend to the parent company for repayment of its indebtedness and
for growth capex.

FINANCIAL ANALYSIS

Fitch assumes that the proposed US dollar bond will be refinanced
upon maturity by another debt that will amortise across the
remaining PPA terms. Fitch focuses on the average annual DSCR over
the refinancing period given the largely bullet structure of the
bond.

Fitch's base case assumes P50 generation, a 5% production haircut,
0.5% of annual degradation and a 12.4% refinancing interest rate,
which results in an average annual DSCR of 1.43x during the
refinancing period.

Fitch's rating case further assumes one-year P90 generation, a 5%
production haircut, 0.7% of annual degradation, a 10% stress on
management's operating expense forecast and a 12.4% refinancing
interest rate. Fitch's rating case results in an average annual
DSCR of 1.27x.

SECURITY

The proposed US dollar notes and hedge counterparties will be
secured by i) a fixed charge over 100% of the capital stock of
ICEL; and ii) a floating charge over all other assets of ICEL
(other than the rupee NCDs). Indian regulations do not allow
foreign portfolio investors' (ICEL) bonds to be secured by Indian
assets or NCDs.

The rupee NCDs will be secured by a charge over project assets;
assignment of rights under project documents; pledge over 51% of
the shares of the NCD issuers; exclusive charge over the rupee
escrow accounts and debt service reserve account of Acme RG1; and
cross guarantees among the entities in the restricted group.

ESG CONSIDERATIONS

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


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

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      8.07       [ICRA]D ISSUER NOT COOPERATING;
   Based Limit–                   Rating continuous to remain
   Term Loan                      under 'Issuer Not Cooperating'
                                  Category

   Short Term-Fund    25.00       [ICRA]D ISSUER NOT COOPERATING;
   Based–Export                   Rating continuous to remain
   Packaging Credit               under 'Issuer Not Cooperating'
                                  Category

   Long Term/         4.58        [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                    COOPERATING; Rating continuous
   Unallocated                    to remain under 'Issuer Not
   Limits                         Cooperating' Category

Rationale

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

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

Crystal Sea Foods Private Limited (CSFPL) was incorporated as a
private limited company in June 2013 at Chirala in Andhra Pradesh
for setting up a shrimp processing unit with installed processing
capacity of 10,800 MTPA and 2,100 MT cold storage capacity. The
promoters of the company namely, Mr. Amanchi Krishna Mohan, Mr.
Amanchi Rajendra Prasad, Mr. Venkateswara Prasad, Mr. Cherukuri
Peddabai Naidu and Mr. Syed Waseem have more than 20 years of
experience in prawn cultivation and marketing and have a good
network with aquaculture farmers and traders. The shrimp processing
unit is a forward linkage to the existing shrimp culture.


DEORANI DEVI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Deorani
Devi Memorial Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–       14.13        [ICRA]D ISSUER NOT
COOPERATING;
   Limit                          Rating continues to remain
   Term Loan                      under 'Issuer Not Cooperating'
                                  category

   Untied Limit       0.87        [ICRA]D/[ICRA]D ISSUER NOT
                                  COOPERATING*; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Deorani Devi Memorial Trust is a public charitable trust formed in
March 2010. It currently runs a school in the name of 'Open Minds -
a Birla K-12 School' in Patna, Bihar. It is in a franchisee
agreement with Birla Edutech Limited, which has other similar
ventures like Shloka School, Globe Tot'ers (Preschool), SPEED (for
sports and physical education of children), Birla Institute for
Teacher Training, in the sphere of education. The school commenced
its operations from the academic session 2010-11.


DINDAYAL JALAN: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Dindayal
Jalan Textiles Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-           14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Cash Credit                       continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

DJTL, incorporated in 1993, is wholesaler of textile products with
its operations centered in Varanasi, Uttar Pradesh. The company is
a part of the Dindayal Jalan group, which has been engaged in the
textile trading business for more than four decades. DJTL was a
wholesaler and retailer till FY2014, with trading of handloom,
fabric, readymade garments, hosiery etc accounting for a major
portion of its sales. The retail operations of the company were
discontinued from April 2014 onwards, and were shifted to the newly
formed group company Dindayal Jalan Retails Pvt Ltd. The company
has 150,000 square feet space on the outskirts of Varanasi, which
serves as a warehouse and as a display center. This store of the
company is well connected by National Highway with Varanasi and
other major cities of Uttar Pradesh and Bihar.


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

The detailed rating actions are:

-- INR37.04 mil. Term loan (long-term) issued in November 2018
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR60 mil. Bank overdraft facility (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
8, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Extol Education Society is an educational society registered under
Madhya Pradesh Society Registration Act in 1996. The society runs a
college, which became operational in 1997, and a school, which
became operational in 2005; both are located at Bhopal, Madhya
Pradesh.

FINO PAYTECH: Ind-Ra Corrects July 10, 2020 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified FINO Paytech's
ratings published on July 10, 2020 to correctly state the
instrument type and size of issue of cash credit facility.

The amended version is:

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

The instrument-wise rating actions are:

-- INR600 mil. Cash credit facility downgraded with IND BB
     (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Bank guarantee downgraded with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR100 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Letter of credit facility downgraded with
     IND A4+ (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having investment grade
rating that remains non-cooperative with rating agency for more
than six months should be downgraded to sub-investment grade
rating.

FINO Paytech has been non-cooperative with the agency since
November 29, 2018. The current outstanding rating of 'IND BB
(ISSUER NOT COOPERATING)' may not reflect its credit strength as
the issuer has been non-cooperative with the agency, therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

Incorporated in 2006, FINO Paytech provides end-to-end technology
and operational solutions to banks, insurance companies and the
government to help them cater to the population at the bottom of
the economic pyramid.

FOREIGN TRADE INSTITUTE : Ind-Ra Keeps BB Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Institute of
Foreign Trade & Management Society's bank loans' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR70 mil. Term loan maintained in non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Working capital facility maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in September 2007, Institute of Foreign Trade &
Management Society has a university under its aegis. It was granted
the university status under the UP State Act (No. 24 of 2010) in
October 2010 and became functional in January 2011.

G R CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of G R
Constructions in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable)/[ICRA] A4 ISSUER NOT
COOPERATING".

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

   Long Term-          2.20          [ICRA]B+(Stable) ISSUER NOT
   Fund Based/TL                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Long Term/         25.00          [ICRA]B+(Stable)/[ICRA]A4
   Short Term–                       ISSUER NOT COOPERATING;
   Non-Fund Based                    Rating continues to remain
                                     under 'Issuer Not
                                     cooperating' category

   Long Term/         10.00           [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                       ISSUER NOT COOPERATING;
   Unallocated                       Rating continues to remain
                                     under 'Issuer Not
                                     cooperating' category

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

G R Constructions (GRC) is a proprietorship firm engaged in civil
construction, primarily roads, and has started building works for
Hindustan Petroleum Corporation Limited (HPCL) from FY2017. It was
founded by Mr. K Gangadharan Rao in the year 1998 and operates in
and around Visakhapatnam (VSP). Currently the firm has two
divisions - construction and petrol pump division.


GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Gouttephone Technology Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER
NOT COOPERATING".

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

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

Gouttephone Technology Private Limited (GTPL) was incorporated in
February 2017 to manufacture TSPs. The company intends to set up a
manufacturing plant with an annual capacity of 1.5 million TSP
units per annum at Visakhapatnam Industrial Park (SEZ) in Andhra
Pradesh. The plant is completely export-oriented, and the company
has entered into an agreement with Fortrend for technology
transfer, procurement of raw materials, and offtake of TSPs
produced. Fortrend was registered in 1999 in Taiwan and primarily
manufactures TSPs, with a number of patents registered to its name.
GTPL is promoted by Mr. Ramesh Kumar and Mr. Amardeep Singh.


INDIA: Tables Bill in Lok Sabha to Amend Insolvency Law
-------------------------------------------------------
Economic Times reports that the government on July 26 introduced a
bill in the Lok Sabha to amend the insolvency law and provide for a
pre-packaged resolution process for stressed MSMEs.

ET says the proposed amendments would enable the government to
notify the threshold of a default not exceeding INR1 crore for
initiation of pre-packaged resolution process. The government has
already prescribed the threshold of INR10 lakh for this purpose.

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 -- which
was introduced by Corporate and Finance Minister Nirmala Sitharaman
-- will replace the ordinance that was promulgated on April 4 as
part of efforts to provide relief for MSMEs adversely impacted by
the pandemic, ET notes.

ET relates that the bill, which was introduced in the Lower House
amid Opposition din over various issues, seeks to have a new
chapter in the Code to facilitate pre-packaged insolvency
resolution process for corporate persons that are Micro, Small and
Medium Enterprises (MSMEs).

Generally, under a pre-packaged process, main stakeholders such as
creditors and shareholders come together to identify a prospective
buyer and negotiate a resolution plan before approaching the
National Company Law Tribunal (NCLT). All resolution plans under
IBC need to be approved by NCLT, ET relays.

As per the Statement of Objects and Reasons of the bill, it seeks
to specify a minimum threshold of not more than INR1 crore for
initiating pre-packaged insolvency resolution process as well as
provisions for disposal of simultaneous applications for initiation
of insolvency resolution process and pre-packaged insolvency
resolution process, pending against the same corporate debtor,
according to ET.

There would be a penalty for fraudulent or malicious initiation of
pre-packaged insolvency resolution process or with intent to
defraud persons, and for fraudulent management of the corporate
debtor during the process.

Further, punishment would be meted out for offences related to
pre-packaged insolvency resolution process.

According to the Statement of Objects and Reasons, the MSME sector
is critical to the economy considering their significant
contribution to the country's gross domestic product and generation
of employment to a sizeable population, ET says.

"It has, therefore, been considered necessary to urgently address
the specific requirements of the sector by providing an efficient
and alternative framework under the Code for quicker,
cost-effective insolvency resolution process that is least
disruptive to the businesses, ensuring, among other objectives, job
preservation," it noted.

Against this backdrop, the government had promulgated the
Insolvency and Bankruptcy Code (Amendment) Ordinance 2021 on April
4 and the bill seeks to replace the ordinance.

ET notes that in the wake of the pandemic, the government has taken
various steps including increasing the minimum amount of default to
INR1 crore for initiating a corporate insolvency resolution
process.

Besides, the government had suspended fresh filing of corporate
insolvency resolution applications in respect of defaults arising
during the period between March 25, 2020 and March 24, 2021, ET
states.

To deal with emerging market realities, the Code has been amended
on earlier occasions also.

The Code, which came into force in 2016, was enacted to consolidate
and amend the laws relating to reorganisation and insolvency
resolution of corporate persons, partnership firms and individuals,
adds ET.

INFANT'S TRAVELS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Infant's
Travels Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-           18.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Cash Credit                       continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Infant's Travels Private Limited (ITPL), incorporated as a private
limited company in 2002, provides staff transportation services for
corporate entities as well as schools in Bangalore. Currently, the
company's fleet consists of 1126 vehicles, out of which 851 are
owned and 275 vehicles taken on rent. Key clientele of the company
includes Ryan International School, Samsung India, J P Morgan, SAP
Labs India Private Limited and Amadeus Software, among others.

J.R. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of J.R. Foods
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-          9.40      [ICRA] D ISSUER NOT COOPERATING;
   Fund-Based-                   Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-          2.30      [ICRA] D ISSUER NOT COOPERATING;
   Fund-Based-                   Rating continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short Term-        35.75      [ICRA] D ISSUER NOT COOPERATING;
   Nonfund Based                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1993, J R Foods Limited (JRFL) was promoted by Mr.
J.K. Kothari and refines edible oil from crude palm oil (CPO), rice
bran and other edible vegetable oil. Apart from refinery, the
company has solvent extraction plants. The company's manufacturing
facility is located on the Villupuram-Pondicherry National Highway
in Tamil Nadu. The refinery capacity is 300 MTPD and the solvent
extraction capacity is 400 TPD. However, the company derives about
95% of its operating income from oil refinery as the solvent
extraction unit remains almost unutilized.


JAY BHARAT FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jay Bharat
Food Process Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–        3.00        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based–       12.29        [ICRA]B+(Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

JBFPPL was incorporated in 2007 by the Panda family, based in
Cuttack, Odisha. The company processes various agricultural
products to manufacture atta, besan, papad, sattu, tadaka,
vermicelli, chuda powder, soyabadhi, etc. The company is also
engaged in pasta manufacturing since FY2013.


JAY BHARAT SPICES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jay Bharat
Spices Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–       13.00        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based–        1.95        [ICRA]B+(Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

JBSPL was incorporated in 2003 by the Panda family based in
Cuttack, Odisha. The company procures whole spices and grinds them
into powder. The produce is marketed by JBSPL under the brand name
– Bharat. JBSPL's product portfolio includes spices like haldi,
mirchi, jeera, dhania, garam masala, etc. JBSPL is also engaged in
selling products manufactured by its group company 'Jay Bharat Food
Process Private Limited' outside Odisha.


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

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–        7.00        [ICRA]D ISSUER NOT
COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

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

Jay Enterprise was incorporated in 2010 as a proprietorship firm
and was later converted to a partnership firm in April 2013. Since
its inception, the firm has been carrying on the activity of
trading in finished fabrics. JE at present deals in variety of
fabrics, such as- polyester fabric, synthetic fabrics, cotton
fabrics and others. JE has a registered office and a warehouse on a
rental basis located at Surat, Gujarat.


KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kapsons
Engineers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D : ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          20.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                    Rating continues to remain in
   Cash Credit                    the 'Issuer Not Cooperating'
                                  category

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

Incorporated in 2007, Kapsons Engineers Private Limited (KEPL) is
an authorised dealer for passenger vehicles of Honda Cars India
Ltd. The company is promoted by the Kapoor family, with Mr. Jawahar
Lal Kapoor and Mr. Atul Kapoor (son of Mr. Jawahar Lal Kapoor)
serving as the directors of the company. KEPL's customers are
majorly based of Gurgaon and Noida.


KARAVALI OCEAN: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Karavali Ocean
Products Private Limited's (KOP) Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR20.87 mil. Term loan (Long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects KOP's delays in debt servicing for more than
30 days and the classification of the company's account as a
special mention account-2 by the lender. The lender informed the
agency about the same on July 15, 2021.

COMPANY PROFILE

Incorporated in October 2011, KOP processes seafood at its plant in
Karnataka.

KINGFISHER AIRLINES: UK High Court Declares Vijay Mallya Bankrupt
-----------------------------------------------------------------
Financial Express reports that a British court on July 26 granted a
bankruptcy order against Vijay Mallya, paving the way for a
consortium of Indian banks led by the State Bank of India (SBI) to
pursue a worldwide freezing order to seek repayment of debt owed by
the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I
shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and
Companies Court (ICC) Judge Michael Briggs said in his ruling
during a virtual hearing of the Chancery Division of the High
Court, FE relays.

"I have to decide if there is a real prospect of payment of
petition debt in full within a reasonable period of time - there is
insufficient evidence that [Mallya's asset realisations in India]
will pay the debt in full within a reasonable period of time,"
Judge Briggs noted, in reference to defence arguments pointing to a
restoration process in India following a Prevention of Money
Laundering Act (PMLA) court order for the attachment of Mallya's
assets.

"In my judgment, the sums provided to date are conditional - there
is no evidence Dr Mallya will return to India to deal with the
criminal trial and seek to unlock the allocation of realisations
which have been made," the judge, as cited by FE, concluded.

According to the report, the 65-year-old businessman, wanted in
India on fraud and money laundering charges, remains on bail in the
UK while a "confidential" legal matter, believed to be related to
an asylum application, is resolved in connection with the unrelated
extradition proceedings. During the course of the hearing on July
26, Judge Briggs asked Mallya's barrister, Philip Marshall, if
there was any "indication" if his client intended to return to
India to deal with the criminal proceedings and was told that there
was no such indication, FE says.

FE relates that the Indian banks, represented by the law firm TLT
LLP and barrister Marcia Shekerdemian, had argued for the
bankruptcy order to be granted in favor of the Indian banks who are
owed over GBP1 billion and pointed out that the long-drawn legal
battle would complete its third birthday in September this year.
"The Petitioners [banks] say enough is enough. They have not been
paid in full and no part of their debt is the subject of a serious
dispute warranting the dismissal or further adjournment of the
petition."

A bankruptcy order should be made, with no further delay, the
banks' legal team argued. "The sum of GBP 1.05 billion remains due.
Even if one were to treat his interest challenge as having any
relevance (which it does not, whether as a matter of discretion or
otherwise) a sum of close to GBP 0.5 billion is due. Moreover, even
if the assets received by the Petitioners provisionally were to be
treated as payment towards the Debt (which they should not be), the
sum of circa GBP 0.52 billion (INR 5,336.39 crores) would still
remain due to the Petitioners. Even on that footing, therefore, the
Petitioners are entitled to a bankruptcy order," they argued, FE
relays.

Once a bankruptcy order is made in the UK, there is an automatic
vesting of all of the bankrupt's assets in a Trustee in Bankruptcy,
whose role is to investigate their affairs and establish their true
assets and liabilities, with a view to selling relevant assets and
paying back the bankrupt's creditors.

Under UK law, a bankrupt person must cooperate with the Trustee in
Bankruptcy. Such a person is prohibited from obtaining credit for
more than GBP 500 without disclosing their bankrupt status, or
acting as the director of a company without the court's permission.
A bankrupt person is also automatically discharged from their
bankruptcy after one year unless an order is made suspending this
discharge, according to FE.

Immediately after the order was handed down on July 26, Mallya's
barrister sought a stay followed by an adjournment of the order
while legal challenges remain ongoing in the Indian courts, FE
notes. However, the requests were turned down by the judge, who
also declined an application seeking permission to appeal against
the bankruptcy order as he found there was no "real prospect of
success" of such an appeal.

Mallya's counsel, who has indicated plans to pursue an appeal
against the bankruptcy order in the higher appellate court, had
argued that the Indian banks were pursuing the same debt against
him both in India and the UK. He said: "It is the Petitioners who
have chosen to seek to ride two horses, by pursuing enforcement
measures for themselves in India even as they seek to invoke a
class insolvency remedy here.

"Any bankruptcy order, by contrast, would be self-evidently unjust
and cause irreversible harm to Dr Mallya, notwithstanding the (at
least) serious doubt which exists as to whether any further sum in
fact remains unpaid or outside the Petitioner's power to realise."

The petitioners were made up of SBI-led consortium of 13 Indian
banks, including Bank of Baroda, Corporation bank, Federal Bank
Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab
& Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank,
United Bank of India and JM Financial Asset Reconstruction Co. Pvt
Ltd, FE discloses. The debt in question comprises principal and
interest, plus compound interest at a rate of 11.5 per cent per
annum from June 25, 2013.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines, formerly known
as Deccan Aviation Ltd., served about 35 domestic destinations with
a fleet of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
15, 2014, Bloomberg News said Kingfisher Airlines has grounded
planes since October 2012.  The airline lost its operating license
in January 2013 after failing to convince authorities it has enough
funds to restart flights.

As reported in the TCR-AP on Nov. 25, 2016, the Times of India said
the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA).  Justice Vineet Kothari gave
this direction on Nov. 18, while allowing a petition filed in 2012
by Aerotron, a UK-based company, for recovery of a little over $6
million due to it for supply of rotable aircraft components to
KFA.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating;

-- INR800 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- IN40 mil. Proposed fund-based facilities* is withdrawn.

*The ratings have been withdrawn since the instrument was
outstanding for more than 180 days

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

COMPANY PROFILE

Incorporated in May 2010, Hyderabad-based Kishore Infrastructures
is engaged in electrical distribution and transmission projects,
which mainly include power transmission, distribution lines and
electrical sub-stations in Madhya Pradesh, Uttar Pradesh,
Maharashtra, Jharkhand and Rajasthan.

KODURI ENTERPRISES: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Koduri
Enterprises Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-           17.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Cash Credit                       continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Long Term–            0.50        [ICRA]B (Stable) ISSUER NOT
   Non-Fund Based                    COOPERATING; Rating
                                     Continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Long Term–            2.50        [ICRA]B (Stable) ISSUER NOT
   Unallocated                       COOPERATING; Rating
                                     Continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Sri Koduri Enterprises Private Limited (SKEPL) is an authorized
auto dealer of three-wheelers and four-wheelers manufactured by
Piaggio Vehicles Private Limited (subsidiary of Piaggio S.P.A, an
Italy-based manufacturer), Case New Holland Construction Equipment
(India) Pvt. Ltd and MRF Tyres in Andhra Pradesh. The company is
also engaged in servicing of vehicles along with sale of spare
parts.


LAKSHMI BALAJI: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lakshmi
Balaji Oils Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-           9.50         [ICRA]B (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Term Loan                         continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Lakshmi Balaji Oils Private Limited (LBOPL) was incorporated in the
year 2003 and is engaged in the manufacturing of crude palm oil and
its by-products with an installed capacity of 15 TPH at Orissa and
Andhra Pradesh and is promoted by Mr. Satish Roy, Dr. M. Ravi
Sankar and Mr.G.V. Subramanyam. Until 2014 the company had only one
processing plant at Rayagada district of Orissa with 5 TPH
capacity, but with the growing demand for palm oil, the company has
started a new unit at Kurupam mandal of Vizianagaram district of
Andhra Pradesh with 10 TPH capacity. Along with manufacturing, the
company is also involved in palm oil nurseries and has 2 nurseries
with an oil palm seedling growing capacity of 2 lakh per annum.

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

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-            6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Cash Credit                       continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Long Term-            1.24        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based/                   COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Incorporated in 1996, Laxminarayan Industries (LNI) is engaged in
the dyeing and processing of grey fabric on a job-work basis at
Surat, Gujarat. The fabric is provided by the client while the
colors and chemicals are bought by the firm for the dyeing process.
The dyed fabric is then supplied back to the customers who may
process them further and use them in manufacturing dress materials.

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

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

   Fund Based–        0.54        [ICRA]D ISSUER NOT
COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

MMPL was established in 1990 and is involved in processing of
marbles. The manufacturing facility of the company is located at
Rajasamand, Rajasthan. It mainly sells its products in India, with
some exports to countries in Europe and the Middle East.

NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nilkanth
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        6.00       [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan          2.05       [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Nilkanth Cotton Industries (NCI) was set up as a partnership firm
in the year 2014. It is engaged in the business of manufacturing
cotton bales and cottonseed oil through ginning and pressing of raw
cotton (kapas) and cottonseed crushing activity. The firm's
manufacturing facility is located at Rajkot, Gujarat and is
equipped with 24 ginning, 1 pressing machine and 5 expellers for
crushing of cotton seeds with the processing capacity of ~18,144 MT
of raw cotton and 2160 MT of seeds annually. The commercial
production commenced from January 2015. NCI is a partnership firm
with the promoters having an extensive experience in the cotton
industry.


NTPC BHEL: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Negative
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NTPC BHEL Power
Projects Private Limited's (NBPPL) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Negative.

The instrument-wise rating action is:

-- INR1.70 mil. Non-fund-based limits affirmed with IND B+/
     Negative/IND A4 rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the support provided to NBPPL by its parents Bharat Heavy
Electrical Limited (BHEL; 'IND AA-'/Negative/'IND A1+') and NTPC
Limited (NTPC; 'IND AAA'/Stable/'IND A1+'), in view of the
operational and strategic linkages among them.

The Negative Outlook reflect NBPPL's consistently deteriorating
operating performance, poor liquidity due to slow project execution
and absence of new orders, and ongoing cases by operational
creditors under the National Company Law Tribunal (NCLT).

KEY RATING DRIVERS

Steep Decline in Revenue: NBPPL's revenue plunged to INR0.49
billion in FY21 (FY20: INR0.75 billion, FY19: INR0.75 billion), led
by slow project execution and absence of new orders. The company
did not receive any new order in the engineering procurement
construction (EPC) segment post 2013 and in the manufacturing
operations segment since 2018, which limits the scaling up of
operations. This, along with the company's complete dependence on
the low-margin project in Unchahar, Uttar Pradesh with an
unexecuted order book of INR1.58 billion as on December 2020 (April
2020: INR2.8 billion), constrains the ratings. Until 9MFYE21, NBPPL
had executed orders of around INR28.4 billion (9MFYE20: INR27.7
billion), while the pending orders worth INR1.58 billion are likely
to be executed between FY22 and FY23. FY21 numbers are provisional
in nature. As informed by the management, the company is bidding
for overseas power plant dismantling and commissioning order, and
for domestic operations and maintenance orders, which could be
finalized soon. However, Ind-Ra does not expect a significant
turnaround in its operations in the near-to-medium term.

Going Concern Status by Auditors: The auditors continue to
highlight concerns on the going concern status of the company amid
continued losses, leading to net worth erosion. As per BHEL's FY20
annual report, the board of directors, in its meeting held on
February 8, 2018, had accorded an in-principle approval for
pursuing winding up of NBPPL. However, the Ministry of Power (MoP)
had advised NTPC to consider buying out of BHEL's stake and decide
either to continue as an in-house EPC arm or shut operations after
the completion of present orders. This advice was noted by NBBPL's
board in its meeting held on August 29, 2019 and as stated in
NTPC's FY20 annual report, the company has decided to close
operations at NBPPL. Since NBPPL was formed by the directive of the
Government of India (GoI), the GoI's approval for the exit is
mandatory. NTPC communicated to MoP that the decision regarding the
buying out of BHEL's stake may be taken after completion of the
balance works at Unchahar project. NBPPL continues to execute its
Unchahar project and has prepared its financials ongoing concern
basis for FY20.

Liquidity Indicator - Poor: The company's cash flow from operations
remained negative at INR0.015 billion in FY20 (FY19: negative
INR0.069 billion), mainly led by EBITDA losses. Although the
working capital remains stretched in FY21, the Unchahar project
creditors historically were covered by gap funding-I of INR1.44
billion received in June 2019. NBPPL had requested for an
additional gap funding-II of INR1.92 billion, which was sanctioned
in November 2019, of which INR0.99 billion was disbursed until FY21
towards Unchahar project creditors. The balance amount will be
disbursed on fresh demand from the creditors. Thus, there is no
operational risk pertaining to Unchahar project creditors.
Moreover, payment to the promoters is managed internally and
another INR0.45 billion due to North East project vendors is
payable after the closure of the contract, which in turn is linked
to contract closing of NBPPL with BHEL.

The gap funding- I and II was sanctioned by NTPC based on total
cost less total revenue, implying that the debtors are realizable
for payment to the creditors only. Similarly, debtors from BHEL for
North East projects are held by them against liquidated damages,
back charges and risk, and cost, and are thus not being liquidated.
NBPPL is trying to resolve the same with BHEL.

NBPPL does not have any cash credit or working capital facility and
has to rely solely on realization from debtors or bridge financing
from joint venture partners to meet its working capital
requirements. NBPPL had cash and bank balances of INR0.099 billion
at FYE21 (FYE20: INR0.065 billion). It has an outstanding bank
guarantee of INR1.26 billion as of May 2021, majorly towards NTPC
and BHEL.

Given the large creditor balance, both part of current and
non-current liabilities of INR4 billion in FY21 (FY20: INR4.1
billion, FY19: INR4 billion), the company has ongoing cases with
operational creditors - Steel Authority of India Ltd. ('IND
AA-'/Negative/'IND A1+'), Lloyd Insulations (India) Ltd. and Wipro
Enterprises Private Limited - under the NCLT with a majority of the
cases having been filed between FY18 and FY19. NBPPL have settled
claims with operational creditors such as Steel Authority of India
in 2019 and Lloyd Insulations (India) in 2018. NBPPL is making
intermittent settlements to these operational creditors through
funds received from the parents. However, the continued large
creditors continue to expose the company to the risk of being
pushed to NCLT on an ongoing basis, until such creditors are
settled. The settlement of these will remain dependent upon the
support received from the parents or through the realization of
debtors (both part of the current and non-current assets) of
INR3.56 billion in FY21 (FY20: INR3.43 billion, FY19: INR3.8
billion) as the company, in itself, does not have adequate cash
flows.

Continued EBITDA Losses: The company continued to report EBITDA
losses for the sixth consecutive year (FY21: INR0.26 billion, FY20:
INR0.54 billion, FY19: INR1.3 billion, FY18: INR0.9 billion, FY17:
INR0.4 billion, FY16: INR0.2 billion), largely led by losses
incurred in the Unchahar EPC project, which accounted for more than
95% of the revenue in FY21.

Weak-to-Moderate Linkages with Parents: NBPPL is an equal joint
venture between BHEL and NTPC. NBPPL's board positions are shared
by the parent companies and the top management is drawn from them
on deputation basis.

Until September 2018, NBPPL had resolved to approach the GoI for
seeking approvals to discontinue the operations of the company. The
MoP, vide its communication dated August 2019, advised NTPC to
consider buying out the stake of BHEL in NBPPL and then decide to
either continue as an in-house EPC arm or close operations after
the completion of the ongoing work. NTPC communicated to MoP that
the decision regarding The stake buyout may be taken after
completion of the balance works at the Unchahar project. The
company had requested INR1.92 billion of funds from NTPC, which
were sanctioned in November 2019; of this INR0.99 billion was
disbursed until FY21 in the form of bridge funding for meeting
NBPPL's working capital needs. Although the parents have not
provided any additional loan to the company in the form of bridge
financing, they have provided extended credit terms to NBPPL.

RATING SENSITIVITIES

Negative: NBPPL's inability to make timely payments to the
operational creditors, resulting in disorderly winding down of
operations and reduced support from the parents, coupled with a
further deterioration in the operating performance will be negative
for the ratings.

COMPANY PROFILE

NBPPL is a joint venture company of NTPC and BHEL. It was
established to undertake EPC contracts for power plants and other
infrastructure projects. The company manufactures coal and ash
handling plants in Mannavaram, Andhra Pradesh.

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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based-        12.12      [ICRA] D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund-Based-        10.50      [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund            0.60      [ICRA] D ISSUER NOT COOPERATING;
   Based Bank                    Rating continues to remain under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
  
PD Corporation Private Limited (PDCPL), incorporated in August
2011, commenced commercial from January 2013. It is engaged in job
work for embroidery, sale of embroidered saris and trading of
fabric. The company has installed 87 embroidery machines having a
total capacity of 32 crore stiches per annum. The processing site
is located at Surat, Gujarat.

PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pramukh
Exim Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA] D/ [ICRA] D ISSUER NOT COOPERATING".

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

   Non-Fund          10.00       [ICRA] D ISSUER NOT COOPERATING;
   based-Bill                    Rating continues to remain under
   Discounting                   Issuer Not Cooperating'
                                 Category

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

Incorporated in 2009, Pramukh Exim Private Limited (PEPL) exports
salt in various countries such as South Korea, Bangladesh, China,
USA etc. Pramukh International was established as a proprietorship
concern of Mr. Pushpendra Thakker in 2004. It was subsequently
converted a closely held private limited company in the year 2009.
Mr. Shambhu Humbal and Mr. Puspendra Thakkar are the key promoters
of the company and are engaged in the day to day operation of the
business.


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

The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last upgraded on
June 30, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, Premier Seafoods Exim processes sea-caught
and cultured shrimps. Based in Kerala, the company has three
processing units, one each in Cochin (Kerala), Aroor (Alappuzha)
and Paradip (Odisha), with daily processing capacity of 113mt per
day, of which 80% capacity is utilized. The company primarily
caters to customers in Europe, Japan and other Asian countries.

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

The instrument-wise rating action is:             

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Ahmedabad-based Shree Radha Govind Agro Industries is a partnership
firm established in 1998. It processes rice from paddy, with an
installed capacity of 17,500 metric tons per year.

RAJALAKSHMI EDUCATIONAL: ICRA Cuts Rating on INR20cr Loans to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Rajalakshmi Educational Services Private Limited (RESPL), as:

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based–         11.30         [ICRA]D downgraded from
   Term Loans                        [ICRA]BB- (Negative)

   Unallocated          8.70         [ICRA]D downgraded from
   limits                            [ICRA]BB- (Negative)

Rationale

The rating downgrade of RESPL factors in the instances of delays in
the debt servicing obligations in the recent months owing to
liquidity crunch emanating from elongated receivables from
Rajalakshmi Educational Trust (RET). For RET, the fee collection
from students was elongated due to pandemic which impacted overall
liquidity of the group. ICRA has been receiving the No Default
Statement (NDS) from RESPL regularly in the prior months, which did
not suggest irregularity in debt servicing. However, the latest
information suggests that instances of delays by RESPL in recent
months. Further, the rating continues to factor in small scale of
operations, modest coverage indicators and regulatory risks
associated with the higher education sector. ICRA notes the
established presence of the group and its promoters in the higher
education sector.

Key rating drivers and their description

Credit strengths

* Established presence of the Group in the higher education sector:
RESPL is a part of the Chennai-based - Rajalakshmi Group, whose
promoters have rich experience in the higher education sector. The
Group has two flagship trusts – Rajalakshmi Educational Trust
(which operates Rajalakshmi Engineering College [REC] and
Rajalakshmi School of Architecture) and Sabari Foundation (which
operates Rajalakshmi Institute of Technology and Rajalakshmi School
of Business).

Credit challenges

* Delays in debt servicing due to stretched receivables: There were
instances of delays in the debt servicing obligations in the recent
months owing to liquidity crunch due to elongated receivables from
Rajalakshmi Educational Trust (RET), which in turn was because of
elongated fee collection from students due to pandemic.

* Modest scale of operations and coverage indicators: The scale of
operations remains modest with revenues declining to INR3.12 crore
in FY2021 from INR5.32 crore in FY2020 owing to reduced rental
income due to pandemic. RESPL's coverage indicators also remain
modest on account of its sizeable debt servicing obligations amid a
small scale of operations.

* Regulatory risks associated with the higher education sector: The
higher education sector is highly regulated in nature, with the
sanctioned student intake, tuition fees and student-faculty ratio
primarily controlled by the All India Council for Technical
Education (AICTE). This apart, the trusts are required to incur
regular capital expenditure towards infrastructural developments.
Debt-funded nature of the same tends to result in a leveraged
capital structure for the trusts.

Liquidity position: Poor

RESPL's liquidity position is poor because of elongated receivables
from RET due to RET's deferred fee collection from students due to
pandemic and a sizeable debt servicing obligation in FY2022. The
same led to delays in debt serving in recent months.

Rating sensitivities

Positive factors – ICRA could upgrade RESPL's rating with
regularisation in debt servicing for a period of more than three
consecutive months.

Negative factors – Not Applicable

Parent/Group Company: Rajalakshmi Educational Trust

The rating factors in RESPL's strong operational, managerial and
financial linkages with RET, a group trust, as RESPL provides
canteen and parking space to RET for which it receives rental
income.

Incorporated in 2008, RESPL, owns and lease the canteen block and
the parking spaces to educational institution – Rajalakshmi
Engineering College (REC) run by Rajalakshmi Educational Trust (a
Group trust) in lieu of rental income. RESPL is promoted by Mr. S
Meganathan family and the promoters are also the trustees at RET.
REC remains an established college for Engineering course in
Chennai.


RAJALAKSHMI HOSTELS: ICRA Lowers Rating on INR20cr Loans to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Rajalakshmi Hostels Private Limited (RHPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based–         12.79      [ICRA]D downgraded from
   Term Loans                     [ICRA]BB-(Negative)

   Unallocated          7.21      [ICRA]D downgraded from
   limits                         [ICRA]BB-(Negative)

Rationale

The rating downgrade of RHPL factors in the instances of delays in
the debt servicing obligations in the recent months owing to
liquidity crunch emanating from elongated receivables from
Rajalakshmi Educational Trust (RET). For RET, the fee collection
from students was elongated due to pandemic which impacted overall
liquidity of the group. ICRA has been receiving the No Default
Statement (NDS) from RHPL regularly in the prior months, which did
not suggest irregularity in debt servicing. However, the latest
information suggests that instances of delays by RHPL in recent
months.

Further, the rating continues to factor in small scale of
operations, weak coverage indicators and regulatory risks
associated with the higher education sector. ICRA notes the
established presence of the group and its promoters in the higher
education sector.

Key rating drivers and their description

Credit strengths

* Established presence of the Group in the higher education sector:
RHPL is a part of the Chennai based - Rajalakshmi Group, whose
promoters have rich experience in the higher education sector. The
Group has two flagship trusts – Rajalakshmi Educational Trust
(which operates Rajalakshmi Engineering College [REC] and
Rajalakshmi School of Architecture) and Sabari Foundation (which
operates Rajalakshmi Institute of Technology and Rajalakshmi School
of Business).

Credit challenges

* Delays in debt servicing due to stretched receivables: There were
instances of delays in the debt servicing obligations in the recent
months owing to liquidity crunch due to elongated receivables from
Rajalakshmi Educational Trust (RET), which in turn was because of
elongated fee collection from students due to pandemic.

* Modest scale of operations and weak coverage indicators: The
scale of operations remains modest with revenues declining to
INR2.41 crore in FY2021 from INR3.56 crore in FY2020 owing to
reduced rental income due to pandemic. RHPL's coverage indicators
remain weak due to high repayment obligations amid small scale of
operations.

* Regulatory risks associated with the higher education sector: The
higher education sector is highly regulated in nature, with the
sanctioned student intake, tuition fees and student-faculty ratio
primarily controlled by the All India Council for Technical
Education (AICTE). This apart, the trusts are required to incur
regular capital expenditure towards infrastructural developments.
Debt-funded nature of the same tends to result in a leveraged
capital structure for the trusts.

Liquidity position: Poor

RHPL's liquidity position is poor because of elongated receivables
from RET due to RET's deferred fee collection from students due to
pandemic and a sizeable debt servicing obligation in FY2022. The
same led to delays in debt serving in recent months.

Rating sensitivities

Positive factors – ICRA could upgrade RHPL's rating with
regularization in debt servicing for a period of more than three
consecutive months.

Negative factors – Not Applicable

Incorporated in 2008, RHPL, owns and lease the hostel building to
educational institution – Rajalakshmi Engineering College (REC)
run by Rajalakshmi Educational Trust (a Group trust) in lieu of
rental income. RHPL is promoted by Mr. S Meganathan family and the
promoters are also the trustees at RET.


RAJENDRA PRASAD: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dr. Rajendra
Prasad Educational Society's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Term loan maintained in non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Bank overdraft facility maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Dr. Rajendra Prasad Educational Society was formed on May 25, 2000
under the Society of Registrar, Uttar Pradesh and began its
operations in 2003.


RAMEE HOTELS: ICRA Lowers Rating on INR10cr Overdraft to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ramee
Hotels Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        10.00      [ICRA]D ISSUER NOT COOPERATING;
   Overdraft                    Rating downgraded from [ICRA]B+
                                (Stable) and continues to remain
                                in the 'Issuer Not Cooperating'
                                category

   Fund based-       48.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating downgraded from [ICRA]B+
                                (Stable) and continues to remain
                                in the 'Issuer Not Cooperating'
                                category

   Non fund based     2.50      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating downgraded from [ICRA]A4
                                and continues to remain in the
                                'Issuer Not Cooperating' category

   Unallocated        0.25      [ICRA]D/[ICRA]D ISSUER NOT
   Limits                       COOPERATING; Rating downgraded
                                from [ICRA] B+(Stable)/[ICRA]A4
                                and continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in December 2020. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

Incorporated in 1998 and promoted by the Shetty family, Ramee
Hotels Private Limited is engaged in the hospitality business and
operates two hotels in Mumbai and Pune. Its registered office is in
Dadar, Mumbai. The company's promoter, Mr. Vardaraj M Shetty, is
actively involved in the Group's business. The Ramee India Group,
comprising two other companies and around six subsidiaries, is
engaged in the hospitality, construction and real estate and
security and protection business. Ramee acts as a holding company
for its subsidiaries and holds stake in two other Group companies.
The three companies operating in India - Ramee Hotels Pvt. Ltd.
(RHPL), Ramani Hotels Limited (RHL) and Creative Hotels Pvt. Ltd.
(CHPL) - share a common management and brand, 'Ramee Guestline
Hotels', while deriving considerable synergy from intra-group
operational and financial linkages. The Group also operates 34
hotels worldwide, with a total capacity of ~3,000 rooms, with focus
on the West Asian market. In FY2017, the firm reported a net profit
of INR0.24 crore on an operating income (OI) of INR28.48 crore, as
compared to a net loss of INR3.06 crore on an OI of INR27.16 crore
in the previous year.

RUCKMONI MEMORIAL: Ind-Ra Keeps 'BB' Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ruckmoni
Memorial Charitable Educational Health Trust's bank loans rating in
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR29.66 mil. Bank loan maintained in non-cooperating category

     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR50.00 mil. Fund-based working capital facility maintained
     in non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Ruckmoni Memorial Charitable Educational Health Trust was formed in
2002 and registered as a public charitable trust. The trust is an
educational organization recognized under the Travancore Cochin
Literacy Scientific and Charitable Act, 1955.

SANMATI EDIBLE: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sanmati
Edible Oils Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".

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

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

Sanmati Edible Oil was established in 1992 as a partnership
concern. Later, the constitution of the concern has been changed to
the company in 1999. The company is engaged in the extraction of
crude mustard oil (kacchi dhani) and de-oiled mustard cake
(by-product). The facility of the company is situated at Jaipur,
Rajasthan. The company has a crushing capacity of 50 metric tonnes
per day (MTPD), which can be enhanced through extension of working
hours and normal capex. The company sells its edible oil under its
registered brand name 'Sanmati' to the local players. The major
customers of the company include Emami Biotech Limited, Adani
Wilmar Limited and its group companies. These players procure oil
from SEOPL and sells under their own brand name.


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

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–        0.50        [ICRA]D ISSUER NOT
COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund Based–        1.25        [ICRA]D ISSUER NOT
COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund Based–        5.25        [ICRA]D ISSUER NOT
COOPERATING;
   Working                        Rating continues to remain
   Capital Limits                 under 'Issuer Not Cooperating'
                                  category

   Non-fund           9.00        [ICRA]D ISSUER NOT COOPERATING;
   based limits                   Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in the year 2007 by Kikani family, SKM Industries is a
partnership firm engaged in manufacturing and export of steel cable
drums. The firm also manufactures various railway products like
break beam, straps, bracket, body side panel etc. which find their
end application in manufacturing of Railway boogies. The firm has a
manufacturing facility in 2 Umbergaon, Gujarat.


SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SRS
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING" and "MD ISSUER
NOT COOPERATING''.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         350.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                    Rating continues to remain in
   Cash Credit                    the 'Issuer Not Cooperating'
                                  category

   Long Term-          10.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                    Rating continues to remain in
   Term Loan                      the 'Issuer Not Cooperating'
                                  Category

   Short Term         238.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long term/         237.00      [ICRA]D/[ICRA]D ISSUER NOT
   short Term                     COOPERATING; Rating continues
   Fund Based/                    to remain under 'Issuer Not   
   Non Fund Based                 Cooperating' category

   Medium-Term        225.00      MD ISSUER NOT COOPERATING;
   Fixed Deposit                  Rating continues to be under
   Programme                      'Issuer Not Cooperating'
                                  Category

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

SRS Limited was incorporated as SRS Commercial Company Limited in
August 2000. It was renamed to SRS Limited in July 2009. The
company has been involved in the retail/wholesale sale of jewelry,
besides operating a chain of modern format retail stores and a
chain of cinemas. SRS Limited is presently undergoing liquidation
vide order of Hon'ble National Company Law Tribunal (NCLT)
Chandigarh dated 15.10.2019 under the provisions of Insolvency and
Bankruptcy Code, 2016.

ST. WILFRED: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of St.
Wilfred Education Society in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-           20.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Term Loan                         continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

St. Wilfred Group of colleges was set up in 2010 starting with a
single campus and eleven courses in the city of Jaipur. Since its
inception, the group has widened its horizon and is running various
professional, post-graduate, law, and education & engineering
colleges as well. The first campus was established at Mansarovar,
Jaipur. With the passage of time, the group has expanded to over 5
campuses and total 19 colleges spanning across three different
cities. The colleges offer a number of courses in science,
commerce, management, humanities, law, engineering, mass
communication, I.T., Computers and so on. Further, the e-Library,
equipped laboratories, gymnasiums, hostel facilities, cafeterias,
swimming pool, sports facilities and art of state infrastructures
are some of the salient features.


SUVISHRHU SPECIALITY: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Suvishrhu Speciality Chemicals Private Limited
        W-220, Phase-II, M.I.D.C.
        Dombivali (East), Thane
        Maharashtra 421204

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Navi Mumbai Bench

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

Insolvency professional: Anurag Jain

Interim Resolution
Professional:            Anurag Jain
                         1401 Oriental Heights
                         Sector-44, Plot-158
                         Seawoods West, Navi Mumbai
                         Maharashtra 400706
                         E-mail: ipanuragjain@gmail.com

                            - and -

                         1003, Satra Plaza
                         Sector 19-D, Vashi
                         Navi Mumbai 400703
                         E-mail: cirp.suvishrhu@resolvegroup.co.in

Last date for
submission of claims:    July 29, 2021


UNITED COMPOSHEETS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of United
Composheets Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

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

   Long Term-            3.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/                       COOPERATING; Rating
   Term Loan                         continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

Incorporated in 1998, UCPL is promoted by Mr. Jinesh Kumar Tyagi
and is involved in manufacturing sheet metal components for
electrical, electronic and automotive applications. The company's
product range includes engine motor parts, wiper motor housings and
other deep-drawn components used in automobile engines and bodies.
The company also manufactures panels and switchgear components for
electronic and electromotive applications. At present, the company
has two manufacturing units in Ghaziabad.


VIDYA PRASARINI: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vidya
Prasarini Sabhain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–       13.45        [ICRA]D ISSUER NOT
COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Unallocated        0.30        [ICRA]D/[ICRA]D ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Vidya Prasarini Sabha (VPS) was established in 1923 with an aim to
provide education to various verticals of the society. At present,
VPS runs around twenty-two education institutes in Pune and
Lonavala, which includes Engineering college, BSC College, BCA
College, Jr. Colleges, high schools and Institutes for computer
courses with a total strength of around 11,800 students, of which
around 7400 students come under government sponsored schools while
remaining 4400 students come under private schools, Jr. Colleges
and other institutes.




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

RAKUTEN GROUP: S&P Lowers LongTerm Issuer Credit Rating to 'BB+'
----------------------------------------------------------------
S&P Global Ratings has lowered to 'BB+' from 'BBB-' its long-term
issuer credit and senior unsecured debt ratings on Japan-based
internet services company Rakuten Group Inc. The outlook on the
long-term issuer credit rating is negative. S&P also lowered its
long-term issue credit rating on its subordinated bonds two notches
to 'B+' from 'BB'. S&P has removed all the ratings from CreditWatch
with negative implications, where it placed them on Feb. 18, 2021.
This was because S&P expected upfront investments in its mobile
business to substantially widen the deficit in its nonfinancial
unit.

S&P said, "We downgraded Rakuten because we expect its financial
standing to worsen substantially. This is because we believe it
will likely use debt as its primary means of financing in fiscal
2022." Its nonfinancial unit is likely to accumulate over JPY1
trillion in negative free operating cash flow by fiscal 2022
despite large increases in equity and subordinated debt issuances
easing financial pressure in fiscal 2021.

S&P said, "The nonfinancial unit's finances are likely to worsen
substantially because Rakuten's debt is likely to balloon through
fiscal 2022, in our view. This is despite increases in equity and
other mitigation measures. Upfront investments in its mobile
business will push the nonfinancial unit's EBITDA substantially
more negative in fiscal 2021 from about negative JPY30 billion
(after our adjustments) the previous year. The nonfinancial unit's
EBITDA should turn positive in fiscal 2022 as the mobile business'
deficit shrinks. Debt to EBITDA, a key financial metric, is likely
to exceed 20x as of the end of fiscal 2022. This is because debt is
likely to soar owing to a total of about JPY750 billion in capital
expenditures in the two years through fiscal 2022. However, we
expect the ratio to recover to about 7x in fiscal 2023 owing to
substantial recovery in EBITDA in its nonfinancial unit."

Rakuten's ability to repay debt with cash flow from its main
business is likely to remain weak for the rating for the coming two
years or so. Continued upfront investments in its mobile business
have resulted in very weak repayment ability. In addition, the
company has sold significant investment assets to cover the
deficit.

However, S&P focuses on the nonfinancial unit's relatively strong
interest coverage in assessing its financial risk profile. This is
because it can continue to secure funds at low interest rates
thanks to good relationships with domestic bank syndicates. Also,
Rakuten has complemented its cash flows to a degree with increases
in equity and asset sales.

S&P's base-case scenario assumes the following for the nonfinancial
unit:

-- Negative free operating cash flow of about JPY620 billion in
fiscal 2021 (including about JPY400 billion in capital
expenditure), and negative free operating cash flow of about JPY420
billion in fiscal 2022 (including about JPY350 billion in capital
expenditure);
-- In fiscal 2021, funds raised through a combined JPY242.3
billion increase in equity through issuance of new shares and
disposal of treasury stock, subordinated debt issuances of about
JPY245 billion (after repurchasing JPY75 billion in existing
subordinated bonds), asset sales, and leasing contracts; in fiscal
2022, most funds raised through debt; and

-- An increase in adjusted debt (including leasing liabilities and
subordinated debt with no equity content) of about JPY470 billion
to a total JPY1.5 trillion-JPY1.6 trillion by the end of fiscal
2022.

S&P said, "We expect Rakuten's internet service business and
financial unit to continue to perform well for the coming year or
two. We attribute this strength to an increase in demand for online
shopping amid the COVID-19 pandemic. Rakuten's domestic e-commerce
business should maintain strong growth in domestic gross
merchandise sales. The transfer of its logistics business to a
joint venture with Japan Post Co. Ltd. should ease its investment
burden and boost competitiveness of its logistics services. The
logistics business weighed on the company. Also, Rakuten has closed
or withdrawn from unprofitable overseas internet service
businesses, and the financial unit is steadily expanding its
membership base. We also believe its financial unit's stand-alone
credit quality will remain unchanged.

"Performance of Rakuten's nonfinancial unit, though, will take time
to recover after likely bottoming in fiscal 2021. We expect the
mobile business, which drags down the unit's performance, to
continue to produce negative EBITDA in fiscal 2022. We expect it to
continue to trail far behind major Japan-based carriers in network
quality for another year or so despite stepped-up efforts to make
improvements. Big cuts in fees at major carriers have likely hurt
Rakuten's price competitiveness, in our view.

"We equalize the issue rating on Rakuten's senior unsecured bonds
with our 'BB+' long-term issuer credit rating on the company. This
reflects our view that more senior debt (secured debt and
subsidiaries' debt) accounts for a very small portion of the
nonfinancial unit's debt and does not significantly subordinate the
senior unsecured debt to other debt.

"Our rating on Rakuten's subordinated debt is three notches lower
than the long-term issuer credit rating on the company. The
three-notch differential reflects our notching methodology, whereby
we deduct one notch for the issuer's option to defer interest
payments and two additional notches for subordination of the bonds
when the long-term issuer credit rating is 'BB+' or lower.

"The negative outlook reflects our view of an at least one-in-three
chance Rakuten's nonfinancial unit will suffer negative EBITDA
again in fiscal 2022 owing to growing competition in its mobile
business hampering its efforts to secure customers or the mobile
business being unable to shrink its deficit."

S&P may consider a downgrade if it sees a heightened likelihood of
either of the following scenarios:

-- The nonfinancial unit records negative EBITDA in fiscal 2022,
with no sign of recovering the large deficit in its mobile
business, and the company relies heavily on debt to raise funds in
fiscal 2022; or

-- The financial unit's credit quality deteriorates on a
stand-alone basis, dragging down the entire company's credit
quality. This could occur in either of two cases: one, a heightened
likelihood of the financial unit's risk-adjusted capital (RAC)
ratio staying below 5% as a result of sharp growth in risk-weighted
assets arising from a rise in credit card receivables; or two,
quality of the business' assets worsening substantially.

S&P said, "We may consider revising the outlook to stable if we see
a heightened likelihood of Rakuten's key financial ratios improving
substantially. This could occur if the nonfinancial unit secures a
certain level of positive EBITDA in fiscal 2022 and the company
significantly increases its proportion of nondebt financing sources
from what we now assume.

"We might also revise the outlook to stable if the financial unit's
credit quality improves. This would be the case if the unit builds
up retained earnings relative to its risk and we determine that its
RAC ratio is likely to rise and stay above 7%. However, the
financial unit is unlikely to drastically improve its credit
quality soon, in our view."

  Ratings Score Snapshot

  Issuer credit rating: BB+/Negative/--

  Business risk: Satisfactory

  Country risk: Low risk
  Industry risk: Intermediate risk
  Competitive position: Satisfactory
  Financial risk: Aggressive
  Cash flow/leverage: Aggressive
  Anchor: bb

  Modifiers:

  Diversification/portfolio effect: Neutral (no impact)
  Capital structure: Neutral (no impact)
  Financial policy: Neutral (no impact)
  Liquidity: Adequate (no impact)
  Management and governance: Fair (no impact)
  Comparable rating analysis: Neutral (no impact)
  Stand-alone credit profile: bb

  Group credit profile: bb+




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

BIOMASS VENTURES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 16, 2021, to
wind up the operations of Biomass Ventures Pte. Ltd.

Infraco Asia SL Biomass Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Mr. Aw Eng Hai
         Mr. Kon Yin Tong
         c/o Foo Kon Tan LLP
         24 Raffles Place
         #07-03
         Clifford Centre
         Singapore 048621



                           *********


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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