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

                     A S I A   P A C I F I C

          Friday, July 30, 2021, Vol. 24, No. 146

                           Headlines



A U S T R A L I A

POWERARK SOLAR: Second Creditors' Meeting Set for Aug. 6
PREMIER CIVIL: Second Creditors' Meeting Set for Aug. 5
RMD INNOVATIONS: Second Creditors' Meeting Set for Aug. 4
TANDEM CORP: Second Creditors' Meeting Set for Aug. 5
TRL TENNANT: Second Creditors' Meeting Set for Aug. 4



C H I N A

CHINA EVERGRANDE: Fitch Lowers Foreign Currency IDR to 'CCC+'
CHINDATA GROUP: Moody's Assigns First Time Ba2 Corp. Family Rating


H O N G   K O N G

NEXT DIGITAL: Apple Daily Publisher Faces Hong Kong Fraud Probe


I N D I A

ATITHYA INN: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
BABA MARBLES: CRISIL Moves B Debt Ratings to Not Cooperating
BABA PROJECTS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
BEST IT: CRISIL Moves D Debt Ratings to Not Cooperating
CHAUDHARY RICE: CARE Lowers Rating on INR8.40cr Loan to C

FRONTIER KNITTERS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
GREATWALL CORPORATE: CARE Lowers Rating on INR15.79cr Loan to D
GREEN FIELD: CARE Keeps D Debt Rating in Not Cooperating
HEMALI INVESTMENT: Ind-Ra Moves BB+ Rating to Non-Cooperating
INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating

J.P.S. FOUNDATION: CRISIL Keeps B+ Debt Rating in Not Cooperating
JAHANGIR BIRI: CARE Lowers Rating on INR14.75cr LT Loan to D
JAHANGIR BIRI: CRISIL Lowers Rating on INR13.50cr Loans to D
JOMSONS ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
K.L. ICE: CARE Keeps B- Debt Rating in Not Cooperating Category

KAMACHI INDUSTRIES: Ind-Ra Affirms 'D' LongTerm Issuer Rating
KARNIZ PACKS: CRISIL Lowers Rating on INR7.10cr Term Loan to D
KIJALK INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
KINETA GLOBAL: Ind-Ra Cuts LT Issuer Rating to 'D', Outlook Stable
KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating

KLAUS WAREN: CRISIL Keeps D Debt Ratings in Not Cooperating
KOMPLETE SUPPLY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LAL BABA: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
MAHESH TRADERS: CARE Lowers Rating on INR9.20cr Loan to C
MANTHRAGIRI TEXTILES: CRISIL Lowers Rating on INR20.0cr Loan to D

MEGHALAYA CAST: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
MEHTA API: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
MONAD EDUKASIONAL: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
PASIGHAT MUNICIPAL: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
PATEL MOTORS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating

PMR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
PRACHI PRIVATE: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
RAHEJA ICON: CARE Keeps D Debt Rating in Not Cooperating
RELIANCE COMMUNICATIONS: Bankr. Ct. to Decide on Spectrum License
S.K. EXPORTS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'

SAKTHI GANESH: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
SANTLADEVI RESORTS: CRISIL Moves D Debt Rating to Not Cooperating
SATISH AGRO: CRISIL Moves D Debt Rating to Not Cooperating
SHUBHSHREE ENGINEERING: Ind-Ra Keeps BB+ Rating in Non-Cooperating
SINHGAD TECHNICAL: CARE Keeps D Debt Ratings in Not Cooperating

SWARGIYA TAPESHWAR: CRISIL Keeps B+ Rating in Not Cooperating
TEZALPATTY TEA: CRISIL Moves D Debt Ratings to Not Cooperating
TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
UCN CABLE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
UNDERWATER SERVICES: CARE Lowers Rating on INR49.0cr Loan to B

VANI ORGANICS: CARE Keeps C Debt Rating in Not Cooperating
VARDHMAN ENTERPRISE: CRISIL Lowers Rating on INR4.80cr Loan to D
VINAYAKA EDUCATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
VR FOUNDRIES: Ind-Ra Hikes Issuer Rating to 'BB-', Outlook Stable


I N D O N E S I A

BANK JAGO: Net Loss Narrows to IDR46.77BB in First Half
TUNAS BARU: Fitch Withdraws B+ Rating on Proposed USD Unsec. Notes


J A P A N

AEON COMPANY: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings


N E W   Z E A L A N D

ROCKET LAB: Racked up Losses of NZ$290MM over Past Eight Years


S I N G A P O R E

DCI INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 30
HON INDUSTRIES: Court to Hear Wind-Up Petition on Aug. 13
MONADELPHOUS SINGAPORE: Creditors' Proofs of Debt Due Aug. 30


V I E T N A M

HANOI POWER: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Pos.

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A U S T R A L I A
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POWERARK SOLAR: Second Creditors' Meeting Set for Aug. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Powerark Solar
Pty Ltd has been set for Aug. 6, 2021, at 10:30 p.m. via telephone
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. 5, 2021, at 4:00 p.m.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Powerark Solar on July 2, 2021.


PREMIER CIVIL: Second Creditors' Meeting Set for Aug. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Premier Civil
Structures Pty Ltd has been set for Aug. 5, 2021, at 11:00 a.m. via
virtual meeting technology.

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

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

Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of Premier Civil on July 1, 2021.


RMD INNOVATIONS: Second Creditors' Meeting Set for Aug. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of RMD Innovations
Pty Ltd has been set for Aug. 4, 2021, at 10:30 a.m. via Zoom.

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.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of RMD Innovations on July 1, 2021.


TANDEM CORP: Second Creditors' Meeting Set for Aug. 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Tandem Corp Pty Ltd
     - Tandem Digital Services Pty Ltd
     - Infrastructure Services Group (Aust) Pty Ltd
     - ISGA FinCo Pty Ltd
     - ISGM Consulting Pty Ltd
     - Tandem Property Works Pty Ltd
     - ISG Management Pty Ltd

has been set for Aug. 5, 2021, at 2:00 p.m. via virtual meeting
only.

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

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

Matthew Wayne Caddy and Keith Alexander Crawford of McGrathNicol
were appointed as administrators of Tandem Corp et al. on July 1,
2021.


TRL TENNANT: Second Creditors' Meeting Set for Aug. 4
-----------------------------------------------------
A second meeting of creditors in the proceedings of TRL Tennant
Creek Pty Ltd has been set for Aug. 4, 2021, at 12:00 p.m. via
electronic facilities.

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.

Jack Robert James and Paula Lauren Smith of Rodgers Reidy were
appointed as administrators of TRL Tennant on June 30, 2021.




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C H I N A
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CHINA EVERGRANDE: Fitch Lowers Foreign Currency IDR to 'CCC+'
-------------------------------------------------------------
Fitch Ratings has downgraded to 'CCC+', from 'B', the Long-Term
Foreign-Currency Issuer Default Ratings (IDR) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
also downgraded the senior unsecured ratings of Evergrande and
Tianji as well as the Tianji-guaranteed senior unsecured notes
issued by Scenery Journey Limited to 'CCC', from 'B-', with a
Recovery Rating of 'RR5'.

The downgrade reflects Evergrande's diminishing margin of safety in
preserving liquidity. Evergrande's liquidity is fragile and heavily
reliant on renewing short-term banking facilities and trust loans,
continued access to trade payables and robust contracted sales to
generate cash flow. However, recent negative news flow may affect
stakeholders' confidence, further pressuring liquidity.

KEY RATING DRIVERS

Diminishing Margin of Safety: Evergrande has been subject to
increasingly negative news flow in recent weeks, including a court
decision to freeze some bank deposits at the request of China
Guangfa Bank Co., Ltd. (BB+/Stable) and the suspension of sales by
a city-housing authority in Hunan province on suspicion of
misappropriation of funds. Separately, several media outlets
reported that some of Hong Kong's largest banks have declined to
provide mortgage loans on two of Evergrande's uncompleted projects
in Hong Kong, though this was not confirmed. All three incidents
appear to have been resolved.

Any weakening of confidence from stakeholders, including lenders,
suppliers and homebuyers, may damage Evergrande's liquidity
situation, given its high reliance on short-term debt, payables and
contracted sales, respectively, to maintain liquidity. This is
during a time where the company is under pressure to pare down
debt, particularly short-term debt, to meet China's 'Three Red
Lines' financial policies.

Limited Capital Market Access: Evergrande has not issued any
offshore bonds since early 2020 and its bonds due in 2025 are
trading at around a 27% yield. In addition, it has only raised
CNY8.2 billion from domestic bond issuance, in April 2021. Recent
weakness in the share prices of Evergrande and its listed
subsidiaries could also make it difficult for the group to raise
equity funding. However, the company continues to service its
interest and repay its bond maturities, and it has no further
capital market maturities for the remainder of 2021.

Shrinking Balance Sheet: Evergrande plans to cut total debt by
CNY150 billion in 2021 by speeding up sales, limiting land
acquisitions and raising equity funding. Fitch believes its plans
are feasible, but subject to execution risk and could damage its
business profile over the medium term. Leverage, measured by net
debt/adjusted inventory, was 35% in 2020, with total
interest-bearing debt falling by CNY83 billion from 2019 to CNY716
billion. Although leverage appears to be lower than 'B' rated
peers, Evergrande has large trade payables.

Stable Contracted Sales Crucial: Evergrande recorded contracted
sales of CNY357 billion in 1H21, up by 2% yoy. Cash collection also
remained robust, at CNY321 billion. Maintaining strong contracted
sales provides confidence to stakeholders as well as much-needed
cash flow for lowering debt and meeting the 'Three Red Lines'. Any
material weakening of contracted sales or cash collection could
significantly affect the company's ability to service short-term
debt.

DERIVATION SUMMARY

Evergrande's ratings reflect its tight liquidity and high pressure
to generate sales to reduce debt.

KEY ASSUMPTIONS

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

-- Average selling price to drop by 7% in 2021 and by a further
    5% in 2022 (2020: -13%), while contracted sales by gross floor
    area to increase by 12% in 2021 and 6% in 2022 (2020: 38%);

-- Land bank life/gross floor area to reduce to 2.6 years in
    2021, from 3.6 years in 2020, while land acquisition cash
    outflow falls to 12.3% in 2021, against 19.0% in 2020, then
    increases to 18.7% in 2022;

-- EBITDA margin to drop to 18.6% in 2021-2022, from 22.4% in
    2020;

-- Annual capex of CNY17 billion-18 billion, mainly for electric
    vehicle production facilities and equipment;

-- 25% dividend payout ratio in 2021-2022, similar to 2020
    levels.

Recovery Rating Assumptions

Fitch uses these assumptions to derive a 4x EBITDA multiple to
compute the company's going concern value. Fitch applies a
liquidation value approach where the liquidation of assets results
in a higher return to creditors.

Evergrande

-- Evergrande will be liquidated in a bankruptcy because it is an
    asset-trading company. Fitch assumes Hengda and Evergrande
    would go into bankruptcy if Evergrande fails;

-- 10% administrative claims;

-- Fitch estimates Evergrande's liquidation value by
    deconsolidating Hengda. The liquidation estimate reflects our
    view of the value of inventory and other assets that can be
    realised and distributed to creditors;

-- Fitch applies a 30% haircut on net inventory, as Evergrande's
    development property EBITDA, excluding capitalised interest,
    is in the 20%-25% range;

-- Fitch applies a 30% haircut on receivables and a 20% advance
    rate on investment properties and plant, property and
    equipment;

-- Fitch assumes third-party payables to Evergrande (excluding
    Hengda) of CNY127 billion in 2020 were senior to all other
    debt;

-- Fitch assumes Evergrande will be able to use all of its
    available cash for debt and payables;

-- Fitch assumes all the residual value from Hengda would be
    distributed to Evergrande's creditors. However, no residual
    value from Hengda would go upstream to Evergrande, as it would
    be used to pay off all the debt at the Hengda level.

Tianji

-- Tianji will be liquidated in a bankruptcy because it is an
    asset-trading company;

-- 10% administrative claims;

-- The liquidation estimate reflects Fitch's view of the value of
    inventory and other assets that can be realised and
    distributed to creditors;

-- Fitch applies a 30% haircut on net inventory, as Tianji's
    development property EBITDA, excluding capitalised interest,
    was in the 20%-25% range;

-- Fitch applies a 30% haircut on receivables and a 20% advance
    rate on investment properties and property, plant and
    equipment;

-- Fitch assumes the company's third-party payables of CNY35
    billion in 2019 were senior to all other debt;

-- Fitch assumes Tianji will be able to use all of the available
    cash for debt and payables;

-- Both Evergrande and Tianji's have Recovery Ratings of 'RR5'.

RATING SENSITIVITIES

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

-- Sustainable improvement in liquidity and access to funding.

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

-- Evidence of deteriorating consumer and supplier confidence,
    such as a sharp decline in sales or deterioration in payable
    terms;

-- Deterioration in access to funding and banking relationships;

-- Weakening linkages between Evergrande and Hengda may lead to
    negative rating action on Evergrande, while weakening linkages
    between Tianji and Hengda may lead to negative rating action
    on Tianji.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Evergrande is a top-three Chinese property developer by contracted
sales. Headquartered in Shenzhen, Evergrande has a strong national
presence. It has 798 projects in 234 cities covering all of China's
31 provinces and municipalities. The company also has businesses in
finance, healthcare and cultural tourism.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY1.6 trillion in adjusted inventory at
end-2020 includes property development inventory, investment
property at cost, hotel properties and joint-venture investments.
Customer deposits, amounts due to non-controlling interests and
amounts due to joint ventures and associates are deducted from the
summation of items mentioned previously. Guarantees to third
parties are calculated as debt.

ESG CONSIDERATIONS

Evergrande has an ESG Relevance Score of '4' for Governance
Structure to reflect its aggressive financial policy, including its
investments in non-core businesses, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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.


CHINDATA GROUP: Moody's Assigns First Time Ba2 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Chindata Group Holdings Limited.

At the same time, Moody's has assigned a Ba2 senior unsecured
rating to the proposed USD notes to be issued by Chindata.

The outlook is stable.

Chindata will use the bond proceeds to repay existing indebtedness
and for other general corporate purposes.

RATINGS RATIONALE

"Chindata's Ba2 CFR reflects the solid demand for data centers in
China, as well as the company's predictable earnings stream with
adequate committed preleasing, moderate leverage and relatively
quick ramp-up to a 90% occupancy rate for its newly completed data
centers," says Shawn Xiong, a Moody's Assistant Vice President and
Analyst.

Chindata is a hyperscale data center operator based in China, and
has been listed on the NASDAQ since October 2020. Chindata develops
and owns the majority of its data centers and all of its hyperscale
data centers. As of the end of March 2021, the company owns 12 of
its 14 in-service data centers. Moody's rates Chindata as a real
estate investment trust (REIT) due to the company's very high
ownership of its data centers and the fact that the majority of its
revenues are generated from the leasing of its data centers.

The company has strong customer relationships and offers a high
quality and reliable integrated power, cooling and connectivity
infrastructure at its data centers.

Demand prospects for hyperscale data center assets are favorable in
China over the next 12-18 months, underpinned by increasing data
creation in the digital economy and enterprises moving their data
storage to off-site locations and cloud networks.

In addition, the coronavirus pandemic has led to increased remote
working, rising consumption of online entertainment and higher
penetration of e-commerce. These factors have lifted demand for
data center assets from large cloud operators and leading
technology companies.

Moody's projects Chindata's revenue will grow around 45%-50% over
the next 12-18 months, while its adjusted EBITDA margin will rise
to around 35%-40% as scale benefits continue to materialize.
Chindata's reported revenue rose about 115% to around RMB1.8
billion for 2020, while its adjusted EBITDA margin increased to
around 27% from 25% a year ago. Moody's adjusted EBTIDA calculation
does not add back share-based compensation, reorganization expenses
or management consulting service fees.

This strong revenue growth will be driven by Chindata's addition of
40%-45% in new capacity over the next 12-18 months and its
continued occupancy expansion at some of its existing data centers.
As of March 2021, Chindata had significant committed preleasing for
its data centers under construction, with around 70% of its
under-construction capacity already contracted.

At the same time, the company's expanding scale will lower
operating costs, including administrative, marketing and general
maintenance costs, which will increase its adjusted EBITDA margin.

"However, these strengths are counterbalanced by Chindata's
relatively modest scale, substantial tenant concentration and
expansionary capital spending plan, which constrain the company's
CFR," says Xiong.

Chindata's tenant ByteDance contributes around 82% of the company's
total revenues for 2020, and Moody's expects ByteDance to continue
to account for 75%-80% of Chindata's total revenues over the next
12-18 months.

This substantial tenant concentration is partially tempered by the
fact that ByteDance is one of the fastest-growing internet
technology companies in China with diversified operations,
Chindata's long duration contract of 5 to 10 years with ByteDance,
and a track record of no reported contract breaches or credit
issues with ByteDance.

In addition, Chindata is the one of the largest providers of
mission-critical data center assets for ByteDance in China. Should
ByteDance decide to move out of a large portion of its currently
leased data centers with Chindata, it could incur high potential
switching costs and disruption to its business.

Furthermore, Microsoft Corporation (Aaa stable) has become an
international tenant of Chindata's data center. Moody's expects
Chindata's tenant base to gradually diversify.

Moody's expects the company to generate healthy yields on new
investments, reflecting the favorable demand prospect for data
center assets. Chindata's exposure to development is elevated, at
about 40%-45% of its existing capacity. Given the large pipeline,
the company will have to maintain financial flexibility and
diversify its external capital sources to fund its development.

Moody's expects the company to prudently expand in terms of its
financial policy and potential execution risk. Chindata's current
strong cash balance and moderate leverage should provide a buffer
against these risks.

Despite the significant expansionary plan, Moody's forecasts
company's leverage will remain moderate as compared with global
peers'. Its leverage, as measured by total debt and preferred
stock/gross assets and net debt/EBITDA, will remain at 40% and
3.0x, respectively, over the next 12-18 months.

Chindata's liquidity is excellent. The company's cash balance of
around RMB6.9 billion as of March 2021 with cash flow from
operations will be sufficient to cover its planned capital spending
and maturing loans over the next 12 months. As of March 31, 2021,
company had an undrawn committed credit facility of around RMB832
million.

Chindata's senior unsecured rating is not affected by subordination
to claims at the operating company level, because the holding
company benefits from cash flow up streamed from its operating
companies under VIE contractual arrangements. In addition,
Chindata's creditors benefit from the group's operational
diversification despite its holding company status, with cash flow
generation from a large number of operating subsidiaries across
Asia-Pacific. Such business diversification mitigates the
structural subordination risk.

The ratings also consider the following environmental, social and
governance (ESG) factors.

The Chinese government is setting targets for hyperscale
datacenters to achieve power usage effectiveness (PUE) at below 1.4
by 2022. Some of Chindata's tenants are also sensitive to the
environmental impact and source of the company's power usage.

Chindata has continued to improve its PUE, which was 1.22 for 2020
across its data centers. The company procures 51% of its total
energy from renewable energy sources and has a long-term commitment
to achieve 100% renewable energy consumption at its hyperscale data
centers in China by 2030, to achieve carbon-neutrality for both
Scope 1 and 2 emissions.

From a social perspective, Moody's expects data creation in the
digital economy to lead to substantial growth in demand for data
center space. Nevertheless, a data center landlord's inability to
deliver product quality, heating and cooling infrastructure at
defined efficiency levels could jeopardize relationships with
tenants and meaningfully affect leasing trends. Since its
establishment, Chindata has demonstrated a good operating track
record without any material tenant departure due to service quality
issues.

In terms of governance risks, Chindata has a concentrated
ownership, with Bain Capital entities holding an approximate 47.1%
stake and 81% voting rights as of March 2021.

The company's 10-member board consists of three independent
directors, while another three are appointed from Bain Capital
entities.

This concentration risk is partially tempered by Chindata's status
as a listed entity, and its adherence to stringent disclosure
requirements.

The capital-intensive nature of the industry also leads to
management's strong investment appetite. However, the company's
moderate leverage, solid liquidity position and professional
management underpin its flexibility and ability to manage the
challenges.

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

The stable outlook reflects Moody's expectation that Chindata will
maintain a high occupancy rate at its existing data centers and
complete the construction of its data centers on time and budget.
Moody's also expects the company's newly completed data centers to
reach a high occupancy rate within 6-9 months.

Moody's also expects the company to remain prudent in its expansion
and acquisitions, and maintain good liquidity. Any adverse
developments in China's regulatory regime, which could affect the
company's operations or business model, would be negative for the
rating.

Chindata's ratings could be upgraded if the company adopts a
prudent financial strategy to expand, increases portfolio yields
and improves the diversification of its tenant base, while
maintaining solid liquidity and credit profiles.

Credit metrics indicating such a scenario include: the company's
net debt/EBITDA remaining below 4.0x; fixed charge coverage, as
measured by EBITDA/Interest and other fixed charges, staying above
3.5x-4.0x; aggregate portfolio occupancy greater than 90% and
adjusted EBITDA margins greater than 45%, all on a sustained
basis.

The ratings could be downgraded if Chindata's net debt/EBITDA is
higher than 5.0x; or its fixed charge coverage stays below 2.5x,
all on a sustained basis

A meaningful deterioration in the company's operating metrics,
including declines in lease rates and a failure to improve the
EBITDA margin toward 35%-40% over time, could also pressure
Chindata's rating. A material increase in the company's development
exposure without adequate committed preleasing, and sizeable
acquisitions could also be negative for the rating.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

Established in 2015 and headquartered in Beijing, China, Chindata
owns, develops and operates mission-critical data centers that are
leased to large cloud operators, technology companies and corporate
clients. As of March 2021, Chindata operated 13 data centers in
China and one in Malaysia, while its gross asset value was around
RMB16.7 billion.




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H O N G   K O N G
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NEXT DIGITAL: Apple Daily Publisher Faces Hong Kong Fraud Probe
---------------------------------------------------------------
Nikkei Asia reports that the Hong Kong government will investigate
the publisher of the now defunct Apple Daily for fraud, in the
latest setback for the company after being forced to shut down the
pro-democracy local newspaper last month.

According to the report, the territory's financial secretary Paul
Chan Mo-po told a hastily called new conference on July 28 evening
he had appointed a special inspector to investigate Hong
Kong-listed Next Digital. Apple Daily published its final issue on
June 24, after its assets were frozen by the government.

The appointment continues a serious of government actions targeting
Next Digital since Beijing imposed a national security law on Hong
Kong in June 2020, the report says.

This investigative tool, which the finance secretary has legal
authority to use, has not been brought out since 1999, when local
investment company Peregrine Investment Holdings collapsed owing to
the Asian Financial Crisis, Nikkei Asia notes.

Nikkei Asia relates that Mr. Chan said he had discovered "issues
that show the senior management engaged in unlawful and fraudulent
activities."

He added that the company's officers allegedly "breached their
fiduciary duties" in running the listed company, and its corporate
governance "has seriously fall short of that expected for a listed
company" in his view.

The allegations raised by Mr. Chan center around Next Digital's
finances leading up to the shutdown of Apple Daily and its
disclosures as a listed company, Nikkei Asia relays.

"Hong Kong attaches paramount importance to upholding the integrity
and reputation of the corporate sector," Nikkei Asia quotes Mr.
Chan as saying. In the news conference, he stressed the "public
interest" a few times as grounds for pursuing the case.

The financial secretary named Clement Chan Kam-wing, managing
director of assurance at BDO, a Hong Kong arm of Belgium-based
global accounting firm, as the investigator, Nikkei Asia discloses.
Clement Chan has worked in various government posts, including his
current position as a non-executive director at the Securities and
Future Commission (SFC).

According to the report, the SFC said in a statement on July 28 it
will "coordinate closely with the inspector" and "continue to carry
out its own enquires."

Next Digital has come under repeated government pressure for over a
year. Jimmy Lai, the company's founder and a prominent
pro-democracy activist, was arrested on various charges after June
2020. He is now serving a total sentence of 20 months for
participating in multiple unauthorized assemblies, all of them
before the new law was imposed.

He has been separately charged with allegedly breaching the
national security law itself, which carries a maximum penalty of
life in prison, Nikkei Asia says.

Lai is the controlling shareholder of Next Digital, owning over 70%
of its outstanding shares. His shares and bank accounts have been
frozen under an order made in mid-May by then security secretary
John Lee Ka-chiu. Lee was later promoted to chief secretary, the
number two post in Hong Kong government and the highest-ever post
granted to an ex-police officer, the day after Apple Daily
published its final issue.

Lai appealed to a court this month to regain his voting rights for
Next Digital, Nikkei Asia recalls. The hearing has been set for
mid-September.

A number of other senior Next Digital executives have also been
arrested. Last July 29, four former executives and editors were
arrested under the national security law on allegations of
colluding with foreign countries. All four -- executive
editor-in-chief Lam Man-chung, associate publisher Chan Pui-man,
and editorial writers Fung Wai-kong and Yeung Ching-kee -- were
denied bail the following day.

At this point, seven former Apple Daily staff members, including
former CEO Cheung Kim-hung and editor-in-chief Ryan Law, are in
custody on charges under the national security law.

Nikkei Asia says many of those arrested have subsequently resigned
from Next Digital's board. According to the latest disclosure made
on July 11, the company now has only four directors, all of them
non-executive board members.

Following the shutdown of Apple Daily, Next Digital's landlord Hong
Kong Science and Technology Parks has threatened to seek to remove
the company from its offices, the report says. The government-run
corporation alleges the publisher has violated the lease
conditions. Next Digital said it is now seeking legal advice on how
to deal with the matter.

For Next Digital, the only major business remaining is its online
version of Taiwan Apple Daily. This operation is now under
negotiation to dispose after receiving a non-legally binding
purchase proposal from an independent third party, says Nikkei
Asia.

Trading in Next Digital shares has been suspended since June 17,
when the police raided its headquarters and the news room for the
second time, adds Nikkei Asia.

Next Digital Limited -- http://www.nextdigital.com.hk/investor/--
is a Hong Kong-based investment holding company principally engaged
in media and publishing businesses. The Company operates through
three segments. Digital segment is engaged in Internet
advertising, Internet subscription, content provision and the
development of mobile games and applications in Hong Kong, Taiwan
and America. Newspapers Publication and Printing segment is engaged
in the sales of newspapers and the provision of related newspapers
printing and advertising services in Hong Kong and Taiwan. Books
and Magazines Publication and Printing segment is engaged in the
sales of books and magazines, as well as the provision of books and
magazines printing and advertising services in Hong Kong, Taiwan,
North America, Europe and Oceania.




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

ATITHYA INN: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Atithya Inn
Private Limited's Long-Term Issuer Rating to the non-cooperating
category while maintaining it on Rating Watch Negative (RWN). 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)/RWN' on the agency's website.

The instrument-wise rating actions are:

-- INR960 mil. Term loan due on September 2033 maintained on RWN
     and migrated to non-cooperating category with IND BB+ (ISSUER

     NOT COOPERATING)/RWN;

-- INR40 mil. Fund-based limits maintained on RWN and migrated to

     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/ RWN; and

-- INR70 mil. Bank guarantee maintained on RWN and migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING)/RWN.

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

Located in Ahmedabad, Gujarat, Atithya Inn is the second hotel
project of the Kanakia Group. The hotel started its operations in
November 2013 with 184 keys and is operated by Novotel (Accor
group).

BABA MARBLES: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Baba
Marbles (BM) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         4.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     0.13      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BM for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BM is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of BM to 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2010, BM processes and trades in marble and tiles. The
firm is managed by Mr. Rahul Agrawal. It has a processing facility
at Vadodara in Gujarat.


BABA PROJECTS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Baba Projects
Private Limited (BPPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Bank overdraft assigned with IND BB+/Stable rating;

     and

-- INR290 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect BPPL's small scale of operations, as indicated
by revenue of INR1,013.45 million in FY21 (FY20: INR701.56
million). The growth in revenue was due to timely execution of
orders. As of May 2021, BPPL booked revenue of INR259.84 million
and had an order book of INR2,700.67 million (2.7x of FY21
revenue); of this, the management expects to book revenue of
INR1579.20 million in FY22 and the balance INR1121.48 million in
FY23. The company derives about 80% of the revenue from railways,
followed by the flood division (6%), roadways (2%), coal mines
(2%), and others. The projects are procured through bidding, mostly
from central governments. The numbers for FY21 are provisional.

Liquidity Indicator - Stretched: BPPL's average maximum utilization
of the fund-based and non-fund-based limits was 66.69% and 79.6%,
respectively, during the 12 months ended May 2021. The cash flow
from operations improved significantly to INR142.45 million in FY21
(FY20: INR50.79 million), due to favorable changes in working
capital. Consequently, the free cash flow increased to INR140.37
million in FY21 (FY20: INR29.17 million). The net working capital
cycle improved to 22 days in FY21 (FY20: 32 days), due to a decline
in the receivable period to 120 days (211 days). The cash and cash
equivalents stood at INR3.03 million at FYE21 (FYE20: INR1.04
million). BPPL did not avail the Reserve Bank of India-prescribed
moratorium in FY21. However, it did avail a guaranteed emergency
credit line of INR17.2 million, to be repaid by FY22.

However, the ratings are supported by BPPL's healthy EBITDA
margins. The margin fell to  9.96% in FY21 (FY20: 10.72%) due to an
increase in the cost of raw materials procured and sub-contractor
expenses. The ROCE was 24% in FY21 (FY20: 19.1%). The management
expects the EBITDA margins to decline further in FY22, due to an
increase in employee benefit expenses amid COVID-19-led
restrictions.

The ratings also benefit from the company's strong credit metrics,
as reflected by the interest coverage (operating EBITDA/gross
interest expenses) of 11.7x in FY21 (FY20: 6.01x) and the net
leverage (total adjusted net debt/operating EBITDAR) of 1.25x
(1.27x). The improvement in the credit metrics was due to an
increase in the absolute EBITDA to INR100.93 million in FY21 (FY20:
INR75.21 million). However, Ind-Ra expects the credit metrics to
weaken in FY22 owing to the decline in the profitability.

The ratings are also supported by the promoters' nearly two decades
of experience in the civil construction industry, leading to
established relationships with its customers as well as suppliers.

RATING SENSITIVITIES

Positive: Sustained order book at current levels with timely
execution of orders, leading to an increase in the scale of
operations, sustained strong credit metrics, along with maintaining
of the liquidity position, will be positive for the ratings.  

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

COMPANY PROFILE

Incorporated in December 2005, Jharkhand-based BPPL undertakes
civil construction projects in for railways, highways,  rural road
construction, flood division, among others.

BEST IT: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Best
It World India Private Limited (BIWIPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             80       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       145       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      25       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BIWIPL for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BIWIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BIWIPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BIWIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Mumbai-based BIWIPL, incorporated in 1996, distributes and markets
computer systems, computer peripherals, networking, laptop, tablet
and allied accessories under the brand, 'i-Ball'. The company is
promoted by Mr. Sandeep Parasrampuria, Mr. Rakesh Shah, Mr. Anil
Parasrampuria, Mr. Sunil Kedia and Mr. Vijay Dalmia.


CHAUDHARY RICE: CARE Lowers Rating on INR8.40cr Loan to C
---------------------------------------------------------
CARE Ratings revised the rating on certain bank facilities of
Chaudhary Rice Mills (CRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.40      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 15, 2020, placed the
rating(s) of CRM under the 'issuer non-cooperating' category as CRM
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2021, May 11, 2021, May 21, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating assigned to the bank facilities of CRM has been revised
due to non-availability of requisite information.

Chaudhary Rice Mills (CRM) was established in 1981 as a partnership
firm and is currently being managed by Mr. Anil Kumar and Mrs.
Vijeta Rani sharing profit and losses equally. The firm is engaged
in processing of paddy at its manufacturing facility located in
Fatehabad.

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

The instrument-wise rating actions are:     

-- INR497.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR112.8 mil. Term loan due on September 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Based in Tirupur (Tamil Nadu), Frontier Knitters was established as
a partnership firm in 1988 by Mohammed Thajutheen. The firm
reconstituted as a private limited company in October 2010. It
manufactures and exports knitted garments.

GREATWALL CORPORATE: CARE Lowers Rating on INR15.79cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Greatwall Corporate Services Private Limited (GCSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.79      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Long Term/            1.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 5, 2020, placed the
rating(s) of GCSPL under the 'issuer non-cooperating' category as
GCSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GCSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 21,
2021, May 1, 2021, May 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating assigned to the bank facilities of GCSPL have been
revised on account of ongoing delays in debt servicing recognized
from publicly available information i.e. Annual reports FY18-20.

Incorporated in 2003, Pune-based (Maharashtra) GCSPL is engaged in
providing security services, facility management services and
manpower & staffing services to corporate and government entities.
The company has a customer base of over 160 customers across
different industries, viz, telecom, banking, insurance, retail, and
information technologies.


GREEN FIELD: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green Field
Food Products (GFFP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.91      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 23, 2020, placed the
rating(s) of GFFP under the 'issuer non-cooperating' category as
GFFP had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GFFP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 9, 2021, May 19, 2021, May 29, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Jaipur (Rajasthan) based GFFP was formed as a proprietorship
concern in 2017 by Mr. Namit Mehta (Proprietor) with an objective
to set up a unit for extraction of mustard oil from mustard seeds
as well as mustard oil cake. The firm purchases mustard seeds
mainly from local farmers and other suppliers in Haryana and
Rajasthan and sells its oil to Adani Wilmar Private Limited, Bunge
India Private Limited, Mother Dairy and in the local market as well
as in Punjab, Kolkata and Jammu with its own brand name for Oil
"SHYAM VED" and for Oil Cake "SHREE KARMA". The plant of the firm
has located at Kotputli, Jaipur and it has installed capacity of 80
MT per day.


HEMALI INVESTMENT: Ind-Ra Moves BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hemali Investment
& Finance 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:

-- INR650 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 2, 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 1981, Hemali Investment & Finance executes
residential real estate projects in the Mumbai region.

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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.90       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 19, 2020, placed the
rating(s) of IE under the 'issuer noncooperating' category as IE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. IE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 5,
2021, May 15, 2021, May 25, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Indukuri Enterprises (IE) is a Pune-based partnership firm
established in January 2018 and was promoted by Mrs. Indukuri
Suryakumari Venkat Raju and Mr. Aditya Verma. IE is engaged in
trading of bagasse. The proposed storage capacity of the land
(taken on lease and spread across 4 acres) will be approximately
30,000 metric tonne(depending on the layers of stock).

J.P.S. FOUNDATION: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J.P.S.
Foundation (JPSF) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with JPSF for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JPSF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPSF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JPSF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JPSF, set up in 1986 and registered in 1992, functions as a
not-for-profit society. Based in Lucknow, the society implements
various schemes, operated by the state and central government in
Unnao, Raebareli and surrounding areas.


JAHANGIR BIRI: CARE Lowers Rating on INR14.75cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jahangir Biri Factory Private Limited (JBFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.75      CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of JBFPL
takes into account delay in debt servicing of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: There are various instances of delay in
debt servicing of the company due to its poor liquidity
position.

Liquidity: Poor: Liquidity seems to be poor on the back of delay in
repayment of debt obligations. This could constrain the ability of
the company to repay its debt obligations on a timely basis.

Jahangir Biri Factory Private Limited (JBFPL) was initially
established as a proprietorship firm 'Jahangir Biri Factory' in
1995 by Mr. Altab Hossain. Subsequently, it was converted into
partnership firm in 1997 and finally it was converted into private
limited company in April 1999 and its name changed to the current
one i.e. JBFPL. Since its inception, the company has been engaged
in bidi manufacturing at its plant located in the district of
Murshidabad, West Bengal. The company mainly sells its products
under three brands - 102 Howrah Deluxe Biri, 103 Rubi Biri and 102
Howarh Biri. JBFPL sells its products through both distributors and
direct selling primarily in the state of Delhi, Uttar Pradesh,
Punjab, Haryana, Rajasthan, Assam and Himachal Pradesh and the
company is having five distributors and 60 sales men across
country.


JAHANGIR BIRI: CRISIL Lowers Rating on INR13.50cr Loans to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Jahangir Biri Factory Private Limited (JBFPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.25      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     5.25      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with JBFPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 2020 and February 22, 2021, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JBFPL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on JBFPL is
consistent with 'Assessing Information Adequacy Risk'.

As per the banker, interests towards the cash credit (CC) limit
were not being served in Q1FY22 and, moreover, the CC account was
in debit balance for the past one year. Based on the available
information, the ratings on bank facilities of JBFPL is downgraded
to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer
Not Cooperating'.

JBFPL was set up as a proprietorship firm in 1995, by Mr. Altab
Hossain. In 1997, Mr. Hossain's sons joined the business and the
proprietorship concern was reconstituted as a partnership firm. In
1999, the firm was reconstituted as a private limited company to
facilitate smooth execution of operations. The company manufactures
beedis at its unit in West Bengal. Products are sold under brands
such as Sunday, Deluxe, Ruby, and Howrah Biri, primarily in New
Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, and Odisha.


JOMSONS ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jomsons
Enterprises (India) Private Limited (JE; part of the Jomsons group)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            11          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan          9.5        CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with JE for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of JE and Bestin Plast (BP).
This is because both the entities, together referred to as the
Jomsons group, are in the same line of business, have operational
and financial linkages, and are managed by the same promoter.

The Jomsons group trades in PVC panel profiles and is venturing
into customized printing in 3D texture on doors, ceilings, floors,
and other surfaces. JE, formerly known as Jomsons Plastics, was
established in 2011 and BP in 1993. Both entities, based in
Thrissur (Kerala), are managed by Mr. Bestin Joy.


K.L. ICE: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.L. Ice
And Cold Storage (KICS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.83      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2020, placed the
rating(s) of KICS under the 'issuer non-cooperating' category as
KICS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KICS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2021, May 21, 2021, May 31, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Uttar Pradesh based KLICS is a partnership firm established in
April 2011 and is currently being managed by Mr. Rajesh Bansal, Mr.
Ashok Bansal, Mr. Krishna Murari Bansal and Mr. Naresh Bansal.
KLICS is engaged in renting of its cold storage facility in Agra,
Uttar Pradesh having storage capacity of 1,75,000 quintals as on
October 31, 2019.


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

The instrument-wise rating actions are:

-- INR2,119.8 bil. Fund-based working capital limits (long-
     /short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR4,476.8 bil. Non-fund-based working capital limits (short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR7,131.1 bil. Term loans (long-term) due on June 2022
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects KIL's continued delays in debt servicing
for a period exceeding 30 days, the details of which are not
available. KIL has been classified as a non-performing asset by its
bankers.

COMPANY PROFILE

Incorporated in 2003, the company manufactures and trades sponge
iron, mild steel billets and thermomechanical-treated (TMT) bars.
The company has an integrated steel plant, with facilities to
manufacture 120,000 metric tons (MT) of sponge iron, 205,000MT of
steel billets and 500,000MT of TMT bars.

In addition, it operates a 10MW waste heat recovery plant and a
70MW thermal power plant. The company's debt was restructured under
corporate debt restructuring in February 2013.


KARNIZ PACKS: CRISIL Lowers Rating on INR7.10cr Term Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Karniz Packs LLP (KPL) to 'CRISIL D' from 'CRISIL
B-/Stable'. The downgrade reflects delays in servicing term loan
obligation in June 2021.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term      1.54     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Term Loan               7.10     CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating continues to reflect KPL's nascent stage of operations
and its working capital-intensive nature of operation. These rating
weaknesses are partially offset by the promoter's extensive
experience in the industry and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations: Firm commenced operations in April
2018 and its business risk profile is constrained due to nascent
stage of operations.

* Working capital intensive operations: KPL's operations are
working capital intensive with GCA days of 118 days expected over
the medium term. This is due to high receivables and inventory
holding period.

Strength:

* Extensive industry experience of promoters: Promoters have over a
decade of experience in the industry and have well-established
relationships with suppliers and customers, which is expected to
help KPL's business profile over medium term. There has also been
funding support from promoters in the form of unsecured loans.

Liquidity: Poor

There has been delays in servicing of debt obligations due to
stretch in working capital requirements.

Rating Sensitivity factors

Upward factor

* Track record of timely debt servicing for 3 months

* Efficient working capital management and improvement in revenue
to more than INR20 crores

Established in 2018, Kerala-based KPL is engaged in manufacturing
and printing of monocartons used in packaging industry. The company
has its facility in Ernakulam region of Kerala.


KIJALK INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kijalk
Infrastructure Private Limited (KIPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               9        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KIPL was incorporated in 2006 by Mr. Ashok Kumar Verma and his
brother, Mr. Surendra Kumar Verma. However, there were no
operations till 2011. The company presently operates a 2 MW solar
power plant in Raj Nagar, Jharkhand, which was commissioned in
February 2012.


KINETA GLOBAL: Ind-Ra Cuts LT Issuer Rating to 'D', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kineta Global
Limited's (KGL) Long-Term Issuer Rating to 'IND D' from 'IND BB-'.
Simultaneously, Ind-Ra has reassigned KGL a Long-Term Issuer Rating
of 'IND B-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR400 mil. (reduced from INR420 mil.) Fund-based working
     capital limits* downgraded and reassigned with IND B-
     /Stable/IND A4 rating.

* Reassigned 'IND B-'/Stable/'IND A4' after being downgraded to
'IND D'

KEY RATING DRIVERS

The downgrade to 'IND D' reflects KGL's delays in interest
servicing for the rated fund-based working capital limit for over
30 days between December 2020-January 2021 due to its stretched
liquidity position. The reassignment of the 'IND B-' reflects the
timely servicing of interest during the six months ended June
2021.

The ratings factor in KGL's continued medium scale of operations
and lack of revenue visibility over the medium term. The revenue
rose to INR663.9 million in FY21 (FY20: INR633 million) due to a
shift in company's focus towards the trading business of contract
works. The share of trading in the total revenue increased sharply
to around 85% in FY21 (FY20: 30%). In 1QFY22, the company achieved
revenue of INR270 million. Ind-Ra expects KGL to record revenue of
around INR730 million for FY22. The company had an outstanding
order book of only INR859.21 million as of June 2021. FY21
financial numbers are provisional in nature.

Liquidity Indicator - Poor: KGL's average maximum utilization of
the fund-based limits was 100% in the 12 months ended June 2021.
Also, there have been instances of overutilization up to 30 days
for the bank limits sanctioned by Union Bank of India ('IND
AA+'/Stable) and up to nine days for the bank limits sanctioned by
State Bank of India ('IND AA+'/Stable) on account of the interest
debited at the end of the month. KGL's cash flow from operations
turned negative at INR62.35 million in FY21 (FY20: positive
INR38.70 million) on account of the increased working capital
requirements. Also, it's free cash flow turned negative to
INR57.65million in FY21 (FY20: positive INR38.00 million).
Moreover, the net cash cycle deteriorated to 515 days in FY21
(FY20: 495 days), on account of an increase in the average
receivable days The company has been continuously reducing its
working capital limits (FY21: INR200 million; FY20: INR220 million;
FY19: INR250 million) due to lower its interest cost. Moreover, the
company's working capital cycle is long and elongated to 512 days
in FY21 (FY20: 495 days) on account of an increase in the inventory
days to 370 (367) and debtor days to 235 (161).

The ratings further reflect KGL's weak credit metrics due to its
modest EBITDA margins. The net leverage was high and slightly
deteriorated to 5.4x in FY21 (FY20: 5.2x) because of an increase in
total-debt to INR504.7 million (INR441.7 million), due to
Guaranteed Emergency Credit Line taken by the company for working
capital requirement purpose. The interest coverage marginally
improved to 1.36x in FY21 (FY20: 1.26x), as the company's finance
costs increased in line with the EBITDA margins. Ind-Ra expects the
metrics to improve slightly in FY22 on account of the reduction in
the working capital limits and the consequent fall in interest
costs.

The EBITDA margin rose to around 13.5% in FY21 (FY20: 13%), mainly
on account of the higher contribution from the trading segment and
a falling share of the contract segment. Furthermore, a premium has
been loaded into the pricing for the extended credit period offered
to the customers. Ind-Ra expects the FY22 margins to be at the FY21
levels. The ROCE remained stable at 5.2% for FY20-FY21.

The ratings, however, are supported by the promoters' experience of
around two decades in the manufacturing of burnt lime, import of
metallurgical coal and coke, and export of iron ore, and trading of
building materials, which has enabled the company to establish
strong relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the revenue and profitability and/or further
tightening of liquidity, leading to deterioration in the credit
metrics, all on a sustained basis, could be negative for the
ratings.

Positive: A substantial and sustained improvement in the revenue,
profitability, liquidity and credit metrics could be positive for
the ratings.

COMPANY PROFILE

Established in 2006, KGL is primarily engaged in engineering,
procurement and construction of irrigation projects on sub-contract
basis. It is also into the business of trading of iron ore and
building materials such as TMT bars, cement and granite.  


KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of
Kizhakkebhagathu Rice Mills (KRM) continues to be 'CRISIL C Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Open Cash Credit         6       CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KRM for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KRM continues to be 'CRISIL C Issuer Not Cooperating'.

Set up in 1997, KRM mills and processes paddy into rice, rice bran,
broken rice and husk. It has an installed paddy milling capacity of
5 tonnes per hour (tph). Its rice mill is located at Muvattupuzha,
Kerala. Its operations are managed by Mr. Dinu Kurien.


KLAUS WAREN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Klaus Waren
Fixtures Private Limited (KWFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      9.02     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               7.50     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KWFPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KWFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KWFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KWFPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2004, Mumbai-based KWFPL manufactures brass
bathroom fitting, which are marketed under the brand, 'Aquel'. Dr N
M Shah and family are the promoters.


KOMPLETE SUPPLY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Komplete
Supply Chain Solutions Private Limited (KSCSPL) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Loan Against            6        CRISIL B+/Stable (Issuer Not
   Property                         Cooperating)

   Proposed Long Term      4        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with KSCSPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSCSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KSCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of KSCSPL continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Incorporated in 2011 and based in Thane, Maharashtra, KSCSPL
constructs warehouses and also derives rental income. It is managed
by the Premchandani family.


LAL BABA: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lal Baba Seamless
Tubes Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER
NOT COOPERATING)'.  

The instrument-wise rating actions are:

-- The 'IND BB- (ISSUER NOT COOPERATING)' rating on the INR155
     mil. Fund-based limits is withdrawn; and

-- The 'IND BB- (ISSUER NOT COOPERATING)' rating on the INR25.9
     mil. Non-fund-based limits is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Lal Baba Seamless Tubes manufactures cold-drawn carbon steel
seamless tubes, primarily used in the oil and gas industry.


MAHESH TRADERS: CARE Lowers Rating on INR9.20cr Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahesh Traders (MT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2020, placed the
rating(s) of MT under the 'issuer noncooperating' category as MT
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2021, May 21, 2021, May 31, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

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

Pipariya-based (M.P.) MTS was formed in 1990 as a proprietorship
firm by Mr. Mahesh Dudani and later on in 2009 it converted into
partnership by adding Mr. Manohar Dudani as a partner in MTS. MTS
is engaged in the trading of food grains, oil seeds, bardana etc &
commission agent. The unit of the firm is located at Pipariya, M.P.
The firm sells its products in the brand name of 'Mahesh Traders,
Pipariya' and caters to the domestic market. MTS sells its products
majorly in Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh and
Tamil Nadu.


MANTHRAGIRI TEXTILES: CRISIL Lowers Rating on INR20.0cr Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Manthragiri Textiles (MT) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.85      CRISIL D (Downgraded from
                                    'CRISIL A4 ')

   Cash Credit           20.00      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan         2.00      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects delays in repayment of term debt during July
2021. MT is planning to apply for one-time restructuring (OTR)
under the Reserve Bank of India (RBI) guidelines issued on May 5,
2021 and the Resolution 2.0. However, the rating action reflects
delays in term debt repayment even before applying for OTR.

The rating reflects the MT's modest scale with working capital
intensive operations and below average financial risk profile.
However, the weakness is partially offset by the extensive
experience of the promoters

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate scale with working capital intensive operations: MT's
scale of operations is moderate marked by a turnover of around
INR50 crore for the 4 fiscals ended March 2021. Further operations
are working capital intensive marked by gross current assets (GCA)
of around 215-280 days for the 4 fiscals ended March 2021.
Operations are expected to remain working capital intensive
primarily due to high inventory and receivables.

* Below Average financial risk profile:  The financial risk profile
is below average marked by modest debt protection metrics; however
expected to be supported by a moderate capital structure. Interest
coverage and net cash accrual to total debt ratio is at around 1.5
times and less than 0.5 percent respectively for fiscal 2021.

Strength:

* Partners' extensive experience: The partners have been in the
industry for over two decades and have developed deep understanding
of the dynamics of the market.  The extensive experience of
promoter has helped the firm to establish healthy relationships
with customers and suppliers. CRISIL expects MT to continue to
benefit from its promoters extensive industry experience over the
medium term.

Liquidity: Poor

There have been delays in servicing of debt obligations due to
stretch in working capital requirements.

Rating Sensitivity factors

Upward factor

* Track record of timely debt servicing.

* Efficient working capital management and improvement in operating
performance

MT is set up in 1985 and is engaged in the manufacture of cotton
yarn. The firm is promoted by Mr. Govindaraj and his family
members.


MEGHALAYA CAST: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Meghalaya Cast &
Alloys 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:

-- INR60 mil. Fund-based Limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR10.12 mil. Long-term loans due on March 2022 migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR21.38 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
July 15, 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 2001, Meghalaya Cast & Alloys manufactures mild
steel billets.

MEHTA API: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mehta API Private
Limited's (MAPL) Long-Term Issuer Rating at 'IND BB+' and has
simultaneously withdrawn it. The Outlook was Stable.  

The instrument-wise rating actions are:

-- The 'IND BB+'/Stable/'IND A4+' rating on the INR250 mil.
     Fund-based limits* affirmed and withdrawn;

-- The 'IND BB+'/Stable/'IND A4+' rating on the INR305 mil. Non-
     fund-based limits** affirmed and withdrawn; and

-- The 'IND BB+'/Stable rating on the INR5.5 mil. Term loan***
     due on October 2023 affirmed and withdrawn.

* Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn
** Affirmed at 'IND BB+/Stable/IND A4+' before being withdrawn
*** Affirmed at 'IND BB+'/Stable  before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects MAPL's continued medium scale of
operations. Revenue remained stable at INR1,223 million in FY21
(FY20: INR1,224 million). FY21 financials are provisional in
nature.

Moreover, the operating EBITDA margin remained modest at around 5%
during FY21 (FY20: 4.6%), due to the nature of business. The return
on capital employed for FY20 was 7%.

The ratings continue to factor in MAPL's moderate credit metrics.
The interest coverage (operating EBITDA/gross interest expense)
improved to 4.49x in FY21 (FY20: 3.1x) and the net financial
leverage increased to 1.43x (0.9x). The improvement in the interest
coverage was on account of improved EBITDA and decreased interest
cost because of lower working capital utilization. However, the net
financial leverage deteriorated on account of an increase in the
year-end total debt.

Liquidity Indicator - Adequate: MAPL's average use of the working
capital limits was 24% for the six months ended June 2021. Ind-Ra
expects the cash flow from operations to have remained positive in
FY21 (FY20: INR75.65 million, FY19: INR28 million). The increase in
cash flow from operations in FY20 was attributable to a decrease in
working capital requirement. The company's cash and cash equivalent
stood at INR10 million at FYE21 (FYE20: INR32.60 million).

The ratings continue to draw support from the promoters' experience
of five decades in the pharmaceutical industry, leading to
longstanding relationships with reputed clients such as Cadila
Pharmaceuticals Limited, IPCA Laboratories Limited and Strides
Arcolab Ltd.

RATING SENSITIVITIES

Incorporated in 1987, MAPL (formerly, Symbiotic Pharmaceuticals Pvt
Ltd) manufactures active pharmaceutical ingredients and
intermediates. The company's plant, located in Tarapur (near
Mumbai), is approved by the World Health Organization for Good
Manufacturing Practices. Following a separation in the erstwhile
Mehta group, MAPL is managed by Harshadrai Mehta and his sons,
Devendra Mehta and Yogin Mehta.

MONAD EDUKASIONAL: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Monad
Edukasional 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
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR74.43 mil. Term loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR110 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 27, 2016. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Monad Edukasional Society, established in April 2007, offers
diploma, post-graduation, graduation, Ph.D., and other courses over
a wide range of subjects.

PASIGHAT MUNICIPAL: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pasighat
Municipal Council'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 the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

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

Pasighat Municipal Council constituted on May 30, 2013, is one of
the two urban local bodies in existence in Arunachal Pradesh. The
council is responsible for managing urban infrastructure and
service delivery mechanisms, community participation within the
municipal territory of Pasighat, and accountability of the urban
local body towards citizens.

PATEL MOTORS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Patel Motors
(Indore) Private Limited's (PMPL) 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 action is:

-- INR410 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 7, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Patel Motors (Indore) was incorporated in 1985 as a partnership
firm. In 1993, the firm was reconstituted as a private limited
company. The company has 23 showrooms and 15 workshops in Madhya
Pradesh, and runs a driving school in Indore. It has an authorized
dealership of tractors and farm equipment for tractors, VE
Commercial Ltd. for Eicher Motor's trucks and buses, and commercial
and passenger vehicles of Maruti Suzuki India Limited.


PMR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PMR
Infrastructures Private Limited (PMR) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Overdraft      4        CRISIL D (Issuer Not
   Facility                         Cooperating)

   Secured Overdraft       1        CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with PMR for
obtaining information through letters and emails dated December 29,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMR continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2004, PMR undertakes civil construction works, mainly
related to irrigation projects. Daily operations of the
Hyderabad-based company are managed by Mr. P Mohan Reddy and his
family members.


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

The instrument-wise rating actions are:   

-- INR150 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating;

-- INR157.52 mil. Term loans due on January 2028 - February 2028
     migrated to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating; and

-- INR30 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
July 20, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Delhi-based Prachi (India) was established in 1999 by Mukesh Tyagi,
Rakesh Tyagi, and Savitri Tyagi. The company is primarily engaged
in the publishing and distribution of textbooks and study material
for classes from nursery to 12. The company has outsourced
activities related to the printing and binding of books. The
company supplies its products to public schools across India.

RAHEJA ICON: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raheja Icon
Entertainment Private Limited (RIEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      68.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated September 13, 2019, placed
the ratings of RIEPL under the 'Issuer Not Cooperating' category as
the company had failed to provide the requisite information
required for monitoring of the ratings as agreed to in its rating
agreement. Raheja Icon Entertainment Private Limited continues to
be noncooperative despite repeated requests for submission of
information through phone calls and emails dated July 15, 2021,
July 14, 2021 and July 10, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available Information which
however, in CARE'S opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. The
debenture trustee also could not be contacted.

Analytical approach: Standalone. The rating of RIEPL was however
based on the assessment of the guarantor, i.e. Raheja Developers
Limited (RDL, rated CARE D, Issuer Not cooperating) as the rated
facilities of RIEPL were backed by credit enhancement in form of
corporate guarantee from RDL.

Incorporated in 2010, Raheja Icon Entertainment Private Limited
(RIEPL) is engaged in the business of promotion, development and
construction of real estate. The company is a part of the Raheja
Group with Flagship Company being Raheja Developers Limited (RDL),
rated CARE D; Issuer Not Cooperating and is 100% subsidiary of
RDL.


RELIANCE COMMUNICATIONS: Bankr. Ct. to Decide on Spectrum License
-----------------------------------------------------------------
BloombergQuint reports that the bankruptcy court has to decide on a
INR10,000-crore question in the case of Reliance Communications
Ltd.  The decision will have a bearing on the single most important
asset of the telecom service provider - its telecom licence.

RCom is under insolvency proceedings before the Mumbai bench of the
National Company Law Tribunal and has been under moratorium since
May 15, 2018. The company has spent over INR10,000 crore to acquire
spectrum, Senior Advocate Ravi Kadam informed the tribunal,
BloombergQuint relates.

According to BloombergQuint, the NCLT is set to decide whether
spectrum dues payable by RCom to the Department of
Telecommunications qualify as operational or current dues.

For now, the tribunal has granted interim relief making way for
RCom to continue providing telecom services till Aug. 12, the
report says.

In 2016, the licensing regime for telecom firms changed from
unified access service license to a new unified licence regime.
Irrespective of any spectrum in any part of the country, now a
single license was required.

Following this, in October 2020, RCom applied to migrate telecom
licenses in its name to the UL regime.

But on June 15 this year, the telecom department denied the
migration of licence citing outstanding amounts, including spectrum
auction instalments due between 2013-16, BloombergQuint relates.

In its order, the department also said these outstanding dues fell
under the definition of the term "current dues" in the explanation
to Section 14(1) of the IBC. This section prevents cancellation of
regulatory licenses on grounds of insolvency as long as all
"current dues" have been paid.

Since RCom was an existing defaulter, its request for license
migration cannot be considered favorably till it pays all its
current dues, the telecom department had said, according to
BloombergQuint.

This prompted RCom to move the NCLT and seek certain reliefs for
continuation of its licenses, particularly those which would expire
on July 19.

On July 15, NCLT had adjourned the matter without granting any
respite to the company, stating the reliefs sought by RCom in the
nature of extension of license are outside the scope of the powers
of the tribunal, BloombergQuint notes.

Taking a cue from the observations of the NCLT, the company moved
the Delhi High Court on June 19 by way of a writ petition.

The high court however, observed the dispute differently. It said
the issue between the parties essentially involved interpretation
of the term "current dues" under IBC which is within NCLT's domain.


As an interim relief till July 30, the high court directed the
telecom department to not take any coercive action against RComm.
It also permitted the company to continue providing telecom
services.

Before the NCLT on July 28, the counsel for RCom argued that these
payments cannot be categorised as "current dues". This because the
amounts became payable before the moratorium kicked off and had
already been separately claimed by the telecom department before
the resolution professional as operational dues.

These dues are past dues, and not "current dues" in any manner,
under the explanation to Section 14(1) of the IBC, Kadam said.

BloombergQuint relates that the telecom department guidelines on
unified licence, Kadam said, don't envisage payment of deferred
spectrum dues or any other dues by a licencee, as a precondition
for migration of existing licenses to the new regime.

The company has already approached Telecom Disputes Settlement and
Appellate Tribunal on this issue, Kadam told the NCLT.

The NCLT will next hear the matter on Aug. 12, BloombergQuint
discloses.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.


S.K. EXPORTS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded S.K. Exports'
(SKE) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR2.80 mil. Term loan due on December 2022 upgraded with
     IND BB-/Stable rating;

-- INR160.00 mil. Fund-based working capital limits upgraded with
     IND BB-/Stable rating; and

-- INR20.00 mil. Non-fund-based working capital limits upgraded
     with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects SKE's improved revenue of INR529.70 million in
FY21 (FY20: INR340.87 million), due to the higher demand for its
products and increased capacity. However, the scale of operations
remains small. During 1QFY22, SKE achieved a revenue of INR170
million; it had an order book of INR340 million at end-July 2021,
to be executed by September 2021. In FY22, the management expects
the revenue to improve yoy due to the increased demand.

The ratings continue to reflect SKE's modest EBITDA margin which
deteriorated to 6.7%  in FY21 (FY20: 8.8%), due to the aggressive
pricing of its products to tackle competition. The return on
capital employed was 10.3% in FY21 (FY20: 8.8%). In FY22, Ind-Ra
expects the EBITDA margin to remain largely unchanged yoy due to
the execution of similar orders.

The ratings further reflect SKE's continued stretched credit
metrics even as the gross interest coverage (operating EBITDA/gross
interest expense) improved to 2.67x in FY21 (FY20: 2.30x), due to a
rise in the absolute EBITDA. The net financial leverage (adjusted
net debt/operating EBITDA) deteriorated to 5.30x in FY21 (FY20:
4.33x), due to increased borrowings to fund the company's capex
plans and for COVID-19 relief. In FY22, Ind-Ra expects the credit
metrics to remain at similar levels as the increased interest
expense will be compensated by the increased EBITDA.

Liquidity Indicator – Stretched: SKE's average maximum
utilization of its fund-based limits was 96.19% and that of its
non-fund-based limits was 87.5% during the 12 months ended June
2021 with an instance of overutilization for seven days. The cash
flow from operations deteriorated to negative INR25.72 million in
FY21 (FY20: INR47.97 million), due to an increase in the working
capital requirement. Furthermore, the free cash flow deteriorated
to negative INR34.53 million in FY21 (FY20: INR44.97 million) due
to increased capex. SKE's elongated net working capital cycle
improved to 140 days in FY21 (FY20: 144 days) due to fewer
inventory days. The cash and cash equivalents stood at INR45.3
million at FYE21 (FYE20: INR13.23 million). However, SKE does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. It availed the
Reserve Bank of India-prescribed moratorium over March-August
2020.

The ratings, however, continue to be supported by the partners'
experience of more than three decades in the manufacturing of
horse-riding accessories.

RATING SENSITIVITIES

Positive: Substantial growth in the scale of operations, leading to
an improvement in the credit metrics and liquidity will be positive
for the ratings.

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

COMPANY PROFILE

SKE was formed in 2000 as a partnership firm by Sidharth Kapoor
along with his family members. The firm commenced commercial
operations in 2002, with a manufacturing facility located in
Kanpur, Unnao, Ruma. The firm is manufactures horse-riding
accessories such as saddle, strappings, ridding breeches, and work
wear.

SAKTHI GANESH: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sakthi Ganesh
Textiles Private Limited's (SGTPL) 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:

-- INR150 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating;

-- INR90 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR70 mil. Term loan due on October 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 26, 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 1996, SGTPL manufactures and sells cotton yarn-dyed
woven fabric. The company has its manufacturing units in Tirupur
and Erode, Tamil Nadu, with an installed yarn capacity of 12,000
spindles, weaving capacity of 4.704 million meters per annum,
sizing and warping capacity of 3 million meters per day. It also
has a captive windmill of 250kW.


SANTLADEVI RESORTS: CRISIL Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Santladevi Resorts (SR) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Term Loan        21.31      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SR for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SR is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of SR to 'CRISIL D Issuer not cooperating'.

SDR is establishing a greenfield project for managing hotel under
Marriott Group in Mussoorie, Uttarakhand. The firm is promoted by
Dr. Antariksha Saini possessing extensive experience in managing
hospitals. Expected commencement of its commercial operations is
from April 2021.


SATISH AGRO: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Satish
Agro Industries (SAI) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Working Capital         6        CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SAI for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SAI to 'CRISIL D Issuer not cooperating'.

SAI was formed as a proprietorship concern by Mr. Satish Jain in
1998 at Indore, Madhya Pradesh. SAI is engaged in manufacturing of
agricultural spray pumps, power sprayers and other machinery
parts.


SHUBHSHREE ENGINEERING: Ind-Ra Keeps BB+ Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shubhshree
Engineering and Constructions Private Limited's (SECPL) Long-Term
Issuer Rating of 'IND BB+ (ISSUER NOT COOPERATING)' in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:
    
-- INR60 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR250 mil. Non-fund-based working capital limits# maintained
    in non-cooperating category and withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn.

#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra. However,
SECPL was cooperative in sharing the no-default statement for the
12 months ended June 2021.

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

COMPANY PROFILE

Incorporated in July 2013, SECPL is engaged in industrial project
construction, planning and implementation, construction management
and project commissioning in Maharashtra Haryana, and Rajasthan.

SINHGAD TECHNICAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sinhgad
Technical Education Society (STES) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      426.24      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      16.45      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 16, 2020, placed the
rating(s) of STES under the 'issuer non-cooperating' category as
STES had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. STES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 02,
2021, May 12, 2021, May 22, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Sinhgad Technical Education Society (STES) was registered under the
Societies Registration Act, 1860 in August 1993. It is also
registered under the Bombay Public Trust Act, 1950. STES manages
higher education colleges and pre-primary, primary and secondary
schools. These schools and colleges provide full-time courses in
the fields of Engineering, Management, Pharmacy, Architecture,
Gemology and Jewelry Designing, etc.


SWARGIYA TAPESHWAR: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swargiya
Tapeshwar Ram Kalyan Samiti (STRKS) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-          1        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with STRKS for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of STRKS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STRKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STRKS continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

STRKS, setup in 1990, is organized as a not-for-profit society and
is located in Saidpur, Mohammadabad, Uttar Pradesh. It operates a
primary school, high school, residential school and hostels under
its name. It is also engaged in various welfare schemes operated by
the state and central governments in Mohammadabad and surrounding
areas.


TEZALPATTY TEA: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Tezalpatty Tea Private Limited (TTPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.97      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.00      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              2.40      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with TTPL for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TTPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of TTPL to 'CRISIL D Issuer not cooperating'.

TTPL was set up in 1994, TTPL by the promoters, Mr. Adilur Rahman,
Mr. Atikur Rahman, Ms Nilufar Rahman, and Ms Rumena Rahman. The
company plants and processes organic Assam tea. It also
manufactures conventional tea by purchasing leaves from other tea
estates.


TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tribhuwan
Narayan Singh (TNS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Bank Guarantee            10         CRISIL D (Issuer Not
                                        Cooperating)

   Cash Credit               10         CRISIL D (Issuer Not
                                        Cooperating)

CRISIL Ratings has been consistently following up with TNS for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TNS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TNS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TNS continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1991 as a proprietorship firm by Mr. Tribhuwan
Narayan Singh and currently managed by his son, Mr. Abhishek Singh,
TNS is based in Ghazipur, Uttar Pradesh, and constructs roads and
bridges for government departments in Uttar Pradesh and Jharkhand.


UCN CABLE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn UCN Cable Network
Private Limited's  Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND BB' rating on the INR150 mil. Cash credit is
     withdrawn.

KEY RATING DRIVERS

The agency is no longer required to maintain the ratings, as the
agency has received a no-dues certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical or rating coverage for UCN Cable
Network.

COMPANY PROFILE

Formed in 1991, UCN Cable Network is a multisystem operator, with
operations in Nagpur and Madhya Pradesh.


UNDERWATER SERVICES: CARE Lowers Rating on INR49.0cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Underwater Services Company Limited (USCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       49.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2018, placed the
rating of USCL under the 'issuer non-cooperating' category as USCL
had failed to provide information for monitoring of the rating.
USCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 21, 2021 and July 22, 2021 among others.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of non-availability of
substantial information required from the company. The rating
revision also takes into consideration decline in net profit and
deterioration in liquidity position in FY20. Additionally the
credit profile of the promoter company Samson Maritime Ltd has also
weakened which could potentially have a bearing on the credit
profile of USCL.

Underwater Services Company Ltd. (USCL) is a wholly owned
subsidiary of Samson Maritime Ltd. (SML).The company was originally
a partnership firm formed in 1970 as the first commercial diving
company in India. Initially, the company provided hull cleaning,
hull inspection plus underwater repairs to merchant shipping
vessels. Later, the company expanded into Single Point Mooring
(SPM) maintenance, offshore diving including saturation and mixed
gas, plus salvage and wreck removal, becoming the first Indian
member of the International Salvage Union. Presently, USCL is
engaged in providing services for operations and maintenance of SPM
terminals and diving projects. As per last available data with
CARE, USCL maintained 11 out of the total 15 outsourced operational
SPM installations in the country. The fleet profile of SML includes
5 PSVs (Platform Supply Vessels), 8 SPM maintenance vessels (6
deployed to its subsidiary – USCL) and the remaining
tugs/support/utility vessels.


VANI ORGANICS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vani
Organics Private Limited (VOPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 30, 2020, placed the
rating(s) of VOPL under the 'issuer non-cooperating' category as
VOPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VOPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 16, 2021, May 26, 2021 and June 5, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Vani Organics Private Limited (VOPL) belongs to Vani Group based
out of Hyderabad promoted by Late Mr. Subba Rao. The Group
commenced its business by incorporating Vani Pharma Labs Limited
(VPL) in the year 1976 which is the flagship company of the group
and engaged in manufacturing of Active Pharmaceutical Ingredients
(APIs) and bulk drugs. In 1984, the group expanded its production
facilities by incorporating VOPL in Bidar, Karnataka, to
manufacture bulk drugs.


VARDHMAN ENTERPRISE: CRISIL Lowers Rating on INR4.80cr Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facility of the Vardhman Enterprise - Ahmedabad (VE) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.80      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Drop Line              4.45      CRISIL D (ISSUER NOT
   Overdraft Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with VE for
obtaining information through letters and emails dated January 14,
2020, July 17, 2020 and July 7, 2021 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VE is
consistent with 'Assessing Information Adequacy Risk'.

Firm has defaulted on bank loan payments thus, CRISIL Ratings has
downgraded the rating on the long-term bank facility of the VE to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating.

Established in 2008, VE is an Ahmedabad-based partnership firm
promoted by Mr. Pannalal Jain and his family. It trades in sugar in
the domestic market. Operations are managed by Mr. Mahavirprasad
Jain, who has industry experience of more than three decades.


VINAYAKA EDUCATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinayaka
Educational Trust (VET) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term     4.19       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              2.81       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VET for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VET continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 1997 in Chennai by Mr. Ishari K Ganesh, VISTAS offers
courses in commerce, computing science, management, pharmaceutical
sciences, physiotherapy, hotel and catering, maritime studies,
engineering, life sciences, pure sciences, visual communications,
languages, dentistry, and nursing. VGET and VLET run schools
affiliated to the Central Board of Secondary Education.


VR FOUNDRIES: Ind-Ra Hikes Issuer Rating to 'BB-', Outlook Stable
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded VR Foundries' (VRF)
Long-Term Issuer Rating to 'IND BB-' from 'IND B-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR280 mil. Term loan due on October 2033 upgraded with IND
     BB-/Stable rating;

-- INR150 mil. Fund-based facilities upgraded with IND BB-/
     Stable/IND A4+ rating; and

-- INR40 mil. Non-fund-based facilities upgraded with IND A4+
     rating.

The upgrade reflects VRF's stronger-than-expected financial
performance in FY21.

KEY RATING DRIVERS

Despite the COVID-19-led disruptions, VRF's revenue rose to
INR1,796 million in FY21 (FY20: INR1,502 million) due to an
improved demand from the automobile industry as well as higher
sales realization. The scale of operations is medium. During
3MFY22, VRF achieved a revenue of INR400 million. It had an order
book of INR200 million at end-June 2021, to be executed by August
2021. Over the short-to-medium term, the management expects VRF's
revenue to improve due to a further increase in the demand from the
automobile industry as well as the shift in the casting procurement
policy to India from China due to COVID-led interruption. FY21
numbers are provisional.

The ratings also reflect VRF's EBITDA margin that remained healthy
despite deteriorating to 10.4% in FY21 (FY20: 13.2%), due to an
increase in the raw material price. The return on capital employed
was 20% in FY21 (FY20: 22%). Over the short-to-medium term, Ind-Ra
expects the EBITDA margin to deteriorate slightly due to the
expected increased raw material price.

The ratings are constrained by VRF's modest credit metrics even as
its gross interest coverage (operating EBITDA/gross interest
expense) improved to 2.5x in FY21 (FY20: 2.3x), due to a reduction
in the interest cost to INR86 million (INR90 million) and the net
financial leverage (adjusted net debt/operating EBITDA) to 3.4x
(4.1x) due to a reduction in the total debt to INR664 million
(FY20: INR825 million). In FY22, Ind-Ra expects the credit metrics
to improve due to the repayment of the term loan.

Liquidity Indicator – Poor: VRF's liquidity remains poor despite
improving yoy in FY21. Its average maximum utilization of the
fund-based limits was 95% during the  12 months ended June 2021.
The cash flow from operations improved to INR123 million in FY21
(FY20: INR117 million), due to an improvement in the current
liabilities. The net working capital cycle remained comfortable but
deteriorated to negative 6 days in FY21 (FY20: negative 123 days)
due to a reduction in creditor days to 139 (163). The cash and cash
equivalents stood at INR8.5 million at FYE21 (FYE20: INR0.8
million). VRF does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. It availed the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings, however, continue to be supported by VRF's promoters'
over three decades of experience in the casting and forging
industry. This has helped the firm to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Negative: A decline in the scale of operations and EBITDA margin,
leading to deterioration in the credit metrics with the net
leverage above 5.0x on a sustained basis, and/or a weakening of the
liquidity profile, will be negative for the ratings.  

Positive: An improvement in the scale of operations or the EBITDA
margin, leading to an improvement in the credit metrics and
liquidity profile will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1974, VRF manufactures grey iron casting, mainly
used in the automobiles and textile sectors, with a production
capacity of 30,000 metric tons per annum.



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

BANK JAGO: Net Loss Narrows to IDR46.77BB in First Half
-------------------------------------------------------
The Jakarta Post reports that Bank Jago booked a smaller net loss
in the first six months as the digital bank achieved higher
interest income on the back of rapid credit growth.

Bank Jago booked a net loss of IDR46.77 billion (US$3.23 million)
in the first half of the year, down from nearly IDR51 billion a
year earlier, the Jakarta Post discloses. The fall in net loss
followed a 695 percent annual increase in loan disbursement to
IDR2.17 trillion.

"Our performance is still not positive because of the investment
factor.  We think that is normal and still in line with our initial
plan.  This investment will pay off in the future," president
director Kharim Siregar was quoted in a news release as saying on
July 26.

The Jakarta Post says the digital bank continued to invest in
information and technology, application development and talent
acquisition, resulting in operating expenses of IDR183 billion.

Bank Jago provides banking and financial services.


TUNAS BARU: Fitch Withdraws B+ Rating on Proposed USD Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+' rating and Recovery Rating of
'RR4' on Indonesian palm oil and sugar producer PT Tunas Baru
Lampung Tbk's (TBLA, B+/Negative) proposed US dollar senior
unsecured notes.

Fitch is withdrawing TBLA's bond rating because the bonds were not
issued.

KEY RATING DRIVERS

Key rating drivers do not apply, as the bond rating has been
withdrawn.

RATING SENSITIVITIES

Not applicable

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

TBLA has an ESG Relevance Score of '4' for Management Strategy. The
company's working-capital flows have been volatile, while capex has
often been higher than Fitch's expectations. This indicates some
weakness in management control over operations and remains a risk
to TBLA's financial and overall credit profile, in conjunction with
other factors.

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



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

AEON COMPANY: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 12, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Aeon Co Ltd.

Headquartered in Chiba, Chiba, Japan, Aeon Co Ltd. operates general
merchandise stores, supermarkets, and convenience stores throughout
Japan.




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

ROCKET LAB: Racked up Losses of NZ$290MM over Past Eight Years
--------------------------------------------------------------
Stuff.co.nz reports that Rocket Lab has racked up big losses since
it launched New Zealand into the space industry, with any profits
still years away, according to a regulatory filing.

A document filed by Nasdaq-listed shell company Vector Acquisition
stated that Rocket Lab USA had accumulated losses of US$203 million
(NZ$290 million) since 2013.

That was after reporting losses of US$30 million and US$55 million,
respectively, in 2019 and 2020 and a further $16 million loss in
the first three months of this year, Stuff discloses.

According to Stuff, the filing reveals that the company's auditor,
Deloitte & Touche, expressed "substantial doubt" about Rocket Lab's
ability to continue as a going concern in May.

That was because of what Deloitte described as a "history of
recurring losses from operations, negative cashflows from
operations and a significant accumulated deficit".

Vector shareholders will vote on August 20 on a proposal to merge
with the Kiwi-founded business, turning Rocket Lab into a
publicly-listed firm, Stuff relays.

Stuff relates that Vector said in its filing that it expected net
losses to continue "for the next several years".

But it said there was a significant market opportunity for Rocket
Lab that it intended to capitalise on by continuing to invest
aggressively.

Although the auditor's warning may sound ominous, United States
technology news website Ars Technica said the losses and warnings
were unlikely to cool the appetite of investors in Rocket Lab,
noting that the initial public offering would provide Rocket Lab
with about US$467 million in cash, according to Stuff.

The IPO will turn more than 100 of the company's 600 mostly young
employees into millionaires on paper, with founder Peter Beck
retaining at least a 12.2 per cent stake in the firm, which should
have a total market capitalisation of about US$4.5 billion, Stuff
says.

Most of Rocket Lab's future investment will go into developing and
building a larger range of Neutron rockets that will be capable of
launching constellations of communications satellites as well as
humans into space.




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

DCI INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 30
--------------------------------------------------------
Creditors of DCI International Holding Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Aug. 30, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 23, 2021.

The company's liquidator is:

         Lau Chin Huat
         Technic Inter-Asia Pte Ltd
         c/o 50 Havelock Road #02-767
         Singapore 160050


HON INDUSTRIES: Court to Hear Wind-Up Petition on Aug. 13
---------------------------------------------------------
A petition to wind up the operations of Hon Industries Pte Ltd will
be heard before the High Court of Singapore on Aug. 13, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 23, 2021.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


MONADELPHOUS SINGAPORE: Creditors' Proofs of Debt Due Aug. 30
-------------------------------------------------------------
Creditors of Monadelphous Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 30,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 23, 2021.

The company's liquidator is:

         Chan Kheng Tek
         7 Straits View
         Marina One East Tower, Level 12
         Singapore 018936




=============
V I E T N A M
=============

HANOI POWER: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Pos.
------------------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Hanoi Power Corporation's
(EVNHANOI) Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'BB'. The Outlook is Positive.

The rating reflects EVNHANOI's 'bb' Standalone Credit Profile
(SCP), which is assessed at the same level of the parent, Vietnam
Electricity (EVN, BB/Positive), because EVN exerts significant
control over EVNHANOI's financial profile, including determining
its profitability. This is despite EVNHANOI's financial profile
being much stronger relative to its SCP. The SCP also reflects
EVNHANOI's stable operating profile as a pure distribution utility
with monopoly position in its area of operation.

The Positive Outlook on EVNHANOI is in line with EVN's rating.
EVNHANOI's ratings will be equalised with EVN should its SCP
weaken, based on Fitch's assessment of a 'Strong' linkage under the
agency's Parent and Subsidiary Linkage Rating Criteria.

KEY RATING DRIVERS

Strong Market Position: EVNHANOI benefits from a monopoly position
for electricity distribution in Vietnam's capital city of Hanoi.
Fitch expects Vietnam's strong economic growth to support revenue
over the medium term. EVNHANOI's diversified counterparties and low
receivable days also support its credit profile. However, the
regulatory framework's short history, the short six-month period
set for tariffs under the framework and political risks limit its
business profile, in a similar way to its parent.

Pandemic to Slow Demand Growth: EVNHANOI's electricity sales volume
continued to rise in 2020 during the coronavirus pandemic due to
Vietnam's resilient economy and success in containing Covid-19, but
growth was at a slower pace (2020: 2.6%) than historical levels (8%
a year on average before 2020). Fitch expects demand growth to
improve to around 6% in 2021, even though sales volume increased by
8.5% in 1H21, as the recent pandemic resurgence will soften demand
in 2H21.

Diversified Counterparties, Low Receivables Risk: EVNHANOI benefits
from its stable and diversified customer base. More stable
residential customers account for 57% of EVNHANOI's revenue and its
top 20 customers account for around 2% of total revenue. Lower
counterparty risk is also reflected in EVNHANOI's high collection
rates of well above 99% and low receivable days of around five days
supporting its operating cash flow.

Restrictions on Tariff Increases: EVN can increase retail
electricity tariffs every six months, in line with rising
production costs, under the regulatory framework introduced in
August 2017. However, automatic adjustments are limited to 5%; with
price increases of 5%-10% requiring approval from the Ministry of
Industry and Trade, and larger increases requiring approval from
the prime minister.

EVNHANOI charged a higher tariff in 1H21, after a decline in the
average retail tariff in 2020 due to pandemic-related tariff
discounts. Fitch however does not expect the higher tariff to
continue through 2H21 due to the Covid-19 resurgence and the
current challenging macro-economic conditions, which may hurt
businesses and individuals.

Lower ROE: EVN sets the major cost of electricity purchase - that
is, the bulk-supply tariff for distribution companies, including
for EVNHANOI - and aims to provide a modest level of profit.
EVNHANOI expects to maintain its pretax return on equity (ROE) in
line with EVN's target of 1%-3% (based on Vietnamese GAAP).
Historical ROE for EVNHANOI has been around 1.6%.

High Capex Forecast: Fitch expects EVNHANOI's capex to remain high,
as the company plans average annual outlay of above VND6 trillion
over the medium term (2019: VND5.7 trillion). Capex is mainly for
enhancement of the distribution grid and building substations and
transmission lines to improve the power supply capacity. Fitch
estimates EVNHANOI's average funds from operations (FFO) net
leverage to rise gradually, to around 3.0x by 2022 (2020: 2.0x),
and remain at this level over the next two years.

Strong Linkages with EVN: Fitch assesses that EVNHANOI has 'Strong'
linkages with its parent. There is strong integration between the
two as EVNHANOI is one of the five distribution companies under the
EVN group, and is the only distribution company in Hanoi. EVN fully
owns EVNHANOI and has extensive influence over EVNHANOI's business
plans, profitability and financial profile. EVN also approves
EVNHANOI's budget and capex plan and appoints key executives. EVN
guaranteed around 20% of EVNHANOI's total borrowings at end-2020.

EVN's Credit Profile: EVN's ratings will be equalised to that of
the Vietnamese sovereign (BB/Positive) under Fitch's
Government-Related Entities Rating Criteria, in case the SCP is
weaker than the sovereign's rating. EVN's 'bb' SCP, reflects its
position as the owner and operator of Vietnam's electricity
transmission and distribution network, and its 54% share of
Vietnam's power generation capacity.

EVN's financial profile is much stronger relative to its SCP
assessment. However, its credit profile is constrained by the
regulatory framework's short history and tariffs being set for only
a short period.

DERIVATION SUMMARY

EVNHANOI's rating reflects its SCP, which benefits from the strong
business and financial profile. The company benefits from its
monopoly distribution business in Hanoi, diversified counterparties
and low receivables. That said, parent EVN exerts significant
influence on the subsidiary's business and financial profile,
including profitability, resulting in EVNHANOI's SCP being at the
same level as the parent.

EVN is the state-owned utility that has a monopoly over electricity
transmission and distribution in Vietnam. It also owns and operates
the majority of the country's installed power-generation capacity.

EVN's distribution businesses are highly strategic, operating
through EVNHANOI and four other wholly owned subsidiaries. The
ratings on Vietnam Electricity Northern Power Corporation
(BB/Positive) and Ho Chi Minh City Power Corporation (BB/Positive)
- two other EVN distribution subsidiaries - also reflects their SCP
and EVN's extensive influence on their business and financial
profiles, in a similar way to EVNHANOI.

The ratings on National Power Transmission Corporation (EVNNPT,
BB/Positive, SCP: bb+) - a power transmission company within the
EVN group - is capped at the same level of parent EVN. EVNNPT has
lower operating risk as a pure transmission player with better
geographical diversification compared with EVNHANOI. Furthermore,
EVNNPT's ROE is determined by the regulator, albeit in consultation
with EVN. This is compared to EVN's more significant influence on
EVNHANOI, including determining the profitability, which explains
latter's SCP being assesses a notch lower than that of EVNNPT.

KEY ASSUMPTIONS

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

-- Hanoi's electricity demand to grow annually by 6%, on average,
    during 2021-2024;

-- Average retail tariffs to increase by 1.8% and bulk-supply
    tariffs to rise by 4.2% in 2021; and retail tariff growth of
    0.2% in 2022 and bulk-supply tariff decline of around a 1%
    decline;

-- Distribution losses of around 3.5% a year (2020: 3.67%, 2019:
    3.73%);

-- Average annual capex of around VND6.5 trillion from 2021;

-- Blended interest rate of around 7% over 2021-2024, in line
    with the historical trend;

-- No dividend payouts.

RATING SENSITIVITIES

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 7 April 2021.

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

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

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in linkages with the state. Fitch sees this as a remote
    prospect in the medium term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: EVNHANOI had readily available cash of around
VND6.2 trillion at end-2020, against the current debt maturity of
VND1.8 trillion. Fitch expects the company to generate VND4
trillion-5 trillion of operational cash flow over the next three to
four years. This will be sufficient to manage annual debt
maturities but will require external funds to manage annual capex
targets. EVNHANOI's liquidity benefits from its strong access to
domestic markets and overseas development assistance due to its
linkages with EVN and hence the state.

ISSUER PROFILE

EVNHANOI is one of five electricity distribution companies in
Vietnam with a monopoly position in electricity distribution in
Hanoi. It is a fully owned subsidiary of EVN, the country's
state-owned fully integrated power utility.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNHANOI's rating is directly linked to the credit quality of
parent EVN. A change in Fitch's assessment of the credit quality of
EVN would automatically result in a change in the rating on
EVNHANOI.

ESG CONSIDERATIONS

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



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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,
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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.

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