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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

          Thursday, August 5, 2021, Vol. 24, No. 150

                           Headlines



A U S T R A L I A

ATELIER PROJECTS: Second Creditors' Meeting Set for Aug. 11
BURWOOD PROPERTIES: Second Creditors' Meeting Set for Aug. 11
CHINA EVERGRANDE: Two More Suppliers Say Payments Are Overdue
LILLY AND LIME: Owners Seek Buyer After a Tough Year in Retail
THINK TANK 2021-1: S&P Assigns Prelim. B Rating on F Notes

TRITON BOND 2021-2: S&P Assigns B Rating on Class F Notes


C H I N A

LVGEM REAL ESTATE: Fitch Affirms 'B' LT Foreign Currency IDR


I N D I A

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
BIL INFRATECH: Insolvency Resolution Process Case Summary
BLUEWHEEL INFRASTRUCTURES: Insolvency Resolution Case Summary
ETHNIC TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating

K.C. LAND AND FINANCE: Insolvency Resolution Process Case Summary
KANS WEDDING: CRISIL Keeps D Debt Ratings in Not Cooperating
KARVY RENEWABLE: CRISIL Moves C Debt Rating to Not Cooperating
KAYCEE INDUSTRIES: CRISIL Lowers Rating on INR7.50cr Loan to D
KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating

KOLLA INNOVATIVES: Insolvency Resolution Process Case Summary
LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating
MAA TARINI INDUSTRIES: Insolvency Resolution Process Case Summary
MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating

MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MEGAFOODS PRODUCTS: Insolvency Resolution Process Case Summary
NAIDU BEVERAGES: Insolvency Resolution Process Case Summary
NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating

POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAKRUTI LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating

RAJARATHNAM CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
SATIATE ENGINEERING: Insolvency Resolution Process Case Summary

SCIKNOW TECHNO: CRISIL Moves C Debt Rating to Not Cooperating
SHANKARRAO PAWAR: CRISIL Moves D Debt Ratings to Not Cooperating
SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SIVA SANKARA: CRISIL Moves D Debt Ratings to Not Cooperating

STANDARD PAPER: CRISIL Keeps D Debt Rating in Not Cooperating
SUPERKISAN E-COMMERCE: Insolvency Resolution Process Case Summary
SURYACHAKRA ENERGY: Insolvency Resolution Process Case Summary
SYNERGYTECH AUTOMATION: Insolvency Resolution Process Case Summary
TATA STEEL: S&P Raises ICR to 'BB' on Expected Deleveraging

TAXUS INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
TRIFALAGUR SQUARE: Insolvency Resolution Process Case Summary
VIRENDRA SATIJA: CRISIL Lowers Rating on INR0.98cr Loan to D
[*] INDIA: Rajya Sabha Passes Insolvency and Bankruptcy Bill


P H I L I P P I N E S

RURAL BANK OF ALIMODIAN: Sept. 7 Deadline Set for Creditors' Claims


S I N G A P O R E

DB TRADE: Court Enters Wind-Up Order
HIN LEONG: OK Lim's Daughter Charged with Obstruction of Justice
MHG CARS: Court to Hear Wind-Up Petition on Aug. 13
OCEAN TANKERS: Court to Hear Wind-Up Petition on Aug. 16
TAYRONA CAPITAL-AZIAN: Court Enters Wind-Up Order

TEMASEK FOUNDATION: Creditors' Proofs of Debt Due Aug. 31


T H A I L A N D

THAI AIRWAYS: Selling 10 Assets to Raise Cash

                           - - - - -


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A U S T R A L I A
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ATELIER PROJECTS: Second Creditors' Meeting Set for Aug. 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Atelier
Projects Pty Ltd has been set for Aug. 11, 2021, at 10:00 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. 10, 2021, at 10:00 a.m.

Craig Peter Shepard and Michael Korda of KordaMentha were appointed
as administrators of Atelier Projects on July 7, 2021.


BURWOOD PROPERTIES: Second Creditors' Meeting Set for Aug. 11
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Burwood
Properties Pty Ltd, as trustee for "Burwood Properties Unit Trust",
has been set for Aug. 11, 2021, at 11:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by
Aug. 10, 2021, at 2:00 p.m.

Philip Raymond Hosking of Helm Advisory was appointed as
administrator of Burwood Properties on July 9, 2021.


CHINA EVERGRANDE: Two More Suppliers Say Payments Are Overdue
-------------------------------------------------------------
Reuters reports that advertising company Leo Group said it is
applying to a Chinese court to freeze CNY356 million (US$55.06
million) in assets of Evergrande Group for overdue payments,
becoming the latest supplier to sue the indebted property
developer.

Reuters relates that Leo's lawsuit, which was disclosed in a
securities filing late on Aug. 2, comes after Huaibei Mining
Holdings said last week its construction unit was suing Evergrande
regarding CNY400 million in overdue fees.

And Langfang Development said last week a court has ordered
Evergrande's shares in the company be frozen for three years
following a ruling on a lawsuit between Evergrande and an
investment company, Reuters says.

Worries over the financial health of China's No. 2 developer
intensified after it said in June it had not paid some commercial
paper on time, and following news last month that a court froze a
$20 million bank deposit held by the developer on the request of
Guangfa Bank, according to Reuters.

Separately, Lets Holding, a construction research and development
company, said in a securities filing at the weekend that it was not
ruling out taking legal measures to resolve Evergrande's overdue
commercial paper of CNY33 million, Reuters adds.


                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on July
30, 2021, 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.

The TCR-AP reported on Aug. 4, 2021, that Moody's Investors Service
has downgraded the corporate family rating Caa1 from B2, and its
senior unsecured ratings have been downgraded to Caa2 from B3; the
CFRs of Hengda Real Estate Group Company Limited to Caa1 from B2;
the CFRs of Tianji Holding Limited to Caa2 from B3; and the backed
senior unsecured ratings of Scenery Journey Limited to Caa2 from
B3.


LILLY AND LIME: Owners Seek Buyer After a Tough Year in Retail
--------------------------------------------------------------
SmartCompany reports that the owners of Australian swimwear brand
Lilly and Lime have decided to sell their e-commerce business after
COVID-19 travel restrictions caused sales to plunge.

Since 2016, co-owners Ashleigh Hill and Emma-Jane Hughes have
successfully operated their year-round e-commerce business, selling
D-cup and up sized bathing suits around the world.

But when COVID-19 brought international and domestic travel to a
standstill, the business suffered a devastating decline in
turnover, SmartCompany says.

Last year, Lilly and Lime experienced a 59% drop in Australian
winter sales at a time when people would normally travel to
northern parts of the country or overseas.

Sales from wholesaling to boutique shops in the US also grinded to
a halt throughout 2020, as COVID-19 cases in America soared.

"We were relying on those sales to repay some of our pre-existing
business loans and to fund our new collection," Ms. Hill told
SmartCompany.   "We were on track to pay all that off, then
COVID-19 hit."

According to SmartCompany, Ms. Hill wants to share one of the
mistakes she made early on in her business journey to help other
business owners avoid making it too.

She said in hindsight the business loans that she took out in the
early years of running the e-commerce store were not a good idea.

"We were trying to fix the mistakes that we made early on —
taking risks and then taking out business loans that we probably
shouldn’t have, with high interest rates," SmartCompany quotes
Ms. Hill as saying.

Ms. Hill's message for business owners is that there's always a
better option than a quick and easy loan.

"There are so many options. I would say be cautious with taking out
loans that are easy to get."

SmartCompany says the business owners managed to pay off their
loans but the decline in sales due to the pandemic meant they
weren’t able to fund the business with the injection it needed.

"It would have meant self-funding another collection and we just
didn’t have the energy to do that," Ms. Hill said.

Ms. Hill said it was a difficult decision to close and abandon her
plans to create new products, engage a local third-party logistics
company in America and source more sustainable fabrics.

"The decision didn’t come easily. One minute we were like
‘let’s close it down’ and the next minute we were like ‘how
can we keep it going?’" she says.

When the co-owners announced the closure in April on social media,
their message was met with what Ms. Hill called an "uproar" from
loyal customers.

"Because of the uproar from our customers, we started pursuing a
sale of the business rather than closing it down," she says.

The co-owners decided not to waste the Lilly and Lime brand, its
loyal customer base and the technical patterns that they had built
from scratch.

At the moment, the business is still operating but no interested
buyers have committed to purchasing the brand.

"The selling process is definitely an unknown area for us," Ms.
Hill told SmartCompany.  "Obviously there’s quite a few companies
that sell e-commerce businesses online."

The most surprising element of getting the Lilly and Lime ready for
sale was preparing the financials, Ms. Hill said.

"When it comes down to us either closing down or selling, the
effort we put in doesn’t mean a lot. It’s all about
financials," she said.

In 2019-2020, the business had its best year in sales, recording
$600,000 in revenue, SmartCompany notes.


THINK TANK 2021-1: S&P Assigns Prelim. B Rating on F Notes
----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of residential mortgage-backed, floating rate,
pass-through notes to be issued by BNY Trust Co. of Australia Ltd.
as trustee of Think Tank Residential Series 2021-1 Trust.

Think Tank Series 2020-1 Trust is a securitization of loans to
residential borrowers, secured by first-registered mortgages over
Australian residential properties originated by Think Tank Group
Pty Ltd. (Think Tank).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Think Tank, available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Think Tank Residential Series 2021-1 Trust

  Class A1, A$320.00 million: AAA (sf)
  Class A2, A$48.00 million: AAA (sf)
  Class B, A$12.80 million: AA (sf)
  Class C, A$7.20 million: A (sf)
  Class D, A$5.20 million: BBB (sf)
  Class E, A$2.80 million: BB (sf)
  Class F, A$2.00 million: B (sf)
  Class G, A$2.00 million: Not rated


TRITON BOND 2021-2: S&P Assigns B Rating on Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Bond Trust 2021-2 Series
1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the structure features a
prefunding period up to the payment date in September 2021, which
means that new collateral loans may be added during that period,
subject to a rating notification.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
insurance covering 18.7% of the loans in the portfolio, as well as
note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all notes, subject
to a floor of 0.10% of the invested amount of all notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions to ensure timely payment of
interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.

  Ratings Assigned

  Triton Bond Trust 2021-2 Series 1

  Class A1-MM, A$230.00 million: AAA (sf)
  Class A1-AU, A$865.00 million: AAA (sf)
  Class A1-5Y, A$180.00 million: AAA (sf)
  Class A2, A$105.00 million: AAA (sf)
  Class AB, A$55.50 million: AAA (sf)
  Class B, A$25.95 million: AA (sf)
  Class C, A$18.30 million: A (sf)
  Class D, A$9.00 million: BBB (sf)
  Class E, A$5.25 million: BB (sf)
  Class F, A$2.70 million: B (sf)
  Class G, A$3.30 million: Not rated.




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LVGEM REAL ESTATE: Fitch Affirms 'B' LT Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed LVGEM (China) Real Estate Investment
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'B'. The Outlook is Stable. Fitch has also affirmed
LVGEM's senior unsecured rating and the rating on its outstanding
US-dollar senior notes, issued by Gemstones International Limited,
at 'B' with a Recovery Rating of 'RR4'.

LVGEM's ratings are constrained by low contracted sales,
concentration in a small number of projects and high leverage. On
the other hand, the ratings are supported by a maturing pipeline of
highly profitable urban-renewal projects (URP) in the cities of
Shenzhen and Zhuhai.

KEY RATING DRIVERS

Leverage to Rise: Fitch expects LVGEM's leverage, measured by net
debt/adjusted inventory, to exceed 50% by end-2022, driven by the
cash flow needs of its large Baishizhou URP project, including land
premium, compensation to villagers and construction costs, before
pre-sales commence. LVGEM received an injection of an additional
55% stake in the Shenzhen project that was previously held by
LVGEM's controlling shareholder. The project was revalued to its
fair value as of the date of the injection, leading to a sharp rise
in inventory and a drop in LVGEM's leverage to 42% from 55%.

LVGEM's controlling shareholder also issued USD120 million of
exchangeable bonds. Fitch includes this as LVGEM's debt obligations
as Fitch expects the proceeds to be used to support LVGEM's
business via a shareholder loan and the debt to be serviced by cash
flow from LVGEM.

Low Contracted Sales Scale: Fitch expects annual contracted sales
to remain low at around CNY5 billion-6 billion, significantly below
that of peers, before pre-sales from the Baishizhou project
contribute meaningfully in 2023. LVGEM recorded contracted sales of
CNY4.5 billion in 2020, down from CNY6.3 billion 2019, after
suspending the launch of its remaining inventory at Mangrove Bay
No.1 to maximise profitability. However, Fitch believes the company
could choose to increase contracted sales, as most of its projects
are in prime locations with robust demand and it earns high margins
on property sales.

Concentration Risk: LVGEM's business is heavily focused on a small
number of projects in the Greater Bay Area (mainly Shenzhen and
Zhuhai), with the two cities accounting for over 70% of total
contracted sales in 2020. Fitch expects the concentration to
increase further from 2023 due to the contribution from the
Baishizhou project. However, geographical concentration risk is
mitigated by the region's strong economic fundamentals and housing
demand. LVGEM also has a long history of operating in Shenzhen,
although it has a small market share in terms of contracted sales
given its URP niche focus.

Maturing URP Pipeline: Progress on LVGEM's maturing projects is on
track, positioning the company for medium-term contracted sales
growth.

Pre-construction work is underway at phase 1 of the Baishizhou URP,
which Fitch expects to contribute around CNY40 billion of saleable
resources from 2023. Pre-sales from the under-construction Dongqiao
URP in Zhuhai should begin in coming months; Fitch estimates a
contribution of around CNY15 billion. The Liguang URP in Shenzhen,
which Fitch estimates will contribute over CNY10 billion of
saleable value from 2023, is on track for confirmation by
early-2022; it has a contract signing rate of over 90%, close to
the 95% required.

High EBITDA Margin: Fitch expects the EBITDA margin to remain close
to 40%, significantly higher than that of peers due to LVGEM's
focus on low-churn, high-margin URPs. The EBITDA margin, after
adding back capitalised interest, fell to 43% in 2020, from 59% in
2019, due to a change in the project mix and a minimal contribution
from the high-margin Mangrove Bay No.1 project.

Gradual Rental Income Growth: Fitch forecasts rental income to
increase gradually, driven by a further ramp up of LVGEM's Hong
Kong NEO project and contribution from its new Zoll Centres.
However, non-development property EBITDA interest coverage is
likely to fall to 0.22x in 2022, from 0.31x in 2020, due to higher
interest costs, driven by loans drawn on the Baishizhou project.
Rental income remained stable in 2020 as the negative impact of the
coronavirus pandemic was offset by the ramp up of Hong Kong NEO.

DERIVATION SUMMARY

LVGEM's leverage is comparable with that of Modern Land (China)
Co., Limited's (B/Stable) 40% and Leading Holdings Group Limited's
(B/Stable) 44%, but Fitch expects LVGEM's leverage to rise to over
50% in the next two years as it invests in the land and
construction of the Baishizhou project. Beijing Hongkun Weiye Real
Estate Development Co., Ltd.'s (B/Negative) leverage of 60% is
significantly higher than that of LVGEM; the Negative Outlook
reflects its greater refinancing risk.

LVGEM's attributable contracted sales are significantly lower than
Modern Land's CNY22 billion, Leading Holdings' CNY18 billion and
Hongkun's CNY14 billion. Fitch expects this to be the case until
LVGEM begins pre-sales on its Baishizhou project. However, LVGEM
has a higher EBITDA margin than peers, due to its focus on URPs.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY5 billion, CNY6 billion
    and CNY14 billion in 2021, 2022 and 2023, respectively (2020:
    CNY4.5 billion);

-- Cash collection rate of 98% (2020: 98%);

-- Annual development costs, including land and construction
    costs, of CNY7 billion in 2021-2023 (2020: CNY3.5 billion);

-- EBITDA margin after adding back capitalised interest of 38% in
    2021-2023;

-- 4%-5% annual rental income growth in 2021-2023 (2020: 0%).

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that LVGEM would be liquidated
    in bankruptcy.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in the sale or
liquidation processes conducted during bankruptcy or insolvency
proceedings and distributed to creditors.

-- 60% advance rate applied to excess cash; that is, available
    cash less trade payables;

-- 100% advance rate applied to cash restricted for securing
    debt;

-- 80% advance rate applied to net inventory, given that the
    EBITDA margin is over 30%;

-- 70% advance rate applied to trade receivables;

-- 60% advance rate applied to Plants, properties and equipment;

-- 50% advance rate applied to investment properties; based on a
    6.5% cap rate, the advance rate should be 40%. An additional
    10% was applied for superior locations in Shenzhen and Hong
    Kong.

The allocation of value in the liability waterfall results in a
Recovery Rating of RR1 for the offshore senior unsecured debt. The
Recovery Rating for senior unsecured debt is capped at 'RR4'
because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- Positive rating action is unlikely in the next 12-18 months,
    as the company is entering the investment stage of the
    Baishizhou project.

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

-- Leverage, measured by net debt/adjusted inventory, of above
    55% for a sustained period;

-- Deterioration in liquidity position;

-- Significant delays or execution issues in the Baishizhou
    project.

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: LVGEM's available cash/short-term non-bank debt
ratio improved to 1.1x in 2020 (2019: 0.8x). The company has CNY2.1
billion of onshore bonds maturing on 26 August 2021 and is in the
process of issuing a new onshore bond to refinance the amount.
However, it has also prepared cash for the repayment should the new
issuance not be completed before the maturity. Available
cash/short-term debt was 0.5x (2019: 0.5x), but Fitch believes the
bank loans can generally be rolled over. The company had around
CNY4 billion-5 billion of available cash at end-1H21.

ISSUER PROFILE

LVGEM is a small property developer specialising in URPs in the
Greater Bay Area, primarily in Shenzhen and Zhuhai. It recorded
contracted sales of CNY4.5 billion in 2020 and owns a quality
portfolio of investment properties. It is listed on the Hong Kong
Stock Exchange.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory used in the leverage
calculation includes: inventory, deposits and prepayments for
projects, investment properties, property, plant and equipment
(land and buildings), investments in joint ventures, net amounts
due from joint ventures as well as net amount due from
non-controlling interests, less customer deposits and villager
compensation liabilities.

Fitch treats convertible preference shares held by third-parties
and convertible bonds as 100% debt, while convertible preference
shares held by the controlling shareholder are treated as 100%
equity. Fitch has also included restricted cash that is pledged for
debt as readily available cash.

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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ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adi Wires
Private Limited (AWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.35      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.18      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AWPL 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 AWPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AWPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, Jharkhand-based AWPL manufactures binding
wires and wire nails, which are largely used in the construction
industry. The company is promoted and managed by Mr. Amit Sarawgi
and Mr. Rohit Jain.


BIL INFRATECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: BIL Infratech Limited
        37/2, Chinarpark
        New Town, Rajarhat Main Road
        P.O. Hatiara
        Kolkata Parganas North
        West Bengal 700157

Insolvency Commencement Date: July 28, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 23, 2022

Insolvency professional: Subodh Kumar Agrawal

Interim Resolution
Professional:            Subodh Kumar Agrawal
                         1, Ganesh Chandra Avenue
                         Room No. 301, 3rd Floor
                         Kolkata 700013
                         E-mail: subodhka@gmail.com
                                 cirp.bilinfra@gmail.com

Last date for
submission of claims:    August 11, 2021


BLUEWHEEL INFRASTRUCTURES: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Bluewheel Infrastructures Private Limited
        1-10-3/1, Boorugu Vihar
        Begumpet, Hyderabad 500016

Insolvency Commencement Date: June 18, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 19, 2022

Insolvency professional: Rajkumar Sarda

Interim Resolution
Professional:            Rajkumar Sarda
                         H.No. 24, Asbestos Colony
                         Opp. Vikrampuri
                         Secunderabad 500009
                         E-mail: rajsarda@gmail.com

                            - and -

                         1-10-3/1, Boorugu Vihar
                         Begumpet, Hyderabad 500016
                         E-mail: bluewheel.irp@gmail.com

Last date for
submission of claims:    August 6, 2021


ETHNIC TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ethnic Tobacco
India Limited (ETIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing
   Credit                  50       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ETIL 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 ETIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ETIL continues to be 'CRISIL D Issuer Not Cooperating'.

Ethnic Tobacco India Limited was set up in 2006 by Mr. T Venkata
Rao and Mr. T Murali Mohan. The company processes tobacco leaves,
and sells the same in the domestic and international markets. The
company is based out of Guntur, Andhra Pradesh.


HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Hanuman
Infra Private Limited (SHIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     1         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SHIPL 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 SHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm undertakes civil
construction works such as construction of roads and railway
tunnels.

K.C. LAND AND FINANCE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: K.C. Land and Finance Limited
        Chandigarh Road, KC Tower
        Nawanshahar, Punjab

Insolvency Commencement Date: July 27, 2021

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: January 23, 2022

Insolvency professional: Rajesh Kumar Loomba

Interim Resolution
Professional:            Rajesh Kumar Loomba
                         K-208, Kismat Complex
                         G.T. Road, Miller Ganj
                         Ludhiana, Punjab 141003
                         E-mail: rajeshloomba@gmail.com
                                 irpkcl@gmail.com

Last date for
submission of claims:    August 10, 2021


KANS WEDDING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kans Wedding
Centre (KWC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.6       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         1.22      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working
   Capital Facility       0.18      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KWC 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 KWC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KWC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KWC continue to be 'CRISIL D Issuer Not Cooperating'.

KWC, incorporated in 2009, is promoted Mr. K A Niyas and his
family, who have been in this line of business for over two
decades. It is Kerala's largest wedding apparel retail firm,
offering over 10,000 branded products. The firm has three
operational retail stores in Kerala.


KARVY RENEWABLE: CRISIL Moves C Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Karvy
Renewable Energy Projects Limited (KREPL, a part of the Karvy Data
Management Services Ltd (KDMSL) group) to 'CRISIL C Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        12.15      CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KREPL 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 KREPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KREPL
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 KREPL to 'CRISIL C Issuer not cooperating'.

Incorporated in 2016, Hyderabad-based KREPL provides EPC solutions
for solar projects.

                         About the KDMSL

Incorporated in 2008, KDMSL, headquartered in Hyderabad, is a
step-down subsidiary of Karvy Stock Broking Ltd (KSBL). It provides
business and knowledge process services. The company started off as
a pure-play back office service provider and added other verticals,
such as e-governance, banking, telecom, and e-commerce. The company
is a strong player in government mandates, such as UIDAI's Aadhaar,
PAN card, NPR Biometric, and E-TDS. It has established healthy
working relationships with several key government departments and
enjoys strong support from the Karvy group.


KAYCEE INDUSTRIES: CRISIL Lowers Rating on INR7.50cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Kaycee Industries (KI) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.12       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           7.50       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Inland/Import         0.25       CRISIL D (Downgraded from
   Letter of Credit                 'CRISIL A4+')

   Long Term Loan        0.88       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term    4.75       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

CRISIL has taken cognizance of application made by KI for one-time
restructuring (OTR) of its bank facilities under Reserve Bank of
India (RBI) guidelines issued on May 5, 2021 and the Resolution 2.0
in June 2021. However, the final approval on the same it still
pending.

The downgrade reflects poor liquidity profile marked by delays in
term loan repayment and overutilization of cash credit facility for
over 30 days even prior to the application for restructuring.

The ratings continue to reflect modest scale of operations and
exposure to regulatory changes related to the lead reclaiming
industry and average financial risk profile. These weaknesses are
partially offset by extensive experience of the partners.

Analytical Approach

Unsecured loans from partners of INR0.47 Cr as of March 31, 2020
are treated as debt as these loans are need-based in nature.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been delays in
servicing debt obligation of term loan and overdrawals in Cash
Credit limit for over 30 days, because of stretched liquidity
position.

* Modest scale of operations and exposure to regulatory changes:
Intense competition and exposure to regulatory changes/restrictions
keeps scale of operations modest with operating income of INR48.6
crore in FY 20. The modest scale restricts the firm's ability to
negotiate with customers or suppliers. Operations were further
impacted in fiscal 2021 on account of COVID 19 pandemic induced
lockdown and associated economic disruptions along with reduced
yield from scrap. Besides, the firm also remains under constant
purview of the government due to environmental hazards caused by
this industry. Thus, operations would be restrictive in terms of
capacity that the firm can smelt. Growth of operations is subject
to government regulations.

* Average financial risk profile: Financial risk profile is average
with estimated net worth and total outside liabilities to adjusted
net worth ratio of INR6.36 crore and 2.06 times, respectively as on
March 31, 2020. Partner have infused equity capital of INR1.7 crore
in FY 20. Interest cover and net cash accruals to adjusted debt
ratio are estimated at 1.7 times of 0.08 time as on March 31, 2020.
Financial risk profile is expected to remain average in the medium
term owing to modest accretion to reserves and low margins.

Strength:

* Extensive experience of the partners: Partners have experience of
over a decade in lead reclamation business. Their understanding of
market dynamics and healthy relations with major suppliers and
customers should continue to support the business risk profile over
the medium term.

Liquidity: Poor

Liquidity is poor. There have been delays in servicing of repayment
obligations for term loan coupled with overutilization in cash
credit account by the firm. While no major capex is planned in
medium term, net cash accruals (NCA) are expected to be
insufficient against existing repayment obligations. Liquidity has
been partially supported by emergency COVID lines of INR2.11 crore
and funding support from the partners. Debt restructuring approval
and its impact on liquidity of the firm would be a key
monitorable.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Significant improvement in liquidity due to restructuring of debt
or infusion of equity or significant improvement in operating
performance

Established in 2007, KI, a partnership firm of Mr. Tarun Dave. The
firm is engaged in manufacturing of reclaim Lead. The firm has a
facility in at Saregam near Vapi, Gujarat with an installed
capacity of smelting 500 tonnes per month. There are five partners
in this partnership firm.


KHYATI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khyati Foods
Private Limited (KFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         2.6       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KFPL 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 KFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFPL continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1997, KFPL is a Bhopal-based manufactures and processes
organic agricultural products such as soya oil and seeds, soya bean
flour, organic soy lecithin liquid, and organic spices and juices.
All the operations are managed by Mr. Pawan Agarwal and Mrs. Gunjan
Agarwal.

KOLLA INNOVATIVES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kolla Innovatives Infotech Private Limited
        10-1-38/A, 1st floor
        Waltair Up Lands
        Visakhapatnam, AP

Insolvency Commencement Date: March 15, 2021

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: September 11, 2021
                               (180 days from commencement)

Insolvency professional: CA Sai Ramesh Kanuparthi

Interim Resolution
Professional:            CA Sai Ramesh Kanuparthi
                         Plot No. 6-B
                         Beside TDP Office
                         Road No. 2 Banjara Hills
                         Hyderabad 500034
                         Mobile: 9849039674
                         E-mail: info@ksrfms.com
                                 kiiplksr@gmail.com

Last date for
submission of claims:    August 9, 2021


LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Govardana Rice Industry (SLG) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            19.3      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.27      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.43      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SLG 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 SLG, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLG continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in year 2013, SLG is engaged into processing i.e.
milling, polishing and sorting of non-basmati rice. SLG is
partnership firm with V Vinod Kumar Naidu as its Managing Director.
Company is having its rice mill situated at Nellore district of
Andhra Pradesh.


LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lekh Raj and
Sons (LRS) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            45        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash           5        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with LRS for
obtaining information through letters and emails dated December 18,
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 LRS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LRS continues to be 'CRISIL D Issuer Not Cooperating'.

LRS was set up in 1984 as a partnership firm by members of Miglani
family of Kaithal, Haryana. The firm mills, sorts, grades, and
exports basmati and non-basmati rice. It also sells in the domestic
market.


MAA TARINI INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Maa Tarini Industries Limited
        N4/12, Ground Floor
        Civil Township Rourkela
        Sundargarh OR 769004
        IN

Insolvency Commencement Date: July 26, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 20, 2022

Insolvency professional: Sanjit Kumar Nayak

Interim Resolution
Professional:            Sanjit Kumar Nayak
                         30 E, Haramohan Ghosh Lane
                         Suryadeep, Flat-2B
                         Beliaghata, Kolkata 700085
                         E-mail: sknayak31@gmail.com
                                 ip.sknayak31@gmail.com

Last date for
submission of claims:    August 9, 2021


MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahesh Dyeing
and Printing Mills Private Limited (MDPMPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.1       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.18      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Rupee Term Loan        4.72      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MDPMPL 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 MDPMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MDPMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MDPMPL continues to be 'CRISIL D Issuer Not
Cooperating'.

MDPMPL, incorporated in 1997 at Surat (Gujarat), dyes and processes
fabrics, catering mainly to textile players in Surat. Mr.
Nandkishore Rathi and family are the promoters.


MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Master India
Brewing Co. (MIBC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        27.0       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MIBC 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 MIBC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIBC continue to be 'CRISIL D Issuer Not Cooperating'.

MIBC, set up as a partnership firm in fiscal 2010, manufactures
beer. The firm is promoted by Mr. Deepak Burman, Mr. Jitendra
Newatia, Mr. Rajesh Kumar Jalan, and Master (India) Brewing Co
Ltd.


MEGAFOODS PRODUCTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Megafoods Products Madras Private Limited
        D-3, SIDCO Industrial Estate
        Ambattur, Chennai
        Tamil Nadu, Pin 600058

Insolvency Commencement Date: April 27, 2021

Court: National Company Law Tribunal, Division Bench-II, Chennai

Estimated date of closure of
insolvency resolution process: October 23, 2021

Insolvency professional: S. Vasudevan

Interim Resolution
Professional:            S. Vasudevan
                         Plot 5, 2nd Floor
                         Manasarovar Aprt
                         Bagavanthy Nagar
                         Medavakkam Koot Road
                         Medavakkam, Chennai
                         Tamil Nadu 600100
                         E-mail: ksvasu1956@gmail.com

Last date for
submission of claims:    May 10, 2021


NAIDU BEVERAGES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sree Naidu Beverages Private Ltd
        D.No. 6-61-19/17, Flat no. 104
        Bhavana Heights, Visakhapatnam
        AP 530003

Insolvency Commencement Date: July 10, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 6, 2022

Insolvency professional: Krishna Mohan Gollamudi

Interim Resolution
Professional:            Krishna Mohan Gollamudi
                         Flat No. 107, Maurya Towers
                         H No. 1-9-648, Adikmet Road
                         Vidyanagar, Hyderabad 500044
                         E-mail: krishnamohangollamudi@gmail.com
                         Tel: 9573622744

                            - and -

                         FF 26, Raghava Ratna Towers
                         Chirag Ali Lane, Abids
                         Hyderabad 500001
                         E-mail: ip.sreenaidubewerages@gmail.com

Last date for
submission of claims:    August 2, 2021


NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Nalanda
Builders and Developers India Limited (NBDIL) continues to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     2         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    23         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             20         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NBDIL for
obtaining information through letters and emails dated December 18,
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 NBDIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NBDIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NBDIL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in September 2005, NBDIL undertakes residential real
estate development in Agra, Jhansi, and Vrindavan (all in Uttar
Pradesh). The company is promoted by Mr. Santosh Katara, Dr Sharad
Bhaduria, and Mr. Radhey Shyam Sharma, and their families. The
promoters are first-generation entrepreneurs, who set up the
business in 2003 as a partnership firm, which was reconstituted as
a private limited company in 2005.


PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pipe & Metal
(India) (PMI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.75       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        4.25       CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with PMI for
obtaining information through letters and emails dated December 29,
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 PMI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMI continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.


POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pooja
Industries (Indore) (PI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               1        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PI 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 PI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PI
continue to be 'CRISIL D Issuer Not Cooperating'.

PI established in 1991 is a partnership firm engaged in the
manufacturing and trading of torches and torch parts. Mr. Jagdish
Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to
day operations of the firm. PII has its manufacturing facility at
Indore, Madhya Pradesh and sells its torches under the 'Cosmos'
brand.


POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Poonam
Trading Company (PTC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import         17         CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

CRISIL Ratings has been consistently following up with PTC 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 PTC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1998 and based in Tenkasi, Tamil Nadu, PTC trades in and
processes timber. It is promoted and managed by Mr. Navin Patel and
Mr. Haresh Patel.


PRAKRUTI LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prakruti Life
Science Private Limited (PLSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         7.00      CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     1.03      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PLSPL 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 PLSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PLSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PLSPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PLSPL, set up in 2012 and based in Udupi, Karnataka, is part of the
Prakruti group. It undertakes contract manufacturing of
pharmaceutical drugs. Operations are managed by Mr. M R Shetty.


PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pupneja Rice
Mills (PRM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           13.15      CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.20      CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Financing   6.00       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PRM for
obtaining information through letters and emails dated December 18,
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 PRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PRM continue to be 'CRISIL D Issuer Not Cooperating'.

PRM was established in 1982 as a partnership firm in Jalalabad,
Punjab. The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In 2006,
Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm, and
subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and Mr.
Rajan Pupneja took over the business. PRM hulls and mills paddy
rice. It has a processing mill with a capacity of 5 tonne per
hour.


R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P. Steel
Industries continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      10         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RP Steel 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 RP Steel, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RP
Steel is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RP Steel continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

RP Steel was set up in 1984, by Mr. Purushotam Agarwal. It trades
in iron and steel long products such as rounds, billets, blooms,
pig iron, wire rods, thermo-mechanically treated bars/rebars, and
imported scrap.


RAJARATHNAM CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Rajarathnam Construction 7Private Limited (RCPL) to 'CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          60       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)


CRISIL Ratings has been consistently following up with RCPL 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 RCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
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 RCPL to 'CRISIL D Issuer not cooperating'.

RCPL was set up in 1992 as a proprietorship concern in Chennai. The
firm was reconstituted as a private limited company under its
current name in 2000. The company develops residential real estate
and its operations are managed by the managing director, Mr.
Rathinam.


RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajendraguru
Group (RG) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               24       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RG 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 RG, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RG
continue to be 'CRISIL D Issuer Not Cooperating'.

RG was established in 2016 as a partnership firm by Mr. Rishabh
Jain and Mr. Kishor Jain. The firm is setting up a cotton ginning
unit in Vijayapura, Karnataka.


RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ranar
Agrochem Limited (RAL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Letter        18         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan             29.1       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RAL 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 RAL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RAL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

RAL manufactures single super phosphate (SSP), di calcium phosphate
(DCP), and nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilizers. The company's manufacturing units are located at
Visakhapatnam (AP).


RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Renganayagi
Varatharaj College of Engineering (RVCE) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          20       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RVCE 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 RVCE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RVCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RVCE continue to be 'CRISIL D Issuer Not Cooperating'.

RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by
the KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunelveli, and accredited to
All-India Council for Technical Education. The college is managed
by Chairman Mr. V Kesavan, Secretary Mr. V Ragavan, and
correspondent, Ms Brindha J Ragavan.


SATIATE ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Satiate Enginering (I) Private Limited

        Registered office:
        A/101, Trinity
        Opp. Siddhi Vinayak Tower
        Orlem Tank Road
        Mumbai 400064

        Factory:
        Shed No. 2 & 3, Sagpada
        Kaman Bhiwandi Road
        Next to Bhajansons Dairy
        Kaman, Vasai 400202

Insolvency Commencement Date: July 26, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 22, 2022

Insolvency professional: Rakesh Kumar Tulsyan

Interim Resolution
Professional:            Rakesh Kumar Tulsyan
                         B-4, Vinay Tower
                         Kranti Nagar, Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         E-mail: tulsyanrk@gmail.com
                                 rp.satiateengineering@gmail.com

Last date for
submission of claims:    August 9, 2021


SCIKNOW TECHNO: CRISIL Moves C Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sciknow Techno Solutions Limited (STSL; part of the Karvy Data
Management Services Ltd (KDMSL) group) to 'CRISIL C Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Drop Line              7.5       CRISIL C (ISSUER NOT
   Overdraft Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with STSL 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 STSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STSL
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 STSL to 'CRISIL C Issuer not cooperating'.


                            About STSL

Hyderabad-based STSL is a manufacturer of electronic components.

                           About KDMSL

Incorporated in 2008, the Hyderabad-based KDMSL is a step-down
subsidiary of Karvy Stock Broking Ltd (KSBL). It offers business
and knowledge processing services. The company started off as a
pure-play back office service provider and gradually, added other
verticals such as e-Governance, banking, telecom and E-commerce. It
is an established player in government mandates such as the Aadhar
and PAN cards, NPR Biometric and E-TDS. It has healthy relations
with several key government departments and enjoys strong support
from KSBL.


SHANKARRAO PAWAR: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Shankarrao Pawar Seat Corner (SP) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     11        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Overdraft     25        CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SP 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 SP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SP 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 SP to 'CRISIL D Issuer not cooperating'.

SP, set up in 1968, is a Pune-based firm that manufactures seat
covers and other accessories; it also trades in seat accessories
and seats. Mr. Rajesh Pawar and Mr. Amar Pawar are the promoters.


SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Tools
Engineering Private Limited (STEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          1        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with STEPL 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 STEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STEPL continue to be 'CRISIL D Issuer Not Cooperating'.

STEPL was set up in 1996 as a proprietorship firm by Mr. Bhikkan
Singh and was reconstituted as a private limited company in 2004.
The company is managed by Mr. Singh, his wife, and their two sons.
STEPL initially manufactured dyes, paints, and tools for
automobiles and tractors. It has now diversified into manufacturing
external body parts for automobiles and tractors. Its registered
office is in Faridabad (Haryana).


SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shreenidhi
Metals Private limited (SMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.


                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import          1.0       CRISIL D (Issuer Not
   Letter of Credit       
                                    Cooperating)

   Term Loan              2.34      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SMPL 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 SMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SMPL is engaged in the manufacturing and trading of aluminum
Circles, Squares, and Hexagon plates. The company was formed by
promoters Mr. Prahlad Maloo and Family. SMPL was formed in the year
2013 and started operations in August 2014. SMPL had an installed
capacity of 1,800 metric ton per annum (MTPA) at its manufacturing
plant located at Vadodara, Gujarat.


SIVA SANKARA: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Siva
Sankara Paper Mills (SSPM) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           12.68      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              1.10      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SSPM 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 SSPM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPM
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 SSPM to 'CRISIL D Issuer not cooperating'.

SSPM was establish in 2005, it is located in Unguturu, Andhra
Pradesh. SSPM is owned and managed by Mrs K Padmini, Mrs
Radhikamani and Mr. G Radha. SSPM is engaged in manufacturing of
kraft paper. It has an installed capacity of 18000 MTPA.


STANDARD PAPER: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Standard Paper
And Board India Private Limited (SPBIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SPBIPL 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 SPBIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SPBIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SPBIPL continue to be 'CRISIL D Issuer Not
Cooperating'.

SPBIPL was established in 2010 and commenced operations in 2016; it
is promoted by Mr. Yennarkey R Chiranjeevi Rathnam and his wife, Ms
Vijayalakshmi Chiranjeevi Rathnam, who also manage operations. The
company, based in Sivakasi, Tamil Nadu, is part of the Standard
group and trades in printer and copier paper.


SUPERKISAN E-COMMERCE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Superkisan E-Commerce Private Limited
        M-3, LGF
        Green Park Extension
        New Delhi 110016

Insolvency Commencement Date: July 23, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 19, 2022

Insolvency professional: Apoorv Sarvaria

Interim Resolution
Professional:            Apoorv Sarvaria
                         Suite No. 1, 19 Park Area
                         Karol Bagh, New Delhi 110005
                         E-mail: sarvaria@gmail.com
                                 cirp.superkisanecommerce@
                                 gmail.com

Last date for
submission of claims:    August 6, 2021


SURYACHAKRA ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Suryachakra Energy and Infrastructure Private Limited
        Suryachakra House, Plot No. 304-L-111
        Road No. 78, Jubilee Hills
        Hyderabad, Telangana PIN 500033

Insolvency Commencement Date: July 16, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 12, 2022

Insolvency professional: Rachamallu Ramachandra Reddy

Interim Resolution
Professional:            Rachamallu Ramachandra Reddy
                         Flat No. 508, Block A1
                         TVS Lakeview Apartments
                         Road No. 10, Near Ramalayam
                         Panchavati Colony, Manikonda
                         Hyderabad 500089, Telangana
                         E-mail: umarachamallu12081961@gmail.com

Last date for
submission of claims:    August 6, 2021


SYNERGYTECH AUTOMATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Synergytech Automation Private Limited
        Gat No. 205, A/P Kasurdi
        Khedshivapur, Sasad Road
        Bhor, MH 412205
        IN

Insolvency Commencement Date: July 23, 2021

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: January 21, 2022

Insolvency professional: Mrudula Brodie
                         Flat No. A-403
                         Silver Estae Appt
                         Raghukul Creation
                         Manish Nagar
                         Nagpur 440015
                         E-mail: camrudulkejdiwal@gmail.com
                                 cirp.synergytech@gmail.com

Last date for
submission of claims:    August 11, 2021


TATA STEEL: S&P Raises ICR to 'BB' on Expected Deleveraging
-----------------------------------------------------------
S&P Global Ratings, on Aug. 3, 2021, raised its long-term issuer
credit rating on Tata Steel Ltd. and its subsidiary ABJA Investment
Co. Pte. Ltd. to 'BB' from 'BB-'. S&P also raised the long-term
issue rating on the senior unsecured notes issued by ABJA to 'BB'
from 'BB-'.

The stable outlook reflects S&P's view that Tata Steel can
adequately deleverage to reduce volatility in credit metrics during
industry downturns. The stable outlook also reflects continued
favorable financial policies, especially toward leverage.

Management's commitment to deleverage, supported by above-average
strength in steel prices, helps Tata Steel to accelerate debt
reduction.

S&P said, "We estimate Tata Steel's adjusted debt (including
customer advances and securitized receivables, among other standard
S&P Global Ratings adjustments) will fall to about Indian rupees
(INR) 600 billion (about US$8 billion) by fiscal year ending March
2023 in our base case, from about INR915 billion as of March 2021.
This would significantly outperform the company's stated intention
to reduce debt by at least US$1 billion per year, and continue the
trend of declining debt from March 2020, when the company reported
INR1.1 trillion in debt. While the company has resumed some growth
in capital expenditure (capex), the increase in capex is still
small in relation to the operating cash flows and does not affect
the path of deleveraging. We expect capex of about INR110 billion
annually, up from about INR70 billion in fiscal 2021. In our base
case, we forecast the company's EBITDA and free operating cash flow
of about INR1 trillion and INR350 billion–INR400 billion,
respectively, over fiscals 2022 and 2023. This is despite our
assumption of a 10% decline in steel prices in fiscal 2023 from the
current level.

"Deleveraging should improve resilience of Tata Steel's credit
metrics through the steel price cycle. We expect the company's
ratio of funds from operations (FFO) to debt to remain above 25%
even at mid-cycle prices, a level at which we estimate the
company's EBITDA per metric ton to be about half the current level.
Furthermore, we estimate Tata Steel's FFO-to-debt ratio at about
15% at the bottom of the steel cycle, well above the 6% the company
reported in fiscal 2020. The improved resilience of the company has
reduced downside rating risk, in our view.

"We also believe the commissioning of the ongoing 5 million tons
per year capacity expansion at the Kalinganagar facility will
significantly strengthen the company's credit profile over the next
three to four years. This is especially so since the facility will
be added without material debt and will improve Tata Steel's
profitability with accompanying cold-rolled mill and pellet plant
facilities also being set up. In addition, we expect the company's
European operations to be EBITDA positive in the forecast period,
although its contribution to the group's overall earnings will be
small.

"The stable outlook reflects our expectation that Tata Steel will
continue deleveraging to improve its resilience to downturns. At
current steel prices and expected debt levels, the company's
FFO-to-debt ratio will likely exceed 45% over the next two years.
The outlook is based on our expectation the company's FFO-to-debt
ratio would remain well above 25% even if steel prices decline to
mid-cycle levels.

"We could downgrade our rating if the company's earnings dropped
unexpectedly or debt increased such that its FFO-to-debt ratio
falls below 25% on a sustainable basis.

"We could raise the rating if Tata Steel deleverages beyond our
current expectations, such that we view the company's ratio of FFO
to debt as likely to remain above 35% on a sustained basis. Factors
contributing to this scenario include steel prices remaining
stronger for longer than we now envisage. At current steel prices
and our expected debt levels, the company's FFO-to-debt ratio will
likely be well above this threshold over the next two years."
However, its ability to maintain the ratio above 35% at mid-cycle
prices is less likely. A track record of a more prudent financial
policy that results in lower levels of leverage through the cycle
will also be supportive of a higher rating.


TAXUS INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Taxus
Infrastructure and Power Projects Private Limited (TIPPPL)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter Of Guarantee     15       CRISIL D (Issuer Not
                                    Cooperating)    

CRISIL Ratings has been consistently following up with TIPPPL 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 TIPPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TIPPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TIPPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

TIPPPL, established in 2009, executes turnkey projects for
automatic power factor control panels and trades in electrical
equipment. In 2011-12 (refers to financial year, April 1 to March
31), it started setting up a 5-megawatt solar power plant in
Gujarat, which became operational in April 2013.


TRIFALAGUR SQUARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Trifalagur Square Infrastructure Private Limited
        C-56/41, Sector-62
        Noida Gautam Buddha Nagar
        UP 201303
        IN

Insolvency Commencement Date: July 28, 2021

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: January 23, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Darshan Singh Anand

Interim Resolution
Professional:            Mr. Darshan Singh Anand
                         EG-46, Inder Puri
                         New Delhi
                         National Capital Territory of Delhi
                         110012
                         E-mail: dsanand57@gmail.com
                                 tsipl.sipl@gmail.com

Last date for
submission of claims:    August 11, 2021


VIRENDRA SATIJA: CRISIL Lowers Rating on INR0.98cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank loan
facilities of Virendra Satija Foundation Society (VSFS) to 'CRISIL
D' from 'CRISIL BB-/Stable'.

                          Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Fund-           0.98        CRISIL D (Downgraded from
   Based Bank Limits                    'CRISIL BB-/Stable')  

The downgrade reflects recent instances of delays in repayment of
debt obligations on the term loans. This is due to poor liquidity
owing to moderation in fee receipts due to Covid-19 pandemic. VSFS
has applied for one-time restructuring (OTR) of its term loans in
June-2021, under the Reserve Bank of India's (RBI's) guidelines
issued on May 05, 2021, called Resolution Framework 2.0 for
Covid-19-related Stress, enabling lenders to permit one-time
restructuring of loans to corporates (subject to certain
conditions) amid the Covid-19 pandemic. Formal approval is awaited
from the lender. The said delays in repayment of debt obligations
on the term loans are prior to submission of OTR 2.0 proposal.

The rating also reflects society's modest scale of operations and
exposure to regulatory risks in the education sector. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Recent instances of delays in repayment of term debt obligations:
There have been recent instances of delays in repayment of debt
obligations on the term loans. This is due to poor liquidity owing
to moderation in fee receipts due to Covid-19 pandemic.

* Modest scale of operations: Intense competition in the
educational services industry restricts scalability and operating
flexibility, as reflected in VSFS's revenue of INR8.36 crore in
fiscal 2020. Further, the fee receipts moderated in FY 2021 and are
estimated at around INR6.6 crore and the same is due to Covid-19
pandemic.

* Susceptibility to regulatory changes: The education sector in
India is regulated by various governmental and quasi-government
agencies such as the University Grants Commission (UGC), All India
Council for Technical Education (AICTE), Department of State
Education, and the human resource departments of the central and
state governments. Each regulatory body has detailed procedures for
granting permissions for setting up institutions and the approvals
need to be renewed regularly. The agencies examine each institute's
facility, technology, faculty, and track record before
granting/renewing approvals. Therefore, VSFS needs to regularly
invest in its workforce and infrastructure.

Strengths:

* Entrepreneurial experience of the promoters: The society is
promoted by Mr. Virendra Satija and his son Mr. Nikki Satija, who
are based in Madhya Pradesh. The Satija family has also been
engaged in other business such as manufacturing of automotive
components and auto-dealership through other entities since more
than two decades. Society will continue to benefit from the
promoters' extensive entrepreneurial experience.

* Moderate financial risk profile: The financial risk profile is
constrained by modest networth of INR1.78 crore and high gearing of
5.91 times as on March 31, 2020. Debt protection metrics were
average, with net cash accrual to total debt and interest coverage
ratios estimated at 0.15 and 2.45 times, respectively, for fiscal
2020. The financial risk profile will remain moderate over the
medium term.

Liquidity: Poor

Liquidity is poor as reflected in recent instances of delays in
repayment of debt obligations on the term loans. This is due to
poor liquidity owing to moderation in fee receipts due to Covid-19
pandemic. Liquidity is however partially supported by unsecured
loans of INR5.5 crore and these are extended by the promoters.

Rating Sensitivity factors

Upward Factors:

* Track record of timely servicing of debt for at least 90 days

* Improvement in occupancy thereby improving the fee collection
leading to improvement in revenue

VSFS was founded in March 2012 to set up a school in Chhindwara,
Madhya Pradesh, under the DPS franchise. The school commenced
operations in June 2014. Mr. Virendra Satija is the chairman of the
society.


[*] INDIA: Rajya Sabha Passes Insolvency and Bankruptcy Bill
------------------------------------------------------------
The Economic Times reports that the Rajya Sabha was adjourned for
the day on Aug. 3 amid continuous protest by opposition parties
over their demand for a discussion on the use of Pegasus spyware,
farmers' agitation against farm reform laws and other issues.

However, the House passed the Insolvency and Bankruptcy Code
(Amendment) Bill, 2021 with a brief discussion amid the ruckus
created by opposition parties, ET says.

ET relates that as soon as the House resumed after lunch at 2 p.m.,
BJP member Bhubaneshwar Kalita in Chair asked Finance Minister
Nirmala Sitharaman to move the Insolvency and Bankruptcy Code
(Amendment) Bill, 2021.

Soon after, the opposition members started their protest and
trooped into the Well of the House and remained there throughout.
They also continued sloganeering.

The chair called Amar Patnaik (BJD) to initiate the debate on the
bill. Thereafter, Banda Prakash (TRS), M Thambidurai, K Ravindra
Kumar (TDP) and V Vijaysai Reddy (YSRCP) participated in the
discussion on the bill amid continuous protest by opposition
members.

According to ET, John Brittas (CPI-M) also rose to participate in
the debate, but then started taking about issues like snooping,
saying that the democracy is in danger.

After the brief debate by a few members, the bill was moved for
passage in the House and it was passed with voice vote amid the din
by the opposition, ET notes.

Referring to the behaviour of opposition members, Sitharaman said
it was unacceptable that they disrupted the members from
participating in the debate and surrounded them in a threatening
fashion.

She also expressed her dismay over opposition members throwing
pieces of paper on the chair, disrespecting the House.

ET says the bill seeks to replace the IBC Amendment Ordinance, 2021
promulgated in April which introduced pre-packs as an insolvency
resolution mechanism for micro, small and medium enterprises
(MSMEs) with defaults up to Rs 1 crore.

The Lok Sabha had passed the bill on July 28.

According to the report, the proposed amendments will enable the
government to notify the threshold of a default not exceeding Rs 1
crore for initiation of the pre-packaged resolution process. The
government has already prescribed the threshold of Rs 10 lakh for
this purpose.

The bill proposes a new chapter in the IB Code to facilitate the
pre-packaged insolvency resolution process for corporate persons
that are Micro, Small and Medium Enterprises (MSMEs), ET states.

As per the Statement of Objects and Reasons of the bill, it seeks
to specify a minimum threshold of not more than Rs 1 crore for
initiating the pre-packaged insolvency resolution process as well
as provisions for disposal of simultaneous applications for
initiation of the insolvency resolution process and pre-packaged
insolvency resolution process, pending against the same corporate
debtor.

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

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




=====================
P H I L I P P I N E S
=====================

RURAL BANK OF ALIMODIAN: Sept. 7 Deadline Set for Creditors' Claims
-------------------------------------------------------------------
All creditors of the closed Rural Bank of Alimodian (Iloilo), Inc.
have until September 7, 2021 to file their claims against the
assets of the closed bank either by email, mail, or personally.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of Alimodian (Iloilo),
Inc. and include depositors whose deposits exceed the maximum
deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
various ways to file claims are available to creditors and
depositors with uninsured deposits.

Claims may be filed:

1. Online through email at rbalimodian-pad@pdic.gov.ph;

2. Through mail addressed to the PDIC Public Assistance Department,
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City 1226.  Claims filed by mail must have a postmark dated
not later than September 7, 2021; or

3. Personal filing on appointment basis at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM.

To make an appointment, clients may call the Public Assistance
Hotline at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342
or 1-800-1-888-PDIC, send an email to rbalimodian-pad@pdic.gov.ph,
or send a private message at PDIC’s official Facebook page,
www.facebook.com/OfficialPDIC.

The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website,
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.

Claims filed after September 7, 2021 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within 60 days from receipt of final notice of
denial of claim or within 20 days from date of publication of the
Order setting the Petition for Assistance in the Liquidation
Proceeding, whichever is later.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion of
their deposits as of September 7, 2021 are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Alimodian (Iloilo), Inc. was ordered closed by the
Monetary Board (MB) of the Bangko Sentral ng Pilipinas on May 6,
2021 and PDIC, as the designated Receiver, was directed by the MB
to proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as amended.
It is a two-unit rural bank with Head Office located in Almacen
St., Brgy. Poblacion, Alimodian, Iloilo. Its lone branch, Leon
Branch, is located in Cabaluna St., Brgy. Poblacion, Leon, Iloilo.




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

DB TRADE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 23, 2021, to
wind up the operations of DB Trade Links Pte. Ltd.

Twine Enterprises Pte Ltd filed the petition against the company.

The company's liquidators are:

         Ng Kian Kiat
         Lin Yueh Hung
         RSM Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


HIN LEONG: OK Lim's Daughter Charged with Obstruction of Justice
----------------------------------------------------------------
The Business Times reports that the crisis deepened for the family
of Singapore's fallen oil legend Lim Oon Kuin of the Hin Leong
empire as his daughter became the latest to feel the brunt of the
city-state's regulators.

Lim Huey Ching, 54, director of collapsed giant oil trader Hin
Leong Trading (HLT), was charged in the State Courts with one count
of obstructing the course of justice, according to BT.

BT relates that the Singapore police, in a statement, said
investigations by the Commercial Affairs Department into Hin Leong
revealed that around April 13 last year, Lim Huey Ching had
allegedly instructed a Hin Leong employee to ensure that deleted
items from the company's computer servers could not be recovered,
and to permanently dispose of previous backups of information on
the servers.

Such instructions allegedly took place at a time when Hin Leong was
facing probable civil or criminal proceedings, it said.

At the hearing, deputy public prosecutor G Kannan sought a bail of
SGD70,000 given that the offence was non-bailable. Its seriousness
is also reflected by the maximum penalty of seven years in prison,
he added, BT relays.

Lim Huey Ching, he claimed, thwarted justice by allegedly
instructing that records pertaining to the affairs of HLT be
deleted, the report adds. Her father, who helmed the company then,
has been charged with 130 counts of cheating and forgery-related
offences that have led to banks to suffer US$292 million losses.

"All this paints a picture on the seriousness of the offence," he
stressed.

Lim Huey Ching's counsel Christopher Anand of Advocatus Law
submitted for a lower bail of SGD20,000 instead, citing that the
quantum sought by the prosecution was "way too high," BT says.

"She is not a high flight risk. Her family is here. Her prospective
bailor is her mother," he said, adding that for those reasons, she
was not going to abscond.

He added furthermore that her passport has been withheld by the
Commercial Affairs Department since last year.

District Judge Terence Tay set bail at SGD40,000 and ordered
e-tagging, BT notes. He surmised that even though the offence she
was being charged with is not minor, it's not as severe as the
charges levelled against OK Lim. The bail amount he said would
therefore be adequate. To further mitigate the risks, he ordered
e-tagging.

                      About Hin Leong Trading

Singapore-based Hin Leong Trading (Pte.) Ltd. provides petroleum
products and transportation services. The Company offers oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading serves customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.


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

Keoy Soo Earn and Muk Siew Peng of Deloitte & Touche LLP have been
nominated to act as the joint and several liquidators of the
company.

The Petitioner’s solicitors are:

         TSMP Law Corporation
         6 Battery Road, Level 41
         Singapore 049909


OCEAN TANKERS: Court to Hear Wind-Up Petition on Aug. 16
--------------------------------------------------------
A petition to wind up the operations of Ocean Tankers (Pte) Ltd
will be heard before the High Court of Singapore on Aug. 16, 2021,
at 10:00 a.m.

The company's judicial managers, Ee Meng Yen Angela and Purandar
Janampalli Rao, filed the petition against the company on July 12,
2021.

The Judicial Managers' solicitors are:

         K&L Gates Straits Law LLC
         9 Raffles Place
         #32-00 Republic Plaza
         Singapore 048619


TAYRONA CAPITAL-AZIAN: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on July 23, 2021, to
wind up the operations of Tayrona Capital-Azian Hotels Pte. Ltd.

MS Commercial filed the petition against the company.

The company's liquidators are:

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


TEMASEK FOUNDATION: Creditors' Proofs of Debt Due Aug. 31
---------------------------------------------------------
Creditors of Temasek Foundation International CLG Limited Pte Ltd,
which is in voluntary liquidation, are required to file their
proofs of debt by Aug. 31, 2021, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 20, 2021.

The company's liquidators are:

         Mr. Kon Yin Tong
         Mr. Aw Eng Hai
         Foo Kon Tan LLP
         c/o 24 Raffles Place
         #07-03 Clifford Centre
         Singapore 048621
         Email: yintong.kon@fookontan.com
                enghai.aw@fookontan.com




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

THAI AIRWAYS: Selling 10 Assets to Raise Cash
---------------------------------------------
Bangkok Post reports that Thai Airways International (THAI) is
selling 10 properties and buildings around Thailand in a bid to
raise funds to rehabilitate its ailing business, according to an
airline source.

The source said the carrier is looking to offload its largest batch
yet of assets to boost cash flow as the company is seeking to
restructure THB245 billion of debt through payment extensions,
interest waivers and debt-to-equity conversions, Bangkok Post
relates.

The airline has also introduced leave-without-pay schemes and pay
cuts for staff.

According to the report, the 10 properties and buildings slated for
sale are scattered in Bangkok and the provinces including Khon
Kaen, Chiang Mai, Chiang Rai, Phuket and Phitsanulok.

Buildings to be put on the market are those that served as airline
offices.

They include a 4-storey building on Silom Road, an eight-storey
office building with six-floor car park building on Lan Luang Road,
and a two-storey building called "Rak Khun Thao Fa" on land at Don
Mueang airport, Bangkok Post says.

                        About Thai Airways

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

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

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

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

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

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

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

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



                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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