/raid1/www/Hosts/bankrupt/TCRAP_Public/210827.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, August 27, 2021, Vol. 24, No. 166

                           Headlines



A U S T R A L I A

ACD GRANTSON: Second Creditors' Meeting Set for Sept. 8
NORTH AUSTRALIAN CATTLE: Second Creditors' Meeting Set for Sept. 3
QANTAS AIRWAYS: Posts AUD1.73 Billion Net Loss in FY2020-21
SOUTHERN AUSTRALIAN CATTLE: 2nd Creditors' Meeting Set for Sept. 3
THINK TANK 2021-1: S&P Assigns B(sf) Rating on A$2.5MM Cl. F Notes

TITANIUM SECURITY: Second Creditors' Meeting Set for Sept. 3


C H I N A

CHINA EVERGRANDE: Sees Net Profit Slump in Six Mos. Ended June 30
TD HOLDINGS: Incurs $358,000 Net Loss in Second Quarter
ZHONGYUAN AMC: Fitch Affirms 'BB+' LT IDRs, Outlook Stable


I N D I A

ADHITYA POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
BALAJI INDUSTRIAL: ICRA Keeps B Debt Ratings in Not Cooperating
CMC COMMUTATOR: ICRA Keeps B Debt Ratings in Not Cooperating
JET AIRWAYS: NCLAT to Hear Workers' Plea vs Kalrock-Jalan Plan
JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating

JSW STEEL: Moody's Rates New US$40MM Senior Unsecured Bonds 'Ba2'
KALLAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
KAVALI MUNICIPALITY: ICRA Keeps Issuer Ratings in Not Cooperating
KAY BOUVET: ICRA Keeps D Debt Ratings in Not Cooperating
LE MARBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

LEAPFROG ENGINEERING: ICRA Keeps C Ratings in Not Cooperating
MACHILIPATNAM MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
MAHI FORMALINE: ICRA Keeps B Debt Ratings in Not Cooperating
MARVELEDGE REALTORS: Insolvency Resolution Process Case Summary
OUR CO: ICRA Keeps D Debt Ratings in Not Cooperating Category

PANCHSHEEL SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating
PASOLITE ELECTRICALS: ICRA Keeps B+ Rating in Not Cooperating
PMR CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
PRESTRESS STEEL: ICRA Lowers Rating on INR1.80cr Term Loan to B+
RADIANT ENERGY: ICRA Keeps B Debt Ratings in Not Cooperating

SAI SHIVANAGERE: ICRA Keeps B Debt Rating in Not Cooperating
SALICYLATES AND CHEMICALS: ICRA Cuts Rating on INR23cr Loan to B+
SPINEL MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating
TAG CORPORATION: ICRA Cuts Rating on INR25cr LT Loan to B+
VAIGHAI AGRO: ICRA Lowers Rating on INR21cr LT Loan to B+

VIYYAT POWER: ICRA Lowers Rating on INR0.50cr LT Loan to B+


J A P A N

TOYO CORP: S&P Lowers LongTerm ICR to 'BB+' on Weak Profitability


N E W   Z E A L A N D

AIR NEW ZEALAND: Reports NZD289MM Net Loss for Year Ended June 30


S I N G A P O R E

ENVY ASSET: Court Enters Wind-Up Order
ENVY GLOBAL: Court Enters Wind-Up Order
ENVY MANAGEMENT: Court Enters Wind-Up Order

                           - - - - -


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

ACD GRANTSON: Second Creditors' Meeting Set for Sept. 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of ACD Grantson
Pty Ltd has been set for Sept. 8, 2021, at 2:00 a.m. via 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 Sept. 7, 2021, at 4:00 p.m.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of ACD Grantson on June 10, 2021.


NORTH AUSTRALIAN CATTLE: Second Creditors' Meeting Set for Sept. 3
------------------------------------------------------------------
A second meeting of creditors in the proceedings of North
Australian Cattle Company Pty. Ltd. has been set for Sept. 3, 2021,
at 11:30 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 Sept. 2, 2021, at 4:00 p.m.

(Melissa) Poh Bee Lau and Jimmy Trpcevski of Jirsch Sutherland were
appointed as administrators of North Australian on May 31, 2021.


QANTAS AIRWAYS: Posts AUD1.73 Billion Net Loss in FY2020-21
-----------------------------------------------------------
ABC News reports that Qantas has posted another massive
COVID-related loss, but is optimistic international travel will
resume before Christmas.

The airline lost AUD1.73 billion in the 2020-21 financial year, as
the global COVID pandemic raged.

ABC relates that the loss is actually a little smaller than the
previous year's AUD1.96 billion loss, despite revenue plunging by
58 per cent to less than AUD6 billion, due to an aggressive
cost-cutting campaign and staff stand-downs.

However, Qantas estimates that the pandemic has so far cost it
around AUD16 billion in lost revenues over the past two financial
years, with that set to rise to AUD20 billion by the end of this
calendar year.

"This loss shows the impact that a full year of closed
international borders and more than 330 days of domestic travel
restrictions had on the national carrier," the report quotes Qantas
chief executive Alan Joyce as saying.

For now, Qantas is assuming that current domestic border closures
will remain in place until early December, which will wipe about
AUD1.4 billion off its top-line profit numbers for the current half
year.

Offsetting that, Qantas said it had already achieved AUD650 million
per annum of ongoing savings from its cost-cutting program, while
the current eight-week domestic staff stand-down will be extended
while New South Wales and Victoria remain locked down, ABC relays.

ABC adds that the airline said it had paid down around half a
billion dollars of debt and was looking at a potential land sale in
Mascot, near Sydney Airport, to pay down hundreds of millions
more.

In the meantime, Qantas said it had AUD3.8 billion in cash and
available debt facilities to finance it through its current losses,
the report relays.

                       About Qantas Airways

Headquartered in Mascot, Australia, Qantas Airways Limited provides
transportation of passengers through two airlines including Qantas
(full-service carrier) and Jetstar (low-cost carrier), operating
international, domestic and regional services.

As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company, on March 17, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Qantas Airways Limited.


SOUTHERN AUSTRALIAN CATTLE: 2nd Creditors' Meeting Set for Sept. 3
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Southern
Australian Cattle Company Pty Ltd has been set for Sept. 3, 2021,
at 9:30 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 Sept. 2, 2021, at 4:00 p.m.

(Melissa) Poh Bee Lau and Jimmy Trpcevski of Jirsch Sutherland were
appointed as administrators of Southern Australian on May 31,
2021.


THINK TANK 2021-1: S&P Assigns B(sf) Rating on A$2.5MM Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of residential mortgage-backed, floating rate, pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2021-1 Trust.

Think Tank Residential Series 2021-1 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 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.

  Ratings Assigned

  Think Tank Residential Series 2021-1 Trust

  Class A1, A$400.00 million: AAA (sf)
  Class A2, A$60.00 million: AAA (sf)
  Class B, A$16.00 million: AA (sf)
  Class C, A$9.00 million: A (sf)
  Class D, A$6.50 million: BBB (sf)
  Class E, A$3.50 million: BB (sf)
  Class F, A$2.50 million: B (sf)
  Class G, A$2.50 million: Not rated


TITANIUM SECURITY: Second Creditors' Meeting Set for Sept. 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Titanium
Security Australia Pty Ltd As Trustee For Titanium Security Trust
has been set for Sept. 3, 2021, at 11:30 a.m. via virtual meeting
facility.

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 Sept. 2, 2021, at 4:00 p.m.

Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin
were appointed as administrators of Titanium Security on July 30,
2021.




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

CHINA EVERGRANDE: Sees Net Profit Slump in Six Mos. Ended June 30
-----------------------------------------------------------------
South China Morning Post reports that China Evergrande Group,
facing its sternest test of corporate survival, has warned
investors of a slump in earnings for a third straight year as
property sales cooled and losses from its ambitious carmaking
venture ballooned. Its shares tumbled.

SCMP relates that the developer expects to report a net profit
between CNY9 billion (US$1.39 billion) and CNY10.5 billion for the
six months to June 30, according to a profit warning in an exchange
filing on Aug. 25. That would represent a 29 to 39 per cent slide
from the same period a year earlier.

"The decline in profit in the first half of 2021 was mainly due to
the decrease in the selling price of properties and the increase in
expenses in the first half of the year," billionaire founder and
chairman Hui Ka-yan said in the filing.

SCMP says the warning added another layer of concerns to its
operations, with shareholders having suffered a combined US$48.5
billion erosion in the market value of Hong Kong-listed companies
linked to the tycoon. Shares of China Evergrande have tumbled 69
per cent this year, while its electric car and property management
units fell by 82 and 35 per cent, respectively.

According to SCMP, the liquidity crunch at Hui's flagship company,
whose more than US$300 billion of liabilities at the end of 2020
made it the most-indebted developer on Earth, has forced the
billionaire to put some of its assets and ventures up for sale.  At
the same time, the government and the central bank have called on
the firm to fix its balance sheet, a sign its distress is unnerving
the highest authorities.

The Shenzhen-based developer is said to be holding talks to sell
its 26-storey office tower, its corporate headquarters in Hong
Kong, and its majority stakes in the carmaking and property
management units to raise cash, according to exchange filings and
local media reports, SCMP relays.

Meanwhile, the company's dollar-denominated bonds are trading at 40
to 52 per cent of their face value, underscoring the erosion in
confidence among local and foreign creditors about the company's
ability to service its maturing debt, SCMP reports. The group has
US$14 billion of dollar-bonds outstanding, according to Bloomberg
data, and their deeply junk ratings are bordering levels deemed as
default risks.

In the Aug. 25 filing, China Evergrande appears to compare its net
profit with the level before minority interest of CNY14.8 billion
from a year ago.  On that basis, it would be a third straight year
of decline, and the lowest profit since the CNY7.1 billion it made
in the first half of 2016, SCMP notes.

The latest slide takes into account about CNY4 billion of losses
from its core property business and a CNY4.8 billion setback it had
previously warned about from its 75 per cent-owned new-energy
vehicle manufacturing unit, the company said on Aug. 25.

At the same time, it will book an CNY18.5 billion gain from the
sale of part of its shares in Hengten Networks Group, as well as
the mark-to-market value of its remaining stake in the internet
company, the report states.

China Evergrande sold another 11 per cent stake in Hengten for
US$418 million earlier this month to Tencent Holdings and other
undisclosed buyers, adds SCMP.

                       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, S&P
Global Ratings, on Aug. 5, 2021, downgraded China Evergrande Group
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its long-term
issue rating on the U.S. dollar notes issued by Evergrande and
guaranteed by Tianji to 'CCC-' from 'CCC+'. The negative outlook
reflects Evergrande's increasing strained liquidity and nonpayment
risk. It also reflects S&P's view that its asset disposal plan,
though potentially substantial, lacks visibility or certainty.


TD HOLDINGS: Incurs $358,000 Net Loss in Second Quarter
-------------------------------------------------------
TD Holdings, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $357,856
on $59.84 million of total revenue for the three months ended June
30, 2021, compared to a net loss of $5.46 million on $1.94 million
of total revenue for the three months ended June 30, 2020.

The Company reported a net loss of $1.18 million on $89.42 million
of total revenue for the six months ended June 30, 2021, compared
to a net loss of $5.82 million on $3.15 million of total revenue
for the same period during the prior year.

As of June 30, 2021, the Company had $186.59 million in total
assets, $37.33 million in total liabilities, and $149.26 million in
total equity.

As of June 30, 2020, the Company had cash balance of $6.9 million.
These factors caused concern as to the Company's liquidity as of
June 30, 2021.

During the six months ended June 30, 2021, the Company entered into
additional private placement agreements with certain private
investors and issued 15,000,000 shares of common stock at $1.63 per
share for $24,450,000 sold unsecured senior convertible promissory
notes in the aggregate principal amount of $4,990,000 and also sold
to certain investor and issued 1,353,468 shares for totally $2.62
million collected.

Total equity financing from this transaction was $31.58 million.
The Company expects to use the proceeds from this equity financing
as working capital to expand its commodity trading business.

Based on above financing activities, the management believes that
the Company will continue as a going concern in the following 12
months.

A full-text copy of the Form 10-Q is available for free at:

                    https://bit.ly/3kqnBJC

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.  

TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019.  As of March 31, 2021, the Company had $205.14
million in total assets, $58.95 million in total liabilities, and
$146.19 million in total equity.


ZHONGYUAN AMC: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed China-based Zhongyuan Asset Management
Co., Ltd's (Zhongyuan AMC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB+'. The Outlook is Stable. Fitch
has also affirmed Zhongyuan AMC's USD400 million 4.2% senior
unsecured notes due 2022 at 'BB+'.

The offshore notes are rated at the same level as Zhongyuan AMC's
IDR as they represent its direct, unsubordinated, unconditional and
unsecured obligations and will at all times rank pari passu with
all its other present and future unsecured and unsubordinated
obligations.

Fitch used the Government-Related Entities (GRE) Rating Criteria to
derive Zhongyuan AMC's rating. Fitch assessed its Long-Term IDR
using a bottom-up approach based on the company's 'b+' Standalone
Credit Profile (SCP) plus a three-notch uplift to reflect potential
support from the Henan government.

KEY RATING DRIVERS

'Midrange' Revenue Defensibility: The company's revenue is mainly
interest income from resolving non-performing assets (NPA) and
restructuring rural credit co-operatives. Fitch believes the
company has strong bargaining power in dealing with NPAs. In
addition, the counterparties in its rural credit co-operative
projects are mainly local governments, with demand likely to be in
line with Henan province's economic outlook.

'Midrange' Operating Risk: Finance costs are Zhongyuan AMC's
largest operating-cost component. The company has stable banking
relationships to maintain an acceptable funding cost.

'b+' Standalone Credit Profile: Fitch assessed Zhongyuan AMC's SCP
at 'b+' based on the 'Midrange' revenue defensibility factor and
operational risk assessment, and a 'Weaker' financial profile.
Fitch is maintaining the previous projection for a net leverage
ratio of 13.3x by the end of the forecast period to 2025 under the
rating case.

Status, Ownership and Control 'Strong': The finance bureau of Henan
province oversees Zhongyuan AMC and, together with the Zhengzhou
municipality, increased its shareholding in the company to 72.0% in
2020, from 56.7% in 2019. The Henan government appoints or
nominates the company's board members and senior management, and
approves changes in the supervisory and director boards as well as
the company's major decisions.

Support Record 'Moderate': The group received government subsidies
totalling CNY649 million in 2017-2019, which were equivalent to 70%
of net profit. Zhongyuan AMC has also received capital
contributions of CNY1.4 billion from the finance bureau since
2017.

Socio-Political Implications of Default 'Moderate': The company
deals with NPAs, the restructuring of credit co-operatives and
other investment operations in Henan province. It plays an
important role in resolving financial risk, having provided
restructuring services and invested CNY9 billion in 27 rural credit
co-operatives. It has also managed the NPAs of financial
institutions and provided working capital and receivable financing
to some distressed non-financial institutions.

Financial Implications of Default 'Moderate': The company has been
inactive in the onshore bond market since 4Q20. Its outstanding
onshore and offshore bonds fell to CNY9.3 billion in May 2021, from
CNY18 billion in 2019. At the same time, the company's debt
decreased as a proportion of the provincial government's major GRE
debt.

Nevertheless, Zhongyuan AMC remains one of Henan province's largest
GREs by assets and a default would have some implications for the
province's credibility and the availability of funding for other
provincial GREs.

DERIVATION SUMMARY

Fitch rates Zhongyuan AMC under the agency's Public Sector,
Revenue-Supported Entities Rating Criteria, which take into account
the company's revenue defensibility, operating risk and financial
profile. The three-notch uplift applied to the SCP reflects the
application of the GRE criteria and Fitch's assessment of the four
factors under the strength of linkage and incentive to support.

RATING SENSITIVITIES

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

-- A sustainable improvement in the net debt/EBITDA ratio, along
    with a better liquidity and debt structure or stronger revenue
    defensibility.

-- Increased government incentive to provide support or state
    ownership, as well as stronger socio-political and financial
    implications of default, may also trigger positive rating
    action.

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

-- Weakening revenue defensibility or operating risk as well as a
    deterioration in Zhongyuan AMC's SCP, including, but not
    limited to, measures on liquidity, operating revenue
    generation ability, leverage, debt structure and repayments,
    as well as failure to receive a planned CNY5 billion capital
    injection from the government.

-- Any rating action on Zhongyuan AMC's IDRs would result in
    similar action on its US dollar notes.

BEST/WORST CASE RATING SCENARIO

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

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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I N D I A
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ADHITYA POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Adhitya Polyfilms Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B-(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.67        [ICRA]B- (Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   Term Loans                      to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–          5.00        [ICRA]B-(Stable)ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term          2.25        [ICRA]A4; ISSUER NOT
   Non-Fund                        COOPERATING; Rating continues
   Based                           to remain under the 'Issuer
                                   Not Cooperating' category

   Long-term/          0.08        [ICRA]B-(Stable)/[ICRA]A4  
   short-term–                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   Under 'Issuer Not Cooperating'
                                   Category

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

Sri Adhitya Polyfilms Private Limited (SAPPL) was incorporated as a
private limited company in the year 2002 and the company commenced
its operations in 2003. SAPPL is engaged in manufacturing flexible
packaging material in roll form as well as pouch form, through the
printing and laminating of plastic films. The company initially
started with a capacity of 900 tonnes per annum (MTPA) and has
expanded to 2000 MTPA. The company largely caters to localized
demand from manufacturers of food products situated across Tamil
Nadu, Andhra Pradesh and Karnataka. SAPPL operates out of its
manufacturing facility at SIDCO Industrial Estate, Ambattur,
Chennai. It is managed by Mr. S. P. Mohan Subramanian and Mrs.
Vidhya Mohan who together take care of overall operations of the
company.

BALAJI INDUSTRIAL: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Balaji
Industrial and Agricultural Castings Private Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.60        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.40        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-        18.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Balaji Industrial and Agricultural Castings Private Limited
(BIACPL) is located at Hyderabad in India. It was established in
1978 and was converted to a private limited company in 2013 and is
in the field of drilling and implementation of water supply
schemes, civil construction and fabrication of solar products. It
is also into construction and execution of community water supply
projects, roads and bridges, civil constructions of multi storied
and office buildings etc. for government of India and Government of
Nigeria. Also, it is engaged in the supply of spares parts to
machineries, erection & Maintenance tool kits for hand pumps.


CMC COMMUTATOR: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of CMC
Commutator Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

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

   Long Term–          2.00        [ICRA]B(Stable)ISSUER NOT
   Fund Based TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.35        [ICRA]B(Stable)ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         1.65        [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 1977, CMC is owned and managed by Mr. Ramesh Gudi
and family. Based in Belgaum (Karnataka), the company is engaged in
the manufacturing of industrial commutators, molded commutators and
sliprings. The company is ISO 9001:2000 certified. The company has
an installed capacity to manufacture 75000 units per month. The
promoters of the company own 72% stake in its subsidiary company-
Indo Vacuum Technologies Private Limited (IVT) which is engaged in
the manufacturing of vacuum pumps. The promoters are also
associated with another group company- Acme Flowtech Private
Limited.


JET AIRWAYS: NCLAT to Hear Workers' Plea vs Kalrock-Jalan Plan
--------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal will hear on October 8 an appeal filed by Jet Airways
employees against the Kalrock-Jalan revival plan.

Various employee groups have moved the appellate tribunal seeking a
stay on the insolvency court order approving the revival plan as it
hurt their interests, Business Standard says.

Business Standard relates that a division bench of the NCLAT on
Aug. 25 allowed the resolution professional and the committee of
creditors two weeks to file their response on the appeals and
posted the matter on October 8 for admission. According to Business
Standard, the tribunal was hearing an appeal filed by Association
of Aggrieved Workmen of Jet Airways against the plan as it
contravenes with the provisions of the Insolvency and Bankruptcy
Code. The Bharatiya Kamgar Sena and Jet Airways Cabin Crew
Association too have challenged the plan.

On June 22, the Mumbai bench of the National Company Law Tribunal
cleared the airline's revival plan. While Jet Airways had admitted
claims of around Rs15,000 crore, the Kalrock-Jalan consortium
offered to settle claims of Rs475 crore of financial and
non-financial creditors. Employee claims worth Rs1,265 crore were
admitted and the consortium proposed Rs52 crore to settle their
claims.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

Jet Airways would be acquired by an investor consortium under a
multi-million dollar resolution plan approved by the carrier's
creditors on Oct. 17, 2020.


JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jonas
Petro Products Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         2.84       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         1.91       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under  

                                 'Issuer Not Cooperating'
                                 Category

   Short-term–       0.05        [ICRA]D; ISSUER NOT
COOPERATING;
   Bank Guarantee                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term–       1.45        [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Jonas Petro Products Private Limited (JPPPL) was established in the
year 2010 and is engaged in conversion of waste oil to recycled
fuel oil/reclaimed fuel oil (RFO). JPPPL has a storage and
processing unit of 12000 kilo liter per annum situated in
Mangalore, Karnataka. The company also has a well-equipped
wastewater treatment facility. The company commenced its operations
in April 2012.

JSW STEEL: Moody's Rates New US$40MM Senior Unsecured Bonds 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
30-year, US$40 million Jefferson County Port Authority Economic
Development Revenue Bonds. The tax-exempt senior unsecured bonds
will be guaranteed by JSW Steel Limited (JSW, Ba2 stable). All
other ratings on JSW are unaffected.

The bond proceeds will be loaned to JSW Steel USA Ohio, Inc. (JSW
Ohio), a step-down wholly owned subsidiary of JSW, and will be used
to fund the upgrade of the US subsidiary's electric arc furnace
(EAF). The loan terms are expected to mirror the proposed bond.

"The proposed bonds are backed by an unconditional, irrevocable
corporate guarantee from JSW up to 125% of the notes' face value,
and rank pari passu with the company's existing senior unsecured
debt. As a result, they are rated at the same level as JSW's senior
unsecured debt rating," says Kaustubh Chaubal, a Moody's Vice
President and Senior Credit Officer.

"While the proposed bond is small compared with JSW's consolidated
debt of US$11 billion, but it has a long tenor and further
diversifies its pool of investors," adds Chaubal, who is also
Moody's lead analyst on JSW.

RATINGS RATIONALE

JSW Ohio owns a 1.5 million net tonnes per annum (mntpa) EAF and a
3 mntpa hot rolling mill. The EAF upgrade, which was completed in
March 2021, has led to a marked improvement in JSW Ohio's
operations, illustrated by a $19 million EBITDA in the first
quarter of the fiscal year ending March 2022 (fiscal 2022). This
was the business' first positive EBITDA generation since its
acquisition by JSW in fiscal 2019.

Looking ahead, Moody's expects the EAF upgrade and supportive
industry fundamentals to aid JSW Ohio in sustaining positive EBITDA
generation, which will help the company service the interest on its
loans. More importantly, holders of the proposed bond will benefit
from the JSW guarantee.

Moody's expects high-single-digit percentage growth in steel
consumption in India (Baa3 negative), JSW's key operating market,
during fiscal 2022, with any slowdowns caused by the second
coronavirus wave in April to May 2021 largely contained within Q1.
While slowing construction during the monsoon season will keep
steel consumption low in a seasonally soft Q2, demand should pick
up in the second half of fiscal 2022, supported by continued
infrastructure investments, and rising demand from residential
construction, automotive and white goods manufacturing.

Meanwhile, higher international steel prices compared with those in
India suggest some headroom for domestic price increases, even as
firm raw material prices keep end-product spreads in check.

Moody's forecasts are based on a long-term sustainable EBITDA/tonne
of INR10,500 (US$140) for fiscal 2022 for JSW's Indian operations.
This is a substantial 60% buffer over its US$350 EBITDA/tonne in Q1
fiscal 2022, given the favorable operating environment. Moreover,
an increase in production following the commissioning of its 5
million tonnes per annum (mtpa) expansion at Dolvi plant in
September 2021 should boost steel shipments by at least 20% to 18.4
million tonnes during fiscal 2022. These assumptions will result in
JSW's leverage tracking comfortably below 4.0x over the next 12-18
months.

JSW's Ba2 corporate family rating (CFR) reflects its large scale
and strong position in its key operating markets; competitive
conversion costs resulting from the company's efficient operations
and use of the latest furnace technology; its improving raw
material integration and good product and end-market
diversification, a result of the company's increasing focus on
value-added products and retail sales.

Nevertheless, these strengths are counterbalanced by JSW's exposure
to the inherently cyclical steel industry; its large capital
spending needs, especially in India, which will limit free cash
flow generation over the next two years.

LIQUIDITY

JSW had cash and cash equivalents of US$1.1 billion as of June 30,
2021. Its cash sources over the next 18 months until December 2022
include cash flow from operations of about US$3.1 billion and
US$520 million in undrawn term loans for capital spending. Moody's
estimates these cash sources will fall short of the company's
US$6.7 billion in cash needs for capital spending, debt repayments
and dividend payouts.

The company's strong relationships with Indian and multinational
banks for raising INR debt, continued access to domestic and
international capital markets, and annual issuances of external
commercial borrowings will help JSW manage its liquidity and
refinancing needs. This strong funding access should also help the
company prefund its capex as well as refinance its US$500 million
unsecured bond, which matures in April 2022, on time.

OUTLOOK

JSW Steel's stable outlook reflects Moody's view that an improving
operating environment and higher steel sales will sustain an
improvement in performance such that JSW's leverage trends below
4.0x over the next 12-18 months.

The stable outlook also reflects Moody's expectation that JSW will
remain selective in its acquisitions and fund them with a prudent
mix of debt and equity. In addition, Moody's expects such
acquisitions to be immediately earnings accretive and help in rapid
deleveraging, leading to at most only a temporary spike in
leverage.

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

Moody's could upgrade JSW's ratings if the company gains market
share, improves its backward integration, and realizes synergies
from recent acquisitions. Financial metrics that will lead to an
upgrade of its CFR include leverage below 3.0x and an EBIT/interest
coverage of above 4.0x; both on a sustained basis.

A strong liquidity profile with a reduced reliance on short-term
funding will be necessary for a Ba1 rating.

On the other hand, Moody's could downgrade JSW's ratings if
declining sales volumes and lower prices dent its profitability.

Financial metrics that will lead to a downgrade include leverage
above 4.5x, an EBIT/interest coverage below 2.0x and an EBIT margin
below 12%.

Downward rating pressure could also build if JSW undertakes further
large debt-financed acquisitions that do not bring an immediate and
meaningful counterbalancing effect on its earnings, thereby leading
to higher leverage.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Steel Industry
published in September 2017.

JSW Steel Limited is one of India's largest steel producers with an
installed steelmaking capacity of 18 million tonnes per annum
(mtpa). Its international operations comprise (1) 1.2 mntpa plate
mills and 0.5 mntpa pipe mills in Texas; (2) a 3.0 mntpa hot
rolling mill and a 1.5 mntpa electric arc furnace in Ohio; and (3)
a 1.3 mtpa long steel rolling facility in Piombino, Italy.

JSW generated consolidated revenues of US$10.6 billion and
consolidated EBITDA of US$2.8 billion during the fiscal year ended
March 2021.


KALLAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kallam
Agro Products & oils (P) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          43.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           6.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           0.50       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Kallam Agro Products & Oils (P) Ltd [KAP&OPL] belongs to the Kallam
Group of companies. KAPL is primarily engaged in cotton seed
processing. The Group was promoted by Shri Kallam Haranadha Reddy,
chairman of Kallam group of companies, in 1956. The Group has
operations in ginning, oil production, cotton spinning, mini hydel
generation and wind power. KAP&OPL was floated in 1983 and was
incorporated in 1987 as a private limited company. In 1991-92, it
became a deemed public limited company. Later in 2002-03, it was
converted to a private limited company. KAPL is currently engaged
in the production and marketing of refined edible cotton seed oil
with an installed crushing capacity of 500 MT/day. KAPL's initial
operations included ginning and pressing of cotton seed with cotton
seed crushing facilities added subsequently. In 1991, in order to
enhance value addition, delinting and decordicating machines were
added which enabled KAPL to export deoiled cake and de-linters.
Solvent and refinery plant, with technology supplied by Alfa Level
(India) Ltd, were added in 1996. In March 2008, KAPL commissioned
1.5 MW wind mill at Udayathur Village, Tirunelveli District, Tamil
Nadu.


KAVALI MUNICIPALITY: ICRA Keeps Issuer Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Issuer Ratings for the bank facilities of
Kavali Municipality in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

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

The KM, an urban local body (ULB) was constituted as a municipality
in 1967 and is governed by the Andhra Pradesh State Municipalities
Act 1965 (Act). It manages the municipal services of Kavali town,
which is located in Nellore district of Andhra Pradesh. The KM
covers an area of 60.09 sq. km. and serves a population of 0.97
lakh (as per Census 2011). Its main functions include water supply,
solid waste management and construction, repair and maintenance of
roads and streetlights in its area. The municipality is divided
into 40 municipal wards, and is governed by an elected body
(council) headed by a Chairperson, while the Commissioner acts as
the executive head, overseeing its everyday functioning.


KAY BOUVET: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kay Bouvet
Engineering Limited (Unit - I) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         110.00       [ICRA]D; ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-          41.00       [ICRA]D; ISSUER NOT
   Fund Based TL                   COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term-        300.00       [ICRA]D; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

KBEL was incorporated in 1993 to manufacture heavy engineering
fabrication and machining components. Prime objective of the
company was to manufacture machinery for sugar plants and erect
complete sugar plants on turnkey basis. KBEL had purchased a design
for cane crushing plant from Jean Bouvet and Associates, USA in
1998 but currently, there is no transaction between the two
entities. Jean Bouvet and Associates has a small equity holding of
1.3% in KBEL.

KBEL established a new division called Special Products Division
(SPD) in 2000. The division was established with an intention to
diversify into other business verticals. SPD serves two categories.
First category (SPD I) manufactures components of Nuclear Power
Plants, Defence equipment, Atomic research equipment and
refineries. The second category (SPD II) supplies components to
Cement and Steel plant OEMs. The company has three manufacturing
facilities located two in Satara, Maharshtra and one in
Yamunanagar, Haryana.


LE MARBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of LE Marble
Gallery Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–          9.00        [ICRA]B+(Stable)ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short-term–         7.00        [ICRA]A4; ISSUER NOT  
   Letter of Credit                COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Established in 1996, Le Marble Gallery Private Limited is primarily
engaged in retailing sanitary ware, marble and tiles. The company's
showroom is located at Kozhikode in Kerala, spread across about
25,000 sq. ft. The promoters of the company, Mr. Abdul Majeed and
Mr. Viju Thomas, have been engaged in similar businesses since
1996. LMGPL trades in imported as well as indigenous products.
Branded tiles, sanitary ware and fittings constitute its import
products, procured mostly from Spain. The company also trades in
renowned Indian brands and has own brand of tiles—Titles.
Moreover, LMGPL also procures marble blocks, which are cut into
20mm width pieces and sold as unbranded products. Some of the key
brands sold by the company are Nitro, Somany Ceramics, Kajaria,
Toto (Japan), Colorker (Spain), Roca (Spain), Kohler (USA) and
Duravit (Germany). The company also has eight-channel partners
across Kerala, who help in marketing and selling its products.


LEAPFROG ENGINEERING: ICRA Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Leapfrog
Engineering Services Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]C ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]C; ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-          4.00        [ICRA]C; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Leapfrog Engineering Services Pvt (LESPL) Limited was incorporated
by Mr Prabhav N Rao in 2005, in Bangalore, Karnataka. It currently
has four Directors and is an integrated Engineering Services
Company based out of Bangalore. The vision of the company is to
provide 'Design Build' solutions to its clients and to become a
reputed integrated engineering services company.


MACHILIPATNAM MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------------
ICRA has retained the Issuer Ratings for the bank facilities of
Machilipatnam Municipality in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT
COOPERATING".

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

The MPM, an urban local body (ULB) was constituted as a
municipality in 1866 and is governed by the Andhra Pradesh State
Municipalities Act 1965 (Act). It manages the municipal services of
Machilipatnam town, which is located in Krishna district of Andhra
Pradesh. The MPM covers an area of 26.27 sq. km. and serves a
population of 1.70 lakh (as per Census 2011). Its main functions
include water supply, solid waste management and construction,
repair and maintenance of roads and streetlights in its area. The
municipality is divided into 42 municipal wards, and is governed by
an elected body (council) headed by a Chairperson, while the
Commissioner acts as the executive head overseeing its everyday
functioning.

MAHI FORMALINE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Mahi
Formaline in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         3.50        [ICRA]B (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category


   Fund-based-         5.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Mahi Formaline (MF) was established on November 15, 2014 with the
objective to set up a Greenfield project to manufacture
methanol-based organic chemical such as Formaldehyde and its
derivatives such as Urea Formaldehyde, Melamine Formaldehyde,
Phenolic resin and Hexamine. Most of the resins find application in
the furniture industry for manufacture of Plywood, Particle Boards,
and Laminates whereas few find application in pharmaceuticals and
paints industry. The promoters have a long-standing experience in
the particle board manufacturing industry by the virtue of their
association with other particle board-oriented firms.

MARVELEDGE REALTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Marveledge Realtors Private Limited
        301-302, Jewl Tower
        Survey No. 25/H, Lane No. 5
        Koregaon Park, Pune
        MH 411001
        IN

Insolvency Commencement Date: August 10, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: February 9, 2022

Insolvency professional: Pramod Dattaram Rasam

Interim Resolution
Professional:            Pramod Dattaram Rasam
                         Room No. 5, Shri Niwas Chawl
                         J B Nagar, Andheri East
                         Mumbai 400059
                         E-mail: pdrasam@gmail.com
                                 pdrasamirp03@gmail.com

Last date for
submission of claims:    August 27, 2021


OUR CO: ICRA Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Our Co.
Infrastructure Developers Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

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

   Long-Term        81.00        [ICRA] D ISSUER NOT COOPERATING;
   Fund based/                   Rating continues to remain under
   Term loan                     'Issuer Not Cooperating'
                                 Category

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

OCIDPL is a private limited company established on September 13,
2007 with an aim of taking up construction projects for Mother's
Pride Group across Delhi – NCR region. The company was inactive
in the initial years and was looking at land in Delhi where it
could set up the building and infrastructure for a Mother's Pride
school. Land of 4.5 acre was purchased in 2013 in sector 57,
Gurgaon where it was proposed to set up 'Presidium' brand of
school. Initially, it was proposed to construct two Blocks namely
Block A and Block B (Phase – I). Subsequently, in August 2013,
Bank of India sanctioned a term loan of Rs 35 crore and the Company
started working on the project. However, expecting more demand, the
Company proposed to expand its school operations and build
additional infrastructure to support this demand. In this
expansion, the Company has envisaged some additional infrastructure
in Blocks A & B, and a whole new Block C having classrooms and
facilities for extra-curricular activities (like sports, music
etc.) (Phase – II).


PANCHSHEEL SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term ratings of Panchsheel Solvent
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–       12.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–       12.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2008, PSPL was promoted by the Lalani family. Prior
to this, the management was engaged in the manufacturing of poultry
feed and PET bottles through its group entities. PSPL is currently
engaged in extracting edible refined rice bran oil with an
installed capacity of 1,50,000 tonnes per annum (TPA) and 30,000
TPA of refining unit. Besides, PSPL has flexibility to refine other
crude oils in the same plant and therefore, started refining
cottonseed crude oil since February 2015. The manufacturing
facility of the company is located at Rajnandgaon, Chhattisgarh.


PASOLITE ELECTRICALS: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Pasolite Electricals Pvt
Ltd in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

Incorporated in 1997, Pasolite Electricals Pvt Ltd is based out of
Bangalore and is engaged in the business of trading wide range of
user-friendly light fixtures with emphasis on energy-saving and
custom design for two decades. Pasolite provide lighting solutions
to all indoor, outdoor, industrial and residential applications. It
also trades in exterior lighting, road and street lighting, and
landscape lighting.


PMR CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities PMR
Construction Company in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

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

   Short Term-         15.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

PMR was incorporated as a partnership firm in 2002 by Mr. PM Alavi
Haiji and his sons. Mr. Haji is a Class 'A' (PWD) civil contractor
in Kerala, and has more than four decades of experience in the
contracting industry. The firm undertakes civil government
contracts involving construction of roads, bridges and buildings.
However, in the last few years the firm had been primarily involved
with construction and repair of roads in Kerala.

PRESTRESS STEEL: ICRA Lowers Rating on INR1.80cr Term Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Prestress Steel LLP (erstwhile Prestress Wire Industries), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Term Loans                      from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   category

   Long Term-         40.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-        22.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Prestress Steel LLP (erstwhile Prestress Wire Industries)
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by the rated entity". The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Prestress Steel LLP (erstwhile Prestress Wire Industries),
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Established in 1994, Prestress Steel LLP (erstwhile Prestress Wire
Industries) is engaged in manufacturing of pre-stressed concrete
wires and Galvanised Iron wires which form the core for ACSR
(Aluminium Conductor Steel Reinforced) wires. The wires include
single drawn wires, stranded wires and high-tensile wires. The
manufacturing facilities are located in Silvassa (Dadra & Nagar
Haveli) and Vikrampur (Uttarakhand) and have a total capacity of
72,000 MT per annum. The unit in Uttarakhand commenced operations
in Q3 2010-11 to cater to the newer markets such as Uttar Pradesh,
Himachal Pradesh, Punjab, Haryana and Madhya Pradesh thereby
increasing the firm's span across India.


RADIANT ENERGY: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Radiant
Energy Solutions Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         2.25        [ICRA]B (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund-based-         6.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund           (3.50)       [ICRA]A4 ISSUER NOT
   based-FLC                       COOPERATING; Rating continues
   (sublimit of                    to remain under 'Issuer Not
   cash credit)                    Cooperating' category

   Non-fund            4.00        [ICRA]A4 ISSUER NOT
   based-Bank                      COOPERATING; Rating continues
   Guarantee                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in February 2015, Radiant Energy Solutions Private
Limited (RESPL) is engaged in manufacturing fiberglass rod (FRP),
silicon rubber compound, composite polymeric insulator and
single-phase energy meter. It has an installed manufacturing
capacity of 4,000 pieces per day of composite polymeric insulators
and 3,000 pieces per day of energy meters. The company commenced
commercial production of composite polymeric insulators from April
2016, while that of energy meters began in August 2017. The
promoters - Mr. Arvind Kalaria, Mrs. Archana Patel and Mr. Atul
Patel, have extensive experience in the energy industry through
their association with other group concern, Radiant Ceramic Private
Limited, which is engaged in manufacturing ceramic glaze tiles,
insulators and allied activities.

SAI SHIVANAGERE: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Sai
Shivanagere Solar Power Pvt Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           5.60        [ICRA]B(Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
  
Sri Sai Shivanagere Solar Power Pvt Ltd (SPL) was incorporated in
June 2015. SPL has set up a 1.1 MW solar power plant at Kallukote
Village, Sira Taluk, Tumkur District, Karnataka. The Company has
entered into a 25-year power purchase agreement (PPA) with
Bangalore Electricity Supply Company (BESCOM) with a feed-in tariff
of INR8.40 per unit.


SALICYLATES AND CHEMICALS: ICRA Cuts Rating on INR23cr Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Salicylates and Chemicals Private Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          23.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   Issuer Not Cooperating
                                   Category

   Short Term-         7.00        [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain under Issuer Not
                                   Cooperating category

Rationale

The rating downgrade is attributable to the lack of adequate
information regarding Salicylates And Chemicals Private Limited's
performance and in turn, the uncertainty around its credit risk.
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the same may not adequately reflect the credit
risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Salicylates And Chemicals Private Limited, ICRA has been
trying to seek information from the entity to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of the
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Incorporated in 1978, Salicylates and Chemicals Private Limited
(SCPL) is a chemical company engaged in the manufacture of,
Parabenzene based derivatives and sunscreen chemicals. The company
started operations with the manufacture of Salicylic acid in 1982.
In the same year, it started manufacture of Para Hydroxy Benzoic
Acid (PHBA) and over the years, expanded into PHBA derivatives.

SPINEL MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Spinel
Microns in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         5.40        [ICRA]B (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund-based-         5.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based-     0.70        [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Spinel Microns was established as a partnership firm in 2017. It is
promoted by Mr. Kantilal Patel, Mr. Naresh Zalariya and five other
partners consisting of family members and relatives. The promoters
of the firm have vast experience in the ceramic industry and
trading of ceramic raw material. The firm produces feldspar powder
of 50-70 microns quality. The product finds applications in various
industries such as ceramic tiles, cement manufacturing, glass
industries, etc., however, the firm will majorly cater to ceramic
industry.


TAG CORPORATION: ICRA Cuts Rating on INR25cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of TAG
Corporation, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          21.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]BB+ (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          25.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Working Capital                 from [ICRA]BB+ (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-         50.00       [ICRA]A4 ISSUER NOT
   Non Fund Based-                 COOPERATING; Rating downgraded
   Bank Facilities                 from [ICRA]A4+ and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Tag Corporation performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by the rated entity". The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Tag Corporation, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

TAG Corporation (TAG) was established in the year 1972 by Mr. R T
Chari and Mr. R V Gopalan for manufacturing and supplying hardware
for electrical transmission lines, such as connectors and
accessories for both insulators and conductors in transmission
lines. Initially, the firm manufactured products for 66kV and 110kV
lines, but now focuses on 400kV and higher capacity transmission
lines. TAG was a supplier for the first 400kV transmission line
project in the country in 1974 and was involved in other pioneering
projects like the first 500kV high voltage direct current (HVDC)
line and the first 800kV HVDC line. TAG caters to a reputed
clientele, including industry majors such as Larsen & Toubro Ltd.,
Power Grid Corporation of India Ltd., Tata Projects Ltd., Kalpataru
Power Transmission Ltd., among others. TAG Corporation has
manufacturing facilities in Chromepet.


VAIGHAI AGRO: ICRA Lowers Rating on INR21cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Vaighai
Agro Products Limited (VAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          21.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          8.32        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-         2.50        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-         0.27         [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-        16.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short Term-        (5.00)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues   
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Vaighai Agro Products Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Vaighai Agro Products Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Incorporated in February 2010 and headquartered in Madurai (Tamil
Nadu), VAPL is involved in the processing of crude rice bran oil
(RBO) and de-oiled rice bran (DRB) through the solvent-extraction
process. The company procures rice bran (which is its primary raw
material) from ~600 rice mills in Tamil Nadu in addition to its
subsidiary, Vaighai Lanka Private Limited, Sri Lanka. It has three
manufacturing facilities in Namakkal, Madurai and Tirunelveli, with
an aggregate installed capacity of 3,20,000 MTPA to process rice
bran to produce RBO and a by-product, DRB. The company does not
refine rice bran. The produced RBO is either sold to refineries for
further processing or to poultry farms, while DRB is sold entirely
to poultry farms. A major portion of VAPL's sales is derived from
Tamil Nadu, while the remaining is from Andhra Pradesh, Kerala,
Karnataka, Maharashtra, Madhya Pradesh and Pondicherry. Recently,
the company started extracting oil from sunflower and copra to
utilize the excess capacity. VAPL also trades in starch and coco,
mainly in the overseas markets.


VIYYAT POWER: ICRA Lowers Rating on INR0.50cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Viyyat
Power Private Limited (VPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   Issuer Not Cooperating
                                   Category

   Long Term-          4.42        [ICRA]B+ (Stable) ISSUER NOT
   Term Loans                      COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   Issuer Not Cooperating
                                   Category

   Short-term–         0.15        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category


Rationale

The ratings are downgrade because of lack of adequate information
regarding VPPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Viyyat Power Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information

VPPL is engaged in hydropower generation. The company operates a
4.5 MW hydropower plant (3X1.5 MW), at Ambazhachal, Kerala on
build, own, operate and transfer (BOOT) basis. The design energy of
the plant is 15.8 million units (MU). The plant is located in the
Western Kallar River basin, a tributary of Periyar River at
Ambazhachal, Kerala. The Company sells the entire power generated
to KSEB through a long-term power purchase agreement.




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

TOYO CORP: S&P Lowers LongTerm ICR to 'BB+' on Weak Profitability
-----------------------------------------------------------------
S&P Global Ratings lowered by one notch to 'BB+' from 'BBB-' its
long-term issuer credit rating on Japan-based Toyo Corp. The
outlook on the long-term issuer credit rating on the Japan-based
trading company, which specializes in sales of machinery and tools,
is stable.

S&P said, "We downgraded Toyo because of a decreased likelihood
that its EBITDA margin will recover in the coming one to two years
to above 5%, a level where it had previously stabilized. We base
this view primarily on two factors. One, Toyo's main customers,
auto suppliers, are likely to remain hesitant to increase capital
expenditures in the coming one to two years because of the
challenging conditions they face. Two, its products and services
are likely to remain under pricing pressure from customers.

"We expect Toyo's EBITDA margin to stay about 3%-4% in the coming
one to two years. This is because sales are likely to take time to
recover as auto suppliers refrain from raising capital
expenditures. In addition, Toyo's customers are likely to maintain
pressure on the company regarding prices. Its main customers'
performance remains weighed down by reduced auto production
stemming from a semiconductor shortage and soaring raw material
prices. In addition, customers' research and development costs are
rising as they respond to stricter environmental regulations and
development of automobile electrification.

"We do not expect Toyo's EBITDA margin to slip below 3%. The
company has stable relationships with its main customers, based on
its detailed services and cost competitiveness, which support the
margin. Also, it secured an EBITDA margin of about 3% even in
fiscal 2020 (ended March 31, 2021), when sales shrank by about 25%
amid the COVID-19 pandemic.

"We anticipate that Toyo's sound finances will continue to underpin
our rating on the company. The nature of its business makes its
investment burden light. We expect it to secure stable operating
cash flow, even through difficult times, which is likely to help it
maintain a net cash position (cash and deposits minus debt; all the
company's reported financial figures) in the next one to two years.
It has maintained a net cash position since fiscal 2019.

"The stable rating outlook reflects the limited likelihood we see
that earnings will fall further. This is because of its stable
relationships with its main customers. The outlook also
incorporates our expectation that Toyo will continue to adhere to a
disciplined financial policy, maintaining its net cash position."

S&P may consider upgrading Toyo if it sees a heightened likelihood
of both the following scenarios:

-- Its EBITDA margin recovering above 5% as sales recover toward
pre-pandemic levels, business efficiency improves, and expenses
decrease; and

-- Sound finances, with a net cash position, continuing under
conservative financial management.

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

-- Its EBITDA margin falling to and remaining below 3%;

-- Its financial soundness eroding because of a steep rise in debt
stemming from increased capital expenditures or an acquisition; or

-- Its relationship with its main customer, Aisin Corp.,
weakening.

  Ratings List

  DOWNGRADED; OUTLOOK ACTION  
                                   TO              FROM
  TOYO CORP.  
   Issuer Credit Rating        BB+/Stable/--   BBB-/Negative/--




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

AIR NEW ZEALAND: Reports NZD289MM Net Loss for Year Ended June 30
-----------------------------------------------------------------
Stuff.co.nz reports that Air New Zealand has reported an after tax
loss of NZD289 million for the year to June 30, its first full year
result operating in a Covid-19 environment.

In 2020, the national carrier posted a NZD454 million loss, its
first annual loss in 18 years, Stuff relates.

To help it weather the pandemic Air New Zealand has drawn down
NZD350 million of a NZD1.5 billion loan from the Government, which
owns 52 per cent of the airline. It expects to draw down further in
the coming months.

Earlier this month, the company said it had, in consultation with
the Crown, decided to defer a planned capital raise until the first
available window in the first quarter of 2022 given the instability
of the operating environment, Stuff relays.

On completion of the recapitalisation, Air New Zealand expected to
repay all amounts drawn under the loan and the Crown shared that
expectation, it said.

In the 2021 financial year, Air New Zealand benefited from about
NZD450 million of government assistance including airfreight
support schemes, Stuff discloses.

Border restrictions resulted in revenue falling 48 per cent to
NZD2.5 billion and capacity fell 55 per cent on the prior year.

Cargo revenue increased 71 per cent to NZD769 million.

Last year, the airline sent its seven Boeing 777-300ER aircraft
and, its eight 777-200ER fleets into deep storage at overseas
desert facilities, recalls Stuff.

Stuff relates that the older Boeing 777-200ER fleet as well as one
leased Boeing 777-300ER aircraft were not expected to return to
service, the airline's financial statements said. Four 777-200ER
aircraft were up for sale and all Boeing 777-200ER aircraft are
expected to be disposed within the next year.

Domestic capacity rebounded strongly as the year progressed,
reaching 93 per cent of pre-Covid for the three months ending July,
driven by strong leisure demand and the return of corporate
customers.

According to Stuff, the nationwide lockdown as a result of the
Covid-19 Delta outbreak in Auckland was expected to negatively
impact its financial performance.

Air New Zealand chairman Dame Therese Walsh said the result
reflected the fact that the airline was unable to fly two-thirds of
its passenger network, Stuff relays.

"In a severely constrained environment, Air New Zealand maintained
cost discipline, focusing on delivering with excellence in the
areas in its control," Stuff quotes Ms. Walsh as saying.

Stuff adds that Air New Zealand chief executive Greg Foran said the
return of long-haul travel seemed some time away.

The airline had "reimagined" its domestic business, increasing the
choice of flight times and introducing greater price
differentiation for peak and off-peak flying, Mr. Foran said.

"This allows us to offer more lower priced fares, which will unlock
new demand for domestic tourism," Mr. Foran said.

The 2021 financial result was in line with guidance, the report
notes.

According to Stuff, Mr. Foran said the airline had expected to be
doing more passenger flying and less cargo, but the reverse had
happened.

"We ended up where we expected but we got there through different
methods."

The Government's International Airfreight Capacity subsidy scheme
remained open until October, but Air New Zealand expected it would
be extended as had happened several times in the past.

"I think it will be as long as the borders remain closed."

Currently, the airline is flying a skeleton operation on its
domestic network, and is not servicing the regions as a result of
the alert level 4 lockdown, Stuff adds.

Based in Auckland, Air New Zealand Limited operates scheduled
passenger flights to 20 domestic and 32 international destinations
in 20 countries, primarily around and within the Pacific Rim.




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

ENVY ASSET: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2021, to
wind up the operations of Envy Asset Management Pte. Ltd.

The company's liquidators are:

         Mr. Bob Yap Cheng Ghee
         Mr. Tay Puay Cheng
         Ms. Toh Ai Ling
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


ENVY GLOBAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2021, to
wind up the operations of Envy Global Trading Pte. Ltd.

The company's liquidators are:

         Mr. Bob Yap Cheng Ghee
         Mr. Tay Puay Cheng
         Ms. Toh Ai Ling
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


ENVY MANAGEMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2021, to
wind up the operations of Envy Management Holdings Pte. Ltd.

The company's liquidators are:

         Mr. Bob Yap Cheng Ghee
         Mr. Tay Puay Cheng
         Ms. Toh Ai Ling
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581



                           *********


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

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

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

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