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

                     A S I A   P A C I F I C

          Wednesday, September 1, 2021, Vol. 24, No. 169

                           Headlines



A U S T R A L I A

CARNELL FAMILY: Second Creditors' Meeting Set for Sept. 9
HAORAS PTY: Second Creditors' Meeting Set for Sept. 7
KIKKI.K PTY: Collapses Into Administration for the Second Time
KIKKI.K PTY: First Creditors' Meeting Set for Sept. 7
KPF MACHINERY: Second Creditors' Meeting Set for Sept. 9

NATREC INT: ASIC Bans Director for 3 Years


C H I N A

CHINA EVERGRANDE: Flags Default Risk Amid Liquidity Crunch
CHINA GRAND: Moody's Affirms 'B1' CFR, Outlook Remains Negative
HEALTH AND HAPPINESS: Moody's Alters Outlook on Ba2 CFR to Neg.
XINJIANG GUANGHUI: Moody's Affirms 'B2' CFR, Outlook Negative


I N D I A

ADANI GREEN: Moody's Assigns Ba3 Rating to New USD Secured Notes
ADHITYA POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
ALTICO CAPITAL: Ind-Ra Affirms 'D' Long-Term Issuer Rating
AMBER SPINTEX: Ind-Ra Affirms BB+ Issuer Rating, Outlook Positive
ASHOKA POLY: ICRA Keeps B+ Debt Ratings in Not Cooperating

AXIS BANK: Moody's Assigns B1(hyb) Rating on New AT1 Securities
BALAJI INDUSTRIAL: ICRA Keeps B Debt Ratings in Not Cooperating
BALAJI TEXTILES: ICRA Keeps B- Debt Ratings in Not Cooperating
BANSAL SUPER: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
BIAX ELECTRIC: ICRA Keeps D Debt Ratings in Not Cooperating

CAPACITE ENGINEERING: Ind-Ra Lowers Long-Term Issuer Rating to BB-
CMC COMMUTATOR: ICRA Keeps B Rating in Not Cooperating Category
GEM BATTERIES: ICRA Keeps D Debt Rating in Not Cooperating
GVR ASHOKA: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
JAIPUR RUGS: ICRA Lowers Rating on INR1.98cr Loan to B+

JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating
KALLAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
KALYANA KARNATAKA: ICRA Reaffirms B+ Rating on INR230cr Term Loan
KARPAGA VINAYAGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
KAVALI MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Cooperating

KAY BOUVET: ICRA Keeps D Debt Rating in Not Cooperating Category
KRISHNA AUTOSALES: ICRA Keeps B Debt Rating in Not Cooperating
LE MARBLE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
LEAPFROG ENGINEERING: ICRA Keeps C Ratings in Not Cooperating
M L RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

MACHILIPATNAM MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
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

PRECISION MACHINES: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
PRESTRESS STEEL: ICRA Lowers Rating on INR41.80cr Loan to B+
PRICOL ENGINEERING: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
RAJAMAHENDRAVARAM MUNICIPAL: ICRA Lowers Issuer Rating to B+
SAI SHIVANAGERE: ICRA Keeps B Debt Ratings in Not Cooperating

SUNGLOW SUITINGS: ICRA Keeps B Debt Rating in Not Cooperating
TOORSA PLANTATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
VIJAY TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
WINDSOR INDUSTRIES: ICRA Lowers Rating on INR9.90cr Loan to B+


M A L A Y S I A

ALAM MARITIM: Not Classified as PN17 Despite Triggering Criteria
LAY HONG: Net Loss Widens to MYR14.35MM in Q1 Ended June 30


M O N G O L I A

MONGOLIAN MORTGAGE: Moody's Affirms 'B3' LongTerm CFR


S I N G A P O R E

AEROCON E & T: Court to Hear Wind-Up Petition on Sept. 10
BEAUCHAMP INDUSTRIES: Creditors' Proofs of Debt Due on Sept. 27
ENDLESS PRECISION: Court to Hear Wind-Up Petition on Sept. 10
FALCON ENERGY: Court to Hear Wind-Up Petition on Sept. 17
FIRMENICH AROMATICS: Creditors' Proofs of Debt Due Sept. 27


                           - - - - -


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

CARNELL FAMILY: Second Creditors' Meeting Set for Sept. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Carnell Family
Farming Pty Ltd ATF The Kirra Pines Farming Trust has been set for
Sept. 9, 2021, at 3:00 p.m. via electronic Facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 8, 2021, at 5:00 p.m.

Kelly-Anne Lavina Trenfield and John Park of FTI Consulting were
appointed as administrators of Carnell Family on July 5, 2021.


HAORAS PTY: Second Creditors' Meeting Set for Sept. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Haoras Pty Ltd
has been set for Sept. 7, 2021, at 11:00 a.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 6, 2021, at 5:00 p.m.

Richard Albarran & Marcus Watters of Hall Chadwick were appointed
as administrators of Haoras Pty on Aug. 6, 2021.


KIKKI.K PTY: Collapses Into Administration for the Second Time
--------------------------------------------------------------
SmartCompany reports that stationery business kikki.K has collapsed
into voluntary administration for a second time in less than two
years.

SmartCompany relates that ASIC records show administrators from
global consulting firm Ankura were appointed to the business on
August 26, 17 months after the brand collapsed for the first time
in March 2020.

Kikki.K was founded in Melbourne in 2001 by Kristina Karlsson and
Paul Lacy and once had more than 100 stores, selling its
Swedish-inspired notebooks, calendars, planners and gifts.

It was sold in June 2020 to Texas-based Erin Condren Designs in a
deal to save its 65 stores at the time; however, the Australian
Financial Review reported that backers of the US businesses have
decided to no longer fund a restructuring process being undertaken
at kikki.K, SmartCompany says.

Kikki.K now has 36 stores in Australia and New Zealand, over 20 of
which are currently closed due to COVID-19 related restrictions -
although the online store continues to trade, the report notes.
Close to half of the company's 300 employees were stood down prior
to the appointment of administrators, due to lockdowns in Victoria,
New South Wales, the Australian Capital Territory and New Zealand.


In a statement provided to SmartCompany, the administrators said
kikki.K had not been able to "withstand the massive impact" of
lockdowns in Australia, New Zealand and Singapore, as the business
relies heavily on store sales.

According to the report, administrators Liam Healey and Quentin
Olde from Ankura said they will soon commence an expressions of
interest campaign for the sales or recapitalisation of the
business, and have already had interest.

"We are undertaking a review of the business and are working with
the directors, owners and other stakeholders to assess the options
available," the report quotes Mr. Healey as saying.

"In the meantime we are continuing to trade the businesses and
negotiate support from key stakeholders in these difficult trading
conditions."

In a letter to staff on Aug. 30, Karlsson and Lacy said the
administration is a "direct consequence" of the pandemic and
lockdowns, with retail sales particularly affected in Victoria, New
South Wales and the Australian Capital Territory.

"Sadly this was one series of lockdowns too many for the business
to withstand. It's been a massive battle for business survival in
recent months," added Lacy in a statement to SmartCompany.

"We've taken numerous urgent steps to find a way through but the
sheer impact and magnitude of lost sales due to COVID lockdowns and
the risks for directors associated with continuing to trade with
such significant uncertainty ahead gave no choice."

SmartCompany relates that Ms. Karlsson said many people had made an
"extraordinary effort" to find a way through the challenging
situation and the outcome is "deeply saddening".

"My heart goes out to our team, our suppliers and creditors,
shareholders and everyone impacted - and to the many businesses in
the country who have been impacted like this and those who continue
to battle with business survival as a direct result of COVID," she
said.

Tonia Misvaer, a director and representative of EC Designs, said
the company will work with the administrators "to support our team
members during this process as well as explore all possible options
for this beloved brand," the report relays.

Kikki.k stores remain open in areas not affected by lockdowns,
including in Queensland, South Australia, Western Australia and
Singapore.


KIKKI.K PTY: First Creditors' Meeting Set for Sept. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kikki.K Pty
Ltd will be held on Sept. 7, 2021, at 11:00 a.m. via virtual
meeting only.

Liam Healey and Quentin Olde of Ankura were appointed as
administrators of Kikki.K Pty on Aug. 26, 2021.


KPF MACHINERY: Second Creditors' Meeting Set for Sept. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of KPF Machinery
Pty Ltd has been set for Sept. 9, 2021, at 4:00 a.m. via Electronic
Facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 8, 2021, at 5:00 p.m.

KellyAnne Lavina Trenfield of FTI Consulting was appointed as
administrator of KPF Machinery on
July 5, 2021.


NATREC INT: ASIC Bans Director for 3 Years
------------------------------------------
Peter Rozsy of North Perth, Western Australia, has been
disqualified from managing corporations for three years after his
involvement in nine failed companies.

Mr. Rozsy was a director of nine companies between 2010 and 2020,
namely:

    * Natrec Int Pty Ltd ACN 111 097 539 ('Natrec');
    * 360Recruitment01 Pty Ltd ACN 610 461 875 (360Recruitment01);
    * 360Recruitment02 Pty Ltd ACN 610 462 318 (360Recruitment02);
    * 360Recruitment03 Pty Ltd ACN 610 467 215 (360Recruitment03);
    * 360Recruitment04 Pty Ltd ACN 610 722 695 (360Recruitment04);
    * 360Recruitment05 Pty Ltd ACN 610 722 515 (360Recruitment05);
    * 360Recruitment06 Pty Ltd ACN 610 722 677 (360Recruitment06);
    * 360Recruitment07 Pty Ltd ACN 610 991 636 (360Recruitment07
      Pty Ltd); and
    * 360 Recruitment 08 Pty Ltd ACN 613 819 739 (360 Recruitment
      08).

The nine companies were involved in staff recruitment.

In making its decision, the Australian Securities & Investments
Commission (ASIC) found that Mr Rozsy failed to:

    * pay taxes owed to Australian Taxation Office (ATO);

    * prevent 360Recruitment01and 360Recruitment03 from trading
      while insolvent;

    * maintain proper books and records for 360Recruitment01; and

    * properly manage the business of 360Recruitment01,
      particularly its financial position.

The total amount owed to unsecured creditors is AUD2,025,664.41, of
which AUD602,434.48 is owed to ATO.

In making the decision to disqualify Mr Rozsy, ASIC relied upon
supplementary reports lodged by Mr. Gess Ramabldi of Pitcher
Partners as liquidator of Natrec, Mr Brent Morgan of Rodgers Reidy
as liquidator of 360Recruitment01 and Mr Richard Lawrence of Hall
Chadwick as liquidator of 360Recruitment03. ASIC assisted the
liquidator of 360Recruitment03 to prepare a supplementary report by
providing funding from the Assestless Administration Fund.

Mr. Rozsy is disqualified from managing corporations until Aug. 9,
2024.




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

CHINA EVERGRANDE: Flags Default Risk Amid Liquidity Crunch
----------------------------------------------------------
Bloomberg News reports that China Evergrande Group said it risks
defaulting on its debt if it falls short in efforts to raise cash
by offloading assets, selling properties, and bringing in new
investors.

"The group has risks of defaults on borrowings and cases of
litigation outside of its normal course of business," the
Shenzhen-based company said in an earnings statement on Aug. 31.

Net income fell 29% to CNY10.5 billion (US$1.6 billion) in the six
months ended June 30 from a year earlier, the company said, in line
with a profit warning issued last week, Bloomberg discloses.

Bloomberg says the result underscores the challenge for billionaire
founder Hui Ka Yan to reduce the group's debt while also sustaining
profitability, as it resorts to asset sales and price discounts to
raise cash. Evergrande's bonds and shares have tumbled this year,
with investor confidence in its ability to repay borrowings
hovering at record lows.

According to Bloomberg, Evergrande said some property development
payables were overdue, leading to the suspension of work on some
projects. The company is negotiating with suppliers and
construction contractors to resume work on the projects, it added.


"The group will do its utmost to continue its operations and
endeavor to deliver properties to customers as scheduled," it said.


Evergrande's dollar bonds fell after the report. An 8.75% note due
2025 was on pace to set a fresh record low in falling 0.4 cent on
the dollar to 35.8 cents, according to Bloomberg-compiled data.  

The earnings slump follows two consecutive years of declining
profit, Bloomberg notes. In a rare move, Evergrande said it has no
plans to hold a news conference on the latest results.

Investors are seeking clues on Evergrande's progress toward
improving its financial health amid disputes with suppliers and
government warnings to address its debt woes, says Bloomberg. The
crisis at the real estate giant could roil China's economy, raising
questions over whether it might receive state support.

Evergrande's liabilities nudged up 1% to CNY1.97 trillion in the
six months, while total borrowings dropped, Bloomberg discloses.

Its debt shrank to CNY572 billion, the lowest in five years,
according to Bloomberg calculations based on the results. That's
down 20% from CNY717 billion at the end of last year and 15% from
CNY674 billion in March. It said in March it plans to reduce the
borrowings further to CNY350 billion or less by June 2023.

Revenue recognized from projects delivered plunged 17% to CNY222
billion, the lowest for the same period in four years, the results
showed.

                       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.


CHINA GRAND: Moody's Affirms 'B1' CFR, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed China Grand Automotive
Services Group Co., Ltd's (China Grand Auto) B1 Corporate Family
Rating.

The outlook remains negative.

"The affirmation reflects our expectation that China Grand Auto
will maintain its leading market position in the auto dealer market
in China. At the same time, we expect the company to improve its
financial metrics as business recovers, sustain its funding access
and meet its payment obligations," says Roy Zhang, a Moody's Vice
President and Senior Analyst.

"The negative outlook reflects the company's elevated leverage and
weak liquidity due to reliance on short term debt and uncertainty
on its ability to improve its liquidity management over the next 12
months," adds Zhang.

RATINGS RATIONALE

China Grand Auto's B1 CFR reflects the company's strong position in
China's (A1 stable) auto dealership market, large dealership
network, brand diversification and broad geographic coverage, and
increasing exposure to higher-margin service-related revenue.

At the same time, China Grand Auto's CFR is constrained by the
company's weak liquidity and high reliance on short term debt.

China Grand Auto's leverage, measured by debt to EBITDA, increased
to 8.7x in 2020 from 5.7x in 2019, mainly due to the pandemic. The
company grew strongly year over year in the first half of 2021,
driven by recovering demand and higher margins. As a result,
Moody's expects China Grand Auto's debt to EBITDA ratio to improve
to 6.2x as of the end of 2021.

Moody's also expects China Grand Auto's business to strengthen
through its increasing exposure to the luxury segment and
high-margin service and maintenance segment, while preserving its
capital structure by focusing on network optimization rather than
expansion over the next 12-18 months.

China Grand Auto relies heavily on short-term debt, resulting in
inadequate liquidity. As of the end of March 2021, its restricted
and unrestricted cash pool of RMB21 billion was insufficient to
cover its short-term debt.

Nevertheless, Moody's believes the company can roll over its debt
or meet its debt obligations, given its profitable operations,
strong market position and inventory of branded cars.

The company also has a track record of access to diversified
funding channels, including onshore and offshore facilities.

In addition, its strategic relationships with auto makers and
highly liquid working capital components provide it with some
buffer against its liquidity needs.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

China Grand Auto's ownership is concentrated in Xinjiang Guanghui
Industry Investment (Group) Co., Ltd. (B2 negative), which held a
32.9% stake in the company as of March 2021. This risk is somewhat
tempered by the fact that China Grand Auto is a listed and
regulated entity, with minimal intercompany transactions with
Guanghui Group.

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

The outlook could be changed to stable if China Grand Auto
maintains its business profile and access to diversified funding
sources, improves its liquidity and maintains its leverage, as
measured by adjusted debt/EBITDA below 6.0x.

Downward pressure could emerge if China Grand Auto's business
profile weakens; revenue or margins, or both, decline because of
deteriorating market conditions or the termination of contracts
with vehicle suppliers; liquidity fails to improve or funding
access weakens; interest coverage, measured as EBITDA/interest,
falls below 2.5x; or leverage rises above 6.0x on a sustained
basis.

The principal methodology used in this rating was Retail Industry
published in May 2018.

Established in 2006, China Grand Automotive Services Group Co., Ltd
is listed on the Shanghai Stock Exchange and was 32.9% owned by
unlisted Xinjiang Guanghui Industry Investment (Group) Co., Ltd.
(B2 negative) as of March 2021.


HEALTH AND HAPPINESS: Moody's Alters Outlook on Ba2 CFR to Neg.
---------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on Health and Happiness (H&H) International Holdings
Limited. Moody's has also affirmed H&H's Ba2 Corporate Family
Rating and Ba3 senior unsecured rating.

"The change in outlook to negative reflects our expectation that
H&H's leverage will increase to 4.5x-4.7x and its retained cash
flow to net debt will decrease to around 11% for 2021 if the
acquisition of Zesty Paws, LLC were to be completed and financed as
stated by the management team," says Shawn Xiong, a Moody's
Assistant Vice President and Analyst.

"Although the Zesty Paws acquisition will improve H&H's operational
profile in terms of scale and revenue diversification by bolstering
its pet nutrition and care segment, the strong growth appetite
leads to the substantial increase in debt with limited short-term
earnings contributions, elevating its financial leverage," adds
Xiong.

RATINGS RATIONALE

The ratings affirmation reflects (1) H&H's leading position among
domestic infant milk formula (IMF) and vitamin providers in China
as well as among herbal and mineral supplements (VHMS) providers in
Australia, (2) its resilient operational and financial profile
during the coronavirus pandemic, (3) its expected free cash flow
generation, and (4) its still adequate liquidity position and track
record of deleveraging post large debt-funded acquisitions.

At the same time, the ratings remain constrained by (1) the
company's developing scale in competitive markets, and (2)
regulatory and product safety risks.

Moody's will focus on H&H's projected financial profile, ability to
deleverage following the acquisition of Zesty Paws, the growth of
its core existing businesses and execution of its growth strategy
in its pet nutrition and care (PNC) segment over the next 6-12
months.

On August 23, H&H announced the acquisition of Zesty Paws for about
USD610 million. The management team stated publicly that the
majority of the acquisition funding will be financed by debt. The
transaction is subject to customary closing conditions including
regulatory approval in the US.

For its existing businesses, H&H's total revenue grew around 5.0%
but declined around 2.0% on a like-for-like basis for the first six
months ended June 2021, due to significant falls in its probiotic
product sales. This is partially offset by an 8.7% sale increase of
its infant milk formula products over the same period.

For the six months ended June 30, 2021, the company's adult
nutrition and care products (ANC) segment grew around 16% in
revenue driven by strong demand in mainland China and stabilizing
sales in Australia and New Zealand. Meanwhile, its baby nutrition
and care products (BNC) segment decline around 6.5% in revenue due
to large falls in the sale of probiotic products.

On a like-for-like basis, H&H's revenue decreased around 2.0% in
mainland China; however, the revenue decline narrowed significantly
to around 5.5% for the Australian and New Zealand market, while
revenues from other locations grew 10.7% for the six months ended
June 30, 2021.

Moody's forecasts that H&H's revenue will rise 5%-6% for 2021,
driven by (1) the company's expansion of more offline baby stores
in China, (2) its increased focus on domestic consumption in
Australia and New Zealand, and (3) higher sales contribution from
its PNC segment.

Moody's projects the company's adjusted EBITDA margin to decrease
to around 17-18% over the next 12-18 months from around 19% for
2020. These projections reflect ongoing changes in its product mix,
channels, geographic markets and intensifying competition in some
of the BNC product categories in mainland China. H&H's increasing
sales of goat IMF products, operational deleveraging in Australia
and New Zealand, and ongoing investment in offline baby stores in
China will pressure the company's EBITDA margins over the next
12-18 months.

The factors, together with likely higher debt from the acquisition
of Zesty Paws, will increase the company's financial leverage, as
measured by adjusted debt/EBITDA, to around 4.5x-4.7x for 2021.
This level of financial leverage is high for its Ba2 CFR.

H&H's liquidity position is adequate. Its cash balance of around
RMB1.97 billion as of June 30, 2021, combined with an expected
annual operating cash flow of RMB1.2-1.3 billion, is sufficient to
cover its short-term debt of RMB20 million, around RMB500 of
dividend payments, capital expenditure and acquisition costs over
the next 12 months. Moody's expects H&H to finance its Zesty Paws
acquisition in a manner that will not increase liquidity pressure
materially.

H&H's senior unsecured bond rating is one notch lower than its CFR,
because the bond is subordinated to the senior secured loan
facilities.

In terms of environmental, social and governance (ESG) factors,
H&H's ratings also consider the following.

From a social perspective, H&H benefits from growing demand in IMF
and VHMS in China, driven by changing lifestyles due to
urbanization, rising disposal income and greater awareness of
health and wellness issues partly because of the coronavirus
outbreak.

On the other hand, H&H faces regulatory and product safety risks
because it derives its revenues mainly from IMF and VHMS segments,
which are designed for human consumption. These risks are mitigated
by the company's premium product positioning and focus on quality.

In terms of governance considerations, H&H's ownership is
concentrated in its board chairman Luo Fei as well as other
principal shareholders, who held a 67.07% stake in the company.
This risk is mitigated by the company's status as a listed entity.
There are three independent non-executive directors on the
company's eight-member board. The Zesty Paws acquisition shows
management's willingness to use debt to fund its strong growth
appetite, although H&H has also a track record of deleveraging
following large debt-funded acquisitions.

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

The negative outlook on the rating reflects Moody's expectation
that H&H's credit metrics will remain elevated over the next 6-12
months, driven by significant acquisition-related debt increases
and slower growth due to strong competition in the BNC segment in
mainland China.

A rating upgrade is unlikely given the negative outlook. However,
the negative outlook could revert to stable if the company (1)
demonstrates a clear plan to deleverage post the acquisition, (2)
achieves strong sales growth in its PNC segment in China and the
US; (3) maintains its solid liquidity position, with sustainable
positive free cash flow, conservative dividend payouts and
cash/short-term debt exceeding 1.5x-2.0x; and (4) deleverages, such
that its debt/EBITDA trends towards 3.5x-4.0x on a sustained basis,
while maintaining steady EBIT margins.

Conversely, the ratings could be downgraded if H&H exhibits (1)
weakening sales or market position; (2) deteriorating profit
margins and sustained weak credit metrics or liquidity because of
increased competition, regulatory changes and aggressive financial
policies; or (3) failure to deleverage and/or execute on the growth
strategy for its PNC segment.

Credit metrics indicative of a downgrade include the company's
adjusted EBIT margin falling below 15%, retained cash flow
(RCF)/net debt decreasing below 15% on a sustained basis and its
adjusted debt/EBITDA not likely trending towards 3.5x-4.0x over the
next 12 to 18 months.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Established in 1999, Health and Happiness (H&H) International
Holdings Limited is headquartered in Guangzhou and listed on the
Hong Kong Stock Exchange in December 2010. The company is a leading
domestic infant milk formula provider in China and leading
Australian vitamin, herbal and mineral supplements (VHMS)
provider.


XINJIANG GUANGHUI: Moody's Affirms 'B2' CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has affirmed Xinjiang Guanghui Industry
Investment (Group) Co., Ltd.'s (Guanghui Group) B2 corporate family
rating and B3 senior unsecured debt ratings.

The outlook remains negative.

"The rating affirmation reflects our expectation that Guanghui
Group will maintain its market position in auto dealer, energy and
property business segments. Business recovery will lead to
improving financial metrics. At the same time, we expect the
company to sustain its funding access and meet its payment
obligations," says Roy Zhang, a Moody's Vice President and Senior
Analyst.

"The negative outlook reflects the company's weak liquidity due to
reliance on short-term debt and uncertainty on its ability to
improve its liquidity management over the next 12 months," adds
Zhang.

RATINGS RATIONALE

Guanghui Group's B2 CFR reflects its control over China Grand
Automotive Services Group Co., Ltd (B1 negative), the leading auto
dealer in China with an extensive network and strong geographic
coverage, as well as a diversified brand offering and business.

On the other hand, the rating is constrained by Guanghui Group's
weak liquidity, structural subordination to its major operating
entities and private company status.

Guanghui Group's higher leverage in 2020 was mainly due to the
pandemic, which led to lower commodity prices and demand for the
company's products and services. However, Guanghui Group's capital
structure was not affected materially, with total reported debt
declining in 2020. Moody's expects the company's leverage, measured
by debt/EBITDA, to improve to 5.8x in 2021, supported by much
higher commodity prices and a strong recovery in demand.

Guanghui Group's key listed subsidiary, China Grand Auto and
Guanghui Energy Co., Ltd., recorded solid financial results in the
first half of 2021. The results were not only materially better
than that in 2020, but are close to or above that in 2019.

However, Guanghui Group relies heavily on short-term debt,
resulting in inadequate liquidity. As of the end of March 2021, its
restricted and unrestricted cash pool of RMB30.7 billion was
insufficient to cover its short-term debt.

Guanghui Group has a good track record of refinancing its debt over
the past decades and continued funding access over the past two
years. Founded in 1989, the company is one of the largest
privately-owned enterprises in Xinjiang province. Over more than
thirty years, it has been through several economic cycles while
meeting its debt obligations.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

In terms of environmental and social risks, some of Guanghui
Group's businesses, such as its oil and gas, coal mining and
chemical businesses, are exposed to high risks associated with
tightening emission standards and health and safety measures.
However, such risks are partially tempered by the company's track
record of operational continuity and business diversification.

In terms of corporate governance factors, Guanghui Group is a
private company, and its corporate governance and transparency are
weaker than those of publicly listed companies. The company's share
ownership is concentrated in Mr. Sun Guangxin, who holds a 50.1%
stake in the company as of the end of 2020. The second largest
shareholder, China Evergrande Group (Caa1 negative), owns a 41%
stake as of the same date.

The B3 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that the majority of Guanghui Group's claims are
at its operating subsidiaries and have priority over its senior
unsecured claims at the holding company in a bankruptcy scenario.

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

The outlook could be revised back to stable if Guanghui Group: (1)
maintains its business profile; (2) improves its liquidity; (3)
refinances its short-term debt and (4) manages to deleverage with
its adjusted debt/EBITDA at 8.0x or below.

On the other hand, Moody's could downgrade the ratings if (1)
Guanghui Group reduces its ownership in, or control over, China
Grand Auto; (2) China Grand Auto's credit profile weakens
materially; or (3) Guanghui Group fails to improve its liquidity or
deleverage, such that its adjusted debt/EBITDA exceeds 8.0x and its
EBITDA/interest falls below 1.0x-1.5x on a sustained basis.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Xinjiang Guanghui Industry Investment (Group) Co., Ltd. is a
private company that operates in three key segments: auto
dealerships, energy and real estate. As of the end of March 2021,
the company held a 32.9% stake in China's largest auto dealer by
revenue, China Grand Automotive Services Co., Ltd.

Founded in 1989, the unlisted Xinjiang Guanghui was 50.1% owned by
Mr. Sun Guangxin as of the end of 2020. Mr. Sun is the chairman,
founder and controlling shareholder.




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

ADANI GREEN: Moody's Assigns Ba3 Rating to New USD Secured Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the proposed
USD senior secured notes to be issued by Adani Green Energy Limited
(AGEL).

The outlook is stable.

AGEL will primarily use the proceeds from the USD notes to on-lend
to its direct and indirect subsidiaries for them to fund the
development of utility-scale renewable power projects.

Holders of the USD notes will benefit from security with 1) a
first-ranking charge over the amounts distributed from the
operating entities and projects to AGEL and 2) first-ranking charge
over the senior debt reserve account, senior debt amortization
account, debt service reserve account and senior debt restricted
reserve account.

RATINGS RATIONALE

"The Ba3 rating assigned to AGEL's proposed notes reflects the
company's (1) predictable cash flow backed by long-term power
purchase agreements (PPAs) that are supported by its large and
diversified portfolio of solar and wind generation projects, (2)
significant capital spending plans, (3) demonstrated capacity to
deliver on growth projects, backed by its experienced management
team, and (4) very high financial leverage," says Abhishek Tyagi, a
Moody's Vice President and Senior Credit Officer.

AGEL's operating cash flows are stable, given the geographic
diversification of its generation fleet reduces its exposure to
potential fluctuations in the availability of solar and wind
resources.

Most of AGEL's projects have long-term PPAs with either central
government-owned or state government-owned utilities, with
predefined tariffs for the duration of the contract. As of June
2021, AGEL's PPAs for operating projects had an average remaining
life of around 20 years, which provides visibility over the
company's long-term cash flow.

AGEL has outlined a long-term target to grow its generation
capacity to around 25 gigawatts (GW) by the end of the fiscal year
ending March 31, 2025. This is around 5x its current operational
capacity.

The Ba3 rating also considers AGEL's very high financial leverage,
primarily driven by additional debt to fund its development
commitment of around 20GW. Over the next two to three years, AGEL's
financial leverage — as measured by its consolidated cash flow
from operations pre-working capital (CFO pre-WC)/debt — will be
very high at about 2%-3%. Moody's leverage metrics captures AGEL's
consolidated debt balance, including the debt extended by Total
Energies Group (Total, A1 stable) to Adani Green Energy Twenty
Three Limited, a joint venture between Total and AGEL.

AGEL's solid operational track record, underpinned by its
experienced management and project development teams, will support
its delivery of the new projects.

Moody's expects AGEL's financial metrics to gradually improve over
time, because its projects, once completed and operational, will
start contributing to group earnings. The extent and timing of such
improvements will depend on AGEL's growth plans and the incremental
debt that will be required for new development projects.

AGEL's credit profile is supported by its substantial shareholders
-- Adani Group and Total Energies SE. Adani Group has a track
record of supporting the group company's funding requirements
through equity infusions or providing deeply subordinated loans.
Such support provides AGEL flexibility in managing its capital or
unforeseen external events.

AGEL's credit profile factors in Moody's assumption that any
funding shortfall for AGEL's capital spending plans that cannot be
covered by more senior debt due to covenants, will be met by deeply
subordinated shareholder loans or equity from sponsors.

In terms of environmental, social and governance (ESG) factors, the
AGEL benefits from positive macroeconomic and sectoral trends in
renewable energy and has low exposure to carbon transition risk.
AGEL's business is aligned with India's target to reduce its carbon
footprint to meet nationally determined contributions.

The Ba3 rating of the notes factors in moderate governance risk
given the concentrated shareholding of AGEL. However, this risk is
partially mitigated by the experienced management team, which has
demonstrated its strong commitment and ability to manage solar
projects. The management team is further supported by experienced
board members in the areas of corporate governance, business
strategy, and operational and financial capabilities, among
others.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation of AGEL's
stable cash flows from long-term PPAs over the next few years and
delivery of new projects.

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

Upward rating momentum is unlikely over the next 12-18 months based
on AGEL's business profile and financial strategy. Nonetheless,
Moody's could upgrade the rating over time if AGEL sustains a
higher consolidated (CFO pre-WC)/debt of above 6%.

The rating could come under downward pressure if (1) AGEL's credit
profile deteriorates on a sustained basis, potentially because of
weaker operational performance, a delay in the commissioning of new
projects or aggressive acquisitions and capital spending beyond
Moody's expectations or (2) support from AGEL's shareholders
weakens, as reflected by a significant decrease in Adani Group and
Total's shareholding in AGEL or an increase in debt leverage
without new equity capital.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Adani Green Energy Limited (AGEL) is one of the largest independent
renewable power producers in India by operational generation
capacity. As of March 2021, AGEL had 3.67GW of operational
renewable energy capacity. In May 2021, AGEL announced an
acquisition of a full stake in SB Energy. This will add around
1.7GW of operational capacity to its portfolio, taking its total
operational capacity to 5.37GW. AGEL is also developing 14.4GW of
new projects that it plans to commission over the next 4-5 years.


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 Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

   Short Term-         2.25        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under '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.


ALTICO CAPITAL: Ind-Ra Affirms 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Altico Capital
India Limited's Long-Term and Short-Term Issuer Rating at 'IND D'.


The instrument-wise rating actions are:

-- INR950.7 mil. (reduced from INR27.670 bil.) Non-convertible
     debentures (NCDs) (Long term)* affirmed with IND D rating;

-- INR1.570 bil. (reduced from INR28.0 bil.) Bank loans (Long-
     term) affirmed with IND D rating;

-- INR8.50 bil. Commercial paper (CP)^ affirmed with IND A4
     rating; and

-- INR7.5 mil. (reduced from INR1.0 bil.) Principal protected
     market-linked debenture (PPMPLD)#* downgraded with IND PP-MLD

     Demr.

* Details in Annexure

^unutilized

#The suffix emr denotes the exclusion of the embedded market risk
from the rating. The rating of market-linked debentures is based on
an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in
such instruments will assume. This market risk stems from the fact
that the coupon payment on these instruments will be based on the
performance of a reference index or equity share (detailed in the
information memorandum of the issue).

PP-MLD refers to full principal protection in the equity-linked
notes, wherein the issuer is obligated to pay the full principal
upon maturity.

KEY RATING DRIVERS

The rating of PPMLD has been downgraded to 'IND PP-MLD D' from 'IND
PP-MLD C' as the original maturity date for the same has already
elapsed.

The ratings continue to reflect Altico's non-payment of contractual
debt obligations since September 2019. As of March 31, 2021, Altico
had cash and bank balance of INR3.4 billion and debt outstanding
stood at INR2.5 billion as of July 31, 2021.

The resolution plan for Altico has been finalized by the lenders
unanimously in March 2020 and the settlement agreement pursuant to
the same has been signed in March 2021. Consequently, the entire
secured loan book of Altico has been sold to Ares SSG affiliated
entities. The inflows received from such sale have been used to pay
the lenders. The company does not hold any loan assets on its
books.

Furthermore, consequent to the signing of the settlement agreement
with the lenders, the first tranche of settlement amount was
remitted in March 2021 to all the lenders on a pro rata basis to
their principal outstanding and interest accrued from the date of
default i.e. 12 September 2019. The final tranche of the settlement
amount will be distributed to all the lenders subsequently based on
certain milestones as mentioned in the settlement agreement. The
lenders had to take a haircut of approximately 20%-25% on their
exposure post all pay-outs.

In continuation with the settlement terms, Altico has also applied
for a surrender of the certificate of registration to the Reserve
Bank of India on March 19, 2021. Ind-Ra understands from the
management that the said application has been approved by the
regulator.

The resolution of Altico's default was the first resolution of a
defaulting non-banking financial company outside of Insolvency and
Bankruptcy Code framework. As per the management, the transaction
has been approved by all the lenders.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could be a credit positive.

COMPANY PROFILE

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across the capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico focuses on
high-yield asset-backed senior secured credit opportunities in the
real estate sector.


AMBER SPINTEX: Ind-Ra Affirms BB+ Issuer Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Amber Spintex
Private Limited's (ASPL) Outlook to Positive from Stable, while
affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR686.61 mil. (reduced from 840.2 mil.) Term loan due on
     August-2026 outlook revised to Positive from Stable; affirmed

     with IND BB+/Positive rating;

-- INR250.00 mil. Fund-based limit outlook revised to Positive
     from Stable; affirmed with IND BB+/Positive/ IND A4+ rating;
     and

-- INR52.50 mil. Non-fund-based limit affirmed with IND A4+
     rating.

The Outlook revision reflects the agency's expectation of an
improvement in ASPL's credit metrics in FY22, owing to the
scheduled repayment of debt and reduced interest cost.

KEY RATING DRIVERS

Ind-Ra expects the company's credit metrics to improve in FY22,
following its strategy of deleveraging its balance sheet, along
with the reduced rate of interest to 8.50% from 10.5% effective
December 2020. The agency expects the credit metrics to remain
strong over the medium term due to the EBITDA staying healthy and
the absence of any debt-led capex plans till FY23. The earlier
capex plan for the installation of a solar power plant has been
scrapped to bring down ASPL's liabilities. In FY21, ASPL's moderate
credit metrics improved with interest coverage of 2.50x (FY20:
2.26x) and net leverage of 3.87x (FY20: 4.03x), due to the
company's reduced debt level and the consequent decline in its
interest rate. FY21 numbers are provisional.

The affirmation reflects the company's continued modest EBITDA
margin, which increased to 15.10% in FY21 (FY20: 12.85%), due to
increased subsidy income and the low prices of cotton
(Shankar-6/Gujarat) as against the increased selling price of
cotton combed yarn. The return on capital employed was 10% in FY21
(FY20: 9%). The company is entitled to subsidies such as interest
subsidy, technology upgradation and fund scheme subsidy, among
others. According to the ASPL's management, the subsidies are
applicable till FY23 only. However, there is no major release of
subsidy as a sizeable subsidy amount, i.e. INR116.11 million has
been blocked as receivables. ASPL's absolute EBITDA will remain
healthy in FY22, majorly due to an improvement in its top-line.

Liquidity Indicator - Stretched: The company has low unutilized
bank limit. The maximum average utilization of its fund-based
limits was moderate at 88.15% over the 12 months ended July 2021.
Also, ASPL's cash and cash equivalent was low at INR24.70 million
in FY21 (FY20: INR16.85 million). The cash flow from operation
improved to INR81.17 million (basis Ind-Ra's calculation) in FY21
(FY20:  INR64.69 million) on account of favorable working capital
changes. Despite the nature of ASPL's operations, wherein the
inventory build-up is high considering the seasonality of cotton
and its price fluctuations, its working capital cycle was moderate
at 99 days in FY21 (FY20: 73 days) due to its low receivable day of
one in both FY20 and FY21. This is because the company takes 100%
advances from customers against the orders. Hence, the agency
believes the cash flow from operations will remain positive over
the near-to-medium term. The release of subsidy receivables is a
key monitorable as it will improve liquidity in the company. The
repayment obligation of the company for FY22 and FY23 stands at
INR168.00 million and IINR134.10 million, respectively.

In FY21, the company's revenue fell 16.73% yoy to INR1,988.56
million due to reduced sales quantity of 8,521.66MTPA of cotton
yarn (10,719.94MTPA) resulting from COVID-19-led disruptions.
However, Ind-Ra expects the revenue to improve in FY22 considering
the revenue of INR1,120.00 million the company had achieved as on
10 August 2021, backed by market demand and the increasing prices
of cotton yarn. The company was operating at over 90% capacity
during 1QFY22. Also, ASPL has an outstanding order book of
INR400.00 million to be executed by October 2021. Given the almost
optimum utilization of the installed capacity of 11,200MTPA and no
expansion plans over the medium term, Ind-Ra believes, the scale of
operation will remain moderate.

The customer concentration risk has reduced with the top 10
customers contributing 39.16% to the revenue in FY21 (FY20:
66.55%). In addition, the individual revenue contribution by the
customers towards the total revenue remained less than 25% in FY21.
Moreover, 100% advances against the orders from the customers
ensure the surety of the payments.

The ratings remain supported by the company's promoter's experience
of more than a decade in the textile industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and
profitability and the timely receipt of subsidy, resulting in the
net leverage improving to below 3.5x, along with an improvement in
the liquidity position will lead to a positive rating action.

Negative: Any decline in the revenue and profitability and any
debt-led capex/delays in the receipt of subsidy leading to the net
leverage staying above 3.5x, along with further deterioration in
the liquidity position will result in the Outlook being revised
back to Stable.

COMPANY PROFILE

Incorporated in October 2015, ASPL manufactures cotton yarn with an
installed capacity of 11,200MTPA and a total installation of 46,000
spindles. Its two manufacturing units are located at Vadodara near
Por village (Gujarat).


ASHOKA POLY: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ashoka
Poly Laminators 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-         15.16        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.53        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         0.50        [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.

Ashoka Poly Laminators Limited (APLL) is a closely held company
promoted by the members of the Goel family. It was established in
2003. APLL manufactures packaging material that is used in
industries such as fertilisers, chemicals, packaged food and
transportation. The company manufactures laminated and
non-laminated HDPE and PP fabrics and bags. Its manufacturing
facility is located in Bareilly, Uttar Pradesh.


AXIS BANK: Moody's Assigns B1(hyb) Rating on New AT1 Securities
---------------------------------------------------------------
Moody's has assigned B1(hyb) rating to Axis Bank Limited, GIFT City
Branch's proposed USD-denominated, undated, non-cumulative and
subordinated Additional Tier 1 (AT1) capital securities being
issued out of its global medium term note (GMTN) programme. Moody's
has also assigned (P)B1 Pref. Stock Non-cumulative program rating
to the AT1 capital securities component of its GMTN programme.

RATINGS RATIONALE

The B1(hyb) rating and (P)B1 program rating is three notches below
Axis Bank Ltd's ba1 Baseline Credit Assessment (BCA) and Adjusted
BCA, reflecting the probability of impairment associated with
non-cumulative coupon suspension, as well as the likelihood of high
loss severity when the bank reaches the point of non-viability.

The principal and any accrued but unpaid distribution on these
capital securities would also be written down, partially or in
full, if the RBI determines that without such a write-down, the
bank would become non-viable, or a public sector capital injection
is needed without which the bank would become nonviable. In
addition, the AT1 securities will be written down in full if the
RBI decides to reconstitute or amalgamate the bank with another
bank, pursuant to Section 45 of the Banking Regulation Act, 1949.
In both these scenarios, the write-down will be permanent.

The principal and any accrued but unpaid distributions on these
capital securities would also be written down, partially or in
full, if Axis Bank's common equity tier 1 (CET1) ratio is at or
below 5.5% any time prior to October 1, 2021, and 6.125% from and
including October 1, 2021. In such a scenario, the write-down may
be temporary, and the amount could be reinstated subject to the
Reserve Bank of India's (RBI) conditions.

Furthermore, Axis Bank, as a going concern, may choose not to pay
interest on these securities on a non-cumulative basis. However, a
common share dividend stopper applies if an interest payment is
missed.

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

An upgrade or a downgrade of the bank's baseline credit assessment
(BCA) will lead to a corresponding change in the ratings of the AT1
securities.

Axis Bank's BCA could be upgraded if there is an improvement in
asset quality, as reflected in the bank being able to maintain
credit costs below its long-run average.

Axis' BCA could be downgraded if there is a significant weakening
in its asset quality, with negative implications on capital and
profitability, or if funding weakens as reflected by a
deterioration in retail deposits.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Axis Bank Limited, headquartered in Mumbai, reported total assets
of INR10.0 trillion at March 30, 2021.

Assignments:

Issuer: Axis Bank Limited, DIFC Branch

Long-term Pref. Stock Non-cumulative Medium-Term Note Program
(Foreign and Local Currency), Assigned (P)B1

Issuer: Axis Bank Limited, GIFT City Branch

Long-term Pref. Stock Non-cumulative Medium-Term Note Program
(Foreign and Local Currency), Assigned (P)B1

Long-term Pref. Stock Non-cumulative (Foreign Currency), Assigned
B1(hyb)

Issuer: Axis Bank Limited, Hong Kong Branch

Long-term Pref. Stock Non-cumulative Medium-Term Note Program
(Foreign and Local Currency), Assigned (P)B1

Issuer: Axis Bank Ltd, Singapore Branch

Long-term Pref. Stock Non-cumulative Medium-Term Note Program
(Foreign and Local Currency), Assigned (P)B1


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.


BALAJI TEXTILES: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Balaji
Textiles in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Facilities                      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.

Promoted in 1994 by Mr. C. Rajendran, Sri Balaji Textiles (SBT) is
proprietorship firm engaged in manufacturing of Melange yarn,
predominantly in the 20- 40's count range, which is used by garment
industries in manufacturing of Tshirts. SBT has its manufacturing
unit located in Coimbatore district (TN).


BANSAL SUPER: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bansal Super
Market's (BSM) Long-Term Issuer Rating to 'IND BB+' from 'IND
BB-(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR235 mil. (increased from INR153.50 mil.) Fund-based working

     capital limits Long-term rating upgraded; short-term rating
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR260.21 mil. (increased from INR100 mil.) Term loan due on
     January 2029 upgraded with IND BB+/Stable rating.

The upgrade reflects the improvement in BSM's revenue,
profitability and credit metrics, surpassing the agency's
expectations, in FY21.

KEY RATING DRIVERS

BSM's revenue increased to INR1,816 million in FY21 (FY20: INR1,500
million), as the pandemic-led lockdown and related disruptions
prompted customers to hoard goods. The scale of operations remained
medium. In 3MFY22, BSM  achieved a revenue of INR600 million; being
a B2C business, the firm does not have any order book in hand.
Ind-Ra expects the revenue to rise further in FY22 as BSM plans to
open multiple new stores by December 2021.

BSM's credit metrics improved in FY21 due to the rise in the
absolute EBITDA to INR129.16 million (FY20: INR83.36 million). The
gross interest coverage (operating EBITDA/gross interest expense)
was 2.58x in FY21 (FY20: 1.76x) and the net financial leverage
(adjusted net debt/operating EBITDA) was 4.34x (5.53x. In FY22,
Ind-Ra expects the credit metrics to remain at similar levels owing
to the absence of any debt-led capex plans.

BSM's EBITDA margin rose to a healthy 7.11% in FY21 (FY20: 5.55%)
due to the absence of electricity costs (as it was operating
through home deliveries and the store was shut owing to the
lockdown), only partial lease payments, and minimization of
distribution expenses, resulting from the setting up of a new
central warehouse in the wake of the lockdown restrictions. The
ROCE was 16.20% in FY21 (FY20: 10.50%). In FY22, Ind-Ra expects the
EBITDA margin to decline marginally as the opening of the new
stores would lead to higher marketing expenditure, offering of
discounts and other variable operating expenses.

Liquidity Indicator – Stretched: BSM's average maximum
utilization of the fund-based limits was 78% during the 12 months
ended May 2021. The cash flow from operations turned positive at
INR37.87 million in FY21 (FY20: negative INR3 million), and the
free cash flow improved to negative INR22.25 million (FY20:
negative INR56.99 million), backed by the increase in the absolute
EBITDA and favorable changes in the working capital. The net
working capital cycle elongated to 40 days in FY21 (FY20: 30 days)
because of the increase in the inventory holding period to 40 days
(30 days).  The cash and cash equivalents stood at INR19.72 million
at FY21 (FYE20: INR7.77 million). BSM does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. It had availed the Reserve Bank of
India-prescribed moratorium in FY21.

The ratings, however, continue to be supported by the promoters'
experience of over three decades in the retail industry, which has
helped the company establish strong relationships with customers as
well as suppliers.

RATING SENSITIVITIES

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or liquidity profile, with
the gross interest coverage falling below 1.8x, on a sustained
basis, will lead to a negative rating action.

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics, all on a sustained basis, will
lead to a positive rating action.

COMPANY PROFILE

Located in Gujarat, BSM is a partnership concern that operates a
supermarket chain offering food and groceries, general merchandise,
including home, furniture, electronics and appliances, and apparels
and accessories.


BIAX ELECTRIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Biax
Electric & Controls Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term
   Non-fund based     2.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 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.

Biax Electric & Controls Pvt. Ltd. (BECPL) was incorporated in 2001
for the purpose of manufacturing sub-sea cable connectors,
termination parts and accessories, flanges, stub ends, ferrules,
special cable fittings, hose fittings, cable lugs, flexible
conduits, earthing and lighting equipment, aluminum clad steel wire
etc. BECPL is currently manufactures copper, aluminium and brass
components used in electrical components, construction, earthing
and lighting, plumbing, precision fluid control systems etc. The
company markets its products in over 47 countries to a network of
customers, distributors and original equipment manufacturer (OEMs).
BECPL has a manufacturing facility in Silvassa (Dadra Nagar Haveli)
with a capacity of 250 metric tons (MT) per annum. Its operations
are managed by two of its directors, Mr. Malay K. Shah and Mr.
Manoj Jain. The company's plant is ISO certified and its products
have been approved by internationally accredited laboratories like
Underwriters Laboratories (UL) and Canadian Standards Association
(CSA).


CAPACITE ENGINEERING: Ind-Ra Lowers Long-Term Issuer Rating to BB-
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Capacite
Engineering Private Limited (CEPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BB+/Negative' and has simultaneously placed it on
Rating Watch Evolving (RWE).

The instrument-wise rating actions are:

-- Long-Term Issuer Rating downgraded; placed on RWE with IND BB-
    /RWE;

-- INR67.5 mil. Fund-based cash credit facilities (long term and
     short term) Long-term downgraded; short-term affirmed and
     placed on RWE with IND BB-/RWE/IND A4+/RWE;

-- INR70.0 mil. Non-fund-based facilities affirmed and placed on
     RWE; and IND A4+/RWE rating.

KEY RATING DRIVERS

The downgrade reflects a change in the analytical approach. Ind-Ra
has changed its rating approach on CEPL to standalone from the
previous bottom-up approach where the ratings were notched up,
backed by its moderate operational and strategic linkages with its
group company Capacite Infraprojects Limited (CIL; 'IND D').

The change in the approach follows the downgrade on CIL, which
resulted in the weakening of linkages, in accordance with Ind-Ra's
Parent-Subsidiary Linkage Criteria.

Ind-Ra has placed CEPL on RWE to monitor any changes in CIL's
rating actions coupled with the impact of these actions on CEPL
since the latter has majority orders (around 98%) from CIL.

The agency has been receiving clean 'No Default Statement' as per
SEBI requirement (circular number
SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71) from November 2020 till July
2021.

RATING SENSITIVITIES

The RWE indicates that the rating may be affirmed, downgraded or
upgraded on the following factors:

- any impact of CIL's rating action on the standalone performance
of CEPL

- any positive rating action on CIL, which may improve the
linkages with CEPL

COMPANY PROFILE

CEPL, incorporated in 2012, is a turnkey solution provider for
mechanical, electrical and plumbing, interiors and finishing works.
The company is also into the erection of structural steel works and
provision of consultancy services to CIL for selective projects.


CMC COMMUTATOR: ICRA Keeps B Rating in Not Cooperating Category
---------------------------------------------------------------
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–
   Non Fund Based     1.65         [ICRA]A4; ISSUER NOT
                                   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.

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.

GEM BATTERIES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gem
Batteries 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–        18.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated on August 13, 2003, Gem Batteries Private Limited
(GBPL) manufactures lead batteries mainly for the automotive and
industrial segment. The company's manufacturing plant is located at
Baddi, Himachal Pradesh and the current manufacturing capacity is
around 20,000 batteries per month. It is primarily a family run
concern with Mr. N.M. Gupta (his wife Mrs. Bimal Gupta) and his son
and daughter-in-law being the directors. Prior to entering the
battery manufacturing business, the promoters were involved in
business if trading in batteries. The company sells its products in
the replacement market through a distributor network.


GVR ASHOKA: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GVR Ashoka Chennai
ORR Limited's (GACOL) term loan rating to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The detailed rating action is:

-- INR10.80 bil. Senior project term loan (long-term) due on
     January 2029 migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 3, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

GVR Ashoka Chennai ORR is a special purpose vehicle incorporated by
GVR Infra Projects Ltd and Ashoka Buildcon Ltd to develop and
operate a six-lane road project- Chennai Outer Ring Road Phase II-
in Chennai, Tamil Nadu.


JAIPUR RUGS: ICRA Lowers Rating on INR1.98cr Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jaipur
Rugs Company Private Limited (JRCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term         60.00        [ICRA]A4; ISSUER NOT
   Fund based                      COOPERATING Rating downgraded
   Limits                          from [ICRA] A4+ and rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

    Unallocated        1.98        [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Jaipur Rugs Company Private 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 Jaipur Rugs Company 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

Closely held by the Jaipur-based Chaudhary family, JRCPL was
established as a partnership firm (M/s Jaipur Carpets) in 1999. In
June 2006, the firm was converted to a private limited company and
was renamed "Jaipur Rugs Company Private Limited". JRCPL
manufactures and exports traditional and contemporary handmade rugs
and carpets. The promoter, Mr. Nand Kishore Chaudhary, has more
than two decades of experience in the carpet industry. Key export
markets for the company include the US, Turkey, Canada and Brazil,
with around two-thirds of its sales concentrated in the US.

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.

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.


KALYANA KARNATAKA: ICRA Reaffirms B+ Rating on INR230cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the ratings on certain bank facilities of
Kalyana Karnataka Road Transport Corporation (KKRTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Term Loans         230.00       [ICRA]B+ (Stable); reaffirmed

Rationale

The rating continues to take into consideration the importance of
KKRTC to the Government of Karnataka (GoK), as illustrated by the
continuous financial support received over the years and during the
current pandemic, as the corporation plays a critical role in
providing transport services to the northeastern districts of the
state.

ICRA also notes that KKRTC enjoys the benefit of holding the
payment of the Motor Vehicles Tax (MVT) to the Government of
Karnataka, with prior approval of the GoK, in the event of any cash
flow mismatch, particularly on account of the repayment of the
external borrowings. The rating also takes into account the
continuous and timely support received from the GoK, which has
supported the stretched liquidity position of the KKRTC, especially
in meeting critical revenue expenditures like payment of salaries.

The rating, however, remains constrained by the deterioration in
KKRTC's operational profile, owing to the complete shutdown of
traffic operations due to the Covid-19 pandemic in Q1FY2021, which
resulted in a sharp decline in its revenues and operating profits
in FY2021, based on the provisional estimates. ICRA notes that
KKRTC's revenues and profitability would be adversely impacted
during the current year, given the disruptions in operations in
Q1FY2022 amidst the second wave of the pandemic.

Moreover, lower-than-expected earnings during the current year
(FY2022) is likely to increase KKRTC's dependence on grants from
the state government to meet critical revenue expenditures such as
salaries to employees and payment of statutory liabilities like
provident fund. ICRA notes that although KKRTC's fixed costs have
been funded in a timely manner during the nationwide lockdown
amidst the Covid-19 pandemic, its financial profile is likely to be
adversely impacted in the medium term, given the high employee
costs and low traffic revenues.

Key rating drivers and their description

Credit strengths

* Strategic importance to the GoK; financial flexibility derived
from being a state-owned entity: The KKRTC is wholly-owned by the
GoK and is responsible for providing transport infrastructure and
services to passengers in the north-eastern districts of the state.
Its operations are supervised by its Board of Directors (BoDs)
appointed by the GoK, which also extends financial support—grants
fund a considerable portion of its capital expenditure program.
Further, the GoK has allowed the corporation to retain the Motor
Vehicle Tax till KKRTC reaches break-even, providing a liquidity
cushion. The KKRTC also enjoys financial flexibility with the
banks, who offer regular credit for capital expenditure
requirements at competitive rates.

* Continuous revenue support from the GoK during the pandemic: In
FY2022, the KKRTC may have to defer the payment of MV Tax to the
GoK, given the liquidity concerns caused by lack of revenues.
Revenue expenditure requirements like payment of salaries/pensions
to employees for the month of April, May and June 2021 has been met
by revenue support received from the GoK. Moreover, timely release
of advance subsidies against student and other category passes has
also helped it to service debt obligations in a timely manner and
manage its stretched liquidity position—a result of the
restricted traffic and non-traffic revenues during the Covid-19
pandemic.

Credit weaknesses

* Revenue and liquidity impeded by complete shutdown of traffic
operations in Q1FY2022 due to pandemic: Due to the second wave of
the ongoing pandemic, a statewide lockdown was announced by the
Government of Karnataka in April 2021, which continued till July
2021 with periodic relaxations. With almost no operations for
around two and a half months and high employee costs, KKRTC's
liquidity position got stretched. Nevertheless, revenue support
from the GoK helped to meet critical fixed expenses (salaries and
pension to employees). Despite continuation of such a timely
support from the GoK, KKRTC's liquidity position is likely to
remain stretched in the near term on account of the high fixed
costs and weak traffic revenues.

* Deterioration in operating profile and high operating losses in
FY2021; ongoing pandemic and sharp increase in fuel prices is
likely to widen the losses further during FY2022: KKRTC's operating
performance has been adversely impacted over the years owing to the
limited addition to its fleet strength, a decline in the number of
profitable schedules operated and the rising cost of operations
amidst lower-than-optimal vehicle utilization rates. These factors,
along with the lack of upward revision in tariffs (till February
2020) have constrained revenue growth, resulting in a deterioration
in the operating margins. KKRTC reported high operating losses in
FY2021 due to closure of operations for the better part of
H1FY2021, owing to Covid-19 restrictions imposed by the state
government and sharp increase in fuel prices. The deterioration in
the KKRTC's operating performance is likely to continue in FY2022
owing to the state-wide lockdown imposed by the state government
during Q1FY2022 in order to curb the spread of the pandemic during
its second wave.

* Increasing dependence on GoK grants and external borrowings for
both revenue and capital purposes: The KKRTC's dependence on
discretionary grants from the GoK to meet its revenue and capital
expenditure requirements has increased over the years. Although the
liquidity position, till now, has been supported by the transfer of
grants and subsidies by the GoK, the debt-servicing coverage
indicators have started showing signs of stress due to weakening
operational performance.

Liquidity position: Poor

The corporation had substantial annual debt repayments amounting to
INR38.73 crore in FY2022. The retained cash flow estimated in
FY2022 would be negative by around INR230 crore, making it
inadequate to cover for scheduled repayments. However, a special
grant from the GoK to meet KKRTC's high establishment costs and the
release of advance subsidy against special category bus passes
would provide some support. Moreover, KKRTC has approached banks
for a fresh sanction of INR50 crore to clear one of its current
liabilities pertaining to the employee benefits. Moreover, the
company's ability to defer the transfer of the Motor Vehicle Tax to
the GoK (around INR53 -crore in FY2022) will provide some
flexibility. ICRA notes that any further deviation in the
operational cash flows would lead to a tighter liquidity position
for the KKRTC in the medium term, thereby impacting debt
servicing.

Rating sensitivities

Positive factors - ICRA could upgrade the rating if KKRTC is able
to achieve operating profits after traffic operations are
normalized completely.

Negative factors – ICRA could downgrade the rating if there is a
delay in receiving adequate support from the GoK to meet any
shortfalls and there is a higher-than-expected deterioration in
KKRTC's operating performance in FY2022.

KKRTC was established in August 2000 as an independent entity under
the provisions of the Road Transport Corporation (RTC) Act, 1950,
to provide passenger road transport services in the north-eastern
districts of Karnataka, commonly known as the Kalyana region. As of
March 31, 2021, with a fleet strength of around 4,595, KKRTC
operates close to 4037 schedules daily through 52 depots and has
around 19,629 personnel.

KARPAGA VINAYAGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Karpaga Vinayagar Textiles in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       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 Karpaga Vinayagar Textiles was started in 1990 as a partnership
firm by Mr. Muthumaran, Mr. Sathya Kumar, and Ms. Velumani. Mr.
Muthumaran retired in 2006 and Ms. Suganya (wife of Mr. Sathya
Kumar) joined the firm as partner. Located in Pollachi, Tamil Nadu,
the firm has a capacity of 27,616 spindles and is into blended yarn
manufacturing (75% polyester and 25% cotton) in the count range of
50s-70s.


KAVALI MUNICIPALITY: ICRA Keeps B+ Issuer Rating 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 Rating in Not Cooperating Category
----------------------------------------------------------------
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 COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

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

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

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.


KRISHNA AUTOSALES: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Krishna Autosales Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          26.00       [ICRA]B (Stable) ISSUER NOT
   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.

SKAPL was incorporated in 2006 as a private limited company. The
company is an authorized passenger car (PV) dealer, spares
distributor and service provider for Maruti Suzuki India Limited
(MSIL) in Rajasthan.


LE MARBLE: ICRA Keeps B+ Debt Rating 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                       COOPERATING; Rating continues
   Credit                          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 of 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 COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

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

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.

M L RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M L Rice
Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   TL                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         22.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   CC                              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.

M L Rice Mill is a partnership firm established in 1983 promoted by
Mr. Janak Raj and his family members. The firm is primarily engaged
in milling of basmati rice. The firm is also engaged in converting
semi processed rice into parboiled Basmati rice. MRM's milling unit
is based out of Jalalabad, Distt. Ferozpur, Punjab which is in
close proximity to the local grain market.


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.


OUR CO: ICRA Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of 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 INR35 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
   CC                              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.


PRECISION MACHINES: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Precision Machines
& Equipments Private Limited's (PMEPL) Long-Term Issuer Rating at
'IND BB+'.

The instrument-wise rating actions are:

-- INR68.4 mil. (reduced from INR78.3 mil.) Long term loan due on

     March 2024 affirmed with IND BB+/Stable rating;

-- INR66.0 mil. Fund-based facilities affirmed with IND BB+/
     Stable/IND A4+ rating; and

-- INR115 mil. Non fund-based facilities affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PMEPL's continued small scale of
operations. Its revenue increased to INR770.7 million in FY21
(FY20: INR618.04 million) due to an increase in orders from its
major customer Caterpillar India Private Limited (CIPL; accounting
for over 90% of sales). At end-4MFY22, PMEPL achieved a revenue of
INR278.71 million and had an order book of INR906 million, to be
executed by March 2022. The management expects the revenue to
improve in FY22 due to an increase in orders from CIPL.

The ratings also reflect PMEPL's continued average EBITDA margin.
The margin expanded to 8.71% in FY21 (FY20: 5.35%) due to better
absorption of administrative expenses. The return on capital
employed improved to 12.5% in FY21 (FY20: 3.6%). The management
expects the company's margins to sustain at similar levels in
FY22.

The ratings further reflect PMEPL's moderate credit metrics. The
gross interest coverage (operating EBITDA/gross interest expense)
improved to 2.96x in FY21 (FY20: 1.23x) and the net financial
leverage (adjusted net debt/operating EBITDA) to 1.05x (2.12x) due
to an increase in the absolute EBITDA to INR67.15 million (INR33.07
million). The agency expects the credit metrics to improve in FY22
due to increased orders led improvement in the absolute EBITDA.

Liquidity Indicator – Stretched: PMEL's average maximum
utilization of the fund-based limits was 77.11% and non-fund-based
limits was 76.83% during the last 12 months ended July 2021. The
cash flow from operations improved to INR37.89 million in FY21
(FY20: INR33.55 million) due to the increased revenue. Further, the
free cash flow turned positive to INR8.21 million in FY21 (FY20:
negative INR58.4 million) due to reduced capex. The net working
capital cycle deteriorated to 26 days in FY21 (FY20: 21 days) due
to a delay in receivables. The cash and cash equivalents stood at
INR46.49 million at FYE21 (FYE19: INR33.78 million). However, PMEL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings, however, are supported by the directors' nearly three
decades of experience in the field of fabrication of machines.

RATING SENSITIVITIES

Positive: A decline in the customer concentration and significant
growth in revenue, along with substantial growth in EBITDA, while
maintaining the credit metrics and liquidity position, would lead
to a positive rating action.

Negative: A decline in revenue along with a contraction in the
EBITDA margin, leading to deterioration in the gross interest
coverage falling below 2x and a stretched liquidity position, on a
sustained basis, would lead to a negative rating action.

COMPANY PROFILE

Founded in 1990, Precision Machines & Equipments Private Limited
manufactures heavy, precision fabrication and machining. It is
located in Porur, Irungattukottai and Oragadam in Tamil Nadu. The
total installed capacity is 60 units per month.


PRESTRESS STEEL: ICRA Lowers Rating on INR41.80cr Loan to B+
------------------------------------------------------------
ICRA has downgraded 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 loan                       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 1, 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.


PRICOL ENGINEERING: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pricol Engineering
Industries Limited (PEIL) a Long-Term Issuer Rating of 'IND BB+'
with a Stable Outlook.

The instrument-wise rating actions are:

-- INR60.00 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR100.0 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating; and

-- INR36.30 mil. Term loans due on August 2025 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect PEIL's small scale of operations. The company's
revenue declined to INR758.61 million in FY21 (FY20: INR922.77
million) owing to the discontinuation of windshield wiper and
aftermarket business, along with the ongoing slowdown in the
automotive industry and delays and volatility observed in the
floating of tenders by railways & defense (R&D) sectors. The
company's automotive division contributed 60% to the total revenue
in FY21 (FY20: 58%) while the R&D division accounted for the
remaining 40% (42%). PEIL achieved revenue of INR202 million in
1QFY22, and it has an outstanding orderbook of INR932.23 million
for FY22 (automotive division: 57% and R&D for the remaining).
Ind-Ra expects the company's revenue to grow by over 20% in FY22,
based on its the healthy orderbook position. FY21 numbers are
provisional in nature.

The ratings also factor in PEIL's modest EBITDA margin. The margin
expanded to 6.36% in FY21 (FY20: 0.82%) due to better absorption of
fixed costs due to the restructuring of three different
manufacturing units into a single unit in Rudrapur (Uttarakhand) in
2HFY21. The agency expects the margin to improve on the back of
increased orders from the margin-accretive R&D division (whose
contribution increased to 43% of the total orderbook in FY22). Its
return on capital stood at 8% in FY21 (FY20: negative 3%).

Liquidity Indicator - Stretched: The maximum utilization of
fund-based and non-fund-based facilities averaged 43% and 67%,
respectively, over the 12 months ended June 2021. The company had
cash & cash equivalents of INR126.12 million at FYE21 against
scheduled repayments of INR21.6 million and INR6.07 million in FY22
and FY23, respectively, and the agency expects it to be met from
the cash balances and internal accruals. The company's cash flow
from operations remained positive but reduced to INR4.44 million in
FY21 (FY20: INR126.25 million), due to an increase in debtor days
to 62 days (42 days). Ind-Ra expects PEIL's cash flow from
operations to remain stressed in FY22 due to its elongated working
capital cycle and planned capex of INR40 million-45 million spread
across FY22-FY23, which the agency expects will be funded out of
the internal accruals. The fund-based limits, as of now is only
utilized for the R&D division and the management has said that the
company is likely to obtain incremental working capital limits in
FY22 to fund the automotive division.

The ratings, however, are supported by PEIL's comfortable credit
metrics. The gross interest coverage (operating EBITDA/gross
interest expense) improved significantly to 6.96x in FY21 (FY20:
0.54x) and the net leverage (total adjusted net debt/operating
EBITDA) to negative 0.84x (negative 3.63x). The improvement in
credit metrics is on account of a sharp recovery in the absolute
EBITDA to INR48.21million in FY21 (FY20: INR7.53 million). Ind-Ra
expects the credit metrics to remain comfortable but witness modest
deterioration in FY22 owing to the sanction of incremental working
capital limits in FY22 to fund the automotive division.

The ratings, however, are supported by PEIL's healthy market share
in the automotive division for alternators and switches. It is also
the sole supplier of driver instrument panels and hull electrical
equipment applied in tanks in the defense division.

The ratings are also supported by its qualified and experienced
promoters having over four years experience and PEIL's long
operational track of over two decades in the industry.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations, along
with operating profitability, and an improvement in the liquidity
profile while maintaining the credit metrics, on a sustained basis,
will be positive for the ratings.

Negative: A substantial decline in the scale of operations along
with operating profitability, leading to deterioration in the
liquidity or the interest coverage reducing below 2x, on a
sustained basis, would be negative for the ratings.

COMPANY PROFILE

PEIL is a public limited unlisted company promoted by Vikram Mohan
in 1995 headquartered in Coimbatore (Tamil Nadu). It manufactures
electronic, electrical and mechanical components/parts/accessories
that are applied in automobile and R&D sectors. The R&D division is
operated from Coimbatore and the automotive division from Rudrapur
(Uttarkhand).


RAJAMAHENDRAVARAM MUNICIPAL: ICRA Lowers Issuer Rating to B+
------------------------------------------------------------
ICRA has downgraded the Issuer Ratings of Rajamahendravaram
Municipal Corporation (RMC) from [ICRA]BB+(Stable) to [ICRA]B+
(Stable); ISSUER NOT COOPERATING and continues to remain under the
Issuer Not Cooperating category.

Rationale

The rating downgrade is attributable to the lack of adequate
information regarding Rajamahendravaram Municipal Corporation'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 Rajamahendravaram Municipal Corporation, 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.

The RMC was upgraded to a municipal corporation in 2005 from a
selection-grade municipality. RMC is governed by the Andhra Pradesh
Municipal Corporations Act 1994 (Act). It manages the municipal
services in Rajamahendravaram city, located in the East Godavari
district in coastal Andhra Pradesh. RMC covers an area of 44.5
square kilometers (sq. km.) and serves a population of 3.4 lakh (as
per Census 2011). Its major functions include water supply, solid
waste management and construction, repair and maintenance of roads
and streetlights in its area. Divided into 50 municipal wards, an
elected body headed by a Mayor administers the corporation while
the Commissioner acts as the executive head overseeing its everyday
functioning.

SAI SHIVANAGERE: ICRA Keeps B Debt Ratings 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 INRper unit.


SUNGLOW SUITINGS: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Sunglow Suitings Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          24.73       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Limits                          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 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.

SSPL manufactures woven fabrics for suitings. It is promoted by Mr.
Mahesh Hurkat, who has more than fifteen years of experience in the
textile industry. The company has 64 looms installed at its weaving
facility in Bhilwara, Rajasthan, and has a production capacity of
about 6.4 million metres of fabric per annum.


TOORSA PLANTATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Sri Toorsa
Plantations Private Limited to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-        1.50        [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating Moved to Issuer Not
                                  Cooperating category

   Fund Based-        7.12        [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating Moved to Issuer Not
                                  Cooperating category

   Interchangeable   (0.15)       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating Moved to 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 Toorsa Plantations Private Limited (STPPL) is a special purpose
vehicle, incorporated in February 2015, by Malnady Tea Estate
Private Limited (owning ~51% of the shares) and Tirupati Assets
Private Limited (owning ~49% of the shares) for procuring two of
the tea estates auctioned by the West Bengal Tea Development
Corporation Limited under the policy to rejuvenate the tea gardens
and protect the interest of tea workers. The company has two tea
estates – Mohua Tea Estate and Hilla Tea Estate – located in
Dooars region of West Bengal, with a total cultivable area of 413
hectares.


VIJAY TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vijay
Trading Company in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       10.00       [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.

Vijay Trading Company trades cotton and mustard seeds, oils and
cakes. The location of the firm at Muktsar in Punjab facilitates
raw material procurement as the city is located in the cotton belt
of Punjab and near the mustard producing states of Rajasthan and
Haryana. The firm procures raw materials from traders and brokers
and sells its products to traders and oil mills in Punjab.


WINDSOR INDUSTRIES: ICRA Lowers Rating on INR9.90cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Windsor
Industries Private Limited (WIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          9.90        [ICRA]B+(Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
   limits                          from [ICRA]BB+(Stable) and
                                   rating continues to remain
                                   under 'Issuer Not Cooperating'  

                                   category

Rationale

The ratings are downgrade because of lack of adequate information
regarding WIPL 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 Windsor Industries 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.

WIPL is an entity under Windsor Group owned by Mr. P S Sahni which
is engaged in the manufacturing of expanded polystyrene (EPS)
packaging goods, thermocol blocks, foam disposable goods such as
cups and plates. Erstwhile, this company was known under the name
of Vinca Polypacks Pvt. Ltd. till December 19, 2013. In October
2013, the high court of Punjab & Haryana approved the amalgamation
of group companies namely, Bestilo Packagings Pvt. Ltd. and Windsor
Polymers Pvt. Ltd. w.e.f. April 1, 2012 under a scheme of
amalgamation as per section 391 to 394 of the companies act 1956.

WIPL has also acquired the proprietorship concern, Windsor
Industries, of Mr. P S Sahni from April 1, 2014. And therefore,
from April 1, 2014 the entire group has been working as one entity
i.e. Windsor Industries Pvt. Ltd. The consolidation took place in
the group has helped the management in centralization of activities
and decisions.




===============
M A L A Y S I A
===============

ALAM MARITIM: Not Classified as PN17 Despite Triggering Criteria
----------------------------------------------------------------
theedgemarkets.com reports that Alam Maritim Resources Bhd (AMRB)
has triggered the prescribed criteria of Practice Note 17 (PN17)
after auditors highlighted a material uncertainty related to its
going concern in the group's latest audited financial statements.

However, AMRB said it will not be classified as a PN17 in line with
relief measures implemented by Bursa Malaysia, under which affected
groups will be accorded relief from complying with the PN17
obligations for a period of 18 months, the report says.

theedgemarkets.com relates that elaborating on the prescribed PN17
criteria triggered, the group said: "Shareholders' equity of the
company on a consolidated basis is 50% or less of share capital
(excluding treasury shares) based on the unaudited second quarter
results ended June 30, 2021."

In a filing on June 14, AMRB's auditors Al Jafree Salihin Kuzaimi
PLT said the group incurred losses for the year ended Dec. 31,
2020, of MYR119.87 million and its current liabilities exceeded its
current assets by MYR20.25 million as at Dec 31 2020.

"These conditions indicate, along with other matters set forth in
Note 2.1 to the financial statements, the existence of material
uncertainty which may cause significant doubt about the ability of
the group to continue as a going concern.  

"However, the group is currently undergoing a restructuring scheme
that is targeted to be completed in 2022. Our opinion is not
modified in respect of this matter," it added, the report relays.

Upon expiry of the 18 months from the PN17 relief announcement,
AMRB must reassess its condition and announce whether it continues
to trigger any of the criteria in PN17 of the Main Market Listing
rules, theedgemarkets.com notes.

"Notwithstanding this, the company is in the midst of formulating a
restructuring scheme of its borrowings and expects the financial
position and liquidity of the company to improve within the next 18
months, and the going concern issue of the group will be addressed
accordingly," AMRB, as cited by theedgemarkets.com, added.

Alam Maritim Resources Berhad is a Malaysia-based investment
holding company. The Company operates through two business
segments: Offshore support vessels and services, and Subsea
services. The Company's Offshore support vessels and services
segment is engaged in providing vessels for charter hire; assisting
seismic operators in seismic survey related activities;
transportation of crew and supplies; towing and mooring of rigs
offshore; anchor-handling services and other support, and repair
and maintenance services for the oil and gas industry. The
Company's Sub-sea services segment is engaged in providing offshore
facilities construction and installation services, such as marine
construction related services; sub-sea engineering services and
offshore pipeline construction related services, and designing,
manufacturing and operating of remotely operated vehicles. The
Company also provides transportation, ship forwarding, and agent
and ship chandelling to its subsidiaries.


LAY HONG: Net Loss Widens to MYR14.35MM in Q1 Ended June 30
-----------------------------------------------------------
The Star reports that Lay Hong Bhd posted a net loss of MYR14.35
million in the first quarter ended June 30, against a net loss of
MYR5.19 million in the same period a year earlier.

The group recorded a pre-tax loss of MYR12.44 million as compared
to the preceding quarter which recorded pre-tax profit of MYR9.15
million.

According to The Star, Lay Hong said the loss was mainly due to the
decrease in average selling prices (ASP) of table eggs and the
lower production of processed chicken products.

"The increase in raw material cost of our major components i.e.
corn and soya bean have also negatively impacted the overall
profitability," it said in the notes accompanying its quarterly
results.

Its revenue in the 2Q stood at MYR229.43 million, down 3.68% from
MYR238.19 million.

The Star relates that Lay Hong said the revenue for the integrated
livestock farming (ILF) segment decreased by 0.82% from MYR172.85
million to MYR171.43 million.

It said the lower revenue was due to the lower ASP of table eggs
despite the increase in the quantity of table eggs being sold.

Revenue for the food manufacturing (FM) segment fell 3.06% to
MYR101.39 million from MYR104.58 million due to shorter operating
days where the plant was undertaking maintenance together with the
restriction of workforce from 100% to 60% upon imposition of the
enhanced movement control (EMCO) order throughout the whole
country, The Star discloses.

Its retail business segment recorded a reduction in revenue of
2.59% or MYR1.64 million in Q1'22 compared with the last
corresponding preceding period.

According to The Star, Lay Hong said the continuing high price of
raw materials especially the two major components i.e corn and soya
bean in the world commodities market had posed a great challenge to
the group to contain cost.

"With the ongoing pandemic getting more worrisome especially the
Delta variant, the demand for chicken products and liquid egg
especially for the industrial segments are getting tougher due to
their reduced offtake affected by EMCO closure that led to their
reduced production output thus directly influence the overall ASPof
our products to the market," it said.

"Taking cognisance of the ongoing tough operating environment, the
board will take appropriate mitigating measures to address it and
ensure that the group will be able to strive through this trying
time," it added.

Lay Hong Berhad is a Malaysia-based company engaged in integrated
livestock farming. The Company operates through two segments:
Integrated livestock farming and Retail supermarket. The Integrated
livestock farming segment includes products under the Nutriplus
brand. The Retail supermarket includes supermarket outlets located
in sub-urban towns in Sabah operated under the G-Mart brand. The
Company has approximately 20 stores under the Retail Supermarkets
segment. The Company provides products, such as table eggs, liquid
egg, air-chilled chicken, fried chicken, chicken frankfurters,
chicken nuggets, and chicken and parts. Its subsidiaries include
Hing Hong Sdn Berhad, which is engaged in poultry farming;
Evergreen Organic Fertilisers Sdn Berhad, which is engaged in
processing and marketing of chicken dung as fertilizer; G-mart
Borneo Retail Sdn Bhd, which is engaged in retail supermarket, and
Lay Hong Liquid Egg Sdn Bhd, which is engaged in manufacturing and
sale of liquid egg.




===============
M O N G O L I A
===============

MONGOLIAN MORTGAGE: Moody's Affirms 'B3' LongTerm CFR
-----------------------------------------------------
Moody's Investors Service has affirmed Mongolian Mortgage
Corporation HFC LLC's B3 foreign currency issuer rating.

At the same time, Moody's has affirmed Mongolian Mortgage
Corporation's B3 long-term corporate family rating and foreign
currency backed senior unsecured rating. The outlook remains
stable.

The stable outlook on Mongolian Mortgage Corporation's ratings
reflects Moody's expectation that the improving operating
environment and the lower asset-quality risk of Mongolian banks
will help Mongolian Mortgage Corporation recover its credit
metrics. Moody's also expects the Mongolian government (B3 stable)
to support the entity should the company's credit strength
weakens.

RATINGS RATIONALE

Mongolian Mortgage Corporation's B3 long-term foreign currency
issuer rating balances the company's low asset risk and stable cash
flows against its moderate capitalization and weak profitability.
Mongolian Mortgage Corporation is Mongolia's sole mortgage service
provider for the government's affordable housing finance program,
which underpins the company's stable commission income.

Mongolian Mortgage Corporation's leverage and profitability
deteriorated in 2020, mostly due to losses incurred from the
company's purchase with recourse business since 2019. Sharp
depreciation of the Mongolian Tugrik resulted in higher interest
expenses and swap costs on the company's foreign currency debt. But
Moody's expects the company to maintain capitalization commensurate
of its b3 standalone assessment despite expected losses in the next
12-18 months.

Mongolian Mortgage Corporation's key weaknesses also include its
elevated counterparty risks due to exposure to commercial banks in
Mongolia and the Bank of Mongolia, its credit concentration in the
Mongolian residential property sector and its weak liquidity.

These elevated risks are somewhat mitigated by Mongolian Mortgage
Corporation's conservative risk management and low direct credit
risks. Mongolian Mortgage Corporation takes on minimal direct
credit risk as under its purchase with recourse business, 90% of
residential mortgage backed securities (RMBS) are sold to the Bank
of Mongolia and the remaining junior tranche is retained by the
originating banks. For its purchase with recourse business, the
company has the right to require the originating banks to either
repurchase or replace delinquent loans.

Mongolian Mortgage Corporation is highly dependent on the Mongolian
government's affordable housing policy. As such, Mongolian Mortgage
Corporation's lending is highly concentrated in the Mongolian
residential property market and the Mongolian banks. Bank of
Mongolia plays a crucial role as the supplier of seed money to
Mongolia's commercial banks for the origination of conforming
mortgages, and as the purchaser of Mongolian Mortgage Corporation's
RMBS.

Mongolian Mortgage Corporation's B3 rating does not incorporate any
uplift due to government support because the company's ratings are
at the same level as Mongolia's B3 issuer rating. However, Moody's
expects a high level of support from the government of Mongolia in
times of stress. Moody's assumption of support is based on
Mongolian Mortgage Corporation's (1) unique policy role in
Mongolia; (2) close linkages with the central bank and the
government; (3) 17.2% indirect government ownership as of the end
of 2020; as well as (4) high systemic importance in the Mongolian
financial sector, given its prominent role in the domestic RMBS
market.

Foreign currency backed senior unsecured debt is guaranteed by MIK
Holding JSC which is the parent of Mongolian Mortgage Corporation.

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

WHAT COULD CHANGE THE RATING UP

Mongolian Mortgage Corporation's B3 ratings are at the same level
as Mongolia's issuer rating, therefore, a positive rating action is
unlikely in the absence of an upgrade of the sovereign rating.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Mongolian Mortgage Corporation's ratings if
the sovereign rating is downgraded. The standalone assessment could
be lowered if the company's liquidity weakens substantially with
regard to its ability to service foreign-currency debt or if the
asset quality of Mongolia's mortgages deteriorates materially.
Continued losses of the entity in the next 12-18 months could also
lead to a downgrade of the company's ratings.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Mongolian Mortgage Corporation HFC LLC is a wholly-owned subsidiary
of Mongolian Mortgage Corporation Holding JSC which is
headquartered in Ulaanbaatar. Mongolian Mortgage Corporation
Holding JSC's consolidated assets totaled MNT4.07 trillion ($1.43
billion) as of December 31, 2020.




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

AEROCON E & T: Court to Hear Wind-Up Petition on Sept. 10
---------------------------------------------------------
A petition to wind up the operations of Aerocon E & T Pte Ltd will
be heard before the High Court of Singapore on Sept. 10, 2021, at
10:00 a.m.

Asia Piling Co Pte Ltd filed the petition against the company on
Aug. 19, 2021.

The Petitioner's solicitors are:

         Daniel Tay
         Chan Neo LLP
         133 Cecil Street
         Keck Seng Tower #16-02
         Singapore 069535


BEAUCHAMP INDUSTRIES: Creditors' Proofs of Debt Due on Sept. 27
---------------------------------------------------------------
Creditors of Beauchamp Industries Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Sept. 27,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 21, 2021.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         4 Shenton Way, #04-01 SGX Centre 2
         Singapore 068807


ENDLESS PRECISION: Court to Hear Wind-Up Petition on Sept. 10
-------------------------------------------------------------
A petition to wind up the operations of Endless Precision
Management Pte Ltd will be heard before the High Court of Singapore
on Sept. 10, 2021, at 10:00 a.m.

Sunil Dattani and Tejal Sunilbhai Dattani filed the petition
against the company on Aug. 16, 2021.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         77 Robinson Road
         #16-00, Robinson 77
         Singapore 068896


FALCON ENERGY: Court to Hear Wind-Up Petition on Sept. 17
---------------------------------------------------------
A petition to wind up the operations of Falcon Energy Group Limited
will be heard before the High Court of Singapore on Sept. 17, 2021,
at 10:00 a.m.

Ambank (M) Berhad (Labuan Offshore Branch) filed the petition
against the company on Aug. 23, 2021.

The Petitioner's solicitors are:

         Joseph Tan Jude Benny LLP
         39 Robinson Road
         #15-01 Robinson Point
         Singapore 068911


FIRMENICH AROMATICS: Creditors' Proofs of Debt Due Sept. 27
-----------------------------------------------------------
Creditors of Firmenich Aromatics Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Sept. 27,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 24, 2021.

The company's liquidator is:

         Mr. Tee Wey Lih
         Acres Advisory Private Limited
         531A Upper Cross Street
         #03-128, Hong Lim Complex
         Singapore 051531



                           *********


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,
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