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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 8, 2021, Vol. 24, No. 174

                           Headlines



A U S T R A L I A

CONHUR PTY: Second Creditors' Meeting Set for Sept. 15
EXCITE HOLIDAYS: Dividend Payout Deferred for Creditors
INFINITY HVAC: First Creditors' Meeting Set for Sept. 15
PURE STRATEGY: First Creditors' Meeting Set for Sept. 14
SPOTJOBS HOLDINGS: Second Creditors' Meeting Set for Sept. 15



H O N G   K O N G

NEXT DIGITAL: Moves to Close Down; To File for Liquidation


I N D I A

AGRA ICE: CARE Lowers Rating on INR7.40cr LT Loan to B-
AXIS NIRMAN: Insolvency Resolution Process Case Summary
BLEND COLOURS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
BLUE GENETICS: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
CHHATRAPATI SAMBHAJI: Ind-Ra Affirms 'B+' Long-Term Issuer Rating

CLEANTECH ENERGY: Fitch Gives Final 'BB-' to USD334MM Sec. Notes
CORPORATE FASHION: CARE Keeps D Debt Ratings in Not Cooperating
DUTCH TECH: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating
FLEXITUFF VENTURES: CARE Reaffirms D Rating on INR251.17cr Loan

G.G. EXPORTS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
GUJARAT HY-SPIN: CARE Keeps D Debt Ratings in Not Cooperating
GWET COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
HAPPY ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating

HIGHBAR TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
IDASA INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
KRR INFRA PROJECTS: Insolvency Resolution Process Case Summary
M/S RASHMI: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating

MAA MAHARANI: CARE Keeps D Debt Rating in Not Cooperating
MAGNI TECH: CARE Lowers Rating on INR2cr LT Loan to B-
MAK HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating
MIDFIELD INDUSTRIES: Insolvency Resolution Process Case Summary
NAYAK INFRASTRUCTURE: Insolvency Resolution Process Case Summary

NICE PROJECTS: CARE Lowers Rating on INR14.40cr LT Loan to C
NIHA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
NOVELTY REDDY: CARE Keeps C Debt Rating in Not Cooperating
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
PRAGATI TRANSMISSION: Ind-Ra Gives 'BB' Rating, Outlook Stable

RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category
RAJAGURU SPINNING: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
RELIANCE BROADCAST: CARE Reaffirms D Rating on INR83.69cr Loan
RELIANCE NAVAL: Gets Very Low Bids for Assets
RIVERBANK DEVELOPERS: CARE Cuts Rating on INR135cr Loan to D

SAIKRUPA SUGAR: Insolvency Resolution Process Case Summary
SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating
SCS CONSTRUCTIONS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating
SINDHU TRADE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'

SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating
SPGV PETROCHEM: CARE Keeps D Debt Rating in Not Cooperating
SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category
SUZUKI TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
TRAVANCORE COFFEE: CARE Keeps D Debt Rating in Not Cooperating

ULTRA DRUGS: CARE Keeps B+ Debt Rating in Not Cooperating
UNICORN ORGANICS: Insolvency Resolution Process Case Summary
UNITY MULTICONS: CARE Hikes Rating on INR4.00cr LT Loan to B
UTOPIAN SUGARS: CARE Keeps D Debt Rating in Not Cooperating
VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating

VRINDAVANBIHARI COLD: CARE Keeps B- Debt Rating in Not Cooperating
ZIRCON TECHNOLOGIES: Ind-Ra Keeps 'BB' Rating in NonCooperating


I N D O N E S I A

GARUDA INDONESIA: May Get $231MM Capital Injection for New Planes


J A P A N

TAKATA CORP: Inks $42 Million Air Bag MDL Deal With Volkswagen


P H I L I P P I N E S

PHILIPPINE AIRLINES: To Delay or Drop Airbus Orders


S I N G A P O R E

FLEX LTD: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
TOA LEASE: Commences Wind-Up Proceedings

                           - - - - -


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

CONHUR PTY: Second Creditors' Meeting Set for Sept. 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Conhur Pty Ltd
has been set for Sept. 15, 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. 14, 2021, at 4:00 p.m.

Marcus William Ayres and Brett Stephen Lord of Kroll were appointed
as administrators of Conhur Pty on Aug. 11, 2021.


EXCITE HOLIDAYS: Dividend Payout Deferred for Creditors
-------------------------------------------------------
Travel Weekly reports that unsecured creditors of the collapsed
Excite Holidays have been forced to wait a little longer for their
dividend payout.

Travel Weekly, citing a circular issued to creditors on July 16,
2021, relates that deed administrator Phil Quinlan of KMPG said a
first and final dividend of between two and 2.4 cents in the dollar
would be paid to unsecured creditors on or around Aug. 27, 2021.

According to the Travel Weekly, the estimated payout is more than
the initial estimate of zero to two cents, but less than the 2.5 to
three cents that KMPG had hoped to pay creditors in December last
year.

However, in an email to Travel Weekly (which happens to be one of
the unsecured creditors), a member of KMPG's deed advisory and
restructuring services team said that payment of the first and
final dividend to unsecured creditors has been deferred due to the
volume of proof of debt claims that have been submitted and
received.

"At this stage, we cannot provide an exact date. However, the deed
administrators expect payment will occur sometime in the next two
weeks," the statement read, the report relays.

Excite Holidays entered into administration in January 2020. Morgan
Kelly, Phil Quinlan and Amanda Coneyworth of KPMG were appointed as
administrators of Global Travel Holdings Pty Ltd;
Excite Holidays (Australia) Pty Ltd; Global Travel Specialists Pty
Ltd; Events NG Pty Ltd; and Travel Serv Co Pty Ltd.

The wholesaler was part of a complicated web of companies run by
Nicholas Stavropoulos and George Papaioannou.

Creditors voted to accept the deed of company arrangement proposed
by Stavropoulos and Papaioannou in February last year, which was
also recommended as the best option by Excite's administrators in
their report, Travel Weekly notes.

That same month, Helloworld Travel agreed to acquire Excite's
proprietary online booking platform to help boost its own B2B
booking system, Ready Rooms, says Travel Weekly.


INFINITY HVAC: First Creditors' Meeting Set for Sept. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Infinity
HVAC Services Pty Ltd will be held on Sept. 15, 2021, at 11:00 a.m.
via teleconference facilities only.

Jason Tang & Andre Lakomy of Cor Cordis were appointed as
administrators of Infinity HVAC on Sept. 3, 2021.


PURE STRATEGY: First Creditors' Meeting Set for Sept. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Pure
Strategy Pty Ltd, formerly Trading as Pure Advice and Pure
Planning, will be held on Sept. 14, 2021, at 11:00 a.m. via
telephone conference facilities.

David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were
appointed as administrators of Pure Strategy on Sept. 6, 2021.


SPOTJOBS HOLDINGS: Second Creditors' Meeting Set for Sept. 15
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Spotjobs
Holdings Pty Ltd has been set for Sept. 15, 2021, at 10:00 a.m. via
virtual means 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. 14, 2021, at 5:00 p.m.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of Spotjobs Holdings on Aug. 11, 2021.




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

NEXT DIGITAL: Moves to Close Down; To File for Liquidation
----------------------------------------------------------
The New York Times reports that Next Digital, a Hong Kong media
company that has published vehement criticism of the Chinese
government for decades, said on Sept. 5 that it would take steps to
shut down after an official crackdown had left it with no way to
operate.

In a statement, the company's board of directors called for the
liquidation of the company and said that they had resigned, the
report relates.

"We have concluded that the best interests of shareholders,
creditors, employees and other stakeholders will be served by an
orderly liquidation," it said, adding that it hoped such a move
would allow payments to creditors and former staff.

According to The New York Times, the announcement was the latest in
a series of blows to Hong Kong's once freewheeling press, which has
been stifled by the national security law that the mainland Chinese
government imposed on the former British colony to quell dissent
more than a year ago.

Next Digital's founder and controlling shareholder, Jimmy Lai, is
in jail, charged with crimes that include violating the security
law, the report notes. In June, Hong Kong officials froze some of
the company's bank accounts, forcing its flagship newspaper, Apple
Daily, to close. Several top editors and executives at Next
Digital, besides Mr. Lai, have been charged with crimes.

Apple Daily, founded in 1995, was the leading pro-democracy voice
in the Hong Kong media, frequently denouncing China's ruling
Communist Party and its allies in the local government. Its
aggressiveness soon made powerful enemies for Mr. Lai, who was
forced to sell off a clothing chain after the paper criticized a
Chinese leader in print, the report says.

Under the national security law, which China imposed after a wave
of pro-democracy protests in 2019 that challenged its control of
Hong Kong, Mr. Lai and his media empire quickly became a target,
according to The New York Times.

Next Digital said it would have remained solvent had its bank
accounts not been frozen, the report relates. While it had faced
advertising boycotts led by supporters of the Chinese government,
Apple Daily was widely read, and it sold a million copies of its
final edition. Next Digital's stock, which was suspended from
trading in June, had soared at times over the past year, as
supporters of Hong Kong's pro-democracy cause bought shares to show
support for the company.

The New York Times relates that Next Digital noted that it had been
forced to close before any of the cases against its senior figures
had gone to trial. Its supporters have argued that the actions
taken against Next Digital and its publications harm not only media
freedom in the city, but also property rights and Hong Kong's
reputation as a good place to do business.

"When you abuse state power and freeze bank accounts and throw
people in jail - the editor in chief, the chief executive, the
founder - it smacks of a banana republic," the report quotes Mark
Clifford, an independent nonexecutive director of Next Digital, as
saying. "This is not what made Hong Kong a center of international
investment or the image that it prides itself in, with rule of law
and protection of property rights."

Mr. Lai is expected to be tried later this year on a fraud charge
related to a sublease of the company's headquarters, as well as
charges brought under the national security law, The New York Times
says. Those charges allege that he colluded with foreign powers by
funding a campaign that took out ads, in publications including The
New York Times, that called for American sanctions against Hong
Kong.

Mr. Lai founded the company that became Next Digital in 1990 with a
single magazine. It grew to include Apple Daily, which eventually
introduced an edition in Taiwan. The board's statement said that
the directors were confident that Mr. Lai would join them in
thanking the company's readers over the years.

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




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

AGRA ICE: CARE Lowers Rating on INR7.40cr LT Loan to B-
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Agra
Ice Factory and Cold Storage (AIFCS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 6, 2020, placed the
rating(s) of AIFCS under the 'issuer non-cooperating' category as
AIFCS had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AIFCS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2021, July 2, 2021, July 12, 2021.

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

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

The ratings have been revised on account of non-availability of
requisite information.

Agra, Uttar Pradesh-based, Agra Ice Factory and Cold Storage
(AIFCS), was established in July 1964 as a partnership concern. The
firm is currently being managed by Mr. Pradeep Agarwal, Mr. Sanjeev
Agarwal, Mr. Archit Agarwal and Mr. Utkarsh Garg sharing profits
and losses in the ratio 30%, 30%, 20% and 20% respectively. The
firm is engaged in renting of its cold storage facility for
potatoes, green peas, onion and spices to the local farmers and
manufacturers in Agra, Uttar Pradesh with multi chambers having
storage capacity of 1,18,188 quintals.


AXIS NIRMAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Axis Nirman and Industries Limited
        Plot No. 163 & 164
        Mandhana Bithur Road
        Mandhana
        Uttar Pradesh 209217
        India

Insolvency Commencement Date: August 27, 2021

Court: National Company Law Tribunal, Bhubaneswar Bench

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

Insolvency professional: Suresh Chandra Pattanayak

Interim Resolution
Professional:            Suresh Chandra Pattanayak
                         GKV-38, Gatikrushna Villa
                         Tankapani Road
                         Bhubaneswar, Dist: Khurda
                         Odisha 751018
                         E-mail: suresh_pattanayak@yahoo.co.in

                            - and –

                         341, Ground Floor, BJB Nagar
                         Bhubaneswar, Dist: Khurda
                         Odisha 751014
                         E-mail: axisnirmancirp@gmail.com

Last date for
submission of claims:    September 10, 2021


BLEND COLOURS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Blend Colors
Private Limited Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR360 mil. Fund-based facilities* maintained in non-
     cooperating category and withdrawn;

-- INR100 mil. Non-fund-based facilities** maintained in non-
     cooperating category and withdrawn; and

-- INR230 mil. Term loan*# due on March 31, 2019 maintained in
     non-cooperating category and withdrawn.

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

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

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY20 and FY21,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.

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

COMPANY PROFILE

Blend Colors , promoted by Sharad Rathi, was incorporated in 1998
with an initial capacity of 300 metric tons per year (mtpa) of
producing master batches and compounds. The company has three
manufacturing units, with a combined capacity of 24,000mtpa (Unit I
at Kattedan – 7,200mtpa; Unit II at Mankhal – 7,800mtpa and
Unit III at Burgul – 9,000mtpa) in Hyderabad (Andhra Pradesh).


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

The instrument-wise rating actions are:         

-- INR80.63 mil. Term loan due on January 2025 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating;

-- INR20.0 mil. Fund based working capital limits migrated to
     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR49.37 mil. Proposed fund based working capital limits* is
     withdrawn.

*The ratings have been withdrawn since the instruments were
outstanding for more than 180 days.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 14, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BMR Blue Genetics is the first broodstock multiplication centerF in
the private sector and is located 15km from Kavali in Nellore
district, Andhra Pradesh. It is a joint venture between BMR Group
(Masthan Rao Beeda and BMR Industries Private Limited, together
holding 62.9% stake) and Blue Genetics Mexico holding 36.8% stake.


CHHATRAPATI SAMBHAJI: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chhatrapati
Sambhaji Raje Sakhar Udyog Limited's (CSRSUL) Long-Term Issuer
Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR75 mil. (reduced from INR375.542 mil.) Fund-based working
     capital limits affirmed with IND B+/Stable/IND A4 rating;

-- INR15 mil. (reduced from INR93.458 mil. ) Term loans due on
     March 2025 affirmed with IND B+/Stable rating;

-- INR410 mil. Proposed term loan* assigned with IND B+/Stable
     rating; and

-- INR30 mil. Non-fund-based working capital limits# is
     withdrawn.

*Unallocated

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

KEY RATING DRIVERS

Liquidity Indicator - Poor: The company's working capital cycle
elongated to 310 days in FY21 (FY20: 217 days) on account of an
increase in the inventory days to 366 (232), which is inherent to
the sugar industry. Ind-Ra estimates the company's cash flows from
operations to have turned negative in FY21 due to a stretch in
working capital (FY20: positive INR95.90 million). The agency
expects the same to turn positive in FY22 owing to an improvement
in EBITDA.

The average maximum utilization was 40.34% for its fund-based
facilities over the 12 months ended June 2021 as per the sanction
limit, as its drawing power is unavailable with the rating agency.
The total outside liabilities/total net worth improved to 3.79x in
FY21 (FY20: 4.45x) owing to an increase in the net worth due to
land revaluation during the year. The company pre-paid two term
loans amounting to INR101.5 million during FY21 and availed of a
COVID-19 loan of INR125.7 million. Ind-Ra expects the company's
liquidity to remain poor in FY22 on account of its elongated net
cash conversion cycle due to the typically high inventory holding
period for sugar companies. It did not avail of the Reserve Bank of
India-prescribed moratorium March- August 2020.

The affirmation also reflects CSRSUL's continued small scale of
operations. The company's overall revenue declined in FY21 to
INR879.73 million (FY20: INR924.02 million) owing to a decrease in
ethanol sales to INR63 million (INR112 million) due to low raw
material availability-led decreased operations of 33 days (54
days). FY21 financials are provisional in nature.

The company registered a marginal growth in sugar sales to INR665
million in FY21 (FY20: INR663 million) and a significant growth
from the co-gen segment to INR38 million (INR15 million). The cane
juice crushed during the year was 339,974 metric tons (mt) in sugar
season 2021 (October-September; SS2020: 125,653mt) with crushing
period of 176 days (82 days). The recovery rate increased to 10.45%
in SS21 (SS20: 9.95%). The sugar sector is regulated by central
government and the sugar is sold, as per the sugar release quota;
the sugar sold during FY21 was 22,145 metric tons (FY20: 21,620
metric tons). In 1QFY22, the company booked sales of INR386.05
million from sugar and other by-products.

Ind-Ra expects the company's distillery segment operating
performance to improve in FY22 as the company will convert its
molasses into special denatured spirit (SDS; instead of selling it)
and manufacture ethanol. For this process, it will incur a capex of
INR580 million to setup the distillery plant, which will be funded
75% by a term loan of INR435 million; by promoters' funds of INR60
million, and the remaining from its reserves. The management
expects the operations of this distillery plant to be carried out
around 180 days every year, thereby reducing the SDS purchase cost
to nil and it will manufacture increased quantities of
molasses-spirit-based-ethanol during its increased operational
days. In addition to its distillery capex, the company is going to
increase its installed capacity of sugar from 2,200 tons cane
crushed per day (TCD) to 3,000TCD and this capex of INR40 million
will be fully funded through the promoter's equity infusion. CSRSUL
expects to crush and extract cane juice of 425,000MT- 450,000MT in
SS2022.

The ratings factor in CSRSUL's modest EBITDA margin, which
contracted to 8% in FY21 (FY20: 11.1%) owing an increase in cane
harvesting expenses and cane purchase cost. The company's return on
capital employed stood at 4% in FY21 (FY20: 7%). During 1QFY22,
CSRSUL achieved EBITDA margin of 4%. Ind-Ra expects the margins to
improve in FY22 owing to a change in ethanol manufacturing from
self-owned molasses-spirit-based ethanol instead of procuring SDS.

The ratings are also constrained by CSRSUL's weak credit metrics.
Its gross interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.05x in FY21 (FY20: 1.27x) and net
leverage (total adjusted net debt/operating EBITDA) to 14.86x
(10.21x). The deterioration in credit metrics was on account of a
decrease in the absolute EBITDA to INR70.27 million in FY21 (FY20:
INR102.47 million). During 1QFY22, the gross interest coverage
improved to 1.07x due to decrease in interest expenses. Ind-Ra
expects the company's credit metrics to remain weak in FY22, owing
to the conversion of working capital of INR438 million to INR435
million of term loan for capex; however, the same may improve owing
to an improvement in profitability due to capex in distillery and
sugar segment.

The ratings, however, are supported by the company's promoters'
over two decades of experience in the sugar industry.

RATING SENSITIVITIES

Positive: An improvement in the liquidity and revenue along with
stable EBITDA margin, leading to the interest coverage exceeding
1.7x, on a sustained basis, will be positive for the ratings.

Negative: A decline in the revenue or operating profitability,
leading to deterioration in the credit metrics, on a sustained
basis, will be negative for the ratings.

COMPANY PROFILE

CSRSUL, incorporated in 2000, has an integrated sugar plant for the
manufacturing of sugar, a co-generation unit of 6MW and ethanol
distillery unit of 60 kilo liters per day. It is setting up an
additional distillery unit to manufacture SDS from molasses with a
capacity of 30KLPD for further using it for ethanol manufacturing.
The factory has a crushing capacity of up to 2,200TCD and is going
to increase to 3,000TCD. It is located at Aurangabad (Maharashtra)
and promoted by Haribhau Bagde.


CLEANTECH ENERGY: Fitch Gives Final 'BB-' to USD334MM Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned India Cleantech Energy's (ICEL) USD334
million senior secured notes due 2026 a final rating of 'BB-'. The
Outlook is Stable.

The rating follows a review of ICEL's final bond documents and
hedging transactions. ICEL will use the proceeds of the notes to
subscribe to non-convertible debentures (NCDs) denominated in
rupees to be issued by the entities in the restricted group. ICEL
will not undertake any business activity other than investing in
the NCDs.

The entities in the restricted group will use the proceeds from the
NCDs and their existing cash and cash equivalents to prepay
existing debt of the restricted group, on-lend to the parent
company for repayment of its indebtedness and for growth capex.

RATING RATIONALE

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

KEY RATING DRIVERS

Experienced Contractors; Proven Technology: Operation Risk -
Midrange

Acme RG1 comprises polycrystalline solar projects, which are a
proven technology with a long-established history. Fitch regards
the operation of this type of solar projects as straightforward and
the solar modules are provided by internationally known suppliers.
Operation and maintenance work is carried out by Acme Cleantech
Solutions Private Limited and its affiliate under 25-year
fixed-price contracts with 4% annual price escalation. Replacement
operators are readily available in the market.

The operation risk assessment is constrained to 'Midrange' as the
operating cost forecast is not validated by an independent
technical advisor and the operating record shows modest
variability.

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

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

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

All of Acme RG1's capacity is under long-term PPAs, with 93% of
capacity under fixed-price contracts that extend beyond the tenor
of the US dollar notes, protecting the portfolio from merchant
price volatility. The revenue risk (price) is constrained to
'Midrange' because 7% of Acme RG1's capacity is exposed to the
national average power purchase cost (APPC), which is set annually.
However, the variable tariff will apply only in FY28, which is
after the maturity of the US dollar notes.

The PPAs of Acme RG1's portfolio have capacity-weighted residual
life of about 21 years. Contracts with sovereign-owned utilities
account for 55% of alternative current (AC) capacity (or about 61%
of direct current (DC) capacity) of the restricted group's total
capacity while the remaining capacity is contracted with state
distribution companies.

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

About 7% of the principal of the US dollar notes will be amortised
over the note life. The refinancing risk exposure is mitigated by a
mandatory cash sweep of about 19% of principal and a cash trap in
the final year. The refinancing risk of the remaining 68% of
principal is further mitigated by the remaining tenor of PPAs,
which extend beyond maturity of the notes, and the group's access
to domestic markets. The NCDs will be cross guaranteed by each of
Acme RG1's entities.

The NCDs benefit from the usual protective structural features,
including a standard cash distribution waterfall, distribution
lock-up at 1.3x 12-month backward-looking debt service coverage
ratio (DSCR) and cash lock-up in the final year of the bond tenor.
The restricted group will maintain a debt service reserve account
but not a major maintenance reserve account.

The US dollar noteholders benefit from a 100% share pledge by ICEL
and charge over all assets of ICEL excluding its rupee-denominated
NCDs. ICEL, which is the holder of the rupee NCDs issued by
operating entities within the restricted group, benefits from a
standard security package, including charge over movable and
immovable assets, and a pledge over a 51% stake in the restricted
group entities. This provides the noteholders with only indirect
access to the NCDs' security package, but this is a common issuance
structure adopted by several other Fitch-rated transactions.

The transaction is partially exposed to rupee depreciation up to a
contracted strike price in relation to the 40% remaining principal
hedged using options. However, holders of the NCDs will provide a
redemption premium to cover any funding shortfall between the forex
spot at inception and strike price, which will mitigate the risk to
bondholders.

PEER GROUP

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

The transaction is an issuance of USD334 million five-year senior
secured notes due 2026. ICEL will use the net proceeds of the US
dollar notes to subscribe to rupee-denominated NCDs issued by the
entities in the restricted group. The entities in the restricted
group will use the proceeds from the NCDs and their existing cash
and cash equivalents to prepay existing debt of the restricted
group, on-lend to the parent company for repayment of its
indebtedness and for growth capex.

FINANCIAL ANALYSIS

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

Fitch's base case assumes P50 generation, a 5% production haircut,
0.5% of annual degradation and a 12.4% refinancing interest rate,
which results in an average annual DSCR of 1.41x during the
refinancing period.

Fitch's rating case further assumes one-year P90 generation, a 5%
production haircut, 0.7% of annual degradation, a 10% stress on
management's operating expense forecast and a 12.4% refinancing
interest rate. Fitch's rating case results in an average annual
DSCR of 1.25x.

SECURITY

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

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

ESG CONSIDERATIONS

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


CORPORATE FASHION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Corporate
Fashion Private Limited (CFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.46      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of CFPL under the 'issuer non-cooperating' category as
CFPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021, June 28, 2021.

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

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

Bhilwara (Rajasthan) based Corporate Fashion Private Limited (CFPL)
was incorporated in 2011 by Mr. Vijay Pal Singh and Mr. Prateek
Sharma. CFPL is engaged in the business of manufacturing of
readymade garments mainly men's wear as well as trading of
synthetic grey and finished fabrics and other clothing accessories.
The company also does manufacturing of ready-made garments on job
work basis and also gets manufactured grey and finished fabrics on
job work basis. The company markets its products under the brand
name of "Corporate Fashion." The plant of CFPL is located at
Bhilwara, Rajasthan which is a textile cluster and has 175-200
stitching machines.


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

The instrument-wise rating actions are:       

-- INR92.5 mil. Fund-based facilities migrated to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR2 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, Dutch Tech Tools manufactures solid carbide
rotary metal cutting tools, majorly used in industries such as
automotive and aeronautical industries, at its site in the Falta
special economic zone (West Bengal).


ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco
Digital Private Limited (EDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2020, placed the
rating(s) of EDPL under the 'issuer non-cooperating' category as
EDPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. EDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 9, 2021, June 19, 2021, June 29, 2021.

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

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

Etco Digital Private Limited (EDPL), incorporated in the year 2011,
promoted by the Etco group is engaged in the business of trading of
retail automation products, bank automation products & surveillance
products and providing service of surveillance & tracking
solutions. EDPL outsources the manufacturing of retails automation
products & bank automation products to contract manufacturers based
across India to whom the company has provided design for their
products. These products are sold under the brand name ETCO.
Further, with regard to the surveillance products (DSR, CCTV) the
company imports them mainly from China. The company also undertakes
annual maintenance contracts for the products supplied by them.

FLEXITUFF VENTURES: CARE Reaffirms D Rating on INR251.17cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Flexituff Ventures International Limited (FVIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           13.31      CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities     251.17      CARE D/CARE D Reaffirmed

   Short Term
   Bank Facilities     199.02      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FVIL continue to
remain constraint on account of its on-going delays and defaults in
debt servicing owing to its poor liquidity position as well as weak
financial performance marked by cash loss in FY21 (refers to period
from April 1 to March 31).

Rating Sensitivities

Positive Factors

* Sustained track record of timely servicing of debt obligations
for a minimum period of 90 days from the date of last delay/
defaults

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays and defaults in servicing of debt obligations:
There are ongoing delays in servicing of debt obligations owing to
poor liquidity position on the back of FVIL's weak financial
performance marked by cash losses reported over the last three
years ended in FY21 resulting in inadequate cash flows to satisfy
operational as well as financial obligations.

* Weak financial risk profile: Post default in its repayment
obligation for FCCB's in 2019 with subdued performance of geo
textile segment, FVIL had faced liquidity issues and decline in
scale of operation in FY20 leading to lower elevated cost structure
with low capacity utilization. It had reported losses at operating
level in FY20. In FY21, FVIL's TOI remained stable, however, the
company has reported small operating profit (i.e. PBILDT) of
INR1.82 crore in FY21 as compared to operating loss of INR54.18
crore in FY21. However, with high debt levels and high-interest
cost it continues to report losses at PAT level. Performance was
further impacted by Covid 19 disruptions. Net loss during FY21
which resulted into further depletion of tangible net worth and
consequently deterioration in capital structure marked by leveraged
overall gearing of 7.64 times as on March 31, 2021.

Liquidity: Poor

The liquidity of FVIL remained poor during the last three years
ended FY21 marked by ongoing delays in debt servicing coupled with
consistence cash losses as well as elongated gross current asset
days during the same period. FVIL's fund-based working capital
limits utilization remained full during the last 12 months ended in
July 2021. Furthermore, FVIL has continued to report cash loss (of
INR10 crore) during FY21 as against large scheduled term debt
repayment obligation of around INR279 crore during FY21 resulting
into cash flow mismatch, and subsequently, delays and defaults in
debt servicing. During FY21, the company had over-utilized its cash
credit working capital facility by INR63.95 crore as a result of
devolvement of letter of credit issued by banks.

Formerly known as Flexituff International Limited (CIN:
L25202MP1993PLC034616), the company was formed in 1966 as a
partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Stock Exchanges in 2011. The name of the company was changed
to Flexituff Ventures International Limited w.e.f. September 28,
2018. FVIL is engaged in the business of manufacturing Flexible
Intermediate Bulk Container (FIBC), reverse printed
Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno Bags
(small packaging bags, primarily for domestic markets), geotextile
fabrics and ground cover (used for prevention of landslides,
control of soil erosion and riverbank protection) and polymer
compounds (used for wires and cables) and drippers. The main
product of the company is FIBC, which is used in bulk packaging and
transportation requirement for multiple industries like cement,
chemical, pharmaceutical, food processing consumer goods, sugar and
meat products. The company has two manufacturing facilities,
located at Pithampur (Madhya Pradesh) and Kashipur (Uttarakhand)
with installed capacity of 1,08,400 MTPA. Kashipur facility
commenced its operations in December 2015.


G.G. EXPORTS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed G.G. Exports'
(GGE) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1.0 bil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects the lower-than-expected decline in GGE's
revenue profile in FY21, with the revenue falling by 24% yoy to
INR2,102.84 million, against the drop of 30% yoy expected by
Ind-Ra. Ind-Ra expects the revenue to grow on a yoy basis in FY22
owing to the gradual recovery in the global market. GGE's revenue
declined in FY21 mainly because the sector was adversely impacted
by the pandemic and also due to the overall slowdown in the cut and
polished diamond market in the US and China. The firm's scale of
operations remained small. GGE's sales rose to INR866 million in
1QFY22 (1QFY21: INR146.73 million), as demand for polished diamonds
rose with the gradual revival in the industry, pushing up the
prices of the same. GGE was not operational during 20 March-29 May
2020 due to the pandemic-led lockdown. As stated by the management,
the company was impacted by the first wave of COVID but has not
been affected by the second wave. The figures for FY21 are
provisional in nature.

The ratings reflect GGE's modest EBITDA margins. owing to its
nature of business Furthermore, the firm's EBITDA margin is
vulnerable to price movements in rough and cut and polished
diamonds and forex volatility (FY21: forex gains of INR45.62
million; FY20: forex gains of INR32.64 million). Ind-Ra expects the
EBITDA margin to rise during FY22 on account of an increase in
demand as well as prices of polished diamonds and the opening up of
global diamond markets. GGE's EBITDA margin declined to 3.30%
during FY21 (FY20: 6.39%) owing to lower absorption of fixed costs
and a decrease in the prices of polished diamonds. The ROCE was
2.5% in FY21 (FY20:9%). Any price decline in cut and polished
diamonds with prices of rough diamonds remaining constant could put
pressure on GGE's EBITDA margins. GGE uses forward cover partially
which mitigates the forex risk to some extent.

Liquidity Indicator - Stretched: GGE's average utilization of the
working capital limits was 37.7% over the 12 months ended June
2021. GGE expects an increase in its average utilization in the
coming years due to a likely increase in production from FY22. The
firm had cash and cash equivalent of INR16.10 million at end-FY21.
The free cash flow fell to INR13 million during FY21 (FY20: INR37
million) owing to the undertaking of capex of around INR39.79
million towards the upgradation of its machineries. GGE's cash flow
from operations declined to INR51.92 million in FY21 (FY20: INR
98.65 million) owing to an elongation in the net working capital
cycle to 260 days (FY20: 209 days) due to an increase in the
inventory days (FY21: 288 days; FY20: 212 days) and average debtor
days (FY21: 92 days; FY20: 58 days). The firm did not have any
long-term loans on its book at end-March 2021. It does not plan to
incur any major debt-funded capex plans in the near-to-medium
term.

The ratings reflect GGE's weak credit metrics due to the modest
EBITDA margins. Ind-Ra expects GGE's credit metrics to improve in
FY22 as the EBITDA is likely to see a sharper increase than
interest expenses. The agency expects GGE's reliance on external
borrowings to remain high on account of growing need for working
capital. The metrics deteriorated in FY21 due to the decline in the
absolute EBITDA to INR69.35 million (FY20: INR176.76 million).  The
gross interest coverage was 1.96x in FY21 (FY20: 4.46x) and the net
leverage (Ind-Ra-adjusted net debt/operating EBITDAR) was 7.84x
(2.79x).

The ratings factor in the firm's diversified customer base, with no
single customer having accounted for more than 10% of the total
revenue in the past two years.

The ratings are supported by promoters' experience of nearly four
decades in the diamond trading and manufacturing business, which
has led to longstanding relationships with suppliers, thereby
ensuring smooth supplies of raw material, as well as customers.
Now, the second generation has entered into the business to manage
the operations.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
efficient managing of the net working capital cycle, leading to the
gross coverage exceeding 2.5x, on a sustained basis, and an
improvement in the liquidity position, would lead to a positive
rating action.

Negative: A stretch in the net working capital cycle or a sustained
decline in the operating performance, leading to the gross coverage
reducing below 1.5x and a substantial deterioration in the
liquidity position, all on a sustained basis, would lead to a
negative rating action.

COMPANY PROFILE

Formed in 2010, GGE is a partnership firm wholly owned and managed
by the Zadaphia family. The firm is engaged in the cutting and
polishing of 0.01-3.00-carat-sized diamonds. It has a manufacturing
facility in Surat, Gujarat, and a registered office in Mumbai,
Maharashtra.


GUJARAT HY-SPIN: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Hy-Spin Limited (GHSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.77       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short      2.00       CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 19, 2020, revived the
ratings of GHSL under the 'issuer non-cooperating' category as GHSL
had failed to provide information for monitoring of the ratings for
the rating exercise as agreed to in its Rating Agreement. GHSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 5, 2021, May 15, 2021 and May 25, 2021.

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

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

The ratings take into account delay in servicing of its debt
obligations.

Key rating weakness:

* Delay in debt servicing: GHSL has been irregular in servicing of
its debt obligation due to poor liquidity position of the company.

Liquidity: Poor

Liquidity position of GHSL remained poor marked by elongated gross
current asset days which resulted into elongated operating cycle
during FY21. Unencumbered cash and bank balance with the company
remained low at INR0.66 crore as of March 31, 2021. Further,
current ratio of GHSL remained at 1.14x as of March 31, 2021,
however, quick ratio remained below unity at 0.72x as of March 31,
2021 owing to higher inventory level as of March 31, 2021.

GHSL (CIN: L17110GJ2011PLC063898) was incorporated as a private
limited company on February 01, 2011, by Mr. Maganbhai Parvadia and
Mr. Chandulal Parvadia, and converted to limited company on
February 2017. GHSL has two group concerns namely Gujarat Ginning &
Oil Industry and Paras Cotton. The former is engaged in cotton
ginning, pressing and crushing of oil seeds while the latter
carries out trading of cotton seeds and cotton bales. GHSL has a
spinning mill with an installed capacity of 17,952 spindles or
3,582 MTPA as of March 31, 2017 for manufacturing of cotton yarn
having combed counts yarn of 30 at its Gondal plant (Gujarat). GHSL
started commercial production from December 2013.


GWET COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gwet Cold
Chain Private Limited (GCCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      35.98       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2020, placed the
rating(s) of GCCPL under the 'issuer non-cooperating' category as
GCCPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GCCPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2021, June 17, 2021, June 27, 2021.

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

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

Delhi-based, Gwet Cold Chain Private Limited (GCCL) was
incorporated in September 2015 promoted by Mr. Brijesh Tomar, Mr.
Roop Kumar Gola, Mr. Satish Sharawat, Mr. Pravin Gupta and Mr.
Umashankar Gola. GCCL is setting up a cold storage unit at
Nayabans, Haryana with the objective to providing space on rental
basis in the cold storage for storage of fruits like apple and
citrus fruits which is grown in the state of Himachal Pradesh and
Jammu & Kashmir. The cold chain will have 32 chambers of 210 MT
each with proposed total installed capacity of 6500MT. The key raw
material for the company would be fruits. The company has two group
concerns ICL Multi-trading India Pvt Ltd engaged in the trading of
fabric and tea and ICL organic dairy products pvt Ltd engaged in
the business of milk distribution.

HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman Dal
Industries Private Limited (HDIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       35.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2020, placed the
rating(s) of HDIPL under the 'issuer non-cooperating' category as
HDIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HDIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 9, 2021, June 19, 2021, June 29, 2021.

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

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

HDIPL was incorporated in the year 2015 and it belongs to the Bolla
Group of Nagpur. The group is promoted by the Bolla family and is
currently managing eight entities including HDIPL. HDIPL is
promoted by Mr. Raman Bolla and Mrs. Vijayalaxmi Bolla. The company
has set up a tur-dal and gram dal processing unit at Nagpur,
Maharashtra, with a proposed processing capacity of 150 MTPD.


HAPPY ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Happy
Acoustics Private Limited (HAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      36.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of HAPL under the 'issuer non-cooperating' category as
HAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021 and June 28, 2021.

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

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

HAPL was incorporated on March 16, 2012 by Mr. Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loudspeakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in September 2012 and its
manufacturing facility is located in Delhi. HAPL belongs to the 5
core group, based in New Delhi. The 5 core group was established in
1983 and apart from HAPL, the group has six other companies namely,
Indian Acoustics Private Limited, 5 Core Acoustics Private Limited,
Visual & Acoustics Corporation LLP, EMS & Exports, Five Core
Electronics Limited and Digi Export Venture Private Limited which
are all involved in the same line of business.

HIGHBAR TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Highbar
Technologies Limited (HTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 28, 2020, placed the
rating(s) of HTL under the 'issuer non-cooperating' category as HTL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2021, June 23, 2021, July 3, 2021.

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

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

Highbar Technologies Limited (HTL), a 100% subsidiary of Hindustan
Construction Company Ltd (HCC; rated CARE D for its bank facilities
and instruments), was formed in 2009 by spinning off the IT
department of HCC-one of the largest infrastructure development
companies which has implemented Enterprise Resource Planning (ERP)
as well as other Information Technology (IT) solutions to connect
all its project locations on SAP platform. Information technology
is very crucial for the infrastructure sector, considering multiple
locations and projects that the companies operate in. Thus, HCC
leveraged its technical expertise in the infrastructure sector to
provide end-to-end IT services to infrastructure clients. HTL's
business mainly involves developing, designing, marketing of
supporting services, products and accessories used in field of IT.


IDASA INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Idasa India
Limited (IIL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      7.90        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of IIL under the 'issuer non-cooperating' category as IIL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. IIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, June 26, 2021.

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

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

Idasa India Limited (IIL) was incorporated in July, 1985 as a
public limited company. The operations, however, commenced from
October, 1986. The company is closely held and is currently being
managed by Sh. Suresh Kumar Aggarwal, Sh. Satish Kumar Aggarwal,
Mr. Anurag Goel, Mr. Manish Goel and Mr. Lokesh Goel collectively.
IIL is engaged in the manufacturing of ghee and skimmed milk powder
(SMP) at its manufacturing facility of 6000 sq. yards located in
Sangrur, Punjab.


INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indian
Acoustics Private Limited (IAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.54      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      24.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of IAPL under the 'issuer non-cooperating' category as
IAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. IAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021 and June 28, 2021.

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

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

IAPL was incorporated on June 21, 2010 by Mr. Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loudspeakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in November 2011 and its manufacturing
facility is located in Noida. IAPL belongs to the 5 core group,
based in New Delhi. The 5 core group was established in 1983 and
apart from IAPL, the group has six other companies namely, Happy
Acoustics Private Limited, 5 Core Acoustics Private Limited, Visual
& Acoustics Corporation LLP, EMS & Exports, Five Core Electronics
Limited and Digi Export Venture Private Limited which are all
involved in the same line of business.

KRR INFRA PROJECTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: KRR Infra Projects Pvt Ltd
        D.No. 8-2-248/1/7/35
        Nagarjuna Hills, Punjagutta
        Hyderabad 500016

Insolvency Commencement Date: August 6, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 2, 2022

Insolvency professional: Gollamudi Krishna Mohan

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

                            - and -

                         FF 26, Raghavaratna Tower
                         Chirag Ali Lane, Abids
                         Hyderabad 500001
                         E-mail: ip.krrinfra@gmail.com

Last date for
submission of claims:    August 24, 2021


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

The instrument-wise rating action is:

-- INR428 mil. Fund-based working capital limit migrating to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Incorporated in 1995 in Cuttack (Odisha), M/S Rashmi Motors is an
authorized dealer of Ashok Leyland. It is managed by Rajat Kumar
Baliarsinha and his wife Babita Baliarsinha.



MAA MAHARANI: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Maharani Rice Mill (MMRM) continues to remain in the 'Issuer Not
Cooperating' category.
                      
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      6.07        CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2020, placed the
rating(s) of MMRM under the 'issuer non-cooperating' category as
MMRM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MMRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 14, 2021, July 24, 2021, August 3, 2021.

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

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

Maa Maharani Rice Mill (MRM) was constituted as a partnership firm
via partnership deed dated April 1, 2013. However, the firm is
currently governed by the partnership deed dated August 31, 2016
and it is managed by Mr. Uma Shankar Singh, Mr. Avinash Singh and
Mr. Arvind Kumar Singh. The firm has commenced operations from
April 2014 onwards and it is into processing and milling of
non-basmati rice. The manufacturing facility of the firm is located
at Wazidpur, Bihar with an installed capacity of 38880 metric ton
per annum.

MAGNI TECH: CARE Lowers Rating on INR2cr LT Loan to B-
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Magni Tech Speciality Cables Private Limited (MTSCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 24, 2020, placed the
rating(s) of MTSCPL under the 'issuer non-cooperating' category as
MTSCPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MTSCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2021, May 20, 2021, May 30, 2021.

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

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

The rating assigned to the bank facilities of MTSCPL have been
revised on account of non-availability of requisite information.
The rating also considers the small scale of operations as well a
high overall debt in FY20.

Sikar (Rajasthan) based Magni Tech Speciality Cables Private
Limited (MTSCPL) was incorporated in 2014 by Mr. Laxman Singh Deora
and Mr. Virendra Singh Deora. MTSCPL is engaged in the business of
manufacturing and supplying of Insulated wire and cable, Shielded
cable, Screened Cable and Communication cable (Industrial Used for
machinery), Single core house cable, flat submersible cable and
Optical fiber cables. It manufacturers Insulated wire and cable in
different sizes from its manufacturing facility located at Shree
Khatu Shyamji Industrial Area, Sikar.


MAK HOSPITALS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MAK
Hospitals Private Limited (MHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 21, 2020, placed the
rating(s) of MHPL under the 'issuer non-cooperating' category as
MHPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 7, 2021, July 17, 2021 and July 27, 2021.

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

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

MAK Hospitals Private Limited (MAK) was established in 2004, with
the objective of providing super specialty facilities in medical
care, by Dr. Shanu Mullaveetil and his wife Dr. Jisha Shanu. MAK
took over the operations of Koya's Hospital, Cheruvannur which had
been established by Dr. M. Mohammed in 1945. In 1972, Dr. M.A.
Koya, his son took over the operations of the hospital. The
hospital had been adding various specialties, medical equipment and
facilities over the years and today is a 100 bedded hospital. Dr.
Koya is the Chief Medical officer. The hospital is also approved by
the All India Council of Technical Education for conducting
paramedical courses in X-Ray, Lab-Technician and other such
courses. The Government of Kerala has approved conducting Nurses
Training Courses.


MIDFIELD INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Midfield Industries Limited
        Plot No. 6, Phase IV
        Extn IDA, Jeedimetla
        Hyderabad, Telangana 500055
        IN

Insolvency Commencement Date: August 27, 2021

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Sandhya Tadla

Interim Resolution
Professional:            Sandhya Tadla
                         EzResolve LLP, 402B, 4th Floor
                         Technopolis, Chikoti Gardens
                         Begumpet, Hyderabad 500016
                         E-mail: sandhyatadla@gmail.com

                            - and -

                         Plot No. 18, Chandragiri Colony
                         Besides RTA Office
                         Tirumalagiri
                         Secunderabad 500015
                         E-mail: cirp.midfieldindustries@gmail.com

Last date for
submission of claims:    September 9, 2021


NAYAK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Nayak Infrastructure Private Limited

        Registered office:
        Swarupananda Road Lumding
        Dist: Nagaon Lumding
        Assam 782447
        India

        Principal office:
        2nd Floor, Kamakhya Commercial
        C.K. Road
        Panbazar Guwahati 781001
        Assam, India

Insolvency Commencement Date: August 26, 2021

Court: National Company Law Tribunal

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

Insolvency professional: Vishal Ghisulal Jain

Interim Resolution
Professional:            Vishal Ghisulal Jain
                         502, G Square Business Park
                         Opp. Sanpada Station
                         Sector-30
                         Vashi 400705
                         E-mail: vishal@cavishaljain.com

                            - and -

                         Resolve-IPE Private Limited
                         1003, Satra Plaza
                         Sector 19-D, Vashi
                         Navi Mumbao 400703
                         E-mail: cirp.navakinfra@
                                 resolvegroup.co.in

Last date for
submission of claims:    September 9, 2021


NICE PROJECTS: CARE Lowers Rating on INR14.40cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Nice
Projects Limited (NPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.40       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

   Short Term Bank
   Facilities          44.00       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings have been revised on account of non-availability of
requisite information as well as on account of corporate insolvency
proceedings initiated against the company as recognized from
publicly available information.

New India Contractors & Engineers (NICE), a construction agency,
started its activities in 1988 as a proprietorship firm and was
later incorporated as Nice Projects Limited (NPL), on April 22,
2004. The company promoted by Mr. Sartaj Ali, an engineer by
profession, is engaged in construction works pertaining to
residential complexes, warehouses & allied buildings, industrial
structures, educational institutions, hospitals, heavy steel
fabrication and erection works etc., and has executed number of
projects. NPL has a reputed client base across the industrial,
commercial and residential construction segments and has also
received repeat orders from few clients. NPL has also executed
works for some of the prominent government agencies. The company
has an unexecuted order book of INR157.10 crore as of November 30,
2017.


NIHA INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Niha
International Private Limited (NIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      7.45        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Niha International Private Limited (NIPL), a Chennai-based company,
is engaged in recycling of liquor bottles since 2002. The company
was originally incorporated in February 1998 by Mr. Murari, Mr.
Krishna Prasad and Mr. Narayanan. However, it was non-operational
since its inception and was subsequently taken over by the current
directors of NIPL in 2002.


NOVELTY REDDY: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Novelty
Reddy And Reddy Motors Private Limited (NRRMPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2020, placed the
rating(s) of NRRMPL under the 'issuer non-cooperating' category as
NRRMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NRRMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 2, 2021, June 12, 2021, and June 22, 2021.

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

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

Novelty Reddy & Reddy Motors Private Ltd (NRRMPL) was incorporated
in 2007, by Mr. G. Rama Krishna Reddy. NRRM is an authorized dealer
for Maruti Suzuki India Ltd (MSIL) based in Bhimavaram and Tanuku
(both in Andhra Pradesh). The company has dealership for selling
entire range of passenger cars, spares and accessories of MSIL.
NRRM belongs to Reddy and Reddy Group which has diverse interests
including trading of prawns feed, authorized dealership of MSIL and
Hero Honda.

PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pragat
Akshay Urja Limited (PAUL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Shor Term Bank        2.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 10, 2020, placed the
rating(s) of PAUL under the 'issuer non-cooperating' category as
PAUL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PAUL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2021, June 5, 2021, June 15, 2021.

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

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

Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL,
CIN: U29190MP2009PLC021620) was incorporated in 2009 by Mr. Satish
Jain, Mr. Rakesh Jain, Mr. Prakash Chandra Jain and Mr. Anjesh
Jain. PAUL is engaged in manufacturing of photovoltaic solar
modules, solar cooker, solar lights and home light system. PAUL is
also engaged in complete System Integration (SI) Business for
government departments.

PRAGATI TRANSMISSION: Ind-Ra Gives 'BB' Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pragati
Transmission Pvt Ltd (PTPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180.58 mil. Term loans due on September 2031 assigned with  

     IND BB/Stable rating; and

-- INR84.00 mil. Fund-based working capital limits assigned with  
  
     IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PTPL's small scale of operations as indicated
by revenue of INR306.20 million in FY21 (FY20: INR260.05 million).
The improvement in revenue in FY21 was due to an increase in the
capacity utilization to 85% in FY21 (FY20: 75%), owing to receipt
of higher number of work orders. The company receives customized
orders from contractors and requires a lead time of two-to-three
weeks to process the orders. At end-June 2021, PTPL had orders
amounting to INR146.8 million (0.48x of FY21 revenue), to be
executed in the next three months. FY21 numbers are provisional.

Liquidity Indicator - Stretched: PTPL's average utilization of the
fund-based limits was 90% over the 12 months ended July 2021. The
company's cash and cash equivalents stood at INR5.74 million at
FYE21(FYE20: INR17.89 million. The net cash conversion cycle
elongated to 658 days in FY21 (FY20: 282 days) on account of an
increase in the inventory holding period to 523 days (152 days),
due to COVID-19-led? operational disruptions during the last few
weeks of FY21. The cash flow from operations are estimated by the
agency to have been positive in FY21 (FY20: INR5.62 million) on
account of healthy profitability. Ind-Ra expects the cash flow from
operations to remain positive in FY22. The company has scheduled
repayment of INR27.3 million in FY22, which is likely to be met
from internal accruals. Also, Ind-Ra draws comfort from PTPL's
ability to raise funds from the directors in the form of unsecured
loans without any fixed repayment schedule to meet its funding
requirements.

The ratings also factor in PTPL's moderate credit metrics as by
indicated by the gross interest coverage (operating EBITDA/gross
interest expense) of 3.36x in FY21 (FY20: 4.77x) and the net
leverage (total adjusted net debt/operating EBITDA) of 2.94x
(3.19x). Despite an increase in the absolute EBITDA, the
deterioration in interest coverage was due to increase in interest
expense to INR26.9 million (FY20: INR13.6 million) owing to
increase in total debt. However, the improvement in net leverage
was due to the improvement in the absolute EBITDA to INR90.40
million in FY21 (FY20: INR64.84 million). The company availed
COVID-19 emergency loans and had opted for the Reserve Bank of
India-prescribed debt moratorium on its term loan and working
capital facilities over March-August 2020.

However, the ratings are supported by PTPL's healthy EBITDA margins
of 29.5% in FY21 (FY19: 24.9%) with a return on capital employed of
16% (12%). The improvement in the margins was due to a decrease in
raw material costs. Ind-Ra expects FY22 margins to be in line with
the historical trend.

The ratings also benefit from the promoters' experience of three
decades in machine tool manufacturing business, leading to
established relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the scale of operations, leading to a
deterioration in the credit metrics with the net leverage
increasing above 5.0x along with a deterioration in the liquidity
position would lead to a negative rating action.

Positive: A substantial improvement in the scale of operations,
leading to improvement in the credit metrics and liquidity
position, would lead to positive rating action.

COMPANY PROFILE

Incorporated in 2006 by P.D. Kadam and Atul S Bhirangi, PTPL is
engaged in manufacturing, supplying and exporting of precision
gears used in aerospace, industrial gear boxes, power tools, and
machine tools and automobiles. The company also undertakes job work
orders for computerized numerical control (CNC) gear grinder, hob
sharpener, and CNC gear tester.


RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghu Rama
Renewable Energy Limited (RRREL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of RRREL under the 'issuer non-cooperating' category as
RRREL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RRREL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, and June 26, 2021.

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

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

Raghu Rama Renewable Energy Limited (RRREL) was incorporated in
2001 and is a subsidiary of Ind-Barath Power Infra Limited (IBPIL)
of the Ind-Barath Group. The company operates 18-MW Biomass-based
power plant in Ramnad district of Tamil Nadu with the plant
commencing operation from October 2004. The primary source of fuel
is biomass such as Prosopis Juliflora shrubs combined with wood
powder and matchbox waste.


RAJAGURU SPINNING: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajaguru
Spinning Mills Private Limited's (RSMPL) Long-Term Issuer Rating of
'IND BB (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR940 mil. Long-term loans* due on December 2025 maintained
     in non-cooperating category and withdrawn; and

-- INR360 mil. Fund-based facilities*# maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

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

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY20 and FY21,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.  

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage for RSMPL.

COMPANY PROFILE

Incorporated in 1994, RSMPL manufactures viscose yarn at its
facility in Pallipalayam, Tamil Nadu.


RELIANCE BROADCAST: CARE Reaffirms D Rating on INR83.69cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Reliance Broadcast Network Limited (RBNL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           83.69      CARE D Reaffirmed

   Non-Convertible
   Debentures           50.00      CARE D Reaffirmed

   Non-Convertible
   Debentures           66.80      CARE D Reaffirmed

   Non-Convertible
   Debentures           50.00      CARE D Reaffirmed

   Non-Convertible
   Debentures           65.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the Bank facilities/Instruments of RBNL
have been reaffirmed on account of ongoing delays in debt servicing
since September 2019. The ratings also consider the weak financial
performance coupled with weak capital structure in FY21. The rating
further takes into account the termination of proposed acquisition
of RBNL by Music Broadcast Limited (MBL) and impact of covid-19 on
media and entertainment industry.

Rating Sensitivities

Positive Factors- Factors that could lead to positive rating
action/upgrade

* Repayment of all the outstanding dues to banks/financial
institutions and mutual fund houses

* Default free track record of at least 90 days

* Finding and finalising a deal with investor to enable the company
to scale up its operations and meet the remaining financial
obligations

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses:

* Ongoing delays/default in debt servicing: There has been an
ongoing delay in debt servicing since September, 2019. As a part of
CARE's due diligence process, CARE had obtained 'Default if any'
statement dated August 1, 2021 from the company, which mentioned
delays/default in debt servicing (both principal and interest) on
the term loans availed by the company, as also delays of more than
30 days in servicing interest on loans from banks/financial
institutions, and a delay in debt servicing of the unlisted debt
obligations of the company.

* Weak financial performance coupled with weak capital structure
Total Operating Income of the company declined by around 45% to
INR125 crore in FY21 (vs. INR231 crore in FY20). The company
continued to incur losses in FY21 and earlier years, primarily due
to high finance costs which has resulted in negative net worth as
of March 31, 2021. The operations were also impacted by the
outbreak of covid-19.  Continuous losses over the past few years
has eroded the net-worth of the company. Despite the equity
infusion of  INR600 crore in FY20, the net-worth stood at negative
value of INR684 crore as of March 31, 2021 and negative value of
INR582 crore as on March 31, 2020. Accordingly, the overall gearing
and total debt to GCA ratios are not meaningful.

* Termination of proposed acquisition of RBNL by Music Broadcast
Ltd (MBL): RBNL had entered into Share Subscription Agreement,
Share Purchase Agreement and Shareholding Agreements, dated June
12, 2019 with Reliance Entertainment Networks Private Limited
(formerly known as Reliance Land Private Limited), Reliance Capital
Limited and Music Broadcast Limited (MBL). Pursuant to these
agreements MBL would acquire 24% equity share capital in RBNL by
way of a preferential allotment and thereafter subject to the
receipt of all regulatory approvals value of INR1,050 crores.
During FY21, MBL terminated INR1,050 crore acquisition deal with
RBNL, since the parties did not receive approval from the Ministry
of Information and Broadcasting (MIB) and long stop date under the
definitive agreements has expired.

* Operates in competitive and regulated industry segment: The
competition is ever-increasing with availability of different
broadcasting channels and large number of players entering the
broadcasting industry. Moreover, technological changes have laid
new distribution platforms inviting competition from newer players.
To maintain its competitive edge in such a scenario, the company
will need to anticipate preferences to create, acquire, commission,
and produce compelling content across platforms favored by the
consumers.

Liquidity analysis: Poor

Liquidity position remains poor due to continued losses, and also
lack of timely support from the promoter group companies. The
company do not have the access to liquidity from FIs due to ongoing
defaults. The default under term loan, other borrowings and
debentures gives right to the holders recall these facilities
immediately. The aforesaid conditions indicate liquidity stress and
existence of a material uncertainty if company did not find any
investor for acquisition or scale up of the operations.

Reliance Broadcast Network Limited (RBNL), a public limited
company, incorporated on December 27, 2005, is a part of the Anil
Ambani-led Reliance Group. RBNL operates FM radio broadcasting
stations in 58 Indian cities under the brand name 'BIG FM'.

RELIANCE NAVAL: Gets Very Low Bids for Assets
---------------------------------------------
Zee Business reports that in a major development, the lenders of
Reliance Naval and Engineering Ltd. (RNEL) are staring at a haircut
of around 95%, as all the three bidders have submitted exorbitantly
low bids for the company.

At a Committee of Creditors (CoC) meeting on Sept. 1, all the three
bids were valued by the two independent valuers and presented to
the CoC. The independent valuers have found all the bids legally
compliant with the NCLT norms, Zee Business says.

Three companies i.e. Hazel Merchantile of Veritas Group, JSPL of
Naveen Jindal Group, and a consortium of GMS - Dubai and Besiktas
Shipyard - Turkey have submitted bids for Reliance Naval and
Engineering Ltd, according to the report.

Zee Business relates that the banking sources privy to the
development said the value of Hazel Mercantile's bid is INR730
crore, while JSPL has submitted a bid of around INR340 crore.

The third bidder, GMS of Dubai along with its Turkish partner,
Besiktas Shipyard has offered an upfront cash of INR50 crore, Zee
Business adds.

The total admitted debt of Reliance Naval and Engineering Ltd. is
INR12,000 crore.  Therefore, the highest bid of INR730 crore by
Hazel Mercantile will ensure only around 6% recovery for the
lenders, the report states.

All the bids are even far below the liquidation value and fair
value of Reliance Naval and Engineering Ltd.

According to the report, sources said the lenders have fixed the
liquidation value at INR1,800 crore and fair value at INR2,500
crore.

IDBI is the lead banker of Reliance Naval and Engineering Ltd.

Since all the three bidders have been found legally compliant, the
CoC will now appoint an independent consultant to start the
commercial negotiations with all the three bidders, the report
notes.

Zee Business says the entire debt of R-Naval has been transferred
to National Asset Reconstruction Company (NARCL). The resolution of
R-Naval debt will take place through NARCL AMC. The lenders of
Reliance Naval have already provided for 100 percent of the debt in
their books, for the last 8 years.

                        About Reliance Naval

Reliance Naval and Engineering Limited designs and constructs
warships and submarines. The Company offers offshore patrol and
research vessels, frigates, corvettes, aircraft carriers, and
destroyers, as well as piping, propeller, trilshaft, rudder,
coating, and machinery repair and maintenance services.  Reliance
Naval and Engineering serves oil and gas sectors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in
January 2020, The Hindu said that the Ahmedabad bench of the
National Company Law Tribunal (NCLT) has admitted an application
against Reliance Naval and Engineering Limited (R-Naval) for
insolvency.  "The application by IDBI Bank Ltd. for a claim of
INR1,159.43 crore before the NCLT Ahmedabad bench has been
admitted," R-Naval said in a filing with the exchanges.

This is the second Reliance Group firm to go for insolvency after
Reliance Communications, the Hindu disclosed.  The company had
total outstanding dues of INR9,534 crore as on December 31, 2019.
It reported a net loss of INR340 crore on net sales of INR20.5
crore for the second quarter ended Sept. 30, 2019.


RIVERBANK DEVELOPERS: CARE Cuts Rating on INR135cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Riverbank Developers Private Limited (RDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Corporate           135.00      CARE D; ISSUER NOT COOPERATING;
   Guarantee                       Revised from CARE C; ISSUER NOT

                                   COOPERATING; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 10, 2020, placed the
rating(s) of RDPL under the 'issuer non-cooperating' category as
RDPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RDPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 6, 2021, May 16, 2021, August 24, 2021.

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

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

The rating has been revised on invocation of corporate guarantee
for the loan provided to BBT Elevated Road Private Limited (BERPL).
There have been ongoing delays in debt servicing of BERPL for which
corporate guarantee is provided by RDPL.

The Hiland Group, promoted by Mr. Sumit Dabriwala and Mr. Nandu
Belani, is a reputed developer of real estate in Kolkata. The
Hiland Group collaborated with Bata India Limited (BIL) to
establish two special purpose vehicles – Riverbank Developers
Private Limited (RDPL) and Riverbank Holdings Private Limited
(RHPL), both being part of the Hiland Group, for the development of
an integrated township project, named Calcutta Riverside (CRS),
spread over 262 acres of land at Batanagar, Kolkata. With the court
order dated September 9, 2014, RDPL amalgamated with RHPL with
April 1, 2012 as the appointed date. RDPL has proposed to develop
150 lakh square feet saleable area (launched 54.84 lakh sq ft till
date) by FY25 in phased manner Brief Financials of RDPL (INR in
crore) FY16(A) FY17(A).

SAIKRUPA SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shri Saikrupa Sugar & Allied Industries Limited
        Shop No. 6 Annasaheb Magar
        Bhavan Gultekdi
        Market Yard, Pune
        Maharashtra 411037
        India

Insolvency Commencement Date: August 3, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: 180 days from commencement

Insolvency professional: CMA Harshad Shamkant Deshpande

Interim Resolution
Professional:            CMA Harshad Shamkant Deshpande
                         Harshad S Deshpande & Associates
                         Cost Accountants
                         403, Kumar Millennium
                         Jaibhavani Nagar
                         Paud Road
                         Near Rohan Corner
                         Kothrud, Pune 411038
                         E-mail: harshad_de@hotmail.com
                                 hsdasso@gmail.com

Last date for
submission of claims:    September 11, 2021


SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarvottam
Atta Private Limited (SAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 2, 2020, placed the
rating(s) of SAPL under the 'issuer non-cooperating' category as
SAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2021, May 28, 2021, June 7, 2021.

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

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

SAPL was established as a proprietorship firm by Mr. Jilubhai
Chauhan in 2005 and was reconstituted as a private limited company
in June 2014. SAPL is engaged in the business of grain processing
(wheat) and produces flour and semolina (rava) and sells it under
the brand name 'Vanraj'. Its manufacturing facility is located at
Sihor in Gujarat and operates with an
installed capacity of 200 metric tonnes per day.

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

The instrument-wise rating actions are:

-- INR14.26 mil. Term loan due on September 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR58 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR122.6 mil. Non-fund-based working capital limit migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2016, SCS Constructions India is primarily engaged
in the construction of roads, bridges and irrigation projects in
Odisha. It is registered as a Super Class Contractor with the
government of Odisha and its registered office is in Bhubaneshwar.
Suresh Chandra Sahoo is the promoter. The company also operates a
fuel station near Puri in Odisha.


SHIKHAR MICROFINANCE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shikhar
Microfinance Private Limited (SMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 30, 2020, placed the
rating of SMPL under the 'issuer non-cooperating' category as SMPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated
June 5, 2021.

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

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

Detailed description of the key rating drivers

At the time of last rating on June 30, 2020, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies)

Key Rating Weakness

* Ongoing delays: There are ongoing delays in servicing of the
scheduled debt obligations by the company.

* Deteriorating capitalization profile: SFPL's capitalization
profile was moderate with the company's capital adequacy CAR of
15.50% as of March 17 and 23.52% as of Dec. 17. On account of
significant losses in FY20, the tangible net worth of the company
reduced from INR7.3 crore as of March 31, 2019 to INR-4.0 crore as
on March 31, 2020.

* Small scale of operations and declining loan book: The operations
of SMPL remain small with a loan portfolio of INR13.3 crore as on
March-20 reduced from INR36.5 crore as on March 31, 2019.

* Weak financial risk profile: During FY20, the company reported
net loss of INR11.5 crore on total income (net of interest expense)
of INR0.6 crore as against net loss of INR19.3 crore in FY19 on
total income (net of interest expense) of INR1.3 crore in FY19.

Key Rating Strengths

* Experienced promoters with long track record of operations in the
MFI industry: SMPL was promoted by Mr. Satyavir Chakrapani and Mr.
Vinoy Thomas. Mr. Satyavir Chakrapani is the MD & CEO of SMPL
having experience of more than 16 years with the development sector
and microfinance initiatives providing consultations to various
e-governance projects and ICT initiatives in various capacities
like e-governance, developmental and community issues. Mr. Vinoy
Thomas (CFO) has over 14 years of experience in serving various
roles that included working with development financial institutions
in the areas of infrastructure consulting, advisory, financial
modeling and analysis.

Liquidity: Poor

The liquidity of the company continues to remain poor as reflected
in delay in servicing of scheduled debt obligations.

Shikhar Microfinance Private Limited (SMPL) is a Micro Finance
Institution (MFI) based out of Delhi and founded by Mr. Satyavir
Chakrapani and Mr. Vinoy Thomas. In 2007, Shikhar Development
Foundation (SDF) was registered as a trust under the Indian Trust
Act, 1882 for its microfinance operations. In 2008, the trustees of
SDF formed a special purpose vehicle namely Partners of Shikhar
Trust (POST). In March 2009, SDF along with Dia Vikas Capital
Private Limited acquired the nonbanking financial company (NBFC),
Anup Leasing Private Limited (ALPL-NBFC, incorporated on February
16, 1993). In October 2010, ALPL was renamed Shikhar Microfinance
Private Limited (SMPL) after obtaining due approvals from RBI.
However, on November 12, 2013, SMPL got converted to NBFC-MFI. SMPL
follows Joint Liability Group (JLG) model wherein it provides
financial assistance to poor women of urban and rural areas. The
company provides small value collateral-free loans ranging from
INR15,000 up to INR50,000 for a tenure between 12-36 months. As of
March 31, 2020, SMPL had a total outstanding portfolio of INR13.3
crore.


SINDHU TRADE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sindhu Trade
Links Limited's (STLL) Long-Term Issuer Rating to 'IND D' from 'IND
B+' while resolving the Rating Watch Negative (RWN) and has
simultaneously migrated it to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR0.7 mil. Fund-based limits (Long -term/Short-term)
     downgraded; off RWN and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR1.9 mil. Non-fund-based limits (Long -term/Short-term)
     downgraded; off RWN and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.6 mil. Term loan (Long -term) due on March 2023
     downgraded; off RWN and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of STLL and its subsidiaries - Hari Bhoomi Communications Private
Limited (shareholding: 84.7%), Indus Automotives Private Limited
(98.1%), Param Mitra Resources Pte Limited (96.2%) and Sudha Bio
Power Pvt Ltd (100%) while arriving at the ratings as all the
entities have common promoters.

KEY RATING DRIVERS

The downgrade and RWN resolution reflect the cancellation of the
restructuring application of the company (as informed by the
management to Ind-Ra) filed by the STLL on 23 December 2020 and the
subsequent delay in servicing of term debt obligations in June 2021
due a stretched liquidity position. STLL had delayed servicing of
term debt obligations in September 2020 as well. With reference to
the agency's Treatment of Restructurings due to COVID-19 Related
Business Disruptions and the updated (revised on 12 December 2020)
FAQs on Resolution Framework for COVID-19 related stress released
by the Reserve Bank of India, the ratings were placed on RWN as the
company's management was in the final stages of applying for the
restructuring of its credit facilities.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

STLL is engaged in the business of transportation services, along
with the trading of oil and lubricants. Its subsidiaries are
engaged in media, automobiles and spare parts, bio-power generation
and coal mining operations.


SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skypoint
Multitrade Private Limited (SMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      10.05      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2020, placed the
rating(s) of SMPL under the 'issuer non-cooperating' category as
SMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2021, May 27, 2021, June 6, 2021.

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

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

Incorporated in 2011 by Mr. Masiar Rahaman and Mr. Mijanur Rahaman,
Skypoint Multitrade Private Limited (SMPL, erstwhile Skypoint
Mercantile Private Limited) is engaged in trading of various
agro-commodities like basmati rice, boiled rice, parboiled rice,
raw rice, chana dal, moong dal, soya beans, raw cashew-nuts, yellow
corn, etc. The varieties of rice are sold under the brands "Jolly
Rice" and "Trendy Rice" which comprise 60-65% of the net sales in a
year. SMPL forayed into the exports of rice to the wholesalers in
African and Gulf countries in FY16 with exports constituting ~40%
of the net sales in FY16. All the supplies, on the other hand, are
procured from the domestic agro-producers. SMPL also has an
associate concern named Mijan Imex International Private Limited
(MIIPL) (CRISIL BB), which is also incorporated by Mr. Masiar and
Mr. Mijanur, and is engaged in a similar line of business. The
varieties of rice traded by MIIPL are sold under the brand "Asian
Taste".


SPGV PETROCHEM: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SPGV
Petrochem India Private Limited (SPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           24.80      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 2, 2020, placed the
rating(s) of SPIPL under the 'issuer non-cooperating' category as
SPIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2021, May 28, 2021, June 7, 2021.

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

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

Ahmedabad Gujarat-based SPGV Petrochem (India) Pvt. Ltd. (SPGV) is
engaged in the trading of petroleum products such as bitumen,
furnace oil and pet coke. SPGV was initially incorporated in
October 2010 as a partnership firm by Mr. Sanjeev Shah and Mr.
Dharmesh Shah as partners. Subsequently, in May 2012, it was
converted into a private limited company.


SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Motors Private Limited (SSMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 10, 2020, placed the
rating(s) of SSMPL under the 'issuer non-cooperating' category as
SSMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2021, June 5, 2021, June 15, 2021.

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

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

Sukh Sagar Motors Private Limited (SSMPL, CIN:
U34100MP2008PTC020216), incorporated in the year 2008, is promoted
by Mr. Amandeep Singh Khanna and family members. The company has
entered into an authorized dealership agreement with Tata Motors
Limited (TML) for sales and service of passenger cars along with
sale of spare parts in Jabalpur, Madhya Pradesh. SSMPL's revenue
sources include sale of vehicles and their spare parts, service
income, target incentive from TML and commission from financers.

SUZUKI TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suzuki
Textiles Limited (STL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      143.87      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.23      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 14, 2020, placed the
rating(s) of STL under the 'issuer non-cooperating' category as STL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. STL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2021, June 9, 2021, June 19, 2021.

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

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

STL is a Bhilwara based closely held public limited company
incorporated in 1986 and has an operational track record of more
than two decades. STL operates in three basic segments – suiting
& shirting, yarn (polyester cotton & cotton) and readymade
garments. As a part of restructuring process, STL disposed-off the
Spinning and weaving unit at Bhilwara after receipt of NOC from its
bankers. Moreover, sale of the readymade garment unit at Tonk is
not executed as few members bank have not agreed to grant NOC/
release the documents.

TRAVANCORE COFFEE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Travancore
Coffee Company Private limited (TCCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.70      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of TCCPL under the 'issuer non-cooperating' category as
TCCPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TCCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021 and July 30, 2021.

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

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

Kodagu (Karnataka) based Travancore Coffee Company Private Limited
(TCCPL) was incorporated in the year 1993 as Private Limited
Company by Mr. P K Shameem and Mr. Faiz Moosakutty (Managing
Director). In the year 1998, Mr. P P Pervez was appointed as one of
the Board of Directors of the company. TCCPL is engaged in
processing of coffee beans with the installed capacity of 6,000
metric ton per annum.


ULTRA DRUGS: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ultra Drugs
Private Limited (UDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      5.00        CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of UDPL under the 'issuer non-cooperating' category as
UDPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. UDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, June 26, 2021.

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

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

Ultra Drugs Private Limited (UDPL) was incorporated as a private
limited company in 2006 with Mr. Sangram Singh as its Managing
Director and Dr Minna Jakhar and Mr. Malwinderjeet Singh as its
directors. The company undertakes contract manufacturing of
pharmaceutical formulations at its manufacturing facility located
in Baddi, Himachal Pradesh. The pharmaceutical formulations are
available in the form of tablets, capsules, ointments, lotions,
powder, nasal spray etc. and the company is present across various
therapy areas including antibacterial, cardiovascular,
anti-diabetic, skin care, antacids etc. The customer base includes
reputed pharmaceutical companies. Besides UDPL, the promoters are
also engaged in other group concerns namely Ultra Green (UG) and
Ultra Healthcare (ULH). Both the group concerns are proprietorship
firm established in 2015 by Dr. Minna Jakhar. UG is engaged in
manufacturing of ayurvedic medicines while ULH is engaged in
marketing of pharmaceutical formulations. UDPL also sells the
finished products to its group concern- Ultra Healthcare also.


UNICORN ORGANICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unicorn Organics Limited
        2nd Foor, Tirumala Complex
        S D Road, Secunderabad 500003
        Telangana

Insolvency Commencement Date: August 13, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 26, 2022

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         #302, 3-6-140/A, 3rd Floor
                         City Centre, Himayat Nagar
                         Hyderabad 500029
                         Telangana
                         E-mail: ippavankankani@gmail.com
                                 cirp.unicorn@gmail.com

Last date for
submission of claims:    September 13, 2021


UNITY MULTICONS: CARE Hikes Rating on INR4.00cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Unity Multicons Private Limited (UMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B; Stable; Revised from
   Facilities                      CARE D; Stable outlook assigned

   Short Term Bank
   Facilities          10.20       CARE A4 Revised from CARE D

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of Unity
Multicons Private Limited (UMPL) takes into account regularization
of debt servicing. However, the ratings continue to be constrained
by small scale of operations; albeit strong growth of 46% witnessed
in FY21(UA), moderate profit margins, moderate gearing levels &
debt coverage indicators. The ratings also remain tempered by
geographically concentrated order book position, risk of delay in
execution of contracts, tender based orders mainly from
government-funded projects. The ratings, however, continue to
derive strength reasonable experience of promoters in the
construction sector with support from associate companies,
satisfactory order book position providing reasonable revenue
visibility, presence of price escalation clause in majority of the
contract.

Key Rating Sensitivities

Positive Factors- Factors that could lead to positive rating
action/upgrade

* Increase in scale of operations with total operating income
exceeding INR70.00 crore.

* Improvement in profitability margins with the PBILDT and PAT
exceeding 12% and 2.5% on sustained basis

* Total Outside Liabilities to Net Worth reaching below 3.50x on a
sustained basis.

* Improvement in collection period below 90 days on a sustained
basis

Negative Factors- Factors that could lead to negative rating
action/downgrade

* Deterioration in capital structure with Total Outside Liabilities
to Net Worth exceeding 5.50 x on sustained basis

* Deterioration in liquidity profile with collection period
exceeding 120 days on a sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Regularization in debt servicing as of August 7, 2021: At present
as per banker interaction and bank statement provided by the
client, there are no overdrawing in cash credit accounts from March
01, 2021 and also the OD Penal charges was due to technical error
and the same was reversed.  The company has repaid all dues under
Funded Interest Term Loan (FITL) of INR40.00 lakhs in six EMI.
Furthermore, the company has started the repayment of EMI of GECL
loan after a moratorium of 12 months from June 2021. Also, banker
has expressed satisfaction over conduct of account and UMPL is
paying interest on cash credit and loan taken under GECL scheme in
timely manner.

* Small scale of operations; Albeit; strong growth of 46% witnessed
in FY21(UA): The total operating income of UMPL has shown a
significant growth of 46.76% on a YoY basis to INR34.50 crore in
FY21(Prov.). (as against INR23.51 crore in FY20) on account of
increase in orders executed post easing of lockdown imposed by
government of India in COVID-19 pandemic situation. Furthermore,
during Q1FY22 (refers to the period April 1, 2021 to June 30,
2021), UMPL has recorded total sales of INR7.69 crore and has
unexecuted pending order book worth of INR583.28 crore as of August
7, 2021. However, the scale of operations continues to be small
marked by total operating income and gross cash accruals of
INR34.50 crore and INR2.99 crore respectively during FY21 (Prov.).
The tangible net worth though increased, the same has was
relatively small at INR7.53 crore as of March 31, 2021 (vis-à-vis
INR5.34 crore as of March 31, 2020). The small scale of TOI, GCA
and tangible net worth limits the company's financial flexibility
in times of distress.

* Moderate PBILDT margins: During FY21, the PBILDT margin of the
company has declined by 310 bps to 12.13% (vis-à-vis 15.23% in
FY20) owing increase in raw material prices from 27.43% of cost of
sales in FY20 to 43.42% in FY21. However, the PAT margin has
improved by 268 bps to 5.02% in FY21 (from 2.34% in FY20) due to
decrease in the interest cost. Nevertheless, the profit margins of
the company remained at moderate level. Going forward the margins
are expected to remain largely stable at FY21 levels with positive
bias led by better economies of scale.

* Moderate gearing levels and debt coverage indicators: As of March
31, 2021, total debt of UMPL stood at INR16.50 crore (as against
INR11.02 crore as of March 31, 2020) which comprised of bank loans
& NBFC loan of INR5.20 crore, unsecured loans from directors of
INR2.61 crore and working capital borrowings of INR2.01 crore.
Capital structure of the company is moderate, on account of its
high reliance on working capital borrowings other long-term loans
availed from banks and group companies. The overall gearing
deteriorated and stood at 2.19x as of March 31, 2021 (vis-à-vis
2.06x as of March 31, 2020). However, the Total Outside Liabilities
to Net worth improved and stood at 3.73x as of March 31, 2021
(vis-à-vis 5.08x as of March 31, 2020) due to improvement in net
worth in FY21 (from INR5.34 crore in FY20 to INR7.53 crore in
FY21). Interest coverage improved to 5.85x in FY21 (vis-à-vis
3.45x in FY20) largely due to decline in interest cost.

* Geographically concentrated order book position: The company
undertakes projects only in the state of Maharashtra (100% o/s
orderbook is from Maharashtra). Although projects pertain to both
private and public sector, they are executed only in Maharashtra.
As a result, the company is susceptible to a slowdown in the
awarding of Government tenders in Maharashtra. Risk of delay in
execution of contracts: Projects undertaken by the company are
susceptible to a delay in execution due to unavailability of funds
by Government departments and other bureaucratic practices and
delay in some paperwork from Maharashtra Housing Development
Corporation Limited (MHDCL). As a result, the company faces the
risk of delay in receiving proceeds from its clients. Thus, despite
a healthy order book, the same does not necessarily get translated
into work execution.

* Business risk associated with tender-based orders mainly with
government-funded projects: The Indian construction sector is
highly fragmented with presence of many mid and large-sized
players. Increase in competition on the back of bid driven nature
of the business and relaxation in the pre-qualification criteria by
some of the nodal agencies has resulted in aggressive bidding by
many construction companies during the last one-two years. Given
the sluggishness in awarding of new projects in almost every other
infrastructure sub-segment, competition in the roads sector has
been intense as is reflected by the entry of new players in the
sector (by forming JVs with domestic/international entities) and
increasing number of bidders for projects. Aggressive bidding, high
interest rate scenario and delay in project progress due to
increasing resistance towards land acquisition and regulatory
clearances collectively affect credit profile of the contractor.
However, the company is classified as Class-3 level contractor by
the Municipal Corporation of Greater Mumbai (MCGM) which enables it
to participate in contract to the tune of INR300 crore.

Key Rating Strengths

* Reasonable experience of the promoters in the construction sector
with support from associate companies: The directors of the company
are Mr. Kafeel Moulavi, Mr. Jaydhaval Karmarkar and Mr. Owesahmed
Abdul Hakeem Inamdar, who possess an average experience of around
three decades in the civil construction sector. Mr. Kafeel Shabbir
Moulavi, the Managing Director, is technically qualified and has
been managing the operations of the company since inception. The
promoters have requisite qualification and experience in the
construction industry and look after the overall operations of UMPL
and play an active role in managing day-to-day operations. This has
led to building up of capabilities to handle the projects in timely
manner which has helped it to secure repeat orders from its
clientele. Directors have been managing the associate companies, AK
Construction and Jayhind Construction firms for the past 20 years.
UMPL benefits from its operational synergies with associate
companies. UMPL has access to technical and management resources
from its associate companies.

* Satisfactory order book position providing reasonable revenue
visibility: As of August 7, 2021, the company had an order book of
INR583.28 crore (vis-à-vis Rs 645.82 crore as of February 22,
2021), which is to be executed till December 2023. Based on FY21
revenues of INR34.46 crore, order book to sales ratio is 16.92x,
which provides reasonable revenue visibility over the medium term.
Further, order book is sufficiently wide, comprising of 12 work
orders, comprising of orders from the private and public sector. Of
the order book, 44.66% comprises of Government order book and
55.34% comprises of private sector projects from Maharashtra. The
projects include construction of tunnels, earthwork, roads and
bridges and strengthening, widening, and maintenance of the same.
UMPL undertakes all the work on its own or get the projects done
from sub-contractor (associate concerns and other subcontractors).
Timely execution of these projects would be critical for achieving
projected cash accruals.

* Presence of price escalation clause in majority of the contracts:
Most of the projects have a price escalation clause (40%- 100%)
which mitigates the risk arising out of adverse movement in raw
material prices which include bitumen, sand, steel, fuel and
lubricants etc., in absence of any annual price/volume contracts
with any of its raw material suppliers. However, it does not
protect UMPL from overhead costs in case of delay in projects for
more than stipulated time frame.

Liquidity: Stretched

Liquidity position remained stretched and the company is expected
to report a GCA of INR3.88 crore in FY22 as against scheduled
repayment of various terms loan/equipment & machinery loan of
around INR2.40 crore in FY22. The average utilization of the
working capital borrowing stood at 91.40% during the past 4 months
ended July 2021.

Solapur-based, Unity Multicons Private Limited (UMPL), was
incorporated in the year 2010. UMPL is engaged in civil
construction work for dams, canals, barrage and road work. UMPL is
promoted by Mr. Kafeel Moulavi, Mr. Jaydhaval Karmarkar and Mr.
Owesahmed Abdul Hakeem Inamdar. The company undertakes work for
private and public sector clients in Maharashtra. Projects
completed by the company include construction of concrete roads,
drains, footpath and road dividers in Barshi for Barshi Municipal
Corporation, construction of earthwork and structures of canal,
construction of storage tank and others. The company has its own
asset base of excavators, tippers, soil compactors and water
tankers to execute the contracts. The raw material required for
construction activities include diesel, cement, sand, steel, metals
and others, which is procured from suppliers in Maharashtra.


UTOPIAN SUGARS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Utopian
Sugars Limited (USL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       136.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 29, 2020, placed the
rating(s) of USL under the 'issuer non-cooperating' category as USL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. USL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2021, May 25, 2021, June 4, 2021.

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

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

USL was incorporated in March 2010 as a closely held limited
company (not listed) to undertake manufacturing of sugar and
sugar-related products at Taluka Mangalwedha in Solapur,
Maharashtra. USL is promoted by Mr. Umesh P. Paricharak as Chairman
and his brother Mr. Uttam V. Patil as Managing Director (MD) having
industry experience of over two decades. USL has set up a
greenfield partially integrated cane processing plant with a
crushing capacity of 3,500 tonnes of cane crushed per day (TCD) and
co-generation power plant of 14.8 Mega-Watt (MW) at Taluka
Mangalwedha in Solapur, Maharashtra. The company commenced
commercial production from sugar season (SS) 2014- 15 in December
2014 and crushed sugarcane to the tune of 4.56 lakh MT. FY16 was
the first full year of commercial operations of the company.

VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Visual &
Acoustics Corporation LLP (VACL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      11.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of VACL under the 'issuer non-cooperating' category as
VACL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VACL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021 and June 28, 2021.

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

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

VACL was incorporated on November 26, 2009 by M. Amarjit Singh
Kalra and his wife Ms Surinder Kaur Kalra. The firm is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loudspeakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The firm
commenced operations in November 2009 and its manufacturing
facility is located in Mundka based (Delhi). VACL belongs to the 5
core group, based in New Delhi. The 5 core group was established in
1983 and apart from VACL, the group has six other companies namely,
Indian Acoustics Private Limited, EMS and Exports, 5 Core Acoustics
Private Limited, Five Core Electronics Limited, Happy Acoustics
Private Limited and Digi Export Venture Private Limited which are
all involved in the same line of business.


VRINDAVANBIHARI COLD: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Vrindavanbihari Cold Storage Private Limited (SVCSPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 28, 2020, placed the
rating(s) of SVCSPL under the 'issuer non-cooperating' category as
SVCSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SVCSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated June 13,
2021, June 23, 2021, July 3, 2021.

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

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

Manipuri (Uttar Pradesh) based Shri Vrindavanbihari Cold Storage
Private Limited (SVCSPL) was incorporated in May, 2016 and the
commercial operations commenced in September 2017. The operations
of the company are being managed by Smt. Dhan Devi, Shri. Harkesh
Kumar, Smt. Mala Devi and Shri. Vishesvar Singh. SVPL is engaged in
renting of its cold storage facility for potatoes to the local
farmers in Agra, Uttar Pradesh with multi chambers having storage
capacity of 10,538 Metric Tonnes or 2,63,450 bags as of March 2018.


ZIRCON TECHNOLOGIES: Ind-Ra Keeps 'BB' Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Zircon
Technologies (India) Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits* maintained in non-cooperating
     category and withdrawn;

-- INR214 mil. Term loan* due on April 1, 2036 maintained in non-
     cooperating category and withdrawn; and

-- INR10 mil. Non fund-based limits is withdrawn (paid in full).

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to the company's full-year financial performance for
FY20 and FY21, sanctioned bank facilities and utilization, business
plan and projections for the next three years, information on
corporate governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection and No Dues certificate from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
Zircon Technologies.

COMPANY PROFILE

Zircon Technology incorporated in year 1991. The company is engaged
in Label Printing. ZTIL IS operating from two locations one is in
Dehradun and another one is in Chennai. In Dehradun; the company
has two plants one is engaged in the procedure of Label Printing
and another one is in Canister Manufacturing.




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

GARUDA INDONESIA: May Get $231MM Capital Injection for New Planes
-----------------------------------------------------------------
The Jakarta Post reports that Garuda Indonesia is in talks about
receiving a IDR3.3 trillion (US$231 million) state capital
injection next year to buy aircraft in expectation of a rebound in
air travel demand starting 2022.

The Jakarta Post relates that Edwin Hidayat Abdullah, who oversees
the formation of a state-owned travel holding firm slated to
acquire Garuda, said on Sept. 2 that the injection could be done
either through a direct investment or partnership scheme.

He said a direct investment entailed Garuda subsidiary Citilink
conducting a rights issue, while a partnership entailed the holding
firm, PT Aviasi Pariwisata Indonesia (Aviata), buying the aircraft
for Citilink, the report relays.

"The recovery in the aviation sector could be dampened if there is
no additional aircraft investment by next year," Edwin told
lawmakers during a hearing with the House of Representatives on
Sept. 2, The Jakarta Post adds.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.




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

TAKATA CORP: Inks $42 Million Air Bag MDL Deal With Volkswagen
--------------------------------------------------------------
Law360 reports that Volkswagen has agreed to a $42 million
settlement to resolve consumer lawsuits over the use of defective
Takata Corp. air bag inflators in its vehicles, according to a
Wednesday, September 1, 2021, filing by the plaintiffs seeking
preliminary approval of the deal from a Miami federal court.

The proposed settlement with Volkswagen Group of America Inc., Audi
of America LLC and their affiliates covers 1.35 million vehicles,
the plaintiffs said in their motion.  The deal is modeled on
settlements previously approved with seven other automakers in the
sprawling multidistrict litigation.  Consumers are also pursuing
claims against General Motors, Mercedes-Benz and Stellantis.

                        About TAKATA Corp.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures, and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats, and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide. The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China, and other countries.  Takata Corp. filed for bankruptcy
protection in Tokyo and the U.S., amid recall costs and lawsuits
over its defective airbags. Takata and its Japanese subsidiaries
commenced proceedings under the Civil Rehabilitation Act in Japan
in the Tokyo District Court on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
17-11375) on June 25, 2017. Together with the bankruptcy filings,
Takata announced it has reached a deal to sell all its global
assets and operations to Key Safety Systems (KSS) for US$1.588
billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to Part IV
of the Companies' Creditors Arrangement Act.  The Canadian Court
appointed FTI Consulting Canada Inc. as information officer. TK
Holdings, as the foreign representative, is represented by McCarthy
Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson
Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York;
and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Washington, D.C., as its bankruptcy counsel.  The Committee
has also tapped Chuo Sogo Law Office PC as Japan counsel.  The
Official Committee of Tort Claimants selected Pachulski Stang Ziehl
& Jones LLP as counsel.  Gilbert LLP will evaluate the insurance
policies.  Sakura Kyodo Law Offices is serving as special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the
Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as
Takata's counsel in the Chapter 15 cases.

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.




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

PHILIPPINE AIRLINES: To Delay or Drop Airbus Orders
---------------------------------------------------
Nikkei Asia reports that Philippine Airlines will delay or cancel
the delivery of over a dozen Airbus planes, company officials said
on Sept. 6, adding that the distressed flag carrier is looking to
emerge from bankruptcy protection by year-end.

Nikkei says the airline was supposed to receive 13 narrow-body
aircraft from European manufacturer in the next five years, until
the coronavirus pandemic hammered the aviation industry.

"We were able to get the support of Airbus to basically postpone
those deliveries and give us an option to cancel some of those
aircraft beyond 2026 to 2030 . . . depending on how this recovery
shapes up," the report quotes Nilo Thaddeus Rodriguez, the
airline's chief financial officer, as saying in an online news
conference on Sept. 6.

Philippine Airlines on Sept. 3 filed a "pre-arranged" Chapter 11
petition in the U.S. state of New York. The first hearing is set
for this week, and the carrier aims to emerge from the bankruptcy
process by the end of the year, airline president Gilbert Santa
Maria said in the same briefing, Nikkei relays.

"Once we exit before the end of the year, we're done. We will have
a lighter balance sheet. We will have new capital, and our cost
structure will be a lot lighter," Nikkei quotes Mr. Santa Maria as
saying.  "I don't anticipate anything other than, you know, an
asteroid hitting Manhattan to stop us from exiting," the president
said.

According to the report, the Chapter 11 filing comes after a year
of negotiations with over 40 parties, including suppliers,
creditors and lessors, which agreed to cut Philippine Airlines'
financial burden by over $2 billion and allow it to shrink its
fleet by 25%.

The company will return 22 aircraft, leaving it with 70 planes
after the process, Mr. Santa Maria said.

Billionaire Lucio Tan, who controls Philippine Airlines, is set to
inject $505 million into the company, a portion of which will be
converted into equity, Nikkei notes. A further $150 million in new
debt is being arranged.

Nikkei adds that Philippine Airlines said it would welcome
financial backing from the government, which has expressed
reluctance to rescue airlines. "You can never be too sure how this
recovery or this pandemic plays out, so having them behind [the
company] post-Chapter 11 is something we can explore and work out
with them," Mr. Rodriguez said.

The company said it will be business as usual during the
restructuring, and expects revenue this year to be a third of the
pre-pandemic level in 2019, the report relays.

                      About Philippine Airlines

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569).

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines.  Kurtzman Carson Consultants LLC is the claims agent.




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

FLEX LTD: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021,upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Flex Ltd. to BB+ from BB-.

Headquartered in Singapore, Flex Ltd. operates as an electronics
manufacturing services company.


TOA LEASE: Commences Wind-Up Proceedings
----------------------------------------
Members of TOA Lease Pte Ltd, on Aug. 31, 2021, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

         Yamashika Masao
         Akira Obata
         Avic DKKY Pte. Ltd.
         24 Peck Seah Street
         #04-01 Nehsons Building
         Singapore 079314



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***