/raid1/www/Hosts/bankrupt/TCRAP_Public/210910.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 10, 2021, Vol. 24, No. 176

                           Headlines



A U S T R A L I A

SKB AUSTRALIA: Second Creditors' Meeting Set for Sept. 16
SMART PLASTIC: First Creditors' Meeting Set for Sept. 21


C H I N A

CHINA EVERGRANDE: China OKs Debt Terms Reset to Ease Cash Crunch


I N D I A

AGMATEL INDIA: ICRA Withdraws B+ Rating on INR20.25cr Cash Loan
ANJANI FOOD: CARE Keeps B+ Debt Rating in Not Cooperating
B. J. HOTELS: CARE Keeps D Debt Rating in Not Cooperating
B. P. ALLOYS: CARE Keeps B- Debt Ratings in Not Cooperating
BIHANI AGRO: CARE Keeps B- Debt Rating in Not Cooperating

DEVAS MULTIMEDIA: NCLAT Dismisses Company's Bid Against Winding Up
EAP INFRASTRUCTURES: Insolvency Resolution Process Case Summary
FLORA MARMO: CARE Lowers Rating on INR22.34cr LT Loan to B
GENERAL TRADING: CARE Lowers Rating on INR14cr LT Loan to B-
GMR POCHANPALLI: CARE Hikes Rating on INR20cr LT Loan to B

GOPINATH ENGINEERING: Insolvency Resolution Process Case Summary
GREEN FIELD: CARE Keeps B Debt Rating in Not Cooperating
KYRA HOSPITALITY: CARE Lowers Rating on INR2.0cr LT Loan to B-
LAXMI TRADERS: CARE Keeps C Debt Rating in Not Cooperating
M B CERAMIC: ICRA Moves B+ Debt Ratings to Not Cooperating

MADHAVA HYTECH: ICRA Keeps D Debt Rating in Not Cooperating
MANGLAM AGROTECH: CARE Assigns B+ Rating to INR1.95cr LT Loan
MARVEST AQUA: CARE Keeps B Debt Rating in Not Cooperating
PROODLE HOSPITALITY: CARE Keeps B+ Debt Rating in Not Cooperating
R A MOTORS: CARE Assigns B+ Rating to INR48.50cr LT Loan

R. M. AUTO: CARE Keeps C Debt Rating in Not Cooperating Category
RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating
REGENCY NIRMAN: ICRA Cuts Rating on INR32cr LT Loan to B+
SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
SAI CHHAYA: CARE Keeps C Debt Rating in Not Cooperating Category

SHIGA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
SHIVAJI CANE: CARE Keeps D Debt Rating in Not Cooperating
SIGMA READYMIX: CARE Assigns B+ Rating to INR0.48cr LT Loan
SKYI PROPERTY: CARE Keeps D Debt Rating in Not Cooperating
SPICA PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating

SUASTH HEALTH: Insolvency Resolution Process Case Summary
SUBHASHRI BIO-ENERGIES: Insolvency Resolution Process Case Summary
TALIN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
TINKA STONES: CRISIL Keeps B Debt Rating in Not Cooperating
TOPLINK MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating

UJALA MINERALS: CARE Lowers Rating on INR15cr LT Loan to C
UNIVERSAL POLYSACK: CARE Keeps B- Debt Rating in Not Cooperating
VME PROPERTIES PRIVATE: Insolvency Resolution Process Case Summary
YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
[*] INDIA: Insolvency Resolution Pace Slows by 45% in Q1



J A P A N

JAPAN AIRLINES: Looking to Raise US$2.7BB to Bolster Finances
JAPAN: Pandemic-Linked Business Failures in Jan. to Aug. Top 1,000


P H I L I P P I N E S

PHILIPPINE AIRLINES: Seeks $505MM DIP Loan From Equity Holders
PHILIPPINES: No Massive Loan Defaults Despite Economic Slump


S I N G A P O R E

HARDWARESUPPLIES PTE: Court to Hear Wind-Up Petition on Sept. 24
ITSUPPLIER PTE: Court to Hear Wind-Up Petition on Sept. 24
UNITED ACHIEVA: Court to Hear Wind-Up Petition on Sept. 24


V I E T N A M

VIETNAM: State Bank Agrees to Extend Debt Rescheduling for 6 Mos.

                           - - - - -


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

SKB AUSTRALIA: Second Creditors' Meeting Set for Sept. 16
---------------------------------------------------------
A second meeting of creditors in the proceedings of SKB Australia
Pty Ltd, as Trustee for KBS Family Trust, trading as Darch SUPA
IGA, has been set for Sept. 16, 2021, at 10:30 a.m. via virtual
meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 15, 2021, at 4:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of SKB Australia on April 19, 2021.


SMART PLASTIC: First Creditors' Meeting Set for Sept. 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Smart
Plastic Pty Ltd; Planet Green Corporation Pty Ltd; and Ocean for
Earth Pty Ltd, will be held on Sept. 21, 2021, at 11:00 a.m. via
via teleconference facility.

Robert Ditrich of PricewaterhouseCoopers was appointed as
administrator of Smart Plastic on Sept. 9, 2021.




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

CHINA EVERGRANDE: China OKs Debt Terms Reset to Ease Cash Crunch
----------------------------------------------------------------
Bloomberg News reports that regulators in Beijing have signed off
on a China Evergrande Group proposal to renegotiate payment
deadlines with banks and other creditors, paving the way for a
temporary reprieve as the cash-strapped developer struggles to come
to grips with more than $300 billion of liabilities.

China's Financial Stability and Development Committee, the nation's
top financial regulator, gave its blessing to Evergrande's plan
last month after the property giant missed interest and principal
payments on some loans, a person familiar with the matter said,
asking not to be identified discussing private information,
Bloomberg relates.

Evergrande has already contacted some banks and trusts to request
deadline extensions, four people said. It's unclear how many of
those discussions have led to agreements and whether the company
intends to delay payments to bondholders, Bloomberg notes.

According to Bloomberg, the development suggests Evergrande has
regulatory backing to negotiate with creditors on a piecemeal
basis, as it tries to ease a cash crunch that has unnerved
investors in China's $12 trillion bond market. While the company's
main banks had discussed setting up a creditor committee as
recently as last week to consolidate repayment decisions, lenders
and regulators have decided to give Evergrande more time to solve
its liquidity crisis before taking more drastic measures, people
familiar with the matter said.

Evergrande's complex web of obligations to banks, bondholders,
suppliers and homeowners has become one of the biggest sources of
financial risk in the world's second-largest economy, Bloomberg
says. While China's government has publicly urged the company to
solve its debt problems, officials have yet to spell out whether
they would allow a major debt restructuring or bankruptcy.
Speculation over Evergrande's fate has fueled outsized swings in
its shares and bonds, with the latter rising from record lows on
Sept. 9.

Some lenders have indicated a willingness to be flexible on payment
deadlines. Bloomberg reported last month that China Minsheng
Banking Corp., China Zheshang Bank Co. and Shanghai Pudong
Development Bank Co. had agreed to give Evergrande extensions on
some project loans. Citic Trust, one of the developer's biggest
non-bank lenders, has given preliminary approval to a three-month
extension on loans that were due in August, a person familiar with
the matter said.

REDD reported on Sept. 8 that Evergrande plans to suspend interest
payments on loans from two banks due Sept. 21, adding that the
developer asked one lender to wait for details on a proposed
extension plan.

Meanwhile, bond investors have been pricing in a high likelihood of
default. Even after Sept. 9's rally, Evergrande dollar notes due
next year are trading at just 27 cents on the dollar.

Bloomberg says the stakes are high for Evergrande creditors. The
company's borrowings totaled CNY716 billion ($111 billion) at the
end of December, with nearly half due in less than a year. It owes
about CNY830 billion in trade and other payables to suppliers, and
has received down payments on yet-to-be-completed properties from
more than 1.5 million homebuyers, Bloomberg discloses.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific, Fitch
Ratings, in early September 2021, downgraded to 'CC' from 'CCC+',
the Long-Term Foreign-Currency Issuer Default Ratings (IDR) of
Chinese homebuilder, China Evergrande Group, and its subsidiaries,
Hengda Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch
has also downgraded the senior unsecured ratings of Evergrande and
Tianji to 'C', from 'CCC', with a Recovery Rating of 'RR6', as well
as the Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited to 'C', from 'CCC', with a Recovery Rating of
'RR6'.  The downgrade reflects Fitch's view that a default of some
kind appears probable. Fitch believes credit risk is high given
tight liquidity, declining contracted sales, pressure to address
delayed payments to suppliers and contractors, and limited progress
on asset disposals.

The TCR-AP also reported that Moody's Investors Service, in early
September 2021, has downgraded the Corporate Family Rating China
Evergrande Group to Ca from Caa1, and its senior unsecured ratings
to C from Caa2. The outlook on the ratings remains negative.




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

AGMATEL INDIA: ICRA Withdraws B+ Rating on INR20.25cr Cash Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Agmatel India Private Limited at the request of the company and
based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-         20.25        [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                      COOPERATING; Withdrawn

   Non-Fund Based      23.75        [ICRA]A4; ISSUER NOT
                                    COOPERATING; Withdrawn

Incorporated in 1997 as a private limited company in with Mr. Anand
Kumar Aggarwal and his business associate, Mr. Vijay Kumar Malhotra
as Directors. AIPL provides IT services, offers personal and
enterprise computing, software, imaging and printing, and
consulting and integration services.

ANJANI FOOD: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anjani Food
Products Private Limited (AFPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; 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 29, 2020, placed the
rating(s) of AFPPL under the 'issuer non-cooperating' category as
AFPPL 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. AFPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2021, June 24, 2021, July 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(s).

Anjani Food Products Private Limited (AFP) was incorporated in 2010
by Mr. Pradeep Kumar Gupta Mr. Kishan Gopal Gupta and Mr. Vijay
Kumar Gupta. AFP is engaged in the processing of wheat into flour
(Viz, Maida, Rawa, Bran, and wheat flour). The manufacturing unit
is located in Rahimpur, Aurangabad with a total installed capacity
of 250 Metric tons per day of processing of wheat as of March 24,
2017.AFP procures raw material viz, wheat grain, flour, etc. from
regional mandis. AFP products are sold to manufacturers and
traders. AFP is part of Gupta group formed in 1995 by Gupta family.
The group operates total 17 mills across India with a total
installed capacity of processing of wheat of 15 Lakh metric tons of
wheat per annum.


B. J. HOTELS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. J.
Hotels Private Limited (BJHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.12       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 22, 2020, placed the
rating(s) of BJHPL under the 'issuer non-cooperating' category as
BJHPL 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. BJHPL 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, 202.

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.

B.J. Hotels Private Limited (BJHPL) was incorporated in 1971, as a
private limited company, by Mr. Gurindersingh P. Bawa and Mr.
Karanveersingh G. Bawa. BJHPL has developed hotel in Khar Mumbai
under the name of "Hotel Bawa Suites" with room inventory of 26
rooms comprising of 7 floors plus 6 shops on ground floor and
basement which are given on rent to Airtel, Viom Network Limited,
Indus, Zodiac, Vijaydeep Hotels Pvt Ltd and IOSIS Spa and Wellness.
From FY15 entire hotel business was transferred to one of its group
company namely Vijaydeep Hotels Private Limited and now BJHPL earns
only rental income from the shops on the ground floor and basement
from companies namely Airtel, Viom Network Limited, Indus, Zodiac
and others. The group is into the hospitality industry for more
than 3 decades and has established boutique properties in Mumbai
namely, Hotel Bawa International, Hotel Bawa Continental, Hotel
Bawa Suites and Hotel Bawa Regency.


B. P. ALLOYS: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of B. P.
Alloys Limited (BPA) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.16       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank
   Facilities           7.00       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 July 31, 2020, placed the
rating(s) of BPA under the 'issuer noncooperating' category as BPA
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. BPA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021 and July 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(s).

BPA is engaged in the manufacturing of steel ingots and steel bar,
rods & flats since 1987. BPA is promoted by Mr. Baldev Prasad Gupta
(Chairman) who has an experience of more than 5 decades in the
steel industry. The company has an installed capacity (furnace
unit) of 15,000 MTPA for manufacturing of steel ingots and a
Rolling Unit of 22,500 MTPA capacity for rolled products, at its
manufacturing facility located in Ludhiana, Punjab.


BIHANI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bihani
Agro Foods Private Limited (BAFPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.65       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.03       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 29, 2020, placed the
rating(s) of BAFPL under the 'issuer non-cooperating' category as
BAFPL 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. BAFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2021, June 24, 2021 and July 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(s).

BAFPL was incorporated in the year 2014 and is promoted by Mr. Ram
Niwas Bihani, Mr. Inder Chand Bihani, Mr. Shri Niwas Bihani, Mr.
Govind Bihani, Mr. Gopal Bihani and Mr. Raghav Bihani. The company
started its operations in December 2014. BAFPL is engaged in the
processing of paddy at its manufacturing unit located at Fazilka,
Punjab, with total installed capacity of 14,400 metric ton per
annum (MTPA). The company has a group concern by the name-Fazilka
Agro Private Limited engaged in processing of paddy since 1992.


DEVAS MULTIMEDIA: NCLAT Dismisses Company's Bid Against Winding Up
------------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 8 dismissed a petition filed by Devas
Multimedia challenging an order of the NCLT to wind up the
company.

According to Livemint.com, the NCLAT upheld the earlier order of
the Bengaluru bench of the National Company Law Tribunal (NCLT),
which had on May 25, 2021 directed winding up of Devas Multimedia
and appointed a provisional liquidator for the purpose.

Livemint.com notes that NCLT's direction had come over a petition
filed by Antrix Corporation, the commercial arm of the Indian Space
Research Organisation (ISRO).

The NCLT had said Devas Multimedia was incorporated with a
fraudulent motive to collude and connive with the then officials of
Antrix Corporation to get bandwidth from it by entering into an
agreement in 2005, which was subsequently cancelled by the
government.

This order was challenged by Devas Multimedia and its shareholder
Devas Employees Mauritius Private Ltd before the Chennai bench of
NCLAT, which on Sept. 8 dismissed the petition.

"This Tribunal has come to a consequent conclusion that the Company
Appeal is not maintainable in law . . .," said the two-member NCLAT
bench comprising Justice M Venugopal and V P Singh.

The order of winding up of Devas Multimedia is "undoubtedly,
cemented on, just, fair, reasonable and equitable ground to relieve
an 'abuse' and the same is free from any legal flaws," it added,
Livemint.com relays.

It further said the agreement by Devas with Antrix was "through
fraud, misrepresentation or suppression".

According to the report, Devas said what this agreement intended to
achieve was first-of-its-kind and a tremendous innovation. As a
result, Devas introduced and utilised technologies like never
before and was a huge revenue generator for Antrix.

"This Tribunal finds it rather strange that such a vast and vital
agreement dated 28.01.2005 was allowed to be signed by an Article
Clerk who had no background in science and technology, especially
with the functioning of Devas Services and was given remuneration
for signing the agreement," it noted.

                      About Devas Multimedia

Devas Multimedia and Antrix Corporation signed an agreement on
January 28, 2005 for ISRO to lease two communication satellites for
12 years at a cost of INR167 crore to Devas Multimedia, the report
recalls. The latter, a start-up firm, was to provide multimedia
services to mobile platforms in India using the space band or
S-band spectrum transponders on ISRO's GSAT 6 and 6A satellites
built at a cost of INR766 crore by ISRO. The deal was annulled by
the UPA government in February 2011 in the backdrop of the 2G scam
and allegations of a sweetheart deal in allocation of the S-band
spectrum to Devas Multimedia.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
26, 2021, The Economic Times said the National Company Law Tribunal
(NCLT) has admitted the petition filed by Antrix Corporation, the
commercial arm of Indian Space Research Organisation, for winding
up Devas Multimedia and has appointed a provisional liquidator for
the company. A two-member NCLT Bengaluru bench of the NCLT has
directed the provisional liquidator to take control of the
management, properties and actionable claims of Devas Multimedia.
The tribunal has also directed the existing management of Devas
Multimedia to extend full cooperation to the provisional liquidator
appointed by it.


EAP INFRASTRUCTURES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: EAP Infrastructures Private Limited

        As per NCLT Order:
        42, Rajendra Prasad Road
        Nehru Nagar, Chrompet
        Chennai 600044
        Tamil Nadu, India

        As per MCA data base:
        92, K Block, Palm Reviera
        Thirumudivakkam Main Road
        Thirumudivakkam, Chennai
        Kancheepuram 600132
        Tamil Nadu, India

Insolvency Commencement Date: September 2, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 1, 2022

Insolvency professional: Radhakrishnan Sureshkumar

Interim Resolution
Professional:            Radhakrishnan Sureshkumar
                         New No. 284/1, Old No. 119 A/1
                         Pannayar Street
                         Chinnasuraikaipatti
                         Rajapalayam
                         Virudhunagar District 626117
                         Tamil Nadu
                         E-mail: carsuresh2009@gmail.com

Last date for
submission of claims:    September 17, 2021


FLORA MARMO: CARE Lowers Rating on INR22.34cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Flora Marmo Industries Private Limited (FMIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.34       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank     18.90       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 29, 2020, placed the
rating(s) of FMIPL under the 'issuer non-cooperating' category as
FMIPL 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. FMIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2021, June 24, 2021, July 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(s).

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

Flora Marmo Industries Private Limited (FMIPL) was incorporated on
August 2007 by, Mr. Amit Jalan and Mr. Troy Caerio, having around
21 years of experience in marble processing industry. FMIPL is
engaged in importing, processing and selling of marble (viz. marble
slabs and blocks). The company sells its products to institutional
buyers, retail customers, other marble processing players and
dealers.


GENERAL TRADING: CARE Lowers Rating on INR14cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
General Trading Corporation (GTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short      8.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 7, 2020, placed the
rating(s) of GTC under the 'issuer non-cooperating' category as GTC
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. GTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 23, 2021, July 3, 2021, July 13, 2021.

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

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

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

Incorporated in 2012, GTC is engaged in Yarn (Polyester and Nylon)
and Grey trading and is based in Surat, Gujarat. GTC is also
authorized distributor various textile players viz. Bhilosa
Industries Private Limited, Garden Silk Mills Limited, Shree Durga
Syntex Private Limited, Gokulanand Texturisers private limited and
Chiripal Industries Limited etc. GTC is managed by Mr. Nilesh Patel
and Mr. Harish Patel who have more than two decades of experience
in textile industry.


GMR POCHANPALLI: CARE Hikes Rating on INR20cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GMR
Pochanpalli Expressways Limited (GPEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B; Stable; Revised from
   Facilities                      CARE D; Outlook Stable

   Non Convertible
   Debentures         258.33       CARE B-; Stable Revised from
                                   CARE D

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities and debt
instrument of GPEL is on account of improvement in liquidity due to
receipt of last two annuities from the National Highways Authority
of India (NHAI), without any deductions, and consequent
regularization of debt servicing. The rating continues to remain
constrained by the weakened strength of the structure with
continuing exposure of GPEL towards group companies and sizeable
advances extended to group entities with weak credit profile,
pending outcome of the ongoing litigation with NHAI in Hon'ble High
Court of Delhi and weak liquidity profile with low liquid funds
available and absence of funded Debt Service Reserve Account and
Major Maintenance Reserve Account (MMRA). Absence of MMRA can
negatively impact the liquidity in case of unfavorable judgment in
High Court w.r.t the incurrence of major maintenance expenditure.
The rating, however, is underpinned by the operational annuity
project with no exposure to traffic risk, timely receipt of
annuities, low credit risk associated with annuity provider and
long track record of operations.

Rating Sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Recovery of funds from group companies and reduction in exposure
on sustained basis.

* Improvement in liquidity profile of the company marked by
improvement in cash balances while meeting maintenance expenses
every year.

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Any adverse impact on the cashflow position due to unfavorable
outcome of the ongoing litigation in court.

* Non-receipt/delay/reduced receipt of annuity

Detailed description of the key rating drivers

Key Rating Strengths

* Improvement in liquidity profile with regularization of debt
servicing: The company faced liquidity issue due to reduction of
22nd annuity to ~INR39 crore on March 26, 2020 as against INR54.18
crore as per Concessionaire Agreement (CA), on account of delay in
major maintenance of the stretch. Given the liquidity stretch due
to annuity reduction, the company had sought moratorium which was
rejected and hence due to cashflow mismatch there were delays in
debt servicing till January 2021. The company recovered annuity
dues in September 2020 and March 2021 without any deduction which
along with recovery of advances from group resulted in improvement
in liquidity position. Consequently, the debt servicing was
regularized with the installment due on April 15, 2021 repaid in a
timely manner.

* Operational annuity project with timely receipt of annuities: The
project revenues are linked with the annuity receivables from NHAI
and not dependent on the traffic on the project stretch. However,
the annuity receivables are subject to full availability and
regular maintenance of the project stretch as per terms of
concession agreement. As of March 31, 2021, GPEL has received 24
annuities from NHAI. All the annuities have been received in a
timely manner. However, there have been deductions from annuity due
to non-incurrence of major maintenance expenditure as per
NHAI.

* Low credit risk associated with the Annuity provider–NHAI: NHAI
is a statutory body, incorporated by the Govt. of India under act
of Parliament. It functions as a nodal agency for development,
maintenance and management of the National Highways in the country.
By virtue of being a quasi-government body, the risk arising from
NHAI defaulting on the annuity payments is very low.

* Satisfactory track record of operating and maintaining the
stretch: The company has established track record of maintaining
the stretch as per the terms and largely received full annuities
from NHAI since commissioning of the project in 2009. The company
has also entered into agreement with O&M contractor for the regular
maintenance of the stretch.

Key Rating Weaknesses

* Weakened strength of the structure with continued exposure to
group companies: GPEL has advanced funds to group companies which
stood at INR344 crore as of March 31, 2021 (Rs.347 crore as of
March 31, 2020). Majority of the exposure is in entities with
relatively weak credit profile. The transfer of funds is
inconsistent with the structure originally envisaged and has
diluted the strong credit quality inbuilt in the structure. The
company has recovered some advances from the group during FY20-21,
however, timelines of recovery to fund any cashflow mismatch is
crucial from credit perspective.

* Pending outcome of the ongoing litigation: NHAI had levied a
penalty on account of pending major maintenance of the project
which was disputed by GPEL. The company had invoked the arbitration
proceedings against NHAI in respect of the dispute on applicability
of carrying out of major maintenance of the road project once in
every five years as per the Concession Agreement. On January 14,
2020, the Tribunal had pronounced the award wherein it had not
agreed with the contention of the company and had mandated the
company to carry out the major maintenance from April 1, 2020 while
directing NHAI to refund the deducted annuity amount with interest
and cost of litigation. Both the parties have appealed in the
Hon'ble High Court of Delhi and the matter is sub-judice. Hence,
ability of the company to mobilize required funds from group
companies and adherence with transaction structure including,
inter-alia, maintenance of Major Maintenance Reserve Account (MMRA)
will continue to be important from credit perspective.

Liquidity indicator – Poor

There have been annuity deductions in the past which had stretched
the liquidity profile of the company. With recovery of full
annuities due in September 2020 and March 2021, the liquidity
profile has improved resulting in regularization of debt servicing.
However, the company does not have funded DSRA and/or liquid funds
thereby resulting in significant dependence on timely receipt of
annuities in full. The company had cash balance of INR3.00 crore as
of July 31, 2021. The liquidity is also susceptible to any adverse
outcome of the ongoing litigation with respect to incurrence of
major maintenance expenditure.

GMR Pochanpalli Expressways Private Limited (GPEL) was incorporated
as a Special Purpose Vehicle (SPV) by GMR group on October 18, 2005
to develop and maintain the 102-km stretch on the National Highway
(NH)-7 connecting Adloor Yellareddy and Gundla Pochanpalli in the
state of Andhra Pradesh. The concession was awarded by NHAI on
Build, Operate and Transfer (BOT) Annuity Basis to the consortium
based on its lowest annuity quote of INR108.36 crore (payable
semi-annually). GPEL has entered into a Concession Agreement (CA)
with NHAI on March 31, 2006 for the project. The project achieved
Commercial Operations Date (COD) on March 26, 2009. GPEL received
its first annuity from NHAI in September 2009. As of March 31,
2021, GMR Highways Limited along with GMR Infrastructure Limited
and GMR Energy Limited held 100% stake of GPEL.


GOPINATH ENGINEERING: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gopinath Engineering Co Pvt Ltd
        15 C Wing, Mezzanine Floor
        Satyam Owners Premises
        CHS Ltd, M.G. Rd
        Satyam Shopping Center
        Ghatkopar-East, Mumbai City
        Mumbai MH 400077

Insolvency Commencement Date: August 10, 2021

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Suresh Chandra Jena

Interim Resolution
Professional:            Mr. Suresh Chandra Jena
                         501, Ruby Isle
                         Royal Palms
                         Aarey Milk Colony
                         Goregaon East, Mumbai Suburban
                         Maharashtra 400065
                         E-mail: suresh.jena58@gmail.com

                            - and -

                         301-302, Poonam Pearl
                         Next to Himachal Society
                         Opposite New India Colony
                         Andheri West, Mumbai
                         Maharashtra 400058
                         E-mail: cirp.gopinath@gmail.com

Last date for
submission of claims:    August 27, 2021


GREEN FIELD: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green Field
Material Handling Private Limited (GFMHPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.51       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 24, 2020, placed the
rating(s) of GFMHPL under the 'issuer non-cooperating' category as
GFMHPL 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. GFMHPL 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.

Green Field Material Handling Private Limited (GFM), an ISO
9001-2000 certified company, was incorporated in 2008 by Mr. Uttam
Chaudhari. GFM came into existence with the merger of three group
entities viz. Green Field Industries, Akash Wire Drawing Dies (both
engaged in the business of materials handling products) and Green
Field Agro Equipment's (engaged mainly in the business of selling
assembled diesel engines). GFM continues to run the business of
material handling and lifting products (polyester slings), selling
of agro-equipment (mainly assembled diesel engines) and
manufacturing of solar panels (used in solar water heating systems
and solar street lighting).


KYRA HOSPITALITY: CARE Lowers Rating on INR2.0cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Kyra
Hospitality (KH), 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 September 14, 2020, placed
the rating(s) of KH under the 'issuer non-cooperating' category as
KH 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. KH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2021, August 10, 2021 and August 20, 2021.

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

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

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

Bangalore-based Kyra Hospitality (KH) proposes to open a
Hospitality center consisting of both Bar and restaurant at Ashok
Nagar, Bangalore. The firm was established on August 20, 2019 by
Mr. Sandeep K (Managing partner), Ms. Sushma Chetak, Ms. Sridevi
SL, Ms. Vijayalakshmi and Ms. Deepthi Nayani being the partners and
the profit sharing ratio among them is as per the deed mentioned.
Also, the firm has an associate concern named Kyra Craft Work
Brewmeiser and is in the same line of business.

LAXMI TRADERS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Traders (SLT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE C; 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 September 1, 2020, placed
the rating(s) of SLT under the 'issuer non-cooperating' category as
SLT 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. SLT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 18, 2021, July 28, 2021, August 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).

Sri Laxmi Traders (SLT) was set up as a proprietorship entity in
2006 by Mr Surendra Kumar Bhagat of Purnea District, Bihar. The
entity is engaged in wholesale trading of agro commodities like
maize, onion, paddy and potato which is procured from the local
farmers and sold in the states of Orissa, Gujarat, West Bengal,
Karnataka, etc. Mr Surendra Kumar Bhagat, the proprietor, having an
experience of 25 years in the agro-commodity business looks after
the overall affairs of the entity.


M B CERAMIC: ICRA Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M B
Ceramic Llp in the 'Issuer Not Cooperating' category. The rating is
denoted as '[ICRA]B+(Stable) ISSUER NOT COOPERATING'.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-           3.00        [ICRA]B+(Stable) ISSUER NOT
   Fund Based                       COOPERATING; Rating moved to
   Cash Credit                      the 'Issuer Not Cooperating'
                                    category

   Long Term-           8.17        [ICRA]B+(Stable) ISSUER NOT
   Fund Based                       COOPERATING; Rating moved to
   Term Loan                        the 'Issuer Not Cooperating'
                                    category

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

The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Established in January 2018, M B Ceramic LLP (MBCL) manufactures
heavy-duty parking floor tiles at Kharkrechi, Morbi (Gujarat). The
manufacturing unit of MBCL has an annual installed production
capacity of 40,500 MT i.e. ~4,500 Boxes/ per day and ~13,50,000
boxes annually. The firm commenced its commercial operations from
May 2019. At present, MBCL  manufactures parking floor tiles in the
dimension of 300mmx300mm, 400mmx400m and 400mmx 800mm. The firm has
also started manufacturing parking tiles in size of 400mmx1200mm
from January 2020, which supports diversification in product
offering. The partners have extensive experience in the ceramic
industry vide their association with other entities. The partners
of the MBCL are also associated with the other tile manufacturing
companies, namely Luton Ceramic Pvt. Ltd., Capson Vitrified Private
Limited, Lancer Ceramic Private Limited, Capson Impex Private
Limited, Capron Vitrified Private Limited and Aricon Papers Private
Limited.


MADHAVA HYTECH: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Madhava
Hytech Infrastructures (India) Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as '[ICRA] D/[ICRA] D;
ISSUER NOT COOPERATING'.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term         4.00       [ICRA] D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non Fund         10.00       [ICRA] D; ISSUER NOT COOPERATING;
   Based Bank                   Rating continues to remain under
   Guarantee                    'Issuer Not Cooperating' category

   Unallocated       5.00       [ICRA] D/[ICRA] D; ISSUER NOT
   Limits                       COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

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

Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family members.
The company is involved in the construction of roads, bridges, and
railway tracks in states like Andhra Pradesh, Karnataka, Tamil
Nadu, and North-eastern states. MHIIPL was incorporated post the
demerger of Madhava Hytech Engineers Pvt. Ltd. (MHEPL) with effect
from April 1, 2009. MHEPL was incorporated by Mr. Madhava Rao
(father of Mr. K. Pradeep Kumar). He has over 30 years of
experience in the construction industry. As per the court decision
on demerger, MHIPL and MHEPL would continue to retain the
registrations and credentials of MHEPL.

MANGLAM AGROTECH: CARE Assigns B+ Rating to INR1.95cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Manglam
Agrotech Private Limited (MAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.95      CARE B+; Stable Assigned
   Facilities           

   Long Term Bank       27.57      CARE B+; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of
Manglam Agrotech Private Limited and in line with the extant SEBI
guidelines, CARE revised the rating of bank facilities of the
company to 'CARE B; Stable; ISSUER NOT COOPERATING. However, the
company has now submitted the requisite information to CARE. CARE
has carried out a full review of the rating and the rating is
revised to 'CARE B+; Stable.

The revision in the rating assigned to the bank facilities of
Manglam Agrotech Private limited (MAPL) considers improvement in
operating profit levels and cash accruals during FY21 (Provisional,
refers to the period from April 1 to March 31).

The rating constrained by small scale of operations, volatility in
agro commodity prices with linkages to vagaries of monsoon and
regulated nature of the industry. The rating also factors in the
risk associated with the expansion project, working
capital-intensive nature of operations, leveraged capital
structure, moderate debt coverage indicators and weak liquidity
condition. However, the rating derives strength from experienced
promoter, proximity to the raw material sources and favorable
industry scenario.

Rating Sensitivities

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

* Increase in total operating income (Rs.100 crore) on a sustained
basis while profitability margin on a sustainable
basis.

* Improvement in overall gearing level below 2.5x and its reduced
reliance on external borrowing for funding working capital
requirement on a sustained basis.

* Healthy generation of cash flow from operations leading to
improvement in liquidity with buffer available in fund-based limit
utilization.

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

* Sizeable de-growth in total operating income (Rs.50 crore) along
with deterioration in operating margin reaching below 3.5% on a
sustained basis.

* Sustained negative Cash flow from operations leading to further
stretching of liquidity.

* Delay in commissioning of project also leading to cost overrun.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation: MAPL is a relatively small player in
the food processing industry marked by total operating income of
INR88.47 crore with a PAT of INR0.35 crore in FY21. Further, the
net worth base and total capital employed was low at Rs.8.42 crore
and INR32.79 crore, respectively, as of March 31, 2021. The small
size restricts financial flexibility in times of
stress. Further, the total operating income of the company remained
broadly stable in FY21. Led by lower volumes of wheat flour
division, TOI declined by 0.58% y-o-y in FY21 (prov.). The PBILDT
margins continued to be moderate, however, absolute PBILDT levels
increased due to decline in average purchases price of wheat in
FY21. The interest coverage though deteriorated due to increase in
interest expenses, continued to be moderate at 2.17x in FY21
vis-àvis 2.31x in FY20. The company has booked turnover of INR28
crore during 4MY22 as maintained by the management.

* Risk associated with expansion project: The company is expanding
its rice milling capacity to 1,00,800 tons per annum from 57,600
tons per annum with an aggregate cost of INR16.88 crore. The
expansion project is expected to be funded through term loan of
INR11.00 crore and balance through unsecured loans from promoters
of INR5.88 crore from promoters and associates. The promoters have
already infused unsecured loans and spent INR1.00 crore (i.e.5.92%
of total project cost) towards the expansion project till July 31,
2021. Therefore, the project is into very nascent stage of
implementation. Further, the financial closure for the debt portion
of the project is not yet tied up. Moreover, the expansion project
is expected to commence operation towards the end of FY22.

* Linkages to vagaries of the monsoon: MAPL is primarily engaged in
the processing of rice & wheat products in its mills. The
cultivation of agro products is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of agro
products and result in volatility in prices. In view of seasonal
availability of agro products, working capital requirements remain
high at season time owing to the requirement for stocking of paddy
& wheat in large quantity. The raw material cost is the major cost
driver for the company which accounts for 82-94% of total cost of
sales during last 4 years.

* Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy and wheat growers which limits the bargaining power of
millers over the farmers. The MSP of paddy was increased during the
crop year 2021-22 to INR1940/quintal from INR1868/quintal in crop
year 2020-21. The MSP of wheat was increased during the crop season
2020-21 to INR1975/quintal from INR1925/quintal in 2019-20. Given
the market-determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable to change in government policies.

* Working capital intensive nature of operations: The food
processing business being a working capital-intensive operation,
requires large amount of working capital mainly during the
harvesting seasons when prices remain low and the company procures
major raw material during these times. Further it requires to allow
credit of around one and half months to its customers which also
resulting into high working capital intensity of its operations.
The debtors increased to INR10.30 crore as of March 31, 2021 from
INR7.72 crore as of March 31, 2020 on the back of slow realizations
owing to COVID pandemic. The fund-based utilizations remained
almost full during last 12 months ended June 30, 2021.

* Leveraged capital structure with moderate debt coverage
indicators: The company has availed Covid loan of INR2.93 crore and
vehicles loans of INR0.41 crore during FY21. This apart, it has
also availed ad hoc fund-based limits of INR2.00 crore as of March
31, 2021 which has resulted in deterioration in overall gearing
ratio to 2.93x as of March 31, 2021 as against 2.51x as
of March 31, 2020. The debt coverage indicators also remained
moderate in last three years (FY19-FY21). The total debt to GCA
deteriorated as of March 31, 2021 and the same remained at 12.62x
as of March 31, 2021 as against 10.71x as of March 31, 2020.

Key Rating Strengths

* Experienced promoters: The company is into food processing
business since 2010 and thus has over a decade of track record of
operations. Due to satisfactory track record of operations the
company has established satisfactory relationship with its clients.
Furthermore, the key promoter; Mr. Alok Khemka has more than a
decade of experience in agro food processing industry, looks after
the day-to-day operations of the company. He is supported by
another promoter Mrs. Madhumita Khemka.

* Proximity to raw material sources: MAPL plant is located at
Bhadrak district of Odisha which is close to wheat and paddy
growing region in eastern India resulting in lower logistic
expenditure (both on transportation and storage), easy availability
and procurement of raw materials at effective prices.

* Favorable Industry Outlook: India is second largest producer of
paddy in the world after China. Rice is a staple crop for 70% of
the world and thus the demand for rice is expected to continue to
grow. The food security concerns all over the world is driving the
growth of the Indian rice industry, which by exporting rice to
various countries is contributing towards global food security.
Wheat-based products, viz. Maida, Sooji, Bran and Atta have large
consumption across the country in the form of bakery products,
cakes, biscuits and different types of food dishes in homes and
restaurants. The demand has been driven by the rapidly changing
food habits of the average Indian consumer, dictated by the
lifestyle changes in the urban and semi-urban regions of the
country.

Liquidity: Stretched

The company has stretched liquidity position as reflected by almost
full utilization of fund-based limits. The company has a term debt
obligation of INR0.67 crore in FY22 and cash accruals are expected
to be sufficient to repay them. The average fund-based utilization
of the company remained high at around 97% during the last 12
months ended June. As per the discussion with the banker, the
company has availed moratorium over interest on cash credit for the
month of March to August, it has also availed Guaranteed Emergency
Credit line for INR2.93 crore. While both debtors and inventory
increased in FY21, creditors witnessed decline leading to increase
in operating cycle and negative cash flow from operations.

Incorporated in March 2008, Manglam Agrotech Private Limited (MAPL)
is promoted by Mr. Alok Khemka and Mrs. Madhumita Khemkha and is
engaged in rice and wheat milling activities. The company has
commenced the commercial operations of rice processing at its plant
from February 2010 and wheat processing from January 2019. The rice
milling and processing plant of the company is located at Bhadrak,
Odisha with an installed capacity of 57,600 tons per annum of rice
and 15,000 tons per annum for wheat. This apart, it has also added
pulses processing into besan with an installed capacity of 10,000
tons per annum during FY21 but operation of the same is not yet
started due to on-going covid pandemic leading to low demand of
besan. The company procures paddy and wheat from local farmers and
traders and after processing, the final products are sold to
distributors/wholesalers in the state of Odisha, Tamil Nadu,
Kerela, West Bengal etc. under its brand Manglam&. The company is
expanding its rice milling capacity to 1,00,800 tons per annum from
57,600 tons per annum.


MARVEST AQUA: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Marvest
Aqua Protein Private Limited (MAPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.16       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 31, 2020, placed the
rating(s) of MAPPL under the 'issuer non-cooperating' category as
MAPPL 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. MAPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 17, 2021, July 27, 2021 and August 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(s).

Marvest Aqua Protein Private Limited (MAPPL) was incorporated on
March 9, 2018 under companies' act 2013. It is based on
Nagapattinam, which is a coastal area in Tamil Nadu. The company
proposes to engage in manufacturing of fish meals, used as feeds in
commercial fish farms mainly for Shrimps, and fish oil. The company
intends to exports its products to countries such as China,
Vietnam. Mr. K Muhammed Ashraf, Mr. Pathoor Hussain Mohamed Ismail
and Mr. Sheik Dawoodh are the directors of the company. With the
upgraded manufacturing unit the company will have a production
capacity of 22 tonnes of fish meals per day.

PROODLE HOSPITALITY: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Proodle
Hospitality Services Private Limited (PHSPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.48       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.50       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 September 02, 2020, placed
the rating(s) of PHSPL under the 'issuer non-cooperating' category
as PHSPL 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. PHSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 19, 2021, July 29, 2021 and August 8, 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).

Proodle Hospitality Services Private Limited (PHS) was established
by Mr. Kavi Prasad and Mr. Srinath Ragavan in the year 2010. PHS is
engaged in food catering services for leading manufacturing and IT
companies including educational institutions. The company enters
into catering contracts with its customers for a period of 1-3
years for providing food service from its inhouse kitchen at the
client's location. Further, the company has availed moratorium on
their existing bank facilities announced by the RBI due to COVID-19
pandemic from March to August 2020.

R A MOTORS: CARE Assigns B+ Rating to INR48.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R A
Motors Private Limited (RAMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       48.50      CARE B+; Stable Assigned
   Facilities          

   Long Term/            0.50      CARE B+; Stable CARE A4
   Short Term                      Assigned
   Bank Facilities      
                                   
Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of RAMPL is constrained
by modest scale of operations, weak profitability margins,
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained by elongated operating cycle,
limited bargaining power with principal automobile manufacturer and
competitive and cyclical nature of the industry. The ratings,
however, draw comfort from experienced promoters in the automobile
dealership industry and established track record of operations
coupled with long standing association with Tata Motors Limited
(TML).

Rating sensitivities

Positive Factors

* Consistent increase in company's scale of operations above INR
200 crore while maintaining minimum PBILDT margin above 6% in
future years.

* Improvement in capital structure as marked by overall gearing to
below 1.00x on sustained basis

Negative Factors

* Further elongation in operating cycle to above 150 days
* Any further deterioration in debt coverage indicators marked by
total debt to GCA and interest coverage ratio

Detailed description of the key rating drivers

Key Rating Weakness

* Modest scale of operations: The scale of operations of the
company stood modest and declining for the past three years, i.e.
FY19-FY21. The total operating income declined from INR353.62 crore
in FY19 to INR150.82 crore in FY20 marking a y-o-y decline of ~57%.
The total operating income further declined to INR96.69 crore in
FY21, marking a y-o-y decline of ~36%. The decline in total
operating income is on account of the overall sluggish demand
scenario in the automobile industry coupled with the adverse impact
of lockdowns imposed by government of India due to spread of
Covid-19 pandemic. Further, the company's tangible net worth base
stood relatively modest at INR11.67 crore (Prov.). The modest scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. Furthermore, the company achieved
sales of ~INR 42 crore during 5MFY22.

* Weak profitability margins and weak debt coverage indicators: The
profitability margins of the company stood weak as marked by PBILDT
and PAT margins of 3.69% and 0.86% respectively in FY21 (Prov.) as
against 3.77% and 0.13% respectively in FY20, owing to the trading
nature of business. Furthermore, the company has limited
negotiating power and limited pricing flexibility with TML.
Additionally, the company generally has to offer better buying
terms like better discounts on the purchases which also has an
impact on the profitability margins of the company. Owing to weak
profitability and higher debt levels in FY21, the coverage
indicators of the company stood weak as marked by interest coverage
ratio and total debt to GCA of 1.72x and 20.21x respectively for
FY21 (Prov.) as against 1.22x and 17.35x respectively for FY20.

* Leveraged capital structure: As of March 31, 2021 (based on
provisional results), the debt profile of the company comprised of
rupee term loan amounting to INR5.86 crore, and working capital
bank borrowings amounting to INR27.28 crore against tangible net
worth base of INR11.67 crore. The capital structure of the company
stood leveraged as marked by overall gearing of 2.84x as on March
31, 2021 (Prov.) as against 1.65x as of March 31, 2020 on account
of new term loan availed by the company in FY21 for renovation of
its showrooms along with higher utilization of working capital
limits as on balance sheet date.

* Elongated operating cycle: The operating cycle of the company
stood elongated at 99 days for FY20 mainly on account of elongated
inventory holding period. The company needs to stock different
models of vehicles and spares in the showrooms in orders to ensure
ample availability and visibility, which leads to inventory holding
days of around 2 months. This, coupled with inventory pile up on
account of lower sales in the month of March 2020 due to Covid-19
impact has led to inventory holding days of 64 days for FY20.
Further, though the sales of passenger vehicles to customers are
mostly made on cash basis; however, majorly all commercial vehicles
are bought on vehicle financing basis through banks which results
in collection period of 37 days in FY20. The company procures
commercial and passenger vehicles from TATA Motors Limited (rated
CARE AA-; Stable/CARE A1+) by making full advance payment. The
working capital limits remained ~70-80% utilized for the past
twelve months period ended July 2021.

* Limited bargaining power with principal automobile manufacturer:
The company's business model is largely in the nature of trading
wherein profitability margins are very thin. Moreover, in this
business a dealer has very less bargaining power over principal
manufacturer TML. The margin on products is set at a particular
level by the principal manufacturer thereby restricting the company
to earn incremental income.

* Intense competition in the industry: Indian automobile industry
is highly competitive in nature as there are large numbers of
players operating in the market like Maruti Suzuki India Limited
(MSIL), Tata Motors, Hyundai, Honda, Toyota etc. in the passenger
vehicle segment. Original Equipment Manufacturers (OEMs) are
encouraging more dealerships to improve penetration and sales,
thereby increasing competition amongst dealers. Entry of the global
players in the Indian market has further intensified the
competition. Hence, OEMs offer various discount schemes to attract
customers. Due to very high competition in the industry, dealers
are also forced to pass on discounts and exchange schemes to
attract customer as this is a volume driven business. Dealers' fate
is also linked to the industry scenario and performance of OEMs.
The company is dealer of TML only and derives its total operating
income largely from sale of TML's commercial vehicles and passenger
cars. Hence, performance and prospects of the company is highly
dependent on TML being its principal.

* Cyclical nature of the auto industry: The automotive sector is
dependent on economic growth, credit conditions and consumer
confidence. The auto industry is inherently vulnerable to economic
cycles and is highly sensitive to interest rates and fuel prices. A
hike in interest rate increases the costs associated with the
purchase leading to purchase deferral. Fuel prices have a direct
impact on the running costs of the vehicle and any hike in the same
would lead to reduced disposable income of the consumers,
influencing the purchase decision. The policies implemented by the
government also have a direct bearing on the sale of passenger
vehicles.

Key Rating Strengths

* Experienced promoters in automobile dealership industry: RAMPL
was incorporated in 2004 by Mr. Ajay Chaturvedi and Ms. Usha
Sharma. Mr. Ajay Chaturvedi is a graduate by qualification, having
more than three decades of experience in diversified business lines
like automobile dealership, vehicle financing and warehousing and
logistics etc. though RAMPL and through individual capacity. He
looks after the overall operations of the company and is well
supported by his wife, Ms. Usha Sharma, who is also a graduate by
qualification, having an overall experience of one and a half
decade in this business through her association with RAMPL. Prior
to this she was associated with education sector. The promoters of
the company are assisted by a team of professionals who are highly
experienced in their respective domains.

* Established track record of operations with long standing
association with TML: The company is an authorised dealer of TATA
Motors Limited and has a long-standing association with its
principal; TML, since inception (2004). The company operates with a
total of 18 facilities, including four 3S (sales, service and spare
parts) facilities in Etah, Badaun and Moradabad, U.P. and 14
showrooms in various districts in Uttar Pradesh. The company deals
in entire range of TML's Commercial and Passenger Vehicles.
Besides, the company derives income from after sales service, sale
of the spare-parts coupled with income in the form of
performance-based incentives and discounts from TML, insurance
income, etc.

* Covid-19 Impact: The company was impacted by the pandemic to a
great extent as there were no sales generated during April- June,
2020 due to the lockdown imposed by the government. The company
resumed its operations from July, 2020 onwards however, the sales
picked up only after September, i.e. with the commencement of
festive season. Moreover, the transition from BS IV to BS VI made
the people to postpone their purchase decisions. The company
generated ~INR42 crore during 5MFY22 (from April 1 till August 26,
2021).

Liquidity: Stretched

The liquidity remained stretched as marked by tightly matched
repayment obligations vis-à-vis gross cash accruals. The company
is expected to generate GCA of INR1.70 crore against repayment
obligations of ~INR1.44 crore in FY22. The unencumbered cash and
bank balance stood modest at INR4.33 crore as on March 31, 2020.
However, the working capital limit utilization is around ~70-80%
for the past twelve months period ended July, 2021. Further, the
company had availed moratorium for some of its bank facilities
during March-August, 2020 as per RBI guidelines in wake of Covid-19
pandemic.

R A Motors Private Limited (RAMPL) was incorporated in December,
2004 as a private limited company and is currently being managed by
Mr. Ajay Chaturvedi and Ms. Usha Sharma. The company is an
authorised dealer of entire range of commercial and passenger
vehicles of TATA Motors Limited(rated CARE AA-; Stable/CARE A1+).
It deals in vehicles like Tiago, GenX Nano, Zest, Safari Storme,
Sumo Dicor, Sumo Gold etc. in Passenger Vehicle (PV) segment and
Ace, Prima, Magic, Ultra, Winger, M & HCV, light trucks etc. in
Commercial Vehicle (CV) segment. It is engaged in sale of both
commercial and passenger vehicles, sale of spare parts and
servicing of the vehicles(3S model). The sale of vehicles
contributes ~96% of the total revenue of the company and the
remaining is from sale of spare parts and servicing. The company
operates with a total of 18 facilities, including four 3S (sales,
service and spare parts) facilities in Etah, Badaun and Moradabad,
U.P. and 14 showrooms in various districts in Uttar Pradesh.


R. M. AUTO: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. M. Auto
Link Private Limited (RMALPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 10, 2020, placed the
rating(s) of RMALPL under the 'issuer non-cooperating' category as
RMALPL 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. RMALPL 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).

R. M. Auto Link Private Limited (RMPL, CIN: U34103MP2005PTC017555)
was incorporated in April 2005 and was promoted by Rajpal and
Moolchandani family. RMPL is engaged in two-wheeler (2W) automobile
dealership business as an authorized dealer of Honda Motors Cycle
and Scooter India Pvt. Ltd. (HMSI). RMPL has one showroom with 3S
facility (Sales, Services and Spare Parts), one service center with
2S facility (Services and Spare parts) and one sales outlay in
Bhopal.


RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raymix
Concrete India Private Limited (RCIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      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 August 31, 2020, placed the
rating(s) of RCIPL under the 'issuer non-cooperating' category as
RCIPL 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. RCIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 17, 2021, July 27, 2021 and August 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(s).

Tamil Nadu-based, Raymix Concrete was incorporated as a Private
Limited Company in 2005 by Mr. Antony Francis and his family
members. RCIPL is engaged in the mixing and supply of ready-mix
concrete to the customers engaged in the infrastructure works such
as construction of roads and buildings etc. The company purchases
materials like cement, rock, metal and sand from local suppliers
located in and around Chennai and supplies its finished product to
the customers located in and around Tamil Nadu.


REGENCY NIRMAN: ICRA Cuts Rating on INR32cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Regency
Nirman Limited (RNL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term          32.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                    COOPERATING; Rating downgraded
                                 from [ICRA]BB+(Stable) and
                                 continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

Rationale

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

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

Incorporated in 2005, Regency Nirman Limited (RNL) is engaged in
real estate development. Konark Projects Limited is the holding
company with 59% stake. The company is part of the Regency group
which belongs to a consortium of companies/firms promoted and
managed by Mr. Mahesh Khairari and his brothers- Mr. Subhash
Khairari and Mr. Ramkishore Khairari. The group has business
interests in real estate, steel and infrastructure. The group is in
the real estate business since 2001 and has more than 15 years of
experience in real estate development. The company has completed
number of residential projects which include Regency Willows,
Regency Crest and Regency Heights.


SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sahara
Hospitality Limited (SHL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      506.74      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.00      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 SHL under the 'issuer non-cooperating' category as SHL
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. SHL 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(s).

SHL operates Sahara Star Hotel in Mumbai, the construction of which
was planned in three phases. Phase-I of the project was completed
in October 2007 wherein 223 rooms and 9 specialty restaurants
outlets where constructed. Phase II and III includes construction
of 209 rooms (186 rooms in phase-II and remaining in phase-III),
new restaurants, banquets and conference facilities, meeting rooms,
swimming pool (4100 sq ft), internationally branded salon, preview
theatre, gymnasium, health clubs, squash and badminton courts, a
5-floor tower with banquet hall, business centers, night clubs,
event hall (25 ft height), entertainment zone and penthouse etc.
The Phase II of the project has been completed and is operational
since April 2015 and Phase III of the project achieved its
commercial operational date on March 31, 2016. The company has
leased out some portion on rental basis. The Phase III of the
project has also been completed.


SAI CHHAYA: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Chhaya
Autolink Private Limited (SCAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.48       CARE C; 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 10, 2020, placed the
rating(s) of SCAPL under the 'issuer non-cooperating' category as
SCAPL 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. SCAPL 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).

Detailed description of the key rating drivers

Bhopal-based Sai Chhaya Autolink Private Limited (SCAPL, CIN:
U50103MP2003PTC015830) was incorporated in 2003 by Mr. Jai
Moolchandani along with Mr. Krishna Moolchandani, Mr. Deepak Rajpal
and Mrs Neelam Rajpal. SCAPL is an authorized dealer of FIPL and
operates two showrooms cum service outlet and a small sales outlet
in Bhopal, Madhya Pradesh. It is the only Ford dealer in Bhopal and
is one of the five dealers in Madhya Pradesh. The Moolchandani
family has also promoted R.M. Autolink Private Limited which has
Honda bikes & scooter dealership in Madhya Pradesh.

SHIGA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shiga
Energy Private Limited (SEPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term/         45.05      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues
   Non-Fund                      to remain under the 'Issuer Not
   Based                         Cooperating' category

   Short Term          4.95      [ICRA]D; ISSUER NOT
   Non-Fund                      COOPERATING; Rating Continues
   Based                         to remain under the 'Issuer Not
                                 Cooperating' category

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

Tashiding Hydro Electric Project (THEP) is being developed by SEPL
on the Build, Own, Operate and Transfer (BOOT) model. THEP is
located in West Sikkim envisages the utilization of the flow of
Rathong Chhu, a tributary of Rangit River for generating 97MW of
electric power through two units of 48.5MW each. SEPL has a MOU
with Sikkim Government which entails free sale of power to the
Sikkim Government. SEPL would supply free power to the extent of
12% of the power generated for the first fifteen years and 15% of
the power generated for the next twenty years.

SHIVAJI CANE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivaji
Cane Processors Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       59.00      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 SCPL under the 'issuer non-cooperating' category as
SCPL 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. SCPL continues to be
noncooperative 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.

SCPL was incorporated by Mr. Shivajirao Yashwantrao Naik, Founder
Director in 2013 to undertake manufacturing activity of
sulphur-less khandsari and jaggery powder with its operational
facility located at Shirala, Sangli District, and Maharashtra.
SCPL's sugar facility is partially integrated with Sugarcane
crushing Capacity of 1000 Metric tons per day. The command area of
SCPL largely derives irrigation from the Krishna and Warana rivers
and Morana dams. The company sells khandsari and jaggery powder in
the brand name of "Puro".


SIGMA READYMIX: CARE Assigns B+ Rating to INR0.48cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of Sigma
Readymix Concrete Private Limited (SSRC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        0.48      CARE B+; Stable Assigned
   Facilities            

   Long Term Bank        9.12      CARE B+; Stable Rating removed
   Facilities                      From ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of Six
SSRC takes into account the consistent financial performance during
the last two years with comfortable profitability margins. The
rating continues to derive strength from experience of the
promoters for more than one decade in cement industry.

The rating assigned to the bank facilities of SSRC continues to be
tempered by short track record and small scale of operations,
leveraged capital structure and weak debt coverage indicators,
highly fragmented and competitive industry and vulnerability of
profits to volatility in input costs.

Rating sensitivities

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

* TOI of more than INR40.00 crore on consistent basis coupled with
sustainable operating margins at 10% or above.

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

* Operating margins dipping below 3% on a continuous basis.

* Deterioration in overall gearing above 5.00x and TD/GCA above 10
times.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record and small scale of operations: The company was
incorporated on March 14, 2016 and started operation in April 2016.
The scale of operations of the company remained small marked by a
total operating income (TOI) of INR25-30 crore in last five years.

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of SSRC continues to be leveraged however
improved indicated by its overall gearing level which remained at
4.58x as of March 31, 2021 (PY: 6.11x) due to high working capital
utilizations coupled with low net worth base of INR 4.20 crore as
on March 31, 2021 (Prov.). The debt protection metrics marked by
TD/GCA continued to be weak at 7.42x during FY21 (Prov.). while
interest coverage continues to be satisfactory at 2.75x in FY21
(Prov.).

* Highly fragmented and competitive business segment due to
presence of numerous players and association of profits to the real
estate industry: The company is engaged into a fragmented business
segment and competitive industry. The market consists of several
small to medium-sized firms that compete with each other along with
several large enterprises. There are several small-sized companies
in and around Chennai and Coimbatore area in Karnataka, which
compete with SSRC. The end product of SSRC finds its application in
the construction industry. And hence the business risk profile of
SSRC is directly linked to that of the construction and real estate
sector.

* Vulnerability of profits to volatility in input costs: The major
cost drivers for SSRC are power costs and fuel costs for freight
and raw materials viz cement blue metals which accounted for nearly
86% of the total cost of sales during FY21 (90% in FY20 & 91% in
FY18). Cement is the major raw material for production of concrete
for which SSRC procuring around 70% from major player Zuari cement.
diesel needs, which is procured domestically. Fuel costs remain
highly volatile due to impact of international crude oil prices.
The company's PBILDT margin has also been impacted during FY21
primarily due to rise in cement prices and fuel costs.

Key Rating Strengths

* Consistent financial performance during the last two years with
comfortable profitability margins: Total operating income remained
relatively stable at INR 28.21 Crore in FY21 (Prov) as against
31.82 Crore in FY20 despite impact of nationwide lockdown imposed
on account of COVID-19 at the back of industry the company
operates. Despite stable income, the company has earned healthy
operating margins during FY21, primarily benefitted by low cost
inventory. The PBILDT margin stood at 15% in FY21 (Prov.) viz a viz
10% in FY20. With optimization in absolute terms of operating
profit margin, net profit margin has also improved to 1.56% in FY21
(Prov.) as against 0.25% in FY20.

* Experience of the promoters for more than one decade in cement
industry: The SSRC incorporated in March 2016 and started
commercial operations of the company in April 2016. SSRC's day to
day operations are managed by Mr. C. Sekhara Srinivasan (Managing
Director) and Mr. Nagendran Rajkumar (Director). Mr. C. Sekhara
Srinivasan Engineering graduate by qualification and has more than
one decade of experience as an employee in L&T construction Limited
and Ultra RMC Private Limited and Mr. Nagendran Rajkumar law
graduate by qualification and has more than one decade of
experience in the fields of legal matters and jewellry business.
Due to long experience of the promoters, they have established
long-term relationship with clientele which will help the company
to develop their business in near future.

Liquidity analysis: stretched

SSRC' s liquidity position remains stretched indicated by maximum
utilization level of working capital facility as seen by average
utilization of 90% for the past twelve months ended July 2021. The
working capital cycle of the company elongated to 148 days in FY21
due to stretched collection days of 90 days from 55 days at the
back of orders executed during last two quarters of the year which
majorly sold to civil contractors who undertakes government work
orders. The current ratio remained satisfactory at 1.75x as on
March 31, 2021 and the company has free cash and bank balances to
the tune of INR 0.05 Crore and fixed deposit with bank amounting
INR 0.12 Crore.

Tamil Nadu Based, Six Sigma Readymix Concreate (SSRC) was
incorporated on March 14, 2016 as a Private Limited company and
promoted by Mr.C. Sekhara Srinivasan, Mr. P. Nagendran Rajkumar
along with other promoters. The Company is engaged into
manufacturing of Ready Mix Concrete (RMC) and trading of cement
which finds its application in the construction sector. The company
has six plants located in Chennai & Coimbatore and 42 vehicles
operating for transportation of RMC to the construction site. The
customers of SSRC include construction companies, contractors and
real estate developers.


SKYI PROPERTY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skyi
Property Ventures Limited Liability Partnership (SPVLLP) (formerly
known as Pate Future Constructions Limited Liability Partnership)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      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(s) of SPVLLP under the 'issuer noncooperating' category as
SPVLLP 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. SPVLLP 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.

Skyi Property Ventures Limited Liability Partnership (SPVLLP)
(Formerly known as Pate Future Constructions Limited Liability
Partnership) is a limited liability partnership firm formed in
January 2015 and belongs to Pune-based Pate Developers. SPVLLP was
formed for developing a budget residential development under the
name "LIFE MAXIMA" at Kirkatwadi, Pune. At the meeting of
designated partners held on April 28, 2021 it was resolved to
change the existing name from Pate Future Constructions LLP to Skyi
Property Ventures Limited Liability Partnership.


SPICA PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Spica
Projects and Infrastructures Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-         4.87      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category


   Fund-based-         0.57      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                     COOPERATING; Rating continues to
   (Equipment                    remain under 'Issuer Not
   Finance)                      Cooperating' category

   Non-fund           28.85      [ICRA]B+ (Stable)/[ICRA]A4;
   Based-Bank                    ISSUER NOT COOPERATING;
   Guarantee                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

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

In 1997, the company's promoters formed a partnership firm in the
name of M/s Santosh Kumar Singh (SKS) for civil construction
business. In 2012, SKS was converted into a private limited company
and its name was changed to Spica Projects and Infrastructures Pvt.
Ltd. (SPIPL). SPIPL is involved in road construction business in
Jharkhand and is empanelled as a Class-I contractor with the Public
Works Department (PWD) of the state.


SUASTH HEALTH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Suasth Health Care Foundation
        Plot No. X-1, 2 & 3
        Block-EP Sector-V
        Salt Lake City
        Kolkata WB 700091

Insolvency Commencement Date: August 31, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 27, 2022
                               (180 days from commencement)

Insolvency professional: Arun Kumar Khandelia

Interim Resolution
Professional:            Arun Kumar Khandelia
                         'Shantiniketan'
                         8 Camac Street
                         8th Floor, Suite #807
                         Kolkata 700017
                         E-mail: arun@cskarun.com
                                 cirp.suasthhealthcare@gmail.com

Last date for
submission of claims:    September 15, 2021


SUBHASHRI BIO-ENERGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Subhashri Bio-Energies Private Limited
        SenguttaiKadu, Munjanur Post
        Tirchengodu Taluk
        Namakkal District 637403
        Tamil Nadu, India

Insolvency Commencement Date: September 2, 2021

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: March 1, 2022

Insolvency professional: Mr. P. Eswaramoorthy

Interim Resolution
Professional:            Mr. P. Eswaramoorthy
                         No. 44, 5th Street
                         Ramalingajothi Nagar
                         Near Coporation Office
                         Nanjundapuram Road
                         Ramanathapuram
                         Coimbatore 641045
                         Tamil Nadu, India
                         E-mail: eswarfcs@gmail.com
                         Tel: 0422-2322333, 3500466

Last date for
submission of claims:    September 21, 2021


TALIN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Talin
International Private Limited (TIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           6.25       CARE B-/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term           0.50       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 6, 2020, placed the
rating(s) of TIPL under the 'issuer non-cooperating' category as
TIPL 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. TIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2021, June 1, 2021, June 11, 2021.

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

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

Incorporated in the year 2002, Ahmedabad-based (Gujarat) Talin
International Private Limited (Erstwhile April International
Private Limited) is a private limited company promoted by Mr Naresh
Jhawar and Mr Anoop Jhawar. The company is primarily engaged in the
trading of ferrous and non-ferrous metals. TIPL also manufactures
brass products like fasteners, anchors, plumbing fittings, hardware
and electrical accessories which find application in construction,
real estate and other industries. TIPL has installed capacity of
720 Metric Tonnes per Annum (MTPA) at its sole manufacturing
establishment situated at Jamnagar. It sells its products in
domestic and international market.

TINKA STONES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Tinka Stones Private
Limited (TSPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
    Letter of Credit       3        CRISIL A4 (Issuer Not
                                    Cooperating)

   Overdraft Facility      5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TSPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Established in 1994, TSPL processes marbles. TSPL imports almost
its entire raw material requirement (marble blocks) from its sister
concerns Jabal Al Toor (Dubai) and Tinka SRL (Italy) and from other
companies in Spain and Turkey.


TOPLINK MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Toplink
Motors private limited in the 'Issuer Not Cooperating' category.
The rating is denoted as '[ICRA]B+(Stable) ISSUER NOT
COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         12.68      [ICRA]B+(Stable) ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Untied Limits       0.07      [ICRA]B+(Stable) ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2009, Toplink Motors Private Limited (TMPL) has
automobile dealership business, with its showrooms and workshop
located in Ranchi and Dhanbad, in Jharkhand. The company is an
authorized dealer of Toyota Kirloskar Motor Private Limited (TKMPL)
and is involved in sales and service of vehicles along with sale of
spare parts and accessories in Jharkhand.


UJALA MINERALS: CARE Lowers Rating on INR15cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ujala Minerals (UM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE C; 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 31, 2020, placed the
rating(s) of UM under the 'issuer noncooperating' category as UM
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. UM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 17, 2021, July 27, 2021, August 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(s).

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

Bhubaneswar-based M/s Ujala Minerals (UM) was established in 2004
as a partnership firm by one Mr. Ramesh Chandra Moharana along with
the then other partner Mr. Rajesh Jaiswal. In 2013, the firm was
reconstituted and presently it is governed by the partnership deed
dated March 1, 2013 with present two partners (i.e; Mr. Ramesh
Chandra Moharana and Mr. Anil Jaiswal). The firm is in the business
trading of minerals like iron ore fines to the various large and
medium iron and steel companies of India. The day-to-day affairs of
the firm are looked after by Mr. Ramesh Chandra Moharana, the
Managing partner, with adequate support from other partner Mr. Anil
Jaiswal.


UNIVERSAL POLYSACK: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Universal
Polysack (India) Private Limited (UPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.20       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 23, 2020, placed the
rating(s) of UPPL under the 'issuer non-cooperating' category as
UPPL 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. UPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 9, 2021, May 19, 2021, May 29, 2021.

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

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

Beawar (Rajasthan) based UPPL, incorporated in February 2010, was
promoted by Mr. Govind Goyal along with Ms. Indu Goyal. UPIPL was
incorporated with an objective for manufacturing of woven sack bags
at its sole manufacturing facility located at Beawar (Rajasthan).

VME PROPERTIES PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: VME Properties Private Limited
        364, Pillaiyar Koil Street
        Panner Nagar
        Mugappair West
        Chennai 600037

Insolvency Commencement Date: September 2, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 1, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Sapan Mohan Garg

Interim Resolution
Professional:            Mr. Sapan Mohan Garg
                         C-585 Basement, #Z-94
                         Defence Colony, New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: sapan10@yahoo.com

                            - and -

                         D-54, First Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: cirp.vme@gmail.com

Last date for
submission of claims:    September 17, 2021


YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Yedeshwari
Agro Products Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as '[ICRA]B-(stable): ISSUER NOT COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       35.70       [ICRA]B-(stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating Continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

   Unallocated       27.30       [ICRA]B-(stable); ISSUER NOT
                                 COOPERATING; Rating Continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2007, Yedeshwari Agro Products Limited (YAPL) was
promoted by Mr. Bajarang Sonawane and is a closely held company
with majority of the shareholding with the Sonwane family. The
company is involved in manufacturing of sugar with total crushing
capacity of 3500 TCD (tonnes crushed 3 Sugar Year: October to
September per day). The plant is forward integrated with a 10 MW
cogeneration unit. The plant is located at Anandgaon, Tehsil Kaij,
District Beed, Maharashtra.


[*] INDIA: Insolvency Resolution Pace Slows by 45% in Q1
--------------------------------------------------------
The Times of India reports that the pandemic and a shortage of
members in the National Company Law Tribunal (NCLT) has slowed
insolvency resolution by over 45% with cases taking nearly 593 days
during the June quarter, latest data showed.

As of March-end, it took 408 days from the insolvency commencement
date to the approval of the resolution. A thrust of the law was to
provide for a time-bound resolution - ideally within 180 days,
which could be extended by another 90 days. But with litigation in
other forums excluded, it is now taking close to 600 days,
according to data with the Insolvency & Bankruptcy Board of India.
Nearly 75% of the cases have crossed the 270-day period, TOI says.


Since the Insolvency & Bankruptcy Code (IBC) came into force in
December 2016, 4,541 cases have been filed in NCLT with 2,859
closed. And of these 396 have seen the resolution plans approved,
translating into a success rate of 14%.

TOI relates that the numbers also revealed that 47% of the cases
have ended up in liquidation although IBBI said that three-fourths
were either sick or defunct. "A lot of the assets were badly
impaired by the time the IBC process started," said an official.

According to TOI, the IBBI report argued that in value terms,
nearly 75% of distressed companies were rescued either through the
resolution route or via liquidation. "The corporate debtors (CDs)
rescued had assets valued at INR1.46 lakh crore, while the CDs
referred for liquidation had assets valued at INR0.49 lakh crore
when they were admitted to CIRP. Thus, in value terms, around 75%
of distressed assets were rescued."

The government has repeatedly pointed out that just an application
before the NCLT has resulted in debtors paying up before the case
is admitted, TOI notes. A majority of applications have therefore
been withdrawn, including some high-profile ones.




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

JAPAN AIRLINES: Looking to Raise US$2.7BB to Bolster Finances
-------------------------------------------------------------
Reuters reports that Japan Airlines Co Ltd (JAL) said on Sept. 9 it
planned to raise around JPY300 billion (US$2.7 billion) of
subordinated loans and hybrid financing to help it weather the
prolonged impact of the coronavirus pandemic.

Details of the funding plan will be announced on Sept. 10, the
company said in a statement after news organisations including
Reuters earlier reported on the plan, citing sources, Reuters
relays.

"We are considering various ways to secure financing, in order to
prepare for the long-term effects of the spread of coronavirus
infections, and in order to achieve the growth targets laid out in
JAL's medium term business plan," the airline said.

JAL last month posted a first-quarter operating loss of 82.65
billion yen, an improvement from a year earlier, as
pandemic-related cost cuts took effect and travel demand rose from
a very low base, Reuters discloses.  

Reuters says JAL, like other carriers, has been burning through
cash reserves to keep jets and workers it will need when travel
demand rebounds. It raised $1.8 billion in a share sale last
November.

The airline last month said it expected its cash burn rate to fall
to around JPY5 billion a month in the second quarter ending Sept.
30 from JPY10 billion to JPY15 billion a month in the first
quarter.

Rival ANA Holdings Inc last year raised $3.8 billion in
subordinated loans and $3.2 billion of equity to help it weather
the pandemic and fund the purchase of new planes, add Reuters.

                        About Japan Airlines

Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air
transport, aerial work, and aircraft maintenance services. It
operates through the Air Transport and Others segments. The Air
Transport segment engages in air transport business, airport
passenger service, ground handling service, maintenance service,
cargo service, passenger transport service and airport area
business. The Others segment includes travel planning and sales.

As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company, Egan-Jones Ratings Company, on May 26,
2021, downgraded foreign currency and local currency senior
unsecured ratings on debt issued by Japan Airlines Co. Ltd. to B-
from BB. EJR also downgraded the rating on commercial paper issued
by the Company to B from A2.


JAPAN: Pandemic-Linked Business Failures in Jan. to Aug. Top 1,000
------------------------------------------------------------------
The Japan Times reports that the cumulative number of business
failures in Japan triggered by the coronavirus pandemic came to
1,026 between January and August, Tokyo Shoko Research Ltd. said on
Sept. 8.

Bankruptcies in the restaurant industry, hit hard by the crisis,
numbered 204, accounting for about 20% of the total, according to
data covering business failures with debts of JPY10 million or
more, The Japan Times relays.

In August alone, the number of coronavirus-linked business failures
totaled 121.

According to the report, the overall number of bankruptcies in
August fell 30.1% from a year before to 466, reflecting the
government's financing support and other relief measures for
businesses affected by the coronavirus fallout.

The sum was lowest for the month since August 1964, which had 372
business failures.

Meanwhile, the number of corporate failures leaving liabilities of
JPY1 billion or more rose to 25 from 13 a year earlier, the report
discloses.

"Some companies may become cash-strapped with sales remaining
sluggish amid the prolonged virus crisis," the report quotes a
Tokyo Shoko Research official as saying.

The official forecast that more and more companies may lose the
strength to go on and file for bankruptcy.




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

PHILIPPINE AIRLINES: Seeks $505MM DIP Loan From Equity Holders
--------------------------------------------------------------
Philippine Airlines, Inc. asks the U.S. Bankruptcy Court for the
Southern District of New York for authority to, among other things,
obtain postpetition secured financing pursuant to multi-draw term
loans in an aggregate principal amount of no more than $505 million
provided by certain of the Debtor's direct and indirect equity
holders.

The DIP Facility consists of:

     * $250 million first lien secured Tranche A multi-draw term
loan facility

        Of this amount, $20 million will be available in a single
draw upon entry of the Interim DIP financing order.  The remainder
will be available in a single draw upon entry of the Final Order.
Buona Sorte Holdings, Inc. is the Initial Tranche A DIP Lender.

     * $255 million second lien secured Tranche B multi-draw term
loan facility

       The loan will be available in no more than two draws upon
entry of the Final Order, from PAL Holdings Inc., as Tranche B DIP
Lender.

Buona Sorte serves as administrative and collateral agent for the
DIP loans.  The Initial Tranche A DIP Lender directly owns
approximately 60% of the equity of non-Debtor Trustmark Holdings
Corporation, which in turn directly owns approximately 76.9% of the
equity of the Initial Tranche B DIP Lender, which in turn directly
owns approximately 98.57% of the equity of the Debtor.

Philippine Airlines also asks the Court for authority to use cash
collateral and provide adequate protection to Buona Sorte, which
also served as prepetition Bridge Lender.

Prior to the Petition Date, the Debtor granted to the Bridge Lender
a first priority security interest in and a continuing lien on each
of the Aircraft, Engines, and Spare Engines, subject only to any
Permitted Liens. The Bridge Loan Collateral includes all of the DIP
Collateral, except the Mabuhay Miles frequent flyer program.

The proceeds of the DIP Loans will be used solely to (a) repay in
full and refinance the Bridge Loan Obligations, (b) pay reasonable
fees, costs, and expenses of the DIP Lenders as contemplated by the
DIP Loan Documents, (c) provide working capital and for other
general corporate purposes of the Debtor and, to the extent
approved by the Bankruptcy Court, its non-debtor affiliates, and
(d) pay administration costs of the Chapter 11 Case.

The Debtor has a complex capital structure, which includes a series
of aircraft specific financings, unsecured bank loans, receivables
securitizations, and promissory notes.  As of
December 31, 2020, the Debtor had over $4 billion of outstanding
financial debt obligations, of which approximately $735 million was
secured by certain of its assets.

Buona Sorte, a corporation duly organized and existing under the
laws of the Republic of the Philippines, provided term loans to the
Debtor pursuant to Loan Agreements, dated as of February 10, 2021
(the "First Bridge Loan Agreement"), May 27, 2021 (the "Second
Bridge Loan Agreement"), and August 19, 2021 (the "Third Bridge
Loan Agreement").  Pursuant to the Bridge Loan Agreements, the
Bridge Lender provided credit facilities to the Debtor in an
aggregate principal amount of $100 million, comprised of (a) $60
million pursuant to the First Bridge Loan Agreement, (b) $25
million pursuant to the Second Bridge Loan Agreement, and (c) $15
million pursuant to the Third Bridge Loan Agreement. The Bridge
Loan Facilities provided the Debtor with the necessary liquidity
and runway to prepare for an organized bankruptcy filing and
negotiate Restructuring Support Agreements with numerous lenders
and lessors regarding the Debtor's go-forward aircraft leases,
long-term loans, and optimized fleet leasing strategy in accordance
with the Debtor's revised business plan.

In exchange for the additional liquidity afforded by the DIP
Facility and the agreement of the Initial Tranche A DIP Lender to
accept repayment of its DIP Loans in long-term unsecured exit
financing instead of cash in connection with an Acceptable Plan,
the Debtor has agreed to repay and refinance all $100 million in
principal of such prepetition loans and accrued interest thereon,
plus all fees, costs, and other charges due and payable under the
Bridge Loan Facilities, as part of the DIP Facility upon final
approval. The collateral securing the Bridge Loan Facilities --
which absent the repayment and refinancing would remain encumbered
-- will serve as part of the collateral for the DIP Facility.
Without the support provided by its shareholder pursuant to the
Bridge Loan Facilities, the Debtor would not have been able to
continue its operations in the challenging environment created by
the COVID-19 pandemic or negotiate Restructuring Support Agreements
with almost all of the Debtor's lenders, lessors, original
equipment manufacturers and maintenance, repair and overhaul
providers, as well as almost all holders of the Debtor's unsecured
debt.

At the Debtor's option, the Tranche A DIP Loans are convertible
into unsecured exit financing, and the Tranche B DIP Loans are
convertible into equity in the reorganized Debtor, in each case in
connection with the consummation of an Acceptable Plan. The
Conversion Features preserve the Debtor's liquidity options, lower
the barriers to exiting chapter 11, and were key components in
reaching agreement among those stakeholders that signed on to the
Restructuring Support Agreements and agreed to receive
distributions of common equity in the reorganized Debtor in
exchange for certain of their prepetition claims.

Other than the consensual priming of the Bridge Loans by the
Tranche A DIP Facility, the Debtor does not seek to prime any
valid, perfected, and unavoidable liens that were in existence
immediately prior to the Petition Date or that are perfected as
permitted by Section 546(b) of the Bankruptcy Code.

The Debtor sought bankruptcy protection in Manhattan Friday, citing
the impact of the COVID-19 pandemic, which has created extreme
pressure on the Debtor's operations and liquidity. As the Debtor's
financial forecasts and budget reveal, the Debtor is unable to
generate sufficient levels of operating cash flow in the ordinary
course of business to cover its operating and capital costs and the
projected costs of the Chapter 11 Case. The Debtor needs the DIP
Facility to refinance the Bridge Loan Facilities, fund working
capital, capital expenditures, payroll obligations, pay suppliers,
cover overhead costs, and make any other payments that are
essential for the continued management, operation, and preservation
of the Debtor's business.

As adequate protection for the Debtor's use of cash collateral, the
Bridge Lender will receive:

     a. Adequate Protection Liens, which are junior to Permitted
Senior Liens, the Tranche A DIP Liens, and the Bridge Loan Liens
and senior to the Tranche B DIP Liens;

     b. Adequate Protection Superpriority Claims, which are junior
to the Carve Out, the DIP Superpriority Claims arising under the
Tranche A DIP Facility, and the Bridge Loan Obligations and senior
to the DIP Superpriority Claims arising under the Tranche B DIP
Facility; and

     c. Adequate Protection Payments, consisting of periodic cash
interest and reasonable, out-of-pocket fees and expenses.

The Borrower will cause to occur or comply, as applicable, with
each of these milestones:

     a. No more than 20 days after the Petition Date, the Borrower
will have filed a motion seeking entry of (A) the DIP Order and (B)
one or more final orders authorizing the Borrower to assume all
executed Restructuring Support Agreements, in each case, in form
and substance acceptable to the Lenders;

     b. No later than 60 days after the Petition Date, (A) the
Final DIP Order, and (B) the RSA Assumption Order each shall have
been entered by the Bankruptcy Court;

     c. No later than 60 days after the Petition Date, the Borrower
will have filed a plan of reorganization materially consistent with
the Restructuring Support Agreements, a related disclosure
statement, and a motion for a hearing on the Acceptable Plan and
the Disclosure Statement, in each case reasonably acceptable to the
Lenders;

     d. No later than 120 days after the Petition Date,
solicitation on the Acceptable Plan will have been completed;

     e. No later than 150 days after the Petition Date, the
Bankruptcy Court will have entered a final order confirming the
Acceptable Plan and a final order approving the Disclosure
Statement, in each case in form and substance acceptable to the
Lenders; and

     f. No later than 180 days after the Petition Date, the
effective date of the confirmed Acceptable Plan will have
occurred.

The Debtor also requests that the Court hold and conduct a hearing
to consider entry of the Interim Order authorizing the Debtor to
immediately withdraw and borrow certain of the funds under the DIP
Facility. The Debtor is at risk of suffering immediate and
irreparable harm if the Interim Order approving the DIP Facility is
not entered sooner than 14 days after service of the Motion and if
the Debtor is not permitted to access the DIP Facility.

A copy of the Motion and the Debtor's 14-week cash flow forecast
through the week of November 29, 2021, is available at
https://bit.ly/3DTBMje from PacerMonitor.com.

The Debtor projects $23.54 million in total receipts and $23.70
million in total operating disbursements for the each of week of
September 3 and the week of September 13.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as lenders, are
represented by:

     Todd Wolynski, Esq.     
     White & Case LLP
     1221 Avenue of the Americas
     New York, NY 10020
     Tel: (212) 819-8266
     Email: todd.wolynski@whitecase.com

                     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.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.


PHILIPPINES: No Massive Loan Defaults Despite Economic Slump
------------------------------------------------------------
Inquirer.net reports that loan defaults in the Philippine local
banking system have remained relatively low despite the massive
economic disruption caused by the COVID-19 pandemic, the head of
the central bank told lawmakers on Sept. 8.

In a statement delivered before the Senate Committee on Finance,
Bangko Sentral ng Pilipinas (BSP) Governor Benajmin Diokno said the
gross nonperforming loan ratio of Philippine banks increased to 4.5
percent while the bad loan coverage ratio of the banking
system—representing the amount of cash set aside by financial
institutions as a buffer for defaults—declined to 82.4 percent in
June, Inquirer.net discloses.

"On the whole, Philippine banks have continued to rein in the
nonperforming loan ratio within manageable level, reflecting gains
from prudent reforms and improvements in banks' credit risk
management systems," the report quotes Mr. Diokno as saying.

Moving forward, Mr. Diokno said that the regulator does not see the
local banking system experiencing massive defaults by borrowers due
to adverse business conditions resulting from proactive measures
taken by the industry, Inquirer.net relates.

"The existing regulatory relief measures serve as an interim
measure pending the full operationalization of the FIST Act in
2021," he said, referring to the Financial Institutions Strategic
Transfer law which will make it cheaper for banks to unburden
themselves of bad loans to buyers who will assume the risk of
collection.

"The FIST Act will reinforce banks' capital and liquidity position
in the long-term by allowing financial institutions to dispose
their non-performing assets, increase their risk-bearing capacity,
and enhance their capability to provide financial services to
productive sectors of the economy," Mr. Diokno, as cited by
Inquirer.net, said.

The country's top financial regulator also noted that Philippine
banks remain well-capitalized.

As of the first quarter of 2021, the capital adequacy ratio of the
banking system stood at 16.9 percent, well above the 10 percent
minimum threshold set by the BSP.

"The BSP stands committed and ready with its enhanced onsite and
off-site surveillance tools and prudential policy toolkit to
promote the financial sector reform agenda for sustaining the sound
and stable financial system conducive to a strong, dynamic and
inclusive economic growth recovery of the country," Mr. Diokno
said.




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S I N G A P O R E
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HARDWARESUPPLIES PTE: Court to Hear Wind-Up Petition on Sept. 24
----------------------------------------------------------------
A petition to wind up the operations of Hardwaresupplies Pte Ltd
will be heard before the High Court of Singapore on Sept. 24, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 2, 2021.

The Petitioner's solicitors are:

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


ITSUPPLIER PTE: Court to Hear Wind-Up Petition on Sept. 24
----------------------------------------------------------
A petition to wind up the operations of Itsupplier Pte Ltd will be
heard before the High Court of Singapore on Sept. 24, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the  petition against the company
on Sept. 2, 2021.

The Petitioner's solicitors are:

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


UNITED ACHIEVA: Court to Hear Wind-Up Petition on Sept. 24
----------------------------------------------------------
A petition to wind up the operations of United Achieva Distributors
Pte Ltd will be heard before the High Court of Singapore on Sept.
24, 2021, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 1, 2021.

The Petitioner's solicitors are:

         Tito Isaac & Co LLP
         1 North Bridge Road
         #30-00 High Street Centre
         Singapore 179094




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

VIETNAM: State Bank Agrees to Extend Debt Rescheduling for 6 Mos.
-----------------------------------------------------------------
Biz Hub reports that the State Bank of Viet Nam (SBV) has agreed to
extend debt rescheduling for customers for a further six months.

Biz Hub relates that in Circular 14/2021/TT-NHNN issued on Sept. 7,
the central bank allows financial institutions to reschedule debts
incurred before August 1, 2020, instead of June 10, 2020; and debts
with repayment obligations from January 23, 2020 to June 30, 2022,
instead of December 31, 2020.

The new circular extends the repayment term for customers by
another six months compared to Circular 03, until June 30, 2022,
Biz Hub says.

In addition, the restructuring of overdue debts will also be
extended from July 17, 2021 to before September 7, 2021.

Biz Hub adds that the new regulation also allows credit
institutions and foreign bank branches to decide the exemption or
reduction of interest and fees according to their internal
regulations for the debts incurred before August 1 with repayment
obligation between January 23, 2020 and June 30, 2022 and for
customers unable to repay debts due to the pandemic.

According to Biz Hub, the central bank's move aims to alleviate
difficulties for businesses hit hard by the COVID-19 pandemic,
especially as the fourth wave of infections is causing severe
impacts on economic activities and affecting the payment capacity
of businesses and people.

According to SBV, the six-month extension of debt rescheduling is
based on the vaccination roll-out and disease control plan of the
Government.

The new circular took effect on Sept. 7, Biz Hub notes.

Earlier, many banks agreed to cut lending rates until the end of
this year to support businesses, Biz Hub notes. From the business
side, they expected cheaper lending costs, as well as banks to
extend their debt repayment terms as the pandemic severely affected
their financial health.

Meanwhile, the Vietnam Banks Association had proposed extending
debt rescheduling to "three months after the Prime Minister
announces the end of the pandemic," Biz Hub reports.

This suggestion would help SVB avoid amending their policies, Biz
Hub states.



                           *********


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.

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