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

                     A S I A   P A C I F I C

          Wednesday, October 13, 2021, Vol. 24, No. 199

                           Headlines



A U S T R A L I A

ATLAS GAMING: First Creditors' Meeting Set for Oct. 19
ROMBRO CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 20
RUGGED LUXE: First Creditors' Meeting Set for Oct. 20
WISEYIELD INVESTMENTS: First Creditors' Meeting Set for Oct. 19


C H I N A

BLUEFOCUS INTELLIGENT: Fitch Affirms 'B+' LT IDRs, Outlook Stable
CHINA EVERGRANDE: Defaults Third Round of Bond Payments
CHINA EVERGRANDE: Holders of Jumbo Fortune Bond Yet to Be Paid
MODERN LAND: Moody's Cuts CFR to Caa2, Under Review for Downgrade
SINIC HOLDINGS: Likely to Default on US$250 Million Worth of Bonds

XINJIANG TIANSHAN: Businessman Gets Life Sentence for Fraud


I N D I A

ABHISHEK AUTOMOTIVES: ICRA Keeps B Ratings in Not Cooperating
ADVENT DEVELOPERS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
AMALTAS EDUCATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
ASIATIC ELECTRICAL: Ind-Ra Moves 'BB' Rating to Non-Cooperating
BHAGWAN MAHAVEER: Ind-Ra Hikes Loan Rating to BB, Outlook Stable

BHALKESHWAR SUGARS: ICRA Reaffirms D Rating on INR175.50cr Loan
C.P. ARORA: ICRA Withdraws C Rating on INR6.75cr Cash Loan
CHANDRA PRABHU: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
DHANALAKSHMI SRINIVASAN: ICRA Moves D Rating to Not Cooperating
ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating

FUTURE GROUP: Awaits Singapore Arbitration Verdict
G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
HLL MEDIPARK: ICRA Lowers Rating on INR75cr LT Loan to B+
JANA CAPITAL: Ind-Ra Affirms B+ Non-Convertible Debts Rating
JANA HOLDINGS: Ind-Ra Affirms B+ Non Convertible Debts Rating

JASMER FOODS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
JMD LIMITED: ICRA Moves D Debt Ratings to Not Cooperating
KERALA STATE: Ind-Ra Lowers Loan Rating to B-, Outlook Negative
KERAMIKA INDIANA: ICRA Lowers Rating on INR7.90cr Term Loan to B
KGS SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating Category

MAG INDIA: ICRA Lowers Rating on INR20cr LT Loan to B+
MANJEERA CONSTRUCTIONS: Ind-Ra Cuts Long-Term Issuer Rating to B+
MBR FLEXIBLES: ICRA Keeps B+ Debt Ratings in Not Cooperating
MG OILS: Ind-Ra Assigns BB+ Long-Term Issuer Rating, Outlook Stable
MOJIKA REAL: ICRA Lowers Rating on INR37cr Term Loan to D

MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category
NIKITA JEWELLERS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
NIPANI INFRA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
NOBLE MOULDS: ICRA Lowers Rating on INR17cr Cash Loan to D
PARAYIL FOOD: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

PATEL MICRON: ICRA Reaffirms B+ Rating on INR4.68cr Term Loan
PHILIPPINE AIRLINES: Seeks to Hire Debevoise & Plimpton as Counsel
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
PRATIBHA SYNTEX: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
RAM INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.40cr Loan

REGENCY GANGANI: ICRA Keeps D Debt Rating in Not Cooperating
ROBO EQUIPMENTS: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
S.S. INFRASTRUCTURE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SAIKRUPA FIBRES: ICRA Moves C Debt Rating to Not Cooperating
SAMRAT GEMS: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable

SCHOLARS INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
SHARE MICROFIN: ICRA Reaffirms D Rating on INR130.11cr LT Loan
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
SRINIVASAN CHARITABLE: ICRA Moves D Rating to Not Cooperating
STRAWBERRY CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating

UNIFY TEXTURIZERS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
UNITED BROTHER: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
UNITED BROTHERS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'


P H I L I P P I N E S

FORTICARE HEALTH: Placed Under Conservatorship
PHILIPPINE AIRLINES: Seeks to Hire Kurtzman as Claims Agent
PHILIPPINE AIRLINES: Taps Norton Rose as Special Counsel


S I N G A P O R E

ATLANTIC AUTOMOBILE: Court to Hear Wind-Up Petition on Oct. 22
GOH KENG: Creditors' Proofs of Debt Due on Nov. 9
KT BUSINESS: Court Enters Wind-Up Order
OFFSHORE CONSTRUCTION: Court Enters Wind-Up Order
ORION HEALTH: Creditors' Proofs of Debt Due on Nov. 9

ZIPAN RESORT: Creditors' Proofs of Debt Due on Nov. 9

                           - - - - -


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

ATLAS GAMING: First Creditors' Meeting Set for Oct. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Atlas Gaming Holdings Pty. Ltd.
    - Atlas Gaming Technologies Pty Ltd
    - Atlas Gaming Pty Ltd
    - Atlas Gaming Digital Pty Ltd

will be held on Oct. 19, 2021, at 11:00 a.m. via virtual meeting.

Andrew Peter Fielding and Nicholas Martin of BDO were appointed as
administrators of Atlas Gaming et al. on Oct. 7, 2021.

ROMBRO CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 20
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Rombro
Constructions Australia Pty. Ltd will be held on Oct. 20, 2021, at
10:00 a.m. via virtual meeting only.

Anthony Elkerton of DW Advisory was appointed as administrator of
Rombro Constructions on Oct. 11, 2021.


RUGGED LUXE: First Creditors' Meeting Set for Oct. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Rugged Luxe
Pty Ltd will be held on Oct. 20, 2021, at 11:30 a.m. via
teleconference.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Rugged Luxe on Oct. 8, 2021.


WISEYIELD INVESTMENTS: First Creditors' Meeting Set for Oct. 19
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Wiseyield
Investments Pty Ltd, trading as Boliver International, will be held
on Oct. 19, 2021, at 1:00 p.m. via virtual meeting technology.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Wiseyield Investments on Oct. 7,
2021.




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

BLUEFOCUS INTELLIGENT: Fitch Affirms 'B+' LT IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed China-based BlueFocus Intelligent
Communications Group Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'B+'. The Outlook is
Stable.

The Stable Outlook reflects Fitch's expectation that BlueFocus will
continue to have sufficient rating headroom, as Fitch forecasts pro
forma 2021-2022 FFO leverage of 2.2x-2.3x, well below the threshold
of 5.0x above which Fitch may take negative rating action. This is
supported by the sale of the majority stake in the company's
overseas business.

Bluefocus's small EBITDA scale, low profitability and reliance on
short-term loans continues to constrain the IDRs at 'B+'. Fitch
believes that the advertising budgets of the company's internet
customers will decline, given rising regulatory risk. However, this
should be offset by growth in the outbound business and by higher
domestic public relations and advertising revenue from conventional
industries, such as consumer goods and automotive.

KEY RATING DRIVERS

High Rating Headroom: Bluefocus's ratings headroom is supported by
its net cash position and lower FFO leverage metrics, following the
sale of a 65% stake in its overseas business in September 2021 for
USD224 million. Fitch forecasts that the pro forma 2021-2022 FFO
leverage and liquidity ratios will improve to 2.2x-2.3x and
1.8x-1.9x, respectively (2020: 2.4x and 1.7x). The company has high
rating headroom, as its leverage is well below Fitch's negative
threshold of 5.0x, while the liquidity ratio is above Fitch's
negative threshold of 1.25x.

Higher Business Risk: Fitch expects BlueFocus's geographical
diversification to diminish and its EBITDA margin to narrow
following the stake sale of its overseas subsidiaries. Chinese
advertising agencies have thin margins, as they are squeezed by
intense industry competition and the strong bargaining power of
leading online media platforms. BlueFocus deconsolidated its
overseas business after the sale, as it lost majority control of
the board. However, Fitch does not expect BlueFocus to provide
financial support to the overseas business.

Slower Revenue Growth: Fitch expects pro forma 2021 revenue growth
to slow to 10%-11% (2020: 44%), as internet customers are likely to
cut their 2H21 advertising budgets amid frequent regulatory
interventions, as well as due to the deconsolidation of overseas
business. However, domestic public relations and advertising
revenue from conventional industries and solid outbound business
should support overall revenue growth. Fitch expects 2022 revenue
to rise by 23%-24%, driven by the recovery in domestic business and
solid outbound business.

EBITDA Margin to Decline: Fitch expects the pre-IFRS16 operating
EBITDA margin to narrow to 1.7%-2.0% in 2021-2022 (2020: 2.7%),
diluted by a higher contribution from domestic advertising and
outbound businesses, which have lower margins relative to overseas
advertising. However, the gross margin from conventional industries
should be higher than from internet customers, as the company
provides more customised and creative service offerings to them.

Improved Financial Flexibility: Fitch expects the overseas stake
sale to bolster BlueFocus's cash position and reduce its demand for
short-term debt to fund working capital. Fitch believes the company
will use USD224 million of the cash proceeds offshore to acquire
technology solutions companies with strong capabilities in big data
analysis or artificial intelligence to empower BlueFocus's digital
advertising business. Fitch does not believe there are any
restrictions on transferring the cash to China to service debt
should the need arise.

Reliance on Short-Term Loans: BlueFocus's ratings reflect its
concentrated funding structure. The company is highly dependent on
rolling over short-term bank loans to fund working capital;
short-term loans accounted for 76% of total debt, including
off-balance-sheet bills receivable factoring of around CNY100
million, in 1H21. Fitch believes liquidity risk is manageable given
the company's improved cash position and longstanding good
relationships with domestic banks.

DERIVATION SUMMARY

BlueFocus's smaller scale, lower geographic diversification and
weaker margins continue to weigh on its ratings and drive its much
lower ratings compared with leading global advertising holding
companies with investment-grade ratings, such as Interpublic Group
of Companies, Inc. (IPG, BBB+/Stable).

BlueFocus's financial risk profile is similar to that of IPG, given
Fitch-forecast 2021 FFO leverage of 2.2x, compared with IPG's 2.1x.
Fitch revised the Outlook on IPG to Stable, from Negative, in March
2021 to reflect Fitch's expectation that the advertising
environment would continue to strengthen during 2021, in line with
stronger overall GDP expectations, which should boost IPG's
operating performance and credit metrics.

KEY ASSUMPTIONS

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

-- Pro forma revenue growth of 10%-11% in 2021, assuming full
    year deconsolidation of overseas subsidiaries (2020: 44%);

-- Pre IFRS16 operating EBITDA margin of 1.7%-2.0% in 2021-2022
    (2020: 2.7%);

-- Annual capex at around CNY70 million-90 million in 2021-2022
    (2020: CNY68 million);

-- Dividend pay-out ratio of around 20% in 2021-2022 (2020: 21%);

-- Effective interest rate on debt at 4%-5%;

-- M&A and investments in minority equity stakes totalling CNY600
    million-700 million in 2021-2022.

RATING SENSITIVITIES

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

-- An upgrade is not probable without meaningfully larger EBITDA
    scale, stronger FCF generation and reduced competition in
    China's advertising agency industry.

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

-- Sustained adverse increase in regulatory risk materially
    affecting BlueFocus or its principal customers;

-- Substantial weakening of the market positions of its key
    products and services;

-- Significant M&A that negatively affects operations or
    BlueFocus's business profile;

-- Higher-than-expected working capital requirements leading to
    negative cash flow from operations for a sustained basis;

-- FFO leverage of above 5.0x (2021-2022 forecast: 2.2x-2.3x) for
    a sustained period, which could result from weaker EBITDA
    generation or an aggressive shareholder return policy;

-- Liquidity ratio below 1.25x for a sustained period (2021-2022
    forecast: 1.8x-2.5x).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity was adequate at end-1H21, with
readily available cash of CNY2.2 billion, sufficient to cover total
short-term debt of CNY1.4 billion, including off-balance-sheet
bills receivable factoring of CNY100 million. Fitch believes
continued support from local banks should help BlueFocus manage its
liquidity headroom. Fitch estimates that gross debt will decline to
CNY1.7 billion-1.8 billion in the medium term (2020: CNY2
billion).

ISSUER PROFILE

BlueFocus is one of China's largest advertising holding companies
by revenue. It ranks as the world's eighth-largest public relation
firm in 2021, according to market research firm PRovoke Media. Its
principal businesses include public relations, marketing services
and digital advertising.

ESG CONSIDERATIONS

BlueFocus has an ESG Relevance Score of '4' for Financial
Transparency due to some failings in segment analysis for financial
reporting, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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

CHINA EVERGRANDE: Defaults Third Round of Bond Payments
-------------------------------------------------------
Reuters reports that debt-saddled Chinese property firms took heavy
fire in bond markets on Oct. 12, after the poster child of the
sector's woes, China Evergrande Group, missed its third round of
bond payments in as many weeks and others warned of defaults.

A wave of developers face payment deadlines before the end of the
year and with Evergrande's fate looking increasingly bleak, fears
are mounting of a wider crisis, the report says.

Weary Evergrande bondholders still haven't received almost $150
million worth of coupon payments that had been due on Oct. 11,
although there was little surprise after the firm had skipped two
other payments in recent weeks, according to Reuters.

Evergrande didn't reply to a Reuters request for comment. It has
maintained radio silence for weeks and markets are now counting
down to a Oct. 18-19 deadline when it will be formally declared in
default if it still hasn't stumped up.

"It is pretty serious now and it looks like it is going to be long
and drawn out process," said London-based Trium Capital fund
manager Peter Kisler about Evergrande and the wider crisis, Reuters
relays.

"I don't see the recovery being particularly high," the report
quotes Mr. Kisler as saying referring to what Evergrande
bondholders would get if Evergrande gets broken up. "I think 20
cents (for every dollar of the bonds' original face value) is more
or less fair."

                  About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.


CHINA EVERGRANDE: Holders of Jumbo Fortune Bond Yet to Be Paid
--------------------------------------------------------------
Bloomberg News reports that creditors have yet to receive repayment
of a dollar bond they say is guaranteed by China Evergrande Group
and one of its units, in what could be the firm's first major miss
on maturing notes since regulators urged the developer to avoid a
near-term default.

Some investors hadn't received the principal payment for a note
that matured Oct. 3 as of Thursday [Oct. 7] in Hong Kong, according
to people with knowledge of the situation who asked not to be named
discussing private matters. As Oct. 3 was a Sunday, the effective
due date was Monday.

The next step would be to send a notice to Evergrande and its
lawyers to formally request it honor its guarantee obligation, the
people said.

The bond was issued at an initial amount of $260 million by Jumbo
Fortune Enterprises, Bloomberg-compiled data show. The firm is a
joint venture whose owners include Hengda Real Estate Group,
Evergrande's main onshore unit. Details of the guarantees aren't
broadly known as the note prospectus isn't publicly available and
the deal wasn't listed on exchanges, Bloomberg states.

Holders of the bond have formed a creditor committee and the law
firm White & Case LLP is advising various investors with regards to
Jumbo Fortune.  

Nonpayment of the bond's principal may constitute a default as the
note has no grace period, although five business days would be
allowed if the failure to pay were due to administrative or
technical error, according to people familiar with the matter,
Bloomberg relays.

Bloomberg says fears of a collapse at Evergrande that triggers
financial and economic contagion have prompted investors to
scrutinize the company's upcoming debt obligations. The Jumbo
Fortune payment is being closely watched because of the risks of
cross-default for the real estate giant's other dollar bonds.

Separately, some holders of dollar bonds due in recent weeks have
said they didn't receive interest due, though those notes have
30-day grace periods, adds Bloomberg.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.

MODERN LAND: Moody's Cuts CFR to Caa2, Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Modern Land (China) Co., Limited to Caa2 from B2. At the
same time, Moody's has downgraded to Caa3 from B3 the senior
unsecured rating on the bonds issued by Modern Land.

Moody's has also placed all the ratings on review for further
downgrade.

The outlook has been changed to ratings under review from stable.

"The downgrade follows Modern Land's proposed consent solicitation
to seek its bondholders' consent to defer the repayment of part of
its USD250 million notes due on October 25, 2021, reflecting its
rapidly deteriorating liquidity," says Celine Yang, a Moody's Vice
President and Senior Analyst.

"The review for downgrade reflects the uncertainty over the
company's ability to repay all of its debt maturity in the coming
6-12 months," adds Yang.

RATINGS RATIONALE

On October 11, 2021, Modern Land announced a solicitation of
consents to obtain the requisite consent from bondholders to amend
the indenture to extend the maturity date of its outstanding USD250
million bond to January 25, 2022 from October 25, 2021. It also
sought to (1) shorten the notice period of optional redemption to
redeem the bond; and (2) redeem USD87.5 million (equivalent to
round 35% of the outstanding principal) of the bond on the maturity
date of October 25, 2021.

The announced consent solicitation will require delivered consent
from noteholders of not less than 90% in aggregate principal amount
of the outstanding notes, and will expire on October 20, 2021.

The consent solicitation reflects Modern Land's very tight
liquidity position despite its reported unrestricted cash on hand
of RMB13.6 billion as of end of June 2021.

Moody's expects the company's cash holdings and operating cash flow
will be insufficient to cover its debt maturities and committed
land premiums in the next 12-18 months, given an expected
deterioration in its operations amid weak market conditions, as
reflected in the decline of nationwide property sales. The sharp
declines in the company's bond and share prices recently also limit
its access to capital market funding for refinancing.

Modern Land's Caa2 CFR reflects the company's niche in marketing
and selling comfortable and eco-friendly homes. However, the rating
is constrained by the company's weak liquidity and financial
metrics, as well as constrained funding access and significant
exposure to non-bank borrowings.

Moody's notes that Modern Land has said its controlling
shareholders, Mr. Zhang Lei and Mr. Zhang Peng, plan to provide a
shareholder loan of around RMB800 million within the next two to
three months.

The proposed shareholder loan demonstrates the shareholders'
support and will alleviate part of the company's liquidity
pressure, if completed. However, the timing of executing the
support remains uncertain.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's weak financial
management.

The rating also considered the company's concentrated ownership by
its key shareholders by its founder and chairperson, Zhang Lei, who
held around a 66.1% stake as of the end of June 2021.

Modern Land's Caa3 senior unsecured debt rating is one notch lower
than the company's Caa2 CFR due to structural subordination risk.
The subordination risk refers to the fact that the majority of
Modern Land's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

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

Moody's will review (1) the result of the announced consent
solicitation and the associated credit implications on Modern Land,
and (2) Modern Land's abilities to restore its liquidity position
through repaying or refinancing the upcoming debt maturities over
the next 12-18 months, including the USD250 million due on October
25, 2021, the USD200 million due on February 26, 2022 and the
USD300 million due on November 13, 2022.

Moody's could downgrade the ratings further if Modern Land fails to
secure consent from bondholders to extend the debt maturity of its
USD250 million bond, or if the recovery prospects of the company's
creditors deteriorate.

An upgrade of the ratings is unlikely, given the review for
downgrade. However, Moody's could confirm the ratings if Modern
Land materially improves its liquidity and access to funding.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Modern Land (China) Co., Limited was founded in Beijing in 2000 by
Mr. Zhang Lei, who is the company's current chairman. The company
specializes in developing green housing units and is among the few
early leaders in China's green and eco lifestyle market.

Modern Land was listed on the Hong Kong Stock Exchange in July
2013. As of June 2021, the company had a gross land bank of around
16.8 million square meters in terms of gross floor area.

SINIC HOLDINGS: Likely to Default on US$250 Million Worth of Bonds
------------------------------------------------------------------
Reuters reports that Sinic Holdings said on Oct. 11 it would likely
default on bonds worth $250 million, as it does not have enough
financial resources to the make payments by their maturity date.

Sinic said in September a creditor had demanded repayment of
principal and accrued interest totalling $75.4 million due to
overdue payments on onshore financing, and that the creditor had
appointed receivers over the shares of certain offshore units,
Reuters recalls.

According to Reuters, the company said the creditor's enforcement
triggered conditions under which other financing arrangements and
bonds worth $710 million may become immediately payable if
creditors choose to enforce that.

Sinic said it was in talks with lenders and other stakeholders over
repayment arrangements. The payment and the last interest payment
on the first batch on bonds worth $250 million is due on Oct. 18.

The Shanghai-based developer has total liabilities amounting to
$1.01 billion under offshore financing arrangements, Reuters
discloses.

Sinic shares have been on a trading halt since Sept. 20, after
plunging nearly 90% earlier that day, the report notes.

Reuters says the case highlights the impact of China Evergrande
Group, which is struggling under $305 billion in debt, on the rest
of the high-yield sector as liquidity dries up and sales slow.

                        About Sinic Holdings

Sinic Holdings (Group) Company Limited, an investment holding
company, engages in the property development and leasing activities
in the People's Republic of China. The company develops and sells
residential and commercial properties. It also develops, operates,
and manages commercial properties, including shopping centers,
apartments, and office buildings, as well as manages hotels; and
provides project consulting services to independent third parties.
The company was founded in 2010 and is headquartered in Shanghai,
the People's Republic of China. Sinic Holdings (Group) Company
Limited is a subsidiary of Sinic Holdings Group Company Limited.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
6, 2021, Fitch Ratings has downgraded Sinic Holdings (Group)
Company Limited's Long-Term Issuer Default Rating (IDR) to 'C' from
'CCC'. Fitch has also downgraded Sinic's senior unsecured rating to
'C' from 'CCC-', with a Recovery Rating of 'RR5', which is
unchanged.

The downgrade reflects Fitch's view that a default-like process has
begun, following Sinic's announcement that certain subsidiaries
have missed interest payments on onshore financing arrangements,
which was followed by enforcement action taken by one of its
offshore creditors.

XINJIANG TIANSHAN: Businessman Gets Life Sentence for Fraud
-----------------------------------------------------------
Caixin Global reports that a businessman behind a CNY2.4 billion
($372 million) deal to help a money-losing Xinjiang-based livestock
breeder avoid delisting four years ago was sentenced to life in
prison for contract fraud.

Caixin relates that the case involved a 2017 restructuring deal
between Xinjiang Tianshan Animal Husbandry Bio-Engineering Co. Ltd.
and Guangdong Elephant Advertising Co. Ltd. Shenzhen-traded
Tianshan Animal Husbandry, which develops cattle breeding and
genetic improvements, had reported losses for two straight years
and faced being kicked off the exchange. To prevent that, the
company agreed to acquire ChiNext-traded Elephant Advertising for
stock and cash.

That deal fell apart just a year later when Tianshan Animal
Husbandry alleged that Chen Dehong, controlling shareholder of
Elephant Advertising, was suspected of contract fraud,
embezzlement, illegal guarantee and other illegal actions,
according to Caixin.

Tianshan Animal Husbandry reported a net loss of CNY43 million in
the first half of 2021, Caixin discloses.

Xinjiang Tianshan Animal Husbandry Bio-Engineering Co., Ltd is a
China-based company principally engaged in cattle and sheep breed
improvement business. The Company's main products include
high-quality bull semen, breeding sheep, lambs and sheep semen.
Through its subsidiaries, the Company is also involved in the
fattening and slaughtering of livestock, the production, processing
and sale of beef and mutton products, as well as land leasing and
forage planting businesses. The Company distributes its products
mainly in domestic market, with Northwest China as its main market.



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

ABHISHEK AUTOMOTIVES: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Abhishek Automotives
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         8.45        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan           1.55        [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 2006, and promoted by Mr. Mahendra Patni and Mr.
Abhishek Patni, Abhishek Automotives Pvt. Ltd. (AAPL/company) is an
authorized dealer of cars manufactured by Hyundai Motors India
Limited (HMIL). The company has four showrooms/outlets in
Chhindwara, Seoni, Balaghat and Betul areas of Madhya Pradesh. The
largest showroom is located in Chhindwara and is spread across an
area of 40000 square feet, which acts as a 3S i.e. sales service
and spares outlet. AAPL has two group companies; Shubh Cars Pvt.
Ltd., which is an authorized dealer of Honda Cars India Limited and
Abhishek Agencies which is a TVS Scooty dealership.

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

COMPANY PROFILE

Set up in 2005, Advent Developers develops residential and
commercial real estate projects in Mumbai. The company has
completed two projects namely Advent Atria and Advent Palazzo in
Mumbai. The company's promoters have a stake in Advent Neel Realty
LLP, which has completed Advent Neel Residency project in western
suburbs of Mumbai.


AMALTAS EDUCATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amaltas
Educational Welfare Society's bank facilities' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR370 mil. Term loan (Long-term) due on March 2025 maintained

     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR100 mil. Bank guarantee (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 9, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Amaltas Educational Welfare Society has been registered as a
society under the Society Registration Act, 1860. It provides
medical services through its hospital and education via its medical
school. Both facilities are in the Bangar village, Madhya Pradesh.


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating;

-- INR 85.01 mil. Term loan due on January 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR150 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Asiatic Electrical & Switchgear designs, manufactures and sells a
wide range of switchgear products, including feeder pillars,
distribution boards, low-voltage cut-outs, fuse switches, fuse
cut-outs, surge arrestors, fuse boards and composite insulators.


BHAGWAN MAHAVEER: Ind-Ra Hikes Loan Rating to BB, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bhagwan Mahaveer
Memorial Jain Trust's (BMMJT) bank facilities to 'IND BB' from 'IND
B+'. The Outlook is Stable.

The detailed rating actions are:

-- INR300.00 mil. (increased from INR219.80 mil.) Bank loans
     upgraded with IND BB/Stable rating;

-- INR100.00 mil. (increased from INR137.70 mil.) Fund-based
     working capital facilities upgraded with IND BB/Stable
     rating; and

-- INR5.00 mil. Non-fund-based working capital facilities
     upgraded with IND A4+ rating.

The upgrade reflects an improvement in BMMJT's coverage ratios and
debt burden during FY20-FY21. Ind-Ra expects it to reduce further
in FY22 on account of an improvement in operating performance. The
upgrade also reflects a likely growth in the operating margin and
liquidity position in FY22 on account of pre-closure of bank
facilities with Punjab National Bank ('IND AAA'/Stable).

KEY RATING DRIVERS

The ratings reflect an improvement in BMMJT's debt burden and
coverage ratios. In FY21, the trust's debt/current balance before
interest and depreciation (CBBID) reduced to 4.42x (FY20: 5.69x)
and debt/income reduced to 49.00% (58.16%), owing to a 16% yoy fall
in the total debt to INR782.08 million and an 8.17% yoy increase in
CBBID to INR176.88 million. The interest service coverage ratio
(CBBID/interest expenses) improved to 2.03x in FY21 (FY20: 1.43x)
on account of the improvement in CBBID. The debt service coverage
ratio (DSCR) improved to 0.73x in FY21 (FY20: 0.59x), although
remained weak. BMMJT serviced its debt over FY17-FY21 through
unsecured loans and donations provided by the trustees. FY21
numbers are provisional in nature.

The ratings benefit from BMMJT's diversified revenue profile and
moderate revenue base of INR1,596 million in FY21. The hospital's
income continued to dominate the revenue profile with 77.24%
contribution to the total income in FY21, followed by the sale of
medicine (18.22%). The hospital income grew 13.48% yoy to
INR1,232.78 million and the revenue from the sale of medicine
increased 9.63% yoy to INR290.75 million in FY21.

The ratings are further supported by BMMJT's three decades of
operating experience and strong financial support from the trustees
in the form of unsecured loans (FY21: INR575.50 million, FY20:
INR514.46 million) and donations (FY14-FY21: INR600.68 million).
Ind-Ra expects the support from the trustees to continue if
required.

The ratings also factor in an improvement in BMMJT's operating
profitability during FY20-FY21. The trust's operating margin
increased to 8.24% in FY20 (FY19: 4.36%), due to a 15.66% yoy
increase in the key operating income, partially offset by a 10.97%
yoy increase in the key operating expenditure. However, it declined
to 7.23% in FY21 owing to a 2.35% yoy fall in the operating income
due to COVID-19 outbreak. In FY21, the trust's CBBID margin
increased to 11.08% in FY21 (FY20: 10.21%). The net deficit reduced
to INR27.78 million in FY21 (FY20: INR74.95 million). Ind-Ra
expects the operating profitability to improve in FY22 on the back
of a likely growth in hospital income.

Liquidity Indicator - Stretched: BMMJT's available funds (cash and
unrestricted investments) were low at INR14.02 million at FYE21
(FYE20: INR14.41 million) and did not adequately cover the total
debt and operating expenditure. The funds available to cover the
total debt and operating expenditure stood at 1.79% and 0.99%,
respectively, in FY21 (FY20: 1.55% and 1.00%, respectively).
BMMJT's collection period remained moderate but increased to 36
days in FY21 (FY20: 30 days), due to delays in collection of
insurance claims on account of the COVID-19 pandemic. The average
utilization of the working capital limits was 53.26% for the 12
months ended in August 2021.

BMMJT's debt service commitments amounted to INR242.18 million in
FY21 (15.17% of total income) and it is likely to be around
INR220.10 million in FY22. Ind-Ra expects the trust's cash flows to
provide moderate coverage for its debt servicing obligations in
FY21. The trust did not avail the Reserve Bank of India-prescribed
moratorium facility.

RATING SENSITIVITIES

Positive: Events that may collectively lead to a positive rating
action are:

-- an increase and the operating margins increasing above 10% on a
sustained basis,

-- debt burden (debt/CBBID) reducing below 4x on a sustained
basis, and

-- an improvement DSCR above 1.10x on a sustained basis.

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

-- a 20% yoy fall in the total income,
-- operating margin reducing below 3% on a sustained basis, and
-- debt burden (debt/CBBID) increasing above 7.0x on a sustained
    basis.

COMPANY PROFILE

Established in 1975 as a public charitable trust in Bengaluru,
Karnataka, BMMJT operates a super specialty hospital in Vasanth
Nagar, Bengaluru. The hospital offers a wide range of specialty
services which include pulmonology, nephrology, gastroenterology,
cardiology, neurology, oncology, vascular surgery and pediatrics,
among others. In 2016, the trust constructed a second hospital with
100-bed capacity in Giri Nagar, Bengaluru.


BHALKESHWAR SUGARS: ICRA Reaffirms D Rating on INR175.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Bhalkeshwar Sugars Limited (BSL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based
   Term Loans        175.50      [ICRA]D; reaffirmed

   Unallocated
   Limits             24.50      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation factors in the continuing delays in the
debt servicing by Bhalkeshwar Sugars Limited (BSL) owing to its
poor liquidity position. The company's profitability was adversely
impacted by moderate cane crushing volumes, subdued performance
from sugar (high cane cost coupled with low recovery rate) and its
by-products— power and distillery. Weak operating performance,
along with high-interest expenses, is estimated to have resulted in
net losses in FY2021. BSL's capital structure is characterized by
high debt levels, which coupled with poor operating performance led
to weak coverage indicators. Further, there are large debt
repayments in FY2022 and FY2023. The management has proposed a
restructuring exercise, which is under consideration by its bankers
and can provide relief for a few months if accepted. The company's
ability to meet these obligations hinges on the volume of cane
crushed, recovery rate and ramping up of distillery operations. The
ratings are constrained by the risks associated with inherent
cyclicality in the sugar business, the agro-climactic conditions
related to cane production, the Government policies pertaining to
sugar trade and the counterparty credit risk associated with the
sale of power to the utility.

Key rating drivers and their description

Credit strengths

* Forward-integrated operations: BSL operates 4,000 tonnes crushed
per day (TCD) sugar capacity, which is forward integrated into
power and alcohol business. It has a co-generation capacity of 14
mega-watt (MW) and distillery capacity of 60 kilo litres per day
(KLPD). The company has planned an increase in its distillery
capacity from 60 KLPD to 120 KLPD, which will be operational from
SY2022. The integrated operations provide alternate revenues and
cushion its profitability against the cyclicality in sugar
business.

Credit challenges

* Delays in debt servicing: BSL continues to delay in servicing its
debt obligations due to its poor liquidity position.

* Financial profile continued to remain weak in FY2021: The
operating profitability, though improved in FY2021, remained
constrained by moderate cane crushing volumes, subdued performance
from sugar (high cane costs and low recovery rate) and its
by-products – power and distillery. This along with high-interest
expenses led to net losses in FY2021. In addition, the high debt is
likely to result in weak capital structure and debt coverage
metrics. Going forward, acceptance of the restructuring proposal
that could moderate debt servicing obligations in the near term,
supported by revenues and cash flows from the enhanced distillery
operations (capacity expansion from 60 KLPD to 120 KLPD that would
be commercialized in SY2022), would be critical.

* Debt repayments are on higher side in FY2022: BSL has relatively
high debt repayments of INR22.6 crore in FY2022. Its ability to
meet these obligations is dependent on the increase in the cane
crushing volumes, contribution margin from sugar and the ramping up
of the distillery operations. The moratorium proposed in
restructuring is expected to provide some relief in principal and
interest payments on the term loans, if the proposal is accepted by
the banks.

* Vulnerability of profitability to agro-climatic risk and
regulatory risk: The profitability of sugar mills remains exposed
to the cyclicality associated with the sugar industry, the
agro-climatic risks related to cane production, the Government
policies focusing on sugar trade and the counterparty credit risk
pertaining to the sale of power to the utility.

Liquidity position: Poor

BCL has a poor liquidity profile owing to continued net losses and
adverse cash flows from operations. High cane cost and subpar
recovery had a dampening impact on the performance of the sugar
division, notwithstanding improved realizations in FY2021. Going
forward, the company's ability to ramp up distillery operations to
generate adequate cash accruals will remain critical for improving
its liquidity position.

Rating sensitivities

Positive factors – The rating may be upgraded if the company
services the debt obligations in a timely manner on a sustained
basis.

BSL was incorporated in 2000. At present, it operates an integrated
sugar plant at Bhalki, Bidar district, Karnataka. The first phase
of the sugar plant started commercial operations in February 2014,
with a capacity of 2,500 TCD and cogeneration capacity of 14 MW. In
the second phase, the company has expanded the sugar capacity to
4,000 TCD in October 2017 and set up a distillery capacity of 60
KLPD, which was commissioned in October 2018. It has recently
planned to increase the distillery capacity to 120 KLPD, which will
be operational from SY2022. In FY2021 (provisional numbers), BSL
reported a net loss of INR16.3 crore on an operating income (OI) of
INR136.3 crore compared to a net loss of INR19.6 crore on an OI of
INR108.7 crore in FY2020.


C.P. ARORA: ICRA Withdraws C Rating on INR6.75cr Cash Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
C.P. Arora Engineers-Contractors Pvt. Ltd. at the request of the
company and based on the No Objection Certificate (NOC) 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          6.75        [ICRA]C; ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-Fund based      8.22        [ICRA]A4; ISSUER NOT
   Limits                          COOPERATING; Withdrawn

   Unallocated         0.03        [ICRA]A4; ISSUER NOT
   Limits                          COOPERATING; Withdrawn

CPA was incorporated in 2003 and was promoted by late Mr. C.P.
Arora. His family members took over the running business of the
proprietorship firm after his death. The company has been involved
in road construction for more than 50 years. CPA is currently
managed by Mr. Karun Arora (son of Mr. C.P. Arora) who has long
experience in the road construction sector. The company primarily
undertakes road construction projects for government entities
(Public Works Department) and also for clients in the private
sector, on a sub-contract basis. The company is also involved in
various ancillary works, required for the completion of a road
project, including construction of footpaths, walkways, cross
drainage works, culverts, sewer lines, water supply lines,
landscaping, and horticulture jobs.

CHANDRA PRABHU: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Chandra Prabhu
International Limited's (CPIL) Long-Term Issuer Rating to 'IND BB'
from 'IND B+ (ISSUER NOT COOPERATING)' and has simultaneously
withdrawn the rating. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit* upgraded and
     withdrawn; and

-- INR100 mil. Non-fund-based working capital limit** upgraded
     and withdrawn.

*Upgraded to 'IND BB'/Stable/'IND A4+' from 'IND B+ (ISSUER NOT
COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn

**Upgraded to 'IND A4+' from 'IND A4 (ISSUER NOT COOPERATING)'
before being withdrawn

The upgrade reflects a significant improvement in CPIL's revenue,
leading to an improvement in the credit metrics in FY21.

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

KEY RATING DRIVERS

CPIL's revenue surged to INR2,153.23 million in FY21 (FY20:
INR1,154.62 million) on the back of coal being procured a lower
price, thus gaining competitive advantage. The company's scale of
operations remains medium.

The EBITDA increased to INR88.75 million in FY21 (FY20: INR35.40
million), due to deterioration in coal, personnel and other
expenses. Consequently, the margins improved to 4.12% in FY21
(FY20: 3.07%), although remained modest. The return on capital
employed of 41.50% (16.20%).

The credit metrics improved in FY21, although remained moderate.
The gross interest coverage (operating EBITDA/gross interest
expense) improved to 12.96x in FY21 (FY20: 4.59x) and the net
leverage (total adjusted net debt/operating EBITDAR) to 0.33x
(negative 1.84x) owing to the increase in the absolute EBITDA.

Liquidity Indicator - Stretched: The company had liquid cash and
cash equivalents of INR0.48 million at FYE21 (FYE20: INR2.17
million), against a total outstanding debt of INR29.40 million
(INR67.43 million). The cash flow from operations improved to
INR51.54 million in FY21 (FY20: INR33.92 million) owing to
favorable changes in working capital. CPIL's average use of the
working capital limits was 73.65% during the 12 months ended August
2021.

However, the ratings are also supported by the promoter's
experience of over two decades in the trading of coal and synthetic
rubber.

COMPANY PROFILE

Incorporated in 1984, CPIL is engaged in the trading of coal and
synthetic rubber. Its head office is in New Delhi, with branch
offices in Chandasi in Mughal Sarai (Uttar Pradesh), Guwahati
(Assam), Bhatinda (Punjab) and Gurugram (Haryana).


DHANALAKSHMI SRINIVASAN: ICRA Moves D Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Dhanalakshmi
Srinivasan Hotels Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-       52.00        [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating Moved to Issuer Not
                                  Cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
  
DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Energo
Engineering Projects 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–         22.75      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loans                    'Issuer Not Cooperating'
                                 Category

   Long-term-        140.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'

   Short-term      1,150.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating Continues to remain under
   Based                         'Issuer Not Cooperating'

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

Incorporate as a sole proprietorship in 1987, EEPL is engaged in
providing EPC/ turnkey solutions of Balance of Plant (BOP)
requirements of Power Plants which includes coal handling, ash
handling, water systems, instrumentation, civil work etc. In BOP,
the company has focus on coal handling and ash handling. The
services include design, manufacture, fabrication, supply, site
construction, erection, commissioning and testing as well as
operations & maintenance on turnkey basis. The factory is located
at Coimbatore, Tamil Nadu on a land area of 400,000 sq. ft. with
manufacturing area enclosed in 150,000 sq. ft. EEPL also provides
consultancy services to power plants in the form of residual life
assessment studies, assessment of renovation and modernization
requirements and suggesting cost-effective method for improving the
efficiencies of the existing systems,
besides energy audits and independent performance testing. EEPL has
a portfolio in EPC contracting of more than 20,000 MW.


FUTURE GROUP: Awaits Singapore Arbitration Verdict
--------------------------------------------------
Business Standard reports that even as the Future Group awaits the
final order of Singapore International Arbitration Centre, American
e-commerce giant Amazon said there are no settlement talks
currently going on with the Future Group.

"We have consistently offered to assist Future Retail during the
economic downturn caused by Covid and reiterated our openness for a
dialogue even during the Delhi High Court hearings and this should
not to be misconstrued as an offer for settlement," Business
Standard quotes an Amazon spokesperson as saying.

Both Future Group and Amazon have been litigating for a year after
Future Group signed a deal to sell its entire businesses to
Reliance Retail, Business Standard recalls. Amazon, which held 49
per cent stake in a holding company of Future Retail alongwith
Future group founder Kishore Biyani said Reliance deal is a breach
of its non-compete agreement with Future and moved the arbitration
court.

After the Singapore International Arbitration Centre restrained the
transaction, Future Group moved Delhi High court. The matter is
currently pending with the Supreme Court, the report notes.

A source at Future group said it is awaiting the final verdict from
Singapore arbitrator and once the verdict is out, they will decide
on the next course of action, Business Standard relays.

                        About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
10, 2021, Fortune India said Future Group is fighting its final
battle for existence.  Supreme Court's ruling that upheld Singapore
Emergency Arbitrator's award against Reliance Retail's INR24,713
crore takeover of Future group companies may have a bigger impact
on Kishore Biyani's retail chain as it is on the verge of
bankruptcy.  

The cash-strapped group companies jointly owe around INR19,000
crore to banks, besides the INR6,000 crore dues to the vendors, the
report notes.  Future Retail Limited alone owes INR6,278 crore debt
with 28 banks, including SBI, Union Bank, Bank of India, Bank of
Baroda, Axis Bank, and IDBI Bank, among others.


G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of G.N.
Bullion Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       14.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2009, G. N. Bullion Private Limited (GNBPL) is
mainly involved in manufacturing and selling of gold jewelry in the
wholesale market. The company's jewelry manufacturing operation is
carried out on job-work basis. In addition, it manufactures silver
coins in small volumes at its own workshop in Kolkata. The
clientele of the company primarily comprises
domestic jewelry retailers in eastern India.


HLL MEDIPARK: ICRA Lowers Rating on INR75cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of HLL
Medipark Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          75.00      [ICRA]B+ (Stable) ISSUER NOT
   Proposed bank                 COOPERATING; Rating downgraded
   Facilities                    from [ICRA]BB (Stable) and
                                 moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding HLL Medipark Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by 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 HLL Medipark 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.

HML was incorporated in December 2016 as a wholly-owned subsidiary
of HLL for developing an integrated manufacturing facility for
healthcare. The Ministry of Health and Family Welfare, the
Government of India had mandated HML to develop a state-of-the-art
integrated industrial park for the medical technology sector. HLL
is the main promoter with a 90% equity share in the project. The
Government of Tamil Nadu, through Tamil Nadu Industrial Development
Corporation Ltd (TIDCO), holds the remaining (10%) equity share.
The estimated cost of the project is INR125.56 crore. The project
is being financed through INR 51.28-crore equity and INR74.28-crore
debt. However, the project cost and scope can undergo a revision as
a revised plan is currently being prepared. HML will comprise a
medical device and equipment zone, a knowledge management zone with
an incubation facility, and a research and development zone. These
zones will facilitate medical diagnostics, medical equipment,
disposables, and medical device manufacturing industries, knowledge
and healthcare business outsourcing services, etc. The development
mix will comprise developed plots, built-to-suit units, common
industrial facilities, and common pooled infrastructure, which will
depend on the investors' demand.


JANA CAPITAL: Ind-Ra Affirms B+ Non-Convertible Debts Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on Jana
Capital Limited's (JCL) non-convertible debentures (NCDs) as
follows:

-- INR1.5 mil. NCD ISIN INE028U08016 issued on October 30, 2019  

     coupon rate 5% due on May 31, 2023 affirmed with IND B+/
     Stable rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the credit profiles of JCL, Jana
Holdings Limited (JHL; debt rated 'IND B+'/Stable) and Jana Small
Finance Bank (JSFB). JCL, a non-deposit taking non-bank finance
company-core investment company, holds a 100% stake in JHL. JHL is
a non-operating financial holding company (NOFHC) of JSFB (42.08%
stake held by JHL) and the value of its investments is derived
solely from its shareholding in JSFB. Both JCL and JHL have limited
financial strength. The investment value of the stake in JSFB is
largely subject to the bank's incremental performance (banking
operations commenced in March 2018) and its ability to manage the
credit costs emanating from the COVID-19-led disruptions.

The NCDs, issued to TPG Asia VI India Markets Pte. Ltd, are junior
to all other issues raised by Jana Holdings Limited (JHL).
Nevertheless, the NCDs raised by JHL and JCL have a cross-default
clause with JHL's indebtedness. The NCDs are created in the favor
of Catalyst Trusteeship Limited and are subservient to the first
ranking pledge created for the benefit of the holders of the NCDs
issued by JHL over the equity shares of JSFB held by JHL until the
senior instruments are paid-off on their due dates.  

A common independent director serving on the boards of JCL and
Ind-Ra did not participate in the rating process.

KEY RATING DRIVERS

COVID-19 continues to weigh on JSFB's Asset Quality: JSFB's asset
quality, which improved when its gross non-performing assets
(GNPAs) reduced to 3.2% in FY20 (FY19: 8.1%) on account of reported
write-downs of INR3 billion, came under pressure amid the first and
the second wave of COVID-19. The GNPAs increased to 7.2% in March
2021. Also, the provision coverage ratio including technical
write-offs was at 82% and excluding technical write-offs was at
27.9% at end-March 2021 (end-March 2020: 56.2%). The bank has made
lower provisions on incremental GNPAs as it expects material
recoveries or limited loss given defaults  over the near term.
Also, about 8% of the portfolio was restructured for JSFB at
end-March 2021. In case recoveries do not pan out as per the bank's
expectations, JSFB could see incremental credit costs (4%-8%) in
FY22 on the unsecured loans (share of unsecured at end-1QFY22:
59%). Also, the collection efficiencies & recoveries picked up in
the unsecured segment over June-August 2021, supported by the
gradual relaxation of state-wise lockdowns.

Near-term Profitability for JSFB may remain constrained due to High
Credit Costs: JSFB reported a net profit of INR843 million in FY21
(FY20: INR301 million). The bank's performance and liability
structure improved in FY20 and FY21. However, due to the lingering
effects of the first and second wave COVID-19-led lockdowns and low
provisions, the bank could face high credit costs which could
impact its profitability at least over the medium term. Under
stress case, the effects of the scale and repricing of deposits at
lower levels could be offset by incremental credit costs.

High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be refinanced
to the extent of the principal and the rate of return promised to
the investors. While the refinancing risk is not immediate, JCL's
NCDs have a cross-default clause with the existing indebtedness of
JHL. In addition, JHL has total repayments of INR2.3 billion in
December 2021 and January 2022; the agency will continue to monitor
JHL's refinancing efforts. Furthermore, only an increase in JHL's
shareholding on account of the proposed infusion might be
insufficient to repay the existing obligations; hence, the
valuation risk is significant and depends on the bank's standalone
performance.

Raising Funds over Near Term Crucial: At FYE21, JSFB reported a
tier 1 capital ratio of 11.75% (FYE20: 13.12%) and a total capital
adequacy ratio of 15.51% (19.31%) which are lower than its peers'.
Furthermore, given the bank's low provisioning levels, its net
NPA/equity stood high at 54.9% at end-March 2021 (end-March 2020:
13.5%) and hence the bank would need to build higher capital
buffers, especially if the recovery slows. JSFB had disclosed in
the Draft Red Herring Prospectus filed with the Securities &
Exchange Board of India in Mar 2021 that it will undertake a total
capital raise of INR7 billion as part of pre-IPO and the IPO.
Either JHL or JCL is likely to contribute INR4 billion of the same
when the refinance transaction goes through. This capital raise is
crucial over the near term.  Also, JSFB has been supported by
regular equity infusions in the past from investors.  The bank had
raised INR3.4 billion equity in FY20, INR10.9 billion in FY19 and
INR16.4 billion in FY18 from existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges by March 2021. However, it has delayed due to the
pandemic and is under process.

Liquidity Indicator for JCL - Poor:  JCL does not have cash flows
to service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
among other options, before the maturity date of the respective
instruments. JCL's subsidiary, JHL, holds a 42.08% stake in JSFB
and is in the process of listing the bank. JHL and JCL are also in
the process of getting merged for which consent from the 90%
creditors is pending. Ind-Ra expects this merger to be completed
over the near term. Furthermore, the debt raised by both the
holding companies are in the form of zero coupon bonds that would
have lumpy pay-outs on maturity, adding to the liquidity demands.

Liquidity Indicator for JSFB – Adequate; Deposits Continue to See
Traction: JSFB maintained excess statutory liquidity reserves of
around INR32 billion over FY21, in addition to the cash reserves
that it needs to maintain as part of the regulatory requirement.
The bank's liquidity coverage ratio stood at 1,199.67% at FYE21
(FYE20: 743.98%). Basis the bank's asset-liability mismatch (ALM)
statement at the end-March 2021, there were no cumulative
mismatches for the period of up to 1 year.

JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR103.1 billion in FY21 (FY20: INR89.4
billion), and the current and savings accounts to INR20.8 billion
(INR7.1 billion). The total deposits stood at INR123.9 billion at
end-March 2021, of which 87.4% have a tenor of more than one year.
Given the substantial traction in low-cost deposits, the cost of
funds for JSFB also improved to 8.3% in FY21 (FY20: 9.4%, FY19:
10.2%). In addition, the bank lowered its interest on deposits in
FY21, which will help it to further reduce its cost of deposits as
they come up for renewals.

Portfolio Mix changing in Favor of Secured: JSFB is strategically
shifting towards a secured loan portfolio and the share of secured
portfolio in its portfolio increased to 40% at end-March 2021 from
29% at end-March 2020.  JSFB has also been lowering its group loan
exposure continuously which came down to 36% at end-March 2021 from
around 46% at end-March 2020. Also, the disbursements increased
towards the secured portfolio in 2HFY21. Ind-Ra believes the group
loan portfolio will continue to decline with share of secured
portfolio going up. Ind-Ra believes this will improve the asset
quality of the bank over the medium term.    

RATING SENSITIVITIES

Positive: Timely successful merger with JHL and raising of funds as
planned could lead to positive rating action.  A significant
improvement in the bank's asset quality, the capitalization and
leverage (advances to equity) and an achievement of material
profitability earlier than as expected by the agency could result
in a positive rating action.

Negative: An inability to raise adequate funds before refinancing
is due could lead to a negative rating action. A sustained weakness
in the bank's asset quality, its capital levels close to the
regulatory minimum consistently or a weakness in the
deposit/liquidity profile could result in a negative rating action.
Any unrelated diversification of the holding company, although
unlikely, could also result in a downgrade.

COMPANY PROFILE

JCL was incorporated on March 26, 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated March 24, 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934. JSFB had total advances of
INR116 billion and a diversified presence across 22 states and
union territories in India at end-March 2021.


JANA HOLDINGS: Ind-Ra Affirms B+ Non Convertible Debts Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on Jana
Holdings Limited's (JHL) non-convertible debentures (NCDs) as
follows:

-- INR3 mil. NCDs* affirmed with IND B+/Stable rating.

*Details in Annexure

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the credit profiles of JHL, Jana
Capital Limited (JCL; debt rated 'IND B+'/Stable) and Jana Small
Finance Bank (JSFB). JHL, a subsidiary of JCL, has limited
financial strength. It is a non-operating financial holding company
(NOFHC) of JSFB (42.08% stake held by JHL) and the value of its
investments is derived solely from its shareholding in JSFB. The
value of the stake in JSFB is largely subject to the bank's
incremental performance (banking operations commenced in March
2018) and its ability to manage the credit costs that may emanate
due to pandemic-led disruptions.

The rated NCDs are held by Centrum Group and Manipal Health Systems
Pvt. Ltd. (MHSPL) and are junior to JHL's other issues. The NCDs
held by Centrum Group will mature by end-December 2021, followed by
JHL's other NCDs (not rated by Ind-Ra) which are held by GIC Pte.
Ltd (INR1 billion), Edelweiss Capital Limited (INR1.55 billion) and
TPG Asia VI India Markets Pte Ltd (INR4.03 billion), and lastly
those held by MHSPL.   

A common independent director serving on the boards of JHL and
Ind-Ra did not participate in the rating process.

KEY RATING DRIVERS

COVID-19 continues to weigh on JSFB's Asset Quality: JSFB's asset
quality, which improved when its gross non-performing assets
(GNPAs) reduced to 3.2% in FY20 (FY19: 8.1%) on account of reported
write-downs of INR3 billion, came under pressure amid the first and
the second wave of COVID-19. The GNPAs increased to 7.2% in March
2021. Also, the provision coverage ratio including technical
write-offs was at 82% and excluding technical write-offs was at
27.9% at end-March 2021 (end-March 2020: 56.2%). The bank has made
lower provisions on incremental GNPAs as it expects material
recoveries or limited loss given defaults over the near term. Also,
about 8% of the portfolio was restructured for JSFB at end-March
2021. In case recoveries do not pan out as per the bank's
expectations, JSFB could see incremental credit costs (4%-8%) in
FY22 on the unsecured loans (share of unsecured at end-1QFY22:
59%). Also, the collection efficiencies & recoveries picked up in
the unsecured segment over June-August 2021, supported by the
gradual relaxation of state-wise lockdowns.

Near-term Profitability for JSFB may remain constrained due to High
Credit Costs: JSFB reported a net profit of INR843 million in FY21
(FY20: INR301 million). The bank's performance and liability
structure improved in FY20 and FY21. However, due to the lingering
effects of the first and second wave COVID-19-led lockdowns and low
provisions, the bank could face high credit costs which could
impact its profitability at least over the medium term. Under
stress case, the effects of the scale and repricing of deposits at
lower levels could be offset by incremental credit costs.

High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be refinanced
to the extent of the principal and the rate of return promised to
the investors. In addition, JHL has total repayments of INR2.3
billion in December 2021 and January 2022; the agency will continue
to monitor JHL's refinancing efforts. Furthermore, only an increase
in JHL's shareholding on account of the proposed infusion might be
insufficient to repay the existing obligations; hence, the
valuation risk is significant and depends on the bank's standalone
performance.

Raising Funds over Near Term Crucial: At FYE21, JSFB reported a
tier 1 capital ratio of 11.75% (FYE20: 13.12%) and a total capital
adequacy ratio of 15.51% (19.31%) which are lower than its peers'.
Furthermore, given the bank's low provisioning levels, its net
NPA/equity stood high at 54.9% at end-March 2021 (end-March 2020:
13.5%) and hence the bank would need to build higher capital
buffers, especially if the recovery slows. JSFB had disclosed in
the Draft Red Herring Prospectus filed with the Securities &
Exchange Board of India in March 2021 that it will undertake a
total capital raise of INR7 billion as part of pre-IPO and the IPO.
Either JHL or JCL is likely to contribute INR4 billion of the same
when the refinance transaction goes through. This capital raise is
crucial over the near term.  Also, JSFB has been supported by
regular equity infusions in the past from investors. The bank had
raised INR3.4 billion equity in FY20, INR10.9 billion in FY19 and
INR16.4 billion in FY18 from existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges by March 2021. However, it has delayed due to the
pandemic and is under process.

Liquidity Indicator for JHL - Poor:  JHL does not have cash flows
to service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
among other options, before the maturity date of the respective
instruments.  JHL holds a 42.08% stake in JSFB and is in the
process of listing the bank. JHL and JCL are also in the process of
getting merged for which consent from the 90% creditors is pending.
Ind-Ra expects this merger to be completed over the near term.
Furthermore, the debt raised by both the holding companies are in
the form of zero coupon bonds that would have lumpy pay-outs on
maturity, adding to the liquidity demands.

Liquidity Indicator for JSFB – Adequate; Deposits Continue to See
Traction: JSFB maintained excess statutory liquidity reserves of
around INR32 billion over FY21, in addition to the cash reserves
that it needs to maintain as part of the regulatory requirement.
The bank's liquidity coverage ratio stood at 1,199.67% at FYE21
(FYE20: 743.98%). Basis the bank's asset liability mismatch (ALM)
statement at end-March 2021, there were no cumulative mismatches
for the period of up to 1 year.

JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR103.1 billion in FY21 (FY20: INR89.4
billion), and the current and savings accounts to INR20.8 billion
(INR7.1 billion). The total deposits stood at INR123.9 billion at
end-March 2021, of which 87.4% have a tenor of more than one year.
Given the substantial traction in low-cost deposits, the cost of
funds for JSFB also improved to 8.3% in FY21 (FY20: 9.4%, FY19:
10.2%). In addition, the bank lowered its interest on deposits in
FY21, which will help it to further reduce its cost of deposits as
they come up for renewals.

Portfolio Mix changing in Favor of Secured: JSFB is strategically
shifting towards a secured loan portfolio and the share of secured
portfolio in its portfolio increased to 40% at end-March 2021 from
29% at end-March 2020.  JSFB has also been lowering its group loan
exposure continuously which came down to 36% at end-March 2021 from
around 46% at end-March 2020. Also, the disbursements increased
towards the secured portfolio in 2HFY21. Ind-Ra believes the group
loan portfolio will continue to decline with share of secured
portfolio going up. Ind-Ra believes this will improve the asset
quality of the bank over the medium term.    

RATING SENSITIVITIES

Positive: Timely successful merger with JCL and raising of funds as
planned could lead to positive rating action.  A significant
improvement in the bank's asset quality, the capitalization and
leverage (advances to equity) and an achievement of material
profitability earlier than as expected by the agency could result
in a positive rating action.

Negative: An inability to raise adequate funds before refinancing
is due could lead to a negative rating action. A sustained weakness
in the bank's asset quality, its capital levels close to the
regulatory minimum consistently or a weakness in the
deposit/liquidity profile could result in a negative rating action.
Any unrelated diversification of the holding company, although
unlikely, could also result in a downgrade.

COMPANY PROFILE

JHL is registered as an NOFHC according to the regulatory
guidelines, and is promoted by JCL, to hold the promoter stake in
JSFB.


JASMER FOODS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Jasmer Foods
Private Limited's (JFPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR185 mil. (increased from INR110 mil.) Fund-based working
     capital limits upgraded with IND BB/Stable rating; and

-- INR19.52 mil. (reduced from INR40 mil.) Term loan due on May
     2024 upgraded with IND BB/Stable rating.

The upgrade reflects an improvement JFPL's top line and absolute
EBITDA in FY21 due to increased exports.

KEY RATING DRIVERS

The ratings reflect JFPL's continued small scale of operations. The
company's revenue rose around 21% yoy to INR529.49 million owing to
67% yoy surge in sales volumes in the domestic and international
markets and the addition of new customers. The increased exports
were a result of the company's improved marketing and sales efforts
(FY21: 48%; FY20: 26%). The company booked revenue of INR194
million till August 2021 (1HFY21: INR250 million) and Ind-Ra
expects the revenue to increase further in FY22 on account of an
expansion of the export base and the addition of new clientele. The
rating also takes comfort from the company's contract with a
renowned client to provide 6,000 metric tons of rice, which the
management believes will be partially booked in FY22.

The ratings are also constrained by JFPL's modest EBITDA margins.
The margin contracted to 11.92% in FY21 (FY20: 13.70%) due to a
significant increase in employee expenses (owing to an increase in
the minimum labor charges in the state) and transportation costs
(due to a substantial hike in the container cost for exports
resulted from COVID-19 led disruptions). JFPL's raw material prices
are volatile, leading to volatile EBITDA margins to the company
(FY21: 11.92%; FY20:  13.70%; FY19: 15.5%). The company's return on
capital employed stood at 9.6% in FY21 (FY20: 11.7%). In FY22,
Ind-Ra expects the margins to remain volatile due to the
susceptibility to volatility in raw material prices.

The ratings also factor in JFPL's modest credit profile. The gross
interest coverage (EBITDAR/gross interest expense + rent) declined
to 2.34x in FY21 (FY20: 2.66x) and net leverage (adjusted net debt/
EBITDA) deteriorated to 6.83x (5.32x) mainly due to a significant
increase in debt to INR435.50 million (INR322.46 million) and an
increase in the interest cost to INR27 million (INR22.50). In FY22,
Ind-Ra expects the company's credit metrics to remain moderate
owing to the high working capital requirement leading to company's
dependence on external debt.

The ratings are further constrained by the fragmented nature of the
industry where many players operate in organized and unorganized
sectors.

Liquidity Indicator- Stretched: JFPL's average maximum utilization
of fund-based limits was 81% for the 12 months ended August 2021.
The company had cash and cash equivalents of INR4.52 million at
FYE21 (FYE20: INR3.91 million) against total debt of INR435.50
million (INR322.27 million). The company's cash flow from
operations remained negative at INR94.20 million in FY21 (FY20:
INR81.95 million) due to a significant increase in its working
capital requirement. The net working capital cycle further
elongated to 386 days in FY21 (FY20:284) mainly due to the year-end
high inventory. The inventory days increased to 340 days in FY21
(FY20: 224 days) due to a lockdown in the UK and other countries
during February-March 2021 owing to the second wave. However, the
company does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The company has availed of the Reserve Bank of India-prescribed
moratorium over March-August 2020 and also taken Emergency Credit
Line Guarantee Scheme loan of INR21.10 million in June 2020.
Further, the company has INR13.5 million and INR15.10 million of
debt repayment obligation in FY22 and FY23, respectively.

The ratings are further supported by the promoter's decade-long
experience in the rice processing and milling industry.

RATING SENSITIVITIES

Positive: Significant improvement in the scale of operations,
leading to an improvement in the liquidity position and credit
metrics with net leverage ratio below 3.5x may lead to a positive
rating action.

Negative: Decline in the scale of operations, leading to
deterioration in credit metrics and/or deterioration in liquidity
may lead to negative rating action.

COMPANY PROFILE

JFPL, incorporated in June 2011 and located in Kurukshetra is
managed by three directors namely Jatinder Singh, Harminder Singh
and Ravinder Singh. It is engaged in the milling, processing and
manufacturing of basmati rice in a fully integrated setup with
capacity of around 200 metric ton per day.


JMD LIMITED: ICRA Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of JMD 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-        55.39        [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating Moved to Issuer Not      

   Term Loan                      Cooperating category

   Long-term-         2.00        [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating Moved to Issuer Not      

   Cash Credit                    Cooperating category

   Short-term:        9.61        [ICRA]D ISSUER NOT COOPERATING;
   Non-fund Based                 Rating Moved to Issuer Not
                                  Cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis on best available
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.

JMD Limited (JMD) is a public limited company engaged in commercial
and residential real estate development in Delhi, Gurgaon, Noida,
Verna and Ludhiana. JMD was promoted in 1989 by Mr. Sunil Bedi. Its
business focuses on residential and  commercial developments. JMD's
first project was JMD Regent Square, MG Road Gurgaon which was
completed in 2001. As on date, the company has completed a total of
11 projects, aggregating to more than 1.7 million square feet of
sold/leased area. The Group has also completed its first hotel
project, DoubleTree by Hilton, in Gurgaon (Haryana) in FY2012.


KERALA STATE: Ind-Ra Lowers Loan Rating to B-, Outlook Negative
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kerala State
Electronics Development Corporation Ltd.'s (KSEDC) bank facilities
to 'IND B-' from 'IND B+ '/Stable. The Outlook is Negative.

The instrument-wise rating action is:

-- INR100 mil. Working capital limits Long-term rating downgraded
    & short-term rating affirmed with IND B-/Negative/IND A4
    rating.

The downgrade reflects KSEDC's continued tight liquidity position
in YTD FY22 and delays in the servicing of project-specific loans
availed from state government entities/agencies. The rated working
capital limits, however, are not in default.

The Negative Outlook reflects Ind-Ra's expectation of continued
uncertainty on the collection of receivables; overall improvement
in the company's liquidity position and also the impending approval
from Kerala State Industrial Development Corporation (KSIDC) on the
proposal submitted for rescheduling the outstanding principal
repayment of INR20.2 million as against the sanctioned limit of
INR50 million.

KEY RATING DRIVERS

Liquidity Indicator- Poor: KSEDC was facing issues in the execution
and implementation of projects in FY21 and in YTD FY22 due to
COVID-19 led supply-chain issues and the mobilization of labor to
the site. The company also faced delays in realizing the
receivables from the customers, that are primarily government
bodies. The company's tight liquidity position resulted in
continuous delays in servicing the debt obligations of
project-specific loans availed to the tune of INR90 million from
the Kerala State Industrial Development Corporation (KSIDC); KSEDC
has availed of INR40 million for the execution of a project from
KSEB Ltd & Artificial Limbs Manufacturing Corporation of India and
INR50 million for the execution of a project from the Naval
Armament Depot of Indian Navy. Due to the cashflow mismatches in
the mentioned projects, there was no sufficient funds available in
the escrow account maintained with Punjab National Bank ('IND
AAA'/Stable), through which the repayments for the project-specific
loan availed from KSIDC are routed. As confirmed by the management,
the repayments towards the project-specific loans can be serviced
only from the funds generated from the projects for which the loan
was availed, and not from the cash credit account or cashflows
generated from the other business segments. The company had
submitted a proposal for the rescheduling of outstanding principal
repayment of INR20.2 million as against the sanctioned limitINR50
million loan on August 31, 2021, and the same will be placed before
the board of KSIDC in a forthcoming meeting.

The rating also reflects that the loan extended by the state
government entities/government agencies are not a part of the bank
loans rated by the agency and there were no overutilization/
irregularities in the fund/non-fund based working capital limits
rated by Ind-Ra. The fund-based working capital limits of the
company were utilized at an average of 78.5% over the last 12
months ended August 2021. In FY21, the net cash conversion cycle of
the company elongated to 189 days (FY20: 141 days) primarily on
account of increased debtor days to 371 (323). The cashflow from
operations turned negative to INR377 million in FY21 (FY20:INR452
million) due to increased working capital requirements. The company
had cash and cash equivalents of INR647 million at FYE21, however,
the same is a year-end phenomenon since the company receives
advances from the government departments during year-ends.

The rating also factors KSEDC's continued delays in the debt
servicing on the unsecured loans from the government of Kerala
(GoK)  who is the primary shareholder (98.03% on August 2021) and
other government entities, though 72% of  the total unsecured loan
from the GoK has been converted into equity in FY20.

The rating remains constrained by KSEDC's weak financial profile,
primarily owing to investments in its weak subsidiaries, some of
which are defunct. As per provisional financials for FY21, the
revenue improved marginally to INR4,509 million (FY20: INR4,419
million), primarily on account of execution and billing of
smart-city projects.

The rating is also constrained by KSEDC's modest EBITDA margin,
which expanded to 3.2% in FY21 (FY20: 1.4%) mainly on account of
improved realization from the products. The margin has remained
subdued over FY17-FY21 due to high fixed costs. The return on
capital employed was 5% in FY21 (FY20:1%). The company had an
orderbook of INR8,503 million (1.9x FY21 revenue) at end-June 2021,
providing strong medium-to-long-term revenue visibility. The
company's scale of operations remain medium.

The rating is also constrained by the company's weak, although
improved, credit metrics. KSEDC's interest coverage (operating
EBITDA/gross interest expense) improved to 2.5x in FY21 (FY20:
1.2x) and net leverage (total adjusted net debt/operating EBITDAR)
to 7.9x (26.3x) due to an improvement in absolute EBITDA to INR145
million (INR62 million) and reduced debt levels of INR1,793 million
(INR1,819 million).  Out of the total outstanding debt at FYE21,
unsecured loans from the GoK and other state government entities
accounted INR1,591 million (including accrued interest).

The rating, however, is supported by the willingness of the GoK,
which holds 98% stake in KSEDC, to extend unsecured loans to
support the company's capex plans. KSEDC's debt largely consists of
unsecured loans from the state government.

The rating is also supported by KSEDC's significant track record;
the company has been operating in the electronics industry since
1973.

RATING SENSITIVITIES

Negative: Any decline in the operating profitability and a further
stretch in the working capital cycle, leading to further
deterioration in the liquidity position and credit metrics, would
be negative for the ratings.

Positive: A significant improvement in the working capital cycle,
leading to an improvement in the liquidity position, while
sustaining the scale of operations along with an improvement in the
operating profitability, would lead to a Stable Outlook.

COMPANY PROFILE

Incorporated in 1972, Trivandrum, Kerala-based KSEDC is a GoK
undertaking engaged in the manufacturing of a wide range of
electronic goods. It undertakes projects involving the designing,
manufacturing, testing, installation, commissioning, and
maintenance of electronic equipment in industrial establishments.
KSEDC has four manufacturing units across the state, along with a
diversified product portfolio, catering to sectors such as defense,
space, power electronics, control and instrumentation, traffic
management, Information Technology/Information Technology Enabled
Services, and security and surveillance.


KERAMIKA INDIANA: ICRA Lowers Rating on INR7.90cr Term Loan to B
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Keramika
Indiana (KI), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term-         2.50        [ICRA]B(Stable) downgraded from
   Fund based                     [ICRA]B+(Stable)
   Cash Credit                      

   Long term-         7.90        [ICRA]B(Stable) downgraded from
   Fund based                     [ICRA]B+(Stable)
   Term Loan                      

   Short Term
   Non-Fund based     0.65        [ICRA]A4 reaffirmed

   Unallocated        0.95        [ICRA]B(Stable); downgraded
   Limits                         From [ICRA]B+(Stable)

Rationale

The rating downgrade factors in the lower-than-estimated
performance of KI in FY2021 and in the current fiscal due to a
steep increase in ocean freight, restricting the export customers
to buy stock only on need basis. The ratings are also constrained
by the competition from imported backsplash porcelain/mosaic tiles
and substitute products such as digital wall tiles, and the
cyclicality in the real estate industry, which is the main end-user
sector. The ratings also factor in the exposure of the firm's
profitability to volatility in raw material and gas prices as well
as to adverse foreign exchange fluctuations. ICRA also notes that
KI is a partnership concern, so any significant withdrawals from
the capital account would affect its net worth adversely.

The ratings, however, favorably factor in the promoters' experience
in the ceramic industry and location-specific advantage owing to
its presence in Morbi (Gujarat) which enables it with easy access
to quality raw materials and accessibility to nearby port for
exports.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that Keramika Indiana (KI) will continue to benefit from the
extensive experience of the key promoters in the ceramic industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in ceramic industry: The
promoters have more than a decade of experience in the ceramic
industry through their association with other companies such as
Starco Ceramic and Range Ceramic Pvt. Ltd.

* Location- specific advantages: The firm's manufacturing facility
is in the ceramic tiles hub of Morbi (Gujarat), which enables it
with easy access to quality raw materials and accessibility to
nearby port for exports.

Credit challenges

* Small scale of operations: The company started its commercial
operations on November 21, 2021 and achieved sales of INR1.21 crore
in FY2021. In 5M FY2021, it achieved sales of INR4.00 crore. The
revenues will remain lower than expected in the current fiscal due
to a steep increase in ocean freight as a result of which export
customers are buying only on need basis.

* Vulnerability of profitability to adverse fluctuations in raw
material prices, fuel prices and foreign exchange rates: Raw
materials and fuel are the two major components that determine the
cost competitiveness in the ceramic industry. The firm has little
control over the prices of its key inputs such as natural gas and
raw materials, and thus its profit margins are exposed to adverse
movement in raw material and gas prices. KI has limited ability to
pass on any upward movement in cost to the customers due to
competition. Further, the major portion of KI's revenue is expected
to be generated through the export market, making its profitability
vulnerable to any adverse forex movements.

* Competition from imported tiles and substitute products;
cyclicality in real estate industry –There are limited players in
the manufacturing of backsplash porcelain mosaic tiles in the
domestic market, but competition remains from established players,
which import such tiles. Also, the firm faces competition from
substitute products such as digital wall tiles, which are cheaper
than backsplash tiles. As the real estate industry is the major
end-user of ceramic tiles, the firm's profitability and cash flows
are highly vulnerable to the cyclicality in the real estate
industry.

* Risks inherent in partnership firm: Given the partnership nature
of the firm, any capital withdrawal could adversely impact the
capital structure.

Liquidity position: Stretched

The liquidity position for KI is expected to remain stretched due
to sizeable repayment obligations of INR1.32 crore in FY2022,
against which the accruals are expected to be lower and promoter
support is expected to remain critical to meet the cash flow
mismatches.

Rating sensitivities

Positive factors – ICRA could upgrade KI's ratings if there is a
substantial growth in revenues and improvement in operating margins
and liquidity.

Negative factors – Pressure on KI's ratings could arise if there
is a significant decline in revenues, lower-than-estimated
operating margins or lack of timely support from promoters.
Further, deterioration in the working capital cycle, which impacts
the liquidity position, could also be a trigger for rating
downgrade.

Established in 2019, Keramika Indiana (KI) is involved in
manufacturing backsplash porcelain/ mosaic tiles at Morbi (Gujarat)
with an installed capacity of 18,900 MTPA. KI has started its
commercial operations in November 2020. The main promoters, Mr.
Mayur Dadhaniya, Mr. Kuldip Padsumbiya, Mr. Ashok Adroja and Mr.
Hemant Dadhaniya, have extensive experience of more than a decade
in the ceramic industry through their association with other
companies in the ceramic industry such as Starco Ceramic and Range
Ceramic Pvt. Ltd.


KGS SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KGS Sugar
& Infra Corporation 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–        117.33      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        210.81      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term        52.00       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long Term/        69.86       [ICRA] D/[ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING; Rating continues
   Unallocated                   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.

KGS is involved in the manufacturing of sugar and its allied
products. The company has a sugar plant with a capacity of 4,500
tonnes of crush per day (TCD), which is forward integrated with a
power co-generation unit of 14 MW. KGS is also setting up a sugar
refinery unit of 400 tonnes per day (TPD) capacity. Its
manufacturing facilities are located at Niphad in Nashik district
of Maharashtra. KGS began its sugar mill and co-generation
operations in January 2015, while the sugar refinery was expected
to commence operations from October 2016.


MAG INDIA: ICRA Lowers Rating on INR20cr LT Loan to B+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of MAG
India Industrial Automation Systems Private Limited (MAG India),
as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         20.00      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating downgraded
                                 from [ICRA]BB+ (Stable);
                                 ISSUER NOT COOPERATING and
                                 continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-         5.00      [ICRA]A4 ISSUER NOT
   Unallocated                   COOPERATING; Rating downgraded
                                 From [ICRA]A4+ ISSUER NOT
                                 COOPERATING; and continues to
                                 Remain in the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding MAG India Industrial Automation Systems Private Limited
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by 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 MAG India Industrial Automation Systems Private Limited , ICRA
has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

MAG India was incorporated as a Private Limited company on 29th
December 2006, and belongs to the MAG Group of Companies currently
owned by Fair Friend Group. Its immediate holding company is M/s
FADAL Engineering (Mauritius) Limited, a company incorporated under
the Laws of Mauritius, and is a wholly owned subsidiary of MAG IAS
GmbH, Germany. and produces a range of fabrics including fashion
fabrics, garments, furnishings and made-ups. Another Group company,
Bharat Tissus Private Limited (BTPL), is also engaged in
manufacturing silk fabric and readymade garments (cotton, silks,
silk blends and other fabrics).


MANJEERA CONSTRUCTIONS: Ind-Ra Cuts Long-Term Issuer Rating to B+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Manjeera
Constructions Limited's (MCL) Long-Term Issuer Rating to 'IND B+'
from 'IND BB+' while maintaining it on Rating Watch Negative (RWN).


The instrument-wise rating actions are:

-- INR67.8 mil. (reduced from INR109.2 mil.) Fund-based
     facilities downgraded; maintained on RWN with IND B+/RWN/IND
     A4/RWN rating; and

-- INR82.2 mil. (reduced from INR150 mil.) Non-fund-based
     facilities downgraded; maintained on RWN with IND A4/RWN
     rating.

ANALYTICAL APPROACH: Ind-Ra continues to factor into the ratings
the corporate guarantee provided by MCL to its wholly-owned
subsidiary - Manjeera Retail Holdings Private Limited, to arrive at
the ratings.

Ind-Ra has maintained the RWN as the debt restructuring is still
under process. MCL applied for the loan restructuring on November
6, 2020, which was prior to the due date of payment obligations, to
one of its lenders. This was under the resolution framework for
COVID-19-related stress and related guidelines announced by the
Reserve Bank of India vide its circulars dated August 6, 2020 and
September 7, 2020, along with guidance provided by the Securities
and Exchange Board of India circular SEBI/ HO/ MIRSD/ CRADT/ CIR/
P/ 2020/ 160 dated August 31, 2020 in this regard. The
restructuring process was due to be completed by June 30, 2021; but
under the National Housing Bank  guidelines, it has now been
extended by 24 months.

The downgrade reflects the execution delays in MCL's project
Manjeera Monarch since December 2020, along with
lower-than-expected bookings of units and delays in the completion
of the debt restructuring process.

KEY RATING DRIVERS

The downgrade reflects lower-than-expected booking of units in
MCL's ongoing project Manjeera Monarch. resulting in a weak debt
service coverage ratio (DSCR; FY21: 1.08x ; FY20: 0.80x). Also, the
ratio was below 1x in 1Q and 3Q in FY21 due to lower collections
from sold/ booked units. The project was originally scheduled to be
completed by December 2019, but it has faced continued delays  due
to political disturbances in the Vijayawada area. Furthermore,  the
project cost has surged to INR2,280 million from INR1,875 million;
the cost overrun would be funded through customer advances.

The rating action also factors in the delays in restructuring
process for the term loan taken from LIC Housing Finance Limited.
The approvals are awaited from the lending authority whereas MCL
continues to service its interest obligation on a timely basis.

MCL has two ongoing residential projects. As of August 2021, in its
Purple Town project (50% share held by MCL), two out of 25 units
were yet be sold, and in the Manjeera Monarch project (62% share),
115 units out of 352 units remained unsold.

Liquidity Indicator – Poor: MCL's fund-based limits were fully
utilized over the 12 months ended August 2021. It had cash and cash
equivalents of INR7.6 million in FY21 (FY20: INR16.97 million). The
company had availed the Reserve Bank of India-prescribed debt
moratorium over March-August 2020.

The ratings are also constrained by the corporate guarantee
extended by MCL for Manjeera Retail Holdings' term loan worth
INR3,250 million (INR1,956.9 million outstanding as on 30 September
2021).

The ratings also factor in the saleability and execution risks
associated with the company's upcoming projects namely Manjeera
Blue (villas), Manjeera French County (residential apartments) and
the project by Vasavi Realtors LLP located in Hafeezpet, Hyderabad,
in which MCL holds 20% share. The means of funding are yet to be
tied up and approvals are yet to be obtained.

The ratings benefit from the low execution risk associated with
Manjeera Monarch, as  it is 94% completed. The occupancy
certificate for the same is awaited by the company.

The ratings also benefit from MCL's diversified revenue stream,
with the company deriving income from the real estate segment
(FY21: contributed 43% to the total revenue), engineering,
procurement and construction, and wind mills. With respect to real
estate, MCL has provided land for the Bion project located in
Kondapur, Hyderabad, with no construction cost involved.

The ratings also derive comfort from the promoters' experience of
more than three decades in the real estate business. The company
has completed around 11 projects individually and around nine joint
venture projects through its subsidiaries and associate companies.

Moreover, the ratings are supported by the presence of an escrow
mechanism that ensures the transfer of appropriate funds for debt
servicing from a pooled escrow account on a timely basis.

RATING SENSITIVITIES

Positive: Timely resolution of the restructuring process along with
an increase in customer advances through bookings, leading to
improved liquidity, will be positive for the ratings.

Negative: A further delay in the restructuring proposal or the
lender's declining the same, along with the projects witnessing
delays/cost overruns, lower-than-expected bookings and slower
realizations will lead to a rating downgrade.

COMPANY PROFILE

Incorporated in1987, MCL is engaged in developing residential,
commercial, hospitality and retail projects. MCL has two ongoing
residential projects - Purple Town and Manjeera Monarch. Purple
Town has 49 elite, independent villas and Manjeera Monarch consists
of 567 residential flats in five blocks with ground plus 14 floors.
MCL is promoted by G. Yoganand.


MBR FLEXIBLES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of MBR
Flexibles Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+(Stable)/[ICRA] A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.09        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          9.02        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based      3.00        [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.89        [ICRA] B+(Stable)/[ICRA]A4;
                                   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.

Ahmedabad-based, MBR Flexibles Limited (MBR) was incorporated in
2010 and is a family-owned company of Rajasthan-based MBR Group
which has diversified business interest spanning over five decades.
MBR group started its operations in 1960s and has been involved in
chemicals trading, textile auxiliaries and bulk intermediates. MBR,
managed by the Chopra family is involved into manufacturing
flexible packaging used across various industries such as FMCG,
pharmaceutical, home & personal, agricultural etc. The company
commenced its operations in 2012 and has an installed capacity of
600 tonne/month. The products profile includes printed/laminated
film, pouches like vacuum pouch, kraft pouch, zipper pouch etc.

MG OILS: Ind-Ra Assigns BB+ Long-Term Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MG Oils (MGO) a
Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR220.00 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating.

The ratings reflect MGO's stretched liquidity position. However,
the ratings are supported by the firm's medium scale of operations
owing to a significant increase in its trading volumes.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The ratings reflect MGO's
stretched liquidity position as indicated by 99.5% average maximum
utilization of the fund-based limits in the 12 months ended August
2021. Moreover, the firm maintains low cash and cash equivalents
(FY21: INR6.89 million, FY20: INR2.71 million), considering its low
profitability, which is restricting cash generation in the
near-to-medium term. The cash flow from operation turned negative
to INR41.10 million in FY21 (FY20: INR24.38 million) on account of
unfavorable working capital changes. It has scheduled debt
repayments of INR29.05 million and INR48.77 million in FY22 and
FY23, respectively. Ind-Ra expects the liquidity to remain
stretched in the near term, given inadequate cash flow from
operations due to lower profitability. However, it expects the
liquidity to improve post increasing of its refining plant
capacity, thus ensuring improved profitability, and hence, cash
flow from operation in the medium term. However, the same remains a
monitorable as MGO does not have sanctioned loans for the capex.

The ratings also factor in MGO's medium scale of operations. The
revenue grew at a CAGR of 83.2% to INR14,420.41 million over
FY18-FY21 (FY20: INR5,967.56 million) owing to the addition of new
customers in the trading segment and increased demand from existing
customers in both refining as well as trading segments. In the
trading vertical, MGO sold around 0.15 million tons of edible oil
in FY21 (FY20: 0.05 million tons). In the refining, the sales
volume increased marginally to 0.039 million tons in FY21 (FY20:
0.038 million tons) as the firm is operating at almost 98%
capacity. MGO's own brand contributes merely 15%-20% towards the
revenue. However, the management believes this to increase post the
completion of capex, which will be fully accretive from FY23. The
firm achieved revenue of INR5,279.68 million as of July 2021 and
Ind-Ra expects it to increase further in FY22.

The ratings also reflect the firm's moderate credit metrics as
indicated by the interest coverage (operating EBITDA/gross interest
expense) of 4.60x in FY21 (FY20: 2.10x) and the net leverage (total
adjusted net debt/operating EBITDAR) of 2.51x (4.11x).  The
improvement in the credit metrics was majorly due to a surge in the
absolute EBITDA to INR127.37 million in FY21 (FY20: INR67.57
million), driven by higher revenue. Ind-Ra expects the credit
metrics to remain moderate in FY22 owing to a rise in debt to fund
the capex, of which 79.29% will be funded by bank loan and the
remainder by partners' capital. Also, the firm plans to enhance its
fund-based limits to support the business growth; this is likely to
elevate the total debt level.

However, the ratings are supported by the firm's healthy EBITDA
margins with a return on capital employed of 22% in FY21 (FY20:
11%), majorly driven by the significant increase in the top line.
MGO's margins were modest-to-average over FY18-FY20. Since a major
percentage of the oil is imported, the prices are proportionate to
the international market among other factors such as domestic
production and climate conditions. The firm's margins have been in
the range of 0.89% to 2.59% over FY18 to FY21 (FY21: 0.89%, FY20:
1.13%) owing to trading nature of the business and volatility in
oil prices. The management expects MGO to incur capex of around
INR206.63 million in FY22 for expanding its refining capacity to
360 tons per day from 110 tons per day. Ind-Ra expects the margins
to improve in the medium term following the capex completion,
considering the increasing share of refining revenue than trading.
FY21 financials are provisional in nature. The ratings also benefit
from MGO's low customer concentration risk, given no single
customer contributes more than 25% to its total revenue.

The ratings are also supported by the firm's partners' experience
of more than three decades in the oil trading business.

RATING SENSITIVITIES

Positive:  Timely execution of capex, leading to an improvement in
the profitability and the interest coverage remaining above 2.25x,
along with an improvement in the liquidity profile, all on a
sustained basis, would be positive for the ratings.

Negative: Inability to execute capex in a timely manner or a
substantial decline in the revenue or profitability, resulting in
the interest coverage reducing below 1.75x or a further stretch in
the liquidity profile, all on a sustained basis, would be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2013 as partnership firm, MGO is engaged in
refining and trading of edible oil. The firm's refining plant is
located in Madhya Pradesh.


MOJIKA REAL: ICRA Lowers Rating on INR37cr Term Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mojika
Real Estate and Developers (P) Ltd. (MREDPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         37.00      [ICRA]D; downgraded from
   Term Loan                     [ICRA]BB (Stable)

Rationale

The rating downgrade of MREDPL factors in the instances of delays
in the debt servicing obligations in the recent past owing to the
liquidity crunch emanating from weak collections due to the
Covid-19 pandemic. ICRA had been receiving the No Default Statement
(NDS) from MREDPL regularly in prior months, which did not suggest
any irregularity in debt servicing. However, the latest information
suggests instances of delays in debt servicing by the company in
the months for which the NDS was received.

The rating is also constrained by the high execution risk, given
the substantial construction obligations in the near term as the
company's biggest project, Ultima Phase 2 (78% of the total pending
cost), is to be executed by June 2023. Moreover, the rating remains
susceptible to any slowdown in the real estate sector and intense
competition from other established players. ICRA, however, notes
the 15-year track record of MREDPL's promoters in developing real
estate projects in the affordable housing segment in and around
Jaipur.

Key rating drivers and their description

Credit strengths

* Experience of promoters: MREDPL's promoters have a track record
of 15 years in developing real estate projects in affordable
segments in and around Jaipur. At present, the company is
developing three projects in the affordable housing segment
launched under Prime Minister Awas Yojana and Chief Minister Awas
Yojna, namely Ultima Phase 1 and Phase 2 in Jaipur and Homes in
Sikar. This apart, the company has unsold inventory in recently
completed projects in Jaipur, namely Touch, Heritage, Midas Cosmic,
Dream Point and Lakshmi Vihar. The ongoing and recently completed
projects are spread across ~1.7 million sq. ft. and comprise 2,081
units.

Credit challenges

* Delays in debt servicing due to weak collections: There were
instances of delays in the debt servicing obligations in recent
months owing to the liquidity crunch due to the weak collections
emanating from the pandemic. As of March 31, 2021, the company had
realized only 66% of the total sold value.

* High execution risk: The company has substantial construction
obligations (amounting to INR111 crore as on March 31, 2021),
whereby 78% of the total pending cost pertains to its biggest
project, Ultima Phase 2, which is to be executed by June 2023. A
large part of the funding is to be met through customer advances
going forward. Thus, in the absence of the timely receipt of the
advances, high dependence on the promoter's support or increase in
external debt is anticipated.

* High industry risk with real estate slowdown and competition from
other established players in the vicinity: Like other players, the
company is exposed to the risk of slowdown in the real estate
market. The slowdown the real estate market has impacted fresh
bookings in the last few years. This risk is further accentuated as
MREDPL is a marginal player in the real estate region of Jaipur.
Intense competition in the vicinity, which in turn led to high
inventory supply in the region, impacting the pricing and demand is
an added risk for the company.

Liquidity position: Poor

MREDPL's liquidity is poor because of weak collections due to the
pandemic and substantial construction obligations in the near to
medium term. The same has led to delays in debt servicing in recent
months.

Rating sensitivities

Positive factors - ICRA could upgrade MREDPL's rating if the
liquidity position improves, leading to the regularisation of debt
servicing on a sustained basis.

Incorporated in 2006, MREDPL is developing three residential
projects at present, namely Ultima Phase 1 and Phase 2 in Jaipur
and Homes in Sikar in Rajasthan. This apart, the company has unsold
inventory in recently completed projects in Jaipur, namely Touch,
Heritage, Midas Cosmic, Dream Point and Lakshmi Vihar. The ongoing
and recently completed projects are spread across ~1.7 million sq.
ft. and comprise 2,081 units. Besides, the company has completed
several small-sized projects in Jaipur.


MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of MVP Group
International Inc in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-      641.60       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

MVP, incorporated in 1998, is involved in the manufacture, import
and distribution of scented candles in the US. The company
primarily sells its products to large, national retailers such as
Wal-Mart, Dollar General, and P&G. The company sells scented
candles under two broad categories – private label candles and
branded candles. MVP has two manufacturing facilities in the US,
one at Elkin (North Carolina) and the other at Tennessee.


NIKITA JEWELLERS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nikita Jewellers
Pvt. Ltd's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR156 mil. Fund-based facilities* maintained in non-
     cooperating category and withdrawn.

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

KEY RATING DRIVERS

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

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

COMPANY PROFILE

Incorporated in 1998, Nikita Jewellers is a retail jeweler, with
two showrooms in Mumbai.


NIPANI INFRA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nipani Infra and
Industries Private Limited a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR135 mil. Non-fund based working capital limits assigned
     with IND A4+ rating; and

-- INR24 mil. Term loans due on May 2024 assigned with IND BB+/
     Stable rating.

KEY RATING DRIVERS

The ratings reflect Nipani's small scale of operations due to few
work orders, as indicated by a revenue of INR358.1 million in FY21
(FY20: INR338.57 million). Till 5MFY22, Nipani booked a revenue of
INR225 million. The company had an order book of INR1,529.2 million
at end-March 2021, to be executed by September 2022. Ind-Ra expects
the revenue to improve significantly in FY22 as Nipani is yet to
execute INR582.9 million of work orders during the year. A rise in
the demand for light steel gauge buildings, owing to its benefit of
reduced construction time and being eco-friendly and sustainable,
is also likely to boost the company's revenue over the medium term.
FY21 numbers are provisional.

The ratings also factor in Nipani's modest EBITDA margin of 10.55%
in FY21 (FY20: 9.65%), due to the nature of the industry it
operates in, with a return on capital employed of 10.6% (11.3%). In
FY21, the EBITDA margin improved due to the higher number of light
steel gauge building orders being executed as compared to
conventional buildings, which generate lower margins. In FY22,
Ind-Ra expects the EBITDA margin to improve yoy due to a further
increase in the proportion of light gauge steel building
construction in the company's in-hand order book.

The ratings also reflect Nipani's modest credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 2.86x in FY21 (FY20: 2.89x) and the net leverage
(adjusted net debt/operating EBITDAR) of 5.33x (5.19x). In FY21,
the interest coverage remained at similar level due to the largely
sustained operating performance and the net leverage declined
marginally, mainly due to an increase in long-term loans in the
form of Guaranteed Emergency Credit Line loan and Common Covid
Emergency Credit Line and unsecured loan from directors.  However,
in FY22, Ind-Ra expects the credit metrics to improve due to an
increase in the absolute EBITDA (FY21: INR37.81 million), backed by
revenue growth and the repayment of term loans.

Liquidity Indicator - Stretched: Nipani's average maximum
utilization of the fund-based limits was 85.38% and that of the
non-fund-based limits was 63.53% during the 12 months ended August
2021. The cash flow from operations turned negative at INR57.31
million in FY21 (FY20: INR5.65 million) due to a substantial
increase in accounts receivables. Furthermore, the free cash flow
remained negative at INR60.89 million in FY21 (FY20: negative
INR3.39 million). The company's net working capital cycle elongated
to 92 days in FY21 (FY20: 46 days) due to a substantial increase in
the accounts receivables to INR56.29 million (INR1.38 million)
because of the COVID-19-led nationwide lockdown that hampered
billing in March 2020. The cash and cash equivalents stood at
INR54.22 million at FYE21 (FYE20: INR40.3 million). Nipani does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. It availed of the
Reserve Bank of India-prescribed moratorium over March-August
2020.

However, the ratings are supported by the promoters' over one
decade of experience in the light gauge steel building industry.
This has facilitated the company to establish strong relationships
with customers as well as suppliers.

RATING SENSITIVITIES

Negative: A decline in the absolute EBITDA leading to deterioration
in the overall credit metrics with the interest coverage reducing
below 2.2x and/or a further pressure on the liquidity position,
could lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a positive rating action.

COMPANY PROFILE

Nipani was incorporated in 2018 and was initially set up as Nipani
Industries in 1996. The company is primarily engaged in the
construction of light gauge steel buildings along with conventional
buildings and has executed orders all over India.


NOBLE MOULDS: ICRA Lowers Rating on INR17cr Cash Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Noble
Moulds Private Limited (NMPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Fund-      17.00       [ICRA]D; downgraded from
   Based Limits/                    [ICRA]BB-(Stable)
   Cash Credit          
                                    
   Long-term/Fund-       7.90       [ICRA]D; downgraded from
   Based Limits/                    [ICRA]BB-(Stable)
   Term loan             
                                    
   Short term/          5.00        [ICRA]D; downgraded from
   Non-fund Based                   [ICRA]A4

Rationale

The rating downgrade of NMPL factors in the instances of delays in
the debt servicing obligations in the recent months owing to weak
cash accruals and liquidity. ICRA has been receiving the No Default
Statement (NDS) from NMPL regularly in the prior months, which did
not suggest irregularity in debt servicing. However, the latest
information suggests that there have been instances of delays by
NMPL in recent months, as also confirmed by the banker. Further,
the rating continues to factor in NMPL's weak profitability levels,
leveraged capital structure and stretched coverage indicators. ICRA
notes the company has experienced promoters with a long track
record in manufacturing of consumer durables. ICRA also notes
NMPL's long and established relationships with reputed companies.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in the contract manufacturing
industry: The major operations of the company is handled by the
promoter, Mr. Sarbjit Singh Kalra, who has over three decades of
experience in the electronics and consumer durables industry.
NMPL's client base includes reputed consumer durables companies
like Samsung, Voltas etc. The company has enjoyed an established
relationship with most of its clients for close to two decades, and
has been able to secure several repeat orders over the years.

Credit challenges

* Delays in debt servicing: There were instances of delays in the
debt servicing obligations in recent months owing to weak cash
accruals and liquidity.

* Weak profitability levels, given the high competitive intensity
and limited value-added nature of operations: The profitability of
the company remains weak, given the limited value-added nature of
operations and pricing pressures from the intense competition in
the consumer durables industry. The company's net profit (NPM)
stood at 0.39% in FY2021 as against 0.58% in FY2020.

* Leveraged capital structure and moderate debt coverage
indicators: NMPL's capital structure continued to remain leveraged
as on March 31, 2021, with gearing at 2.79 times, given the debt
levels. Moreover, the debt coverage indicators continued to remain
weak due to weak profitability with interest coverage at 1.8 times
and TD/OPBDITA at 5.52 times as on March 31, 2021.

* Working capital intensive nature of operations: The working
capital intensity of NMPL deteriorated in FY2021. The operations
remain working capital intensive with more than 90% of the working
capital utilization in the past 12 months.

Liquidity position: Poor

NMPL has poor liquidity with cash balances of Rs 0.90 crore as of
March 31st, 2021 and low buffer in working capital limits.

Rating sensitivities

Positive factors- The rating may be upgraded in case of an
improvement in the credit profile of the company, resulting in the
regularization of debt servicing for a sustained period.

Negative factors – Not applicable.

Analytical approach

Incorporated in 1992, NMPL has been involved in manufacturing
plastic mouldings for washing machines, air coolers and LED
televisions. The company also assembles air coolers at its
manufacturing unit in Noida, Uttar Pradesh. The company has an
in-house facility for manufacturing plastic moulds as well.


PARAYIL FOOD: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parayil Food
Products Private Limited's (PFPPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.93 mil. Term loan due on December 2025 affirmed with
     IND BB+/Stable rating;

-- INR120 mil. Fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PFPPL's continued small scale of
operations. The company's revenue improved to INR620.63 million in
FY21 (FY20: INR594.10 million) owing to the company providing
essential services relating to food processing, though
concentration in sales to the group companies has also been
noticed. Thus, the COVID-19 led operational lockdown had no impact
on its operations. Ind-Ra expects the company's revenue to be at a
similar level in FY22 considering the shortage of containers and
resultant congestion on the ports despite the increased demand in
the international market.

The ratings also reflect PFPPL's healthy margin that expanded to
19.16% in FY21 (FY20: 13.17 %) due to lower raw material prices.
The return on capital employed improved to 18.70% in FY21 (FY20:
12.50%). The management expects the company's margin to remain
stable in FY22.

The ratings further reflect PFPPL's comfortable credit metrics. Its
gross interest coverage (operating EBITDA/gross interest expense)
improved to 29.97x in FY21 (FY20: 14.70x) and the net financial
leverage (adjusted net debt/operating EBITDA) to 0.70x (1.17x)
owing to an improvement in the absolute EBITDA to INR118.92 million
(INR78.27 million) despite an increase in debt owing to the
guaranteed emergency credit line facility being availed.  The
company has been utilizing only 35% of its available manufacturing
capacity of 55 ton and the management is taking efforts to maximize
the same. This, the agency believes will lead to an improvement in
the company's credit metrics

Liquidity Indicator – Stretched: PFPPL's average maximum
utilization of the fund-based limits was 36% and non-fund-based
limits was 27% during the last 12 months ended August 2021. The net
working capital cycle has elongated to 146 days in FY21 (FY20: 133
days) due to an increase in the receivable days. The cash flow from
operations stood at INR59.70 million in FY21 (FY20: INR28.28
million) due to increased absolute EBITDA. Further, the free cash
flow improved to INR53.61 million in FY21 (FY20: INR 26.49 million)
as no major capex was incurred. The cash and cash equivalents stood
at INR66.31 million at FYE21 (FYE20: INR23.90 million). However,
PFPPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements. It
availed of the Reserve Bank of India-prescribed moratorium from
June 2020.

The ratings, however, continue to be supported by PFPPL's
promoters' over two decades of experience in the processed food
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations,
leading to a further improvement in the credit metrics, along with
an improvement in the liquidity position, all on a sustained basis,
could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to a
deterioration in the credit metrics, with the interest coverage
falling below 2.2x, along with the further weakening of the
liquidity position, all on a sustained basis, will lead to a
negative rating action.

COMPANY PROFILE

Kerala-based PFPPL is engaged in the processing and export of
marine and agro foods such as frozen fish, vegetables etc. It
largely exports to the UK and the US. established in the year 1996
and is located in Aroor, Allepey.


PATEL MICRON: ICRA Reaffirms B+ Rating on INR4.68cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Patel
Micron LLP (PML), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan           4.68      [ICRA]B+ (Stable) reaffirmed
   Cash Credit         2.00      [ICRA]B+ (Stable) reaffirmed
   Bank Guarantee      0.50      [ICRA]A4 reaffirmed

Rationale

The reaffirmation in the ratings is constrained by PML average
financial risk profile, characterized by small-scale operations,
moderate profitability and high working capital intensity. The
ratings factor in the intense industry competition and the exposure
of the firm's operations and cash flows to the cyclicality in the
real estate industry, which is the key end-user sector for ceramic
tiles, which in turn, is the key user of china clay powder. ICRA
also notes the potential adverse impact on its net worth and
gearing level in case of any substantial withdrawal from the
capital accounts, given its constitution as a limited liability
partnership.

The ratings, however, favorably factor in the extensive experience
of the partners in the ceramic industry and the proximity to
customers, by virtue of its presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that PML is expected to maintain its business position.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in the ceramic industry: PML is
managed by partners who have extensive experience in the ceramic
industry by virtue of their association with other entities
involved in the ceramic business.

* Location-specific advantage: PML benefits from the low
transportation cost, access to quality raw materials and proximity
to customers by virtue of the plant's strategic location in the
Morbi region of Gujarat, which is considered to be the ceramic hub
of India.

Credit challenges

* Average financial risk profile: The firm's scale of operations
remains small, with an operating income (OI) of INR20.5 crore in
FY2021 (on a provisional basis) compared to INR19.8 crore in
FY2020. The operating and the net profitability were moderate at
12.1% and 4.4%, respectively, in FY2020 and is expected to moderate
further due to intense competition. The capital structure and
coverage indicators were modest, with Total Debt/TNW at 0.6 times,
Total Debt/OPBDITA at 3.0 times and interest coverage at 3.2 times
in FY2021. However, the working capital requirements remained high
because of elongated
receivables. Consequently, the creditors remained stretched to
support the liquidity.

* Intense competition and cyclicality in real estate industry: The
industry faces stiff competition because of low-entry barriers and
limited capital requirements. The presence of numerous unorganized
players in Gujarat limits the firm's pricing flexibility and the
bargaining power with customers, thereby putting pressure on
revenues and margins. Further, the real estate industry is the
major end-user of ceramic tiles, for which china clay powder is a
key raw material. Therefore, PML's profitability and cash flows are
highly vulnerable to the cyclicality in the real estate industry.

* Risk associated with LLP constitution: PML, being a limited
liability partnership, is exposed to adverse capital structure
risk, wherein any substantial capital withdrawal could negatively
impact its net worth and the capital structure.

Liquidity position: Stretched

PML's liquidity is stretched because of high working capital
requirements, impending debt repayments and limited cushion in
working capital limits. In FY2021, the liquidity was supported by a
moratorium on loan repayments by lenders from April to August 2020
and Guaranteed Emergency Credit Line of INR0.9 crore. Further,
timely support from partners through capital
infusion/unsecured loans will remain crucial in case of any cash
flow mismatches.

Rating sensitivities

Positive factors - ICRA could upgrade PML's rating if a sustained
increase in revenues and profitability leads to higher than
expected cash accruals; and better working capital management
strengthens the overall financial risk profile.

Negative factors - Negative pressure on PML's rating could arise if
any decline in revenues and profitability leads to lower
than-expected cash accruals, or if any major debt-funded capital
expenditure, or stretch in the working capital cycle, weakens the
firm's capital structure and liquidity profile.

Established in October 2016, Patel Micron LLP is managed by Mr.
Jayprakash Kaila and Mr. Pravin Kaila, who have extensive
experience in the ceramic industry. PML commenced operations in
April 2018 and manufactures china clay powder, which is used as a
raw material in the ceramic tiles industry. The firm's facility is
in Morbi, Gujarat and has an installed manufacturing
capacity of 48,000 metric ton of china clay powder per annum.


PHILIPPINE AIRLINES: Seeks to Hire Debevoise & Plimpton as Counsel
------------------------------------------------------------------
Philippine Airlines, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Debevoise &
Plimpton, LLP to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. advising the Debtor with respect to its powers and duties in
the continued management and operation of its business and
properties;

   b. advising and consulting the Debtor on the conduct of its
bankruptcy case, including all of the legal and administrative
requirements of operating in Chapter 11;

   c. attending meetings and negotiating with representatives of
creditors and other parties in interest;

   d. taking all necessary action to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor and
representing the Debtor's interests in negotiations concerning all
litigation in which it is involved, including objections to claims
filed against the estate;

   e. preparing legal papers;

   f. assisting the Debtor in obtaining post-petition and exit
financing;

   g. advising the Debtor in connection with any potential sale of
its assets;

   h. appearing before the bankruptcy court and any appellate
courts to represent the interests of the Debtor's estate;

   i. consulting with the Debtor regarding tax matters;

   j. taking necessary actions to negotiate, prepare and obtain
approval of a Chapter 11 plan; and

   k. performing all other necessary legal services, which include
(i) analyzing the Debtor's leases and contracts and the assumption,
rejection or assignment thereof, (ii) analyzing the validity of
liens against the Debtor, and (iii) advising the Debtor on
corporate and litigation matters.

The firm's hourly rates are as follows:

     Partners               $1,275 to 1,790 per hour
     Counsel                $1,290 to 1,530 per hour
     Associates             $650 to 1,185 per hour
     Paraprofessionals      $275 to 625 per hour

Debevoise & Plimpton received an advance retainer in the amount of
$500,000 and will receive reimbursement for out-of-pocket expenses
incurred.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
Debevoise & Plimpton disclosed the following:

   Question:  Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

   Response:  The firm represented the Debtor for approximately 11
months prior to the petition date. During that time period, the
firm charged its standard rates, subject to the customary annual
rate increases applicable to all clients. Such discounts expressly
did not cover any services relating to litigation, restructuring,
or bankruptcy matters. The post-petition billing rates and the
material financial terms of the firm's employment are consistent
with those in place prior to the petition date.

   Question:  Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?

   Response:  The Debtor will be approving a prospective budget and
staffing plan for the firm's engagement for the post-petition
period as appropriate. In accordance with the U.S. Trustee
Guidelines, the budget may be amended as necessary to reflect
changed or unanticipated developments.

Jasmine Ball, Esq., a partner at Debevoise & Plimpton, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Jasmine Ball, Esq.
     Nick S. Kaluk, III, Esq.
     Elie J. Worenklein, Esq.
     Debevoise & Plimpton LLP
     919 Third Avenue
     New York, NY 10022
     Telephone: (212) 909-6000
     Facsimile: (212) 909-6836

                  About Philippine Airlines Inc.

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) to seek approval of a
restructuring plan negotiated with lenders and lessors.

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 special 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 and
noticing agent.

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

PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities Pragati Glass
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
   ----------     -----------    -------
   Fund Based-        4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund-based-       17.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund           4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Based Limits                  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.

Pragati Glass Private Limited was incorporated in 1982 by Mr Dinesh
Gupta to manufacture glass tableware and bottles. The company
primarily caters to the cosmetics and perfumes industries, with a
small presence in food and beverages (F&B). Almost 60% of the
company's sales are made to exports markets, while around 15-20% of
these are deemed exports to SEZs. The company's manufacturing
facility is located at Kosamba, Gujarat.

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

The instrument-wise rating actions are:

-- INR2,592.4 bil. Term Loan issued on FY22 Maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR2.70 bil. Fund-based working capital facility maintained in

     non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Non-fund-based working capital facility maintained

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 11, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997, Pratibha Syntex  has gradually increased its
presence across the textile value chain and has a fully integrated
facility, including spinning (cotton & blended yarn), knitting
(cotton grey fabric), dyeing (cotton dyed fabric) and garmenting
(casual wear & inner wear) in Pithampur, Madhya Pradesh.


RAM INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.40cr Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sri Ram
Industries (SRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–
   Working Capital      7.40       [ICRA]B+(Stable); reaffirmed

   Fund-based–
   Term Loan            2.04       [ICRA]B+(Stable); reaffirmed

   Unallocated          1.06       [ICRA]B+(Stable); reaffirmed

Rationale

The rating continues to factor in Sri Ram Industries' (SRI)
moderate scale of operations with limited value addition in the
nature of work done and its presence in a highly fragmented and
competitive rice milling industry, which limits its pricing power.
The rating remains constrained by the susceptibility of the firm's
revenues and margins to volatile paddy prices and adverse changes
in agro-climatic conditions as well as Government regulation, which
can affect the availability of paddy. The rating factors in its
moderate gearing and coverage indicators, thus, limiting SRI's
financial flexibility. Additionally, the rating remains constrained
by the risks associated with the partnership nature of the firm.

The rating, however, continues to derive comfort from the extensive
experience of its promoters in the rice milling industry and easy
availability of paddy because of its proximity to major
paddy-cultivating regions in northern Karnataka. ICRA considers the
favorable demand prospects of the rice industry because of India's
growing population, with India being one of the largest producers
and consumers of rice.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SRI will continue to benefit from the extensive experience of
its promoters in the rice milling business and its proximity to
rice-growing areas.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in rice milling business:
Incorporated in 2007, SRI is a partnership firm involved in the
processing of raw rice and parboiled rice. The promoters have been
involved in the rice milling business for over two decades. The
sale of whole rice contributes to a major portion of its revenues.

* Proximity to rice-growing areas: The firm's plant is located at
Manvi, which is surrounded by areas such as Raichur, Sindhnoor and
Gangavathi, where a major part of the paddy is cultivated. This
results in low transportation cost for the firm and easy
availability of paddy.

* Favorable long-term demand outlook: The demand prospects of the
rice industry are expected to remain favorable supported by India's
growing population with rice remaining a staple food grain in the
country. Moreover, India is the world's second largest consumer of
rice.

Credit challenges

* Moderate scale of operations: SRI's revenues remained moderate at
INR30.9 crore in FY2021 and INR30.3 crore in FY2020 which declined
from INR35.1 crore in FY2019 owing to lower sales volume. This,
coupled with its low net worth, restricts operational and financial
flexibility to some extent.

* Modest debt protection indicators: The firm's gearing remained
moderate at 1.8 times in FY2021 (albeit an improvement from 2.1
times in FY2020) due to its low net worth. The debt coverage
indicators remained moderate with interest coverage of 1.5 times,
and Total Debt/OPBITDA of 3.8 times in FY2021.

* Presence in highly fragmented and competitive industry, which
limits pricing power: Owing to low entry barriers, along with
readily available technology and proximity to rice-cultivating
belt, there are more than 100 rice milling units in and around
Raichur, leading to intense competition for paddy procurement. This
affects volumes and pricing flexibility of rice millers like SRI.

* Inherent agro-climatic risks and vulnerability to changes in
Government policies: In the agricultural business, industry players
continue to face inherent risks such as unfavorable monsoons,
availability of raw materials at reasonable prices, epidemics in
paddy crop or shift of farmers to other cash crops and cyclicality,
as well as changes in Government regulations.

* Inherent risks associated with partnership nature of business –
SRI is exposed to risks associated with partnership firms including
limited ability to raise capital and capital withdrawal by
partners, which could adversely impact its capital structure.

Liquidity position: Stretched

SRI's liquidity position remains stretched with high dependency on
external borrowings for raw material procurement due to high
inventory holding requirements, minimal cash and liquid investments
and thin free cash flows. The firm reported INR1.76 crore
outstanding term loans as on March 31, 2021. Part of which is to be
fully repaid by FY2023 and the remaining is to be repaid by FY2025.
SRI has INR7.4 crore working capital limits and its average
utilization remained moderate at 68% of the sanctioned limits
during FY2021 whereas utilization as on March 2021 was 41% of the
sanctioned limits. The undrawn working capital limits are expected
to be sufficient to meet any contingencies. Overall, the liquidity
position is likely to remain adequate considering its moderate
working capital requirements, low debt repayment obligations and
absence of any capital expenditure plans.

Rating sensitivities

Positive factors – ICRA could upgrade SRI's rating if the firm
demonstrates a sustained improvement in its revenues and profits,
leading to improved coverage indicators. Specific credit metrics
that may lead to an upgrade of its rating include interest coverage
of above 2.5 times on a sustained basis.

Negative factors – Negative pressure on SRI's rating could arise
if a further decline in revenues or margins lead to weakened
coverage indicators. Any withdrawal of capital or increase in
working capital intensity leading to stretch in liquidity position
can also lead to a downgrade.

Incorporated in 2007, SRI is a partnership firm involved in the
milling of paddy and produces raw rice. The firm's major products
include boiled rice, raw rice, bran, broken rice and husk. It has a
milling unit at Manvi in Raichur district, Karnataka with an
installed milling capacity of 4 MT per hour. SRI's plant is spread
over 3.5 acres with a storage capacity of 80,000 bags (75 kg each)
of paddy and 250 MT of rice. It sells raw rice under eight brands
namely KDM, Ram, Shilpa, RSK, MVM, AKS, VTC and Double Parrot. The
firm sells broken rice under two brands namely Rabbit and
Helicopter.

In FY2021, on a provisional basis, the company reported a net
profit of INR0.3 crore on an operating income (OI) of INR30.9 crore
compared to a net profit of INR0.3 crore on an OI of INR30.3 crore
in FY2020.


REGENCY GANGANI: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Regency
Gangani Energy Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        49.71       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term loan                     'Issuer Not Cooperating'
                                 Category

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

Regency Gangani Energy Private Ltd (referred as RGEPL) is a company
promoted by the Regency group to develop, own and operate a 9.5 MW
small hydropower (SHP) project (referred to as Gangani) in
Uttarkashi District of Uttaranchal. The Gangani is a run of river
type scheme on River Yamuna, which will utilize the flows of the
river to harness approximately 67 m of net head available between
the forebay site and the powerhouse. The scheme envisages diversion
of inflows by constructing trench weir across the river. The
diverted flows will be carried to 2 horizontal axis Francis
Turbines of capacity 4.75 MW each through desilting tank, cut and
cover type power channel, forebay and penstocks. The electricity
produced at 3.3 kV will be stepped upto 33 kV and evacuated to the
UPERC pooling substation via a 4 km single circuit 33 kV
transmission line The project is expected to generate 46 MU in a
75% dependable year (55% PLF) and is exempt from providing free
power to the government for the first 12 years of operation. These
power generation estimates are based on the studies conducted by
UPCL in consultation with the company. In addition, Regency group
employees have been monitoring the site characteristics since 1994
and their data validates this hydrology.


ROBO EQUIPMENTS: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Robo
Equipments and Forgings Private Limited (REFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–          12.00       [ICRA]B+(Stable) reaffirmed
   Fund based
   Cash Credit         

   Long Term–           2.00       [ICRA]B+(Stable) reaffirmed
   Non-Fund based       

   Unallocated
   Limits               6.00       [ICRA]B+(Stable)/[ICRA]A4
                                   Reaffirmed

Rationale

The ratings reaffirmation is constrained by REFPL small scale of
operations and a weak financial profile, characterised by thin
margins, stretched capital structure, modest coverage indicators
and high working capital intensity owing to high inventory days.
ICRA also notes the limited value addition and intense competition
in the steel fabrication business, which along with the fixed price
nature of the contracts keeps the profitability under check and
exposes it to adverse fluctuation in steel prices. The ratings are
constrained by the company's high customer concentration with the
top three customers accounting for more than 85% of its revenues
during the past four years.

The ratings, however, favourably factor in the promoters'
experience in the steel fabrication industry, a moderate order book
position with repeat orders from reputed clients such as Bharat
Heavy Electricals Ltd (BHEL), Larsen & Turbo Limited (L&T), JSW
Severfield Structure Ltd. (JSSL), Tata Projects Ltd. etc.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that REFPL will continue to benefit from the extensive experience
of the key promoters in the steel fabrication industry.

Key rating drivers and their description

Credit strengths

* Experienced management in steel fabrication industry: REFPL is
promoted by Mr. Shiva Rama Raju and Mr. B. Appala Narasimha Raju,
who have experience of more than a decade in the steel fabrication
industry. The company commenced its steel fabrication operations in
June 2012 and has a fabrication capacity of 9,600 MT per annum. It
is located in Sangareddy, Telangana.

* Moderate order book position: The company reported an order book
of INR31.50 crore (1.57 times of its OI in FY2021) as on September
15, 2021, which would be executed in the next 12 months. Besides,
expected new order addition provides nearterm revenue visibility.

Credit challenges

* Small scale of operations with weak financial risk profile: The
company's scale of operations remains small with revenues declining
to INR20.2 crore in FY2021 from INR37.5 crore in FY2020 due to the
pandemic. The financial risk profile is weak, as characterised by
modest coverage indicators with an interest coverage of 1.54 times,
TOL/TNW of 3.17 times, and Net Cash
Accruals/Total Debt of 4% in end FY2020. The leverage and coverage
indicators are estimated to remain weak in FY2021. The working
capital intensity remained high at 49% in FY2020 owing to high
inventory days.

* High customer concentration risk: The customer concentration risk
remains high as the top three customers accounted for more than 85%
of REFPL's revenues during the past four years. However, the risk
is mitigated to an extent owing to a reputed clientele comprising
BHEL, L&T, JSSL, Tata Projects etc along with repeat orders from
them.

* Highly fragmented and competitive nature of industry with
exposure to raw material price fluctuation risk: The steel
fabrication industry is intensely competitive with presence of a
large number of organised and unorganised players in the market.
Low value addition and stiff competition in the business keep
REFPL's margins under check. The company's profitability is exposed
to steel price fluctuation as the contracts are fixed price in
nature.

Liquidity position: Stretched

REFPL's liquidity position is stretched with over 90% utilisation
of working capital limits in the past 12 months ending in August
2021. Further, the company has repayment obligations of INR0.4
crore in FY2022 against which the accruals are expected to be lower
and hence promoter's support would remain critical to bridge its
cash flow mismatches.

Rating sensitivities

Positive factors – ICRA may upgrade REFPL's ratings if the
company demonstrates a healthy increase in revenue, while
maintaining the profitability and improving its liquidity position
on the back of a reduction in inventory levels.

Negative factors – Pressure on REFPL's rating could arise if
there is a significant decline in revenues, profitability or lack
of timely support from promoters. A deterioration in its working
capital cycle, further impacting the liquidity position, could also
be a trigger for a rating downgrade.

REFPL was incorporated in 2010 and started its commercial operation
in June 2012. The company is involved in fabrication of heavy steel
structure mainly used in power projects and conveyor belts. Its
fabrication unit has a capacity of 9,600 MT per annum and is
located in Sangareddy, Telangana. The company is promoted by Mr. B.
V. Sivarama Raju. REFPL is an approved vendor of L&T and BHEL.

S.S. INFRASTRUCTURE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded S.S.
Infrastructure Development Consultants Limited's (SSIDCL) Long-Term
Issuer Rating to 'IND D' from 'IND BBB-'. The Outlook was Negative.


The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits (Long term) downgraded with IND D

     rating;

-- INR50 mil. Non-fund-based limits (Short term) downgraded with
     IND D rating; and

-- INR19.7 mil. Long-term loans(Long term) due on September 2022
     downgraded with IND D rating.

The downgrade reflects delays in servicing of long-term loans by
SSIDCL during last three months ending September 2021 due to the
company's tight liquidity position, resulting from a stretched
working capital cycle.

RATING SENSITIVITIES

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

COMPANY PROFILE

Formed as a partnership firm in 1987, SSIDCL was incorporated as a
company in June 2007. Based in Hyderabad, the company provides
strategic project design and planning services to India's defense
sector and private companies. It also provides infrastructural
facilities for the enhancement of the customers' operational
capabilities for technical buildings (above ground and
underground), marine structures, corporate offices, institutional,
and residential complexes.


SAIKRUPA FIBRES: ICRA Moves C Debt Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Saikrupa
Fibres Private Limited's (SFPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C/[ICRA]A4 ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term-         1.50        [ICRA]C ISSUER NOT COOPERATING;
   Fund based                     Rating Moved to Issuer Not
   Limit                          Cooperating category

   Unallocated
   limits            16.00        [ICRA]C/[ICRA]A4; ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade is because of lack of adequate information
regarding SFPL'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 SFPL, 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.

Saikrupa Fibres Private Limited was incorporated in 2011. It is an
entirely family-owned company engaged in ginning and pressing raw
cotton. The factory, located at Wani in Yavatmal district of
Maharashtra, is equipped with an annual installed manufacturing
capacity of 97,500 MT of cotton bales and 10,980 MT of cotton
seeds. SFPL procures raw cotton from local farmers and sells cotton
bales and seeds to end-users like spinning mills and local ginners,
through brokers.


SAMRAT GEMS: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Samrat Gems Impex
Private Limited's (SMGIPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR299.5 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR70 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SGIPL's continued medium-scale of operations.
The revenue declined to INR1,000 million in FY21 (FY20: INR1,326
million), as its manufacturing units remained shut during
April-June 2021, due to the COVID-19 induced nationwide lockdown.
As of 5MFY21, SGIPL booked revenue of INR500 million. As of
September 2021, the company had an order book of INR999 million, to
be executed by March 2022. The management expects the revenue to
improve in FY22, due to increase in orders from new customers.

The ratings also factor in SGIPL's modest EBITDA margin of 4.39% in
FY21 (FY20: 4%) with a return on capital employed of 6% (8.4%).
Despite the revenue decline, the EBITDA margin improved due to
favorable foreign exchange gains. Management expects the margin to
remain at similar levels in FY22, due to similar market
conditions.

The ratings also remain constrained by the company's weak credit
metrics as reflected by the interest coverage (operating
EBITDA/gross interest expenses) of 1.24x in FY21 (FY20: 1.20x) and
the net leverage (total adjusted net debt/operating EBITDAR) of
13.08 (6.53x). In FY21, the interest coverage improved marginally
owing to a decline in interest cost; however, the net leverage
deteriorated due to increased borrowing as a result of Covid-19
stress. Despite the increase in borrowings, the interest cost was
low as the company was able to negotiate for better rates with the
banker. Also, the company's borrowing comprises of bill discounting
and packing credit facilities, which have lower finance cost. In
FY22, management expects the credit metrics to improve due to a
likely increase in the revenue.

Liquidity Indicator - Poor: SGIPL's average maximum utilization of
the fund-based and the non-fund-based limits was 94.67% and 83.34%,
respectively, during the 12 months ended August 2021 with two
instances of overutilization of up to 1 day. The cash flow from
operations turned negative to INR219 million in FY21 (FY20:
INR94.14 million), due to an increase in working capital
requirement. Consequently, the free cash flow turned negative to
INR223.45 million in FY21 (FY20: INR86.07 million). The net working
capital cycle elongated to 212 days in FY21 (FY20: 101 days), owing
to delay in receivables from export bills. The cash and cash
equivalents stood at INR6.48 million at FYE21 (FYE20: INR2.09
million). SGIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. It had availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings, however, continue to benefit from the founders' three
decades of experience in manufacturing ready-made apparels for men,
women and kids, and strong customer base of international clients
such as Inditex Group (brand – Pull & Bear), Fallabella SA, among
others, and domestic clients such as Arvind Lifestyle Brands
Limited, Morarjee textile, among others.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, leading to
improved liquidity and gross interest coverage exceeding 1.8x, on a
sustained basis, will be positive for the ratings.

Negative: A decline in the scale of operations and liquidity,
leading to deterioration in the credit metrics, on a sustained
basis, will be negative for the ratings.

COMPANY PROFILE

SGIPL was incorporated in 1984 by Shyamlal Sharma and Rajiv Sharma.
The company's registered office is in Mumbai and its manufacturing
units are in Bengaluru and Bhiwandi. It manufactures and exports
ready-made garments to retailers. The company also trades fabrics
in the domestic market.


SCHOLARS INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Scholars
International Educational Foundation's bank loans ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency website.

The instrument-wise rating actions are:

-- INR97.61 mil. Term loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR12.5 mil. Working capital facility (long-term)  
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Scholars International Educational Foundation is regulated under
the Societies Registration Act, 1861. It offers undergraduate and
postgraduate courses in engineering, management, teaching and
polytechnic.


SHARE MICROFIN: ICRA Reaffirms D Rating on INR130.11cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Share
Microfin Limited (SML), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term–
   Fund-based TL     130.11       [ICRA]D; reaffirmed

Rationale

The rating reaffirmation factors in the continued delays in debt
servicing by SML. However, ICRA notes that SML has successfully
implemented the Demerger Scheme of Arrangement approved by the
Hon'ble High Court of Andhra Pradesh & Telangana on April 18, 2017,
and the lenders have executed a Payment Agreement granting time for
the company to mobilize resources and repay the existing lender
dues in full. Post implementation of the Scheme, SML has been
operating in states other than AP and Telangana (non-AP).

The company, due to non-availability of additional funding and
continued repayments to lenders, has been trying to maintain its
assets under management (AUM) from internal accruals, which are
also partially used for the existing debt repayments. As on August
31, 2021, SML's AUM declined to INR605 crore from INR750 crore as
on March 31, 2020 owing to limited disbursements as a result of the
Covid-19 pandemic and increased repayments to existing lenders.
Though there is no funding and COVID scenario, the company has been
regular in monthly repayments to its lenders and repaid INR223
crore since April 2020.

ICRA notes that SML's operations are geographically diversified
with company having presence in 18 states across 295 districts and
with no state accounting for more than 15% of the total exposure as
on August 31, 2021. The asset quality indicators weakened due to
the impact of the pandemic with the company reporting 0+ days past
due (dpd) and 90+ dpd at 11.2% and 7.2% respectively and Net NPA is
at 3.2% as on August 31, 2021 (2.0% and 1.8% respectively as on
March 31, 2020). The
company's capital to risk-weight adjusted ratio (CRAR) stood at
30.2% as on August 31, 2021. SML's ability to secure capital and
funding for the settlement of the debt obligations and business
expansion as well as its ability to manage the impact of the
pandemic on the portfolio quality will be important for its rating
going forward.

Key rating drivers and their description

Credit strengths

* Geographically diversified presence: ICRA notes that SML's
operations are geographically diversified with the company having
presence in 18 states across 295 districts and with no state
accounting for than 15% of the exposure as on August 31, 2021. The
top 3 states and top 5 states accounted for 40% and 60%
respectively of its portfolio as on August 31, 2021 (43% and 63%
respectively as on December 31, 2019). As on August 31, 2021, SML
had 724 branches across 295 districts with each branch having a
portfolio of ~Rs. 1.0 crore vis-à-vis the industry average of
INR3-4 crore.

Credit challenges

* Stretched liquidity and continued delays in debt servicing:
Following the AP Ordinance of 2010, the company's asset quality was
impacted severely thereby impairing its ability to make debt
repayments. SML was admitted to corporate debt Restructuring (CDR)
in September 2011 and since has been making payments according to
the restructured guidelines. ICRA notes that SML has successfully
implemented the Scheme of Arrangement approved by the Hon'ble High
Court of Hyderabad on April 18, 2017. Subsequent to the said scheme
of arrangement, the lenders of the company granted time for
repayments by executing a Payment Agreement in the month of October
2020. The company continues to service the existing debt while
exploring options to repay the entire debt and liabilities in full.
Due to the ongoing pandemic situation, the processes are delayed to
raise external funding to tread forward with the Company's growth
plans.

* Crucial to secure funds from diversified funding sources at
competitive rates: The company's borrowings as on March 31, 2021
comprising of CDR debt and priority debt from 23 lenders. The
company has repaid almost one third of its total debt outstanding
in the past 18 months. ICRA notes that the company with adequate
capital adequacy levels has deferred its earlier
strategy to bring in equity in view of the ongoing pandemic
situation. In this process, the Company is currently in discussions
with certain existing and new lenders to raise funds bilaterally
including under the Credit Guarantee Scheme to grow its book and
utilise collection proceeds to repay the existing debt aggregating
approximately INR435 crore (including accrued interest and payables
to OCCRPS holders) as on August 31, 2021.

* Ability to manage adverse impact of Covid-19 on asset quality and
collection efficiency: The asset quality indicators have weakened
due to the stress induced from the pandemic there by impacting the
livelihood of the borrowers and hence their cash flows. The 0+ dpd
and 90+ dpd increased significantly from 2.0% and 1.8% respectively
as on March 31, 2020 to 9.3% and
3.1% respectively as on March 31, 2021. Due to second wave of the
pandemic in Q1 FY2022, the asset quality further weakened with 0+
dpd and 90+ dpd at 11.2% and 7.2% respectively as on August 31,
2021.  The company has restructured its portfolio under
restructuring 1.0 as well as 2.0 and had an outstanding
restructured portfolio of ~Rs. 160 crore (~27% of AUM) as of August
31, 2021. The current collection efficiency of the company
increased to ~97% levels in March 2021. This was due to company's
effort and focus on recoveries. From April 2021, company's
collection efficiency declined as there were state wise lockdowns
announced as a result of second wave of Covid 19. With easing of
restrictions on lockdowns, the collection efficiency started
improving and as on August 31, 2021, the current collection
efficiency stood at 95%. SML's ability to manage the impact of
Covid-19 on its portfolio and recoveries from the restructured book
would be a key monitorable going forward.

* Ability to improve profitability: SML's profitability has been
impacted on account of significant under-utilization of capacities
which was in turn constrained by lack of funding and reduction in
loan disbursements. The cost to income ratio and operating expenses
as a percentage of average total assets remained high at 94% and
13% respectively for FY2021 (90% and 14% respectively for FY2020).
Though the net profitability is partially supported by recovery on
written off loans and write-back of provisions, the overall
profitability indicators remained subdued with a return on average
assets of 0.40% and return on average net worth of 1.5%
respectively as on March 31, 2021. SML's ability to improve
operating efficiency and raise low cost funding would be crucial
for incremental profitability.

* Marginal borrower profile: The rating factors in the risks
associated with the marginal borrower profile, unsecured lending
business, political risks, and operational risks arising out of
cash handling, along with the challenges associated on account of
Covid-19. Additionally, in line with the industry, SML faces asset
quality pressure on account of the pandemic.

Liquidity position: Poor

SML's liquidity is poor on account of the continued delay in the
servicing of debt repayments. The company's portfolio growth has
remained flat over the last three years as no fresh funding has
been tied up.

Rating sensitivities

Positive factors –ICRA could upgrade SML's rating if the company
repays its debt obligations regularly and in a timely manner.

Negative factors – Not applicable

Share Microfin Limited is a non-deposit accepting non-banking
financial company-micro finance institution (ND-NBFC-MFI)
incorporated as a public limited company in 1999. It provides
microfinance loans to women from the weaker sections of society
under the joint liability group (JLG) model. Mr. M. Udaia Kumar is
the founder and Managing Director of the company. He has
over 35 years of experience in the field of financial inclusion,
sustainable and development financing.

SML is among the AP based entities which were impacted by the
Andhra Pradesh Microfinance Institutions Ordinance 2010; subsequent
to which, the company's debt repayment abilities were impacted, and
the company was admitted into CDR. During April 2017, through a
scheme of arrangement approved by Hon'ble High Court of Hyderabad,
the company has demerged its AP portfolio into another AP based MFI
while merging non-AP portfolio of that MFI. Subsequent to the said
scheme of arrangement, the company is in discussions with its
lenders to repay all the debt in full.

SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Sonapur
Herbal Centre Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       14.18       [ICRA]D; ISSUER NOT COOPERATING;
   Limit Term                    Rating Continues to remain under
   Loan                          'Issuer Not Cooperating'
                                 Category

   Untied Limits      1.82       [ICRA]D; 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 2000, SHCPL currently owns and operates a 20-room
resort, "Spring Valley Resort" at Sonapur, Assam. The company is in
the process of converting the existing resort into a four-star
hotelcum-resort with 60 rooms/cottages (including the existing 20
cottages). Currently, the resort also operates a multi-cuisine
dining-cum-restobar, coffee shop, spa-cum-saloon, conference room,
banquet hall and swimming pool, all within the same premises.

SRINIVASAN CHARITABLE: ICRA Moves D Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Srinivasan
Charitable and Educational Trust in the 'Issuer Not Cooperating'
Category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        175.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating moved to 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.

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


STRAWBERRY CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Strawberry
Constructions Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         90.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

The Mumbai-based, Strawberry Construction Private Limited (SCPL)
was incorporated on October 12, 1993. Promoted by Mr. Bharat S.
Shah, Mr. Rashesh B. Shah and Mr. Rajiv B. Shah, SCPL is engaged in
the construction and development of residential and commercial
complexes.

UNIFY TEXTURIZERS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Unify
Texturizers Pvt Ltd's Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR850 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING)/INDA4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information.

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect Unify Texturizers' credit strength as the company
has been non-cooperative with the agency since March 2021.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

COMPANY PROFILE

Incorporated in 2007, Unify Texturizers manufactures polyester
texturized yarn.


UNITED BROTHER: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded United Brothers
Multiplast LLP's (UBML) Long-Term Issuer Rating to 'IND BB' from
'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR570 mil. (reduced from INR620 mil.) Fund-based limits
     downgraded with IND BB/Stable rating; and

-- INR150 mil. (increase from INR100 mil.) Non-fund-based limits
     Long-term rating downgraded; short-term rating affirmed with
     IND BB/Stable/IND A4+ rating.

The downgrade reflects a decline in UBML's revenue and  EBITDA,
leading to a decline in the credit metrics in FY21,  mainly on the
back of COVID-19-led economic disruptions.

KEY RATING DRIVERS

The revenue declined to INR23.96 million in FY21 (FY20: INR35.24
million) on account of a decline in traded volumes, due to COVID-19
related disruptions resulting in lower commission. As per
management, the firm earned commission of INR3.17 million till
end-June 2021. In-Ra believes the revenue will recover with the
recovery in demand in FY22. The firm's scale of operations remains
small.

The ratings also factors in UBML's continued modest EBITDA margins
of 73.21% in FY21 (FY20:74.80%). The decline was due to lower
absorption of fixed costs due to the fall in revenue. The return on
capital employed was 7% in FY21 (FY20: 11%). Ind-Ra believes the
recovery in commission and interest income will result in higher
margins in FY22.    

The ratings continue to reflect UBML's moderate credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.45x in FY21 (FY20: 2.59x) due to a decline in the
EBITDA to INR17.5 million (INR26.36 million). However, the net
leverage (total adjusted net debt/operating EBITDAR) improved to
3.6x in FY21 (FY20: 4.0x). owing to a decline in the debt to
INR126.16 million (INR139.52 million). Ind-Ra expects the credit
metrics to improve in FY22 with the likely increase in the revenue
in FY22, although will remain moderate.       

The ratings remain constrained by the firm's high counterparty risk
as indicated by with receivables of INR160.6million in FY21 (FY20:
INR87.9 million), against a net worth of INR222.85 million
(INR232.92 million).

Liquidity Indicator - Adequate: However, the ratings benefit from
the firm's adequate liquidity position. UBML's average maximum
utilization of the fund-based limits was 35% over the 12 months
ended August 2021. It did not have any term loan obligation. The
cash from operations increased to INR46.7 million in FY21 (FY20:
INR0.65 million) due to favorable changes in working capital. The
firm had cash and bank balance of INR63.03 million at FYE21 (FYE20:
INR33.08 million).

The ratings also benefit from the firm being a consignment stockist
for GAIL India Ltd ('IND AAA'/Stable/'IND A1+') since 1991 and its
strong and established relationships with the latter.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and profitability
margin, leading to an improvement in credit metrics on a sustained
basis, could be positive for the ratings.

Negative: A significant decline in the revenue and profitability
margin, leading to a sustained deterioration in credit metrics,
could be negative for the ratings.

COMPANY PROFILE

Incorporated in February 2015, UBML was set up as a partnership
firm, United Brothers, in August 1997 with the objective of
distribution and marketing of polypropylene products for Gail
(India). The firm is exclusive stockist for Maharashtra, Due &
Daman, Silvassa and Dadranagar Haveli.   


UNITED BROTHERS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded United Brothers
Polytech LLP's (UBPL) Long-Term Issuer Rating to 'IND BB-' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits downgraded with IND BB-/Stable
     rating; and

-- INR50 mil. Non-fund-based limits Long-term rating downgraded;
     Short-term rating affirmed with IND BB-/Stable/IND A4+
     rating.

The downgrade reflects a significant decline in UBPL's revenue and
absolute EBITDA in FY21, leading to deterioration in the credit
metrics.

KEY RATING DRIVERS

UBPL's revenue declined to INR8.86 million in FY21 (FY20: INR11.65
million) owing to a drop in traded volumes, due to the
COVID-19-related disruptions resulting in lower commission. As per
management, the firm earned commission of INR3.17 million till
end-June 2021. In-Ra believes the revenue will recover with the
recovery in demand for polypropylene products in FY22. The scale of
operations remain small.

The EBITDA margins contracted to 37.58% in FY21 (FY20: 76.31%)
owing to a decline in the interest income to INR3.45 million
(INR6.36 million), resulting from lower credit sale in FY21. The
margins were modest with a return on capital employed of 4% in FY21
(FY20: 8%). Ind-Ra believes the recovery in commission and interest
income will result in higher margins in FY22.     

The ratings further reflect UBPL's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 2.33x in FY21 (FY20: 2.23x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 5.3x (0.8x). The
interest coverage marginally improved in FY21 due to a decline in
the interest expense to INR1.43 million (INR3.99 million), however,
the net financial leverage deteriorated due to an increase in the
debt to INR17.93 million (INR7.12 million). Ind-Ra expects the
credit metrics to improve in FY22 due to a recovery in the EBITDA;
however, will remain modest.

The firm continues to faces high counterparty risk as indicated by
outstanding debtors of INR51.27 million in FY21 (FY20: INR41.23
million), against a net worth of INR71.38 million (INR65.83
million).

Liquidity Indicator - Adequate:  However, the ratings are supported
by the firm's adequate liquidity position. Its average maximum
utilization of the fund-based limits was 64% over the 12 months
ended August 2021. UBPL does not have any term loan obligation. The
cash from operations plunged to INR3.5 million in FY21 (FY20:
INR68.42 million) owing to the decline in the EBITDA. The firm had
cash and bank balance of INR16.52 million at FYE21 (FYE20: INR3.35
million).   

The ratings are also supported by the firm being a consignment
stockist for HPCL-Mittal Energy Ltd ('IND AA+'/Stable) since 2012
and has strong and established relationships with HPCL Mittal
Energy.    

RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability,
leading to an improvement in the credit metrics, all on a sustained
basis, could be positive for the ratings.

Negative: A significant decline in the scale and profitability,
leading to deterioration in the credit metrics, all on a sustained
basis, could be negative for the ratings.

COMPANY PROFILE

UBPL was established as a partnership firm in August 2012. The firm
is an agent and a consignment stockist for the distribution and
marketing of HPCL Mittal Energy's polypropylene products in
Maharashtra, Daman  Silvassa and Goa.




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

FORTICARE HEALTH: Placed Under Conservatorship
----------------------------------------------
BusinessWorld reports that Forticare Health Systems International,
Inc. has been placed by the Insurance Commission (IC) under
conservatorship as it failed to meet solvency requirement for
health management organizations (HMO), the regulator said in a
statement on Oct. 8.

These solvency requirements are provided under Circular Letter No.
2016-41 dated July 29, 2016, as later amended by Circular Letter
No. 2017-50 dated Oct. 30, 2017.

BusinessWorld relates that the commission said Forticare itself had
sought to be placed under conservatorship in a letter addressed to
the IC on Sept. 9. The HMO cited its inability to cover its net
worth deficiency, submit a secretary's certificate that its
stockholders are willing to cover the deficiency, and to submit its
2020 audited financial statements.

In response, the IC issued a cease-and-desist order (CDO) against
Forticare on Sept. 10, which immediately prohibited the firm and
its agents from transacting HMO business.

"However, Forticare has already ceased marketing operations since
May 2021; and its ongoing operations are only limited to processing
claims and servicing its existing members' benefits," the IC said.

HMOs are regulated and supervised by the IC in accordance with
Executive Order No. 192, series of 2015, which transferred that
mandate originally performed by the Department of Health.

PHILIPPINE AIRLINES: Seeks to Hire Kurtzman as Claims Agent
-----------------------------------------------------------
Philippine Airlines, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Kurtzman
Carson Consultants, LLC as its claims and noticing agent.

The firm's services include:

   (a) assisting in the solicitation, balloting and tabulation of
votes, preparing any related reports in support of confirmation of
a Chapter 11 plan, and processing requests for documents;

   (b) preparing an official ballot certification and, if
necessary, testifying in support of the ballot tabulation results;

   (c) assisting in the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gathering data in conjunction therewith;

   (d) providing a confidential data room, if requested;

   (e) managing and coordinating any distributions pursuant to a
Chapter 11 plan; and

   (f) providing other services.

The firm will be paid a retainer in the amount of $65,000.

Even Gershbein, a partner at Kurtzman, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

Kurtzman can be reached at:

     Even Gershbein
     Kurtzman Carson Consultants LLC
     222 N. Pacific Coast Hwy., 3rd Floor
     El Segundo, CA 90245
     Tel: (310) 823-9000
     Fax: (310) 823-9133
     Email: dfoster@kccllc.com


                  About Philippine Airlines Inc.

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) to seek approval of a
restructuring plan negotiated with lenders and lessors.

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 special 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 and
noticing agent.

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


PHILIPPINE AIRLINES: Taps Norton Rose as Special Counsel
--------------------------------------------------------
Philippine Airlines, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Norton Rose
Fulbright US, LLP and Norton Rose Fulbright, LLP as special
counsel.

The Debtor needs the firms' legal assistance with respect to issues
that may arise during its Chapter 11 case related to, among other
things, (i) the aircraft owned by the Debtor and the financing of
such aircraft; (ii) the aircraft leased by the Debtor, including
lease documentation relating to such aircraft and the
restructuring, negotiating, and termination of such leases; (iii)
any contract relating to the purchase or maintenance of aircraft
and engines by the Debtor; (iv) Sections 362, 363, 364, and 365 of
the Bankruptcy Code relating to the treatment of aircraft lease and
financing arrangements; (v) necessary reports, pleadings and other
documents, and any related litigation; and (vi) certain other
matters in or related to the Chapter 11 case to the extent
necessary and as requested by the Debtor.

The hourly rates charged by the firms are as follows:

     Partners       $805 to $1,400 per hour
     Associates     $410 to $995 per hour
     Paralegals     $245 to $430 per hour

The firms received from the Debtor a retainer in the amount of
$353,336 and will receive reimbursement for out-of-pocket expenses
incurred.

David Rosenzweig, Esq., a partner at Norton Rose Fulbright US,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Rosenzweig also disclosed the following:

     Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?

     Response: No.

     Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

     Response: No. However, as a member of a Swiss Verein that is
currently comprised of five separate law firms that operate
globally, the attorneys at all levels who are in different
geographic locations may have different hourly billing rates.

     Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

     Response: During calendar year 2020, Norton Rose's standard
billing rates were as follows:

               Partners            $625 - $1,165 per hour
               Of Counsel          $350 - $1,265 per hour
               Senior Counsel      $465 - $825 per hour
               Senior Associates   $410 - $750 per hour
               Associates          $315 - $750 per hour
               Paraprofessionals   $110 - $415 per hour

The above rates have increased in 2021.  Norton Rose has
represented the Debtor for many years, and during that time, the
firm has often provided discounts to its aggregate fees for
particular matters.  The firm provided a 15% discount to the Debtor
and agreed billing rates on its pre-bankruptcy work related to the
"special counsel matters."

     Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period.

     Response: The Debtor's general counsel has approved Norton
Rose's proposed scope of work and its proposed staffing plan. The
firm has provided an estimate of fees in the initial stages of the
Debtor's Chapter 11 case based on certain assumptions. The actual
fees and staffing needs may vary widely depending on how matters
progress in the Chapter 11.

Norton Rose can be reached at:

     David A. Rosenzweig, Esq.
     Francisco Vazquez, Esq.
     Norton Rose Fulbright US LLP
     1301 Avenue of the Americas
     New York, NY 10019
     Tel: (212) 318-3000/(212) 318-3035/(212) 408-5111
     Fax: (212) 318-3400
     Email: david.rosenzweig@nortonrosefulbright.com
            francisco.vazquez@nortonrosefulbright.com

                  About Philippine Airlines Inc.

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) to seek approval of a
restructuring plan negotiated with lenders and lessors.

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 special 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 and
noticing agent.

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



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

ATLANTIC AUTOMOBILE: Court to Hear Wind-Up Petition on Oct. 22
--------------------------------------------------------------
A petition to wind up the operations of Atlantic Automobile Pte Ltd
will be heard before the High Court of Singapore on Oct. 22, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 24, 2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View
         #06-07 Marina One West Tower
         Singapore 018937

GOH KENG: Creditors' Proofs of Debt Due on Nov. 9
-------------------------------------------------
Creditors of Goh Keng Swee Foundation Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 9,
2021, to be included in the company's dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


KT BUSINESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 1, 2021, to
wind up the operations of KT Business (R) Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

         Gary Loh Weng Fatt
         c/o BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01, Parkview Square
         Singapore 188778


OFFSHORE CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Oct. 1, 2021, to
wind up the operations of Offshore Construction Services Pte Ltd.

The Bank Of East Asia, Limited filed the petition against the
company.

The company's liquidators are:

         Gary Loh Weng Fatt
         c/o BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01, Parkview Square
         Singapore 188778


ORION HEALTH: Creditors' Proofs of Debt Due on Nov. 9
-----------------------------------------------------
Creditors of Orion Health Pte. Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 9,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 1, 2021.

The company's liquidators are:

         Ho Lon Gee
         Lee Wei Hsiung
         c/o 80 Robinson Road, #02-00
         Singapore 068898


ZIPAN RESORT: Creditors' Proofs of Debt Due on Nov. 9
-----------------------------------------------------
Creditors of Zipan Resort Travel Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 9,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 1, 2021.

The company's liquidators are:

         Ho Lon Gee
         Lee Wei Hsiung
         c/o 80 Robinson Road, #02-00
         Singapore 068898



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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