/raid1/www/Hosts/bankrupt/TCRAP_Public/211101.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 1, 2021, Vol. 24, No. 212

                           Headlines



A U S T R A L I A

BRIGHTE GREEN 2021-1: Moody's Assigns B2 Rating to Class F-G Notes
BUILT BY GUILD: Second Creditors' Meeting Set for Nov. 9
CHINA: Sale of New Junk Bonds by Chinese Borrowers Falls by 90%
DEBFORD INVESTMENTS: Second Creditors' Meeting Set for Nov. 8
FLEXICOMMERCIAL ABS 2021-2: Moody's Assigns B1 Rating to F Notes

GMS STAFFING: First Creditors' Meeting Set for Nov. 8
HARMONEY ABS 2021-1PP: Moody's Assigns B2 Rating to Class F Notes
HILLTOPS COUNCIL: Flags Job Cuts and Rate Hikes to Address Deficits
PINNACLE SERIES 2021-T1: S&P Assigns BB (sf) Rating on Cl. E Notes


C H I N A

CHINA EVERGRANDE: Pays $45.2MM, Staves Off Second Default in a Week
JIANGSU NANTONG: Moody's Withdraws Caa1 Corporate Family Rating


I N D I A

ACB LIMITED: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
ALLIANCE (INDIA): CARE Keeps D Debt Rating in Not Cooperating
BULAND CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
BULLAND BUILDTECH: CARE Keeps D Debt Ratings in Not Cooperating
CARE RATINGS: CARE Lowers Rating on INR11.50cr LT Loan to C

CHANDER BHAN: CARE Keeps C Debt Ratings in Not Cooperating
DEVIPRASAD SHETT: CARE Keeps D Debt Rating in Not Cooperating
DURGA AUTOMOTIVES: CARE Lowers Rating on INR19.40cr Loan to D
GLOCAL HEALTHCARE: CARE Lowers Rating on INR35.00cr LT Loan to D
GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating

GOYAL EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
GPR INFRA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
HEMJEE RICE: Ind-Ra Gives 'B+' LT Issuer Rating, Outlook Stable
KALYANALAKSHMI SHOPPING: Ind-Ra Moves B Rating to Non-Cooperating
KANNATTU FINGOLD: Ind-Ra Gives 'B' Loan Rating, Outlook Stable

KB GEMS: Ind-Ra Moves B+ Long-Term Issuer Rating to Non-Cooperating
MANIKANTA PAPER: CARE Lowers Rating on INR7.40cr LT Loan to C
MYTRAH ADVAITH: Ind-Ra Lowers Term Loan Rating to 'BB+'
MYTRAH AKSHAYA: Ind-Ra Lowers Term Loan Rating to 'BB'
NATIONAL STEEL: Ind-Ra Moves D LT Issuer Rating to Non-Cooperating

PRECISE AUTOMATION: Ind-Ra Gives 'B' Issuer Rating, Outlook Stable
PROAGRI SEEDS: CARE Keeps C Debt Rating in Not Cooperating
PSK TEXTILES: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
RAJENDRA RICE: CARE Keeps C Debt Ratings in Not Cooperating
RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category

RICHU MAL: CARE Keeps C Debt Rating in Not Cooperating Category
RJP TECHNOLOGIES: CARE Lowers Rating on INR12.00cr LT Loan to C
S. A. IRON: CARE Keeps D Debt Ratings in Not Cooperating Category
SAHYOG JANKALYAN: Ind-Ra Lowers Bank Loan Rating to 'BB+'
SMT. SHAKUNTLA: CARE Keeps D Debt Ratings in Not Cooperating

SONY AIRCON: CARE Keeps C Debt Rating in Not Cooperating Category
STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating
UDUPI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
VIJAYA HOSPITAL: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
VIJAYANAG POLYMERS: CARE Lowers Rating on INR7.30cr Loan to C



J A P A N

ANA HOLDINGS: Expects JPY100 Billion Net Loss for Fiscal Year 2021
J FRONT: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
KAWASAKI KISEN: Egan-Jones Lowers Senior Unsecured Ratings to BB


M A L A Y S I A

BARAKAH OFFSHORE: Auditor Raises Going Concern Doubt


N E W   Z E A L A N D

AZEALAND INTERIOR: Court to Hear Wind-Up Petition on Nov. 12
CONTACT ENERGY: S&P Assigns 'BB+' Rating on Sub. Capital Bonds
FENCE-IT SELWYN: Court to Hear Wind-Up Petition on Nov. 11
INNOVATE CIVIL: Court to Hear Wind-Up Petition on Nov. 5


S I N G A P O R E

DSG MANUFACTURING: Borrelli Walsh Named as Provisional Liquidators
OCEAN TANKERS: Court Dismisses Lim Family's Appeal Against Suit
SINGAPORE PRESS: Temasek-Backed Consortium Makes USD2.5BB Bid
TOOLBOX NETWORK: Court to Hear Wind-Up Petition on Nov. 12


S R I   L A N K A

SRI LANKA: Moody's Downgrades Long Term Issuer Rating to Caa2

                           - - - - -


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

BRIGHTE GREEN 2021-1: Moody's Assigns B2 Rating to Class F-G Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Brighte Green Trust 2021-1.

Issuer: Brighte Green Trust 2021-1

AUD124.50 million Class A-G Notes, Assigned Aaa (sf)

AUD23.50 million Class A-NG Notes, Assigned Aaa (sf)

AUD12.00 million Class B-G Notes, Assigned Aa2 (sf)

AUD9.25 million Class C-G Notes, Assigned A2 (sf)

AUD3.70million Class D-G Notes, Assigned Baa2 (sf)

AUD7.40 million Class E-G Notes, Assigned Ba2 (sf)

AUD2.80 million Class F-G Notes, Assigned B2 (sf)

The AUD1.85 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured consumer, Buy Now Pay Later (BNPL) and personal loan
receivables originated by Brighte Capital Pty Limited (Brighte,
unrated). The majority of receivables are originated to homeowners
to fund solar panel and home batteries installations ('green'
receivables). A smaller portion are originated to fund home
improvement products and services ('non-green' receivables). This
is Brighte's second term securitization.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's view, this is a significant credit strength of the
transaction.

The limited amount of historical data. Brighte was established in
2015, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q2 2017 and Q1 2021 — and does not cover a full economic
cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, principal will be distributed pro rata among all Notes.
Following the call date or if the pro rata conditions are otherwise
not satisfied, the principal collections will be distributed
sequentially starting with Class A-G and Class A-NG Notes.
Initially, the Class A-G, Class A-NG, Class B-G, Class C-G, Class
D-G, Class E-G and Class F-G Notes benefit from 20.0% (for the
Class A Notes, collectively), 13.5%, 8.5%, 6.5%, 2.5% and 1.0% of
note subordination, respectively.

The availability of excess spread over the life of the
transaction. The portfolio yield of 10.6% providing significant
excess spread to cure portfolio losses.

The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD380,000.

The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

The experience of Brighte as servicer, and the back-up servicing
arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.75%, a
recovery rate of 7.5% and a Aaa portfolio credit enhancement
("PCE") of 25.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 2.16%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 25.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

BUILT BY GUILD: Second Creditors' Meeting Set for Nov. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Built By Guild
(Residential) Pty Ltd has been set for Nov. 9, 2021, at 2:00 p.m.
via Zoom.

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

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

Mathew Gollant of CJG Advisory was appointed as administrator of
Built By Guild on Oct. 5, 2021.


CHINA: Sale of New Junk Bonds by Chinese Borrowers Falls by 90%
----------------------------------------------------------------
The Wall Street Journal reports that junk-bond issuance by China's
riskier companies has nearly ground to a halt, creating more
challenges for the country's real-estate developers that need to
roll over more than $40 billion in dollar debt by the end of next
year.

Sales of new junk bonds in dollars by Chinese borrowers this month
have fallen by about 90% from their five-year average to $352
million as of Oct. 27, Dealogic data shows, reflecting just two
deals from smaller developers, the Journal relays.

With investors rattled by China Evergrande Group's difficulties and
a string of defaults by smaller property developers, Chinese junk
bonds in dollars were yielding about 21.6% as of Oct. 27, the
Journal discloses citing an ICE BofA index—interest rates that
effectively make issuing new debt too expensive for many companies.


Developers dominate China's international high-yield bond market,
making up about 80% of its total $197 billion of debt outstanding,
according to Goldman Sachs, the Journal relates. These companies
have typically relied on shorter-term borrowing, including in some
cases issuing debt due in less than a year, which makes their
refinancing needs more pressing.

DEBFORD INVESTMENTS: Second Creditors' Meeting Set for Nov. 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Debford
Investments Pty Ltd in its own right and ATF Sneider No 2 Trust,
trading as Burgerlove at Waverly Gardens Shopping Centre,
Cranbourne Park Shopping Centreand Endeavour Hills Shopping Centre,
has been set for Nov. 8, 2021, at 11:00 a.m. via virtual
facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 5, 2021, at 4:00 p.m.

David Coyne of BRI Ferrier was appointed as administrator of
Debford Investments on Oct. 4, 2021.

FLEXICOMMERCIAL ABS 2021-2: Moody's Assigns B1 Rating to F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2021-2.

Issuer: flexicommercial ABS Trust 2021-2

AUD261.30 million Class A Notes, Assigned Aaa (sf)

AUD41.34 million Class B Notes, Assigned Aa2 (sf)

AUD20.28 million Class C Notes, Assigned A2 (sf)

AUD13.65 million Class D Notes, Assigned Baa2 (sf)

AUD21.45 million Class E Notes, Assigned Ba2 (sf)

AUD8.58 million Class F Notes, Assigned B1 (sf)

The AUD23.4 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. flexicommercial Pty Ltd will act as servicer of the
transaction. This is flexicommercial's second commercial auto and
equipment asset backed securities transaction for 2021.

Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanner, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its focus towards commercial lending
via broker distribution predominantly via broker originated
transactions that fund larger ticket "primary" assets such as
trucks, trailers and construction equipment, which form the
majority of the portfolio.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

There is a limited performance history for flexicommercial's
broker originated "primary" asset receivables that constitute most
of this portfolio. Although flexicommercial have been originating
commercial equipment loans and leases for over 20 years they
shifted focus from point-of-sale originated "tertiary" assets to
broker originated larger ticket "primary" assets in early 2018.

The evaluation of the underlying receivables and their expected
performance;

The fact that approximately 80% of the receivables were extended
to the obligors on a no-income verification basis, referred to as
"Matrix". The Matrix product allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;

The interest rate swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)).

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 33.00%, 22.40%, 17.20%, 13.70%, 8.20%
and 6.00% of note subordination, respectively.

The notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A Notes exceeds 45%. Should the
Class A Notes credit enhancement exceeds 45% the Class A to Class F
Notes will be paid pro-rata and senior to the Class G Notes until
such point that the Class G Notes subordination exceeds 12%. At
that point Class A to Class G Notes will be paid pro-rata. The
notes will however be paid on a sequential basis should there be
any unreimbursed charge-offs or the payment date is on or after the
call option date. The call option date is the earlier of the date
the aggregate invested amounts of the notes is equal to or less
than 10% of the initial invested amount of the notes or the payment
date in October 2025.

Key model and portfolio assumptions:

Moody's base case assumptions are a portfolio loss rate of 8.00%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 38.00%.

To address the limited historical loss data on flexicommercial's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
its default and PCE assumptions.

Key portfolio features are as follows:

The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.4%.

The portfolio has a high yield of 8.95% which provides excess
spread to cure portfolio losses.

Approximately 80% of receivables were extended to obligors on a
no-income-verification bases referred to as "Matrix" lending.

The Matrix (no-income-verification) product offering has been
originated for almost twelve years in the Australian auto and
equipment loan space. However, through-the-cycle historical data on
the performance of this product is limited. To address this risk
and the fact that the portfolio has a very high proportion of
Matrix (approximately 80.0%), Moody's have applied further
qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (AUD250,000 for primary assets and AUD150,000 for
non-primary assets) and the nature of the assets (used assets
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in August
2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

GMS STAFFING: First Creditors' Meeting Set for Nov. 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of GMS Staffing
Pty Ltd and GMS Staffing Services Pty Ltd will be held on Nov. 8,
2021, at 11:00 a.m. and 12:00 p.m., respectively, via virtual
meeting technology.

Jason Tang & Ozem Kassem of Cor Cordis were appointed as
administrators of GMS Staffing on Oct. 27, 2021.


HARMONEY ABS 2021-1PP: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited in
in its capacity as trustee of the Harmoney ABS Trust 2021-1PP.

Issuer: Harmoney ABS Trust 2021-1PP

AUD69.3 million Class A Notes, Assigned Aaa (sf)

AUD7.9 million Class B Notes, Assigned Aa2 (sf)

AUD7.65 million Class C Notes, Assigned A2 (sf)

AUD4.75 million Class D Notes, Assigned Baa2 (sf)

AUD6.7 million Class E Notes, Assigned Ba2 (sf)

AUD3.13 million Class F Notes, Assigned B2 (sf)

AUD5.57 million Class G Notes is not rated by Moody's

Harmoney ABS Trust 2021-1PP is a securitisation of unsecured
personal loans extended to obligors in Australia. All loans were
originated and are serviced by Harmoney Australia Pty Ltd (HAPL,
unrated), a wholly owned subsidiary of Harmoney Corp Limited
(Harmoney, unrated), a New Zealand-registered company with a dual
listing on the Australian and New Zealand stock exchanges.

Harmoney is a non-bank lender providing unsecured personal loans to
consumer obligors in Australia and New Zealand. As of September 30,
2021, its Australian and New Zealand portfolios were AUD155 million
and NZD356 million, respectively.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of HAPL as servicer; and the presence of
Perpetual Corporate Trust Limited (Perpetual) as a back-up
servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. Harmoney is a
relatively new originator, with historical default data for its
Australian book only available from the first quarter of 2018. As
such, the pool's performance could be subject to greater
variability than the observed data indicates.

The transaction's key features are as follows:

Once stepdown conditions are satisfied, all notes, excluding the
Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 41% subordination to
the Class A notes and no unreimbursed charge-offs.

A swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming a
certain prepayment rate.

Perpetual is the back-up servicer. If HAPL is terminated as
servicer, Perpetual will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 40%. Moody's mean default for this
transaction is 9.4%. The assumed recovery rate is 5%. Expected
defaults, recoveries and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

The weighted average interest rate of the portfolio is 13.2%, with
interest rates ranging from 5.4% to 28.7%.

The weighted average Equifax credit score of the portfolio is
around 639.

The weighted average remaining term of the portfolio is 51.0
months. The weighted average seasoning of the initial portfolio is
5.4 months.


The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

HILLTOPS COUNCIL: Flags Job Cuts and Rate Hikes to Address Deficits
-------------------------------------------------------------------
ABC News reports that five years after its controversial creation,
the Hilltops Council in southern New South Wales has backed a
motion to implement tough budget cuts in a bid to balance the
books.

ABC says the council was formed in 2016 by the amalgamation of the
Boorowa, Harden, and Young Shires.

Since then, it has struggled financially and the motion passed at
last week's meeting is designed to balance the books through a
number of cost-cutting measures.

It came after general manager Anthony O'Reilly warned: "continued
annual deficits are unsustainable".

They include a recruitment freeze, a review of the use of
consultants and contractors, formal consultation around job cuts, a
special rate variation after the December council elections, and
asset divestment, ABC relates.

The council hoped implementing the cuts would see the budget return
to surplus in the late 2020s.

According to ABC, Councillor Greg Armstrong told the meeting the
motion was unfortunate but essential.

"I believe that if we don't adopt the full suite of these things
then we are not serious about it. Playing around the edges isn't
going to achieve anything," he said, notes the report. "We need to
have a strategy, we need to employ that strategy, and we need to
have the bottle to stick to it."

A number of councillors expressed disappointment that a special
rate variation was needed.

ABC relates that Councillor Tony Flanery said raising rates to
raise more funds was painful but necessary.

"I think we need, at the end of this process, to have good roads,
good staff and a good attitude, and there are positive ways we can
achieve it and there are negative ways," the report quotes Mr.
Flanery as saying. "It would be great if we don't need an SRV but I
think the sooner [we do it] we will get ourselves out of this
hole.

"It's time for all councillors to make hard decisions, to stand up
and be counted . . . no-one wants to but if we don't make hard
decisions now we will go bankrupt," Councillor John Horton told the
meeting.

"[The] special rate review is a hard one to stomach," Councillor
Tony Manchester said.

ABC says the motion recommended a review of services provided, but
Councillors Rita O'Connor and Margaret Roles called for roadworks
to be given priority to continue.

"Our road network is in dire need of injection," general manager
Anthony O'Reilly agreed.

The motion was altered after the Industrial Relations Commission
made orders about the item when it was first published in the
Council's agenda.

ABC says the original report called for a "staff cost reduction
equivalent of up to 30 per cent of total council wages" and the
consideration of reducing staff levels at offices in smaller towns
in the local government area.

However, that was changed after the United Services Union took the
matter to the Industrial Relations Commission, which made orders to
prevent the Council from breaching the Local Government Act.

The Hilltops Council has been divisive since its creation, and some
residents and councillors remain opposed to it.

At the September ordinary meeting, Councillor Matthew Stadtmiller
from Harden put forward a motion calling for a poll to ascertain
support for a de-merger among the residents of the three former
shires.

Only two councillors, including Cr Stadtmiller, supported the idea,
ABC recalls.

PINNACLE SERIES 2021-T1: S&P Assigns BB (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to six of the seven classes of
prime residential mortgage-backed securities (RMBS) issued by BNY
Trust Co. of Australia Ltd. as trustee for Pinnacle Series Trust
2021-T1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 38.0% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
reserve equal to 0.80% of the initial aggregate principal
outstanding on the pool of mortgage loans, principal draws, and an
excess revenue reserve, are sufficient under its stress assumptions
to ensure timely payment of interest on the rated notes.

-- The extraordinary expense reserve of A$150,000, funded at the
closing date and available to meet extraordinary expenses. The
reserve is to be topped up from excess spread, if any, to the
extent it has been drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Australia and New Zealand Banking Group Ltd. to hedge
the mismatch between receipts from fixed-rate mortgage loans and
the variable-rate RMBS.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Ratings Assigned

  Pinnacle Series Trust 2021-T1

  Class A1, A$322.000 million: AAA (sf)
  Class A2, A$14.000 million: AAA (sf)
  Class B, A$8.225 million: AA (sf)
  Class C, A$3.325 million: A (sf)
  Class D, A$1.155 million: BBB (sf)
  Class E, A$0.700 million: BB (sf)
  Class F, A$0.595 million: Not rated




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

CHINA EVERGRANDE: Pays $45.2MM, Staves Off Second Default in a Week
-------------------------------------------------------------------
South China Morning Post reports that China Evergrande Group has
staved off a potential default for the second time in a week, after
paying an overdue offshore bond coupon before a 30-day grace period
runs out.

The Shenzhen-based developer paid US$45.2 million of coupon due on
its 9.5 per cent, US$951 million bond that matures on March 29,
2024, according to people familiar with the matter, the Post
relays.  Evergrande missed the payment on September 29, and was
given 30 days to comply before bondholders are entitled to declare
it in default, a move which could trigger cross defaults across all
its offshore debt, and in the worst case set the stage for
creditors to petition for its liquidation, the report notes.

It's the second time that Evergrande has sailed close to the wind
with investors and creditors. A week earlier, the developer wired
US$83.5 million in overdue coupon payment to its trustee on the
final working day before running out of a 30-day grace period, the
Post says.

Separately, the company's wealth management unit paid the first 10
per cent of redeemed financial product before its October 30
deadline, according to investors, the Post reports.

According to the Post, the latest payments follow a tongue lashing
last week by China's National Development and Reform Commission
(NDRC), the economic planning agency that oversees all offshore
debt issuance in China. Evergrande was absent from the Beijing
meeting, during which the NDRC lectured bond issuers such as Shimao
Property Holdings and China Vanke to "optimise their foreign debt
structure," abide by "financial discipline and market regulations"
and "strictly use the funds raised in accordance with their stated
purposes," according to the agency's statement.

Hui Ka-yan, the founder of Evergrande and one of China's wealthiest
tycoons, had been struggling to sell assets to meet the company's
total liabilities, at more than US$300 billion. He reportedly
pledged a mansion on The Peak in Hong Kong to China Construction
Bank (Asia) as collateral for a HK$300 million (US$38.6 million)
loan, the Post discloses citing data from the Land Registry.

The Post says luck ran out elsewhere for the company, with a
diverse range of businesses including banking, bottled water, real
estate, electric cars, wealth management, and even a football club.
A sale of Evergrande's 26-storey office tower on the Wan Chai
waterfront in Hong Kong fell through on October 15 when state-owned
Yuexiu Property dropped its US$1.7 billion offer over concerns that
Evergrande's unresolved indebtedness would create potential
complications. Five days later, a HK$20.04 billion offer to sell
50.1 per cent of Evergrande Property Services to Hopson Development
Holdings failed to materialise in a dispute over the payment.

Evergrande is barely out of the woods, as more payment deadlines
loom ahead, the Post relates. The company missed seven offshore
interest payments totalling US$511.9 million on September 23, 29,
October 11 and 24, triggering 30-day grace periods ending this
month and next. It has two coupons totalling US$82.5 million due on
November 6.

The company haled the redemption of its wealth management products
on September 8, instead asking investors to receive their payments
in 10-per cent quarterly instalments until the payment is
complete.

On top of that, Evergrande is being pursued by suppliers from
designers to construction companies and furniture vendors who said
they had not been paid in months, the Post says.

The Post adds that real estate agents are also demanding payment,
with two agencies in the Midland Realty network suing Evergrande to
demand US$5.6 million of fees, while Centaline said it was owed
HK$200 million from helping the developer sell its apartments in
Hong Kong.

The Post says the developer is trying to amass enough capital to
keep the lights on and complete its backlog of CNY1.3 trillion in
unfinished properties. In an attempt to assure nervous property
buyers, Hui arranged a ceremony on September 1, during which he
ordered senior executives to sign a collective pledge to complete
all property projects on hand and deliver them to buyers on time.

                       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'.

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-'.


JIANGSU NANTONG: Moody's Withdraws Caa1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating of Jiangsu Nantong Sanjian Construction Group Co., Ltd. The
rating outlook prior to the withdrawal was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Jiangsu Nantong Sanjian Construction Group Co., Ltd. (JNTC),
headquartered in Haimen, Jiangsu Province, is a privately-owned
engineering contractor in eastern China.



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

ACB LIMITED: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ACB (India)
Ltd.'s (ACBIL) Long-Term Issuer Rating to 'IND BB' from 'IND BBB'
while maintaining it on Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR22.021 bil. (increased from INR12.672 bil.) Term loan due
     on December 2030 downgraded; maintained on RWN with IND
     BB/RWN rating;

-- INR4.55 bil. (increased from INR3.50 bil.) Fund-based working
     capital limits downgraded; maintained on RWN with IND
     BB/RWN/IND A4+/RWN rating; and

-- INR12.084 bil. (increased from INR10.655 bil.) Non-fund-based
     working capital limits downgraded; maintained on RWN with
     IND BB/RWN/IND A4+/RWN rating.

The increase in the limits is on account of the merger of the bank
limits of ACBIL's erstwhile entities Spectrum Coal and Power
Limited and SV Power Private Limited.

The downgrade reflects a weaker-than-expected turnaround of ACBIL's
operating performance during year-to-date (YTD) FY22, which is
likely to lead to a poor liquidity position. The company has
already undergone a one-time restructuring (OTR) under the Reserve
Bank of India's COVID-19 restructuring scheme, under which there
was no repayment over 1 September 2020 to 30 September 2021. The
restructuring scheme involved the funding of interest on term loans
and working capital limits for the mentioned period. The debt
servicing will start from 31 October 2021. Given ACBIL's weak cash
flow generation, its dependence on its promoters for the
liquidation of its various non-current investments and realization
of proceeds of loans and advances provided to other group entities
remains high for 2HFY22. The maintenance of RWN reflects the risk
associated with the possibility of invocation of the shortfall
guarantee provided by ACBIL to the lenders of its stepdown
subsidiary TRN Energy Private Limited (TRNEPL; ACBIL holds 74%;
'IND D').

KEY RATING DRIVERS

Washery Utilization remained Weak in YTDFY22: ACBIL's washery
utilization remained weak at 19% during 1HFY22, after declining to
11% in FY21 (FY20: 43%, FY19: 57%) with volumes of 5.5 million tons
(mt) against 6.31mt (25.2mt, 33.2mt). In FY21, the volumes were
impacted due to the reduced power demand owing to COVID-19, along
with delays in the finalization of washing contracts with power
generating companies as the Ministry of Environment, Forest and
Climate Change eliminated the mandatory coal washing requirement
for power generating companies. However, given the
techno-commercial benefits of using washed coal, ACBIL was able to
secure new contracts 3QFY21 onwards.

Though ACB was able to secure new coal washing contracts during
4QFY21 for 26 million tons per annum (mtpa)-28mtpa, the overall
utilization remained weak in 1HFY22 on account of i) a surge in
COVID-19 cases in 1QFY22, impacting coal availability ii) delays in
the arrangement of working capital limits to provide bank
guarantees to customers for the start of operations under new
contracts iii) a reduction in washery grade coal availability from
coal mines. Given the integrated nature of ACBIL's operations, the
lack of beneficiation volumes has impacted the cash flow generation
in the power and coal trading segments and hence, the overall
revenues remained weak at around INR4 billion in 1HFY22 (FY21:
INR7.8 billion, FY20: INR16.2 billion).

Ind-Ra, however, expects the company's operating performance to
improve in 2HFY22 based on an increase in the domestic coal
production as the monsoons recede. However, there remains a risk of
coal availability to washeries given the coal shortage issues in
the country and the focus  of mining companies on the offtake of
coal to power plants directly. The revenue of ACBIL's coal
operations business remained weak at around INR1.32 billion in
1HFY22 (FY21: INR2.3 billion).

ACBIL's realization improved to INR2.96/unit in 1HFY22 (FY21:
INR2.56/unit) in the power segment due to the increase in power
prices at the exchange. However, the shortage of coal rejects due
to lower utilization is not allowing the company to increase the
profits meaningfully from the power segment. The overall revenues
from the power segment remained at INR2.36 billion in 1HFY22 (FY21:
INR4.9 billion).

Credit Profile remains Weak:  ACBIL's EBITDA turned negative at
INR840 million in FY21 (FY20: INR3.3 billion) given its weak
operating performance. Furthermore, following the weak performance
in 1HFY22, Ind-Ra expects the EBITDA to remain weak at INR0.5
billion-INR1 billion in FY22. Given the EBITDA decline, Ind-Ra
expects ACBIL's credit profile to remain weak in FY22 also (both
interest coverage and net leverage in FY21 were not meaningful
given the negative EBITDA). The interest coverage is also likely to
remain below 1x in FY22. Post the restructuring scheme
implementation and the inclusion of the funded interest on term
loans till 30 September 2021, ACBIL had a long-term debt of INR27.3
billion and a short-term working capital debt of INR2.6 billion.

Furthermore, ACBIL has provided a shortfall guarantee for servicing
TRNEPL's debt of around INR32 billion, which remains in default.
ACBIL has also provided corporate guarantees to one of TRNEPL's
lenders to meet any shortfall in debt service obligations (both
principal and interest) though the amount for which the corporate
guarantee has been extended has not been disclosed in the latest
audited financials (FY19: INR14.7 billion). The corporate guarantee
provided to TRNEPL was an interim security feature to the lender
until the perfection of the security and maintenance of a minimum
rating of 'BBB+' from any two rating agencies. However, the
corporate guarantee will be available for an interim period till
the time the external rating of the company is below 'BBB+'. TRNEPL
has also approached the lenders for flexible restructuring with a
cut-off date of December 1, 2020.

TRNEPL defaulted first in September 2019. However, as per the
management, there has not been any invocation of the corporate
guarantee and shortfall undertaking post that. Also, the lender has
the option and hence, any invocation of sponsor support undertaking
by the lenders will remain a key rating sensitivity.

Liquidity Indicator – Poor: ACBIL's liquidity remains poor given
the negative EBITDA in FY21, along with a weak financial
performance in 1HFY22. ACBIL's debt servicing till September 2021
was funded under the OTR scheme. However, its interest servicing
will start October 2021 onwards, along with the principal repayment
from December 2021. During 2HFY22, ACBIL has a debt servicing
(including interest) obligation of around INR2.3 billion, for which
Ind-Ra believes the cash flow from operations will be insufficient.
The company had around INR170 million of cash balances in the trust
and retention account as on 7 October 2021, along with around
INR560 million in the debt service reserve account with various
banks. Furthermore, as per the management, around INR460 million
fund-based limits were unutilized as of September 30, 2021 which
can be withdrawn. However, Ind-Ra still believes the available
sources of liquidity, along with cash flows, may remain inadequate
in case of a lower-than-expected improvement in ACBIL's operations.
Consequently, its debt service coverage ratio will remain stretched
during 2HFY22.

Hence, ACBIL's liquidity will remain dependent on the recovery of
cash from the loans and advances and non-current investments till
the operations do not stabilize. ACBIL expects the liquidity
position to improve based on i) a likely refund of INR0.5
billion-INR1 billions of tax claims based on the reassessment of
tax post the merger of ACBIL with its subsidiaries Spectrum Coal
and Power and SV Power ii) the sale of land for around INR1.2
billion-1.4 billion in ACBIL's subsidiary Aryan M.P. Power
Generation Private Limited iii) the repayment of loans and advances
by MCCPL given there is around INR1.5 billion of surplus cash in
MCCPL as per the management. Ind-Ra will continue to monitor the
company's liquidity position over the short term and will take a
further action in case of any perceived shortfall in funds in
3QFY22.

ACBIL's loans and advances to related parties remained at INR6.9
billion in FY21 (FYE20: INR6.8 billion, FYE19: INR8.6 billion). The
majority of the support is towards entities including Maruti Clean
Coal Pvt Ltd (associate company) (FY20: INR3.3 billion) and TRNEPL
(INR2.7 billion). Furthermore, ACBIL had receivables of INR1.5
billion-1.7 billion from TRNEPL at FYE20.  

OTR Implemented in 1QFY22: ACBIL has opted for restructuring under
COVID-19 scheme due to a decline in the power demand, which
impacted its washery utilization. The OTR was implemented in June
2021 with an overall long-term debt at INR27.31 billion, including
the funded interest on term loans and working capital facilities
over September 1, 2020 to September 30, 2021. This has led to no
debt servicing until September 2021 since the interest was serviced
by the funded interest on term loans on existing loans. ACBIL's
promoter has infused INR470 million of equity as part of the OTR
plan to fund the 10% of equity share for the funded interest on
working capital and term loans. The OTR plan also assumed around
INR1.5 billion of investments and loans and advances to be realized
by September 30, 2021 and another INR8.5 billion to be recovered
until March 2022. However, the liquidity is under pressure as there
were no realization of loans and advances until September 30, 2021.
Given the slow progress until now, Ind-Ra believes there could be a
delay in the realization of proceeds from the committed timelines.


Merger Benefits likely to Accrue: ACBIL's business profile
continues to benefit from the merger with 58.5mt beneficiation
capacity along with 493MW of power plants. The losses incurred in
erstwhile SV Power are likely to provide tax benefits of around
INR1 billion over FY19 and FY20. ACBIL, along with the other
washeries in the group, dominates the washeries business with
around 70% market share in the non-coking coal business.

RATING SENSITIVITIES

The RWN will be resolved on the basis of the status on sponsor
support undertaking provided by ACBIL in conjunction with the
timely repayments by TRNEPL. Furthermore, any tightening in
liquidity at ACBIL could result in a negative rating action.

COMPANY PROFILE

ACBIL, a flagship company of the Aryan Group, was incorporated in
March 1997. ACBIL has nine coal washeries, with an installed
capacity of 59.19mt. ACB is also operating coal washery of 1.60mt
at Dahibari for Bharat  Coking Coal Limited. In addition, ACBIL is
engaged in power generation. It has three power plants with a 493MW
thermal plant and a 15MW wind farm.  


ALLIANCE (INDIA): CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alliance
(India) Private Limited (OIAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           759.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2020, placed
the rating(s) of OIAPL under the 'issuer non-cooperating' category
as OIAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OIAPL continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
August 3, 2021, August 13, 2021, August 23, 2021.

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

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

OIA is an ISO 9001:2008 certified project development and
management company having its offices in India and across Africa.
The company was originally incorporated in August 1989 as Soubhagya
Finance Pvt Ltd and subsequently it got its present name in March
2004. OIA commenced its commercial operations in FY08 when the
company got its first project in Ethiopia. OIA's services include
conceptualization, planning, designing & engineering projects,
preparing techno feasibility studies, organizing financial closure
and implementation on turnkey basis through consortium partners.
The company provides these services for infrastructure projects
being executed in Africa which are largely financed under Line of
credit extended by Govt. of India (through EXIM Bank) to African
countries for financing projects & other infrastructure activities
through Indian companies.

BULAND CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Buland
Construction (BC) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      6.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Detailed Rationale & Key Rating Drivers

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

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

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

Ghaziabad (Uttar Pradesh) based Buland construction (BC) was
incorporated in 2011 as a partnership firm Mr. Sandeep Sharma and
Mr. Rakesh Sharma. They manage the overall business operations of
the firm. BC is engaged in execution of civil construction projects
such as construction of roads and bridges mainly for PWD (Public
Works Department) in Haryana, and Uttar Pradesh.

The raw material for the firm consists mainly of sand, cement,
steel bars etc. which it procures from various dealers and
distributors in the domestic market.

BULLAND BUILDTECH: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bulland
Buildtech Private Limited (BBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 15, 2020, placed
the rating(s) of BBPL under the 'issuer non-cooperating' category
as BBPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2021, August 11, 2021, August 21, 2021.

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

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

Delhi-based BBP was incorporated by Mr Rajneesh Nagar, Mr RamKesh
Basist and Mr Krishan Pal Singh. The company is engaged in real
estate development. Currently, BBP is developing 'Bulland Elevates'
residential project with 10.95 lsf of saleable area. The promoters
of BBP have other business interests such as dealership of Lohia
Machinery Limited (LML), dealership of TVS Motor Company; which is
being carried out through associate concerns, namely, M/s Bulland
Automobile and M/s Bulland Motors, and M/s Flash Express Courier
Services engaged in courier business.


CARE RATINGS: CARE Lowers Rating on INR11.50cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sriyansh Knitters (SK), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.50      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 9, 2020, placed the
rating(s) of SK under the 'issuer non-cooperating' category as SK
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 25, 2021, October 5, 2021 and October 15, 2021.

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

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

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

Sriyansh Knitters is a partnership firm established in 1967 and
managed by Mr. Dinesh Kumar and his four family members with
partners having equal profit sharing ratio. The firm is engaged in
trading of textile products and also manufacturing of readymade
garments. The firm has a manufacturing unit in Ludhiana which has
nine knitting machines and a manufacturing capacity of 6 lakh
garments per annum.

CHANDER BHAN: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chander
Bhan Yogesh Kumar (CBYK) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank       3.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2020, placed
the rating(s) of CBYK under the 'issuer non-cooperating' category
as CBYK had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CBYK continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 3, 2021, August 13, 2021, August 23, 2021.

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

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

Delhi-based Chander Bhan Yogesh Kumar (CBYK) is a partnership firm
established in 1999. CBYK succeeded an erstwhile proprietorship
firm established in March 1981 by Mr Chander Bhan. The firm is
currently being managed by Mr Yogesh Gupta and Mr Rajesh Gupta
sharing profit and losses equally. CBYK is engaged in trading of
iron and steel products such as T.M.T bars, angles, channels,
beams, plates and flats etc. The firm procures traded goods
domestically from manufacturing companies like Steel Authority of
India (SAIL), Galwalia Ispat Udyog Pvt Ltd, Indhan Sales
Corporation etc. CBYK caters to various manufacturing, construction
and infrastructure companies located in Delhi – National Capital
Region (NCR).


DEVIPRASAD SHETT: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deviprasad
Shetty (DS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Detailed Rationale & Key Rating Drivers

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

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

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

DPS was established in the year 2013 by Mr. Deviprasad Shetty as a
proprietorship firm. The firm is working as a private contractor
along with subcontractor for K2K Infrastructure Private Limited for
construction of buildings.


DURGA AUTOMOTIVES: CARE Lowers Rating on INR19.40cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Durga Automotives Private Limited (DAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of DAPL under the 'issuer non-cooperating' category
as DAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 19, 2021.

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

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

The rating assigned to the bank facilities of DAPL have been
revised on account of ongoing delays in debt servicing recognized
from publicly available information i.e. Annual report of FY20.

Durga Automotives Private Limited (DAPL) was incorporated on
October 12, 1998 and its registered office is situated at Dagapur,
Pradhan Nagar, Siliguri, West Bengal. The company is promoted by
Mr. Sanjay Bansal, Mrs. Anita Agarwalla and Mr. Ashwin Bansal. DAPL
is an authorized dealer of Hyundai Motor India Ltd. (HMIL) for its
passenger vehicles and Piaggio Vehicles Private Limited (PVPL) for
its commercial vehicles. It is engaged in the sale of vehicles,
spare parts and servicing activities. The company presently
operates one showroom cum sales office and workshop including spare
parts for PVPL at Siliguri. Further, DAPL has three showrooms (one
each in Siliguri, Coochbehar and Jaigaon) and four workshops (2 in
Siliguri and one each in Coochbehar and Jaigaon) for HMIL.

GLOCAL HEALTHCARE: CARE Lowers Rating on INR35.00cr LT Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Glocal Healthcare Systems Private Limited (GHSPL), as:

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

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 9, 2020, placed the
rating(s) of GHSPL under the 'issuer non-cooperating' category as
GHSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GHSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 25, 2021, October 5, 2021, October 15, 2021 In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of GHSPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. Annual report of FY20.

Detailed description of the key rating drivers

Analytical approach: Consolidated. CARE has taken consolidated
approach of GHSPL and its group subsidiaries named Ficus
Health-Infra Private Limited, GHSPL Multispeciality Hospital &
Trauma Centre Private Limited, GHSPL AMRO Super Speciality
Healthcare LLP, GHSPL BEGUSARAI Healthcare LLP, GHSPL BGLP Super
Speciality Healthcare LLP, GHSPL FATEHPUR Super Speciality
Healthcare LLP, GHSPL JEYPORE Healthcare LLP, GHSPL SAMBHAV KNJ
Healthcare LLP, GHSPL MLD Super Speciality Healthcare LLP, GHSPL
MUZF Super Speciality Healthcare LLP, GHSPL MDPR Super Speciality
Healthcare LLP, GHSPL PRN Super Speciality Healthcare LLP and GHSPL
BHNGAR Super Speciality Healthcare LLP, as they are engaged in
similar line of operation under a common management and have
financial linkages.

Glocal Healthcare Systems Pvt Ltd (GHSPL) was incorporated in July
2010 by Dr. Syed Sabahat Azim and Mr. Meleveetil Damodaran to
provide basic secondary healthcare services to the sub-urban and
rural population of the country. GHSPL is currently running 11
(including 6 in SPV) basic secondary hospitals of 100 beds each.
The company plans to open 20 more hospitals in separate SPV's
phasewise by March 2019.


GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goverdhan
Transformer Udyog Private Limited (GTUPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 15, 2020, placed
the rating(s) of Goverdhan Transformer Udyog Private Limited
(GTUPL) under the 'issuer non-cooperating' category as GTUPL had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. GTUPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 1, 2021,
August 11, 2021, August 21, 2021.

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

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

Uttar Pradesh based Goverdhan Transformer Udyog Private limited
(GTPL) is a private limited company incorporated in January, 1985
and is being managed by Mr. Rajesh Kapoor; Ms. Seema Kapoor and Mr.
Naman Kapoor. The company is engaged in manufacturing of
transformers for state owned electricity boards and other
government departments at its manufacturing facility located at
Shikohabad (Uttar Pradesh), with an installed capacity of 6,000
units per annum as on March 31, 2019, The main raw-material for
GTPL is copper & aluminum wires, transformer oil and CRGO
(Lamination) which are procured domestically from traders and
manufacturers across India.

GOYAL EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Educational & Welfare Society (GEWS) continues to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank       1.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Goyal Educational and Welfare Society (GEWS) was established on
July 22, 2008 under the Haryana Registration and Regulation
Societies Act, 2012 with an objective to provide education services
by establishing and operating various educational institutions.
Initially, the society was promoted by Mr. Mahender Goyal who is
the president of the society and carries out the day-to-day affairs
with required support from other key members. The society is
running three institutions under the brand name “Rawal
Institutions" (RI) which includes Rawal Institute of Engineering
and Technology (RIET), Rawal Institute of Management (RIM) and
Rawal College of Education (RCE) established in 2008 in a single
campus offering varied courses. The day to day management of the
society is carried by Mr. Mahender Goyal (President), Mr. Anil
Rawal (Vice President), Mr. Surender Kumar Goyal (Joint Secretary)
and Mr. C.B Rawal. The society has employed experienced teaching
and administrative staff to run the courses in efficient manner.
GEWS has a total number of 188 employees which includes 118
teaching staff and 70 administrative staff.


GPR INFRA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GPR INFRA's
Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from
'IND BB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- Issuer Rating (Long term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR90 mil. Fund-based working capital limit (Long term/short
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR300 mil. Non-fund-based working capital limit (Short term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

The downgrade reflects GPR's delays in debt servicing for September
2021.

KEY RATING DRIVERS

The downgrade reflects GPR's delays in debt servicing for September
2021, coupled with the devolvement of its letter of credit and the
invocation of its bank guarantee, based on information from
independent sources.

Ind-Ra has not been able to ascertain the reason for the delay, as
the issuer has been non-cooperative.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in December 2013, GPR is an engineering, procurement
and construction firm.


HEMJEE RICE: Ind-Ra Gives 'B+' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hemjee Rice Mills
(HRM) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR67.50 mil. Fund-based limit assigned with IND B+/Stable/IND

     A4 rating; and

-- INR3.5 mil. Non-fund-based limit assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect HRM's small scale of operations, as indicated
by revenue of INR1,287.24 million in FY21 (FY20: INR459.18
million). In FY21, the revenue improved significantly due to higher
income from the trading segment. During 3MFY22, HRM booked revenue
of INR70.42 million. In FY22, the management expects the revenue to
decline on a yoy basis due to a likely fall in trading income. The
financials for FY21 are provisional.

The ratings factor in HRM's modest EBITDA margin due to the intense
competition in the industry.  The margin fell to 0.67% in FY21
(FY20: 2.58%)  due to the increased share of low-margin trading
revenue  and an increase in administrative expenses. The ROCE was
3.4% in FY21 (FY20: 10.5%). The margins are likely to improve in
FY22 due to an increase in revenue from paddy processing, which
typically offers higher profitability.

Liquidity Indicator - Stretched: HRM's average maximum utilization
of the fund-based limits was 75% during the 12 months ended
September 2021. The non-fund-based limits were fully utilized over
the same period. The cash flow from operations remained negative
but improved to INR85.28 million in FY21 (FY20: negative INR566.55
million) owing to favorable changes in the working capital.  The
free cash flow remained negative at INR95.20 million in FY21 (FY20:
negative INR571.32 million). The net working capital cycle improved
to a  negative  nine days in FY21 (FY20: positive eight days) due
to a sharp decline in inventory days to 88 days (256). The cash and
cash equivalents stood at INR3.71 million at FYE21 (FYE20: INR2.79
million). HRM does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. It had not availed the Reserve Bank of
India-prescribed moratorium in FY21.

The ratings are supported by HRM's strong credit metrics due to low
debt levels (FY21: INR1.9 million; FY20: INR0.1 million). The
interest coverage (operating EBITDA/gross interest expenses)
improved to 3.31x in FY21 (FY20: 1.55x) due to a decline in
interest expenses.  The company continued to be net cash positive
in FY21 (FY20: net cash positive) due to the low debt levels. In
FY22, Ind-Ra expects the credit metrics to moderate due to an
increase in interest expenses.

The ratings are also supported by the partners' experience of
nearly 20 years in the food processing industry, which has enabled
the firm to establish strong relationships with customers as well
as suppliers.

RATING SENSITIVITIES

Negative: A significant decline in revenue and/or operating
profits, leading to deterioration in the credit metrics, with the
interest coverage falling below 1.1x, or further deterioration in
the liquidity position could lead to a negative rating action.

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

COMPANY PROFILE

HRM was established in 1982 as a partnership concern. It is owned
and managed by Sandeep Kumar Agarwala. Based in Katwa,(Purba
Burdwan, West Bengal), the firm is engaged in manufacturing and
trading of parboiled rice. It has a total installed capacity of
60000 tons/annum.


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


The instrument-wise rating actions are:

-- INR101.5 mil. Fund-based working capital limits migrated to
     non-cooperating category and maintained rating watch negative

     with IND B (ISSUER NOT COOPERATING)/ RWN/ IND A4 (ISSUER NOT
     COOPERATING) /RWN; and

-- INR16 mil. Term loan due on November 2024 migrated to non-
     cooperating category and maintained rating watch negative
     with IND B (ISSUER NOT COOPERATING) /RWN.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kalyanalakshmi Shopping Mall was established in 2011 as a
partnership firm. The firm is engaged in the trading of ready-made
garments. It has one outlet in Warangal, Telangana.


KANNATTU FINGOLD: Ind-Ra Gives 'B' Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Kannattu Fingold
Finance Private Limited's (KFFPL) bank loans 'IND B'. The Outlook
is Stable.

The detailed rating action is:

-- INR100 mil. Bank loans assigned with IND B/Stable rating.

The rating reflects KFFPL's small scale of operations, low
seasoning of loan book, low vintage of the company in operations,
marginal borrower class, and modest profitability buffers. The
rating is further constrained by the company's skewed funding
profile, given the absence of any committed bank line.

KEY RATING DRIVERS

Part of Arun Group, Although Low Own Vintage: KFFPL is a part of
the Kerala-based Arun Group, which was incorporated in April 1986
under the leadership of Arun Thomas as the group chairman. The
group houses a nidhi company - Kannattu Finance Nidhi Limited -
that offers gold loans through 18 branches and has assets under
management (AUM) of INR850 million as of September 2021, which has
reached near peak utilization in terms of AUM per branch. It is
challenging for nidhi companies to open new branches, due to
complex processes involved. Also, nidhi companies are not permitted
by regulation to operate in any other state, except for Kerala.
Hence, KFFPL's promoters acquired a sick company - Adyar Anandhaa
Finance Pvt. Ltd - in 2018. Post a complete management change in
August 2020, the company was renamed as KFFPL. With business
presence of more than three decades in Kerala, the company's
promoters have a strong local understanding of customer needs.
However, KFFPL's AUM is relatively unseasoned and a track record of
its asset quality is yet to be established.

Geographically Concentrated Small Scale of Operations: As of
end-March 2021, KFFPL had a small branch network 11 branches in
Kerala with AUM of INR105 million in FY21 (FY20: INR83 million) and
tangible net worth of INR25 million (INR23.3 million). Since its
entire AUM is concentrated in Kerala, it exposes the company to
high geographical concentration risk. The management has informed
the agency that it is looking to open three new branches in Tamil
Nadu (Chennai), which is expected to ramp up AUM gradually. Ind-Ra
opines that company's progress on franchise expansion and a
sustainable scaling up of the AUM, while maintaining its asset
quality, capitalization and liquidity would be key rating
monitorables.

Skewed Funding Profile: KFFPL's leverage (debt/equity) stood at
3.7x in FY21 (FY20: 2.9x) with Tier-I capital adequacy ratio at 22%
(26%) and total capital adequacy ratio of 25% (34%), which is
adequate, given the secured nature of the gold loans. However, the
rating is constrained by lack of diversification in KFFPL's funding
profile as it did not have access to any bank line at end-September
2021. As of March 2021, the company was solely dependent on
privately placed non-convertible debentures (NCDs; 75% of total
funding) and subordinated debt (25%) to fund its loan book. As per
the management, the company has further raised INR60 million in
FY22 through NCD route with an average tenor of three years at an
average cost of 12%. It plans to approach banks to diversify its
source of funding; progress on this front and corresponding cost of
funds holds the key.

Scale – Critical for Stable Profitability: KFFPL's operating
expenses are on a higher side as it is yet to attain economies of
scale. The company's entire operations are manual and more than 90%
of the total collections are in the form of cash. While its net
interest income/average assets remained healthy at 13.6% in FY21
(FY20: 14.9%, FY19: 10.1%,), the higher operating cost/average
assets of 11.1% (10.3%, 7.5%) has led to volatile return on assets
of 1.8% (3.2%, 1.1%). Therefore, Ind-Ra opines that scaling up of
the operations remains critical for KFFPL to achieve stability in
profitability in the medium term.

Liquidity indicator - Adequate: KFFPL does not have any committed
bank facilities and any source of liquidity currently. It depends
on timely collections from its customers or refinancing of its NCDs
to meet its funding requirements. The company raised about INR32
million from privately placed NCDs at an average cost of 12% in
FY21. At end-September 2021, the company had a total cash and bank
balance of INR16.2 million, against repayment obligations
(principal plus interest) of INR15.7 million during
October-December 2021. Thus, the company's liquidity is adequate to
meet its obligations for three months, even with nil inflows. That
said, in the absence of committed bank lines, KFFPL will need to
depend upon timely collections/refinancing of its NCDs for
incremental disbursements. As per the management, the company plans
to raise INR10 million through equity in December 2021 and INR10
million through NCD issuance in October 2021, which should add to
the liquidity buffers.

Stable Asset Quality: KFFPL had nil non-performing loans recognized
on 180 + days past due basis at end-March 2021 and secured lending
towards relatively safe gold financing. It extends gold loans with
a tenor of up to 12 months with a bullet principal repayment
structure, while interest accrues on a monthly basis. The average
loan to value ratio of the overall book was 70% with a maximum cap
of 75% in FY21. As per the management, total overdue (principal and
accrued interest) in terms of 0+ days past due was 15%-20% of the
overall AUM as of September 2021. The company sends a notice to
customers who are 11 months overdue and an auction is conducted at
the end of 12th month to recover the dues. KFFPL could witness an
increase in the NPAs in the near term due to the recent decline in
gold prices and the management expects to recover the dues through
the auction route.

RATING SENSITIVITIES

Positive: A significant increase in the AUM while maintaining the
asset quality metrics, modest leverage and a healthy profitability
could lead to a positive rating action. Geographical
diversification of its gold loan book while maintaining stable
asset quality on a sustained basis could also be positive for the
ratings.

Negative: A significant dilution in the tangible net worth due to
losses, the leverage increasing beyond 5.0x in the medium term,
deterioration in the asset quality and profitability buffers could
lead to a negative rating action. Also, lack of regulatory
compliance or a material fraud could lead to a negative rating
action.

COMPANY PROFILE

KFFPL is a registered non-banking financial company headquartered
in Chennai. The company's present management has extensive
experience in gold financing and has been in the  business since
1986.


KB GEMS: Ind-Ra Moves B+ Long-Term Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.B.Gems' (KBG)
Long-Term Issuer Rating of 'IND B+' to the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR240.00 mil. Fund-based working capital limit* migrated to
     non-cooperating category and withdrawn.

*Migrated to 'IND B+ (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT
COOPERATING)' before being withdrawn

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category as
KBG did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.

Ind-Ra is no longer required to maintain the rating, as it has
received a no-objection certificate from the lender. 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 1988 by Kiran Shah as a proprietorship concern, KBG
was converted into a partnership firm in 1994. Mumbai-based KBG is
engaged in import and export of cut and polished diamonds. The firm
is mainly engaged in business-to-business sales. It is a
family-owned business, managed by the partners of the firm who are
actively involved in day-to-day operations of the business.


MANIKANTA PAPER: CARE Lowers Rating on INR7.40cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Manikanta Paper Mill Private Limited (MPMPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 15, 2020, placed
the rating(s) of MPMPL under the 'issuer non-cooperating' category
as MPMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MPMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2021, August 11, 2021, and August 21, 2021.

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

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

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

Manikanta Paper Mill Private Limited (MPMPL) was incorporated on
September 17, 2017 as a private limited company by Mr. Pannala
Lakshma Reddy (Managing Director) and his wife, Mrs. Pannala Urmila
(Director), with registered office at Plot No. 15, Sri Nagar
Colony, Boduppal, Hyderabad, Telangana, in order to launch a kraft
paper manufacturing unit, with a proposed capacity of 15,000 Metric
Tons Per Annum (MTPA) at: Sy No 269/P, 272/P & 273/P, Dasarlapalle
(V), Kandukur (M), Rangareddy District, Telangana. The kraft paper
shall be sold to various packaging companies and the major raw
material, used paper, shall be procured from local markets and if
required, from countries like Sri Lanka and Bhutan, where the waste
paper is available at cheaper rates.


MYTRAH ADVAITH: Ind-Ra Lowers Term Loan Rating to 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on Mytrah Advaith Power Private Limited's (MAPPL) term loan
rating:

-- INR1,199.6 bil. Term loan* due on September 30, 2035
     downgraded and withdrawn.

*Downgraded to 'IND BB+/Negative' before being withdrawn

Analytical Approach: The rating is based on the analysis of the
debt facilities availed by MAPPL and Mytrah Akshaya Energy Private
Limited (MAEPL, 'IND BB'/Negative). Ind-Ra has considered the
residual cash flow approach for the ratings, in view of the
approval from the sole and common lender of MAPPL and MAEPL to
share the surplus cashflows of one company with the other in case
of any insufficient availability of funds for debt servicing. Both
companies have separate trust and retention accounts with a common
bank. There is no cross default or cross guarantee between the two
companies.

The downgrade reflects the breach of the negative triggers, with
deterioration in the credit profile of the sponsor, Mytrah Energy
(India) Private Limited (MEIPL; 'INDB-(ISSUER NOT COOPERATING)'),
the elongated receivable days for Bangalore Electricity Supply
Company Limited (BESCOM) and Hubli Electricity Supply Company
Limited (HESCOM), the fall in internal liquidity compared to March
2021 levels, and the lack of any additional liquidity buffers.

The Negative Outlook reflects the continued uncertainties regarding
liquidity, counterparty behavior and any impact of the
deterioration in the sponsor profile.

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

KEY RATING DRIVERS

Deterioration in Sponsor's Credit Profile:  The rating of the
sponsor, MEIPL, was downgraded to 'IND B- (ISSUER NOT COOPERATING)'
recently, as its subsidiary, Mytrah Ujjval Power Private Limited,
defaulted on the NCD payments, for which MEIPL has given an
unconditional and irrevocable corporate guarantee, that had been
due on September 15, 2021. The management confirmed that the
corporate guarantee had not been invoked by the NCD holders as of
September 20, 2021.  

Elevated Counterparty Risk: BESCOM elongated its payment cycle for
MAPPL to 90 days in 2QFY22 from the historical levels of less than
30 days. Furthermore, HESCOM's payment cycle stretched to 330 days
at end-September 2021 (FYE21: 270 days; FYE20: 110 days). This has
led to increased uncertainty regarding MAPPL's cash flows. The
company's overall receivable days stood at 209 days during 9MFY22
(FY21: 119 days). BESCOM and HESCOM's EBITDA, including significant
level of regulatory income, amounted to INR18.1 billion (FY19:
INR16.5 billion) and INR0.9 billion (FY19: INR14.2 billion),
respectively, in FY20; their payable days at FYE20 were 115 (FY19:
107) and 462 (FY19: 385), respectively, according to Report on
Performance of State Power Utilities 2019-20.

Liquidity Indicator - Poor:  The rating is constrained by the
stressed liquidity position caused by the steep increase in
HESCOM's receivable days, the delays in payments from BESCOM in
2QFY22,  and the continued non-creation of the entire mandated debt
service reserve (DSR).  The DSR requirement is two quarters (INR97
million). MAPPL has not lien marked the cash flows in DSR account
13 October 2021, indicating a breach in the earlier sensitivity
regarding the maintaining of at least two months of debt service.
As on 13 October 2021, MAPPL had INR26.7 million in the trust and
retention account (TRA). The combined liquidity of MAEPL and MAPPL
had reduced to about three months of debt service as on October 13,
2021, compared to four months of debt service as of March 31, 2021.
MAPPL plans to avail working capital limits for INR90 million.
However, until these limits become available for drawal, the
liquidity levels would continue to be constrained.

As of October 13, 2021, the lender had undisbursed DSR equivalent
to one quarter (INR46 million). According to the management, the
prefunded DSR forming part of project cost will be disbursed only
after the creation of security on land. The management has
completed the security creation and is awaiting confirmation from
the lender. An additional interest had been applied due to the
non-creation of security over land, leading to a subdued debt
service coverage. The additional interest will fall off on the
receipt of confirmation regarding security creation from the
lender

MEIPL, the sponsor and operator of the project, has supported MAPPL
in the past to enable the latter to meet its debt servicing
requirements (about INR80 million till March 2019). However, the
higher leverage and weakened sponsor profile have aggravated the
concerns related to timely support and smooth operations over the
near-to-medium term

Moderate Operational Performance: MAPPL generated lower PLF of
18.8% during 5MFY22 (5MFY21: 19.4%), falling short of the P90
level. In FY21, the PLF reported at the Sindhagi and Hunagund sites
were 20.5% (FY20: 20.6%) and 19.8% (FY20:19.8%), respectively. Grid
availability and machine availability stood at 97.8% and 98.3%,
respectively, during 5MFY22. The financial statement for FY21 has
not been received by the agency yet. No contingent liabilities were
reported for FY20. Related party transactions during FY20 included
INR 14 million of advances recoverable from MAEPL.

Introduction of Weaker Asset to Debt Structure: The inclusion of
MAEPL in a co- obligor structure with MAPPL, wherein the surplus
cashflows of one company can be used by the other company in case
of insufficient funds for debt servicing, has exerted additional
stress on the overall liquidity due to the elongated payment cycle
for GESCOM and HESCOM, which account for close to 70% of the total
capacity of the combined capacity of both the projects.

Firm Offtake Agreement: MAPPL has a fixed-price 25-year power
purchase agreement for 15MW each for the Sindagi site with BESCOM
and for the Hunagund site with HESCOM. The rating is supported by
the must-run status accorded to the renewable projects.

Debt Structure: As of October7,  2021, the outstanding debt was
INR1,041.9 million. The rated debt will amortize in 64 structured
quarterly instalments, with the last principal repayment being made
in September 2035. The project has standard project finance
features such as a cash flow waterfall mechanism, a DSR (principal
and interest dues for ensuing two quarters) and a major maintenance
reserve equivalent to 5% of the module cost (to be created within
eight years from the commercial operations date).  The covenants
stipulated under the loan agreement are maintaining the debt
service coverage ratio and debt-equity ratio as per the banking
base case. In case of more than 20% deviation from the base case,
the additional penal interest shall be payable.

Moderate Technology Risk:  MAPPL uses polycrystalline solar panels
with a single axis tracker. Such panels have exhibited high
reliability and stable performance through the years. The modules
are procured from reputed suppliers. This provides comfort in terms
of higher accountability for the modules supplied.

COMPANY PROFILE

MAPPL is a subsidiary of Mytrah Energy (India), which is a
subsidiary of Mytrah Energy Limited. MAPPL's portfolio consists of
two 15MW projects. One project is in Hunagund and the other is in
Sindagi. The plants commenced operations in February 2018.


MYTRAH AKSHAYA: Ind-Ra Lowers Term Loan Rating to 'BB'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on Mytrah Akshaya Energy Private Limited's (MAEPL) term loan
rating:

-- INR628.6 mil. Term loan* due on September 30, 2035 downgraded
     and withdrawn.

*Downgraded to 'IND BB/Negative' before being withdrawn

Analytical Approach: The rating is based on the analysis of the
debt facilities availed by MAEPL and Mytrah Advaith Power Private
Limited (MAPPL, 'IND BB+'/Negative). Ind-Ra has considered the
residual cash flow approach for the ratings, in view of the
approval from the sole and common lender of MAPPL and MAEPL to
share the surplus cashflows of one company with the other in case
of any insufficient availability of funds for debt servicing. Both
companies have separate trust and retention accounts with a common
bank. There is no cross default or cross guarantee between the two
companies.

The downgrade reflects the breach of the negative triggers, with
deterioration in the credit profile of the sponsor, Mytrah Energy
(India) Private Limited (MEIPL; 'IND B- (ISSUER NOT COOPERATING)'),
and a fall in generation levels during 5MFY22. Furthermore, the
rating continues to be constrained by the stretched payment cycle
of the counterparty, Gulbarga Electricity Supply Company Limited
(GESCOM). Moreover, MAPPL's financial profile has deteriorated due
to delays in tariff payments by Bangalore Electricity Supply
Company Limited, which had previously been making payments in a
timely manner, in 2QFY22, and increased delays by Hubli Electricity
Supply Company Limited. The resultant weakening of MAPPL's
financial profile has reduced the overall comfort from the residual
cashflow approach between MAEPL and MAPPL.

The Negative Outlook reflects the continued uncertainties regarding
liquidity, counterparty behavior and any effects of the
deterioration in the sponsor profile.

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

KEY RATING DRIVERS

Deterioration in Sponsor's Credit Profile:  The rating of the
sponsor, MEIPL, was downgraded to 'IND B- (ISSUER NOT COOPERATING)'
recently, as its subsidiary, Mytrah Ujjval Power Private Limited,
defaulted on the NCD payments, for which MEIPL has given an
unconditional and irrevocable corporate guarantee, that had been
due on September 15, 2021. The management confirmed that the
corporate guarantee had not been invoked by the NCD holders as of
September 20, 2021.  

Moderate Operational Performance: MAEPL generated lower PLF of
21.7% during 5MFY22 (5MFY21: 22.3%), falling short of the P90 level
(FY21: 22.2%; FY20: 21.3%). Grid availability and machine
availability stood at 97.7% and 99.6%, respectively, during 5MFY22.
The financial statement for FY21 has not been received by the
agency yet. No contingent liabilities were reported for FY20.
Related party transactions during FY20 included other payables of
INR14 million to MAPPL.  

Liquidity Indicator - Poor:  The rating is constrained by the
stressed liquidity position caused by sustained high receivable
days of GESCOM, which stretched to 220 days at end-September 2021
(FYE21: 196 days; FYE20: 174 days), and the continued non-creation
of the entire mandated debt service reserve (DSR).  The DSR
requirement is two quarters (INR50 million). As of October 13,
2021, MAEPL had INR23.4 million in the trust and retention account
(TRA) and INR22 million in other reserves. As of October 13, 2021,
the combined liquidity of MAEPL and MAPPL had reduced to about
three months of debt service compared to four months of debt
service as of March 31, 2021. The company plans to avail working
capital limits for INR50 million in MAEPL and INR90 million in
MAPPL. However, until such limits become available for drawal, the
liquidity levels would continue to be constrained.

As on 13 October 2021, the lender had undisbursed DSR equivalent to
one quarter (INR24 million). According to the management, the
prefunded DSR forming part of project cost will be disbursed only
after the creation of security on land. An additional interest was
applied due to non-creation of security over land, leading to
subdued debt service coverage. The additional interest will fall
off on security creation; however, there is no visibility regarding
the timeline for the same.

MEIPL, the sponsor and operator of the project, has supported MAEPL
in the past to meet debt servicing (about INR11.6 million until
August 2019). However, the higher leverage and weakened sponsor
profile have aggravated the concerns related to timely support and
smooth operations over the near-to-medium term.

Firm Offtake Agreement: The rating continues to take comfort from
the 25-year fixed-price power purchase agreement with GESCOM for
the entire 15MW.

Debt Structure: As of October 7, 2021, the outstanding debt was
INR513.1 million. The rated debt will amortize in 64 structured
quarterly instalments, with the last principal repayment being made
in September 2035. The project has standard project finance
features such as a cash flow waterfall mechanism, a DSR (principal
and interest dues for ensuing two quarters) and a major maintenance
reserve equivalent to 5% of the module cost (to be created within
eight years from the commercial operations date). Additional
interest was applied due to the delays in the creation of security
over land. The company expects the security to be created soon. The
covenants stipulated under the loan agreement are maintaining the
debt service coverage ratio and debt-equity ratio as per the
banking base case. In case of more than 20% deviation from the base
case, the additional penal interest shall be payable.

Moderate Counterparty Risk:  MAEPL's receivable days had stretched
to 220 days at end-August 2021 (FYE21: 196 days; FYE20:174 days).
In FY20, GESCOM reported EBITDA of INR192 million (FY19: INR823
million). GESCOM's payable days stood at 350 days at FYE20 (FYE19:
335 days; FY18: 369 days) (Source: Report on Performance of State
Power Utilities 2019-20 and annual report of GESCOM).

Moderate Technology Risk:  MAEPL uses polycrystalline solar panels
with a single axis tracker. Such panels have exhibited high
reliability and stable performance through the years. The modules
are procured from reputed suppliers. This provides comfort in terms
of higher accountability for the modules supplied.

COMPANY PROFILE

MAEPL is a 15MW solar project, located in Raibagh, Karnataka. MAEPL
is a subsidiary of MEIPL which is a subsidiary of Mytrah Energy
Limited.


NATIONAL STEEL: Ind-Ra Moves D LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated National Steel and
Agro Industries 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR2.006 bil. Fund-based working capital limits (long term)
     migrated to non-cooperating category with IND D (ISSUER NOT  
     COOPERATING) rating;

-- INR89.4 mil. Term loans (long-term) due on April 1, 2019
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR11.995 bil. Non-fund-based working capital limits (short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 5, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

National Steel and Agro Industries manufactures cold-rolled sheet
(capacity: 300,000 metric tons per annum (mtpa), galvanized plain
and corrugated sheets (330,000mtpa) and color-coated sheets and
coils (170,000mtpa) at its plant in the Dhar district of Madhya
Pradesh. Moreover, it trades agro and steel products, and has a
captive 6MW gas-based power plant.


PRECISE AUTOMATION: Ind-Ra Gives 'B' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Precise Automation
And Control Private Limited (PACPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35.00 mil. Fund-based working capital limits assigned with
     IND B/Stable/IND A4 rating;

-- INR9.42 mil. Term loans due on August 2024 assigned with IND B

     /Stable rating; and

-- INR14.50 mil. Non-fund-based working capital limits assigned
     with IND A4 rating.

KEY RATING DRIVERS

The rating reflects PACPL's small scale of operations, due to
project-based orders, even as the revenue increased to INR223.02
million in FY21 (FY20: INR188.51 million) on account of an increase
in the number of orders received and executed during the year. The
company booked a revenue of INR124.8 million during 6MFY22. The
management expects to book sales of INR271.68 million in FY22, due
to new enquiries from the market for their upcoming projects
coupled with repetitive orders from its existing customers.

The ratings also reflect the company's modest operating
profitability with EBITDA margins of 5.2% in FY21 (FY20: 7.7%). The
deterioration in the margins in FY21 was owing to an increase in
the purchase cost of raw materials. The return of capital employed
was 9% in FY21 (FY20: 11%). PACPL achieved EBITDA margins of 4.73%
during 6MFY22. Ind-Ra expects the margins of FY22 to be in line
with FY21 as there is no change in the fixed cost and the variable
cost will continue to move as per the requirement.

The credit metrics were weak in FY21 with the gross interest
coverage (operating EBITDA/gross interest expense) of 1.21x (FY20:
1.14x) and net leverage (adjusted net debt/operating EBITDA) of
8.43x (5.76x). The yoy improvement in the coverage in FY21 was
owing to a fall in the interest expenses during the year, due to
the full repayment of one of the loans bearing a high interest
rate. The leverage deterioration was owing to an increase in the
total debt. In addition, the absolute EBITDA deteriorated to
INR11.50 million in FY21 (FY20: INR14.47 million). During 6MFY22,
the gross coverage was 1.40x and the net leverage was 9.06x. Ind-Ra
expects the credit metrics to marginally improve over the near term
owing to a further repayment of loans; however, they will continue
to be weak due to modest profitability.

Liquidity indicator - Poor: The peak average utilization of
fund-based working capital limits was 98.12% and the average
utilization of the non-fund-based working capital limits was 51.23%
over the 12 months ended September 2021. There were a few instances
of over-utilization of the fund-based working capital limits owing
to the interest debited on the last day of the month in January,
August and September 2021. The cash flow from operations turned
negative at INR11 million in FY21 (FY20: INR8 million) owing to an
elongated working capital cycle of 118 days (108 days). The working
capital days were stretched owing to a shorter payable period of 77
days in FY21 (FY20: 115), coupled with an elongation of the
receivable period to 71 days (49 days). The cash and cash
equivalents were low at INR3.77 million in FY21 (FY20: INR6.85
million). The debt obligation for FY22 is INR8.05 million. PACPL
availed the Reserve Bank of India-led moratorium over March-August
2020.

The ratings are supported by the promoter's experience of two and
half decades in the field of manufacturing of electrical
distribution panel and industrial automation projects.

RATING SENSITIVITIES

Negative: A decline in the operating performance, leading to
deterioration in the credit metrics and any further stress on the
liquidity position, will be negative for the ratings.

Positive: A substantial improvement in the operating performance,
leading to an improvement in the credit metrics leading to the net
leverage below 5x, along with a significant improvement in the
liquidity position, will be positive for the ratings.

COMPANY PROFILE

Incorporated in March 2007, PACPL is engaged in the business of
designing, engineering and manufacturing of all kinds of electrical
distribution panel. It also deals with electrical industrial
motors, frequency drives, MCC panels, PCC panels, DCS and SCADA
systems. The registered office is located at Vadodara, Gujarat. The
directors are Darshakkumar Sheth and Kaminiben Sheth.


PROAGRI SEEDS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Proagri
Seeds (PS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.50      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues  
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of PS under the 'issuer noncooperating' category as
PS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 28, 2021.

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

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

Uttarakhand-based Proagri Seeds (PAS), partnership firm, was
incorporated in 2005 by Mr Baldev Raj Bhusri and Mrs Sonia. The
entity is engaged in the processing of certified wheat and paddy
seeds in the domestic market. The seed processing unit of the firm
is located at U.S. Nagar, Uttarakhand, having a processing and
grading capacity of 8 Tonne Per Hour (TPH). After the procurement
of germinated foundation seeds from the farmers as its raw
material, the firm gets them certified from a seed certifying
agency.  These certified seeds are graded and then sold majorly to
the wholesalers and distributors in Uttar Pradesh and Bihar,
Punjab, Haryana and West Bengal. PAS sells the certified seeds
under the brand name of 'Proagri Seeds'.


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

The instrument-wise rating actions are as follows:

-- INR50.00 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR26.0 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR208.6 mil. Term loan due on May 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 24, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005 by KS Shekar, Tamil Nadu-based PSK Textiles
India primarily weaves fabrics on job-work basis.  The company has
an installed capacity of 80 air-jet looms and manufactures 35,000
meters per day. PSK has its own windmill, which has a capacity of
2.5MW.


RAJENDRA RICE: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajendra
Rice & General Mills (RRGM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.50      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of RRGM under the 'issuer non-cooperating' category
as RRGM had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RRGM continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 28, 2021.

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

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

Tohana-based, (Haryana) Rajendra Rice & General Mills (RRGM) was
established in 1986 as partnership firm by Mr Avtar Singh and his
sons, Mr Tarsem Singh and Ms Surinder Kaur sharing profit and
losses equally. RRGM is engaged in milling and processing of
basmati and Non-Basmati rice. The firm is also engaged in trading
of basmati rice. The firm procures the raw material (unprocessed
rice/de-husked paddy) mainly from grain markets in Haryana, Punjab
through commission agents and sells its product to export houses
located in Punjab, Haryana, Delhi and Mumbai.


RAJRANI COLD: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajrani
Cold Storage And Ice Plantprivate Limited (RCSIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.71      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in 1989, Raj Rani Cold Storage and Ice Plant Private
Limited (RCSIPL) was promoted by Mr. Sushil Tripathi. The company
is engaged in manufacturing and processing of milk and milk
products and also operates a cold storage unit for storage of
potatoes. The main products of RCSIPL includes skimmed milk powder
(SMP), Desi Ghee, condensed milk, Whole Milk Powder, Poly pack
milk, table butter, sweet curd etc. The company sells its products
under the brand name 'Raj'. The company caters to various dairy
companies of Uttar Pradesh, Haryana, Punjab and other states,
through a network of distributors. Most of the sales of the company
are institutional sales and retail sales are done by the company in
states like Delhi, Mumbai, etc. In addition to the milk processing,
the company has a cold storage facility for storing potatoes for
the local farmers. RCSIPL is an ISO 22000:2005 and HACCP (Hazard
Analysis and Critical Control Points) certified company. In
addition to this the Ghee supplied by the company is hallmarked by
Agmark for quality purposes.


RICHU MAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richu Mal
Bishan Sarup (RMBS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of RMBS under the 'issuer non-cooperating' category
as RMBS had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RMBS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 08, 2021, August 18, 2021, August 28, 2021.

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

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

Richu Mal Bishan Sarup (RMB) was established in 1961 as a
partnership firm by Mr. Richumal and Mr. Bisan Saroop. However, the
current active partners are Mr. Arun Gupta, Mr. Ashish Gupta and
Mr. Anurag Gupta. The firm is engaged in trading of food and food
products such as dry fruits, desi ghee, etc. The firm procures
these items mainly from Delhi, Haryana and U.P., whereas it mainly
sells its products in Delhi and nearby regions, with selling and
distribution activities solely looked after by the partners.

RJP TECHNOLOGIES: CARE Lowers Rating on INR12.00cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RJP
Technologies Private Limited (RTPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 15, 2020, placed
the rating(s) of RTPL under the 'issuer non-cooperating' category
as RTPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2021, August 11, 2021, and August 21, 2021.

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

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

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

RJP Technologies Private Limited (RPL) was incorporated on April
27, 2017 with the main object of carrying out business in
manufacturing unit of Consumer Durable goods (i.e. fans, lights,
etc.), at their manufacturing unit located at Plot No. 71, 72 & 73,
Apparel Export Park, Gundala Pochampally, Hyderabad. RPL is
promoted by Mr. Jaikishan Tarachand Balasaria and Ms. Swati
Agarwal. After the commencement of business operations, the company
has planned to manufacture Brushless Direct Current (BLDC) Ceiling
fans, LED lights, Smart meters and Cables. The company has a
location advantage with adequate facilities as raw materials,
labours, power and water supply near the plant location.


S. A. IRON: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. A. Iron
and Alloys Private Limited (SIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       62.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

S. A. Iron and Alloys Private Limited (SIPL) was incorporated in
2003 by Mr. Arun Kumar Jain and Mr. Subhash Chandra Aggarwal. The
company is engaged in manufacturing of sponge iron. The
manufacturing facility of the company is located at Ramnagar in
Uttar Pradesh with the installed capacity of 90,000 MTPA. The
company is selling its final product directly to companies
operating in blast furnace industry mainly in Uttar Pradesh and
Uttrakhand.


SAHYOG JANKALYAN: Ind-Ra Lowers Bank Loan Rating to 'BB+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) downgraded Sahyog Jankalyan
Samiti's bank loan rating to 'IND BB+ (ISSUER NOT COOPERATING)'
from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency.

The instrument-wise rating action is:

-- INR617.4 mil. Term loans* due on January 2022-August 2026
     downgraded with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR75.0 mil. Working capital facility downgraded with
     IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; 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. According to the circular, any issuer with an
investment-grade rating remains non-cooperative with rating agency
for over six months, should be downgraded to sub-investment grade
rating category. Sahyog Jankalyan Samiti has been in the
non-cooperative with the agency since May 3, 2021.

Sahyog Jankalyan Samiti's current rating of 'IND BB+ (ISSUER NOT
COOPERATING)' may not reflect its credit strength as the issuer has
been non-cooperative with the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.


SMT. SHAKUNTLA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Smt.
Shakuntla Educational and Welfare Society (SSEWS) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      148.62      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     50.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Smt. Shakuntla Educational & Welfare Society (SSEWS) formed in the
year 1998 with the Registrar of Society under the society
registration act 1860 with the main objective of providing
education. The society is promoted by Mr. Suneel Galgotia, an
educationist from Uttar Pradesh with experience of more than three
decades in the education industry. SSEWS is currently operating two
management colleges as well as one engineering college in Noida
(Uttar Pradesh). Apart from these, the society is also operating
one educational university named Galgotia University. Galgotia
University came into existence after passing of Galgotias
University Act in 2011 by Government of Uttar Pradesh.

SONY AIRCON: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sony Aircon
(SA) continues to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 6, 2020, placed the
rating(s) of SA under the 'issuer noncooperating' category as SA
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2021, September 1, 2021, September 11, 2021.

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

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

Sony Aircon was established in 1997 as a proprietorship firm by Mr
Anurag Bansal. The firm is an authorised dealer of Daikin
Industries, Ltd.'s Air conditioner and Tanishq Jewellery. The firm
is engaged in trading and retail sale of Tanishq branded gold and
diamond jewellery and Daikin branded electronic item like air
conditioner. The firm currently owns one exclusive retail showroom
for each brand located in Agra, Uttar Pradesh. The showroom also
has attached workshop facility for the post sales services of air
conditioners. The firm sells its products in the domestic market in
the regions of Uttar Pradesh and Uttarakhand.

STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Cast and Forge (SCF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.35      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


   Short Term Bank      2.00       CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 9, 2020, placed the
rating(s) of SCF under the 'issuer non-cooperating' category as SCF
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 25, 2021, October 5, 2021 and October 15, 2021.

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

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

Sterling Cast and Forge (SCF) was established in April, 2010 as a
partnership firm with Mr. Subash Chander (aged 62 years) and Mrs.
Anjana Shoor (aged 57 years) as its partners sharing profits and
losses equally. The firm is engaged in manufacturing of hand tools
such as spanners, hammers, pliers, wrenches etc at its
manufacturing facility located in Jalandhar, Punjab with installed
capacity of manufacturing 1400 tonne of hand tools per annum. The
raw materials required for manufacturing of tools are steel and
iron alloys which are procured from Punjab. The firm exports its
hand tools under the brand name of "Metaque" and covers the market
of Egypt, UAE, USA, South Africa etc. (exports constituted ~75% of
the total sales in FY14). The remaining portions of the finished
products are sold to various wholesalers and retailers located in
Punjab, Delhi and Maharashtra under the brand name of 'Sterling'.

UDUPI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Udupi
Developers (UD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Detailed Rationale & Key Rating Drivers

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

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

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

Udupi Developers (UD) was established in the year 2010 as a
partnership firm and is managed by Mr. Jamalduddin (Managing
Partner) and Mrs. DhulekhaJamalduddin. The firm is engaged in
construction of residential & commercial buildings. UD has
successfully completed one residential apartment project since its
inception. The firm is doing construction and marketing activities
by themselves.


VIJAYA HOSPITAL: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijaya Hospital a
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund based working capital limits assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR294.04 mil. Term loans due on March 2031 assigned with
     IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect Vijaya's small scale of operations, as
indicated by revenue of INR320.72 million in FY21 (FY20: INR368.45
million). The lower revenue in FY21 was due to the patients
deferring to visit the hospital for non-urgent matters due to  the
ongoing COVID-19 lockdown. Till 5MFY21, Vijaya booked revenue of
INR178.81 million. In FY22, the management expects the revenue to
improve due to increased bed availability, as well as the easing of
the pandemic. FY21 financials are provisional in nature.

The ratings also factor in Vijaya's modest EBITDA margin of 28.28%
in FY21 (FY20: 27.67%) with a return on capital employed of 11.6%
(14.4%). In FY21, the EBITDA margin improved slightly due to a
reduction in costs in the form of partners' remuneration and the
salary paid to employees to compensate the decline in scale of
operations. The agency expects the hospital's margin to remain
stable due to its sustained operating costs.

The ratings also reflect Vijaya's moderate credit metrics, as
reflected by interest coverage (operating EBITDA/gross interest
expenses) of 2.82x in FY21 (FY20: 2.49x) and net leverage (total
adjusted net debt/operating EBITDAR) of 4.25x (3.34x). In FY21, the
interest coverage improved marginally, due to low-interest rate led
reduction in interest expenses, and the net leverage deteriorated
due to an increase in COVID-19 and other long-term loans availed.
In the medium term, Ind-Ra expects the credit metrics to improve
due to an increase in its scale of operations and repayments-led
reduction in debt.

Liquidity Indicator – Stretched: The company's cash flow from
operations declined to INR23.32 million in FY21 (FY20: INR73.01
million) due lower revenue and higher working capital requirements.
Further, its free cash flow stood at negative INR31.77 million
(FY20: negative INR25.24 million). Vijaya's average maximum
utilization of the fund-based limits was 76.6% during the last 12
months ended August 2021 with no instance of overutilization. The
net working capital cycle, although comfortable, deteriorated to 20
days in FY21 (FY20: 2 days) due to COVID-19 led operational
disruptions. Its cash and cash equivalents stood at INR11.2 million
at FYE21 (FYE20: INR7 million). Further, Vijaya 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.
Vijaya is among the very few multi super-specialty hospitals in
Kottarakara city in Kollam district (Kerala) and thus enjoys a
locational advantage.

The ratings, however, are supported by the promoters' nearly two
decades of experience in the healthcare industry.

RATING SENSITIVITIES

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

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
exceeding 5x or further pressure on the liquidity position, could
lead to negative rating action.

COMPANY PROFILE

Vijaya Hospital was established at Kottarakara, Kerala on 8 May,
1998 and is a multi-super specialty hospital with a total capacity
of 300 beds. Vijaya is run under a partnership structure with Dr.
V.S Rajeev and Dr. A .K Mini Rajeev as partners.


VIJAYANAG POLYMERS: CARE Lowers Rating on INR7.30cr Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vijayanag Polymers Private Limited (VPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.30      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues  
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 18, 2020, placed
the rating(s) of VPPL under the 'issuer non-cooperating' category
as VPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 4, 2021, August 14, 2021, and August 24, 2021.

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

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

The ratings assigned to the bank facilities of VPPL have been
revised on account of non-availability of requisite information.
The ratings also factored in deterioration in overall financials of
the company in FY20 (Audited, refers to period April 1 to March 31)
over FY19 marked by decrease in scale of operation with reporting
operating and net losses.

Vijayanag Polymers Private Limited (VPPL), an ISO 9001:2008 and
AGMARK certified company, was incorporated in the July 2011 and
commenced commercial operation in the second half of FY13. VPPL is
currently promoted by Dr. V V Nagi Reddy and his wife Mrs. M Vijaya
Lakshmi. Dr. Nagi Reddy is a retired Physics professor, according
to the management; Mr Nagi Reddy is having 10% shareholding in
Midwest Granite Pvt Ltd, which has been in the mining business
since 1981. VPPL is engaged in production of plain and printed
packaging laminated materials like laminated films, Pouches, Poly
bags and others, which are used across a wide range of industries
like consumer food, fertilizers and others. Number of orders are in
pipeline.




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

ANA HOLDINGS: Expects JPY100 Billion Net Loss for Fiscal Year 2021
------------------------------------------------------------------
The Japan Times reports that ANA Holdings Inc. said on Oct. 29 it
expects a net loss of JPY100 billion ($880 million) for the year
through March, rather than an earlier projected net profit of
JPY3.5 billion, as a recovery in air travel demand hurt by the
COVID-19 pandemic has been delayed.

The parent of All Nippon Airways Co. reported a record net loss of
JPY404.62 billion in fiscal 2020 as the major Japanese airline
struggled to cope with evaporating travel demand, the Japan Times
relates.

According to the report, ANA expects an operating loss of JPY125
billion, instead of an operating profit of JPY28 billion, with
sales projected to rise 45.5% to JPY1.06 trillion.

"A full-fledged recovery has been delayed to a great extent," ANA
President and CEO Shinya Katanozaka told a press briefing.

In the six months to September, ANA's net loss shrank to JPY98.80
billion from JPY188.48 billion a year earlier. Its operating loss
came to JPY116.01 billion, compared with a net loss of JPY280.95
billion, as sales rose 47.7% to JPY431.13 billion, the report
discloses.

The pace of recovery is faster for domestic flights as cross-border
travel restrictions remain.

The Japan Times notes that demand for domestic air travel was
affected by a COVID-19 state of emergency that was in place for
Tokyo, Osaka and other areas during the otherwise busy summer
holiday season.

                         About ANA Holdings

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2021, Egan-Jones Ratings Company, on May 12, 2021, maintained
its 'B-' foreign currency and local currency senior unsecured
ratings on debt issued by Ana Holdings Inc. EJR also maintained its
'B' rating on commercial paper issued by the Company.


J FRONT: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 18, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co., Ltd.  to CCC+ from B. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.


KAWASAKI KISEN: Egan-Jones Lowers Senior Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 18, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kawasaki Kisen Kaisha, Ltd.  to BB from B+.

Headquartered in Chiyoda City, Tokyo, Japan, Kawasaki Kisen Kaisha,
Ltd. operates marine cargo and passenger transportation around the
world.





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

BARAKAH OFFSHORE: Auditor Raises Going Concern Doubt
----------------------------------------------------
theedgemarkets.com reports that Barakah Offshore Petroleum Bhd's
external auditor Messrs HLB AAC PLT has expressed a qualified
opinion in the company's audited financial statements for the
financial year ended June 30, 2021 (FY21), as well as flagged the
existence of material uncertainty related to its ability to
continue as a going concern.

In a bourse filing on Oct. 29, HLB AAC, which was appointed as the
auditor of the group in 2020, said the basis for the qualified
opinion was due to the existence and valuation of inventories as at
June 30, 2019 that was issued in the previous auditor's report,
theedgemarkets.com relays.

"(However,) we were not able to observe the counting of the
physical inventories or satisfy ourselves concerning those
inventory quantities as at the beginning of the previous financial
year by alternative means. Since opening inventories affect the
determination of the results of operations, we were unable to
determine whether adjustments to the results of the operations and
opening retained earnings might be necessary for 2020.

"Our audit opinion on the current year's financial statements is
also modified because of the possible effect of this matter on the
comparability of the current year's figures and the corresponding
figures," it noted.

As for casting doubt on Barakah's ability to continue as a going
concern, HLB AAC drew attention to the group's current liabilities,
which had exceeded its current assets by MYR166.737 million as at
June 30, 2021, as well as its deficit shareholders' fund of
MYR89.777 million, according to the report.

theedgemarkets.com relates that the external auditor also
highlighted Barakah's indirect wholly-owned subsidiary Kota
Laksamana 101 Ltd's receipt of a first and second notice of demand
of its term loan facilities from a licensed bank on an event of
default in payment of loan instalments on May 17, 2019 and
Aug. 16, 2019 respectively. On Oct. 22, 2019, the unit received a
notice of termination, recall and demand of the facilities for an
outstanding amount of US$43.59 million.

On May 17, 2019, Barakah had also slipped into Practice Note 17
(PN17) status. Then on July 8, 2019, a wholly-owned subsidiary PBJV
Group Sdn Bhd had received a notice of suspension of its licence
from a major customer - Petroliam Nasional Bhd (Petronas) - for a
period of three years. "During the suspension period, Petronas,
including its subsidiaries and any petroleum arrangement
contractors, will not award any new contracts to PBJV, and PBJV
will not be allowed to bid for new projects undertaken by
Petronas," said HLB AAC.

Lastly, Barakah is involved in several pending material
litigations, it added.

theedgemarkets.com meanwhile reports that Barakah said it is
currently formulating a plan to regularise its financial conditions
to uplift itself from the PN17 status, which is due for submission
on Nov. 17.

"Barring any unforeseen circumstances, the company expects to
resolve the above-mentioned issues relating to the qualified
opinion and material uncertainty related to going concern in the
subsequent financial year," it added.

                        About Barakah Offshore

Barakah Offshore Petroleum Berhad, an investment holding company,
provides offshore and onshore pipeline services for the oil and gas
industry primarily in Malaysia.

In May 2019, Barakah Offshore Petroleum Bhd slipped into Practice
Note 17 (PN17) after it failed to make instalment payments to
Export-Import Bank of Malaysia Bhd (Exim Bank) and was unable to
provide a solvency declaration to Bursa Malaysia Securities Bhd.



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

AZEALAND INTERIOR: Court to Hear Wind-Up Petition on Nov. 12
------------------------------------------------------------
A petition to wind up the operations of Azealand Interior Lining &
Finishing Limited will be heard before the High Court at Auckland
on Nov. 12, 2021, at 10:00 a.m.

90 Nine Limited filed the petition against the company on July 27,
2021.

The Petitioner's solicitors are:

         Wendy Maree Alexander
         Level 3, Building 2
         61 Constellation Drive
         Rosedale, Auckland
         New Zealand   


CONTACT ENERGY: S&P Assigns 'BB+' Rating on Sub. Capital Bonds
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
non-callable five-year subordinated capital bonds of up to NZ$225
million to be issued by Contact Energy Ltd. (BBB/Stable/A-2).

The proceeds from this issuance will be used to refinance Contact
Energy's maturing NZ$150 million domestic green retail bonds, with
the balance to be used to fund its geothermal development at
Tauhara, New Zealand. In S&P's view, this hybrid issuance is in
line with the company's capital management strategy to support its
balance sheet while Contact Energy continues to fund its potential
NZ$1.4 billion capital investment plan.

The following are the key points of our assessment of the proposed
issuance:

-- S&P assesses the subordinated capital bonds as having
"intermediate" equity content until November 2031, after which the
residual time to maturity would be less than 20 years (maturity
date of the instrument is November 2051).

-- S&P has rated the proposed subordinated capital bonds of up to
NZ$225 million two notches below the long-term credit rating of
Contact Energy to reflect the bonds' subordinated status and
optional deferability of coupon payments.

-- On a pro forma basis, S&P expects Contact Energy's total hybrid
bonds will comprise about 6% of the group's total capitalization
after the current issuance and repayment of the NZ$150 million
domestic green retail bonds.

-- This "intermediate" equity content assessment is based on S&P's
view that the capital bonds meet its criteria in terms of
subordination, loss absorption, and cash preservation, with
optional coupon deferability for up to five years.

Another key consideration in our assessment of the intermediate
equity content is Contact Energy's intention from the issue date
until 2031 to replace redeemed or repurchased hybrids with
instruments with equivalent equity content, except in limited
circumstances. S&P would revise the equity content on the proposed
hybrid instrument to have no equity content no later than November
2031, unless replaced, when the time to expected maturity falls
below 20 years.

If Contact Energy deviates from its replacement intention, except
under limited circumstances, it will adversely affect the equity
content assigned to the capital bonds. Such a situation will lead
S&P to revise to "no equity content" on the proposed hybrid
instrument and treat the instrument entirely as debt.

The proposed subordinated capital bonds mature in November 2051,
with a non-callable five-year period to November 2026. The interest
rate resets every five years thereafter at the prevailing five-year
mid-market New Zealand dollar swap rate plus margin. In our view,
the step-up increase of 25 basis points (bps) in year 5 (November
2026) does not create an incentive to redeem the instruments at the
first call date. It is Contact Energy's intent to retain the
hybrids as part of its capital structure although it has no legal
obligation to replace the redeemed capital bonds. Contact Energy
can call the capital bonds at any time for various external events,
such as changes in tax or rating agency treatment.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

Contact Energy retains the option to defer coupons for up to five
years. However, any outstanding deferred interest payment will have
to be settled in cash if the company declares or pays an equity
dividend or repurchases equity shares. S&P sees this as a negative
factor. That said, this condition remains acceptable under our
methodology, because once the issuer has settled the deferred
amount, it can still choose to defer on the next interest payment
date.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed hybrid bonds are deeply subordinated obligations of
Contact Energy, ranking only senior to equity. They will rank
equally with any potential future hybrids.

FENCE-IT SELWYN: Court to Hear Wind-Up Petition on Nov. 11
----------------------------------------------------------
A petition to wind up the operations of Fence-It Selwyn Limited
will be heard before the High Court at Christchurch on Nov. 11,
2021, at 10:00 a.m.

Farmlands Co-operative Society Limited filed the petition against
the company on Aug. 27, 2021.

The Petitioner's solicitors are:

         Charlotte Houghton
         Anderson Lloyd
         Anderson Lloyd House
         Level 3, 70 Gloucester Street
         Christchurch 8013
         New Zealand


INNOVATE CIVIL: Court to Hear Wind-Up Petition on Nov. 5
--------------------------------------------------------
A petition to wind up the operations of Innovate Civil And
Construction Limited will be heard before the High Court at
Auckland on Nov. 5, 2021, at 10:00 a.m.

Matthew Construction Limited filed the petition against the company
on Sept. 6, 2021.

The Petitioner's solicitors are:

         Brett Leeson Martelli
         HC Legal Limited
         Level 13, 188 Quay Street
         Auckland
         New Zealand




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

DSG MANUFACTURING: Borrelli Walsh Named as Provisional Liquidators
------------------------------------------------------------------
Jason Aleksander Kardachi and Patrick Bance of Borrelli Walsh Pte
Limited on Oct. 18, 2021, were appointed as Provisional Liquidators
of DSG Manufacturing Singapore Pte Ltd and DSG Projects Singapore
Pte Ltd.

The Provisional Liquidators may be reached at:

         Jason Aleksander Kardachi
         Patrick Bance
         Borrelli Walsh Pte Limited (trading as Kroll)
         1 Raffles Place
         Tower 2 #10-62
         Singapore 048616


OCEAN TANKERS: Court Dismisses Lim Family's Appeal Against Suit
---------------------------------------------------------------
Reuters reports that Singapore's highest court has dismissed an
appeal by oil tycoon Lim Oon Kuin and his two children after they
were successfully sued for breach of fiduciary duties by the
court-appointed managers of a company they once owned.

Lim is the founder of defunct Hin Leong Trading Pte Ltd and Ocean
Tankers, once one of Asia's largest oil trading and shipping firms,
which both went under judicial management in 2020, after oil prices
collapsed.

"The entire conduct of this litigation has led to an immensely
unsatisfactory state of affairs," Reuters quotes Judge Andrew Phang
Boon Leong of the Court of Appeal as saying in a judgment released
on Oct. 28.

Reuters relates that the denial came more than a year after the
lawsuit was filed by the court-appointed managers for Ocean
Tankers, owned by Lim and his daughter Lim Huey Ching, directors of
the company. Lim's son, Lim Chee Meng Evan, is also a director.

Separately, the elder Lim also faces criminal charges for
fraudulent disbursements, Reuters reports.

Reuters says before the companies were liquidated, Ocean Tankers,
through the interim judicial managers, successfully sued Lim and
his children for breaching their fiduciary duties as firm
directors, but they appealed against the ruling.

"In that ill-advised attempt to seek a different outcome, the Lims
repackaged what were essentially the same arguments raised before
the judge," the appeal court judge, as cited by Reuters, said.

"This effort to pour old wine into new wineskins was coupled with
them seeking, quite impermissibly, to resile from admissions that
they themselves had unreservedly made."

According to Reuters, the lawsuit centered on two payments
totalling SGD19.02 million made by Ocean Tankers in April last year
from the firm's accounts to their personal accounts, transfers
later uncovered by the judicial managers.

As directors, the Lim family had a duty to ensure that a firm with
a weak financial position protected creditors' interests and its
assets were not dissipated for their own benefit, the appeal court
said in the judgment, citing the judicial managers.

By transferring the money to their own accounts, they breached
their fiduciary duties, it added.

Reuters relates that the Lim family countered that Ocean Tankers
was neither insolvent nor close to being bankrupt at the time of
the payments and they were not privy to its financial state of
affairs at the time, the judgment said, citing the family.

Reuters notes that the High Court judge had ruled against the
family in April this year saying that as Hin Leong and Ocean
Tankers were in a "parlous financial situation" in the months
before the payments, the Lim family clearly knew of the mounting
financial problems.

The family's appeal against this decision was dismissed in the
judgment released on Oct. 28, adds Reuters.

                  About Hin Leong and Ocean Tankers

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers.

The High Court of Singapore entered an order on Aug. 16, 2021, to
wind up the operations of Ocean Tankers (Pte.) Ltd.


SINGAPORE PRESS: Temasek-Backed Consortium Makes USD2.5BB Bid
-------------------------------------------------------------
Bangkok Post reports that a consortium of three property developers
backed by Singapore state investor Temasek offered to buy media
group Singapore Press Holdings for SGD3.34 billion (US$2.48
billion) on Oct. 29, seeking to out-bid conglomerate Keppel Corp.

The consortium Cuscaden Peak offered SGD2.1 per share in cash for
Singapore Press, marginally topping Keppel's more complicated
cash-plus-share offer of SGD2.099, Bangkok Post relates.

According to Bangkok Post, Keppel's offer to buy Singapore Press,
which publishes the city-state's main newspaper, comes after the
latter's decision to transfer its media business - comprising
publications including the Strait Times and the Business Times -
into a not-for-profit company in May.

Keppel said in a statement that it would review the Cuscaden Peak's
all-cash offer and make an announcement at an appropriate time, the
report relays.

Cuscaden Peak is 40% held by a unit of Singapore-based Hotel
Properties Tiga Stars, and 30% each by units of Adenium and
Mapletree Fortress, which are part of Temasek portfolio companies
CLA and Mapletree, respectively.

                       About Singapore Press

Singapore Press Holdings Limited -- https://www.sph.com.sg/ --
publishes, prints, and distributes newspapers and magazines. The
Company also invests in properties, provides multimedia,
broadcasting, and telecommunications services, manages shopping
centers and other commercial properties, and operates Internet
portal site.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2021, a financial analysis, Singapore Press Holdings' (SPH)
appointed independent financial adviser has advised the company's
directors to recommend that shareholders vote in favor of the
proposed restructuring of its media business.  The Business Times
related that the independent financial adviser, Evercore Asia
(Singapore), said in a letter to the board of directors that the
restructuring will prevent the company and its shareholders from
incurring potentially significant and recurring losses of the media
business.  It added that the move will allow SPH to "set a clear
strategic direction" with a focus on the real estate sector and
related segments of student accommodation and aged care while
eliminating the risks and uncertainties associated with the media
business.

TOOLBOX NETWORK: Court to Hear Wind-Up Petition on Nov. 12
----------------------------------------------------------
A petition to wind up the operations of Toolbox Network Pte Ltd
will be heard before the High Court of Singapore on Nov. 12, 2021,
at 10:00 a.m.

KDDI Summit Global Myanmar Company filed the petition against the
company on Oct. 14, 2021.

The Petitioner's solicitors are:

         Kelvin Chia Partnership
         6 Temasek Boulevard
         29th Floor, Suntec Tower Four
         Singapore 038986




=================
S R I   L A N K A
=================

SRI LANKA: Moody's Downgrades Long Term Issuer Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service has downgraded the Government of Sri
Lanka's long-term foreign currency issuer and senior unsecured debt
ratings to Caa2 from Caa1 under review for downgrade. The outlook
is stable. This concludes the review for downgrade initiated on
July 19, 2021.

The decision to downgrade the ratings is driven by Moody's
assessment that the absence of comprehensive financing to meet the
government's forthcoming significant maturities, in the context of
very low foreign exchange reserves, raises default risks. In turn,
this assessment reflects governance weaknesses in the ability of
the country's institutions to take measures that decisively
mitigate significant and urgent risks to the balance of payments.

External liquidity risks remain heightened. A large financing
envelope that Moody's considers to be secure remains elusive and
the sovereign continues to rely on piecemeal funding such as swap
lines and bilateral loans, although prospects for non-debt
generating inflows have improved somewhat since Moody's placed Sri
Lanka's rating under review for downgrade. Persistently wide fiscal
deficits due to the government's very narrow revenue base compound
this challenge by keeping gross borrowing needs high and removing
fiscal flexibility.

The stable outlook reflects Moody's view that the pressures that
Sri Lanka's government faces are consistent with a Caa2 rating
level. Downside risks to foreign exchange reserves adequacy remain
without comprehensive financing and narrow funding options. Should
foreign exchange inflows disappoint, default risk would rise
further. However, non-debt generating inflows particularly from
tourism and foreign direct investment (FDI) may accelerate beyond
Moody's current expectations, which, coupled with the track record
of the authorities to put together continued, albeit partial,
financing, may support the government's commitment and ability to
repay its debt for some time.

Sri Lanka's local and foreign currency country ceilings have been
lowered to B2 and Caa2 from B1 and Caa1, respectively. The
three-notch gap between the local currency ceiling and the
sovereign rating balances relatively predictable institutions and
government actions against the very low foreign exchange reserves
adequacy that raises macroeconomic risks, as well as the
challenging domestic political environment that weighs on
policymaking. The three-notch gap between the foreign currency
ceiling and local currency ceiling takes into consideration the
high level of external indebtedness and the risk of transfer and
convertibility restrictions being imposed given low foreign
exchange reserves adequacy, with some capital flow management
measures already imposed.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Caa2

Moody's initiated a review for downgrade on Sri Lanka's ratings to
assess the prospects for significant external financing to
materially and durably lower the risk of default stemming from the
country's very low foreign exchange reserves adequacy. Although the
potential for non-debt generating inflows has increased somewhat in
recent months, the improvement in tourism and FDI prospects is
highly tentative. At the same time, a large external financing
envelope that Moody's considers to be secure remains highly
unlikely. In turn, external liquidity risks for Sri Lanka's
government will remain heightened over the coming years, raising
the risk of default.

Sri Lanka's foreign exchange reserves adequacy has fallen further
since Moody's initiated the review. Foreign exchange reserves
(excluding gold and SDRs) amounted to $2 billion as of the end of
September, compared to $3.6 billion as of the end of June and $5.2
billion at the beginning of the year. The reserves are sufficient
to cover only around 1.3 months of imports and are significantly
below the government's external repayments of around $4-5 billion
annually until at least 2025.

Moody's baseline scenario continues to assume that the authorities
will manage to obtain some foreign exchange resources and financing
through a combination of project-related multilateral financing,
official sector bilateral assistance including central bank swaps,
commercial bank loans, the divestment of state-owned assets, and
measures by the Central Bank of Sri Lanka (CBSL) to capture some
export receipts and remittances. However, the amounts are generally
modest, the arrangements piecemeal, and of relatively short
maturity besides multilateral funding for project loans.

Meanwhile, ongoing efforts under the authorities' six-month roadmap
to promote macroeconomic and financial stability will likely boost
FDI somewhat, and the reopening of international borders without
quarantine requirements for fully vaccinated travellers will
support the gradual recovery of tourism-related receipts. However,
while Sri Lanka's potential suggests that sizeable foreign exchange
receipts could be generated, this potential has remained only
partially realised for many years and realising it now is subject
to the confidence and risk appetite of investors and travellers,
both of which are highly uncertain.

Therefore, although reserves are likely to rise slightly over the
next few months on the back of some of these inflows materialising,
Moody's expects them to remain insufficient to provide a buffer to
meet the government's external repayment needs.

Meanwhile, Moody's assumes that Sri Lanka will not participate in a
financing programme with the International Monetary Fund or other
multilateral development partners for the foreseeable future, while
international bond markets remain prohibitive as a source of
external financing.

Heightened liquidity risks are compounded by Moody's expectation
that the government's fiscal deficit will remain wide over the next
few years, which will keep borrowing needs high and remove fiscal
flexibility.

Although government revenue is likely to rebound alongside the
economy -- Moody's projects real GDP will grow by an average of
around 5% in 2022-23 -- it will stay low in the absence of revenue
reforms. Moody's estimates that revenue will remain around 10% of
GDP over the next few years. At the same time, interest payments
will continue to absorb around 60-70% of revenue, leaving the
government with politically challenging tradeoffs in rationalising
across social spending and development expenditure. As such,
Moody's sees limited prospects for meaningful expenditure cuts,
implying still wide fiscal deficits of 8.0-8.5% of GDP in 2022-23,
compared to an average of 5.7% over 2016-19.

The wide deficits correspond to a gross borrowing requirement of
around 25-27% of GDP per year over 2022-23. While Moody's assumes
that the government can continue to access local currency financing
given the size of the domestic savings pool and excess domestic
liquidity in the banking system, this comes at a cost on the
overall interest bill and does not address foreign-currency debt
repayments.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that the pressures that
Sri Lanka's government faces are consistent with a Caa2 rating
level.

The risk that foreign exchange reserves will continue to fall and
increase the likelihood of default remains material, since the
foreign exchange inflows available so far are generally piecemeal
in the case of swaps and bilateral loans, and uncertain in the case
of non-debt generating inflows. That said, the authorities have a
track record of securing some financing, even if only partial and
at some cost, to support the government's commitment and ability to
repay its external debt.

Moreover, notwithstanding the significant uncertainty as discussed
above, foreign direct investment and in particular tourism-related
receipts have the potential to accelerate in an upside scenario and
supplement the authorities' ability to keep default at bay. For
tourism, the relatively high vaccination rate compared to emerging
market and regional peers may support a quicker recovery in
arrivals compared to Moody's baseline assumptions. For foreign
direct investment, the country's status as a growing regional hub
for transport and logistics as well as financial and technological
services -- helped by free trade agreements with large neighbouring
countries such as India and Pakistan -- may support long-term
inflows, although as mentioned above this potential has remained
only partially realised for some time.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Sri Lanka's ESG Credit Impact Score is highly negative (CIS-4),
reflecting its highly negative exposure to environmental and social
risks. Ongoing challenges to institutional and policy effectiveness
and a very high debt burden constrain the government's capacity to
address ESG risks.

The exposure to environment risk is highly negative (E-4 issuer
profile score). Variations in the seasonal monsoon can have marked
effects on rural household incomes and real GDP growth: while the
agricultural sector comprises only around 8% of the total economy,
it employs almost 30% of Sri Lanka's total labour force. Natural
disasters including droughts, flash floods and tropical cyclones
that the country is exposed to also contribute to higher food
inflation and import demand. Moreover, ongoing development projects
to improve urban connectivity have increased the rate of
deforestation, although the country continues to engage development
partners to preserve its natural capital, such as its mangroves.

The exposure to social risk is highly negative (S-4 issuer profile
score). Balanced against Sri Lanka's relatively good access to
basic education, which has continued to improve throughout the
country in the post-civil war period, are weaknesses in the
provision of some basic services in more remote and rural areas,
such as water, sanitation and housing. As the country's population
continues to grow, the government will face greater constraints in
delivering high-quality social services and developing critical
infrastructure amid ongoing fiscal pressures.

The influence of governance is highly negative (G-4 issuer profile
score). While international surveys point to stronger governance in
Sri Lanka relative to rating peers, including in judicial
independence and control of corruption, institutional challenges
are significant, particularly in the pace and effectiveness of
reforms. Domestic political developments also tend to weigh on
fiscal and economic policymaking.

GDP per capita (PPP basis, US$): 13,223 (2020 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -3.6% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.6% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -11.1% (2020 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1.3% (2020 Actual) (also known as
External Balance)

External debt/GDP: 61.0% (2020 Actual)

Economic resiliency: ba2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On October 25, 2021, a rating committee was called to discuss the
rating of the Sri Lanka, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer's
susceptibility to event risks has not materially changed.

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

The Caa2 rating takes into account a non-negligible probability of
default. The rating would likely be upgraded if the risk of default
were to diminish materially and durably. This could stem from the
government delivering a credible and secure medium-term external
financing strategy that maintained a manageable cost of debt, and a
faster and more sustained buildup in non-debt creating foreign
exchange inflows. Additionally, implementation of fiscal
consolidation measures, particularly greater revenue mobilisation,
that pointed to a material narrowing of fiscal deficits in the next
few years and contributed to lower annual borrowing needs, would
also be credit positive.

The rating would likely be downgraded if the prospects for foreign
exchange inflows were to significantly weaken, resulting in a
further deterioration in foreign exchange reserves adequacy and
leading to a higher probability of default or greater risk of
material losses should default occur than consistent with a Caa2
rating. Additionally, a further rise in the government's debt
burden and weakening in debt affordability from already very weak
levels that constrained its ability to finance itself domestically
would also likely result in a downgrade of the rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019


                           *********


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

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

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

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

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



                *** End of Transmission ***