/raid1/www/Hosts/bankrupt/TCRAP_Public/220110.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, January 10, 2022, Vol. 25, No. 1

                           Headlines



A U S T R A L I A

AUSTRALIAN FUNDING: Second Creditors' Meeting Set for Jan. 14
ECLECTIC FINANCIAL: Commences Wind-Up Proceedings
MNI ALL: Second Creditors' Meeting Set for Jan. 17


C H I N A

CHINA: Urges Banks to Boost Property Lending on Default Fears
KAISA GROUP: Pressured to Repay Wealth Product Investors
KUAISHOU TECHNOLOGY: Lays Off Up to 30% Workforce as Losses Double
SHIMAO GROUP: Unit Defaults on CNY645MM Local Loan


I N D I A

AISHWARYA AVANT: CARE Keeps D Debt Rating in Not Cooperating
ANANDESHWAR INDUSTRIES: CRISIL Moves B Ratings from Not Cooperating
ASHIYANA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
BASANTIPUR TEA: Insolvency Resolution Process Case Summary

CEASAN GLASS: Insolvency Resolution Process Case Summary
COTTON BLOSSOM: CRISIL Reaffirms B+ Rating on INR4.64cr Loan
FUTURE RETAIL: Wins Halt on Amazon Arbitration Process on Appeal
GANESH EDUCATION: CRISIL Withdraws D Rating on INR9.47cr Loan
GS OILS LIMITED: Insolvency Resolution Process Case Summary

JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
KIRAN INDUSTRIES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
KRISHNA COLD: CARE Lowers Rating on INR10cr LT Loan to B+
KRISHNA POULTRY: CARE Lowers Rating on INR8cr LT Loan to B
MARK INFRASTRUCTURE: Insolvency Resolution Process Case Summary

MRJ STEELS: CRISIL Assigns B+ Rating to INR20cr Cash Loan
P.M.P. TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
PANCHHOR HYDRO: Ind-Ra Gives BB+ Rating on INR2,303.14BB Term Loan
PISCES EXIM INDIA: Insolvency Resolution Process Case Summary
PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan

RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
RISHAB COTSPIN: CRISIL Assigns B+ Rating to INR7cr Cash Loan
ROYAL POLYURETHANE: Insolvency Resolution Process Case Summary
SATYA SAI: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
SEW BELLARY: Ind-Ra Assigns 'BB+' Term Loan Rating, Outlook Stable

SHIVA TRANSPORT: CARE Lowers Rating on INR10cr LT Loan to B
SHRIKISHAN AND COMPANY: CARE Cuts Rating on INR2cr Loan to B-
SHRIRAM TRANSPORT: Fitch Gives 'BB(EXP)' Rating to USD Sec. Bonds
SHRIRAM TRANSPORT: S&P Rates New Senior Secured Bond 'BB-'
SINGLA CABLES: CRISIL Withdraws D Rating on INR14cr Cash Loan

SNEHA MUTUALLY: CRISIL Assigns B Rating to INR3cr Cash Loan
SUNDAR STEEL: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
TATA PROJECTS: Insolvency Resolution Process Case Summary
VIKAS SILKS: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
VIVEKANAND MAHILA: CRISIL Assigns B Rating to INR1cr LT Loan

WELPACK PPOLYMERS: CRISIL Reaffirms B+ Rating on INR2.25cr Loan
WONDERVALUE REALTY: CARE Keeps D Debt Rating in Not Cooperating


S I N G A P O R E

KTH ASIA: Court Enters Wind-Up Order
SEA GULL: Court Enters Wind-Up Order


S O U T H   K O R E A

OSSTEM IMPLANT: FSC to Take Action in Case of Any Irregularities

                           - - - - -


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

AUSTRALIAN FUNDING: Second Creditors' Meeting Set for Jan. 14
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Funding Partners Pty Limited has been set for Jan. 14, 2022, at
11:00 a.m. via virtual meeting technology.

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 Jan. 13, 2022, at 5:00 p.m.

Barry Wight and Rachel Burdett of Cor Cordis were appointed as
administrators of Australian Funding on Nov. 30, 2021.


ECLECTIC FINANCIAL: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Eclectic Financial Pty Ltd, formerly trading as Gold
Coast Lending', on Jan. 6, 2022, passed a resolution to voluntarily
wind up the company's operations.

The company's liquidator is:

          Jarvis Lee Archer
          Revive Financial
          PO Box 307
          Noona Heads, Queensland 4567


MNI ALL: Second Creditors' Meeting Set for Jan. 17
--------------------------------------------------
A second meeting of creditors in the proceedings of MNI All Trades
Services Pty Limited has been set for Jan. 17, 2022, at 11:00 a.m.
via virtual meeting technology.

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 Jan. 16, 2022, at 5:00 p.m.

Graeme Beattie of Worrells Solvency + Forensic Accountants was
appointed as administrator of MNI All Trades on Dec. 1, 2021.




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

CHINA: Urges Banks to Boost Property Lending on Default Fears
-------------------------------------------------------------
Bloomberg News reports that China called on banks to boost real
estate lending in the first quarter and eased a key debt
restriction for developers, a sign that authorities are becoming
increasingly concerned about the industry's liquidity crisis.

In previously unreported window guidance issued last month,
regulators told banks to step up lending to developers after at
least two quarters of consecutive declines, people familiar with
the matter said, asking not to be identified discussing private
information, Bloomberg says. At the same time, borrowing by major
property firms used to fund mergers and acquisitions will no longer
be counted toward the "three red lines" metrics that limit debt,
said the people.

According to Bloomberg, regulators are dialing back the intensity
of a multi-year crackdown on the nation's real estate sector as
they try to engineer a soft landing after years of debt-fueled
expansion. Developers such as China Evergrande Group and Kaisa
Group Holdings have been missing payments on bonds and other types
of financing such as trust products, posing a major challenge to
growth in the world's second-largest economy as well as the
nation's social stability, the report says.

"The tightest phase is behind us," Bloomberg quotes Larry Hu, head
of China economics at Macquarie Group Ltd., who nonetheless called
the measures "marginal," as saying. More meaningful steps to boost
the market would be loosening purchase curbs and reductions in the
down-payment ratio as well as the five-year prime rate, he said.
Real stimulus targeting the property market might not come until
the middle of this year, he said.

Bloomberg relates that the move to ease funding for M&A comes as
developers are struggling to sell assets to ease the cash squeeze.
While banks are willing to provide loans for deals, developers are
finding it hard to seal any agreements, one of the people said.
Cailian first reported on the M&A loan easing.

"Project M&A is the most effective market-oriented way for the real
estate sector to resolve risks," Bloomberg quotes Lan Zou, an
official at the People's Bank of China, as saying at a press
conference last week. "Many stronger developers showed a
willingness to buy distressed assets from cash-strapped peers."

Just this month alone, the industry will need to find at least $197
billion to cover maturing bonds, coupons, trust products and
deferred wages to millions of migrant workers, according to
Bloomberg calculations and analyst estimates. Beijing has urged
builders like China Evergrande to also meet payrolls by month-end
in order to avoid the risk of social unrest.

Meanwhile, bank loans to developers slid by CNY120 billion in the
second quarter and by CNY140 billion in the third quarter,
Bloomberg discloses. It's unclear whether regulators have a
specific target for the size of increase in real estate lending for
each bank.

Since October, banks have also been accelerating mortgage approvals
to home buyers, says Bloomberg. Lenders were also permitted to
apply to sell securities backed by residential mortgages to free up
loan quotas, easing a ban imposed early last year.

Chinese banks had more than CNY51.4 trillion of outstanding loans
to the real estate sector as of September, Bloomberg discloses. The
exposure was more than any other industry, and accounted for about
27% of the nation's total lending, according to official data.


KAISA GROUP: Pressured to Repay Wealth Product Investors
--------------------------------------------------------
Reuters reports that under pressure from authorities, Kaisa Group
Holdings Ltd is working furiously to come up with a feasible plan
to repay wealth product investors, two sources with direct
knowledge of the matter said.

Kwok Ying Shing, chairman of the cash-strapped developer, has
agreed to a request from the government of Shenzhen where the
company is based, to provide by the end of January a proposal to
repay investors in its wealth management products (WMPs), said one
of the sources, Reuters relays.

Reuters relates the sources added that if the company fails to do
so, they believe possible consequences include the Shenzhen
government seizing some of Kaisa's assets and gradually taking over
the company.

According to Reuters, Kaisa's dilemma underscores how authorities
are pushing property developers to prioritise meeting onshore debt
obligations. That could pile more pressure on a sector hit by a
regulatory-induced liquidity squeeze which has caused several
developers to miss offshore bond payments in recent months,
spooking financial markets.

Kaisa defaulted on a $400 million dollar bond last month and has
started restructuring $12 billion in offshore debt – the most
offshore debt held by a firm in the sector after embattled China
Evergrande Group, Reuters discloses.

Overall it has disclosed debt obligations of CNY123.8 billion
(US$19.4 billion) as of end-June, though it was not immediately
clear if all of Kaisa's WMP obligations are included in that total,
Reuters notes.

Of its onshore obligations, WMPs are an issue authorities are
particularly sensitive to. Many of the company's WMP products were
sold to family members of Chinese officials, one source said.

Kaisa first confirmed it missed payments on some WMPs in early
November, telling investors it had a total outstanding CNY12.79
billion (US$2 billion) in principal and interest at the time,
Reuters states.

Kwok, 57, has also made clear he is worried about his personal
safety amid the pressure from authorities, said the sources, who
declined to be identified due to confidentiality constraints.

He has been living in Hong Kong for a few years. In mainland China,
tycoons who have run afoul of authorities have often found
themselves suddenly detained.

Kwok is actively engaging with some of the property developer's
offshore bondholders, aiming to secure fresh lending from them to
repay the WMP investors, said the sources, Reuters relays.

A Kaisa bondholder group, which holds $5.5 billion of Kaisa's
offshore notes, has proposed options including extending $2 billion
in fresh debt to the developer, Reuters reported in December.

In early November, when angry WMP investors stormed the office of
Kaisa's finance unit in Shenzhen, the firm said it would be
speeding up asset sales to raise funds, Reuters recalls.

Kaisa is planning to sell 18 of its assets in Shenzhen by the end
of 2022 - mostly retail and commercial properties, which sources
have told Reuters are worth a combined CNY81.8 billion.

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has downgraded Kaisa Group Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'RD' from
'C'. Fitch has affirmed Kaisa's senior unsecured rating and the
ratings on its outstanding US dollar bonds at 'C', with the
Recovery Rating remaining at 'RR4'.


KUAISHOU TECHNOLOGY: Lays Off Up to 30% Workforce as Losses Double
------------------------------------------------------------------
Caixin Global reports that China's No. 2 short-video player
Kuaishou Technology Co. Ltd. is laying off nearly a third of some
departments, becoming the latest of its cohort to fire staff as the
sector reels from Beijing's crackdown on the tech sector.

The Tencent-backed company is laying off 10% to 30% of its
workforce in departments involving its eponymous app's operations,
commercialization, e-commerce, internationalization and gaming,
several employees told Caixin.

Kuaishou Technology Co. Ltd. offers internet media services. The
Company provides dynamic picture shooting, dynamic picture sharing,
short video community building, and other services. Beijing
Kuaishou Technology also provides software development, software
maintenance, and other services.


SHIMAO GROUP: Unit Defaults on CNY645MM Local Loan
--------------------------------------------------
Bloomberg News reports that Shimao Group Holdings Ltd., a
bellwether for financial contagion in China's embattled property
industry, suffered its biggest-ever bond rout on Jan. 6 after a
creditor said one of the developer's units defaulted on a local
loan.

The Shimao unit failed to pay CNY645 million (US$101 million) of a
total CNY792 million due by Dec. 25, Bloomberg relates citing a
notice sent to investors by China Credit Trust Co. The trust firm
had demanded early repayment by Dec. 25 after the developer failed
to meet installment requirements, according to the notice.

Dollar bonds from Shimao -- which builds residential, hotel, office
and commercial properties and is among the largest debt issuers in
China's real estate sector -- slid by a record, Bloomberg says.

The firm's 4.75% note due July slumped 25.1 cents on the dollar to
45 cents as of 4:56 p.m. in Hong Kong. That capped what had already
been a bad day for the broader market for Chinese developer notes,
after junk-rated dollar securities fell 1-2 cents, the report
notes.

                         About Shimao Group

Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd,
is an investment holding company principally engaged in the sale of
properties. The Company operates its business through four
segments. The Sales of Properties segment is mainly engaged in the
development of residential real estate. The Property Management
Income and Others is mainly enga ged in property management. The
Hotel Operation Income segment is mainly engaged in hotel
operations. The Commercial Properties Operation Income segment is
mainly engaged in the development, investment and operation of
commercial, office and industrial park property projects.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, Moody's Investors Service has downgraded Shimao
Group Holdings Limited's corporate family rating (CFR) to Ba3 from
Ba1.  Shimao's CFR remains on review for further downgrade.

The TCR-AP reported in November 2021 that S&P Global Ratings
lowered its long-term issuer credit rating on Shimao Group Holdings
Ltd. to 'BB+' from 'BBB-'.  S&P also lowered the long-term issue
rating on the property developer's senior unsecured notes to 'BB'
from 'BB+'.  The negative outlook reflects the rising uncertainty
over Shimao's commitment to debt and leverage control.




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

AISHWARYA AVANT: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aishwarya
Avant Builders LLP (AABL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 29, 2020, placed
the rating(s) of AABL under the 'issuer non-cooperating' category
as AABL 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. AABL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 14, 2021, November 24, 2021, December 4, 2021.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

Avant group is a Mumbai based real estate developer which was
established in the year 2010 by founder/promoter Mr. Sudeep Saha.
The other promoter is Mr. Harsh R Shah. The Firm Aishwarya Avant
Builders LLP is currently developing a residential redevelopment
project in jogeshwari (East), Mumbai. The project is known as
"Avant which comprises of Phase-I & Phase-II located adjacent to
each other and having total saleable area of 1.04 lakh sq. ft.

ANANDESHWAR INDUSTRIES: CRISIL Moves B Ratings from Not Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Anandeshwar Industries
Private Limited (AIPL) to 'CRISIL B/Stable/Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of AIPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of AIPL from 'CRISIL
B/Stable/Issuer Not Cooperating to 'CRISIL B/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.85       CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING; Rating
                                    Withdrawn)

   Proposed Cash         4.85       CRISIL B/Stable (Migrated
   Credit Limit                     from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING; Rating
                                    Withdrawn)

   Term Loan             0.90       CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING; Rating
                                    Withdrawn)

AIPL was incorporated in 2010 by Mr. Sanjeev Agarwal, Mr. Vikas
Bansal, and Mr. D K Singhal. The company manufactures kraft paper
at its facility in Kanpur (Uttar Pradesh).


ASHIYANA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashiyana
Constructions (AC) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      7.00       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 December 8, 2020, placed the
rating(s) of AC under the 'issuer non-cooperating' category as AC
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. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 24, 2021, November 3, 2021, November 13, 2021.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).

Established in April 1995, Ashiyana Constructions (AC) was promoted
by Mr. Abdul Jabbar and MD. Ali Asgar based out of Ranchi,
Jharkhand. AC is a partnership firm and currently managed by three
partners; Mr. Abdul Jabbar, Mr.Zulfekar Ali and Mr. Saiful Jabbar.
Since its inception, the firm has been engaged in execution of
civil construction works in segment like construction of
buildings.AC is classified as 'Class A' contractor by the PWD,
Jharkhand Government which enables it to participate in higher
value contracts floated by various government entities. Mr. Abdul
Jabbar, is associated with the firm since its inception and has
more than two decades of experience in civil construction industry.
The day to day operations of the firm is looked after by Mr. Abdul
Jabbar supported by other two partners and team of experienced
professionals.


ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashvi
Developers Private Limited (ADPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      250.00      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 December 23, 2020, placed
the rating(s) of ADPL under the 'issuer non-cooperating' category
as ADPL 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. ADPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 8, 2021, November 18, 2021, November 28, 2021.

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

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

Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along with
another company Atithi Builders and Constructors Pvt. Ltd. (ABCPL)
of Ariisto Realtors group is developing a real estate project
"Ariisto Sommet" (erstwhile named as Ariisto Solitaire) at
Goregaon, Mumbai. The group has developed an area of 68.12 lakh
square feet (lsf) till date which includes super-premium
residential towers, affordable housing townships, luxurious retail
spaces and TDR generating rehab projects in and around Mumbai.


BASANTIPUR TEA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Basantipur Tea Company Private Limited

        Registered office:
        42A, Park Street
        Unit No. 701, 7th Floor
        Kolkata 700016
        West Bengal

        Principal office:
        Sephinjuri Bheel Tea Estate
        P.O. Medley
        Karimganj 788728
        Assam

Insolvency Commencement Date: December 23, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022

Insolvency professional: Arun Poddar

Interim Resolution
Professional:            Arun Poddar
                         #304/Block H, 3rd Floor
                         Rabindra Nagar Complex
                         88 College Road, Shalimar
                         Shalimar Rail Gate 3
                         Kolkata 711103
                         West Bengal
                         E-mail: ca.arunpoddar@gmail.com

                            - and -

                         Areion Resolution and Turnaround
                         Private Limited
                         A-301, Kanakia Zillion
                         Junction of LBS Road & CST Road
                         B.K.C. Annex, Near Equinox
                         Kurla (West), Mumbai 400070
                         E-mail: cirp.basantipurteaco@gmail.com

Last date for
submission of claims:    January 6, 2022


CEASAN GLASS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Ceasan Glass Private Limited
        D.No. 40-7-12A, Block 15
        Datta Complex, Ground Floor
        Behind Yamaha Show Room
        Mogulrajpuram, Vijayawada
        AP 520010
        IN

Insolvency Commencement Date: December 24, 2021

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Gonugunta Murali

Interim Resolution
Professional:            Gonugunta Murali
                         H.No. 16-11-19/4, G-1
                         Sri Laxmi Nilayam
                         Saleem Nagar Colony
                         Malakpet, Hyderabad
                         Telangana 500036
                         E-mail: gmurali34@gmail.com
                                 ceasanglassip@gmail.com

Last date for
submission of claims:    January 12, 2022


COTTON BLOSSOM: CRISIL Reaffirms B+ Rating on INR4.64cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Cotton Blossom India Private
Limited (CBIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.25       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           1.9        CRISIL B+/Stable (Reaffirmed)

   Cash Credit           4.64       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           2.25       CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit               24.40       CRISIL A4 (Reaffirmed)

   Inland/Import
   Letter of Credit      3.54       CRISIL A4 (Reaffirmed)

   Letter of Credit      2.92       CRISIL A4 (Reaffirmed)

   Packing Credit       28.55       CRISIL A4 (Reaffirmed)

   Post Shipment
   Credit               29.65       CRISIL B+/Stable (Reaffirmed)

   Term Loan             3.73       CRISIL B+/Stable (Reaffirmed)

   Term Loan            15.17       CRISIL B+/Stable (Reaffirmed)

The ratings reflect the below-average financial risk profile
because of a leveraged capital structure and average debt
protection metrics and susceptibility of operating margin to
volatility in raw material prices and foreign exchange (forex)
rates and its working capital intensive operations. These
weaknesses are partially offset by the extensive experience of
CBIPL's promoters in the readymade garments industry and
established relationship with clientele.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Gearing was high at around
1.8 times as on March 31, 2021. Debt protection metrics have
improved and is moderate supported by better profitability, with
interest coverage and net cash accrual to total debt ratios of 2.90
times and 0.18 time, respectively, for fiscal 2021. Networth is
moderate at INR65.9 crore as on March 31, 2021.

* Susceptibility of margins to volatility in raw material prices:
CBIPL's operating margin has remained fluctuating over the past
five years. The same had declined to 6.0 percent in fiscal 2020
from 8.5 per cent in fiscal 2014, primarily on account of increase
in cost of procurement. However in fiscal 2021 the margins have
significantly improved to 19.0 percent supported by better
realisations on the products and the cost efficiency measures
undertaken. As the operations of CBIPL are integrated with majority
of the processing activities carried in-house and effective
utilisation of its installed capacities, the operating
profitability is expected to remain moderate. Nevertheless, the
operating margin will remain susceptible to volatility in the raw
material prices and foreign currency fluctuations over the medium
term.

* Working-capital-intensive operations: CBIPL's operations are
working capital intensive, driven by large inventory holding, as
reflected in its gross current assets at 339 days as on March 31,
2021. CBIPL's exports are against letter of credit and domestic
sales are either backed by letter of credit or on open credit of
30-60 days. The company, however, has to maintain high inventory of
around three to four months, leading to high working capital
requirements. These large working capital requirements are funded
through extended credit from suppliers and external borrowings.

Strength:

* Extensive experience of the promoters and established
relationships with customers: The promoters have been in the
knitted garment industry for more than 20 years. Over the years,
the management has developed integrated services by setting up
in-house spinning, knitting and dyeing facilities. Longstanding
presence has also enabled the promoters to develop strong
relationships with clients such as C&A, Mothercare, and Primark.

Liquidity: Stretched

The company's liquidity is stretched due to moderately high bank
limit utilization to support its working capital intensive
operations. Cash accrual is likely to be adequate at INR20 crore in
fiscal 2022 against debt obligation of INR6 crore. In fiscals 2023
and 2024, the company is expected to generate accrual of about INR
9-10 crore. Against this, debt repayment is INR 5.40 crore in
fiscal 2023 and 2024. Working capital limit of INR90 crore was
utilised at 63% during the 12 months through October 2021.

Outlook: Stable

CRISIL Ratings believes CBIPL will continue to benefit from its
promoters' extensive industry experience and established customer
relationships.

Rating Sensitivity factors

Upward factors:

* Improvement in revenue by over 30% resulting in better than
expected accrual

* Better working capital management leading to improved financial
risk profile, especially liquidity

Downward factors:

* Deterioration in revenue or profitability resulting in
lower-than-expected cash accrual

* Stretch in working capital cycle with inventory over 200 days or
larger than expected capital expenditure plans further weakening
the financial risk profile especially liquidity

CBIPL was established as a partnership firm in 1997 by Mr. Milton
Ambrose John, his brother, Mr. Joseph Antony John, and their
sister, Ms Philomena; the firm was reconstituted as a private
limited company in 2004. It manufactures and exports knitted
readymade garments for men, women and children, such as tops,
jackets, hoodies, T-shirts, and related products. Facility is in
Tiruppur, Tamil Nadu.


FUTURE RETAIL: Wins Halt on Amazon Arbitration Process on Appeal
----------------------------------------------------------------
Bloomberg News reports that an Indian court has ordered a halt on
Amazon.com Inc.'s arbitration case against Future Retail Ltd. in
Singapore, a day after it had refused to interfere with the
process.

Following an appeal by Future Retail, a two-judge panel of the
Delhi High Court overturned Jan. 4's verdict and stayed the
arbitration process started by Amazon to stop the cash-strapped
Indian retailer's asset sale to Reliance Industries Ltd. until the
next hearing on Feb. 1. After a December antitrust ruling against
Amazon, the case appears to be in favor of Future Retail, the
bench, headed by Justice D.N. Patel, said.

Jan. 4's order, which had refused to interfere with the
arbitration, was given by a single judge. Amazon can still appeal
the ruling in India's Supreme Court.

Bloomberg says Future Retail, which recently missed payments to
lenders and is at a risk of defaulting on its debt obligations, has
said in court that the asset sale deal is the only way to avoid
bankruptcy. For Amazon, the ongoing battle with Future is about
preventing billionaire Mukesh Ambani's Reliance from gaining an
edge in the race to dominate India's billion-plus consumer market.


India's antitrust body in December suspended the nod for Amazon's
2019 investment deal with Future, which had formed the basis of
Amazon's arbitration case, Bloomberg recalls. Following the
antitrust ruling, Future Retail and a group firm Future Coupons
Pvt. requested the arbitration tribunal in Singapore to terminate
the arbitration. Future group firms moved the Indian court after
the arbitration tribunal refused to hear the request to terminate
the case on priority.

                         About Future Group

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

As reported in the Troubled Company Reporter-Asia Pacific in May
2021, Fitch Ratings downgraded Future Retail Limited's (FRL)
Long-Term Issuer Default Rating (IDR) to 'RD', from 'C', following
the company's announcement that it has completed the restructuring
of the bulk of its onshore debt, which Fitch views as a distressed
debt exchange (DDE).  At the same time, Fitch has affirmed the
rating on FRL's USD500 million 5.6% senior secured notes due 2025
at 'C', with a Recovery Rating of 'RR5'.

The DDE provides relief on debt servicing requirements until
September 30, 2021, but Fitch believes the resultant debt structure
and maturity profile remain unsustainable.  Therefore, Fitch
regards the relief as another temporary measure following the
relief provided under India's central bank pandemic-related schemes
last year.  The restructuring does not meaningfully address FRL's
financial stress, which Fitch regards as essential for an upgrade
after the completion of the DDE.


GANESH EDUCATION: CRISIL Withdraws D Rating on INR9.47cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Shree Ganesh Education and Welfare Society (SGEW) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       9.47        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Shree Ganesh
Education and Welfare Society (SGEW) for obtaining information
through letters and emails dated September 15, 2021 and November
12, 2021, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2011 at Saharanpur (Uttar Pradesh), SGEW provides
educational services through its Dev Rishi Institute and Dev Rishi
International College. Mr. Dinesh Kumar (president), Ms Soniya
(secretary), are Mr. Om Singh (treasurer) are the promoters.


GS OILS LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s G S Oils Limited
        H No. 4-5-3, Station Road
        Adilabad Andhra Pradesh
        TG 504001
        IN

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 19, 2022

Insolvency professional: Gonugunta Murali

Interim Resolution
Professional:            Gonugunta Murali
                         H.No. 16-11-19/4, G-1
                         Sri Laxmi Nilayam
                         Saleem Nagar Colony
                         Malakpet, Hyderabad
                         Telangana 500036
                         E-mail: gmurali34@gmail.com
                                 gsolirp@gmail.com

Last date for
submission of claims:    January 12, 2022


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

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.36      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.18      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 December 23, 2020, placed
the rating(s) of JT under the 'issuer noncooperating' category as
JT 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. JT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 8, 2021, November 18, 2021 and November 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).

Jayaram Textiles (JT) was established as a partnership firm in 1985
by Mr. P.M. Thirumoorthy, Mr. P.M. Balasubramaniam and Mr. P.M.
Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power
looms in Tirupur, Tamil Nadu. Since then, the firm has expanded its
weaving operations to the current levels. The firm procures raw
materials from Tamil Nadu, Andhra Pradesh, Telangana and Karnataka.
The present installed capacity is 12,000 spindles, 150 power looms
and 32 suzler looms. The firm produces yarn in counts of 32's, 40's
and 60's which is used for its own fabric production. The fabric
produced by JT finds application in linen, curtains etc. The firm
sells the fabric to a number of distributors and agents in the
markets like Tirupur, Jaipur, Ahmedabad, Mumbai, Kolkata and New
Delhi, who in turn sells the fabric to linen and garment
manufacturing units.


KIRAN INDUSTRIES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kiran Industries
Private Limited's (KIPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR247 mil. Term loans due on May 2025 upgraded with IND BB+/
     Stable rating;

-- INR240 mil. Fund-based working capital limits Long-term rating

     upgraded; Short-term rating affirmed with IND BB+/Stable/IND
     A4+ rating; and

-- INR2 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

The upgrade reflects KIPL's increase in revenue and EBITDA in
1HFY22 over FY20-FY21, leading to an improvement in the credit
metrics.

KEY RATING DRIVERS

Although the scale of operations remains small, KIPL's revenue
increased to INR1,214.52 million during April to October 2021
(FY21: INR1,474.42 million, FY20: INR1,826.08 million), owing to an
increase in export orders to 18%-20% (FY21: 1%, FY20: 5%) which led
to an increase in capacity utilization to 75% (60%, 70%), coupled
with a higher demand upon normalization of the textile industry.
The management expects to achieve revenue of INR2,000 million in
FY22, on the back of domestic orders worth INR60 million to be
executed every 10-15 days coupled with export orders worth INR100
million to be executed till February 2022, both as on 30 November
2021.

In 1HFY22, the EBITDA margins were modest and increased marginally
to 7.87% (), on account of a marginal decrease in employee costs.
In FY21, the margins marginally improved to 7.38% (FY20: 7.25%),
because of a decrease in the administrative expenses. The return on
capital employed was 6% in FY21 (FY20: 9%). Ind-Ra expects the
margins to marginally improve in FY22, on the back of an increase
in the revenue and passing on the fluctuation in raw material
prices to its customers.

The ratings continue to reflect KIPL's moderate credit metrics,
despite an improvement. The gross interest coverage (operating
EBITDA/gross interest expense) increased to 2.29x in 1HFY22 (FY21:
1.86x, FY20: 2.19x) and its net leverage (total adjusted
debt/operating EBITDA) reduced to 4.45x (6.37x, 4.65x) owing to an
increase in EBITDA to INR75.10 million (INR108.88 million,
INR132.39 million) as well as a repayment of term loans. In FY21,
the credit metrics deteriorated owing to a decrease in absolute
EBITDA to INR108.88 million (FY20: INR132.39 million) due to the
fall in revenue as a result of the COVID-19 pandemic. Ind-Ra
expects the credit metrics to further improve in the near term due
to improved profitability and scheduled repayment of the term
loans.

Liquidity Indicator - Stretched: KIPL's average peak use of the
fund-based working capital limits and the non-fund-based working
capital limits was 96.11% and 22.96%, respectively, over the 12
months ended November 2021. Ind-Ra expects the cash flow from
operations (CFO) to turn positive in FY22, owing to a marginal
increase in EBITDA coupled with a decrease in interest rates. CFO
turned negative to INR53.25 million in FY21 (FY20: INR54.12
million), on account of an increase in working capital
requirements. The negative CFO led to negative free cash flow of
INR77.08 million in FY21 (FY20: INR58.62 million), coupled with
small capex of INR23.84 million. KIPL's working capital cycle
elongated to 171 days in FY21 (FY20: 116 days, FY19: 115 days), due
to increased inventory levels at year-end as capacity utilization
increased to 95% during March 2021 (FY21: 60%, FY20: 70%). The
company's cash and cash equivalents remained low at INR14.80
million in 1HFY22 (FYE21: INR14.34 million, FYE20: INR14.39
million). The company availed Guaranteed Emergency Credit Line loan
of INR95.2 million with a year moratorium and three years of
repayment. It was also disbursed working capital term loans for
common effluent treatment plant expenses. The unsecured loans were
subordinated to bank debt to the tune of INR110 million. The
company does not have any major debt-led capex plans in the near
term. The debt obligations are INR94.71 million and INR85.13
million for FY22 and FY23, respectively. It had availed the Reserve
Bank of India-prescribed moratorium for debt repayments over April
to August 2020.

The ratings remain supported by KIPL's promoters' three-decade-long
experience in the textile industry, leading to longstanding
relationships with its customers.

RATING SENSITIVITIES

Negative: A decline in the revenue or the EBITDA margins, resulting
in the net leverage exceeding 4.5x and deterioration in the
liquidity position, on a sustained basis, would be negative for the
ratings.

Positive: An improvement in the revenue and the EBITDA margins,
resulting in an improvement in the liquidity and the credit
metrics, all on a sustained basis, would be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1986, KIPL runs a yarn texturizing business. It
manufactures polyester dyed yarns, embroidery threads
viscose/polyester and metallic yarns. The company has its
registered office in Udhana, Surat, Gujarat. It has offices and
dealers in all major Indian textile centers such as Surat, Mumbai,
Delhi, Kolkata, Bengaluru and Tirupur. It is promoted by Amit
Sekhani, Ratanlal Sekhani and Anand Sekhani.


KRISHNA COLD: CARE Lowers Rating on INR10cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Krishna Cold Storage Private Limited (SKCSPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        10.00     CARE B+; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of SKCSPL
is on account of sustained improvement in financial performance in
FY21 (refers to the period April 1 to March 31) which continued in
8MFY22 along with satisfactory capital structure.  The rating
continues to remain constrained by small scale of operations,
seasonality of business with susceptibility to vagaries of nature,
risk of delinquency in loans extended to farmers, regulated nature
of business and competition from other local players. The ratings
also continue to derive comfort from the experienced promoters with
long operational track record and locational advantage.

Rating Sensitivities

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

* Sizeable increase in scale of operations from present level
(Total Operating Income above INR30.00 crore) and improvement in
cash profit level (Gross Cash Accruals of INR1.00 crore) of the
entity on a sustained basis.

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

* Any sizeable de-growth in scale of operations from present level
(total operating income below INR5.00 crore on a
sustained basis.

* Deterioration in capital structure with overall gearing ratio
reaching higher level of more than 3.00x on a sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small Scale of operations: Despite being in the business for over
two decades, the company's scale of operation remains small with
operating income of INR14.03 crore in FY21 (Rs.9.61 crore in FY20).
The small size restricts the financial flexibility of the company
in times of stress and deprives it from benefits of economies of
scale.

* Seasonality of business with susceptibility to vagaries of
nature: SKCSCPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in March.
The loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having a
preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

* Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SKCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the season
in November, the farmers & traders are required to clear their
outstanding dues with the interest. In view of this, there exists a
risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

* Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

* Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

* Experienced promoters with long operational track record: Shree
Krishna Cold Storage Private Limited (SKCSPL), incorporated in the
year 1995, is a Kolkata (West Bengal) based company, promoted by
Mr. Arindam Bala and Mr. Chirantan Bala. It is into cold storage
services for potatoes. The company has its owned cold storage
facility with a storage capacity of 173,000 quintals at Paschim
Mednipur, West Bengal. This apart, the company is also engaged in
potato trading activities which constituted around 90% of its
revenue in FY21.

Mr. Arindam Bala has more than seven years of experience in cold
storage business and is well supported by the other director.
Both the promoters look after overall management of the company.

* Locational advantage: SKCSPL's cold storage facility is located
at Medinipore, West Bengal which is one of the major potato growing
regions of the state. The favorable location of the storage unit,
in close proximity to the leading potato growing areas provides it
with a wide catchment and making it suitable for the farmers in
terms of transportation and connectivity.

* Improvement in financial performance in FY21 and 8MFY22: The
company has generated total operating income of INR14.03 crore
during FY21 as against INR9.61 crore in FY20 inspite of covid-19
impacted year. The PBILDT margin declined and stood at 3.34% on
account of increase in the prices of the goods while the PAT margin
stood at 1.28% during FY21. The company has achieved operating
income of approximately INR14 crore during 8MFY22.

* Satisfactory capital structure: The capital structure of the
company improved and was comfortable marked by overall gearing
ratio of 0.75x as on March 31, 2021 as against 3.66x as on March
31, 2020 on account of lower debt due to delay in inventory
buildup. The PBILDT Interest coverage ratio stood at 2.82x in FY21
vis-à-vis 1.81x in FY20 on account of reduction in interest costs.
The Total Outside Liabilities (TOL)/ Tangible Net Worth (TNW) stood
at 0.84x as on March 31, 2021 as against 3.75x as on March 31,
2020.

Liquidity: Adequate

The company has generated Gross cash accruals of INR0.25 crore in
FY21 against nil debt repayment obligations. The cash and bank
balance including liquid investments stood at INR2.63 crore as on
March 31, 2020. The average utilization of working capital limits
remained low around 20-30% during last 12 month ended November 30,
2021. The current ratio remained comfortable at 1.60x as on March
31, 2021. Also, the operating cycle also improved to 118 days as on
March 31, 2021 on account of significant reduction in inventory
levels, resulting in lower inventory days.

Shree Krishna Cold Storage Private Limited (SKCSPL), incorporated
in the year 1995, is a Kolkata (West Bengal) based company,
promoted by Mr. Arindam Bala and Mr. Chirantan Bala. It is into
cold storage services for potatoes. The company has its owned cold
storage facility with a storage capacity of 173,000 quintals at
Paschim Mednipur, West Bengal. This apart, the company is also
engaged in potato trading activities which constituted around 90%
of its revenue in FY21.  The company has diversified business
interests apart from owning and operating cold storage. In other
entities, the company has presence in different businesses like
IOCL petrol pump, Tata Motors service centre in Jharkhand (Bala &
Sons Private Limited), stone mining business in Jharkhand, aerial
farm near Jharkhand-Odisha border having capacity of 200000 birds,
crusher plant and real estate business.  Mr. Arindam Bala has more
than seven years of experience in cold storage business and is well
supported by the other director.  Both the promoters look after
overall management of the company.


KRISHNA POULTRY: CARE Lowers Rating on INR8cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Krishna Poultry Farm (SKPF), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 29, 2020, placed
the rating(s) of SKPF under the 'issuer non-cooperating' category
as SKPF 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. SKPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 14, 2021, November 24, 2021, December 4, 2021.

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

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SKPF have been
revised on account of non-availability of requisite information.

Mr. S Muthusamy (HUF) established Sri Krishna Poultry Farm (SKPF)
as Proprietorship firm in 1995. The firm is located in Namakkal,
Tamil Nadu engaged in rearing of chicks for production of eggs and
culling. The egg laying capacity of the birds per day is 2,00,000
eggs and the actual production is 1,80,000 eggs. The chicks are
reared for 20 weeks until it start to lay eggs.

MARK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mark Infrastructure Private Limited
        S-25, Srila Park Pride
        Near Chaitanya Boys Junior College
        Kukatpally, Hyderabad
        Telangana 500072

Insolvency Commencement Date: December 30, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 28, 2022

Insolvency professional: Mr. Ritesh Mittal

Interim Resolution
Professional:            Mr. Ritesh Mittal
                         Sanjay Kumar Kothari & Co.
                         D.No. 205, Doshi Chambers
                         Basheerbagh, Hyderabad 500029
                         E-mail: mrriteshmittal@gmail.com
                                 markinfrastructurecirp@gmail.com

Last date for
submission of claims:    January 17, 2022


MRJ STEELS: CRISIL Assigns B+ Rating to INR20cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of MRJ Steels Private Limited
(MRJ).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B+/Stable (Assigned)
   Letter of Credit       10        CRISIL A4 (Assigned)

The ratings reflect susceptibility of operating margin to
volatility in raw material prices, working capital-intensive
operations and weak financial profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability to cyclicality in end-user segment: Scale and
profitability are linked to the fortunes of the inherently cyclical
steel industry, which has a strong correlation with overall growth
in gross domestic product. Operating performance will remain
susceptible to volatility in commodity prices and offtake by the
key end-user sector.

* Working capital-intensive operations: Gross current assets (GCAs)
were 229 days as on March 31, 2021, against over 360 days in the
previous fiscal. Large working capital requirement arises from high
debtors at 191 days as on March 31, 2021. The company is required
to extend long credit period. Inventory is primarily maintained at
5-8 days to meet demand from industrial and direct consumers and to
factor in lead time.

* Below-average financial profile: MRJ has average financial
profile, as indicated by gearing of 4.06 times and total outside
liabilities to adjusted networth (TOLANW) ratio of 6.01 times as on
March 31, 2021. MRJ's debt protection metrics have also been weak
in the past due to high gearing and low accrual from operations.
The interest coverage and net cash accrual to total debt ratios are
1.09 times and 0.01 time, respectively, for fiscal 2021.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over three decades in the steel industry. This
has given them a strong understanding of the market dynamics and
enabled them to establish healthy relationships with suppliers and
customers.

Liquidity: Stretched

Bank limit utilisation was high at 70% on average for the 12 months
through October 2021. Cash accrual is expected to be over INR1.80
crore, which should be sufficient against term debt obligation of
INR1.34 crore over the medium term. In addition, it will cushion
the liquidity of the company. Current ratio was healthy at 1.61
times as on March 31, 2021. The promoters have infused unsecured
loan of INR2.44 crore till March 31, 2021, which aids liquidity.

Outlook: Stable

CRISIL Ratings believes MRJ will continue to benefit, over the
medium term, from its longstanding relationships with principals
and experience of the management to mitigate the inherent risk in
the trading business.

Rating Sensitivity factors

Upward factors:

* Stable revenue growth of 15-20% and sustenance of operating
profitability over the medium term
* Improvement in the working capital cycle while ensuring
improvement in the financial risk profile

Downward factors:

* Stretch in the working capital cycle, leading to weak liquidity
* Lower-than-expected sales and profitability, resulting in net
cash accrual

Incorporated in 1990, MRJ trades in sponge iron, billets, ingots
and thermo mechanically treated (TMT) bars, among others. The
company has four offices in Delhi; Ludhiana, Punjab; and Ghaziabad
and Muzaffarnagar in Uttar Pradesh. It is promoted by Mr. Ravindra
Juenja and his son, Mr. Saurabh Juneja.


P.M.P. TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M.P.
Textiles Spinning Mills Limited (PTSML) continues to remain in the
'Issuer Not Cooperating' category.

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

   Long Term/            6.50      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 December 3, 2020, placed the
rating(s) of PTSML under the 'issuer non-cooperating' category as
PTSML 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. PTSML continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 19, 2021, October 29, 2021, November 8, 2021.

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

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

Detailed description of the key rating drivers

PTSML incorporated in November 1988 is engaged in manufacturing of
yarn and has its spinning unit in Dharmapuri, Tamil Nadu. The unit
has a total capacity of 39,500 spindles and it manufactures combed
and carded ring spun cotton yarns for weaving and knitting. The
company produces higher count yarn (80s). The company is managed by
Mr P. Muthuswamy, the Managing Director, who has more than three
decades of experience in the business.


PANCHHOR HYDRO: Ind-Ra Gives BB+ Rating on INR2,303.14BB Term Loan
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Panchhor Hydro Power
Private Limited's (PHPPL) term loan as follows:

-- INR2,303.14 bil. Term loan due on December 2036 assigned with
     IND BB+/Stable rating.

The rating reflects PHPPL's limited internal liquidity, short
operational track record of 10 months and volatility in electricity
generation of hydro projects. However, the rating is supported by
PHPPL's adequate debt service coverage ratio (DSCR), and a firm
40-year power purchase agreement (PPA) with the Himachal Pradesh
State Electricity Board Limited (HPSEBL) with regular receipt of
payments within 45 days since project commissioning.

KEY RATING DRIVERS

The rating reflects PHPPL's limited operational track record of 10
months with an average plant load factor (PLF) of 68% for 8MFY22 as
per billed units. As per P75 values in the hydrology report, 113
million units (PLF of 79.75%) should have the total generation for
eight months, against which 100.32 million units (PLF of 71%) have
been generated, which is in line with the P90 estimates. The annual
P90 and P75 PLF estimates are 53.63%, and 58.71%, respectively. As
informed by management to Ind-Ra, there was silt was accumulated at
the plant on account of heavy rainfall, leading to loss of power
for about 10 days during July 2021. However, the machine and grid
availability for the project has been consistently at 100% since
commissioning as per management.

The limited history constrains the agency's ability to gauge the
future PLF performance, considering the volatility in generation in
Ind-Ra-rated hydro projects. PHPPL reported revenue of INR292.45
million in 1HFY22 (FY21: INR22.80 million) and EBITDA of INR270.29
million (INR19.23 million). There were no contingent liabilities
observed.

The rating also factors in PHPPL's moderate debt structure. The
term loan will amortize in 56 structured quarterly installments,
beginning March 2022 and ending December 2036. The debt structure
features a waterfall mechanism. The presence of a long tail because
of the presence of a long-term PPA is a positive. Cash flows show
resilience to the downside stress scenarios with regards to
generation levels, interest rate and operating costs. Furthermore,
its DSCR is comfortable.

However, the rating is supported by PHPPL's 40-year PPA with HPSEBL
from commissioning (February 2021) at a fixed tariff of INR4.43 per
unit, thus reducing the revenue risk. The receivable period has
been about 45 days since billing, on an average, since
commissioning. HPSEBL is required to create and maintain an
irrevocable, revolving letter of credit for a revenue equivalent to
highest monthly invoice in a year. Management has confirmed to the
agency that a letter of credit has not been created. However,
payments have been regular till date.

Liquidity Indicator - Adequate: The project's average debt service
coverage ratio is strong at about 1.26x with an ability to
withstand moderate stresses on operational parameters. The debt
service reserve of INR170 million has been created as against the
required DSR of INR185 million as on 13 December 2021. PHPPL also
has liquidity of INR10 million as on 13 December 2021 in the escrow
account. Given that principal repayment is commencing in March 2022
post the lean generation season of 2HFY22, Ind-Ra expects depletion
in the internal liquidity till 1QFY23 and then build-up again by
2QFY23. Increase in internal liquidity to manage the seasonal
variations in generation such that DSR is not used for such purpose
will be positive.

The rating also benefits from the presence of a strong
counterparty, HPSEBL, which has made timely payments within 45 days
since commissioning. HPSEBL reported aggregate technical and
commercial loss of 12% in FY20. The average receivable and payable
period stood at 21 days in 2QFY22 (FY21: 21 days, FY20: 34 days)
and 75 days (74 days, 103 days), respectively.

RATING SENSITIVITIES

Positive: Operating performance in line with the P90 estimates and
an improvement in the liquidity position to address the seasonal
volatility in power generation would lead to a rating upgrade.

Negative: Developments that could, individually or collectively,
lead to a negative rating action are:

-- forward-looking average DSCR below 1.2x,
-- depletion in liquidity due to an increase in receivable days
above 90  days.

COMPANY PROFILE

PHPPL is operating a 24.6MW hydropower project in Himachal Pradesh.
The project is operational since 15 February 2021. Astha Green
Energy Ventures India Private Limited and Aarthi Energy Ventures
Private Limited are the sponsors.


PISCES EXIM INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Pisces Exim (India) Private Limited
        Row Bunglow No. 5
        Valmiki Baug, Mungul Margao
        GA 403601
        IN

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 19, 2022

Insolvency professional: Mr. Abhijeet Jain

Interim Resolution
Professional:            Mr. Abhijeet Jain
                         Diamond Chamber
                         4, Chowringhee Lane
                         Block-I, 4th Floor
                         Suite# 4M, Kolkata
                         West Bengal 700016
                         E-mail: ajasso@rediffmail.com
                                 cirp.pisces@gmail.com

Last date for
submission of claims:    January 11, 2022


PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
CRISIL Ratings has removed its rating on the bank facilities of PLK
Manufacturing Unit from 'Rating Watch with Developing Implications'
and has reaffirmed the rating at 'CRISIL B+', while assigning a
'Stable' outlook to the long-term rating.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B+/Stable (Removed
                                    from 'Rating Watch with
                                    Developing Implications';
                                    Rating Reaffirmed)

The management has confirmed applying for restructuring of loans
according to the Reserve Bank of India guidelines issued on May 5,
2021, and under Resolution Framework 2.0 for stressed assets. The
restructuring proposal has been accepted and approved by the bank.
The firm has received moratorium on term loans apart from
additional working capital limit of INR0.75 crore. CRISIL Ratings
notes PLK was meeting interest obligation on time and the account
conduct remained regular. As the firm has received approval for
debt restructuring, CRISIL Ratings has removed its rating from
watch and assigned a 'Stable' outlook.

The rating continues to reflect the firm's modest scale of
operations and below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
partners in the gold jewelry industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition with large number
of players constrains scalability, reflected in revenue of INR48.7
crore in fiscal 2021, and bargaining power. Revenue will remain
modest over the medium term with no major capital expenditure to be
incurred to increase the production capacity.

* Below-average financial risk profile: Capital structure was weak,
indicated by small networth of INR4.73 crore, gearing of 2.32
times, and total outside liabilities to adjusted networth (TOLANW)
ratio of 2.33 times, as on March 31, 2021 due to high reliance on
outside borrowings for working capital requirements. Debt
protection metrics were subdued, reflected in interest coverage and
net cash accrual to total debt (NCATD) ratios of 1.21 times and
0.01 time, respectively, in fiscal 2021. With low operating margin
and small accretion to reserve, the financial risk profile will
remain over the medium term.

Strength:

* Extensive experience of the partners: The partners' experience of
four decades in the gold jewellery business and strong
relationships with customers have helped to establish the market
position of the firm in Kerala.  This has resulted in year-on-year
growth in revenue from INR34.37 crore in fiscal 2019 to INR48.70
crore in fiscal 2021.

Liquidity: Poor

PLK has poor liquidity marked by expected cash and cash equivalents
of INR0.06-0.50 crore against repayment obligation ofRs.0.31 crore
in fiscal 2023. The firm has access to fund-based limits of INR9.5
crore, which are fully utilized over the 12 months ended November,
2021.

Outlook: Stable

CRISIL Ratings believes PLK will continue to benefit from the
extensive experience of its partners in the gold jewellery
industry.

Rating Sensitivity factors

Upward factors

* Steady improvement in scale of operations by 20% and sustenance
of operating margin leading to higher cash accrual
* Better capital structure

Downward factors

* Stagnant business performance owing to weak demand or reduction
in operating margin or large capital withdrawal by the partners,
leading to lower cash accrual
* Weakening of the financial risk profile, with TOLANW ratio
exceeding 3.5 times

Set up in 2015, Kerala-based PLK manufactures gold ornaments. The
firm was set up as a partnership firm by Mr. Jomy Varghese and Mr.
Jimmy Varghese.


RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajesh
Projects (India) Private Limited (RPPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       56.26      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      23.00      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 January 14, 2021, placed the
rating(s) of RPPL under the 'issuer non-cooperating' category as
RPPL 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. RPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 30,2021, December 10, 2021, December 20, 2021.

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

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

RPIPL was incorporated in 1999 & is engaged in real estate
business. Historically, the group was mainly into development of
commercial projects in Delhi and has successfully executed 14
commercial/retail projects in Delhi. In 2010, the company ventured
into residential group housing projects in Noida and Greater Noida
region. The group was promoted by Mr. Jai Bhagwan Goyal, a
qualified Civil Engineer, who has more than 40 years' experience in
construction. Currently his son, Mr. Rajesh Goyal who is also MD of
RPIPL, is actively handling the operations of group. RG Luxury
Homes is being developed on a total area of 18.5 acres in
Sector-16B, Greater Noida. The total saleable area is 38.2 lsf. The
projects offer 2 & 3 BHK apartments in 12 towers.


RISHAB COTSPIN: CRISIL Assigns B+ Rating to INR7cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Rishab Cotspin Private Limited
(RSPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit/
   Overdraft
   facility               7          CRISIL B+/Stable (Assigned)

   Loan Against
   Property               2.82       CRISIL B+/Stable (Assigned)

   Long Term Loan         5.54       CRISIL B+/Stable (Assigned)

   Long Term Loan         1.83       CRISIL B+/Stable (Assigned)

   Long Term Loan         0.16       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              2.73       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              0.11       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              0.20       CRISIL B+/Stable (Assigned)

The rating reflects modest scale of operations and large working
capital requirement. These weaknesses are partially offset by
extensive experience of the promoters in the textile industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue continue to remain moderate
over INR30-40 crores. Though revenue is likely to grow over the
medium term, it will remain modest. Modest scale restricts
bargaining power with customers and suppliers.

* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 154 days
as on March 31, 2021, driven by sizeable receivables and inventory
of 92 and 42 days, respectively. Receivables were stretched because
of year-end sales and effect of covid in the industry.

Strengths:

* Extensive experience of the promoters in the textile industry:
The promoters' experience of more than three decades in the textile
industry and strong relationships with customers and suppliers will
continue to support the business.

Liquidity: Stretched

Liquidity is stretched with fully utilized bank limit utilization
for past 12 months through October 21. Cash accruals are expected
to be tightly matched against repayment. Current ratio was at 1.45
times as on March 31, 2021.

Outlook: Stable

RCPL will continue to benefit from the extensive experience of its
promoters in the industry

Rating Sensitivity factors

Upward factors:

* Steady increase in revenue and stable profitability leading to
cash accrual over INR3 crore
* Improvement in the working capital cycle

Downward factors:

* Lower-than-expected sales or profitability leading to net cash
accrual below INR1.5 crore
* Stretched working capital cycle
* Sizeable debt-funded capital expenditure weakening the financial
risk profile

Company was incorporated in 1995 and was involved in the trading of
acrylic yarn. However, the manufacturing facilities started in
January 2018. RCPL's manufacturing capacity is 9000 spindles.


ROYAL POLYURETHANE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Royal Polyurethane India Private Limited
        507, Plot No. 3B1
        Twin District Centre
        Sector-10
        Commercial Block of Hotel cum
        Commercial Building
        Rohini North West
        Delhi 110085

Insolvency Commencement Date: December 24, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 22, 2022
                               (180 days from commencement)

Insolvency professional: Rajesh Kumar Parakh

Interim Resolution
Professional:            Rajesh Kumar Parakh
                         5/51, 2nd Floor
                         W.E.A. Karol Bagh
                         New Delhi 110005
                         National Capital Territory of Delhi
                         E-mail: parakh.rajesh@gmail.com

                            - and -

                         C-108, 3rd Floor
                         Sector-2
                         Noida 201301
                         UP
                         E-mail: royalpolyurethaneindia@gmail.com

Last date for
submission of claims:    January 7, 2022


SATYA SAI: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Satya Sai
Infrastructure Private Limited's Long-Term Issuer Rating of 'IND
BB- (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital* maintained in non-
     cooperating category and withdrawn; and

-- INR680 mil. Non-fund-based working capita** maintained in non-
     cooperating category and withdrawn.

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

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

KEY RATING DRIVERS

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

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

COMPANY PROFILE

Incorporated in 2006, Sri Satya Sai Infrastructure is engaged in
civil construction.


SEW BELLARY: Ind-Ra Assigns 'BB+' Term Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated SEW Bellary Highways
Limited's (SBHL) term loans as follows:

-- INR402.7* mil. Rupee term loan (RTL) due on September 2025
     assigned with IND BB+/Stable rating.

*Outstanding as of October 1, 2021

Ind-Ra has analyzed SBHL's standalone credit profile for the
rating.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The rating is constrained because
Ind-Ra expects the available liquidity to be sufficient to address
only the delay in annuities and could be stretched when a major
maintenance activity is undertaken during FY23 as per the
concession agreement. SBHL had a debt service reserve (DSR) of
INR100 million and cash balance of INR35.55 million as of December
3, 2021. The DSR is equivalent to just eight months of debt
servicing in FY23, while the stipulated DSR (one quarter interest
and one half yearly principal repayment) for FY23 is INR62.95
million. Also, the project's debt service coverage ratio comes out
to be just  0.95x and 1.1x for FY23 and FY24, respectively, after
considering major maintenance expenses. The company has delayed the
repayments in the past due to the delayed receipt of annuities.
Although the current liquidity build-up provides cushion for any
such future annuity delays, there are limited buffer for any other
adverse event such as withholding of annuities or increased
expenses. In the event of withholding of annuities due to any event
(historically observed with the 12th annuity), the cashflows could
be stretched, especially at the time of incurring second major
maintenance expenses. Nearly 42% of the 12th annuity was withheld
and released subsequently.

The lender has confirmed that cash surplus will be retained in SBHL
and will be used for maintenance and project expenses. Ind-Ra will
review the rating in case of any fall in the internal liquidity,
including due to repatriation of surplus to the sponsor in any
form.

Weak Sponsor: SEW Infrastructure Limited (SIL), the sponsor,
undertakes turnkey projects in diverse fields such as irrigation,
power, roads, tunnels and pipelines. SIL has a weak credit profile
and thus would be unable to support the company in case of any
shortfall in debt servicing.

Predictable Revenue Albeit with Delays: SBHL has received till the
17th annuity (on November 20, 2021) from the counterparty -
Karnataka Road Development Corporation Limited (KRDCL), out of the
total 26 annuities as per the concession agreement. Since March
2016, there have been delays in receiving annuities in the range of
7-92 days. The receivables elongated during 1HFY21 to 141 days due
to the COVID-19 impact. Although SBHL has a debt service reserve
account (DSRA) covering eight  months of debt service requirements,
regular receipts of the full annuity is a crucial rating factor and
any adverse changes will result in a negative rating action.

Moderate Operating Risk; Minimum Technology Risk: SBHL has signed
an operation & maintenance contract with a third-party contractor
valid for the period January-December 2021. The management has
represented that they would renew the O&M contract subsequently.
Ind-Ra believes the maintenance requirement is straightforward,
given the project corridor has low complexity. The last major
maintenance cycle was completed in July 2019.

As per management and the authority, the road quality is good. The
Roughness Index survey report for the month of August 2021
indicates that road quality is comfortable. According to concession
agreement, a major maintenance cycle is required to be carried out
in FY23 and requires that the road thickness is at least 50mm.
Ind-Ra has considered this requirement as per the concession
agreement in the projections. SBHL however expects the major
maintenance to be incurred later than FY23 depending upon the road
quality. Ind-Ra expects the second major maintenance expenses could
be around INR100 million, assuming nominal escalation on the actual
expenses incurred during last major maintenance. A substantial
increase in the actual operating or major maintenance expenses,
beyond Ind-Ra's base case estimates, could impact the rating.

Moderate Debt Structure: The RTL is repayable in 23 half yearly
repayments on September and March of every year. The tail period is
around six months. The principal repayment dates falls on the 1st
of March and September months while annuities fall due on the 8th
of March and September. The project has standard project finance
features, including a cash flow waterfall and restricted payment
conditions.

RATING SENSITIVITIES

Negative: Delays beyond three months in the receipt of annuities,
any material withholding or deductions in the annuity payments and
an increase in the maintenance expenses could result in a negative
rating action.

Positive: Timely receipt of annuities for a continued period of two
years and improved internal liquidity leading to visibility on
funding on the second major maintenance expenses, could result in a
positive rating action.

COMPANY PROFILE

SBHL is a special purpose vehicle promoted by SIL. It has been
incorporated to widen the existing state highways no 132 from
Bellary to Andhra Pradesh border to a four-lane divided carriageway
from a two-lane carriageway on the design, build, finance, operate
and transfer basis under the annuity frame work. The 17-year
concession (including two years of construction) was awarded by
KRDCL. SBHL achieved the final completion on 8 October 2021 as the
right of ways issues hampered project completion.


SHIVA TRANSPORT: CARE Lowers Rating on INR10cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shiva Transport Company (STC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 31, 2020, placed
the rating(s) of STC under the 'issuer non-cooperating' category as
STC 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. STC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 16, 2021, November 26, 2021, December 6, 2021.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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 STC have been
revised on account of non-availability of requisite information.

Jamshedpur (Jharkhand) based, Shiva Transport Co. (STC) was
initially set up as a proprietorship firm in the year 1993 by Mr.
Rajendra Prasad. However, it was reconstituted as a partnership
firm from April 01, 2018. Presently it is managed by two partners
named Mr. Rajendra Prasad and Mr. Abhay Kumar. The firm has been
engaged in providing inland transportation services. It is a
thirdparty logistics and road transportation service provider. The
firm provides transportation services mainly for Tata Steel Long
Products Limited, Tata BlueScope Steel, Tinplate Company of India
Limited etc.


SHRIKISHAN AND COMPANY: CARE Cuts Rating on INR2cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shrikishan and Company (SC), as:

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

   Short Term Bank     23.00       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 December 7, 2020, placed the
rating(s) of SC under the 'issuer non-cooperating' category as SC
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. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 23, 2021, November 2, 2021, November 12, 2021.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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 SC have been revised
on account of non-availability of requisite information.

Established in September, 1994, Shrikishan and Company (SC) was
promoted by Mr. Sushil Kumar Agarwal based out of Raipur,
Chhattisgarh. Since its inception, the entity has been engaged in
civil construction works like construction of buildings, roads etc.
SKC is classified as Class – A contractor with the PWD of
government of Chhattisgarh and Odisha respectively which enables it
to participate in higher value contracts.


SHRIRAM TRANSPORT: Fitch Gives 'BB(EXP)' Rating to USD Sec. Bonds
------------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Transport Finance
Company Limited's (STFC, BB/Stable) proposed US dollar-denominated
senior secured bonds an expected rating of 'BB(EXP)'. The final
rating is subject to the receipt of final documentation conforming
to information already received.

The proposed bonds will carry a fixed-rate coupon payable
semi-annually and will be secured by a fixed charge over specified
accounts receivable, in line with STFC's domestic secured bonds and
rupee-denominated senior secured bonds issued overseas. They are
also subject to maintenance covenants that require STFC to meet
regulatory capital requirements at all times, maintain a net stage
3 asset ratio equal to or less than 7%, and ensure its security
coverage ratio is equal to or greater than 1x at all times.

STFC will issue the proposed bonds in the international market
under the Reserve Bank of India's external commercial borrowings
framework. They will be issued under STFC's global medium term-note
programme (affirmed at 'BB' on 28 December 2021), which has been
upsized to USD3.5 billion from USD3 billion. The programme rating
is unaffected by the upsize.

KEY RATING DRIVERS

STFC's proposed bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance
with Fitch's rating criteria.

Most of STFC's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. STFC can issue unsecured debt in the
overseas market, but such debt is likely to constitute a small
portion of its funding and thus cannot be viewed as its primary
financial obligation.

For more information on the key rating drivers and rating
sensitivities on the company, please see "Fitch Affirms Shriram
Transport Finance's 'BB' Rating on Proposed Merger; Outlook
Stable", published on 28 December 2021.

RATING SENSITIVITIES

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

-- Any negative action on STFC's Long-Term Foreign-Currency IDR
    would drive similar action on the expected rating on the
    proposed bonds.

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

-- Any positive action on STFC's Long-Term Foreign-Currency IDR
    would result in similar action on the expected rating on the
    proposed bonds.

ESG CONSIDERATIONS

STFC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance and leasing
sector. This reflects its retail-focused operation, which exposes
it to risks around fair-lending, pricing-transparency,
repossession, foreclosure and collection practices. Aggressive
practices in these areas may subject the company to legal,
regulatory and reputational risk that may affect its credit profile
negatively. The relevance score of '3' for this factor reflects
Fitch's view that these risks are adequately managed and have a low
impact on STFC's credit profile to date.

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

BEST/WORST CASE RATING SCENARIO

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


SHRIRAM TRANSPORT: S&P Rates New Senior Secured Bond 'BB-'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
proposed U.S. dollar-denominated senior secured bond by Shriram
Transport Finance Co. Ltd. (STFC: BB-/Stable/B). The bond is issued
under STFC's upsized US$3.5 billion multi-currency global
medium-term note program (GMTN).

S&P equalizes the rating on the bond with the long-term issuer
credit rating on STFC. The bond is the direct and unconditional
obligation of the company. It is secured and will rank equally,
without any preference, with all other outstanding secured and
unsubordinated obligations of the issuer.

The GMTN program has performance-related covenants. If those
covenants are breached, they can result in an event of default and
early redemption of the bond, subject to approval from India's
central bank. These covenants are: STFC's capital adequacy ratio
(CAR) should comply with minimum regulatory requirements, and the
company's net stage 3 loan ratio should be equal to or less than
7.0%. Stage 3 loans are impaired loans that are at least 90 days
overdue.

S&P said, "We believe the risk of STFC breaching these covenants is
low over the next 12 months. The company has a strong market
position as the largest financier of commercial vehicles in India.
It benefits from high yields on its pre-owned commercial vehicles
portfolio and low operating costs. These factors compensate for the
high cost of wholesale borrowing and elevated credit costs. STFC's
capital base is supported by the company's above-average earnings.
STFC's CAR of 23.2% as of Sept. 30, 2021, is well above the
regulatory requirement of 15%. The company is in the process of
merging with its sister company, Shriram City Union Finance Ltd.,
and we expect the transaction to be completed by end of 2022. In
our view, the merger's impact on our rating on STFC will be
neutral."

STFC's asset quality improved progressively in June-September 2021,
supported by a broad economic recovery in India. This lowered
credit cost to 227 basis points (bps) (annualized) in the quarter
ended Sept. 30, 2021, from a very high level of 492 bps
(annualized) in the prior quarter when the company front-loaded
provisioning to manage the potential downside from the second wave
of COVID-19 infections. S&P's base case expects the credit cost for
the financial year ending March 31, 2022, to be 280 bps-300 bps and
STFC's net stage 3 ratio, which was at 4.18% as of Sept. 30, 2021,
to stabilize further.


SINGLA CABLES: CRISIL Withdraws D Rating on INR14cr Cash Loan
-------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Singla
Cables (SC), as:

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        14        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

CRISIL Ratings has been consistently following up with SC for
obtaining information through letters and emails dated November 28,
2020, December 22, 2020 and December 29, 2021, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SC. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes the rating action on
SC is consistent with 'Assessing Information Adequacy Risk'. The
rating on the long-term bank facility of SC continues to be 'CRISIL
D Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its rating on the long-term bank
facility of SC on the request of the company and after receiving a
no-objection certificate from the bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its rating on
bank loan facilities.

SC is a partnership concern set up by Mr. Krishen Gopal Singla and
his family members in 2002. The firm manufactures
polythene-insulated jelly-filled cables, telephone drop wire,
signalling cable, jumper wire and high-density polyethylene telecom
ducts. Mr. Singla and his sons, Mr. Varun Singla and Mr. Tarun
Singla, are the partners. The manufacturing facility is in SIDCO
Industrial Complex, Bari Brahmana, Jammu.


SNEHA MUTUALLY: CRISIL Assigns B Rating to INR3cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Sneha Mutually Aided Cooperative Thrift
and Credit Society Limited (Sneha MACTCS).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (Assigned)

   Long Term Bank
   Facility               0.69      CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.31      CRISIL B/Stable (Assigned)

The rating reflects the society's small scale of operations with
geographical concentration and inherent modest credit profile of
the borrowers. These weaknesses are partially offset by its long
track record of operations and moderate resource profile.

As on September 30, 2021, assets under management (AUM) of Sneha
MACTCS stood at INR3.6 crore, registering de-growth of 13% (against
AUM of INR4.2 crore as on March 31, 2021). Disbursement has also
declined during H1 fiscal 2022 to INR0.89 lakhs from INR1.53 crore
for the same period in previous fiscal, mainly due to second wave
of Covid-19 pandemic. The company disburses loans to the Self Help
Group (SHG) engaged in income generation activities; due to
intermittent lockdown situation, portfolio has declined at the end
of the year. The entire portfolio of the company remains
concentrated in Ranga Reddy districts of Telangana.

Society has maintained its asset quality with negligible overdues
in last 4-5 years. Asset quality is supported by the inherent
strengths of self-help groups (SHGs) and joint liability groups
(JLG). Sneha MACTCS provide SHG loans mainly to women to strengthen
their financial ability and to meet their working capital
requirement. Even though Society has maintained asset quality, it
will remain vulnerable because of unsecured lending and low credit
profile of borrower.

Profitability remained average with the society reporting a profit
INR14.3 lakhs for fiscal 2021 as against INR7.54 lakhs in previous
fiscal. In the first half of fiscal 2022, society reported a profit
of INR0.88 lakhs. The profitability is average mainly of account of
low yield at 12% and society raising funds at 10.45%, hence the
spread is low 1.5-2% p.a.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Sneha MACTCS.

Key Rating Drivers & Detailed Description

Strengths:

* Moderate resource profile: Society is operating in MFI segment
for last two decade and was able to raise fund from banks at
competitive rate of interest. Society has been receiving funds from
State Bank of India out of which one loan was sanction in December
2021, after second wave of pandemic. The total cost of borrowing is
at 11%-12% for last 4-5 years.

Weaknesses:

* Small scale of operations with geographical concentration

Sneha MACTCS, which has been in existence for over twenty years,
remains a small-sized MFI with a book size of INR3.6 crore as on
September 30, 2021. It mainly provides microfinance loans to
self-help groups (SHGs), operating with 13 branches in one district
of Telangana. Considering the MFI does not have any aggressive
plans to scale up its business, its growth is likely to remain
constrained over the medium term.

* Inherent modest credit profile of the borrowers: The business of
these institutions entails lending to the poor and downtrodden
sections of society, MFIs will remain exposed to socially sensitive
factors, especially relating to interest rates, and, consequently,
to tighter regulations and legislation.

Liquidity: Stretched

The society has a cash and cash equivalent INR72.3 lakhs as of
January 05, 2022, while repayment obligations for 3 months till
March 2022 are INR26 lakhs including operating expenses. Society
also received fresh funding in the form of cash credit limit of
INR3 crore.

Outlook: Stable

CRISIL Ratings believes that Sneha MACTCS's scale of operations
will remain small over the medium term.

Rating Sensitivity factors

Upward factors

* A Significant scale-up the loan book while maintaining
operational cost and earnings

* Healthy capital position, with gearing maintained below 3 times
Substantial improvement in earnings, with RoA maintained above 1.5%
consistently

Downward factors

* Deterioration in asset quality, with gross net performing assets
increasing to above 5% and its effect on profitability

* Inability to increase the overall scale of operations leading to
continued weakening of earnings profile

* Significant increase in adjusted gearing beyond 5 times on a
steady-state basis

Sneha Mutually Aided Cooperative Thrift and Credit Society Ltd.
(MACTCS), located at Ibrahimpatnam village of Ranga Reddy district
and known as Mahila Bank, was formed by more than 459 SHGs
constituting 2405 active members. This organization was started in
the year 2000, and now operating with 13 branches in Ranga Reddy
district of Telangana. Society has 15 director who look after the
lending to SHG groups, these 15 directors have an operational
period of 3 years; after every 3 years, there is rotation of board
of directors. Society has been operating in MFI segment for more
than 2 decades with loan portfolio of INR3.6 crore.


SUNDAR STEEL: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sundar Steel
Industries' Long-Term Issuer Rating of 'IND B+' 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 agency has simultaneously withdrawn the provisional
rating on the proposed fund-based working capital limit.

The instrument-wise rating actions are:

-- INR145 mil. Fund-based working capital limit migrated to Non-
     Cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating;

-- INR35 mil. Proposed fund-based working capital limit* is
     withdrawn;

-- INR80 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR40 mil. Term loan due on July 2024 migrated to Non-
     Cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

*The rating has been withdrawn as the issuer did not proceed with
the limits as previously envisaged.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 29, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sundar Steel Industries is a Vishakapatnam-based proprietorship
concern engaged in the trading of thermo-mechanically treated bars,
wire rod coils, rounds, scrap, structural like beams, flats, angles
and channels. Sundar Kumar Mittal is the promoter.  


TATA PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Tata Projects Limited
        Mithona Towers 1, 1-7-80 to 87
        Penderghast Road
        Secunderabad
        Telangana 500003

Insolvency Commencement Date: Deember 30, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 27, 2022

Insolvency professional: Krishna Komaravolu

Interim Resolution
Professional:            Krishna Komaravolu
                         House No. 7-1-214, Flat No. 409
                         Vamsikrishna Apartments
                         Dharam Karan Road, Ameerpet
                         Hyderbad 500016
                         E-mail: kkvolu@gmail.com
                                 irp.tataprojects@gmail.com

Last date for
submission of claims:    January 13, 2022


VIKAS SILKS: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vikas Silks (VS) a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70.00 mil. Fund-based working capital limits assigned with
     IND B+/Stable/IND A4 rating; and

-- INR30.90 mil. Term loans due on August 2024 assigned IND B+/
     stable rating.

The ratings reflect VS' small scale of operations, average EBITDA
margins and modest credit metrics.

KEY RATING DRIVERS

The ratings reflect VS' small scale of operations as indicated by
revenue of INR337.48 million in FY21 (FY20: INR342.62 million). The
marginal decrease in the revenue was due to temporary shutdown of
operations due to Covid-19-led-lockdown during April and May 2020.
The firm booked sales of INR273.57 million as of November 2021.
Ind-Ra expects the revenue to increase in FY22 owing to an increase
in the demand for readymade apparels, as observed from sales of
8MFY22. FY21 numbers are provisional in nature.

The ratings also factors in VS' modest credit metrics as reflected
by the gross interest coverage (operating EBITDA/gross interest
expense) of 1.39x in FY21 (FY20: 1.32x) and the net leverage (total
adjusted net debt/operating EBITDAR) of 7.64x (5.42x). The gross
interest coverage marginally improved due to decrease in interest
expenses during FY21. However, the net leverage deteriorated as the
firm availed an additional Covid-19 loan INR17.5 million and
unsecured loans of INR61.11 million from related parties in FY21.
Ind-Ra expects the credit metrics to improve in the near term,
although remain modest, owing to the scheduled repayments of bank
loans.

Liquidity Indicator - Poor: The peak average utilization of the
fund-based working capital limits was 94.76% in the 12 months ended
November 2021. The cash flow from operations turned negative to
INR45.55 million in FY21 (FY20: positive INR10.42 million) due to
unfavorable changes in working capital. The working capital cycle
was elongated at 80 days in FY21 (FY20: 24 days) on account of an
increase in the inventory holding period to 154 days (139 days) and
a decline in the payable period to 76 days (116 days). The cash and
cash equivalents stood at INR5.49 million at FYE21 (FYE20: INR3.34
million). The firm has scheduled repayments of INR17.06 million and
INR9.25 million in FY22 and FY23, respectively. VS had availed the
Reserve Bank of India-prescribed moratorium for repayment of term
loan during March to August 2020.

The ratings also reflect VS' average EBITDA margins of 6.22% in
FY21 (FY20: 6.28%) with a return on capital employed of 13% (16%).
The absolute EBITDA was INR21.01 million in FY21 (FY20: INR21.50
million). Ind-Ra expects the EBITDA to marginally improve on the
back of the likely increase in the revenue.

However, the ratings are supported by VS' proprietor's experience
of nearly one decade in the retail business, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the operating performance, leading to
deterioration in the credit metrics or liquidity position, all on a
sustained basis, would be negative for the ratings.

Positive: A substantial improvement in the operating performance,
leading to the net leverage reducing below 5x, along with an
improvement in the liquidity position, all on a sustained basis,
would be positive for the ratings.

COMPANY PROFILE

VS, a proprietorship firm, is engaged in the retailing of women
readymade apparels. The firm is headed by Rajasekar. It operates
through two retail shops located at Sankarankovil and Rajapalayam,
in Tamil Nadu.


VIVEKANAND MAHILA: CRISIL Assigns B Rating to INR1cr LT Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Shree Vivekanand Mahila Vikas Federation
(SVMVF).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility        1       CRISIL B/Stable (Assigned)

The rating reflects the trust's small scale of operations with
geographical concentration, average asset quality. These weaknesses
are partially offset by moderate capital position.

As of March 31, 2021, advances of SVMVF stood at INR0.90 crore,
registering growth of 3% year-on-year. For period ended October
2021, advances stood at INR1.00 crore. Unlike MFI industry, there
has been minimal impact of Covid 19 on the performance of the
trust; the collection efficiency stood in the range of 99%-100%.

SVMVF did not avail of the one-time debt restructuring scheme under
the Covid-19 relief measures announced by the Reserve Bank of India
(RBI). Asset quality for the trust has improved over the past few
years, with the 90+ days past due (dpd) remaining below 5% in last
3 years. The trust has not made any additional provisioning for
Covid-19.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operation with geographical concentration: SVMVF
is a non-profit organisation (NGO) registered under Section 25,
engaged in microfinance activities since December 2014. It had loan
portfolio of INR1.0 crore and 125 borrowers as on October 31, 2021.
Moreover, operations are geographically confined to only one
district – Kutch in Gujarat, with single branch. The ability of
the company to scale up its loan book in the current geography
while improving its asset quality will remain a key monitorable.

* Average asset quality: The asset quality of the society is
improving as compared to previous years however remains average
reflected in 90+ dpd at 3.82% as on September 30, 2021 as compared
to 4.04% as on March 31, 2021. The ability of the company to
recover the dues and monitor the asset quality going forward will
remain monitorable factor.

Strength:

* Moderate capitalisation for current scale of operations:
The trust has moderate capitalization with a net worth of INR 0.96
crore and comfortable gearing at 0.10 times as on October 31, 2021.
Given the company has been operating as trust, raising capital from
external sources becomes challenging. As a result, the trust has to
depend on other funding sources such as grants, unsecured loans
from parent organization, etc. With inherent limitations in raising
capital, conservation growth plans, capital position is expected to
remain adequate for the trust.

Liquidity: Stretched

SVMVF had liquidity of INR0.18 crore in the form of cash and cash
equivalents. Against this, it had total outflows (debt repayment
and operating expenses) of INR0.11 crore for the next 3 months till
February 2022.                                         

Outlook: Stable

CRISIL Ratings believes SVMVF scale of operations will remain small
over the medium term.

Rating Sensitivity factors

Upward factors:

* Ability to significantly scale-up the loan book while maintaining
operational cost and improving earnings
* Improvement in asset quality with 90+ dpd improving to 2%

Downward factors:

* Deterioration in asset quality with 90+ dpd increasing to above
5% and its effect on profitability.
* Changes in regulatory environment.

SVMVF, established as trust, started its microfinance operations in
December 2014; its loan portfolio is of INR1.0 crore as on October
31, 2021. BCT has single branch in Kutch (Gujarat).


WELPACK PPOLYMERS: CRISIL Reaffirms B+ Rating on INR2.25cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank loan
facilities of Welpack Ppolymers Limited (WPL) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.25      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.30      CRISIL B+/Stable (Reaffirmed)

   Term Loan              6.72      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan            1.73      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect WPL's modest scale of operations
and average financial risk profile. These rating weaknesses are
partially offset by experience of promoters and their understanding
of market dynamics.

Analytical Approach

Out of the total unsecured loans of INR6.09 crore as on March 31,
2021, INR 5.21 crores have been treated as neither debt nor equity,
as these loans are from promoters & related parties, and will
remain in the business, rest has been treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Scale of operations is modest
indicated by operating income of INR26.04 crore for FY 21.
Commercial operations commenced in FY 19. Modest scale of
operations amidst intense competition limits the bargaining power
with customers and thus constrains revenues and profitability.
Although scale of operations is expected to improve with addition
of customers and increase in capacity, it is expected to remain
modest over the medium term.

* Average financial risk profile: Total outside liabilities to
adjusted net worth ratio was moderate at 1.8 times on a low
networth base of INR 7.57 crores as on March 31, 2021. Debt
protection metrics are average with interest cover of 1.84 times
and net cash accruals to adjusted debt ratio of 0.09 times as on
March 31, 2021. Financial risk profile is expected to remain
average in the medium term due to modest accruals.

Strengths:

* Experienced promoters: WPL's promoters have experience of more
than a decade in the business which has enabled them in
understanding market dynamic and establishing healthy relationships
with the customers and the suppliers. Experience of promoters is
expected to support the business risk profile of WPL in the medium
term.

Liquidity – Poor

Bank limit utilization is high at around 97.61 percent for the past
twelve months ended September 2021. Cash accrual are expected to be
low in range of INR1.4-1.7 crores which are barely sufficient
against term debt obligation of INR1.3-1.64 crores over the medium
term. The company is planning to enhance its capacity at an
investment of around INR 9 crores in fiscal 2023 to be funded by
70% debt. The current ratio was at 1.53 times on March 31, 2021.
The promoters are likely to extend support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook Stable

CRISIL Ratings believes that WPL will continue to benefit from the
extensive experience of the promoters

Rating Sensitivity factors

Upward factors

* Sustained increase in NCA to above INR2 crore per annum

* Improvement in financial risk profile especially liquidity

Downward factors

* Lower than anticipated revenue growth or dip in operating margin
below 9%, resulting in lower-than-expected NCA

* Large debt-funded capex or stretch in working capital cycle
resulting in deterioration in financial risk profile   

Incorporated in 2017, WPL is engaged in manufacturing of
Polypropylene (PP) woven bags used in the packaging industry. The
company and its manufacturing facility are based in Bharuch,
Gujarat.


WONDERVALUE REALTY: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Wondervalue
Realty Developers Private Limited (WRDPL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      300.00      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 December 24, 2020, placed
the rating(s) of WRDPL under the 'issuer non-cooperating' category
as WRDPL 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. WRDPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 9, 2021, November 19, 2021, November 29, 2021.

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

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

Incorporated in September 2008, WRDL is promoted by HBS Realtors
Pvt. Ltd. (HBS, holding 50.01% stake) and IIRF India Realty XI Ltd.
(IIRF-XI) & IL&FS Trust Company Ltd. (ITCL) (holding 49.99% stake).
WRDL is developing a residential redevelopment project spread over
3.61 acres (157,074 sq ft) of land in Worli, Mumbai, currently
owned by Maharashtra Housing and Area Development Authority
(MHADA). Total permissible Floor Space Index (FSI) is 2.5x for the
proposed development. Considering the FSI available, the total area
proposed to be developed is 695,127 sq ft. The above area is split
into built up area of 362,847 sq ft to be used for the Rehab Towers
and the balance built up area of 342,431 sq ft would be available
to WRDL for commercial sale (free sale area). Based on the
Development Agreement entered into by the company with the two
Societies, i.e., ShivShahi Cooperative Housing Society Limited
(ShivShahi) and Shivaji Nagar ShivPrerana Cooperative Housing
Society Limited (ShivPrerana), WRDPL is required to construct and
develop a 38-storey tower having 317,060 sq ft of built-up area and
205,862 sq ft of car park area for the tenants of ShivShahi, and
construct a 14-storey tower having 45,787 sq ft of built-up area
and 23,250 sq ft of car park area for the tenants of ShivPrerana.
The company plans to construct two high rise residential towers of
40 storeys each for Free Sale. Each building would have 12 storeys
of multi-level car park area and amenity space, residential units
spread across 13th to 40th storey with requisite allowance for
refuge area as per local bye laws. The estimated cost of the
project is INR866 crore and it is to be funded with debt of INR280
crore (already tied-up), equity of INR206.34 crore and customer
advances of INR379.66 crore.




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

KTH ASIA: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 31, 2021, to
wind up the operations of KTH Asia Pte. Ltd.

FS Capital Pte Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Lau Chin Huat
          Mr. Yeo Boon Keong
          Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


SEA GULL: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 31, 2021, to
wind up the operations of Sea Gull Trading (Pte) Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




=====================
S O U T H   K O R E A
=====================

OSSTEM IMPLANT: FSC to Take Action in Case of Any Irregularities
----------------------------------------------------------------
Yonhap News Agency reports that the head of South Korea's financial
regulator said on Jan. 6 that his agency will consider taking
necessary action in the case that any irregularities are found at
Osstem Implant Co., after one of its employees was accused of
embezzling a large amount of company funds.

On Jan. 5, police arrested the employee, identified only by his
family name Lee, five days after the dental implant material maker
sued him for misappropriating some CNY188 billion (US$157.7
million), according to the report. He was in charge of managing
corporate funds.

It was a rare and large-scale scandal involving a company listed on
the country's tech-heavy KOSDAQ market, as the allegedly embezzled
money is worth around 90 percent of the company's equity for
end-2020, Yonhap relates. Its stock trading was suspended on Dec.
31, 2021, amid speculation that the company could be kicked out.

"Separate from judicial procedures, we will closely look into
whether there had been any acts that disrupted the stock markets or
other problems with regard to protection of investors and small
shareholders," Koh Seung-beom, chief of the Financial Services
Commission (FSC), told reporters on the sidelines of his meeting
with Financial Supervisory Service (FSS) chief Jeong Eun-bo in
Seoul, Yonhap relays.

"We will consider taking action if any such action turns out to be
necessary," he added.

On Jan. 5, Osstem Implant CEO Um Tae-kwan apologized and vowed to
retrieve the money that had disappeared as much and swiftly as
possible. He also reassured investors that the company has strong
financial health to withstand the embezzlement scandal, the report
relates.

Despite the efforts to dispel concerns, market watchers remain
concerned, raising the possibility that the company could be
delisted from the KOSDAQ market, which could deal a blow to
shareholders, of which about 44 percent are foreigners, according
to the report.

According to Yonhap, FSS Chairman Jeong earlier told reporters that
his agency is "monitoring" for any indication that Osstem Implant
might have cooked the books to conceal the alleged embezzlement.

Established in 1997, Osstem Implant is South Korea's largest
manufacturer of dental implants. The company also holds the largest
market share in the Asia-Pacific region and is fourth in the global
market.

The company posted a net profit of KRW31.6 billion in the third
quarter of last year on sales of KRW213.3 billion on a consolidated
basis, Yonhap discloses. The third-quarter net profit was down 32.3
percent from the same period a year earlier.



                           *********


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 2022.  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 ***