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

                     A S I A   P A C I F I C

          Friday, January 21, 2022, Vol. 25, No. 10

                           Headlines



A U S T R A L I A

COGSWORTH INTERNATIONAL: Second Creditors' Meeting Set for Jan. 28
DIXON ADVISORY: Appoints PwC as Voluntary Administrators
GIGSUPER PTY: Second Creditors' Meeting Set for Jan. 27
HAPPY ROCK: First Creditors' Meeting Set for Feb. 1
LARTSA HOLDINGS: First Creditors' Meeting Set for Jan. 28

VAL S INVESTMENTS: Second Creditors' Meeting Set for Jan. 28


C H I N A

CHINA AOYUAN: To Miss Payment on $688MM Offshore Bonds
SUNAC CHINA: Fitch Cuts Debt Rating to 'BB-', Outlook Neg.
[*] CHINA: Drafts Rules to Ease Property Developers' Cash Access


I N D I A

ANGEL FIBERS: CARE Withdraws B/A4 Rating on Bank Debts
BALAJI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating
BHILAI INSTITUTE: CRISIL Keeps D Debt Rating in Not Cooperating
CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating
CIVIL ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating

CL ENGINEERING EQUIPMENT: Insolvency Resolution Case Summary
DEEPAK YADAV: CRISIL Keeps B Debt Rating in Not Cooperating
DELHI INT'L AIRPORT: Fitch Alters Outlook on 'BB-' IDR to Stable
DOLPHIN TERRA: CARE Lowers Rating on INR8.90cr LT Loan to C
DURGASHREE CASHEWS: CARE Keeps D Debt Rating in Not Cooperating

EDIMANNICKAL FASHION: CRISIL Keeps B+ Rating in Not Cooperating
FAVOURITE PLUS: CRISIL Keeps B Debt Rating in Not Cooperating
FORGE INDIA: Insolvency Resolution Process Case Summary
GAGANA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
GANESH RAM: CRISIL Lowers Rating on INR41cr Loans to D

GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating
GLAZE GARMENTS: CARE Keeps D Debt Ratings in Not Cooperating
GMR HYDERABAD: Fitch Alters Outlook on 'BB+' LT IDR to Stable
HAREKRISHNA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
HARSHNA FRUITS: CRISIL Lowers Rating on INR7cr Cash Loan to C

HCL TECHNOLOGIES: NCLAT Issues Stay Order on Insolvency Process
HINDUSTHAN SMALL: Insolvency Resolution Process Case Summary
INDIAN YARN: CARE Keeps D Debt Ratings in Not Cooperating
JIWANRAM SHEODUTTRAI: CRISIL Keeps D Ratings in Not Cooperating
JRK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

K G N MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
KALAVAKURU ESTATES: CRISIL Reaffirms B+ Rating on INR20cr Loan
KEDARESHWAR FIBERS: CRISIL Keeps B+ Ratings in Not Cooperating
KIKANI INTERNATIONAL: Insolvency Resolution Process Case Summary
KOHINOOR INDIA: CARE Keeps B Debt Rating in Not Cooperating

LINBERT TRAVELS: Insolvency Resolution Process Case Summary
LUCKNOW OPTICAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAHALAXMI FAB: CRISIL Keeps B Debt Rating in Not Cooperating
MAHESH GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAHIDHARA PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating

MARUTI BARRIER: CRISIL Keeps D Debt Ratings in Not Cooperating
MARUTI GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating
MR NIRMAN PRIVATE: Insolvency Resolution Process Case Summary
MRIDHUL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating

OASIS GREEN: CARE Keeps B- Debt Rating in Not Cooperating
PALAK FERRO: CARE Keeps D Debt Rating in Not Cooperating
QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating
R. L. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMAN AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating

RASHMI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SATURN RINGS: Insolvency Resolution Process Case Summary
SIDDHI LAXMI: CARE Lowers Rating on INR8.80cr Loan to B-
SSK TRADING PRIVATE: Insolvency Resolution Process Case Summary
STAR CARS: CRISIL Keeps D Debt Ratings in Not Cooperating

SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
T S R COTTON: CRISIL Lowers Rating on INR10cr Cash Loan to B
TEJA CEMENT: Insolvency Resolution Process Case Summary
UDAYA HARDWARES: CRISIL Lowers Rating on INR5cr Loans to B
UNIQ DETECTIVE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

VIDEOCON INDUSTRIES: Creditors' Panel Seeks Plan Bids by Feb. 2
VIJAYA LAKSHMI: CARE Keeps B- Debt Rating in Not Cooperating
WORLDS WINDOW: Insolvency Resolution Process Case Summary


I N D O N E S I A

BUKIT MAKMUR: Fitch Alters Outlook on 'BB-' LT FC IDR to Stable


M O N G O L I A

MANDAL DAATGAL: A.M. Best Affirms B(Fair) Fin. Strength Rating


N E W   Z E A L A N D

CLINICAL SUPPLY: Creditors' Proofs of Debt Due Feb. 15
CUSTOM BUILDS: Creditors' Proofs of Debt Due Feb. 14
GILBERTO PAINTERS: Creditors' Proofs of Debt Due Feb. 17
SMOKE ALARM: Creditors' Proofs of Debt Due Feb. 22


S I N G A P O R E

BUTLER TECH: Creditors' Meetings Set for Jan. 26
EAGLE HOSPITALITY: Court Fines Fraudsters Who Kept $2.4 Million
FULLERTON HEALTHCARE: May File for Judicial Management
NERA TELECOM: Gets Bills of Demand Relating to Tax Liabilities


S R I   L A N K A

SRI LANKA: India Extends $500MM Credit Line for Fuel Purchases

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COGSWORTH INTERNATIONAL: Second Creditors' Meeting Set for Jan. 28
------------------------------------------------------------------
A second meeting of creditors in the administration proceedings of
Cogsworth International Pty Limited has been set for Jan. 28, 2022,
via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 27, 2022, at 4:00 p.m.

Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of Cogsworth International on Dec. 20, 2021.

DIXON ADVISORY: Appoints PwC as Voluntary Administrators
--------------------------------------------------------
Bianca Carbone at themarketherald.com.au reports E&P Financial
Group's wholly owned subsidiary Dixon Advisory and Superannuation
Services (DASS) has appointed PwC Partners Stephen Longley and
Craig Crosbie as voluntary administrators.

E&P said the appointment was made after the DASS directors
determined mounting actual and potential liabilities were likely to
result in DASS becoming insolvent at some future time, the report
relays.

Actual or potential liabilities include possible damages arising
from the representative proceedings led by Piper Alderman and Shine
Lawyers, claims against DASS being determined by the Australian
Financial Complaints Authority (AFCA) and penalties agreed between
DASS and the Australian Securities and Investments Commission
(ASIC), according to the report.

According to themarketherald.com.au, E&P said it would work on
promptly transferring DASS clients to a replacement service
provider of the client's choice with minimal disruption to client
service.

E&P said it would also propose a Deed of Company Arrangement to the
administrators incorporating a comprehensive settlement of all DASS
and related claims (including the representative proceedings) in a
manner that provided for equitable treatment of DASS clients and
creditors.

According to themarketherald.com.au, E&P Managing Director Peter
Anderson said it became apparent that settling individual claims as
they arose would likely lead to inequities between client
creditors.

"Voluntary administration provides an appropriate framework to
ensure all client creditors are treated equitably," the report
quotes Mr. Anderson as saying.  "Importantly, no client assets are
at risk as a result of this process, and we will strive to minimise
any disruption to clients who will have ongoing access to their
advisers."

The company said the voluntary administration does not affect other
E&P entities and there will be no DASS staff impact, the report
relates.

themarketherald.com.au adds that E&P acknowledged the heads of
agreement entered into between DASS and ASIC relating to alleged
breaches by DASS of the Corporations Act, including the agreed
penalty and contribution to ASIC's costs.

E&P said it intended contributing an equivalent sum for the benefit
of creditors as part of the comprehensive settlement of all DASS
and related claims.

Based in North Sydney, Australia, E&P Financial Group Limited
(ASX:EP1) -- https://www.eap.com.au/ -- provides wealth management
services. The Company offers wealth advisory, financial planning,
fundamental analysis, superannuation administration, and funds
management services, as well as equity and debt capital markets
services to corporate clients.

GIGSUPER PTY: Second Creditors' Meeting Set for Jan. 27
-------------------------------------------------------
A second meeting of creditors in the administration proceedings of
GigSuper Pty Ltd and GigSuper Holdings Ltd has been set for Jan.
27, 2022, at 10:30 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. 25, 2022, at 5:00 p.m.

Paul Gerard Weston of DW Advisory was appointed as administrator of
GigSuper Pty on Dec. 10, 2021.


HAPPY ROCK: First Creditors' Meeting Set for Feb. 1
---------------------------------------------------
A first meeting of the creditors in the administration proceedings
of Happy Rock Resto Bar Pty Ltd will be held on Feb. 1, 2022, at
10:30 a.m. via virtual meeting technology.

Michael Beck -- Michael.Beck@worrells.net.au -- of Worrells was
appointed as administrator of Happy Rock on Jan. 19, 2022.


LARTSA HOLDINGS: First Creditors' Meeting Set for Jan. 28
---------------------------------------------------------
A first meeting of the creditors in the administration proceedings
of Lartsa Holdings Pty Ltd will be held on Jan. 28, 2022, at 10:30
a.m. via virtual meeting technology.

Nikhil Khatri -- Nikhil.Khatri@worrells.net.au -- of Worrells was
appointed as administrator of Lartsa Holdings on Jan. 17, 2022.


VAL S INVESTMENTS: Second Creditors' Meeting Set for Jan. 28
------------------------------------------------------------
A second meeting of creditors in the administration proceedings of
Val S Investments Pty Ltd and Ya Aust Pty Ltd has been set for Jan.
28, 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. 27, 2022, at 5:00 p.m.

Andrew Blundell of Cathro Partners was appointed as administrator
of Val S on Dec. 16, 2021.




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CHINA AOYUAN: To Miss Payment on $688MM Offshore Bonds
------------------------------------------------------
Nikkei Asia reports China Aoyuan Group will not redeem nearly $700
million in offshore bonds coming due this week and will halt coupon
payments on others to preserve cash and "maintain fairness among
all of its creditors."

The company is one of several Guangdong Province-based developers,
along with China Evergrande Group, Kaisa Group Holdings and
Fantasia Holdings Group, to have fallen behind on payments to
creditors over the past year as Beijing has curtailed funding
access and property sales have plunged as consumers lose confidence
in the ability of builders to complete purchased homes, the report
says.

"The company has been working diligently with its advisers,
including legal, financial and other advisers, to assess the
group's capital structure, evaluate the liquidity of the group, and
conduct due diligence on the group," Aoyuan said in a statement to
the Hong Kong Stock Exchange on Jan. 19, adding it was working
toward "a holistic debt restructuring," according to Nikkei Asia.

The company has a $188 million bond maturing on Jan. 20 and a $500
million one due on Jan. 23, along with $398 million in other bonds
maturing over the next two years, the report discloses.

Aoyuan announced last month it was unable to meet creditor demands
to pay back $651.2 million. It subsequently disclosed that $131
million of that sum was owed to Citibank, which then went to court
to collect on the loan, Nikkei Asia recalls.

"Events of default will occur (or have occurred) under all other
offshore financial indebtedness of the group," Aoyuan said on Jan.
19.

According to its half-year report, Aoyuan had CNY80.2 billion
($12.6 billion) in bank and other borrowings outstanding as of June
30, and CNY31.1 billion in outstanding debt securities, as well as
CNY60.64 billion in cash and liquid funds, Nikkei Asia discloses.

                         About China Aoyuan

China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
9, 2021, Fitch Ratings has downgraded China Aoyuan Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'C' from
'CCC-'. Fitch has also downgraded the senior unsecured rating and
the ratings on the outstanding US-dollar senior unsecured notes to
'C', from 'CCC-', with the Recovery Rating remaining at 'RR4'.

The TCR-AP also reported in early December 2021 that S&P Global
Ratings, on Dec. 6. 2021, lowered its long-term issuer credit
rating on China Aoyuan Group Ltd.  to 'SD' (selective default) from
'CCC'. S&P also lowered the long-term issue rating on the company's
other rated outstanding senior unsecured notes to 'CC' from 'CCC-'
to reflect the high vulnerability to nonrepayment.

S&P said, "We subsequently withdrew our ratings on Aoyuan and the
notes at the company's request."


SUNAC CHINA: Fitch Cuts Debt Rating to 'BB-', Outlook Neg.
----------------------------------------------------------
Fitch Ratings has downgraded Sunac China Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating to 'BB-' from
'BB'. The Outlook is Negative. Fitch has also downgraded Sunac's
senior unsecured rating and the ratings on its outstanding
US-dollar senior unsecured notes to 'BB-' from 'BB'.

The downgrade reflects Sunac's decreasing financial flexibility
amid high capital-market volatility. Fitch expects the company to
use its cash balance to repay its maturing capital-market debt.

The Negative Outlook reflects uncertainty over the availability of
restricted cash in escrow accounts to service parent-level debt and
the stability of the company's sales, which may further weaken its
business and financial profiles.

KEY RATING DRIVERS

Debt Repayment With Cash: Fitch believes Sunac will have to use its
cash reserves to pay upcoming debt maturities. The company's
liquidity improved after equity placements in November 2021 and
January 2022, but Fitch expects it to require more liquidity, which
may be raised via asset disposals. However, the asset sales face
adverse market conditions, and failure to do so would result in
rapid erosion of its liquidity buffers. Sunac had CNY101 billion of
cash and equivalents at end-1H21. Fitch believes the majority of
the cash is at the project level, which is not freely available to
repay holdco debt.

Substantial Debt Maturities: Fitch estimates that Sunac has CNY12.3
billion of onshore public capital-market bonds maturing or becoming
puttable through to end-2022 (including CNY8.9 billion by end-June
2022), as well as USD600 million (CNY3.8 billion) of offshore
senior unsecured bonds due in June 2022 and another USD600 million
due in August 2022. The company will repay CNY0.9 billion of asset
backed securities and CNY3.1 billion of onshore public
capital-market bonds.

Fitch estimates that around 25% of Sunac's CNY303 billion of total
interest-bearing debt in 1H21 are from non-bank financial
institutions, which are less easily rolled over. In addition, the
company has a sizeable amount of commercial bills that needs to be
addressed in 1Q22, which further weighs on liquidity.

Lack of Funding Access: Fitch believes that debt capital markets
are largely closed to Sunac and other developers in the 'BB' and
'B' rating categories for now. This is despite Sunac's success in
raising CNY9.1 billion in November 2021 and CNY3.8 billion in
January 2022 via equity placements. Its cash and cash equivalents
/short-term debt ratio of around 1.1x may be insufficient buffer
against the volatile business environment, as it will have to
settle certain trade payables, including commercial bills,
construction expenses and land acquisition expenses, before the
Lunar New Year at the start of February 2022.

Weakening Investor Confidence: Negative news flow related to Sunac
has diminished investor confidence, which could constrain the
company's refinancing channels and add to liquidity pressure. Sunac
has denied certain claims, but has yet to stem the fall in investor
confidence, as reflected in a collapse in prices of its onshore and
offshore bonds. While Sunac was able to place out equity recently,
Fitch believes it is unlikely to be able to issue capital-market
debt securities, as some strong property developers in China have
done.

Declining Sales: Sunac's total contracted sales dropped by 47% yoy
in November 2021 and 13% in December 2021, in line with the
industry trend. However, sales increased by 30% in December from a
month earlier. The company has maintained its average selling price
at CNY13,000-16,000/square metre (sqm), which has been less
volatile than peers. Its land bank is focused in Tier 1-2 cities,
which benefit from healthy fundamental demand. However, weakened
buyer confidence could weigh on sales and stifle operating cash
generation in the next three to six months.

Potential Asset Disposals: Sunac may continue to dispose of onshore
assets to improve short-term liquidity. The company sold some
onshore residential, and cultural and tourism projects in 2H21.
However, Fitch believes the asset disposal plans are likely to take
time and are subject to execution risks, while the amount raised is
small relative to its capital-market maturities in 2022.

High Joint-Venture Exposure: Sunac's implied cash collection,
defined as the change in customer deposits plus revenue booked
during the year, was CNY310 billion in the last 12 months to June
2021, which was 44% of total sales. The company's consolidation
ratio has been consistent in the past few years, but is lower than
that some peers in the 'B' rating category. High exposure to joint
ventures may imply low financial transparency for a company.

DERIVATION SUMMARY

Fitch places high importance on financial flexibility amid the
volatility China's property market. Although Sunac's business scale
and geographical diversification are comparable with that of large
investment-grade homebuilders, such as China Vanke Co., Ltd.
(BBB+/Stable), Sunac's rating is constrained by a decreasing margin
of safety in liquidity amid deteriorating market confidence.

Sunac's liquidity, measured by a cash/short-term debt ratio of
1.1x, is worse than Times China Holdings Limited's (BB-/Negative)
around 2x. However, Sunac appears to have a better record in equity
placements and asset disposals that can help to improve liquidity
at the holdco level.

KEY ASSUMPTIONS

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

-- Flat growth in attributable sales in 2021 versus 2020 then
    falling by 8% yoy in 2022;

-- Contracted sales average selling price of around
    CNY14,000/sqm, similar to 2020;

-- Gradual decrease in land-bank life;

-- Capex on investment properties and property, plant and
    equipment of CNY12.5 billion a year;

-- EBITDA margin after land appreciation tax (LAT) to fall to 11%
    in 2021-2022.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable, on sustained improvement
    in liquidity, access to funding and contracted sales.

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

-- Evidence of significant deterioration in market confidence,
    leading to significant weakening in funding access and
    relationships with lenders;

-- Failure to address upcoming capital-market debt maturities
    through refinancing with long-term capital;

-- Sustained material decline in contracted sales.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Large Maturities: Sunac has CNY12.9 billion in public
capital-market debt due in 1H22 and CNY7.3 billion due in 2H22, as
well as other interest-bearing debt, including loans from non-bank
financial institutions and banks. It had CNY101 billion in cash and
equivalents, and deposits in regulated accounts of CNY22 billion at
end-1H21. Fitch believes the majority of the cash and equivalents
are at the project-company level, and are not available to service
the holdco's debt.

ISSUER PROFILE

Sunac is a large property developer in China with several other
segments, such as cultural tourism and property management. Sunac
has been listed on the Hong Kong Stock Exchange since 2010.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has excluded deposits in designated accounts from cash in
Fitch's leverage calculation and included this as inventory.
Restricted bank deposits are included in cash to calculate net
debt, as these are mainly pledged for obtaining bank loans.

ESG CONSIDERATIONS

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

[*] CHINA: Drafts Rules to Ease Property Developers' Cash Access
----------------------------------------------------------------
Reuters reports China is drafting nationwide rules to make it
easier for property developers to access funds from sales still
held in escrow accounts, four people with knowledge of the matter
said.  Reuters relates the new rules would help developers meet
debt obligations, pay suppliers and finance operations by letting
them use funds in escrow that are currently controlled by municipal
governments with no central oversight, the people said on condition
of anonymity due to sensitivity of the matter.

Regulatory curbs on borrowing have driven the sector into crisis,
highlighted by China Evergrande Group which was once China's
top-selling developer but is now the world's most indebted property
firm with liabilities of $300 billion, the report says.

"An abrupt clampdown on escrow accounts by local authorities after
Evergrande's crash choked liquidity for some good quality names. A
correction by the central government is much needed," Reuters
quotes Nan Li, associate professor of finance at Shanghai Jiao Tong
University as saying.

Reuters says Chinese developers are allowed to sell residential
projects before completing them but are required to put those funds
in escrow accounts. The cash held in escrow typically accounts for
50% to 70% of developers' pre-sale funds, one of the people said,
without giving an estimate on the amount held.

Guided by the cabinet-level Financial stability and Development
Committee, the sector's main regulator the Ministry of Housing and
Urban-Rural Development and other authorities are drafting the new
rules, three of the people said.

Beijing aims to roll them out as early as end of January in a push
to prevent a wider crisis, the people told Reuters.  The property
sector accounts for about a quarter of China's economy, the world's
second-largest after the United States.

According to Reuters, many local governments curbed withdrawals
from the escrow accounts in 2021 amid fears of contagion after news
of Evergrande's debt problems, leaving several projects across the
country unfinished and worsening cash flow for developers.  While
some municipalities have eased withdrawal restrictions since late
last year, one of the sources said that due to lack of nationwide
rules on this front, local enforcement had already gone too far in
several cities, the report states.

The proposed new rules are aimed at allowing developers to use
escrow funds to first complete unfinished buildings and then for
other purposes, three of the sources told Reuters.  The rules would
also prioritize the repayment of onshore debt of developers with
better credit profiles, the fourth source said.

According to Reuters, Nomura estimates Chinese developers would
need to meet onshore and offshore maturities of about CNY210
billion ($33 billion) each in the first two quarters of 2022,
compared with CNY191 billion in the last quarter of 2021.

In recent weeks, Beijing has taken steps to restore stability in
the property sector including making it easier for state-backed
developers to buy up distressed assets of indebted private firms, a
source told Reuters this month.

On Jan. 18, a senior official at the People's Bank of China (PBOC)
said the central bank would maintain "continuity, consistency and
stability" of property financial policies.

Property sales and financing are gradually returning to normal, and
market expectations are improving, Zou Lan, head of financial
markets at the PBOC said, adds Reuters.



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ANGEL FIBERS: CARE Withdraws B/A4 Rating on Bank Debts
------------------------------------------------------
CARE Ratings Ltd. has reaffirmed and withdrawn the outstanding
ratings of 'CARE B; Stable'/CARE A4 assigned to the bank facilities
of Angel Fibers Limited with immediate effect. The above action has
been taken at the request of Angel Fibers Limited and 'No Objection
Certificate' & 'No Dues Certificate' received from the banks that
has extended the facilities rated by CARE Ratings Ltd.

The ratings prior to its withdrawal continue to remain constrained
on account of moderate scale of operations, leveraged capital
structure, moderate debt coverage indicators. The ratings further
continued to remain constrained on account of susceptibility of its
profitability to volatile raw material prices and its presence in
highly fragmented and competitive industry.

The ratings, continue to derive strength from its experienced
management team, favourable location of its manufacturing unit with
proximity to cotton growing region and benefits available under
State Government policies.

Key Rating Weakness

* Moderate scale of operations with moderate profitability: The
scale of operations of AFL stood moderate at INR139.57 in FY21 as
compared to INR150.47 in FY20. The average utilization of installed
capacity remained at around 80%.Profitability of the company
remained moderate on account of limited bargaining power with its
customers owing to intense competition in the cotton spinning
segment. The operating profitability (PBILDT) of the company
improved in FY21 as compared to last year with reduction in cost of
raw materials consumed and stood at 16.24% in FY21 as against 6.91%
in FY20. With this, the company reported net profit of INR6.93
crore FY21 as against loss in FY20.
During H1FY22, the company reported TOI of INR111.38 crore with
moderate operating profitability of 12.39% and PAT of INR5.88
Crore.

* Leveraged capital structure and moderate debt coverage
indicators: The capital structure of AFL remained leveraged marked
by an overall gearing ratio of 3.32 times and TOL/ TNW ratio of
3.68 times as on March 31, 2021. The debt coverage indicators of
the company improved during FY21 marked with PBILDT interest
coverage ratio of 3.62 times on account of better profitability and
low-interest cost during the year and stood moderate.

* Susceptibility to volatile raw material prices and regulatory
changes: AFL's profitability is susceptible to the movement in the
prices of raw cotton which is the key raw material for production
of cotton yarn. The prices of raw cotton are volatile in nature and
depend upon factors such as area under production, yield, vagaries
of monsoon, international demand supply scenario, inventory carry
forward from the previous year and export quota along with minimum
support price (MSP) decided by the government. Prices of raw cotton
have been volatile over last couple of years, which translates into
risk of inventory losses. Furthermore, the textile industry also
witnesses regulatory risks such as change in domestic and
international government policies related to subsidies or
imports/exports tariffs, which also affects the industry players
across the value chain.

* Presence in highly fragmented and competitive industry with
limited product differentiation: The yarn manufacturing industry in
India is highly fragmented and dominated by a large number of small
scale units leading to high competition in the industry. Smaller
standalone units are more vulnerable to intense competition and
have limited pricing flexibility, which constrains their
profitability as compared with larger integrated textile companies
who have better efficiencies and pricing power considering their
scale of operations. Due to the fragmented nature of the industry,
the ability to pass on the increase in raw material prices to the
end customers is limited and is usually accompanied by a time lag.

Key Rating Strengths

* Experienced management team: Mr. Ramesh J. Ranipa is a
Whole-time-director cum Chairman of the company, possess vast
experience in textile industry and holds directorship in other
entities Further, Mr. Rohan J. Raiyani (Son-in-law of Mr. Ramesh
Ranipa), the Managing Director of the company who has completed his
Master in Business Management from Toronto, Canada, looks after the
day to day operations of the company along with Mr. Pankaj Bhimani,
the whole time director of the company.  Mr. Bhimani has an
experience of around two decades in sales and marketing operations
alongwith few other personnel in the management team.

* Favourable location of its manufacturing unit with proximity to
cotton growing region: The manufacturing facilities of AFL are
located at Haripar, Jamnagar which falls in the Saurashtra region
of Gujarat which produces majority of Gujarat's total cotton
production. The said cotton growing belt of Gujarat houses more
than 600 cotton ginning mills and around 125 spinning mills. Hence,
AFL's presence in cotton producing region has benefitted it in
terms of easy availability of raw materials, labor and lower
logistic costs.

* Benefits available under State Government policies: AFL's
manufacturing facility is eligible for various incentives by the
Government of Gujarat. As per the Gujarat Textile Policy - 2012,
AFL is entitled to benefits like (1) 7% interest subsidy for a
period of 5 years (from June 2018 to June 2023) (2) Power tariff
subsidy @ INR1 per unit in the billed amount of the utility for a
period of 5 years (from August 2018 to August 2023) (3)
Reimbursement of State Goods and Service Tax (SGST) to the extent
of 100% of the eligible fixed capital investments in plant and
machinery for a period of 8 years (from August 2018 to August
2026).

Angel Fibers Limited (AFL) was initially incorporated as a private
limited company in February 2014. Later in December 2017, the
constitution of the company changed from private limited to public
limited. AFL is engaged into manufacturing of carded, combed and
compact cotton yarn of finer quality ranging between 20 to 50
counts since June 2015. The manufacturing facilities of AFL are
located at Haripar, Jamnagar (Gujarat) with 39,648 spindles having
an installed capacity to manufacture 10,440 metric tonne per annum
(MTPA). AFL is currently listed on the SME platform of BSE with
promoters holding of 73.91% as on December 31, 2021.


BALAJI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Hospital (SBH) continues to remain in the 'Issuer Not Cooperating '
category.

                       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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 11, 2021, placed the
rating(s) of SBH under the 'issuer noncooperating' category as SBH
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. SBH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 27, 2021, December 7, 2021 and December 17, 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).

Chennai Based, Sri Balaji Hospital (SBH) is a partnership firm
engaged in healthcare services since 2005. Dr. N Jothibasu and Mr.
R Gunasekaran are the promoters of SBH. SBH has set up Multi
Specialty Hospital of 18 beds, 2 operation theatres, with
cumulative area of 27,000 sq. ft. with modern equipment and
infrastructure. The hospital provides 24 hours pharmacy,
Laboratory, Canteen and other services. SBH provides services
including, Cardiology, Gastrology, Nephrology, Oncology,
Gynecology, Urology, Radiology, Dermatology and Pediatrics among
others.


BHILAI INSTITUTE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhilai
Institute of Technology Trust (BITT) continues to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             9.75       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BITT for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 BITT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BITT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BITT continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1986, BITT manages BITD (started in 1986) and BITR
(started in 2009). BITD offers a variety of graduate and
post-graduate courses in engineering, business administration, and
computer applications, as well as a doctorate in engineering,
chemistry, environmental science, and applied physics; BITR offers
graduate courses in engineering.

CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Captab Biotec
Unit - II (CBU) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      3.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash         1.37       CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Term Loan             2.25       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CBU for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 CBU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBU continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CBU was incorporated as partnership firm in 2014 by Mr. Shubham
Goel and his brother, Mr. Kapish Goel. The firm executes contract
manufacturing as well as its own manufacturing and marketing of
pharmaceuticals such as tablets, injections, capsules and syrups
under its own brand. The manufacturing unit is at Baddi, Himachal
Pradesh.


CIVIL ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Civil
Engineering Enterprises (CEE) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CEE for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 CEE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CEE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CEE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1982 in Chennai as a partnership firm by Mr. M A Salim,
CEE undertakes civil construction work for residential projects.


CL ENGINEERING EQUIPMENT: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s. CL Engineering Equipment (India)
        Private Limited
        1-11-220/A, Gurumurthy Lane
        Begumpet, Hyderabad
        Telangana 500016

Insolvency Commencement Date: January 12, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 11, 2022

Insolvency professional: K Vatsa Kumar

Interim Resolution
Professional:            K Vatsa Kumar
                         Flat No. 101, Dr. A S Rao Enclave
                         Road No. 2, Snehapuri Colony
                         Nacharam, Hyderabad 500076
                         E-mail: kvkumar.ip@gmail.com

                            - and -

                         Global Insolvency Professionals
                         Pvt Limited
                         Plot No. 717, Journalist Colony
                         Road No. 2, Banjara Hills
                         Hyderabad 500034

Last date for
submission of claims:    January 26, 2022



DEEPAK YADAV: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deepak Yadav &
others (DYAT) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Fund Based            9.0        CRISIL B/Stable (Issuer Not
   Facilities LT                    Cooperating)

CRISIL Ratings has been consistently following up with DYAT for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 DYAT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DYAT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DYAT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2016 by Mr. Deepak Yadav, Mr. Pawan Kumar, Mr.
Hoshiyar Singh and Mr. Ravinder Singh Yadav, DYAT is setting up a
warehouse in Pathredi, Gurgaon district.


DELHI INT'L AIRPORT: Fitch Alters Outlook on 'BB-' IDR to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Delhi International
Airport Limited's (DIAL) Long-Term Issuer Default Rating (IDR) and
the ratings on the senior secured notes and India Airport Infra's
senior secured notes to Stable from Negative, and affirmed the
ratings at 'BB-'.

DIAL has an initial 30-year concession to operate, manage and
develop Indira Gandhi International Airport, also known as Delhi
Airport with an option to extend an additional 30 years as per
DIAL's rights under the concession agreement. It is the country's
largest airport by passenger traffic and the gateway to the
national capital region with a catchment population of over 22
million.

RATING RATIONALE

The Outlook revision is supported by financial headroom available
for DIAL at the current rating level, driven by the continuing
recovery in domestic passenger traffic, expected regulated return
on capex and receipt of phase III revenue from a commercial
property development being developed by Bharti Realty at the
airport. The headroom enables DIAL to withstand even an
unfavourable arbitration outcome if it is required to make disputed
revenue share payments on staggered basis.

Delhi Airport had reached 79% of 2019 total passenger traffic
levels as of December 2021. The rating case leverage remains high
in the interim 20x until the financial year end-March 2024 (FY24)
on higher capex, before it declines to around 8x in FY26.

India Airport Infra is an orphan financing vehicle with no legal
linkage to DIAL. Fitch applies one notch of difference for orphan
SPV issuers below the underlying credit profile of a transaction to
account for risks related to orphan issuance structures. However,
India Airport Infra's US dollar bonds rating of 'BB-' already
reflects orphan issuance risk along with the underlying business
and financial profiles, in Fitch's view of DIAL. Nevertheless,
India Airport Infra's US dollar bonds would be rated a notch lower
than DIAL's IDR if DIAL's IDR was upgraded.

KEY RATING DRIVERS

Gateway Airport to the Country - Volume Risk: Stronger

Delhi Airport is India's largest international airport, handling
almost 67 million passengers in FY20 with transit passengers making
up about 20% of the total traffic. The Covid-19 pandemic led to an
unprecedented impact on travellers' mobility with passenger traffic
falling to 23 million in FY21. Still, growth is supported by
favourable demographics and increasing propensity to fly and will
recover once the economy rebounds in the medium term. The airport
had already reached 27 million passengers from April until December
2021. The rating case assumes recovery to pre-Covid levels by
end-2024.

Tariff Visibility Improving - Price Risk: Midrange

The Airports Economic Regulatory Authority (AERA) of India has
confirmed the hybrid till regulatory framework with 30%
non-aeronautical revenue used for cross-subsidisation. AERA has
determined that the aeronautical tariffs charged by DIAL must be no
less than base airport charges + 10% (BAC+10%) as stipulated in the
state support agreement between DIAL and the Government of India.
The same has been approved as tariffs by AERA in control period 3
from FY20-FY24. The tariffs at BAC+10% serve as a floor for
aeronautical tariffs and removes downside risk to DIAL's airport
charges.

GMR Hyderabad International Airport Limited (GHIAL, BB+/Stable)
operates under the same regulatory framework. GHIAL's recent tariff
order approved around a 100% increase in user development fees,
allowing the recovery of not only capex but also the gap in volumes
in the last control period. Following a favourable tariff order for
GHIAL, Fitch has factored in regulatory return on DIAL's additional
capex as well in Fitch's rating case. However, Fitch has taken a
conservative approach and assumed a partial increase in tariffs.

Experienced Management to Deliver Expansion Capex - Infrastructure
Development/Renewal: Midrange

DIAL has an intensive capex plan for expansion from FY22-FY24. The
project mainly involves construction of a fourth runway, Eastern
cross taxiway and expansion of Terminal 1. This will increase the
airport's passenger capacity from currently 66 million to 100
million. The project has a total cost of INR113 billion (including
interest during construction), financed by US dollar bonds, revenue
from commercial property development and internal accruals.

DIAL has spent INR63 billion on the project up to December 2021,
with the balance of INR50 billion scheduled for FY22- FY24. AERA
has provided approval for INR91 billion (excluding interest during
construction) of the total capex undertaking and the balance will
be approved when DIAL demonstrates execution of the expansion
programme. DIAL's management has a record of executing expansion
programmes within tight timeline.

Refinancing Risk Mitigated by Laddered Maturity - Debt Structure:
Midrange

DIAL's debt structure mainly comprises of US dollar bullet bonds.
The proceeds from the US dollar bonds issued by the orphan
financing vehicle have been used to subscribe to green
rupee-denominated non-convertible debentures (NCDs) issued by DIAL.
The rupee NCDs are senior in ranking with other US dollar bonds
issued by DIAL. The holders of the US dollar bonds and rupee NCDs
benefit from an escrow account for the bonds, which have a cash
waterfall mechanism in place.

Additional indebtedness is permissible only if no default occurs
and fixed-charge coverage ratio test is not less than 2.5x till
FY27 and 2.25x thereafter until FY29. However, the refinancing risk
of the bullet bonds is mitigated by the laddered maturity between
2025 and 2029, and the current airport initial concession term
until 2036.

PEER GROUP

GHIAL (BB+/Stable) is DIAL's closest peer. Fitch expects both
airports to benefit from fast growth in the air passenger market in
India in the medium to long term. DIAL has a larger catchment area
than GHIAL, which serves Hyderabad, a vibrant but smaller city than
Delhi. So DIAL's volume risk is assessed as 'Stronger' against
GHIAL's 'Midrange'. Both DIAL and GHIAL have the same economic
regulatory framework with price risk assessed as 'Midrange'. Fitch
expects GHIAL to implement its recent tariff order considering the
capex and volume under-recovery, while DIAL still operates under
the floor tariff of BAC + 10%.

Both airport operators have concentrated capex in the near term.
DIAL has a higher rating case leverage in the interim of over 20x
until FY23 before it comes down to around 8x in FY26, relative to
GHIAL, which has a leverage of 11.4x in FY23 before it reduces to
below 4x by FY26. The high leverage along with uncertainty in
revenue share deferment has resulted in a two-notch differential.

DIAL can also be compared with similarly rated peer PT Angkasa Pura
I (Persero) (AP I: AA(idn)/Negative, SCP: 'a+'(idn)). AP I operates
15 airports and serves diverse regions in central and eastern
Indonesia. The airports are midsized with an overall enplanement
base of 40 million against Delhi Airport's 67 million.

Fitch considers Indonesia's regulatory framework for aero revenue
as less transparent and inconsistent, constraining AP 1's price
risk assessment to 'Midrange' - the same as DIAL's assessment.
However, in the case of DIAL any downside risk to tariffs is
removed with implementation of base aeronautical charges. Both
airports have similar leverage profiles deleveraging from about 30x
to around 8x in the next three to four years justifying the similar
rating levels.

RATING SENSITIVITIES

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

-- Forecast net debt/EBITDA remains above 15x on a sustained
    basis in Fitch's rating case;

-- Materially adverse outcome on the revenue share arbitration
    order.

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

-- Forecast net debt/EBITDA remains below 12x on a sustained
    basis in Fitch's rating case.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

Traffic Performance: Though the third wave of the pandemic seems
more virulent, there has not been any significant impact on traffic
performance. Domestic travel has reached 92% of pre-Covid levels.
For international travel, air bubble arrangements are likely to
continue and full resumption of commercial international flights is
likely to be delayed. The passenger traffic from April until
December 2021 was 27 million and Fitch forecasts FY22 passenger
traffic of 37 million in the rating case.

Financial Performance: The pandemic has had a significant impact on
all business segments of DIAL. Total revenue increased by 65% yoy
to INR165 billion in 1HFY22, from INR81 billion in 1HFY21. EBITDA
increased to INR73 billion in H1FY22, from -INR2 billion in
1HFY21.

Working Capital: DIAL has a working capital limit of INR4.35
billion from ICICI Bank Limited (BB+/Negative). The entire undrawn
facility is available for use.

Airline Arrears: Air India cleared interest arrears of INR 1.4
billion in December 2021.

Phase III Bharti Realty Payment: The approval for Phase III
development of Bharti came in March 2021 and DIAL received the
payment in September 2021. The rating case assumes payment for FY22
based on the actual receipt of INR10.65 billion during the year.

Annual Fee Payment: In December 2020, DIAL invoked the force
majeure clause to temporarily cease its revenue sharing with the
Airports Authority of India (AAI) in wake of the low traffic and
revenue caused by the pandemic. DIAL is required to pay 45.99% of
its annual revenue as concession fee to AAI.

A High Court of India order on 5 January 2021 upheld the right of
non-payment of the annual fee to AAI until an arbitration tribunal
makes a decision on the matter. The first arbitration hearing was
held on 29 January 2021 where the tribunal recognised the pandemic
as a force majeure event. The matter is to be resolved by June 2022
and until such time no annual fee is required to be paid. The
surplus cash arising from non-payment of the annual fee can be used
towards the airport's operations. The tribunal will decide if DIAL
can be excused from the payment of the annual fee, the period of
force majeure and the mechanism - whether it is a suspension or a
deferment and if any recovery from past payment is due.

Our rating case assumes a suspension of annual fee payment to AAI
in FY22. From FY23 onwards, revenue share is considered to be paid.
Fitch has not assumed any deferred repayment of revenue share in
future years.

FINANCIAL ANALYSIS

Under Fitch's rating case, Fitch forecasts traffic to reach
pre-Covid levels by end-2024. Fitch has considered the tariff at
BAC + 10% for aeronautical revenue along with a partial increase
from FY25 onwards. Duty free and other non-aeronautical revenue is
assumed to return to pre-Covid levels by end-2024. For commercial
property development revenue, Fitch has considered revenue from
Bharti Realty Phase III based on the actual receipt. Capex of INR55
billion is considered between FY22-FY24, in line with the committed
expansion plans. No waiver in annual fee payment from FY23.The
leverage remains high in the interim over 20x in the rating case
and it comes down to 8x by FY26.

ESG CONSIDERATIONS

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

DOLPHIN TERRA: CARE Lowers Rating on INR8.90cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dolphin Terra Firma Private Limited (DTFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.90       CARE C; ISSUER NOT COOPERATING
   Facilities                      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 January 25, 2021, placed the
rating(s) of DTFPL under the 'issuer non-cooperating' category as
DTFPL 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. DTFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 11, 2021, January 6, 2022 and January 10, 2022.

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

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

The rating has been revised on account of non-availability of
requisite information.

Dolphin Terra Firma Private Limited (DTF) was incorporated as a
private limited company in February 2011 and is currently being
managed by Mr. Neeraj Soni and Mr. Nitigya Soni. DTF is
incorporated with an aim to set up a holiday resort located at
Nahan, Himachal Pradesh. The project is being constructed on a land
parcel of approximately 37 bighas. The resort consists of 20
cottages, 25 hotel rooms and one restaurant. The project is
expected to be fully completed by February 2021. And the commercial
operations of the unit are expected to commence from April 2021.


DURGASHREE CASHEWS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durgashree
Cashews (DC) continues to remain in the 'Issuer Not Cooperating '
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 14, 2021, placed the
rating(s) of DC under the 'issuer non-cooperating' category as DC
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. DC 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, and 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).

Durgashree Cashews (DC) was established in 2009 as a partnership
firm by Mr. B. Satish Shetty and Mrs. Suhasini S Shetty. The firm
is engaged in processing of raw cashew nut into cashew kernels, the
process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
through imports from Dubai, Singapore, Indonesia, African countries
like Benin, Togo, Ivory Coast, and Tanzania etc. The firm also
purchases raw cashews locally from farmers. Imports constitute 90%
of the total purchases. The firm sells the cashew kernels
throughout India through agents. Goa, Karnataka, Maharashtra,
Punjab and Rajasthan are the major states covered by the firm. The
firm also generates income from sale of by-products cashew shells,
cashew husk and rejections.


EDIMANNICKAL FASHION: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Edimannickal
Fashion Jewellery (EFJ) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EFJ for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 EFJ, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EFJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EFJ continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

EFJ was established in 2012 and is promoted by Mr. E T Jose. The
firm retails gold jewelry at its showroom at Punalur in Kollam,
Kerala.


FAVOURITE PLUS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Favourite Plus
Ceramic Private Limited (FPCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       10       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with FPCPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 FPCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2009, FPCPL manufactures ceramic wall tiles. Its
facility in Morbi, Gujarat, has installed capacity of 40,000 tonne
per annum. FPCPL is promoted by Mr. Hitesh Shirvi and Mr.
Vijaykumar Rangpadiya.


FORGE INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Forge India Pvt. Ltd.

        Registered office:
        Plot No. 60, Sector 5
        Parwanoo, Solan
        Himachal Pradesh 173220

        Works at:
        Plot No. 60, Sector 5
        Parwanoo, Solan
        Himachal Pradesh 173220

        31A, Sector 5
        Parwanoo, Solan
        Himachal Pradesh 173220

        Plot No. 811/B, Sector-3
        Pithampur, Indore
        Madhya Pradesh 454774

Insolvency Commencement Date: January 12, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: July 11, 2022

Insolvency professional: Mohit Chawla

Interim Resolution
Professional:            Mohit Chawla
                         SCO 2935-36, Level-I
                         Sector 22-C
                         Chandigarh 160022
                         E-mail: ipservices@embeegroup.in
                                 ip.forgeindia@gmail.com

Last date for
submission of claims:    January 26, 2022


GAGANA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gagana
Enterprises continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Gagana for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 Gagana, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Gagana is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Gagana continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Established in February 2018, Gagana trades in calcium hydroxide,
which finds application in the granite quarrying industry. Mr.
Shaik Jaheer Basha and Mr. K Mohan Rao are the partners.


GANESH RAM: CRISIL Lowers Rating on INR41cr Loans to D
------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of M/s Ganesh Ram Dokania (GRD) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' because
of delay in meeting interest obligation by the firm towards the
cash credit facility for more than 30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            40        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT   
      
                                    COOPERATING')

   Proposed Long Term      1        CRISIL D (ISSUER NOT  
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT   
      
                                    COOPERATING')

CRISIL Ratings has been consistently following up with GRD, through
letters and emails dated August 22, 2020, and February 16, 2021,
among others, apart from telephonic communication, for obtaining
information. 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 firm's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of GRD, which restricts the ability
of CRISIL Ratings to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating action on GRD is
consistent with 'Assessing Information Adequacy Risk'.

GRD was established as a proprietorship concern in 1958 by Mr.
Ganesh Ram Dokania. The firm was reconstituted as a partnership
entity in 1996 with the induction of the second generation family
members and friends. It undertakes construction of roads, bridges
and irrigation works. It is registered as a Class IA contractor
with the government of Bihar.


GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ganeswara Rice Tech (SGRT) continues to remain in the 'Issuer Not
Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      36.17       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2021, placed the rating(s) of SGRT under the 'issuer
non-cooperating' category as SGRT 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. SGRT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 27, 2021, December 7, 2021, December
17, 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).

Andhra Pradesh-based, Sri Ganeswara Rice Tech (SGRT) is a
partnership firm started in June, 2007 by Mr. Manukonda Sathi Reddy
along with his wife Mrs. Manukonada Padmavathi. The firm is engaged
in milling and processing of rice and trading of paddy. The rice
mill is situated at Biccavolu village in East Godavari District of
Andhra Pradesh. Currently, SGRT has as installed capacity of boiled
rice of 12 tons per hour and raw rice of 14 tons per hour. The firm
is mainly supplying rice in Kerala, Andhra Pradesh and Dubai. Mr.
Manukonda Sathi Reddy is the Managing Partner of the firm and has
experience of around 30 years in same line of business. During
FY19, 60% of the revenue comprise of sales from domestic market and
remaining 40% comprised from exports. The firm has also entered a
14 months agreement with Civil Supply, Andhra Pradesh for which it
has availed the BG facility.


GLAZE GARMENTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Glaze
Garments (India) Limited (GGIL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.94       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 29, 2021, placed the
rating(s) of GGIL under the 'issuer non-cooperating' category as
GGIL 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. GGIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 15, 2021, December 25, 2021, January 4, 2022.

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).

GGIL was incorporated in the year 1998 by Mr. Anil Kumar Jain. The
company, based in Ludhiana, Punjab, is engaged in the manufacturing
of garments and trading of yarn & fabrics. The products
manufactured by the company include polo shirts, Tshirts, jogging
suits, sweatshirts, thermal wear, sweaters, etc. GGIL belongs to
the Ludhiana-based 'Venus group' which is integrated from knitting
to garment manufacturing and consists of other group companies.


GMR HYDERABAD: Fitch Alters Outlook on 'BB+' LT IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on GMR Hyderabad
International Airport Limited's (GHIAL) Long-Term Issuer Default
Rating (IDR) and outstanding senior secured notes to Stable from
Negative, and affirmed the ratings at 'BB+'.

RATING RATIONALE

The Outlook revision reflects adequate headroom at the current
rating level supported by improvement in financial estimates as a
result of the continuing recovery in domestic air traffic, reduced
uncertainty regarding implementation of the third control period
tariff (CP3) with effect from April 2022 and near-completion of
debt-funded capex. The domestic air traffic in Hyderabad reached
about 80% of pre-Covid-19 levels in December 2021. Fitch expects
passenger traffic to reach pre-pandemic levels by end-2024. The
rating case leverage remains high at over 11.0x in the financial
year ending March 2023 (FY23) before it declines below 8.0x in FY24
onwards.

KEY RATING DRIVERS

Strong Growth Expectations with Increasing Propensity to Fly:
Revenue risk - Midrange:

GHIAL's FY21 passenger traffic was eight million and mostly
origin-and-destination passengers. Passenger traffic has reached
about 77% of 2019 levels. Passenger traffic from April until 31
December 2021 was 8.6 million and Fitch's rating case assumes FY22
traffic at 12 million. Fitch expects the recovery of passenger
traffic to pre-Covid levels by end-2024 after considering the
impact of new virus variants.

The airport has experienced a CAGR of 12% in passengers from its
first year of commercial operations in 2009 until FY20. The
pandemic has negatively affected passenger travel, but Fitch
expects the recovery to be faster with the airport having a higher
share of domestic traffic of close to 80%.

Approved Increase in Regulated Tariffs - Price Risk: Midrange

Tariffs under CP3 (FY22-FY26) were approved on 31 August 2021 under
GHIAL's hybrid till regulatory framework, with 30% non-aeronautical
revenue used for cross-subsidization with effect from 1 April 2022
(FY23). The user development fee has been increased by around 100%,
further supporting the increased capacity expansion. A number of
pending legal and regulatory issues were dealt with under CP3,
thereby reducing future uncertainty.

However, around INR7 billion (out of INR48 billion) of the
aeronautical revenue has been deferred to the next control period
and around INR8 billion (out of INR75 billion) of expansion capex
has not been considered in the regulatory asset base in the current
control period in the CP3 tariff order. The regulatory regime for
airport operators in India is evolving as evident from the delay in
the release of the control period tariff orders.

Major Capex for Well-Developed Expansion Plans - Infrastructure
Development/Renewal: Midrange:

The airport was operating above designed capacity, with a
utilization ratio above 170%. Management has initiated expansion
plans to increase capacity from the current 12 million to 34
million passengers a year. Fitch expects the pending capex plan to
be funded through a combination of internal accruals and bond
proceeds.

The ratings reflect the implementation of the capex plan by FY23
without any significant time and cost overruns. However, it puts
pressure on financial profile in the near term, given the volume
shock from the pandemic. Management has well-developed expansion
plans in place, including entering into fixed-price fixed-term
contracts with experienced developers.

Protection for Debt Holders, Manageable Refinancing Risk - Debt
Structure - Midrange:

GHIAL's senior debt is secured with no significant foreign-exchange
risk. Structural covenants include defined cash waterfall,
limitation on additional indebtedness, restrictions on dividend
payments and fixed-charge cover ratio test for additional
indebtedness. The long concession tenor to 2038 mitigates
refinancing risk. In addition, GHIAL has notified the concessioning
Authority, Ministry of Civil Aviation (MOCA) for an extension of
the concession agreement by another 30 years, to 2068.

PEER GROUP

Delhi International Airport Limited (DIAL, BB-/Negative) is GHIAL's
closest Indian peer. DIAL has a stronger volume risk assessment due
to its strategic location and being the largest airport in the
country. Both airports have a 'Midrange' price risk assessment.
GHIAL has received the CP3 order that will be implemented from
FY23, while DIAL's base airport charges mitigate any downside risk
to the aeronautical tariff determination.

DIAL has a higher rating case leverage in the interim of over 20.0x
until FY23 before it comes down in FY26, relative to GHIAL, which
has leverage of 11.4x in FY23 before it declines below 4.0x by
FY26. The high leverage along with uncertainty in revenue share
deferment has resulted in a two-notch differential. DIAL's higher
leverage is compensated partially by its stronger catchment area
and its volume risk assessment. Debt structure is similar for both
the airports, mainly consisting of US dollar bullet notes with cash
waterfall mechanisms in place.

RATING SENSITIVITIES

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

-- Forecast rating case net debt/EBITDA does not decline to less
    than 8.0x by FY24.

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

-- Positive rating action is not expected in the near term.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

Traffic Performance: GHIAL's passenger traffic has reached 77% of
pre-Covid levels with domestic air traffic reaching 80% of
pre-Covid levels. The passenger traffic from April until 31
December 2021 was 8.66million. Fitch has assumed FY22 passenger
traffic of 12 million in Fitch's rating case.

Financial Performance: The pandemic has had a significant impact on
all business segments of GHIAL. Total revenue increased by 39% to
INR5.3 billion in 1HFY22 from INR3.827billion in 1HFY21. Operating
expenses rose by 12%; close to 80% of operating expenses is fixed.
EBITDA climbed by 180%.

GHIAL had a working capital facility of INR2.5 billion from ICICI
Bank Limited (BB+/Negative) as of December 2021, with a further
undrawn limit of INR1 billion (fund based) and INR250 million
(non-fund based) from the bank.

GHIAL had a cash balance of INR24 billion as of 31 December 2021.
The rating assigned does not take into consideration the INR2
billion loan extended by GHIAL to its promoters maturing in August
2022.

Annual Fee Payment: GHIAL had requested a payment extension on the
concession fee to the Indian government because of pandemic-induced
operational losses. GHIAL has to pay a revenue share of 4% under
the agreement. The government initially granted an extension until
31 December 2020.

MOCA deferred the June 2020 concession fee payment until December
2020. GHIAL requested MOCA for a further deferment of concession
fees payable until December 2021 for a period of two years.
However, MOCA did not approve the request. So GHIAL paid the
concession fee due for FY21 and for June 2021, totaling INR1.18
billion, on 15 November 2021. No further deferment has been
assumed.

FINANCIAL ANALYSIS

Under Fitch's base case, net debt/EBITDA is over 10.0x in FY23
before it declines below 8.0x by FY24. The base case assumes
recovery of passenger traffic to 2019 levels by mid-2024. The CP3
tariff has been considered from FY23. No deferment in payment in
revenue share has been considered as it is only 4% of the total
revenues.

The rating case assumes the trough of the crisis lingers for longer
and passenger traffic to reach pre-Covid levels by end-2024. The
rating case net debt/EBITDA is projected to be 11.4x in FY23 and
gradually declines to below 8.0x in FY24 onwards.

ESG CONSIDERATIONS

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

HAREKRISHNA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Harekrishna Cotton Industries - Jamnagar (SHKCI) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Term Loan         1.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SHKCI for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 SHKCI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHKCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHKCI continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2014, SHKCI is a partnership firm promoted by the
Vasjaliya and Varsani families. The firm has started its commercial
operations from November 2014.


HARSHNA FRUITS: CRISIL Lowers Rating on INR7cr Cash Loan to C
-------------------------------------------------------------
CRISIL Ratings has revised its rating on the long-term bank
facility of Harshna Fruits (HF; part of the Harshna group) to
'CRISIL C Issuer Not Cooperating' from 'CRISIL B/Stable; Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL C (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B/Stable' ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with HF, through
letters and emails dated November 13, 2021, and January 11, 2022,
among others, apart from telephonic communication, for obtaining
information. However, the issuer has remained Non-Cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the firm's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of HF, which restricts the ability
of CRISIL Ratings to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating action on HF is
consistent with 'Assessing Information Adequacy Risk'.

On account of liquidity issues in the account conduct of the group
(as per publicly available information), CRISIL Ratings has revised
its rating on the long-term bank facility of HF to 'CRISIL C Issuer
Not Cooperating' from 'CRISIL B/Stable; Issuer Not Cooperating'.

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of HF, Bhola Nath Naresh Kumar
(BNNK), Harshna Ice & Cold Storage Pvt Ltd (HICS) and Bhola Nath
Rakesh Kumar (BNRK). This is because all these entities,
collectively referred to as the Harshna group, are in the same
business, have operational and financial linkages, including
fungible cash flows, and are under common management.

The Harshna group was established in 1993 by Mr. Rakesh Bhola Nath
Kohli and Mr. Naresh Bhola Nath Kohli through BNRK and BNNK. The
firms are commission agents for trading in apples in Delhi's
Azadpur mandi. In 1999, the group decided to start its own cold
storage facility in Sonipat, Haryana, for which it set up HICS. The
company, HICS, has a multi-product cold storage facility, with
capacity of 11,500 tonne, along with ripening chambers. In 2004,
the group set up HF, which supplies fruits to retail stores.

HCL TECHNOLOGIES: NCLAT Issues Stay Order on Insolvency Process
---------------------------------------------------------------
Business Standard reports the National Company Law Appellate
Tribunal (NCLAT) has stayed the insolvency proceedings against HCL
Technologies.

The National Company Law Tribunal (NCLT) on January 17, 2022,
initiated insolvency proceedings against the company.

Business Standard relates the stay order has been received after C
Vijayakumar, the Company's MD and CEO, filed an application in the
NCLAT. A senior spokesperson said a stay order has been obtained
against the insolvency proceedings, according to Business
Standard.

An HCL Tech spokesperson said: "The Company has appealed to the
Hon[ora]ble National Company Law Appellate Tribunal (NCLAT), who
have stayed the said NCLT order."

According to Business Standard, the NCLAT said the dispute was
genuine between the parties but the insolvency resolutions
proceedings (IRP) should not have been initiated. "The Adjudicating
Authority proceeded to decide the dispute between the parties like
a civil court which ought not to have been done," said the NCLAT.
The next hearing date for the case will be February 16, 2022, the
report notes.

The case against HCL Tech was filed by Sahaj Bharti Travels on
August 6, 2019, through an e-application to the NCLT, the report
notes. Sahaj Bharti claimed HCL Tech had continued to default on
its payment under the minimum guarantee clause of the parties'
agreement amounting to INR3.54 crore.

NCLT admitted the application on January 17, thus initiating the
insolvency proceedings under Section 9(5) of the IBC 2016 Act; and
appointed an Insolvency resolution Professional (IRP) to take over
the functioning of HCL Tech with immediate suspension of the
company's board.

Business Standard relates HCL Tech counsel said a reply was
submitted on June 25, 2019, denying the claim.  HCL Tech counsel
detailed facts indicating that minimum Guarantee claim was not
payable because there was breach of conditions and penalty was also
imposed on the cab operator. It is further submitted that entire
payments pertaining to invoices issued by operational creditor has
been made.

According to Business Standard, the NCLAT observed: "We have looked
into the reply by which notice of dispute was given, which indicate
that a genuine dispute was raised by the Corporate Debtor. Learned
Counsel also referred to the email exchanged between the parties
before issuance of Demand Notice, which clearly indicates that
there was genuine dispute between the parties."

HCL Technologies Limited offers software development, business
process outsourcing, and infrastructure management services
worldwide. It operates through three segments: IT and Business
Services; Engineering and R&D Services; and Products & Platforms.


HINDUSTHAN SMALL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Hindusthan Small Tools Private Limited
        30, Chowringhee Road
        Kolkata 700016

Insolvency Commencement Date: January 14, 2022

Court: National Company Law Tribunal, Kolkata Bench-II

Estimated date of closure of
insolvency resolution process: July 13, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Kuldeep Verma

Interim Resolution
Professional:            Mr. Kuldeep Verma
                         46, BB Ganguly Street Unit 501
                         Kolkata 700012
                         E-mail: kuverma@gmail.com
                                 cirp.hstpl@gmail.com

Last date for
submission of claims:    January 28, 2022


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      67.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.36       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 29, 2021, placed the
rating(s) of IYL under the 'issuer non-cooperating' category as IYL
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. IYL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 15, 2021, December 25, 2021, January 4, 2022.

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

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

Incorporated in 1992, IYL was taken over by the Shiva Group in
FY13. The company is engaged in the manufacturing of
synthetic yarn at its manufacturing facilities in Ludhiana
(Punjab). Group concerns of the company include Yogindera Worsted
Limited (rated, 'CARE D; Issuer Not cooperating'), K.K. Fibres
Limited, Shiva Specialty Yarns Limited (rated, 'CARE D; Issuer Not
cooperating'), Himachal Fibres Limited (rated, 'CARE D; Issuer Not
cooperating'), Shiva Texfabs Limited and Shiva Spin N Knit
Limited.


JIWANRAM SHEODUTTRAI: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jiwanram
Sheoduttrai Industries Private Limited (JSIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.25       CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill          8          CRISIL D (Issuer Not  
   Discounting                      Cooperating)

   Letter of Credit      1          CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit       10          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-       13.2        CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with JSIPL for
obtaining information through letters and emails dated October 16,
2021 and December 21, 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 JSIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

JSIPL, incorporated in 1997 and promoted by Mr. Alok Prakash, is
based in Kolkata. The company manufactures leather-based protective
gloves, garments, and accessories.


JRK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JRK
Industries Private Limited (JIPL) continues to remain in the
'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.96       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 20, 2021, placed the
rating(s) of JIPL under the 'issuer non-cooperating' category as
JIPL 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. JIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 6, 2021, December 16, 2021, December 30, 2021.

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

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

Jaipur (Rajasthan) based JIPL was incorporated in 1997 by Mr.
Bharat Kumar Poddar, Mr. Radha Krishna Jalan, Mr. Rajesh Kumar
Jalan and their family members. JRKIPL is engaged in the business
of manufacturing and supplying of steel wires, galvanized wires,
binding wires and strip for the armouring of land cables. It has
installed manufacturing capacity of 32400 MT per annum for HB wire,
Binding wire and GI wires as on March 31, 2018.


K G N MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K G N Motors
Private Limited (KMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Rupee Term Loan        5         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated October 16,
2021 and December 21, 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 KMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continues to be 'CRISIL D Issuer Not Cooperating'.

KMPL was incorporated in 2007, promoted by Mr. Mubin Riaz Inamdar.
The company is an authorised dealer of ALL for sales and service of
its entire range of commercial vehicles. The company currently has
three 3S (sales, service, and spares) showrooms in Pune.

KALAVAKURU ESTATES: CRISIL Reaffirms B+ Rating on INR20cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Kalavakuru Estates Private Limited
(KEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             20         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the risks faced by KEPL relating to
stabilization and scale-up of operations post commencement and also
intensive competition in the hospitality segment. These weaknesses
are partially offset by the company's favorable location and
provision of five-star accommodation facility resulting in low
demand risk and the rental income from existing properties act as
cushion in the cash flows.

Key Rating Drivers & Detailed Description

Weaknesses:

* Risks relating to stabilization and scale-up of operations:
Currently, the construction of the resort is complete, it is
expected to be operational only by March 2022. Owing to the nascent
stage of the project, KEPL faces a high risk of stabilization and
scale-up of operations.

* Intense competition in the hospitality segment: KEPL operates in
the intensely competitive hospitality segment. The company faces
competition from large and small resorts and other hotels in the
vicinity. This will constrain the scalability of the company.

Strengths:

* Low demand risk due to favorable location and five-star
accommodation: KEPL's resort is in Wayanad which is a popular
destination in Kerala, South India. During the holiday season,
resorts in this locality are pre-booked well in advance. Thus, KEPL
is expected to experience low demand risk owing to its locational
advantage. Most resorts located in Wayanad consist only of simple
accommodation and restaurant facility. KEPL shall include five-star
accommodation with 42 cottages apart from various facilities. This
is being developed with an intent to provide quality accommodation
to guests along with other facilities, which is expected to serve
as a differentiating factor for KEPL.

* Rental income from existing properties act as cushion in cash
flows: The promoter also owns 2 commercial properties in Chennai in
this company from which there is rental income. This acts as
cushion in the cash flow. The company has created an escrow
mechanism and the rental proceeds will be earmarked towards payment
of interest.

Liquidity: Stretched

The liquidity of KEPL is likely to be stretched with modest
accruals in the initial years of operations.

Cash accrual are expected to be over INR0.66-2.85 crore which maybe
insufficient against term debt obligation of INR0.64-3.36 crore
over the medium term. In case of shortfalls in cash accruals
against the repayments, the company would bring in unsecured loans
from the promoters to aid the liquidity.

Current ratio is moderate at 1.03 times as of March 31, 2021.

Outlook: Stable

CRISIL Ratings believes KEPL to benefit from its locational
advantage and extensive experience of the promoters in the medium
term.

Rating Sensitivity factors

Upward factors:

* Healthy stabilization of operations with moderate profitability
leading to accruals of over INR1.5 crore
* Sustained improvement in its financial risk profile
Improvement in liquidity profile to be able to meet repayment
obligations

Downward factors:

* Further delay in commercialization of operations leading to lower
than expected revenue
* Any further cost overrun leading to larger than expected debt
resulting in higher than expected gearing

KEPL is setting up a 42 room 5-star hotel and luxury resort
Wayanad, Kerala to be operational from March 2021. The company also
owns 2 commercial properties which is rented out.


KEDARESHWAR FIBERS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kedareshwar
Fibers (KF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          7.25        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan            1.2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KF for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 KF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KF
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KF, established in 2008, gins and presses cotton, and has its
manufacturing facilities at Nimbhora (Gujarat). The firm is part of
the group of companies promoted by the Goyal family, based in
Sendhwa (Madhya Pradesh), and is involved in cotton and sugar
trade. Daily operations are managed by Mr. Fulchand Goyal and his
family.


KIKANI INTERNATIONAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Kikani International Private Ltd
        SF. No. 283/2A, Kondampatti Village
        Vadasithur, Kinathukadavu Taluk
        Coimbatore 641202

Insolvency Commencement Date: January 12, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 11, 2022

Insolvency professional: Mr. Arpit Kothari

Interim Resolution
Professional:            Mr. Arpit Kothari
                         204 B Block
                         Prince Garden Apartment
                         40 Thambhuswamy Road
                         Kilpauk, Chennai
                         Tamil Nadu 600010
                         E-mail: ak@nimalandarpit.com

                            - and -

                         Suite no. SL-2, 2nd Floor
                         Alsa Mall, Door Nos. 146 to 149
                         Old no. 15, Montieth Road
                         Egmore, Chennai 600008
                         E-mail: kikanicirp@gmail.com

Last date for
submission of claims:    January 26, 2022


KOHINOOR INDIA: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kohinoor
India Private Limited (KIPL) continues to remain in the 'Issuer Not
Cooperating ' category.

                       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

   Short Term Bank      5.00       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 January 29, 2021, placed the
rating(s) of KIPL under the 'issuer non-cooperating' category as
KIPL 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. KIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 15, 2021, December 25, 2021, January 4, 2022.

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

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

Incorporated in 1989, KIPL is engaged in the manufacturing and
trading of rubber products like bicycle tyre, auto tubes, rubber
sheets and trading of natural rubber and rubber chemicals. The
company also engages in export of its products. Group concerns of
the company include Eastman Reclamations (rated 'CARE B-/CARE A4;
ISSUER NOT COOPERATING') and Kohinoor Reclamations (rated 'CARE
C/CARE A4; ISSUER NOT COOPERATING') also engaged in a similar line
of business.


LINBERT TRAVELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Linbert Travels Private Limited
        9 Mangoe Lane, 1st Floor
        Room No. 2, Kolkata 700001
        West Bengal

Insolvency Commencement Date: January 13, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 7, 2022
                               (180 days from commencement)

Insolvency professional: Surendra Kumar Agarwal

Interim Resolution
Professional:            Surendra Kumar Agarwal
                         Bhawani Enclave, 3D
                         99C Girish Ghosh Road
                         Liluah, Howrah 711204
                         E-mail: surendraca@gmail.com

                            - and -

                         18 Rabindra Sarani
                         Poddar Court, Gate No. 1
                         8th Floor, Room No. 816
                         Kolakta 700001
                         E-mail: cirp.linbert@gmail.com

Last date for
submission of claims:    January 27, 2022


LUCKNOW OPTICAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lucknow
Optical and Surgical Co. (LOS) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          10         CRISIL B+/Stable (Issuer Not
   Overdraft facility               Cooperating)

CRISIL Ratings has been consistently following up with LOS for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 LOS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LOS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LOS continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

LOS, a partnership firm of Mr. Manish Mehrotra and Mrs Ragini
Mehrotra, based out of Lucknow supplies medical equipment to
government hospitals in Uttar Pradesh.


MAHALAXMI FAB: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mahalaxmi Fab
(MF) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MF for
obtaining information through letters and emails dated October 16,
2021 and December 21, 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 MF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MF
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

MF was set up in 2006 at Ichalkaranji (Maharashtra) by the
proprietor, Mr. Sachin Zanwar. It manufactures grey fabric used for
suiting and shirting.


MAHESH GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mahesh Ginning
Pressing and Oil Industries (MGPOI) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6          CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MGPOI for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 MGPOI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGPOI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGPOI continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Mahesh Ginning was set up in 2007 by Mr. Prabhubhai Bhoraniya; his
son, Mr. Nayankumar Bhoraniya, currently manages operations. The
firm undertakes cotton ginning in Surendranagar, Gujarat.


MAHIDHARA PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mahidhara
Projects Private Limited (MPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured Overdraft      5         CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 MPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, Chennai-based Mahidhara develops residential
real estate projects in Chennai and Bengaluru. Its operations are
managed by the managing director, Mr. T Prashanth Reddy, and the
executive director, Mr. Ramakrishna Prasad.


MARUTI BARRIER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruti
Barrier Films (MBF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         9         CRISIL D (Issuer Not
                                    Cooperating)
      
CRISIL Ratings has been consistently following up with MBF for
obtaining information through letters and emails dated October 16,
2021 and December 21, 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 MBF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBF continue to be 'CRISIL D Issuer Not Cooperating'.

MBF, based in Rajkot (Gujarat), was set up in June, 2017; it
manufactures flexible packaging material such as low density and
nylon multi-layer plastic films, plastic bags and plastic sheets
which finds application mainly in packaging of food items and
consumer goods. The firm is promoted by Mr. Jayesh Sorathiya and
family. The firm has a plant-based in Veraval, Rajkot, Gujarat.
Commercial operations commenced from September 2017.


MARUTI GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maruti
Granites and Marbles Private Limited (MRTGMPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MRTGMPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 MRTGMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MRTGMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MRTGMPL continue to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 1987, Sukher (Rajasthan)-based MRTGMPL processes
marble with an installed capacity of 200,000 sq ft per month. Mr.
Prabhash Rajgarhia and Mrs Poonam Rajgarhia are the promoters.


MR NIRMAN PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M.R. Nirman Private Limited
        287/3, East Sinthee Road
        Kolkata 700030
        West Bengal, IN

Insolvency Commencement Date: January 8, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 7, 2022
                               (180 days from commencement)

Insolvency professional: Rajendra Kumar Agarwal

Interim Resolution
Professional:            Rajendra Kumar Agarwal
                         Diamond Arcade
                         3rd Floor, Suite No. 301A
                         68, Jessore Road
                         Kolakta 700055
                         E-mail: rkaco93@yahoo.co.in
                                 mrnirmancirp@gmail.com

Last date for
submission of claims:    January 22, 2022


MRIDHUL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mridhul
Timbers Private Limited (MTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             6          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        1          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      7.75       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital         0.25       CRISIL D (Issuer Not  
   Demand Loan                        Cooperating)

CRISIL Ratings has been consistently following up with MTPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 MTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2009, Kerala-based MTPL trades in timbers such as
teakwood, koila and pincoda. The company is a part of Keyes group
of industries.


MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Muthumari
Charitable and Educational Trust (SMCET) continues to be 'CRISIL D
Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          7         CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with SMCET for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 SMCET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMCET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMCET continue to be 'CRISIL D Issuer Not Cooperating'.

SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a
trust registered under the Indian Trust Act, 1881. The trust offers
undergraduate courses in engineering and teacher education courses
and also runs a school. The operations of the trust are managed by
Mr.Periyasamy.


OASIS GREEN: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oasis Green
Energy Private Limited (OGEPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.00      CARE B-; 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 11, 2021, placed the
rating(s) of OGEPL under the 'issuer non-cooperating' category as
OGEPL 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. OGEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 27, 2021, December 7, 2021, December 17, 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).

Oasis Green Energy Private Limited (OGEPL), incorporated in March
2015, is setting up a 3.15 MW solar Photovoltaic (PV) Power Plant
in Village Bahadarpur, District Mansa, Punjab. The company is
promoted by Mr. Mukesh Goyal and Mr. Pawan Goyal who are also the
promoters of Oasis Contractors and Consultants Pvt. Ltd. (OCCPL;
engaged in the business of civil construction). The total project
cost is estimated at INR24.56 crore which is proposed to be funded
through a term loan of INR18 crore and the remaining through
promoter's contribution in the form of equity capital of INR4.6
crore and unsecured loans of INR1.96 crore from the promoter group
company (OCCPL). As on March 31, 2015, OCCPL has infused the equity
share capital of INR4.6 crore and unsecured loans of INR0.21 crore.
The project is expected to start commercial operations in April
2016.


PALAK FERRO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Palak Ferro
Alloys (PFA) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.10       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 20, 2021, placed the
rating(s) of PFA under the 'issuer noncooperating' category as PFA
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. PFA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 6, 2021, December 16, 2021, December 30, 2021.

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

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

Incorporated in 2008, Palak Ferro Alloys (PFA) is promoted by Rahul
Parwani and is currently engaged in manufacturing of ferro alloys
and manganese oxides. PFA products include ferro magnesium,
manganese oxide and di-oxide, silico magnesium, ferro manganese low
carbon.


QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadros
Automark Private Limited (QAPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.68       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 20, 2021, placed the
rating(s) of QAPL under the 'issuer non-cooperating' category as
QAPL 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. QAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 6, 2021, December 16, 2021, December 30, 2021.

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

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

QAPL was incorporated in the year 2012 and is an authorized dealer
for Renault India Private Limited (Renault) and covers the south
Goa region. QAPL is promoted by Mr. Evencio Quadros and Mr.
Ramchandra Shirodlar and are first generation entrepreneurs. QAPL
being an authorized dealer for Renault, also provides its spares
and services by virtue of being a '3-S' dealer. However, QAPL has
surrendered the dealership of Renault India Private Limited
(Renault) and acquired the dealership of Hyundai Motors.


R. L. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. L. Agro
Industries (RLAI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        1.13       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan    2.37       CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse             2.50       CRISIL D (Issuer Not
   Financing                        Cooperating)

   Warehouse             4          CRISIL D (Issuer Not
   Financing                        Cooperating)

   Warehouse             4          CRISIL D (Issuer Not
   Financing                        Cooperating)

CRISIL Ratings has been consistently following up with RLAI for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 RLAI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RLAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RLAI continue to be 'CRISIL D Issuer Not Cooperating'.

RLAI, a partnership firm set up by Mr. Krishan Gopal and Mr.
Chanchal Kumar in 2010, mills and processes basmati and non-basmati
rice, which it sells in the domestic market. Its plant is in
Gurdaspur, Punjab.


RAMAN AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raman Agro
Exports Private Limited (RAEPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan               7        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RAEPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 RAEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RAEPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RAEPL, set up in 2008 by Mr. Raman Garg and his family,
manufactures cattle feed and de-oiled cake (DOC) majorly from
de-oiled rice bran and mustard cake for sale under the brand, Doodh
Dhara. The processing facilities at Rampur (Uttar Pradesh) and
Raigarh (Chhattisgarh) have aggregate capacity of around 300 tonne
per day, which is utilized at 65-70%.


RASHMI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rashmi Realty
Builders Private Limited (RRBPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              32        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RRBPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 RRBPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RRBPL continue to be 'CRISIL D Issuer Not Cooperating'.

RRBPL was promoted in 2010 by the Bosmiya family of Mumbai and
undertakes development of residential real estate properties. The
Bosmiya family has been undertaking residential and commercial real
estate development projects and broking and contractual
construction since 1993 through its various group companies,
collectively referred to as the Rashmi group. The management of the
group rests with four brothers of the Bosmiya family: Mr. Deepak
Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr. Ashok
Bosmiya.


SATURN RINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Saturn Rings and Forgings Private Limited
        'Shreepad', Plot No. 444
        Mahatma Co-Op Hsg Soc.
        Near Gandhi Bhavan
        Kothrud, Pune 411038

Insolvency Commencement Date: January 10, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. S. Gopalakrishnan

Interim Resolution
Professional:            Mr. S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park
                         Takka, Panvel (Raigad District)
                         Maharashtra 410206
                         E-mail: gopi63.ip@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors
                         Private Limited
                         1507, B Wing
                         One BKC, G-Block
                         BKC, Bandra East
                         Mumbai 400051
                         E-mail: saturn@kanchansobha.com

Last date for
submission of claims:    January 26, 2022


SIDDHI LAXMI: CARE Lowers Rating on INR8.80cr Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddhi Laxmi Motors (SLM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.80       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 January 8, 2021, placed the
rating(s) of SLM under the 'issuer non-cooperating' category as SLM
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. SLM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 24, 2021, December 4, 2021, December 14, 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 SLM have been
revised on account of non-availability of requisite information.

Siddhi Laxmi Motors (SLM) was established as a partnership firm in
October 2014 by Mr. Bikram Agarwal and Mr. Sujit Kr. Agarwalla. The
firm is as an authorized dealer of Mahindra and Mahindra Limited
(M&M) for its passenger cars, commercial vehicles (Including 3
wheelers and 4 wheeler light vehicles) and spares & accessories.
The showroom of the firm is located at Angul, Dhenkanal, Boinda,
Kamakhya Nagar, Talcher, Khajuriakatta, Palalahada where it also
provides repair and refurbishment services for its full range of
vehicles.


SSK TRADING PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: SSK Trading Private Limited
        X-603, 6th Floor
        Sidhartha Apartments
        M.P. Enclave, Pitampura
        New Delhi 110034

Insolvency Commencement Date: January 4, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 3, 2022

Insolvency professional: Reetesh Kumar Agarwal

Interim Resolution
Professional:            Reetesh Kumar Agarwal
                         Unit no. 531
                         S.G. Shopping Mall
                         D.C. Chowk, Rohini Sector-9
                         Delhi 110085
                         E-mail: carkagarwal@gmail.com
                                 resolvestpl@gmail.com

Last date for
submission of claims:    January 19, 2022


STAR CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Star Cars
Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             2          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          4          CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility      1          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated October 16,
2021 and December 21, 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D Issuer Not Cooperating'.

SCPL, established in 2011, retails Volkswagen cars in Puducherry.
Its operations are managed by Mr. Shajahan.


SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Plastics Manufacturing Private Limited (SPMPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       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 12, 2021, placed the
rating(s) of SPMPL under the 'issuer non-cooperating' category as
SPMPL 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. SPMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 28, 2021, December 8, 2021, December 18, 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).

Bhiwani (Haryana) based Surya Plastics Manufacturing Private
Limited (SPMPL) was incorporated as a Private Limited Company in
2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company
commenced its operation in January 2016. The company is engaged in
manufacturing of non -woven fabric and Poly Proplyene (PP) tape.
The key raw material i.e. Plastic granules are procured from
distributors of Reliance Industries Limited (RIL), IOC Ltd and
Haldia Petro Chemicals Ltd and also from open market of Delhi and
local traders in Bhiwani (Haryana). The company markets non-woven
fabric through dealers located in Delhi, Haryana and Rajasthan
etc.


T S R COTTON: CRISIL Lowers Rating on INR10cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of T S R
Cotton Ginning Mill (TSR) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with TSR for
obtaining information through letters and emails dated October 16,
2021 and December 04, 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 TSR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSR Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Established in 1985 and based in Guntur, Andhra Pradesh, TSR
undertakes cotton ginning, and processing of cotton seed oil.


TEJA CEMENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Teja Cement Limited
        Flat No. 201, Padmaja Palace
        8-3-1068/1, 14 Srinagar Colony
        Hyderabad TG 500073
        IN

Insolvency Commencement Date: January 4, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 11, 2022

Insolvency professional: Maruti Venkata Subba Rao Poluri

Interim Resolution
Professional:            Maruti Venkata Subba Rao Poluri
                         1-7-12, Flat No. 408
                         Chippendale Apartments
                         Golkonda X Roads, Musheerabad
                         Beside N B K Estate
                         Hyderabad, TG 500020
                         E-mail: cssubbarao@gmail.com

                            - and -

                         Flat No. 301, Chapas Prashanthi Niketan
                         Street No. 4, H.No. 1-10-17
                         Ashok Nagar Circle, Ashok Nagar
                         Hyderabad, TG 500020
                         IN
                         E-mail: ip.tejacement@gmail.com

Last date for
submission of claims:    January 26, 2022


UDAYA HARDWARES: CRISIL Lowers Rating on INR5cr Loans to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Udaya
Hardwares - Kanyakumari (UH) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with UH for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 UH, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of UH
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

Established in 1984, UH, a proprietorship concern of Mr. M Udaya
Kumar, trades in building materials such as sanitary ware, fittings
and tiles of reputed brands in Kanyakumari, Tamil Nadu.


UNIQ DETECTIVE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Uniq
Detective And Security Services Private Limited continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Bank  
   Guarantee              4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     3         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Uniq
Detective for obtaining information through letters and emails
dated October 16, 2021 and December 21, 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 Uniq Detective, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Uniq Detective is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the
ratings on bank facilities of Uniq Detective continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

Started as a partnership firm in 1995 by Lt KP Nagesh, Uniq was
converted into a private limited company in 1996. The
Bengaluru-based company provides manned security services.


VIDEOCON INDUSTRIES: Creditors' Panel Seeks Plan Bids by Feb. 2
---------------------------------------------------------------
Livemint.com reports that the committee of creditors of Videocon
Industries Ltd and 12 other Videocon group companies on Jan. 19
re-invited expressions of interest (EoI) for submitting a
resolution plan under the Corporate Insolvency Resolution Process.
Expressions of Interest are due Feb. 2.

"An invitation of expression in Form G has been published in the
Financial Express and other regional newspapers," an exchange
filing by the company said.

According to Livemint.com, the development follows a January 5
National Company Law Appellate Tribunal (NCLAT) ruling that set
aside an order passed by the Mumbai bench of National Company Law
Tribunal approving Anil Agarwal-led Twin Star Technologies' bid for
Videocon Group.

The resolution plan (which involved an acquisition at INR3,000
crore) has been remitted back to the committee of creditors,
Justice Jarat Kumar Jain said in the order, according to the
report.  The provisions of Section 32 of the Insolvency and
Bankruptcy Code (IBC) have not been complied with during the
corporate insolvency resolution process.

Livemint.com says NCLAT's decision to remit the resolution plan
back to the lenders' panel is the first such instance since the
resolutions via IBC were notified in 2017. This comes amid a
growing uproar over IBC resolutions happening at deep haircuts and
assets being transferred at throw-away prices.

The resolution value of INR3,000 crore against the debt of
INR61,771 crore would have led to a 94% haircut for lenders. The
resolution plan was slightly above the liquidation value of
INR2,000 crore, the report notes.

On June 8, the Mumbai bench of NCLT approved the resolution plan of
Twin Star Technologies. Lenders to Videocon approved the resolution
plan in December 2020.

Videocon Group owes nearly INR61,770 crore to financial creditors,
according to the company's website.  Of this, the largest lender,
State bank of India, asserts claims of INR11,152 crore, while IDBI
Bank asserts claims of INR9,922 crore, the report discloses.

According to the report, the NCLAT order follows a plea by the
dissenting financial creditors -- Bank of Maharashtra, SIDBI and
IFCI. The three creditors made up 3% of the CoC and sought an
additional INR9 crore in the resolution plan, said a person with
direct knowledge of the matter.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon, owned by the Dhoot family, was taken to bankruptcy court
after it failed to repay INR230 crore to SBI in 2017. It was among
the first 12 companies pushed into bankruptcy after directions from
the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
according to Business Standard, citing bankruptcy case-related
disclosures on the company's website.

VIJAYA LAKSHMI: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijaya
Lakshmi Enterprises (VLE) continues to remain in the 'Issuer Not
Cooperating ' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 11, 2021, placed the
rating(s) of VLE under the 'issuer non-cooperating' category as VLE
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. VLE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 27, 2021, December 7, 2021, December 17, 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).

Andhra Pradesh-based, Vijaya Lakshmi Enterprises (VLE) was
established in October 2013 as a partnership firm, by Mr.
Satyanarayana and Mr. Jaya Lakshmi. Vijaya Lakshmi Enterprises
(VLE) is an authorized licensed dealer in tobacco registered with
Tobacco Board for trading of Virginia tobacco. VLE is mainly
engaged in trading of Virginia tobacco. The firm purchases the raw
material i.e., Wet Virginia tobacco through the competitive bidding
process conducted by Tobacco Board (TB) at Andhra Pradesh location.
The TB collects the tobaccos from farmers, who are licensed holder
to grow any particular tobacco. Further, these tobaccos are put in
tender process. After successfully winning the tender, the firm
processes the Virginia tobacco manually by separating the tobacco
leaves, with the help of local contractual workers. After
separation of tobacco leaves, the firm outsources the process like
threshing. Threshing process involves conditioning of tobacco with
heat and moisture, and finally re-drying the Virginia tobacco. The
processing unit for separation of tobacco leaves is located at
Tangutur which is 20 km away from Ongole, where tobacco is one of
the major crops. Till FY16, the firm was into trading of tobacco
directly without processing. However, from FY17 the firm has
started doing processes like threshing etc. through outsourcing and
then trading.


WORLDS WINDOW: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Worlds Window Trading Private Limited
        F-35/4, Ground Floor
        Okhla Industrial Area
        Phase-II, New Delhi
        South Delhi 110020

Insolvency Commencement Date: January 7, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 9, 2022
                               (180 days from commencement)

Insolvency professional: Alok Kumar Murarka

Interim Resolution
Professional:            Alok Kumar Murarka
                         Marigold-1 CHSL, B-701
                         Beverly Park, Mira Road-East
                         Mumbai, Maharashtra 401107
                         E-mail: murarkalok@gmail.com

                            - and -

                         A301, Padmalaya CHSL
                         Shimpoli Village
                         Borivali-West
                         Mumbai 400092
                         E-mail: cirp.wwtpl@gmail.com

Last date for
submission of claims:    January 24, 2022



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

BUKIT MAKMUR: Fitch Alters Outlook on 'BB-' LT FC IDR to Stable
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Bukit Makmur Mandiri
Utama (BUMA) to Stable from Negative and affirmed the Long-Term
Foreign-Currency Issuer Default Rating and the ratings on its
USD400 million 7.75% notes due 2026 at 'BB-'.

The Outlook revision reflects Fitch's expectation that BUMA would
be able to reduce its FFO net leverage below its negative
sensitivity in 2022, driven by higher overburden removal volume and
lower capex. The Stable Outlook also reflects Fitch's expectation
that BUMA will succeed in addressing its contract renewal risk, and
maintain business continuity.

BUMA's rating reflects its strong position as Indonesia's
second-largest mining contractor, with a market share of about 15%,
and a satisfactory operational record with customers. The rating is
constrained by BUMA's customer concentration risk, with about 80%
of its volume from three counterparties, and the highly cyclical
nature of the domestic coal contracting industry.

KEY RATING DRIVERS

Overburden Removal Volume to Rise: Fitch expects BUMA's overburden
removal volume to rise to about 380 million bank cubic metres
(mbcm) in 2022 from 325mbcm in 2021, and remain close to that level
till 2025. Fitch expects BUMA to start operating close to its
target annual run rate of 70mbcm at PT Adaro Indonesia's
(BBB-/Stable) Tutupan mine by 1Q22. Volume ramp-up at this new
contract was slightly delayed due to higher-than-expected rainfall
in 2H21, but BUMA has now finished most of the required work and
will begin work at full capacity soon.

Fitch also expects continued volume expansion by BUMA's other main
customer, PT Bayan Resources Tbk (BB-/Stable). Fitch forecasts
growth at Bayan to offset the volume lost when Adaro's older
contract for its Paringin mine ends in 2022 with the depletion of
its reserves. This will keep overburden removal volumes flat at
about 370mbcm-390mbcm over 2023-2025.

Policy Risk: Risks from policy uncertainties for Indonesian coal
companies remain, but Fitch believes the risks will be manageable
in the absence of any material changes to current regulations.
Fitch will treat any major change to regulations as event risk.

Lower Capex: Fitch expects BUMA's capex to remain modest from 2022,
limited to only maintenance capex, which would support
deleveraging. Fitch expects BUMA's capex at USD75 million-125
million a year over the next four years. BUMA spent close to USD350
million in 2021 to support the expected volume growth from its
customers, mainly Adaro and Bayan. With this, BUMA's equipment
capacity should be sufficient to support volumes from all existing
contracts, without any major growth capex till 2025.

BUMA expects its next equipment-replacement cycle in 2025-2026, but
the amount will depend on the volumes from the contracts on hand at
that point.

Improved Rating Headroom: Fitch forecasts BUMA's FFO net leverage
at around Fitch's negative rating sensitivity of 3.3x in 2022,
driven by higher volume and lower capex. Rating headroom should
widen in 2023 with leverage falling to around 2.8x, despite the
expected fall in coal prices, in line with Fitch's coal-price deck.
About 60% of BUMA's volumes will be linked to coal prices from
2022, down from about 70% now, after it signed more fixed-priced
contracts. This will mitigate the impact of lower coal prices on
the average coal-contracting rates.

Contract Renewal Risk: BUMA's contract with its largest customer PT
Berau Coal Energy, is expiring in 2025 along with the depletion of
its Lati mine. Fitch believes BUMA will be more selective in
choosing new customers after facing some payment issues with some
newer, smaller customers in 2017-2019. BUMA's new contracts with
Adaro and Bayan show its competitive advantages in bidding for
larger projects from its leading market position, proven
operational track record, and ability to operate bigger and more
complex mining projects.

Customer Concentration: Berau, Adaro and PT Indonesia Pratama, a
subsidiary of Bayan, accounted for about 80% of BUMA's 2021
volumes. About half of BUMA's revenue is from Berau, with the
portion increasing until BUMA signs new contracts to diversify its
customer base. Fitch believes the risk associated with customer
concentration is mitigated by BUMA's long relationships with key
customers and high contract renewal rates. Coal miners also
generally prioritise payments to mining contractors to ensure the
continuity of operations.

Neutral Impact from Downer Acquisition: BUMA's acquisition of the
coal contracting assets of Australia's Downer EDI Limited
(BBB/Stable) will improve BUMA's business profile by increasing
geographical diversification, but the assets are in the same
industry, so the overall impact on BUMA's credit profile is
neutral. However, Fitch thinks the transaction signals BUMA's
openness towards acquisitions after changes in its shareholding
structure. Fitch will monitor BUMA's growth plans. A shift towards
more aggressive financial policies could result in a rating
downgrade.

DERIVATION SUMMARY

BUMA's closest rated peers are Indonesia-based PT ABM Investama Tbk
(B+/Stable) and Australia-based mining equipment rental company
Emeco Holdings Limited (B+/Stable).

BUMA is rated one notch above ABM due to its stronger business
profile, driven by a better mine-contracting business in terms of
efficiency, with higher margins, better customer profile and higher
market share. BUMA also has a larger scale than ABM and operates at
larger mines. Scale is an important consideration in this industry
as larger coal miners typically have better ability to sustain
operations through market downturns. ABM, however, benefits from
its diversified business, although the improvement in its
mining-contract business was offset by weakness in its coal-mining
business due to low prices.

BUMA has better revenue visibility than Emeco, and a more stable
operating profile that stems from its long-term contracts with
miners and integration in the production stage. Emeco's financial
profile has improved over the last few years and is now better than
that of BUMA. However, BUMA benefits from the stickiness of its
coal-mining contracts, unlike Emeco, underscoring the one-notch
differential between the two ratings.

KEY ASSUMPTIONS

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

-- Volume to increase by over 16% in 2022, followed by a rise of
    1%-2% in 2023-2024. Volume to decrease by 5% in 2025;

-- Blended mining rates to fall by 8%, 3% and 2% in 2022, 2023
    and 2024, respectively, as Fitch expects coal prices to
    decline in line with Fitch's coal-price deck. The rate
    assumptions are about 10% lower in 2022 an 5% lower in 2023
    and thereafter, as compared to management guidance;

-- Costs of goods sold to remain close to USD 1.4/bcm through the
    forecast period;

-- Capex of USD150 million in 2022 and USD75 million a year in
    2023-2025;

-- No dividend payouts through to 2025;

-- For the acquired Downer assets: revenue of USD300- 330 million
    in 2022 to 2025; EBITDA of USD57 million in 2022 and USD50
    million in the years after; and capex of USD10 million-25
    million per year in line with management guidance.

RATING SENSITIVITIES

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

-- An upgrade is unlikely over the short term, although a
    material improvement in BUMA's business diversification beyond
    coal-related operations, while maintaining an appropriate
    financial profile, may lead to an upgrade.

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

-- Weakening market position, including weak execution of its
    business strategy, and failure to obtain new customers to
    replace expiring contracts;

-- FFO net leverage sustained above 3.3x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: BUMA's liquidity remains quite comfortable
over the next two years with no refinancing requirements driven by
its back-ended debt maturity profile. Fitch expects BUMA's internal
cash flow to be sufficient to repay its senior secured loan, which
has a step-up amortising repayment structure and minimal repayment
requirements till 2024.

BUMA's next major refinancing requirement would be in 2026 when its
USD400 million senior unsecured bond and the remaining USD125
million of the secured loan are due. A major chunk of BUMA's
contracts end in or around 2025, so Fitch believes the company
would need to replace the earnings stream with new contracts or
other acquisitions to fulfil these medium-term refinancing
requirements.

ISSUER PROFILE

BUMA is a subsidiary of PT Delta Dunia Makmur Tbk. It provides coal
mining services and carries out mining-related works, such
overburden removal, coal mining, coal hauling, reclamation and land
rehabilitation. BUMA serves seven customers with all the sites in
Kalimantan in Indonesia.

ESG CONSIDERATIONS

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



===============
M O N G O L I A
===============

MANDAL DAATGAL: A.M. Best Affirms B(Fair) Fin. Strength Rating
--------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" (Fair) of Mandal
Daatgal JSC (Mandal) (Mongolia). The outlook of these Credit
Ratings (ratings) is stable.

The ratings reflect Mandal's balance sheet strength, which AM Best
assesses as strong, as well as its strong operating performance,
limited business profile and appropriate enterprise risk management
(ERM).

Mandal's balance sheet strength is supported by its risk-adjusted
capitalization, which is at the strongest level as of year-end
2020, as measured by Best's Capital Adequacy Ratio (BCAR), although
the absolute size of its capital base remains small at MNT 22.7
billion (USD 8.6 million). Besides the company's investment
portfolio, which is exposed primarily to lower-rated and non-rated
fixed income securities, other offsetting factors of the company's
balance sheet strength assessment include the quality and
diversification of its reinsurance treaty panel, which AM Best
views as less favorable compared with most other large regional and
global insurers.

Mandal's operating performance has been strong and consistent, with
key operating metrics generally outperforming those of its regional
peers. This is attributed to its history of profitable underwriting
and investment, as demonstrated by a five-year average combined
ratio of approximately 95% and an average operating ratio of 72%.
During fiscal year 2020, the company's combined ratio exceeded
100%, mainly due to a higher-than-expected number of large losses
in the motor physical damage line and the commercial property
line.

In response, Mandal has implemented various initiatives to
stabilize and improve its prospective underwriting performance,
which AM Best expects should help Mandal's underwriting and
operating results to revert to a strong level.

Mandal is a non-life insurer in Mongolia, which underwrites
property/casualty insurance in personal and commercial lines. For
fiscal year 2020, the company's gross premium written (GPW)
amounted to MNT 33.2 billion, and ranked second in the Mongolian
non-life insurance market as of year-end 2020 in terms of GPW. In
AM Best's opinion, Mandal's business profile currently benefits
from its strong control over its distribution, low-acquisition cost
structure, and expertise in the risks that it intends to underwrite
and retain in its domestic market. However, these advantages are
offset partly by a number of risk factors, which include the
company's limited scale and high business concentration risk
associated with its narrow geographical focus.

The stable outlooks reflect AM Best's expectation that Mandal's
operating performance will remain profitable, although the
company's underwriting results are likely to remain volatile until
the company can achieve much greater scale.

Negative rating actions could occur if there is significant
deterioration in Mandal's risk-adjusted capitalization due to
unexpected capital repatriation, or if its profitability
consistently falls below AM Best's expectation. Negative rating
actions also could occur if the company exhibits a material
deterioration in the quality of its ERM to a level that no longer
supports the appropriate ERM assessment.




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

CLINICAL SUPPLY: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------------
Creditors of Clinical Supply Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
Feb. 15, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 17, 2022.

The company's liquidators are:

          Gareth Russel Hoole
          Clive Robert Bish
          Ecovis KGA Limited
          PO Box 37223
          Parnell, Auckland


CUSTOM BUILDS: Creditors' Proofs of Debt Due Feb. 14
----------------------------------------------------
Creditors of Custom Builds Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 14,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 14, 2022.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


GILBERTO PAINTERS: Creditors' Proofs of Debt Due Feb. 17
--------------------------------------------------------
Creditors of Gilberto Painters Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
Feb. 17, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 17, 2022.

The company's liquidator is Kelera Nayacakalou.


SMOKE ALARM: Creditors' Proofs of Debt Due Feb. 22
--------------------------------------------------
Creditors of Smoke Alarm Professionals Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 22, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 18, 2022.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow   
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington, New Zealand




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

BUTLER TECH: Creditors' Meetings Set for Jan. 26
------------------------------------------------
Butler Tech Group Pte. Ltd. will hold a meeting for its creditors
on Jan. 26, 2022, at 2:00 p.m., by way of electronic means.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint liquidators; and

   c. to form a committee of inspection of not more than 5
      members, if thought fit; and

   d. any other business.


EAGLE HOSPITALITY: Court Fines Fraudsters Who Kept $2.4 Million
---------------------------------------------------------------
Leslie Pappas of Law360 reports that two "fraudsters" who snubbed a
Delaware bankruptcy court's order to return $2.43 million to Eagle
Hospitality Group's bankrupt U.S. hotels will each be fined $250
per day until they make good on the debt, the judge overseeing the
bankruptcy case has ruled.

Taylor Woods and Howard Wu have failed to comply with court orders
to turn over the funds, and their disclosures to the court have
been "woefully insufficient and ripe with fraudulent
inconsistencies," U.S. Bankruptcy Judge Christopher S. Sontchi of
the District of Delaware said.

Separately, Woods and Wu have objected to the bankrupt hotel
owner's Chapter 11 plan, saying it shouldn't be confirmed until
their appeals to federal district court are resolved.  They argued
in a court filing last month that EHT US1 Inc.'s plan shouldn't be
confirmed because they have 18 open lawsuits against the debtors
with claims of $250 million pending.

                     About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company, Inc. is
the claims agent.

FULLERTON HEALTHCARE: May File for Judicial Management
------------------------------------------------------
The Business Times reports that Fullerton Healthcare could be left
with little option but to go down the judicial management path as
time runs out and a sour shareholder stand-off jeopardizes any
potential sale to rescue the private healthcare solutions firm.

"Clearly, the (sale) process has gone on for very long with a lot
of names thrown around . . . this sale has not materialised for
various reasons and this has led to this whole conversation on JM,"
a reliable source told Business Times.

Fullerton Health offers corporations health insurance plans and
access to a network of healthcare providers.


NERA TELECOM: Gets Bills of Demand Relating to Tax Liabilities
--------------------------------------------------------------
The Business Times reports that NERA Telecommunications said its
foreign subsidiaries have received bills of demand relating to tax
liabilities for an estimated total amount of SGD3.62 million.

BT relates that the total tax liability payable pursuant to a tax
audit conducted in 2021 is expected to have a material financial
impact on the mainboard-listed group, the IT infrastructure
provider with a market value of about SGD45 million said in a
regulatory filing on Jan. 14.

Nera Telecommunications added that it is seeking tax advisers'
opinions on the matter and is also engaged in negotiations with tax
authorities to determine the final amount of tax liability payable,
the report relays.

The Singapore company with a global footprint in over 15 countries
did not name the jurisdictions where the tax liabilities arose, BT
adds.




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

SRI LANKA: India Extends $500MM Credit Line for Fuel Purchases
--------------------------------------------------------------
Reuters reports India has offered a new $500 million credit line to
Sri Lanka to fund fuel purchases, the Indian High Commission in
Colombo said on Jan. 18, as the island struggles to manage its
worst financial crisis in years.

Reuters relates that the credit line, which was under negotiation
since August 2021, will ease pressure on Sri Lanka's dwindling
reserves that dipped to $3.1 billion at the end of December.

Last week India granted Sri Lanka a $400 million swap arrangement
to boost its reserves and help repay debt, the report says.


                           *********


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
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