/raid1/www/Hosts/bankrupt/TCRAP_Public/220209.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, February 9, 2022, Vol. 25, No. 23

                           Headlines



A U S T R A L I A

AUSMECH PTY: Second Creditors' Meeting Set for Feb. 15
PLATFORM PROPERTIES: Second Creditors' Meeting Set for Feb. 17
VTEC Pty: First Creditors' Meeting Set for Feb. 16


C H I N A

LUCKIN COFFEE: Pays US$180 Million to Settle U.S. Fraud Charges
MYBANK: Fined for Anti-Money Laundering Violations


I N D I A

ACE CONSTRUCTIONS: CARE Moves B+ Debt Rating to Not Cooperating
AVOLIN SOFTWARE: Voluntary Liquidation Process Case Summary
BONFIGLIOLI RENEWABLE: Voluntary Liquidation Process Case Summary
CHEMICAL BROTHERS: CARE Assigns B- Rating to INR7.18cr LT Loan
DESEIN PRIVATE: Insolvency Resolution Process Case Summary

DUNAC MOTORS: CARE Lowers Rating on INR15.0cr LT Loan to B
EHL HEALTHCARE PRIVATE: Insolvency Resolution Process Case Summary
EMAAR LEAD: CARE Lowers Rating on INR9.00cr LT Loan to C
FIBCOM INDIA: CARE Keeps D Debt Ratings in Not Cooperating
FOURTH DIMENSION: CARE Keeps D Debt Ratings in Not Cooperating

FUTURE CONSUMER: CARE Reaffirms D Rating on INR305.75cr Loan
GANESH RESIDENCY: CARE Keeps B- Debt Rating in Not Cooperating
GRACIOUS CREATION: Voluntary Liquidation Process Case Summary
GRACIOUS INNOVATIVE: Voluntary Liquidation Process Case Summary
HANUMAN REALCON: Voluntary Liquidation Process Case Summary

JAHANGIR BIRI: CARE Moves D Debt Rating to Not Cooperating
JAIPRAKASH ASSOCIATES: CARE Reaffirms D Rating on Bank Debts
LAKSHANA CONSULTANTS: CARE Lowers Rating on INR19.80cr Loan to B-
LAXMI BALAJI: CARE Lowers Rating on INR7.99cr LT Loan to B
M B AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category

MAHALAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
MANGALAM TIMBER: CARE Withdraws B+ Rating on Bank Debts
NJT FINANCE: CARE Keeps B+ Debt Rating in Not Cooperating
P.P. AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating
PYRO ELECTRIC: CARE Lowers Rating on INR4.0cr LT Loan to B+

RAGHAV INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
RAJAMANICKAM POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
RATANDEEP INFASTRUCTURE: Liquidation Process Case Summary
SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating
SHAMKEN COTSYN: Liquidation Process Case Summary

SHRINIVAS ELECTRICALS: Insolvency Resolution Process Case Summary
VENKATESHWARA REALTECK: Voluntary Liquidatoin Process Case Summary
VIJAYALAKSHMI DRIER: CARE Reaffirms B+ Rating on INR9.90cr Loan
VINODSAI AGRI: CARE Keeps B+ Debt Rating in Not Cooperating
WELWORTH SOFTWARE: Insolvency Resolution Process Case Summary

WUXI YUSHOU: Voluntary Liquidation Process Case Summary


J A P A N

AEON CO: Egan-Jones Lowers Senior Unsecured Ratings to BB


M A C A U

MELCO AND STUDIO: S&P Affirms 'BB-' Long-Term ICR, Outlook Neg.


M A L A Y S I A

1MALAYSIA BHD: Jury Selection Underway in Ex-Goldman Banker Trial


N E W   Z E A L A N D

HELI LEASE: Court to Hear Wind-Up Petition on March 3
NUTRA FOODS: Creditors' Proofs of Debt Due on April 4


S I N G A P O R E

HAPPY MEGA: Court to Hear Wind-Up Petition on Feb. 25
LI JIE: Creditors' First Meeting Set for Feb. 22

                           - - - - -


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

AUSMECH PTY: Second Creditors' Meeting Set for Feb. 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Ausmech Pty Ltd
has been set for Feb. 15, 2022, at 11:00 a.m. via Zoom
Videoconferencing.

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 Feb. 14, 2022, at 4:00 p.m.

Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of Ausmech Pty on Dec. 16, 2021.


PLATFORM PROPERTIES: Second Creditors' Meeting Set for Feb. 17
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Platform
Properties Pty Ltd has been set for Feb. 17, 2022, at 10:00 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 Feb. 16, 2022, at 5:00 p.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Platform Properties on Jan. 12,
2021.


VTEC Pty: First Creditors' Meeting Set for Feb. 16
--------------------------------------------------
A first meeting of the creditors in the proceedings of VTEC Pty Ltd
will be held on Feb. 16, 2022, at 10:00 a.m. via teleconference
only.

Blair Pleash of Hall Chadwick was appointed as administrator of
VTEC Pty on Feb. 4, 2022.




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

LUCKIN COFFEE: Pays US$180 Million to Settle U.S. Fraud Charges
---------------------------------------------------------------
Caixin Global reports that disgraced Chinese startup Luckin Coffee
Inc. said it had paid $180 million to settle fraud charges in the
U.S., in what appeared to be the latest step of a campaign to
relist on the Nasdaq, 20 months after the Starbucks rival was
booted in a fake revenue scandal.

Luckin is working on a series of compliance procedures as part of
the relisting plan, a source inside the firm told Caixin.

In a filing to the Securities and Exchange Commission (SEC), the
company on Feb. 4 said it had received notice from the securities
watchdog that it had "satisfied the civil penalties arising from
its previously disclosed settlement agreement," Caixin relays.

                       About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post says.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York. The Chapter 15 Petition seeks, among
other things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.

MYBANK: Fined for Anti-Money Laundering Violations
--------------------------------------------------
Caixin Global reports that Ant Group-backed online lender MYBank
was slapped with a CNY22.37 million (US$3.52 million) fine by
China's central bank for multiple violations including breaching
credit scoring management and anti-money laundering rules.

Caixin relates that MYBank was criticized for failing to follow
regulations on financial statistics, account management,
transaction clearing management, know-your-customer requirements
and requirements to report suspicious transactions, the Hangzhou
branch of the People's Bank of China said in a statement.

MYBank, one of China's first privately funded online-only banks,
received three fines since 2020, the report notes.



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

ACE CONSTRUCTIONS: CARE Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ace
Constructions (AC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            48.00      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from AC to monitor
the rating vide e-mail communications/letters dated September 01,
2022, October 7, 2022, December 31, 2022, January 24, 2022 among
others and numerous phone calls. However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. 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. Further, AC has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on AC's bank facilities will now
be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of non-availability of
information due to non-cooperation by AC with CARE's efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The rating continues to take into account moderate
booking status, pending approvals and nascent stage of Phase II of
the Gada Anutham Project, its presence in a highly competitive and
cyclical real estate industry, and partnership nature of
constitution. The ratings continue to derive strength from long
track record of operations, extensive experience of promoters in
real estate industry and strategic location of the project.

Detailed description of the key rating drivers

At the time of last rating on January 4, 2021 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Moderate booking status: AC is developing a real estate project:
"Gada Anutham" in two phases. The phase 1 of the project consists
of two buildings. The construction of one of the building is
completed and the other one is nearing completion. Further, the
firm has sold all the flats available for sale to the developer
admeasuring 0.84 lsf(lakh square feet) under Phase 1 of the project
as on December 23, 2020 (as against approximately 0.57 lsf area
sold as of September 30, 2019). The area sold of 0.84 lsf is
approximately 36% of the total saleable area of 2.33 lsf under both
the phases of the "Gada Anutham" project. Furthermore, around 97%
of the sold flats have been registered leading to decrease in the
risk of cancellations. Moreover, the firm has also allocated 0.15
lsf to MHADA (Maharashtra Housing and Area Developing Authority).
The expected date of completion of Phase 1 of the project is
December 2020.

* Pending approvals for the phase II of the Gada Anutham project:
The firm had received all the requisite approvals for
'Gada Anutham Phase I'. Further, 'Gada Anutham Phase II' was
launched in June 2020 and the registration has been updated
on MAHARERA. The firm has received approval for construction of one
of the two buildings under Phase II of the project.
However, commencement certificate is yet to be received. Moreover,
the firm has applied for pending approvals for Phase II of
the project at Pune Metropolitan Region Development Authority
(PMRDA) and the approvals are under process.

* Satisfactory project execution status: The revised total cost of
"Gada Anutham" project is estimated at INR110.70 crore (as against
estimated cost of INR105.70 crore as on September 30, 2019) to be
funded by promoter's contribution, term loan and customer advances
in the ratio of 0.24:0.48:0.28. The cost overrun is due to increase
in construction cost of the phase I of the project, and is expected
to be funded through promoter funds and loan of INR4.76 crore under
COVID-19 scheme(Guaranteed Emergency Credit Limit) in line with the
Atmanirbhar Bharat package announced by Government of India. As on
September 30, 2020, the firm has incurred INR75.80 crore which is
~68% of the total cost of project (cost incurred as on September
30, 2019 is INR60.40 crore), which was funded through promoter's
contribution, debt, creditors and customer advances in the ratio of
0.31:0.30:0.02:0.37. Given that the Phase 2 of the project is still
at nascent stage with expected date of completion by June
2023, and on account of receipt of pending approvals. There
persists significant execution risk. However, considering
achievement of financial closure for Phase II and the experience of
the promoters in real estate business, the risk is mitigated to
some extent.

* Presence in competitive and cyclical real estate industry: The
firm is exposed to the cyclicality associated with the real estate
sector which has direct linkage with the general macroeconomic
scenario, interest rates and level of disposable income available
with individuals. In case of real estate companies, the
profitability is highly dependent on property markets. A high
interest rate scenario could discourage the consumers from
borrowing to finance the real estate purchases and may depress the
real estate market. The real estate industry in India is highly
fragmented with most of the real estate developers having
region-specific presence. ACS also faces competition from other
real-estate projects in the area.

* Partnership nature of constitution: AC's constitution as a
partnership firm restricts its access to external borrowing.
Furthermore, the firm is exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency and the
same limits the financial flexibility of the firm.

Key Rating Strengths

* Long track record and experience of the promoters: AC,
established in 2004, is part of the Pune (Maharashtra) based Gada
group, which is promoted by Mr. Mukesh Gada, Mr. Kishor Gada and
Mr. Nilesh Gada. AC is promoted by Mr. Nilesh Gada,
Mr. Kishor Gada and Mr. Popatlal Hirji Shah as Partners. To date,
the group has successfully developed about half million square feet
of commercial and residential development in the city. Henceforth,
the company is likely to be benefitted by extensive experience of
promoters.

* Strategic location of the projects: AC is developing a
residential cum commercial project "Gada Anutham" in two phases
"Gada Anutham Phase-I" and "Gada Anutham Phase-II" at Hadapsar,
Pune. Hadapsar is an upcoming residential market. The project is
expected to cater to the residents in the upper middle class family
and is a luxurious housing project with modern amenities at 1BHK,
2BHK and 3BHK flats. In addition, the project is situated in area
with easy access to basic civic amenities such as schools,
hospitals, colleges, malls. Hadapsar is further surrounded by
Mundhwa, Manjri, Ghorpadi and Mula river and is well connected to
Magarpatta IT park which is a hub for many prestigious companies
that attracts working class as well as public.

AC, established in 2004, is a part of the Pune (Maharashtra) based
Gada group. The Gada Group started real estate activity in 1997 and
has successfully developed about 5 lakh square feet (lsf) of
commercial and residential development in Pune, Maharashtra. The
group has interest in property development and financial services.
The firm is developing a residential cum commercial project "Gada
Anutham" at Hadapsar, Pune in two phases. The project consists of 4
buildings offering premium 39(1BHK), 121 (2 BHK) & 88(3 BHK)
apartments and 10 commercial shops and offices with a host of
amenities.


AVOLIN SOFTWARE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Avolin Software India Private Limited
        First Floor, Unit FF-4
        Sampurna Chambers, Site No. 13
        Vasavi Temple Street
        Vishweshwarapuram, Bangalore
        KA 560004
        IN

Liquidation Commencement Date: January 25, 2022

Court: National Company Law Tribunal, Bangalore Bench

Insolvency professional: Shilpa Kiran Gududur

Interim Resolution
Professional:            Shilpa Kiran Gududur
                         # K304, Purva Panorama Apartments
                         Bannerghatta Main Road
                         Kalena Agrahara
                         Near Meenakshi Temple
                         Bengaluru 560076
                         E-mail: kiran.silpa@gmail.com
                         Tel: 09686511333

Last date for
submission of claims:    February 23, 2022


BONFIGLIOLI RENEWABLE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Bonfiglioli Renewable Power Conversion India
        Private Limited
        Plot No. AC 7-AC 11
        SIDCO Industrial Estate
        Thirumudivakkam
        Kancheepuram 600044
        Chennai Tamil Nadu

Liquidation Commencement Date: November 19, 2021

Court: National Company Law Tribunal, Chennai Bench

Insolvency professional: Jayashree Iyer

Interim Resolution
Professional:            Jayashree Iyer
                         C 15 Abhinav Kailash
                         19A Velachery Road
                         Saidapet, Chennai 600015

                            - and -

                         23, Lake Area
                         3rd Cross Street
                         Nungambakkam, Chennai 600034
                         Tel: 9840908393
                         E-mail jayashree2505@gmail.com

Last date for
submission of claims:    December 19, 2021


CHEMICAL BROTHERS: CARE Assigns B- Rating to INR7.18cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Chemical
Brothers Enterprises Private Limited (CBEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            7.18       CARE B-; Stable Assigned

   Long Term/            8.50       CARE B-; Stable/CARE A4
   Short Term                       Assigned
   Bank Facilities       
                                    
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CBEPL are
constrained by its moderate scale of operation, low profit margins
and susceptible to volatile material prices and foreign exchange
fluctuation risk, leveraged capital structure and weak debt
coverage indicators, stretched liquidity position and presence in
fragmented and competitive nature of industry.

Further, ratings derive strength from experienced management with
moderate track record of the company and wide range of product
portfolio.

Key rating sensitivities

Positive Factors

* Increase in the scale of operations with a total operating income
exceeding INR80 crore with tangible net worth base
exceeding INR10 crore on a sustained basis

* Improvement in PBILDT margin and exceeding 5% and net profit
margin exceeding 1% on a sustained basis

* Improvement in capital structure with overall gearing reaching
below 2x and debt coverage indicators with interest coverage ratio
exceeding 2x and total debt to gross cash accruals reaching below
20x on a sustained basis

Negative Factors

* Elongation in working capital cycle above 150 days on a sustained
basis

* Timely debt servicing

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operation: Company's scale of operation grew at
compounded annual growth rate (CAGR) of 39% during FY17-FY21 mainly
on account of increase in demand and customer base over the years.
Further, the total operating income of the company remained stable
at INR56.03 crore in FY21 vis-a-vis INR55.76 crore in FY20.
Furthermore, company achieved net sales of INR38.39 crore for
9MFY22.

* Low profit margins and susceptible to volatile material prices
and foreign exchange fluctuation risk: PBILDT margin of company
remained low and in the range of 2.87% to 4.93% from FY17 to FY21
owing to trading nature of operation. Trend of PBILDT margin has
also shown fluctuations on account of volatile material prices and
fluctuation in foreign exchange rates as company exports around 10%
without using forward cover to hedge. Further, as a result of low
realization due to reduced contribution of export sales 8.90% in
FY21 vis-à-vis 16.02% in FY20, PBILDT margin of the company
declined to 3.95% in FY21 from 4.59% in FY20. Further, PAT margin
of the company also remained low. It declined to 0.31% in FY21
vis-à-vis 0.77% in FY21 with decline in PBILDT margin.

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of the company remained leveraged with overall
gearing 5.02x as of March 31, 2021 on account of low net worth base
and high debt level mainly to fund working capital requirement of
the company in form of term loan, unsecured loans and working
capital bank borrowing. Further overall gearing marginally improved
from 5.44x March 31, 2020, on account of increase in net worth base
due to accretion of profit to reserves and increase in equity share
capital. The debt coverage indicators stood weak with deterioration
in total debt to gross cash accruals to 94.32x in FY21 vis-à-vis
33.46x in FY20 due to decline in gross cash accruals and increase
in debt level. Further interest coverage ratio also deteriorated to
1.14x in FY21 from 1.34x in FY20 due to decline in profitability
and marginal increase in interest cost in FY21.

* Presence in fragmented and competitive nature of industry:
Company operates in a competitive and fragmented industry. The
company witnesses intense competition from organized players
domestically and internationally. This fragmented and highly
competitive industry results into price competition thereby posing
a threat to the profit margins of the companies operating in the
industry.

Key Rating Strengths

* Experienced management with moderate track record of the company:
Company possesses moderate track record of more than six years in
the business and over the years of presence, management has gained
rich experience. The company is promoted by directors Mr. Yash
Tikekar and Mr. Vasant Tikekar, who have more than a decade of
experience in the chemical industry. All the promoters are assisted
by experienced management team in the field of accounts, sales and
administration to carry out day-to-day operations.

Liquidity analysis: Stretched

The liquidity position remained stretched marked by tightly matched
accruals to repay its debt obligations. Further, the operations of
company remained highly working capital intensive mainly on account
of funds being blocked in receivables Company has not planned any
capex in near future. Current ratio and quick ratio stood at 2.03x
and 1.73x as of March 31, 2021 respectively vis-a-vis current ratio
of 1.75x and quick ratio of 1.52x as on March 31, 2020. The company
had availed moratorium provided by RBI under COVID-19 pandemic
situation.

Chemical Brothers Enterprises Private Limited (CBEPL) was
incorporated as a private limited company in 2014 by key director
Mr. Yash Tikekar who has more than a decade of experience in
industry. The company is engaged in the trading of variety of
chemicals to domestic as well as overseas clients. The company has
portfolio of more than 200 types of chemicals catering different
industries such as personal care, pharmaceuticals, food, industrial
cleaning, lubricants, etc. The company has its registered office in
Mumbai and warehouse in Panvel.


DESEIN PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Desein Private Limited
        Desein House
        Greater Kailash-II
        New Delhi 110048

Insolvency Commencement Date: January 28, 2022

Court: National Company Law Tribunal, Bench-IV, New Delhi

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

Insolvency professional: Akhil Ahuja

Interim Resolution
Professional:            Akhil Ahuja
                         D-65, Ground Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: caakilahuja@gmail.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector 47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.desein@gmail.com

Last date for
submission of claims:    February 16, 2022


DUNAC MOTORS: CARE Lowers Rating on INR15.0cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dunac Motors Private Limited (DMPL), as:

                      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 and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of DMPL under the 'issuer
non-cooperating' category as DMPL 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. DMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated December 14, 2021,
December 24, 2021, January 3, 2022.

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

The rating also considers the decline in scale of operations as
well as overall profitability in FY20.

Bikaner-based Dunac Motors Private Limited (DMPL) was incorporated
in 2004 by Mr Jagdish Dudi with an objective to commence automobile
dealership business. Since inception, the company is an authorized
dealer of Tata Motors Limited (TML) for heavy commercial vehicles.
The company currently operates a sales, service and spare (3s)
outlet at Bikaner and Nagaur.The overall management of DMPL is
looked after by Mr Jagdish Dudi (Managing Director) who has an
experience of around two decades in the automobile dealership
business. Mr Jagdish Dudi is ably supported by his wife Mrs Kamlesh
Dudi who has experience of around five years in automobile
dealership business.


EHL HEALTHCARE PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: EHL Healthcare Private Limited
        K-193, Jalvayu Tower
        Sector-56, Gurgaon 122002
        Haryana, India

Insolvency Commencement Date: February 3, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 2, 2022
                               (180 days from commencement)

Insolvency professional: Sanyam Goel

Interim Resolution
Professional:            Sanyam Goel
                         Unit No. 110, First Floor
                         JMD Pacific Square
                         Sector 15, Part II
                         Gurugram 122001
                         Haryana, India
                         E-mail: goelsanyam@gmail.com
                                 cirp.ehlhealthcare@rediffmail.com

Last date for
submission of claims:    February 17, 2022


EMAAR LEAD: CARE Lowers Rating on INR9.00cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Emaar Lead Company Private Limited (ELCPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      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 Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of ELCPL under the 'issuer
non-cooperating' category as ELCPL 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. ELCPL 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 and January 4, 2022.

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

The rating also factored in significant decline in scale of
operations, accumulation of net losses, negative net worth,
leveraged capital structure and debt coverage indicators during
FY20 over FY19.

Tamil Nadu based, Emaar Lead Company Private Limited (ELCPL) was
established in 2012 as a Private Limited Company by Mr. Senthil
Kumar and Mr. Palani Kumar. ELCPL is engaged in manufacturing of
Pure Lead products. The company purchases raw materials like Scrap
Lead and Lead Scraps (Scrap Batteries) from the suppliers located
all over the South India and engages in the refining of scrap lead
to pure lead products and sells them to the customers located all
over the South India. The installed capacity for manufacturing of
lead products is 20 tons per day. The company had also purchased
scrap materials from its associate entity KMR Metal mart.


FIBCOM INDIA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fibcom
India Limited (FIL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.02      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      67.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from FIL to monitor the ratings
vide e-mail communications/letters dated October 4, 2021, December
09, 2021, December 16, 2021 and numerous phone calls. However,
despite our repeated requests, the company has not provided the
requisite information for monitoring the ratings. 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. The rating on FIL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings factors in non-cooperation by FIL and CARE's efforts to
undertake a review of the ratings outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 19, 2021 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays & Poor liquidity: FIL's working capital cycle
stood at 509 days in FY20 as against 492 days in FY19. The
liquidity position of FIL is poor and the working capital
utilization at maximum level for past 12 months remained high at
99.22% which shows the working capital intensive nature of the
operations. Company has been facing delays in the payment from its
government customers and with the outbreak of Covid-19 there has
been pressure on the business. With the significant stretch in its
operating cycle there were cash flow mismatches which led to delays
in payments of interest of the bank facilities of the company and
delays in the bill discounting facility on account of its poor
liquidity. Company took moratorium as per RBI guidelines for
deferment of interest servicing on CC from March to August 2020.

* Moderate financial risk profile: Income from operations increased
marginally to INR68.79 crore in FY20 (refers to period from April
01 to March 31) from Rs 66.52 crore in FY19. PAT stood at loss of
INR3.14 crore in FY20 as against INR0.72 crore in FY19 on account
of higher depreciation. Total debt as of March 31, 2020 decreased
to INR157.61 crore (including inter-corporate deposits of INR80.04
crore and working capital borrowings of INR65.11 crore) from
INR159.74 crore (including inter-corporate deposits of INR80.29
crore and working capital borrowings of INR66.44 crore) as of March
31, 2019. Company does have any term loan from banks and
inter-corporate deposits does not have any fixed repayment
schedule, interest rate charged on inter-corporate deposits is
6.65%. The debtors stood at Rs 41.35 crore as on December 31,
2020.

* Working capital intensive nature of operations: FIL obtains
orders through tendering and bidding process and receives payments
as per the delivery of order. FIL has long operating cycle due to
milestone-based payments. FIL's working capital cycle stood at 509
days in FY20 as against 492 days in FY19. Average creditor days
decreased to 107 days in FY20 from 208 days in FY19 and inventory
days decreased to 391 days in FY20 from 402 days in FY19. The
working capital limits of the company remained 99.22% utilized
during the preceding 12 months (Jan'20 to Dec'20) which shows the
working capital intensive nature of the operations. Total
receivables decreased to INR39.00 crore as on 31st Mar 2020 from Rs
46.45 crore as on March 31, 2019.

* Foreign currency fluctuation risk on account of dependence on
imports: As the company has been in this line of business for more
than 20 years, the company has established relationship with the
suppliers. The company procures the raw materials from the domestic
markets as well as from foreign suppliers. Further, the company
does not have any hedging policy. The company reported a net profit
on foreign currency fluctuation of INR0.13 crore in FY20 (PY: Rs
0.01 crore).

Key Rating Strengths

* Strong promoter group along with funding support in the past:
Fibcom India Limited (FIL) was established in December 1994 as a
Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and
IFU, Denmark. In 2006, Delhi-based Lalit Suri group acquired the
company from the promoters. Suri group has diversified business
interest in sectors including auto ancillary, auto dealership,
hospitality, aviation, education etc. Group companies of FIL
include Subros Limited, Bharat Hotels Limited, Rohan Motors
Limited. Further, the promoters of FIL have supported the
operations of the company through regular infusion of funds in the
form of unsecured loans and Optionally Convertible Cumulative
Redeemable Preference Shares (OCCRPS). As of March 31 2020, the
funds infused by the promoters (in the form of unsecured loans,
inter-corporate deposits and OCCRPS) stood at INR84.09 crore as
against INR84.34 crore as of March 31, 2019.

FIL was established in December 1994 as a Joint Venture (JV)
between NKT Elektronik, Denmark, ITI Limited and IFU, Denmark. In
2006, Delhi-based Lalit Suri group acquired the company from the
promoters. Suri group has diversified business
interest in sectors including auto ancillary, auto dealership,
hospitality, aviation, education etc. Group companies of FIL
include Subros Limited, Bharat Hotels Limited, Rohan Motors
Limited. FIL is engaged into manufacturing of telecom networking
equipment and also offer Installation & Commissioning (I&C) of
telecommunication projects and network consultancy services. FIL is
into manufacturing of optical transmission products (SDH/DWDM),
integrated network solutions and telecom
infrastructure development projects. The manufacturing and R&D
facility of FIL is located in Noida, Uttar Pradesh. The client base
of FIL is reputed which includes Power Grid Corporation of India
Limited, Himachal Futuristic Communication Limited,
Railtel Corporation of India, Gas Authority of India Limited, Delhi
Metro Rail Corporation etc. Further, the Board of Director of
Company have approved scheme of merger (The Scheme) proposing
merger of Fibcom India Limited (transferor Company)) into Prima
Telecom Limited (PTL). Further, post merger, as per the scheme, all
the business of transferor Company, all assets and all liabilities
shall be merged into PTL.


FOURTH DIMENSION: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fourth
Dimension Solution Limited (FDSL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short      70.00      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of FDSL under the 'issuer
non-cooperating' category as FDSL 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. FDSL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2021, January 11, 2022 and January
17, 2022.

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).

Fourth Dimension Solution Limited (FDSL) was incorporated in June,
2011 and was converted into public limited company in May, 2015.
The company is listed on NSE EMERGE (SME Exchange Platform of
NSEIL) w.e.f January 22, 2016. FDSL is an India
based Information technology (IT) company engaged in sale of IT
products and services. Its business activities include trading of
IT & electronic products (like tablets, TV, Mobile Phones, etc.)
and providing infrastructure support services, technical support
services and operations outsourcing services. FDSL caters to
various verticals including smart governance projects, education,
BFSI, telecom, power & utilities, security & surveillance,
healthcare, etc. The customer base of the company comprises private
corporates including Lava International, Twinstar Industries, etc.
spread across various industries and also local/state/central
government bodies. The company also has a wholly owned subsidiary
Thumb speed Tech Solutions Private Limited which is engaged in IT
related business.

FUTURE CONSUMER: CARE Reaffirms D Rating on INR305.75cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Future Consumer Limited (FCL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           71.14      CARE D Reaffirmed

   Long Term Bank
   Facilities           31.06      CARE D Reaffirmed

   Long Term/Short
   Term Bank
   Facilities          305.75      CARE D Reaffirmed

   Short Term Bank
   Facilities            1.70      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FCL primarily
factors in continued poor liquidity position leading to reduced
cash accruals on account of impact of COVID19. The ratings also
factor in stretched liquidity position of the Future Group which
has impacted the financial flexibility of the company.

CARE Ratings Ltd. has withdrawn the rating assigned to the NCD
issue of FCL with immediate effect, as the company has repaid
the aforementioned NCD issue in full and there is no amount
outstanding under the issue as on date.

Rating Sensitivities

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

* Strong and resilient recovery in operations and cash flows across
the Future Group.

* Stronger-than-anticipated business performance due to fast
ramp-up of operations and cost optimization measures leading to
improvement of PBILDT margin.

Detailed description of the key rating drivers

Key Rating Weakness

* Weak financial performance and stretched liquidity position: The
liquidity position of the company continues to remain weak on
account of weak financial performance, leading to delays in debt
servicing in the past. CARE takes cognizance of the fact that
company has undergone restructuring.

* Deteriorated operational performance on account of COVID19
outbreak: The retail sector was significantly impacted due to
COVID-19 restrictions. FCL, being dependent on FRL, and with FRL's
revenue impacted tremendously, FCL suffered losses. For FY21, the
company reported PBILDT and PAT of INR-25.51 crore and INR-388.37
crore respectively on total operating income of INR648.28 crore.
The company for H1FY22 has reported a net loss of INR6.47 crore on
a total income of INR331.93 crore as against a loss of INR110.54
crore on a total income of INR92.24 crore during H1FY21.

* Deterioration in financial flexibility; considerable promoters'
stake pledged: As of December 31, 2021, the promoters of FCL have
pledged 88.28% of their 14.47% stake in the company. Falling market
capitalization coupled with rising debt has led to significant
deterioration of debt to market capitalization. Considerable
reduction in market capitalization and in absence of any additional
cover provided by the promoters, significant amount of pledged
shares have been invoked.

* Deterioration in credit profile of Future Group: The share price
of various Future Group entities has witnessed a steep decline. The
weakening of market capitalization has impacted the financial
flexibility of the group.

Key Rating Strengths

* Experienced promoters: FCL is part of the Future Group, which is
one of the largest retailers in India. The promoters of FCL are
involved in the management of the business, defining and monitoring
the business strategy for the company, and have been successful in
building and scaling up the business. Furthermore, the promoters
are supported by a strong management team, having significant
experience in the retail industry.

* Wide marketing and distribution network and optimized supply
chain management: FCL distributes the Private Brands majorly to
Future Retail Ltd (as per the requirement placed) which retails
them through Big Bazaar and Easyday/Heritage networks. Big Bazaar
is one of the largest value store chains in the country with around
300 stores. Moreover, the company sells through small stores format
of Future group (Easy day and Heritage). FCL operates under an
asset light business model, wherein warehouses are on long term
lease basis and company invests in equipment/infrastructure
required for the warehouse management. The warehouses help manage
the supply chain activities of the Private Brands in the proximity
areas. However, the company does not own any transportation fleet
and depends on third-party fleet for movement of goods. However, on
account of COVID19 pandemic most of the company's stores were
closed or operating at minimal inventory thereby leading to losses
at operating levels.

Liquidity: Poor

The liquidity profile of the company continues to remain poor on
account of slower than anticipated recovery post easing of lockdown
restrictions on account of COVID19, weakened credit profile and
unavailability of external funding has significantly hampered the
company's ability to generate adequate cash flows. The company's
working capital limits remain fully utilized. FCL has implemented
OTR plan w.e.f. May 07, 2021.

Future Consumer Ltd. (FCL, erstwhile known as Future Consumer
Enterprise Ltd.) is a part of the Future Group and operates as a
food company. The company's line of business includes branding,
marketing, sourcing, manufacturing, and distribution of basic
foods, ready to eat meals, snacks, beverages, dairy, personal
hygiene and home care products of private label brands of the
Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean
mate, Caremate, Tasty Treat, Fresh & Pure, Voom etc.)
and other brands like Sunkist and Sach, primarily through Future
group formats and outlets in urban and rural areas across India.


GANESH RESIDENCY: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Residency LLP (SGRL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       29.65      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of SGRL under the 'issuer
non-cooperating' category as SGRL 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. SGRL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2021, December 24, 2021, January
03, 2022.

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).

Shree Ganesh Residency LLP was established as a limited liability
partnership firm in February 2015 and is currently being managed by
Mr. Ashok Kumar Aggarwal, Mr. Anand Kumar Aggarwal and Mr. Kailash
Narayan Gupta sharing profits and losses in 25%, 25% and 50%
respectively. SGR is engaged in real estate business and is
currently developing its residential project named 'Shree Ganesh
Residency' at Jhansi, Uttar Pradesh on a total area of 30410 square
meter. The project is being developed in the form of with 136
duplexes and one commercial shop in total of varying areas ranging
from 57.61 square meter to 214.50 square meter. Besides SGR, the
directors are also engaged in other group concerns namely Jhansi
Hotel, Kailash Stone Products Private Limited, Sun International
School, Shraddha Marketing and Prachi Medical Agency.


GRACIOUS CREATION: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Gracious Creation Private Limited
        100/75 Bhagawati Colony
        Flat No. B Jessore Road
        Dum Dum Kolkata
        WB 700074
        India

Liquidation Commencement Date: January 31, 2022

Court: National Company Law Tribunal, Kolkata Bench

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         N-527, Diamond Heritage
                         16 Strand Road
                         Kolkata 700001
                         Mobile: 9836943067
                         E-mail: neeljanai@gmail.com

Last date for
submission of claims:    March 2, 2022


GRACIOUS INNOVATIVE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Gracious Innovative Private Limited
        100/75 Bhagawati Colony
        Flat No. B Jessore Road
        Dum Dum Kolkata
        WB 700074
        India

Liquidation Commencement Date: January 31, 2022

Court: National Company Law Tribunal, Kolkata Bench

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         N-527, Diamond Heritage
                         16 Strand Road
                         Kolkata 700001
                         Mobile: 9836943067
                         E-mail: neeljanai@gmail.com

Last date for
submission of claims:    March 2, 2022


HANUMAN REALCON: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Shree Hanuman Realcon Private Limited
        100/75 Bhagawati Colony
        Flat No. B Jessore Road
        Dum Dum Kolkata
        WB 700074
        India

Liquidation Commencement Date: January 31, 2022

Court: National Company Law Tribunal, Kolkata Bench

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         N-527, Diamond Heritage
                         16 Strand Road
                         Kolkata 700001
                         Mobile: 9836943067
                         E-mail: neeljanai@gmail.com

Last date for
submission of claims:    March 2, 2022


JAHANGIR BIRI: CARE Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Jahangir
Biri Factory Private Limited to Issuer Not Cooperating category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from Jahangir Biri
Factory Private Limited to monitor the rating(s) vide email
communications/letters dated September 10, 2021, January 11, 2022
among others and numerous phone calls.  However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. 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.
Further, Jahangir Biri Factory Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Jahangir Biri Factory Private
Limited's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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 takes into account the delay in debt servicing of the
company.

Detailed description of the key rating drivers

At the time of last rating on July 23, 2021 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing: There are various instances of delay in
debt servicing of the company due to its poor liquidity position.

Jahangir Biri Factory Private Limited (JBFPL) was initially
established as a proprietorship firm 'Jahangir Biri Factory' in
1995 by Mr. Altab Hossain. Subsequently, it was converted into
partnership firm in 1997 and finally it was converted into private
limited company in April 1999 and its name changed to the current
one i.e. JBFPL. Since its inception, the company has been engaged
in bidi manufacturing at its plant located in the district of
Murshidabad, West Bengal. The company mainly sells its products
under three brands - 102 Howrah Deluxe Biri, 103 Rubi Biri and 102
Howarh Biri. JBFPL sells its products through both distributors and
direct selling primarily in the state of Delhi, Uttar Pradesh,
Punjab, Haryana, Rajasthan, Assam and Himachal Pradesh and the
company is having five distributors and 60 salesmen across
country.


JAIPRAKASH ASSOCIATES: CARE Reaffirms D Rating on Bank Debts
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jaiprakash Associates Ltd (JAL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities         20,867.57    CARE D Reaffirmed

   Long Term/Short
   Term Bank
   Facilities          4,619.21    CARE D Reaffirmed

   Short Term Bank
   Facilities          1,475.00    CARE D Reaffirmed


   Non-Convertible
   Debentures             90.00    CARE D Reaffirmed

   Non-Convertible
   Debentures            100.00    CARE D Reaffirmed

   Non-Convertible
   Debentures            500.00    CARE D Reaffirmed

   Non-Convertible
   Debentures            500.00    CARE D Reaffirmed

   Non-Convertible
   Debentures            248.23    CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities and instruments of JAL continue
to factor in delays in debt servicing by the company due to its
weak liquidity.

Rating Sensitivities

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

* Timely track record of debt servicing by the company for
continuous 3 months
* Sustainable improvement in the financial and business performance
of the company

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weak financial performance in FY21: During FY21 (standalone), the
company reported loss of INR271.40 crore on total operating income
of INR4501.90 crore as against loss of INR892.83 crore on total
operating income of INR4670.45 crore during FY20. On account of
deterioration in the company's financial performance over the past
few years, the liquidity position of the company has continued to
remain weak, leading to ongoing delays in debt servicing.

* Delays in debt servicing post the approved restructuring exercise
of debt: The lenders have approved a deep restructuring of the
company's debt in Joint lender's forum dated 22.06.17 with the
cut-off date being 30.09.16 for the outstanding amount of debt in
JAL (including JCCL) as on September 30, 2016 of INR31,646 Cr (JAL
INR29,037 Cr. and JCCL INR2,609 Cr respectively). With an objective
to make debt sustainable, the total debt has been classified into 2
buckets- Bucket 1, consisting of debt already transferred to UTCL
(Ultra Tech Cement Ltd) of INR11,689 crore, while bucket 2A,
consisting of the amount of residual debt to be retained in JAL
(Rs.6,367 crore) and bucket 2B, to be transferred to a new SPV (a
specified Real Estate undertaking of JAL) of INR13,590 crore. Debt
in bucket 2A is being retained in JAL and would be serviced as per
the restructured terms. For the debt in bucket 2B, proposed to be
transferred to Jaypee Infrastructure Development Limited (JIDL)
upon approval of Scheme of arrangement by Hon'ble NCLT, Allahabad,
Optionally convertible debentures (OCDs) shall be issued by JIDL
for a tenor of 20 years, with redemption in 5 years commencing from
the 16th year. The restructuring exercise is yet to be fully
concluded. Master Restructuring Agreement (MRA) dated Oct 31, 2017,
has been executed by lenders for sustainable portion of debt and
since Q4 FY18; JAL has started servicing of debt under Bucket 2A as
per the above restructuring plan. However, there have been delays
in servicing of the restructured debt as well since December 2018.
For Bucket 2B, NCLT approval is still awaited. Since the
restructuring exercise has not been fully executed, the rated debt
amounts are considered prior to giving the effect of
Restructuring.

Liquidity: Poor

The liquidity position of the company is under stress due to weak
cash accruals vis-à-vis large debt obligations.

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.


LAKSHANA CONSULTANTS: CARE Lowers Rating on INR19.80cr Loan to B-
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lakshana Consultants And Hoteliers Private Limited (LCHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            19.80      CARE B-; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank       1.20      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of LCHPL under the 'issuer
non-cooperating' category as LCHPL 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. LCHPL 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 25,
2022, January 27, 2022.

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

The ratings also factored in decline in scale of operation,
profitability, leveraged capital structure and debt coverage
indicators during FY20 over FY19.

Lakshana Consultants & Hoteliers Private Limited (LCHPL) was
incorporated on October 22nd 1980 by Mr. R. Vijayakumar, as a
private limited company to carry on the business of consultancy
services, hoteliers, resorts and hotels. The company was
initially established with the object of doing consultancy work and
third-party inspection services for engineering and other
industries. Subsequently, the company entered into MoU with hotel
chains for developing and construction of 3 to 5-star hotels.


LAXMI BALAJI: CARE Lowers Rating on INR7.99cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Laxmi Balaji Cotton Industries (LBCI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.99       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 Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of LBCI under the 'issuer
non-cooperating' category as LBCI 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. LBCI
continues to be noncooperative 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 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 LBCI have been
revised on account of non-availability of requisite information.

Sendhwa (Madhya Pradesh) based Laxmi Balaji Cotton Industries
(LBCI) was formed in June 2015 as a partnership firm by Mr Ankit
Tayal and Mr Sajal Agrawal. In June 2017, Mr Sajal Agrwal has
retired from the firm and Mr. Rachit Tayal has joined firm as
partner. Mr Ankit Tayal and Mr Rachit Tayal share profit or loss in
ratio of 60% and 40% respectively. The company belongs to Mahesh
Group, Sendhwa, which is engaged in the business of cotton ginning
and trading since more than two decades. The firm is engaged in the
business of cotton ginning and pressing along with the production
of cotton seed and cake. The manufacturing unit of the firm has
installed capacity to manufacture cotton bales of 300 Bales per Day
(BPD) as of November
20, 2019. LBCI has its plant located at Shahapur, Karnataka and
procures raw cotton directly from farmers and local mandis and
sells its finished products cotton bales mainly in Tamil Nadu and
cotton Seed in Maharashtra.


M B AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M B Agro
Mills (MBAM) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       0.09      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of MBAM under the 'issuer
non-cooperating' category as MBAM 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. MBAM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2021, December 24, 2021, January
03, 2022.

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).

Sitarganj (Uttarakhand) based M B Agro Mills (MBAM) is a
partnership firm and was established in November, 2017 and
operation is expected to start from January 2018, and is currently
being managed by Mr. Anil Mittal & Mr. Amit Mittal. MBAM is
proposed to be engaged manufacturing rice and its byproducts by
processing paddy, in its manufacturing unit located in Sittarganj,
with capacity of manufacturing 10MT of Rice per Hour. MBAM procures
paddy from local grain markets through open
market and farmers situated locally. MBAM is primarily targeting
sells its product in Northern India viz. Uttarakhand, Uttar
Pradesh, Haryana, Himachal, Delhi and Rajasthan to wholesalers,
traders. MBAM will pay for paddy depending upon moisture content
and portion of rice in paddy, after which it is dried and polished.
MBAM is also having various associates concerns like M/s Mahavir
Roller Flour Mills Pvt Ltd, M/s Surya Polyplet Pvt Ltd. and M/s
Bhagwati Stone Industries, Murari lal Baijnath and Amit Kumar Anil
Kumar.


MAHALAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Agro Mills (Prop. D.M. Agro Products Private Limited) (MAMDAPPL)
continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.77       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of MAMDAPPL under the 'issuer
non-cooperating' category as MAMDAPPL 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. MAMDAPPL continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated December 11, 2021, January 11,
2022, January 17, 2022.

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).

Uttar Pradesh-based Mahalaxmi Agro Mills (MAM) was established in
the year January 1996 under the company D.M. Agro Products Private
Limited as a private limited and is currently managed by Mr.
Pradeep Kumar Maheshwari, Mr. Prabhat Kumar Maheshwari and Mr.
Anurag Maheshwari. MAM is engaged in the milling, processing and
trading of paddy with an installed capacity to process 4 tonnes per
hour (TPH) as of December 24, 2019 at its manufacturing facility
located in Mainpuri, Uttar Pradesh. The key raw material i.e. paddy
is procured from local grain markets and sells its product i.e.
different varieties of rice to wholesalers and traders located in
Uttar Pradesh, Delhi, Rajasthan and Bihar through
brokers/commission agents. The firm is also engaged in processing
of groundnuts at the same manufacturing facility.


MANGALAM TIMBER: CARE Withdraws B+ Rating on Bank Debts
-------------------------------------------------------
CARE has withdrawn the outstanding ratings of 'CARE B+/Stable';
assigned to the bank facilities of Mangalam Timber Products Limited
(MTPL) with immediate effect. The above action has been taken on
account of approval received from National Company Law Tribunal
(NCLT) for amalgamation of MTPL with Mangalam Cement Limited.

Mangalam Timber Products Ltd. (MTPL), incorporated in 1982, belongs
to the B K Birla group of companies, a diversified industrial group
having a major interest in tea, chemicals & fertilizers, cement,
tyres, textiles, vegetables oils, etc. MTPL is engaged in
manufacturing of Medium Density Fibre Boards (MDF), plain boards
and pre-laminated boards of varied thickness, from low-grade hard
woods with an installed capacity of 30,000 MT per annum. The
product of the company finds its usage in door & window panels,
decorative furniture, veneer, plywood, board, etc. The
manufacturing facility of the company is located in Nabarangpur,
Odisha. The company sells its product under the brand name of
Duratuff. The Board of Directors comprise of one promoter director
and four independent directors.


NJT FINANCE: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of NJT Finance
Private Ltd. continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.50       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 December 4, 2020, placed the
rating(s) of NJT Finance under the 'issuer non-cooperating'
category as the company had failed to provide information for
monitoring of the rating. NJT Finance continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 9, 2021, October 30,
2021 and October 20, 2021 and phone calls.

In line with the extant SEBI guidelines, CARE 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.

Detailed description of the key rating drivers

At the time of last rating on December 4, 2020 the following were
the rating strengths and weaknesses:

(updated for information available from Registrar of Companies
(FY20 (refers to the period April 1 to March 31) audited
financials) and other public information)

Key Rating Weaknesses

* Limited track record of operations with majority of loan book
originated in the past four years: NJT Finance Private Limited (NJT
Finance) was incorporated in the year 1995 as Alapatt Finance
Private Limited. The company was acquired by the current promoter
in 2015 and the name of the company was changed to the present
form. The company had loan portfolio of INR1.16 crore as of March
31, 2016. During the last four years portfolio has grown
significantly to INR34.34 crore as on March 31, 2020. The
day-to-day operations of the company are handled by the Managing
Director, Mr. Alex Thomas who has vast experience in the financing
industry. He is supported by Operations Manager and Finance
Manager.

* Small scale of operations with geographical concentration of loan
portfolio: The company's loan portfolio has increased over the last
4 years from INR1.16 crore as on March 31, 2016 to INR34.34 crore
as on March 31, 2020. However, it continues to remain small. The
company provides short term loans with tenor ranging between 20
weeks to 50 weeks. Since the loans are short term in nature, the
ability of the company to increase the client base is critical for
growing the loan portfolio going forward. The portfolio is
regionally concentrated with 100% of the portfolio present in
Kerala. The company does not have any branches and the entire
operations are handled from the Head Office.

* Moderate Asset Quality: The company had maintained low NPA levels
till 2018. However, due to the modest credit profile of the
borrowers, the company's asset quality deteriorated during FY19
with GNPA and NNPA moderated from 0.11% and 0.10% as on March 31,
2018 to 2.65% and 2.49% as on March 31, 2019. GNPA stood at 2.0% as
of March 31, 2020. Net NPA to Networth stood at 6.32% as on March
31, 2019. The ability of the company to control the delinquencies
and maintain good asset quality with increase in the portfolio
growth remains a key rating monitorable.

* Concentrated Resource Profile: NJT Finance's primary source of
funding apart from equity infusion is generally from banks. The
growth in FY18 and FY19 was majorly funded out of bank borrowings.
The company currently has relationship with Federal Bank in the
form of term loan and cash credit facility. Going forward, the
ability of the company to raise funds at competitive interest rates
would remain critical for the growth prospects and profitability.

Key Rating Strengths

* Loan appraisal, collection system & MIS: The company provides
business loans to partnership firms, proprietary firms, private
limited companies, LLPs and to individuals for business purposes.
The rate of interest charged is 14% flat. The processing fee
charged varies between 0.75%-2.00%. The sourcing of customers is
done through direct marketing (30%) and through direct sales agent
(DSA) (70%). The company has developed its own risk assessment
framework where cash flow analysis of the borrowers, bank statement
analysis, financial statement analysis, CIBIL check, IT returns and
GST returns are analysed. The Managing Director along with one
field staff will go and visit the customers where the verification
of the residence and business is done. The MD will prepare the Site
visit report which contains details about the location of the
residence, business, proposed line of activity, cost of the
project, means of finance, location advantages and details of
collateral security offered. The valuation report is also prepared
by the MD. The cash flow analysis of the borrowers is done to
analyse the repayment capability. A detailed process note is also
prepared which contains details about the borrower profile,
management profile, existing limits availed from other banks,
current proposal, financial performance, sales turnover,
co-obligancy offered, collateral security and details of copy of
title deeds. The process note will be reviewed by the Manager and
he recommends for sanction and the final approval for disbursing
the loan will be given by the Managing Director. The disbursement
will be made directly to the bank account. The company follows
weekly collection mechanism where the weekly repayment schedule
will be shared with the client. Periodic SMS reminders are sent to
the clients regarding the repayments and the collection happens
mostly through NEFT/RTGS mode. The company is currently using
software 'Descpro'. The company is in the process of implementing
ERP system.

* Good Profitability levels: Loan portfolio has increased from
INR6.54 crore as of March 31, 2017 to INR34.34 crore as on March
31, 2020. Though the loan portfolio remained smaller and of shorter
tenure, fee income contributes to significant proportion of total
income as processing fee is charged for every cycle of loan. On
account of the same, total income increased from INR0.59 crore in
FY17 to INR9.52 crore in FY20. Net Interest Margin stood at 17.86%
during FY20. Opex (as a % of average total assets) increased to
4.06% during FY20 from 3.27% in FY19. With improvement in Net
Interest Income and decline in credit cost, the company reported
ROTA of 12.07% in FY20 (PY: 11.47% in FY19).

* Adequate capitalization levels: The networth of the company grew
and stood at INR16.07 crore as of March 31, 2020 as against
INR11.83 crore as of March 31, 2019 on account of stable
profitability levels. The company had received capital infusion of
INR2.65 crore from the promoters during FY18. As a result, the paid
up share capital increased from INR4 crore as of March 31, 2017 to
INR6.65 crore as on March 31, 2018. Overall gearing stood low at
1.16x times as of March 31, 2020 as against 1.91x as of March 31,
2019.

NJT Finance Private Limited (NJT Finance) is a Non-Banking Finance
Company (NBFC) registered with RBI and headquartered in Kottayam,
Kerala. The company was incorporated in the year 1995 as Alapatt
Finance Private Limited. Later, in September 2015, the company was
acquired by Mr. Alex Thomas, who is currently the Managing Director
and the name of the company was changed to the present form. NJT
group was established in the year 1934 by late Mr. Nedumchira Jacob
Thomas, a pioneer in the field of construction business since its
origination. NJT Finance is engaged in providing short-term
business loans in the range of INR25 lakhs up to INR3 crore.


P.P. AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.P.
Automotive Private Limited (PAPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of PAPL under the 'issuer
non-cooperating' category as PAPL 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. PAPL
continues to be noncooperative despite repeated requests for
submission of information through email dated December 15, 2021,
December 25, 2021, January 4, 2022.

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).

P.P. Automotive Private Limited (PPAPL) was set up in 2004 as a
partnership firm named P.P. Automotive by Mr Prem Lal Bhamba and Mr
Rajesh Bhamba, in Karnal. It was reconstituted as a private limited
company in 2009 by the name of PPAPL. The company has an exclusive
dealership business of Passenger Vehicles and Commercial Vehicles
for Mahindra & Mahindra Ltd in its six showrooms in Haryana. The
company also offers servicing of vehicles and sale of spare parts
and lubricants. PPAPL is a part of the P.P group, which has other
firms viz. Nirmal Motors (engaged in the auto dealership business
of Hero Motocorp Ltd.) and P.P. Autotek Pvt Ltd (engaged in the
auto dealership business of Volkswagen).


PYRO ELECTRIC: CARE Lowers Rating on INR4.0cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Pyro
Electric Instruments Goa Private Limited (PEIGPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Long Term Bank       0.93       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank      9.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PEIGPL to monitor the
rating(s) vide e-mail communications/letters dated August 10, 2021,
September 1, 2021, October 1, 2021 and January 24, 2022 among
others and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. 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. The rating on Pyro Electric
Instruments Goa Private Limited's bank facilities will now be
denoted as CARE B+, Stable/CARE A4; ISSUER NOT COOPERATING.

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 long-term rating has been revised on account of
non-availability of the sufficient information to carry out the
review
coupled non-receipt of no default statement and banker feedback.
The ratings however continue to be constrained by small scale of
operation with low profit margin, exposure to foreign
exchange fluctuation risk and stretched liquidity position.

The above constrained are partially offset by the strength derived
from the long track record of the operation and experienced
promoters, comfortable capital structure and debt coverage
indicator, long association with reputed customers and locational
advantage.

Rating Sensitivities

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

* Significant increase in scale of operations along with
substantial increase in Gross cash accruals

* Improvement in profitability margins marked by PBILDT and PAT
margins above 13.00% and 5.00%, respectively, on a sustained basis

* Improvement in debt coverage indicators marked by interest
coverage ratio of more than 3 times and total debt/GCA of less than
6 times

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

* Decline in total operating income along with decline in
profitability margins

* Any un-envisaged incremental borrowings, deteriorating its
overall gearing more than 1.25 times

* Deterioration in its liquidity profile

Detailed description of the key rating drivers

At the time of last rating on January 4, 2021 the following were
the rating strengths and weaknesses (Updated for data available
from Register of Companies:

Key rating weaknesses

* Small scale of operation with low profit margin: Despite being in
the business for around three decades, the scale of operation of
the company remained small with total operating income (TOI) of
INR23.43 crore and a PAT of INR0.97 crore in FY21 as against TOI of
INR23.30 crore and a PAT of INR0.64 crore in FY20. Further, the
total capital employed was at INR15.13 crore as on March 31, 2021.
The PBILDT margin of the company improved from 8.53% in FY20 to
10.18% in FY21 on account of decrease in power & fuel, testing &
inspection charges, license fees & taxes, travelling & conveyance &
other expenses.

* Exposure of the company to foreign exchange fluctuation risk: The
company is exposed to foreign exchange fluctuation risk with
exports constituting 24% of the total operating income in FY20,
while imports contributed 28% of the total purchases in FY20,
thereby implying a natural hedging to an extent since the
transactions are mainly denominated in USD. However, the margins
remain susceptible to foreign exchange fluctuation, despite the
same.

Key rating strength

* Long track record of the company with experienced and qualified
management: PEIGPL has an established track record of about three
decades in the electrical goods industry (Instrumentation). The
promoters of the company, Mr. Madhusudan D. Bichu and Mr. Dattatray
M Bichu have over 35 years of industry experience. Further, the
company has employed highly qualified professionals from reputed
institutes including IIT's, with enriched experience in similar
line of operations. With the long-standing business experience, the
promoters were able to establish strong relations with its
customers and suppliers.

* Comfortable capital structure and moderate debt coverage
indicators: Capital structure for the company as marked by the
overall gearing improved to 0.43x as on March 31, 2021 as against
0.67x as on March 31, 2020 on account of lower utilization of
working capital limit as on balance sheet date, repayment of
unsecured loans and accretion of profits to reserves. The debt
coverage indicators of the company improved and stood moderate as
reflected by interest coverage ratio of 3.74x and total debt to GCA
of 3.47 years as at the end of FY21 owing to above.

* Long association with reputed customers of over three decades:
The company is associated with a cent of reputed customers,
domestic and international. Major customers of the company comprise
of refineries, petrochemical plants, power plants, metallurgical
industries, and nuclear power plants in India, Japan, UAE and OMAN.
During FY20, major customers were Reliance Industries Ltd and
Larsen & Toubro Ltd, amongst others.

* Locational advantage emanating from proximity to raw material:
The manufacturing facility of the company is located at Goa which
is located 580 Kms away from Mumbai. Further, Goa has a strategic
location advantage with accessibility via road, rail, sea and
airports, which helps Pyro group to expand their overseas
business.

Liquidity: Stretched

Liquidity position is stretched marked by elongated operating cycle
with funds blocked in debtors and inventory. Current ratio stood at
2.59x and quick ratio at 1.72x as of March 31, 2021.

Pyro Electric Instruments Goa Private Limited (PEIGPL) is a
Goa-based, company incorporated in June 1991 by Shri Madhusudan D.
Bichu, his sons, and Kawaso Japan Electric Industrial Co Ltd which
holds a 10% stake. The entity is engaged in the manufacturing of
temperature sensors at its manufacturing facility located at
Bicholim, Goa having an installed capacity to process 20000 units
per annum of sensing instruments across the globe for temperature,
flow, pressure and heat tracing.

PEIGPL was also engaged in trading of temperature and pressure
gauges in FY17 and FY18. The Pyro group has 5 entities with
4 CARE Ratings Ltd.

PEIGPL as its flagship company. The group has 6 manufacturing
plants in India and Joint Ventures (JV) partners in USA, UK, and
Japan. Further, the company has agent and partners in Malaysia,
Middle East, Thailand and S Korea. PEIGPL procures raw material
i.e. Flanges, Round Rods, Transmitters, Elements, MI Cable from the
domestic supplier based out in Mumbai, Maharashtra, Gujarat and
imports from Germany, Sweden and UK. The company sells its finished
products to refineries, petrochemical plants, power plants,
metallurgical industries, and nuclear power plants PAN India and
exports 14–15% to Japan, UAE and OMAN, amongst others.

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

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of RIL under the 'issuer
non-cooperating' category as RIL 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. RIL
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 and December
30, 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).

Tamil Nadu based Raghav Industries Limited (RIL) was incorporated
in November 1987 by Mr. Rajendra Kumar Kanodia (Director). RIL is
currently being managed by him and his family members who are also
directors of the company. The company is engaged in the manufacture
of textile yarn in polyester, viscose, cotton, and various blends,
and trading in polyester staple fibre (PSF) and viscose staple
fibre with branches located in Mumbai, Surat and Ludhiana and
supplies the yarn to local weavers throughout the country.


RAJAMANICKAM POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Rajamanickam Poultry Farm (RPF) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of RPF under the 'issuer
non-cooperating' category as RPF 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. RPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021, December
28, 2021.

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

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

Rajamanickam Poultry Farm (RPF) was established in the year 2002 by
Mr. Rajamanickam Gurram along with his family members. The partners
have more than two decades of experience in poultry business. The
firm is engaged in farming of egg, laying poultry birds (chickens)
and trading of eggs, cull birds and their Manure. The firm mainly
buys chicks from Venky's India Limited. The firm purchases raw
materials for feeding of birds like rice brokens, maize, sunflower
oil cake, shell grit, minerals and soya from its associate concerns
(Guna Poultry Feeds). The firm sells all its products like eggs and
cull birds to local traders. The firm has installed capacity of
3,00,000 number of birds.

RATANDEEP INFASTRUCTURE: Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Ratandeep Infrastructure Private Limited
        c/o Ratandeep Jewellers Shop No. 6
        Upper Story, Bhagat Singh Road
        Muxaffarnagar UP 251001

Liquidation Commencement Date: January 31, 2022

Court: National Company Law Tribunal, Allahabad Bench

Date of closure of
insolvency resolution process: October 13, 2019

Insolvency professional: Alok Kumar Kuchhal

Interim Resolution
Professional:            Alok Kumar Kuchhal
                         C-154, Sector-51
                         Noida, Uttar Pradesh 201301
                         E-mail: irp.ratandeep@gmail.com

Last date for
submission of claims:    March 2, 2022


SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Santosh
Warehousing Limited (SWL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2021, placed the rating(s) of SWL under the 'issuer
non-cooperating' category as SWL 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. SWL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2021, January 11, 2022, January 17,
2022.

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).

Santosh Warehousing Ltd (SWL) was established in the year 2012 by
Mr Sunil Mittal and Neena Mittal. The company is engaged in
providing warehouse services. It has one warehouse located at
Secunderabad (Uttar Pradesh) with an area of 4.84 lakhs sq.
ft.


SHAMKEN COTSYN: Liquidation Process Case Summary
------------------------------------------------
Debtor: Shamken Cotsyn Limited
        94 Km Stone
        Delhi-Matura Road
        Village Kotwan Mathura
        Uttar Pradesh 281403
        IN

Liquidation Commencement Date: January 31, 2022

Court: National Company Law Tribunal, Allahabad Bench

Date of closure of
insolvency resolution process: January 30, 2022

Insolvency professional: Mr. Sanjay Gupta

Interim Resolution
Professional:            Mr. Sanjay Gupta
                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: sanjaygupta@aaainsolvency.com
                                 shamkencotsyn@aaainsolvency.com

Last date for
submission of claims:    March 3, 2022


SHRINIVAS ELECTRICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Shrinivas Electricals GTD Private Limited
        Shrinivas Tower I
        S.No. 15/3, Plot No. 5
        Narayangurudeo Trust
        Pakhal Road
        Nashik 422006
        Maharashtra

Insolvency Commencement Date: January 25, 2022

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: July 24, 2022
                               (180 days from commencement)

Insolvency professional: Vaishali Arun Patrikar

Interim Resolution
Professional:            Vaishali Arun Patrikar
                         A-2, Shantidoot Society
                         Parvati Darshan, Pune 411009
                         E-mail: vapatrikar@gmail.com
                                 cirp.shrinivas@gmail.com

Last date for
submission of claims:    February 16, 2022


VENKATESHWARA REALTECK: Voluntary Liquidatoin Process Case Summary
------------------------------------------------------------------
Debtor: Venkateshwara Realteck Private Limited
        No. 35, Chetana 3rd Main
        Ashwini Layout, Ejipura
        Bangalore 560047

Liquidation Commencement Date: February 1, 2022

Court: National Company Law Tribunal, Chennai Bench

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         10/17, Anandam Colony
                         South Canal Bank Road
                         Mandaveli, Chennai 600028
                         E-mail: srirampcs@gmail.com

Last date for
submission of claims:    March 3, 2022


VIJAYALAKSHMI DRIER: CARE Reaffirms B+ Rating on INR9.90cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vijayalakshmi Drier Industries (VDI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            9.90      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to VDI continue to factor its small scale of
operations in a highly fragmented and competitive industry and thin
profitability margins. The rating is also constrained by its
moderate financial risk profile, working capital-intensive nature
of operations along with agro climatic risks. The rating also
factors below unity DSCR of the firm, however there an adequate
support from the partners in the form of capital infusion.

Seasonal nature of availability of paddy and margins susceptible to
raw material price fluctuations also constrains the rating. These
rating weaknesses are partially offset by the long track record of
the promoters in the similar line of business, locational advantage
with presence in cluster and easy availability of paddy and stable
outlook demand for rice.

Rating Sensitivities

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

* Increase in total operating income of INR35.00 crore while
maintaining PBILDT margin of 2.75% and TOL/TNW of less
than 3x.

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

* Overall gearing beyond 2.00x
* Decline in the PBILDT to < 2.00% and PAT < 0.25%

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with thin profitability margins: The
total operating income of the firm has declined by 11.35% in FY21
and stood at INR29.69 Cr as compared to INR33.06 crore in FY20 on
account of reduction in price per quintal in the market and
comparatively lower demand from repetitive customers coupled covid
induced lockdowns. Further, the operations of the firm restricted
to the state of Karnataka. However, the firm has registered total
operating income of INR19.62 crore in 9MFY22 (Prov.). The
profitability margins marked by the PBILDT margin declined and
remained thin at 2.22% in FY21(A) when compared to 2.58% in FY20
due to higher fixed overhead cost during the year. However, the PAT
margin marginally improved and stood at 0.40% in FY21 when compared
to 0.34% in FY20 due to lower finance cost.

* Moderate financial risk profile, Weak debt coverage indicators
and working capital intensive nature of operations: Overall gearing
of VDI deteriorated and stood at 1.88x as on March 31, 2021 as
compared to 1.44x as on March 31, 2020 on account of increase in
the term loans in the form of GECL and Covid loans availed by the
firm in order to meet the operational liabilities effected due to
covid-19. The networth of the company also stood low at INR4.28 Cr.
The debt coverage indicators marked interest coverage ratio stood
at 1.44x in FY21. The total debt to gross cash accruals
deteriorated stood weak at 49.54x in FY21 when compared to 33.75x
in FY20 due to increase in the debt levels coupled with thin cash
accruals during the year. Due to the inherent agro climatic risk
the millers have to stock enough paddy by the end of each season as
the price and quality of paddy is better during the harvesting
season. During this time, the working capital requirements of the
rice millers are generally on the higher side. Majority funds of
the firm are blocked in inventory. The firm avails credit period of
20-30 days from its suppliers and extends credit up to 40-60 days
to its customers. The firm maintains the average inventory level of
60-80 days however the same has been high at 120 days in past due
to lower availability of desired raw materials. Firm's average
utilization of working capital stood at 83% during last 12 months
ended December 31, 2021.

* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Governments:

Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The firm's raw
material being paddy, for proper harvest and availability of paddy,
the weather conditions should be adequate. Adverse weather
conditions directly affect the supply and availability of the paddy
and raw material price fluctuations. The central Government of
India (GOI), every year decides a minimum support price of paddy
which limits the bargaining power of rice millers over the farmers.
The sale of rice in the open market is also regulated by the
government through levy quota and fixed prices. Due to the above
said regulations along with the intense competition, the bargaining
power of the rice millers against the suppliers of paddy and the
customers is limited.

* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small-sized
firms in and around Koppal area which compete with VADI.

* Partnership nature of constitution with inherent risk of capital
withdrawal: VDI is constituted as a Partnership firm wherein it is
exposed to frequent withdrawal of partner's capital and
resultant erosion of the net worth resulting in lower capital base
despite the firm being able to generate sufficient profits in the
past. However, during the review period the promoters have infused
a capital of INR0.34 Cr in F21(A).
Key Rating Strengths

* Experienced promoters for two decades in the rice business:
Vijayalakshmi Drier Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of rice
and the active partner Mr. K Murali Krishna has an experience of
over two decades' in the business of rice milling and
processing. Through his and other partners' experience in the
rice processing, they have established healthy relationship with
key suppliers, customers, local farmers, dealers and with the
brokers facilitating the rice business within the state.

* Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of VDI is located at
Koppal district which is the top district for producing rice in
Karnataka. The manufacturing unit is located near the rice
producing region, which ensures easy raw material access and smooth
supply of raw materials at competitive prices and lower logistic
expenditure.

* Stable outlook demand for rice: Agriculture is the primary source
of livelihood for about 58 percent of India's population. The
Indian food industry is poised for huge growth, increasing its
contribution to world food trade every year due to its immense
potential for value addition, particularly within the food
processing industry. Rice is consumed in large quantity in India
which provides favorable opportunity for the rice millers and thus
the demand is expected to remain healthy over medium to long term.
India is the second largest producer of rice in the world after
China and the largest producer and exporter of basmati rice in the
world. The rice industry in India is broadly divided into two
segments – basmati (drier and long grained) and non-basmati
(sticky and short grained). Demand of Indian basmati rice has
traditionally been export oriented where the South India caters
about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy acreage
and better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units.

Liquidity: Stretched

The liquidity profile of the firm stood stretched with tightly
matched accruals to its debt repayment obligations marked by below
unity DSCR for the projected period and working capital utilization
to the extent of 83% during last 12 months ending
December 31, 2021 and modest cash and bank balance of INR0.15 crore
as of March 31, 2021 (A). Further, the firm has availed ECGL loans
to meet the operational liabilities which were affected due to
covid.

Vijayalakshmi Drier Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of rice
and the active partner Mr. Murali Krishna has an experience of two
decades in the business of rice milling and processing. Apart from
rice processing, the firm is also engaged in selling off
by-products such as broken rice, husk and bran. Currently, the
installed capacity of the firm is 4 tons per hour.


VINODSAI AGRI: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinodsai
Agri Cold Storage LLP (VSACS) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.79       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking No-Default Statement and information from
VSACS to monitor the rating vide e-mail communications dated
October 08, 2021, December 20, 2021, January 07, 2022 & January 17,
2022 and numerous phone calls. However, despite repeated requests,
the firm has not provided the No-Default Statement as well as
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on VSACS bank
facilities will now be denoted as CARE B+; Stable ISSUER NOT
COOPERATING.

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

The rating assigned to the bank facilities of Vinodsai Agri Cold
Storage LLP (VSACS) continues to be constrained by small scale of
operations, working capital intensive nature of business
operations, LLP nature of constitution with inherent risk of
withdrawal of capital, and highly competitive and fragmented nature
of business. The rating also factors in moderate capital structure
and debt coverage indicators. However, the rating derives comfort
from experienced partners in agricultural industry for two decades,
healthy profitability margins and location advantage of the plant.

Detailed description of the key rating drivers

At the time of last rating on March 9, 2021 the following were the
rating strengths and weaknesses (updated with FY21 financials
obtained from Registrar of Companies):

Key Rating Weaknesses

* Small scale of operations: The scale of operations continued to
be small marked by total operating income of 2.65 crore in FY21 viz
a viz INR3.04 Crore in FY20.

* LLP nature of constitution with inherent risk of withdrawal of
capital: The firm being a limited liability partnership firm is
exposed to inherent risk of capital withdrawal by partners due its
nature of constitution. Any substantial withdrawals from capital
account would impact the net worth and thereby the gearing levels.

* Highly Competitive and fragmented nature of business: VSACS being
in cold storage activities which is highly fragmented and
competitive in nature due to presence of many small players with
low entry barriers. In such a competitive scenario smaller
companies like VSACS in general are more vulnerable on account of
its limited pricing flexibility.

Key Rating Strengths

* Experienced partners in Agricultural Industry for two decades:
Vinodsai Agri Cold Storage LLP (VSACS) was incorporated in 2015 and
promoted by Mr. P Chandrasekhar, Mr. M Gopinath, Mr. M Madhavaiah
and others. The firm is run by 9 designated partners and 10 other
partners. The designated partners of the firm
are having more than two decades of experience in agricultural
industry. Through their vast experience in agricultural business,
the partners will be able to establish healthy relationship with
farmers and local traders.

* Healthy Profitability margins: The profitability margins of the
firm marked by PBILDT margin stood at 72% and PAT margin at 4.90%
in FY21.

* Moderate capital structure and debt coverage indicators: Overall
gearing improved to 1.38x as of March 31, 2021 from 1.87x as on
March 31, 2020. Total debt to gross cash accruals and interest
coverage ratio stood at 5.16x and 3.01x during FY21.

* Location advantage of the plant: The plant location of the firm
is located in Nallur Village which is in 100 meters radius of NH 38
and which is near to Chennai trade center, Chennai harbor and
horticultural crops growing area and having good network with
farmers and traders. There is abundant availability of inputs such
as chillies, spices, tamarind etc. in the proposed area of the
district.

Chennai-based, Vinodsai Agri Cold Storage LLP (VSACS) was
established in 2015 with its registered office in Chennai and
promoted by Mr. P Chandrasekar, Mr. M Gopinath and Mr. M Madhavaiah
and others. The firm has 9 designated partners and
10 other partners. The firm started its business operations in June
2017 and is currently running a cold storage for preserving
agricultural products such as pulses, chillies, grains, tamarind
etc. at Nallur village, Thiruvallur District, Tamil Nadu with a
total installed capacity of 12500 MT as on February 28, 2021. The
major customers of the firm are farmers, local traders, exporters
and importers. The firm derives 75% of the revenue from local
traders, 10% from exporters of agricultural products like chillies
and remaining from farmers and importers of spices.

WELWORTH SOFTWARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Welworth Software Private Limted
        Rockline Centre, No. 54, 3rd Floor
        Richmond Road, Bangalore 560025
        Karnataka, India

Insolvency Commencement Date: February 1, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: July 31, 2022
                               (180 days from commencement)

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional:            Srinivas Thatikonda
                         Flat No. 006, Nanda Ashwirwad Apartments
                         No. 1, Canara Bank Colony
                         2nd Main, Chandra Layout
                         Bengaluru 560072
                         Karnataka
                         E-mail: srinivas@srinivasthatikonda.com

Last date for
submission of claims:    February 17, 2022


WUXI YUSHOU: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Wuxi Yushou Medicare Private Limited
        F.No. 469, Ph-8 B SAS Nagar Ind. Area
        Mohali 160071
        Punjab, India

Liquidation Commencement Date: January 3, 2022

Court: National Company Law Tribunal, Gurugram Bench

Insolvency professional: Sanyam Goel

Interim Resolution
Professional:            Sanyam Goel
                         Unit No. 110, First Floor
                         JMD Pacific Square
                         Sector 15, Part II
                         Gurugram, Haryana 122001
                         India
                         E-mail: goelsanyam@gmail.com
                         Mobile: +91-9810868515

Last date for
submission of claims:    February 2, 2022




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

AEON CO: Egan-Jones Lowers Senior Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company on January 27, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Aeon Co Ltd. to BB from BB+.

Headquartered in Chiba, Chiba, Japan, Aeon Co Ltd. operates general
merchandise stores, supermarkets, and convenience stores throughout
Japan.





=========
M A C A U
=========

MELCO AND STUDIO: S&P Affirms 'BB-' Long-Term ICR, Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit ratings on
Melco Resorts & Entertainment Ltd.'s (MLCO) operating subsidiaries
Melco Resorts (Macau) Ltd. (MRM) at 'BB-', and Studio City Co. Ltd.
(Studio City) at 'B+'. S&P assigned its 'B+' issue rating to U.S.
dollar-denominated senior secured notes that Studio City proposes
to issue.

The negative outlooks on MRM and Studio City reflect S&P's view
that a delayed recovery of the group's Macau operations will narrow
rating headroom in the next six to 12 months.

S&P said, "Proposed debt and equity issuances should boost Studio
City's liquidity profile. We assigned our 'B+' issue rating to
Studio City's proposed notes. Proceeds from the issuance, together
with a proposed equity raise, will enable the company to fully fund
its Studio City Phase II project. The proposed debt issuance is in
line with our previous base-case scenario, which assumed Studio
City would raise an additional US$300 million in debt in 2022. The
proposed transaction will enhance Studio City's liquidity profile.
Studio City International Holdings Ltd. announced that its existing
shareholders, which hold in aggregate over 99% of the outstanding
shares, have subscribed to the equity offering. The company can now
withstand a zero-revenue scenario for at least a year, in our
assessment.

"We consider Studio City as a strategically important subsidiary of
MLCO. MLCO owns a 55% interest in Studio City International
Holdings Ltd., which is the listed parent of the operating entity
Studio City. The two companies have some directors in common. Being
a mass-market-focused casino, Studio City is critical to MLCO's
overall mass strategy in Macau.

"We believe the operating subsidiary can capitalize on the strength
and experience of MLCO, including its well-established customer
database as one of the biggest casinos and integrated resort
operators in Asia. The support from MLCO provides an uplift to our
ratings on Studio City.

"We affirmed our ratings on MRM and Studio City because MLCO has
good liquidity to withstand a slower recovery in Macau. We believe
our forecasts for a strong recovery in the mass market will help
MLCO restore its credit metrics in 2023. The Macau gaming market
will recover more gradually than we previously assumed amid rising
omicron cases and tightening junket activities.

"We revised our base case to assume that the resumption of travel
between Macau and mainland China in 2022 will be slower than we
initially anticipated, and that the VIP market will remain weak
over the next two to three years. We are confident about a
long-term recovery in the mass market, given a growing middle class
in China, high propensity to game, improving infrastructure between
mainland China and the city, as well as expanding hotel capacity.
This should support a restoration of credit metrics over the next
few years, despite the weakness in the VIP market."

Yet, the predictability of the recovery timeline is less certain
because it is hard to know for sure if China will maintain its
policies for zero tolerance of COVID-19 into the pandemic's third
year.

S&P said, "Our current base case assumes Macau's GGR at 30%-40% of
2019 levels in 2022, down from 60%-70% we forecast previously. Mass
market GGR should improve to 45%-55% of pre-pandemic levels, from
about 35% in the fourth quarter of 2021. The mass market may still
recover to near pre-pandemic levels in 2023, assuming travel
restrictions ease gradually throughout 2022. In case of a slower
recovery in 2022, MLCO will rely more heavily on a solid 2023 to
restore its credit metrics. The rating buffer for MLCO has narrowed
when compared with our review in October 2021. The pace of a
recovery in the mass market over the next six to 12 months will be
crucial to the ratings.

"We assume GGR for the VIP segment will stay 20% below 2019 levels
during the next two years. Visibility on the segment's recovery is
low because it is difficult to gauge how much revenue business
junkets could bring to Macau under a stricter regulatory
environment. However, lower VIP GGR may not have as much of an
impact on MLCO's cash flow, given the segment's lower
profitability. We estimate VIP customers contribute only about 10%
to EBITDA at Macau casinos. (See "VIP Weakness Increases The Odds
Against Melco's Recovery", published on Dec. 13, 2021). Based on
our revised forecasts for GGR in Macau, MLCO's adjusted EBITDA
should be at 35%-45% of 2019 levels in 2022, and above 80% in 2023.
The company's debt-to-EBITDA ratio will remain very high at 9x-11x
in 2022, but it will improve to 4.0x-4.5x in 2023, modestly below
our downgrade trigger of 4.5x.

Macau's proposed gaming bill moderates license renewal risks. S&P
continues to believe that all six current concessionaires or
sub-concessionaires, including MLCO, are well positioned to
maintain their licenses through a new rebidding process. The
government plans to grant up to six licenses with a 10-year term
under the new framework. The regulatory measures proposed in the
gaming bill are largely within expectations. Overall, they are
moderately negative, but the immediate credit impact is limited for
now.

Key risks from the proposed gaming bill are: (1) whether the rule
requiring casino assets to be owned by concessionaires will change
the relationship between MRM and Studio City; and (2) any social or
economic conditions attached to the rebidding process--such as
additional investment in non-gaming amenities or safeguards for
local employees such as enhanced benefits--would affect leverage
and profitability.

S&P said, "We do not expect the requirements to be onerous for the
industry in our base case, considering the proposed gaming bill
signals no fundamental change in the government's support to the
industry and the gaming concessionaires. Any implementation details
that suggest otherwise may trigger a rating review.

"The negative outlooks on MRM and Studio City reflect our view that
a delayed recovery of the group's Macau operations leave it with
less rating headroom during the next six to 12 months. Also, we
believe a license renewal will come with higher social and economic
costs and may weigh on MLCO's profitability.

"We may lower our rating on MRM and Studio City if we no longer
believe MLCO is on track to reduce its debt-to-EBITDA ratio to
below 4.5x in 2023. This is based on a 5.0x debt-to-EBITDA ratio
assumption at Melco International Development Ltd., the ultimate
parent of the group. This could happen if travel restrictions and
tightening regulations continue to hamper Macau's recovery for an
extended period and do not ease in line with our expectations.

"In a less likely scenario, we may lower our rating on Studio City
if its liquidity diminishes materially due to a slow recovery in
Macau while the company invests heavily in Studio City Phase II.

"We may revise our outlook to stable if MLCO is on the way to
improving its debt-to-EBITDA ratio to 4.5x. We believe this will be
primarily driven by an easing of travel restrictions between Macau
and mainland China faster than we anticipated, coupled with the
company's prudent financial management."

ESG credit indicators: E-2, S-4, G-2




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

1MALAYSIA BHD: Jury Selection Underway in Ex-Goldman Banker Trial
-----------------------------------------------------------------
Reuters reports that jury selection began on Feb. 7 in the U.S.
corruption trial of a former Goldman Sachs (GS.N) banker accused of
helping to launder hundreds of millions of dollars looted from
Malaysia's 1MDB sovereign wealth fund and bribing officials to win
business.

Roger Ng, Goldman's former head of investment banking in Malaysia,
has pleaded not guilty to three counts of conspiracy to launder
money and to violate an anti-bribery law, Reuters says.

Goldman helped sell $6.5 billion of bonds for 1MDB, a fund former
Malaysian Prime Minister Najib Razak launched to spur economic
development.

According to Reuters, authorities said fund officials and
accomplices looted some of the money to spend on luxuries, while
Goldman bankers paid more than $1.6 billion in bribes to officials
in Malaysia and Abu Dhabi for 1MDB business.

Goldman agreed in 2020 to pay $2.9 billion in penalties and have a
Malaysian unit admit criminal wrongdoing to settle probes by the
U.S. Department of Justice and other authorities into its role in
1MDB, the report relates.

On Feb. 7, U.S. District Judge Margo Brodie quizzed dozens of
potential jurors in Brooklyn federal court about ties they might
have to individuals or entities who may be mentioned at the trial,
and whether they could be fair and impartial.

Several potential jurors said they had strong negative opinions
about banks, though none was immediately dismissed, Reuters
states.

One prospective juror said Goldman had been his wealth manager
since 2007, and another said he worked in technology for Goldman
for seven years before leaving in 2017.

Another potential juror said he previously worked in investment
banking at Barclays, and that the 1MDB case had been used in his
anti-money laundering training, Reuters relays.

Neither of these three jurors were immediately dismissed.

Opening statements in the trial are scheduled to begin on Monday,
Feb. 14, the report notes.

Ng was arrested in Malaysia in November 2018 and extradited six
months later.

Tim Leissner, another former Goldman banker, pleaded guilty in 2018
over his role in the scandal. He is scheduled to be sentenced in
March, the report adds.

                              About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about $3.24
billion in assets linked to the 1MDB matter.  This amount includes
about US$600 million cash and assets returned by U.S. authorities;
about $2.5 billion paid by Goldman Sachs as settlement; as well as
$780 million in settlement amounts from Malaysian banking group
AmBank and audit firm Deloitte.




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

HELI LEASE: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------
A petition to wind up the operations of Heli Lease Si Limited will
be heard before the High Court at Dunedin on March 3, 2022, at
10:00 a.m.

Heli Holdings Limited filed the petition against the company on
Dec. 22, 2021.

The Petitioner's solicitors are:

          MinterEllisonRuddWatts
          Level 22, PwC Tower
          15 Customs Street West
          Auckland 1010


NUTRA FOODS: Creditors' Proofs of Debt Due on April 4
-----------------------------------------------------
Creditors of Nutra Foods 2011 Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 4,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 4, 2022.

The company's liquidators are:

          Vivian Judith Fatupaito
          KPMG Auckland
          18 Viaduct Harbour Avenue (PO Box 1584)
          Shortland Street
          Auckland 1140




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

HAPPY MEGA: Court to Hear Wind-Up Petition on Feb. 25
-----------------------------------------------------
A petition to wind up the operations of Happy Mega International
Group Pte Ltd will be heard before the High Court of Singapore on
Feb. 25, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 26, 2022.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098

LI JIE: Creditors' First Meeting Set for Feb. 22
------------------------------------------------
Creditors of Li Jie Construction Pte. Ltd will hold their first
meeting on Feb. 22, 2022, at 11:00 a.m., via videoconference.

Agenda of the meeting includes:

   a. to receive an update on the status of the liquidation of the

      Company; and

   b. to discuss any other business.

The Liquidator can be reached at:

          Wee Koon San
          c/o 2 Venture Drive
          #11-18 Vision Exchange
          Singapore 608526



                           *********


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

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

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***