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

                     A S I A   P A C I F I C

          Monday, February 28, 2022, Vol. 25, No. 36

                           Headlines



A U S T R A L I A

CAPITAL MINING: Ex-Directors Charged with 22 Dishonesty Offences
DELLERMAY PTY: First Creditors' Meeting Set for March 7
GIGGEDIN PTY: First Creditors' Meeting Set for March 4
PEPPER PRIME 2022-1: S&P Assigns Prelim B (sf) Rating on F Notes
PEPPER RESIDENTIAL NO. 21: S&P Hikes Cl. F Notes Rating to BB+(sf)

SHIFT 2022-1PP: Moody's Assigns (P)B2 Rating to AUD4.8MM F Notes
SOUTH AMERICAN IRON: First Creditors' Meeting Set for March 7
UMBRELLA HEALTH: Second Creditors' Meeting Set for March 7


C H I N A

CHINA EVERGRANDE: State-Owned Developers Pick Away at Assets


H O N G   K O N G

[*] HONG KONG: Rent Deferral Plan Will Help SMEs Stay Afloat


I N D I A

ASSOCIATED TOOLINGS: CARE Moves B+ Debt Rating to Not Cooperating
AXIS OVERSEAS: CARE Lowers Rating on INR24.20cr LT Loan to B+
BATHSHA MARINE: CARE Moves D Debt Ratings to Not Cooperating
BHATIA COLOUR: CARE Lowers Rating on INR19cr LT Loan to B
CARONA KNITWEAR: CARE Keeps D Debt Ratings in Not Cooperating

FUTURE GROUP: Reliance to Take on 200 Future Retail Stores
G.V.D. TEXTILES: CARE Lowers Rating on INR13.76cr LT Loan to C
GITA DEVI: CARE Moves B Debt Rating to Not Cooperating
HLN ENTERPRISE: CARE Moves D Debt Rating to Not Cooperating
INTEGRATED INDUCTION: CARE Reaffirms B+ Rating on INR13cr LT Loan

JONAS WOODHEAD: CARE Lowers Rating on INR7.05cr LT Loan to B-
KRUSHNA COTEX: CARE Lowers Rating on INR8cr LT Loan to B-
KSR CAPITAL: CARE Assigns B+ Rating to INR25cr LT Loan
KUNAL FOUNDER: CARE Keeps B- Debt Rating in Not Cooperating
KUNAL LOHACHEM: CARE Reaffirms B Rating on INR6cr LT Loan

MUTHUKUMARAN SILKS: CARE Lowers Rating on INR8cr LT Loan to B
SHAKTI YARN: CARE Hikes Rating on INR40.39cr LT Loan to B+
SHANKER GAURI: CARE Lowers Rating on INR23.01cr LT Loan to B+
SOUTH GANGA: CARE Withdraws B+ Rating on Bank Facilities
SSC PROJECTS: CARE Lowers Rating on INR12cr LT Loan to B+

VALUE LINE: CARE Lowers Rating on INR6.36cr LT Loan to B+
VISHNU PRIYA DRIER: CARE Moves B+ Debt Rating to Not Cooperating
VISHNU PRIYA: CARE Moves B+ Debt Rating to Not Cooperating


M A L A Y S I A

1MDB: Ex-Goldman Banker Trial to be Halted on New Evidence


M O N G O L I A

MONGOLIAN MINING: Fitch Affirms 'B' LT FC IDR, Outlook Now Neg.


N E W   Z E A L A N D

COLAB KITCHEN: Creditors' Proofs of Debt Due April 1
COOK ISLANDS: S&P Affirms 'B+/B' Sovereign Issuer Credit Ratings
FIRST INSURANCE: Fitch Affirms 'BB+' IFS Rating, Outlook Now Neg.
IPG CORPORATION: Court to Hear Wind-Up Petition on March 16
LAKHI MAA: Court to Hear Wind-Up Petition on March 16

MARKEATON FARMS: Court to Hear Wind-Up Petition on March 7
OTAGO HOMES: First Creditors' Meeting Set for March 7
WHITE WATERS: Creditors' Proofs of Debt Due April 26


S I N G A P O R E

AIK LIAN: Court to Hear Wind-Up Petition on March 18
BESTLINK AUTO: Court Enters Wind-Up Order
FOUR SEASON: Court Enters Wind-Up Order
RUPRECHT SERVICES: Court Enters Wind-Up Order
SEMBCORP MARINE: Net Loss Widens to SGD523.3MM in H2 Ended Dec. 31

SENJO PAYMENT ASIA: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Officials Met With Bankers in Bid to Solve Debt Crisis

                           - - - - -


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A U S T R A L I A
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CAPITAL MINING: Ex-Directors Charged with 22 Dishonesty Offences
----------------------------------------------------------------
Peter James Dykes and Peter Alan Torney, former directors of
previously ASX-listed Capital Mining Limited, on Feb. 25, 2022,
appeared in the Perth Magistrates Court, each charged with
dishonestly using their position as directors.

Following an Australian Securities and Investments Commission
(ASIC) investigation into Capital Mining's activities, it is
alleged Mr. Dykes and Mr. Torney, when directors of Capital Mining,
contravened directors' duties by co-authorising payments from
Capital Mining to related companies Poipu Bay Pty Ltd, Coolabah
Capital Pty Ltd, Tenceecee Pty Ltd and Bellring Pty Ltd which
caused a financial detriment to Capital Mining.

Mr. Dykes allegedly dishonestly used his position as a director of
Capital Mining on 13 occasions, between October 2015 and April
2016, resulting in himself or others gaining an advantage to the
value of AUD1,641,325.

Mr. Torney allegedly dishonestly used his position as a director of
Capital Mining on nine occasions, between October 2015 and April
2016, resulting in himself or others gaining an advantage to the
value of AUD1,005,325.

The matter was adjourned until March 18, 2022.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions. ASIC's investigation is ongoing.

Capital Mining, incorporated in April 2003, was an ASX-listed
company based in Perth which was engaged in the exploration for
deposits of gold, base metals, platinum, nickel, uranium and other
rare metals in Australia and Ireland.

Capital Mining was removed from the official list of ASX Limited
effective Dec. 7, 2018.

A director commits an offence under the Corporations Act if they
are reckless or dishonest. Mr. Dykes was charged with 13 counts of
contravening s184 of the Act while Mr. Torney was charged with nine
counts of contravening s184 of the Act.

At the time of the alleged offending, the maximum penalty for a
breach of s184 of the Act is 2000 penalty units or imprisonment for
five years, or both.

Peter Paul Krejci & Andrew John Cummins of BRI Ferrier were
appointed as administrators of Capital Mining on May 16, 2018.


DELLERMAY PTY: First Creditors' Meeting Set for March 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Dellermay
Pty Ltd will be held on March 7, 2022, at 2:00 p.m. via virtual
meeting technology.

Sam Kaso and Daniel Juratowitch of Cor Cordis were appointed as
administrators of Dellermay Pty on Feb. 23, 2022.


GIGGEDIN PTY: First Creditors' Meeting Set for March 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Giggedin Pty
Ltd will be held on March 4, 2022, at 11:00 a.m. via virtual
meeting.

Michael Hogan of Hogan Sprowles was appointed as administrator of
Giggedin Pty on Feb. 23, 2022.


PEPPER PRIME 2022-1: S&P Assigns Prelim B (sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper Prime
2022-1 Trust. Pepper Prime 2022-1 Trust is a securitization of
prime residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standards and centralized approval process of the seller, Pepper.

-- The availability of an excess spread reserve and
overcollateralization amount, which will be funded by excess spread
to cover potential yield shortfalls, losses and loss
reimbursements; and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$150,000, funded by
Pepper Money Ltd. on or before closing, available to meet
extraordinary expenses. The reserve will be topped up via excess
spread if drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and the excess spread reserve, are sufficient under its
stress assumptions to ensure timely payment of interest.

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

S&P understands that the class A1-G notes will be issued under the
Pepper Money Green Bond Framework. Issuance proceeds from this bond
will be used to purchase green mortgages that meet the eligibility
criteria outlined in the Pepper Money Green Bond Framework. S&P
Global Ratings does not consider the issuer's designation of the
notes as "green" in its credit rating analysis.

  Preliminary Ratings Assigned

  Pepper Prime 2022-1 Trust

  Class A1, A$505 million: AAA (sf)
  Class A1-G, A$330 million: AAA (sf)
  Class A2, A$109 million: AAA (sf)
  Class B, A$17 million: AA (sf)
  Class C, A$15 million: A (sf)
  Class D, A$10 million: BBB (sf)
  Class E, A$6 million: BB (sf)
  Class F, A$4 million: B (sf)
  Class G, A$4 million: Not rated


PEPPER RESIDENTIAL NO. 21: S&P Hikes Cl. F Notes Rating to BB+(sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 14 classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee for Pepper Residential Securities Trust No.20 (PRS20),
Pepper Residential Securities Trust No.21 (PRS21), and Pepper
Residential Securities Trust No.22 (PRS22). At the same time, S&P
affirmed its ratings on 11 classes of notes for PRS20, PRS21, and
PRS22.

The rating actions reflect:

-- S&P's view of the credit quality of the underlying collateral
portfolios, which have been amortizing in line with its
expectations.

-- The significant buildup in the percentage of credit enhancement
provided to the rated notes due to the increase in
overcollateralization from the retention mechanism.

-- The strength of the cash flows at each respective rating level
that are underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

-- S&P's cash-flow modeling indicates some sensitivity under
stresses commensurate with higher rating levels. This is typically
observed under scenarios where defaults are back ended with high
prepayments. The degree to which the sensitivities are observed for
the more subordinated rated notes is less because these notes
benefit from reverse turbo mechanisms when available.

-- That S&P has factored into S&P's analysis the arrears
performance of these transactions. For the three transactions, the
arrears performance generally has been higher relative to the
Standard & Poor's Performance Index (SPIN) for nonconforming loans
in the past 12 months. As of Dec. 31, 2021, loans greater than 90
days in arrears represent 3.2% for PRS20, 4.1% for PRS21, and 2.3%
for PRS22. However, losses to date have been minimal and all have
been covered by excess spread. There have been no charge-offs to
any of the notes.

-- That given the characteristics of the portfolio, which includes
borrowers with adverse credit history, low-documentation loans, and
self-employed borrowers, S&P expects arrears levels to fluctuate
over time. A limiting factor in the degree of upgrade to several of
these notes is the sensitivity of the notes to movements in
arrears.

-- That under the pro rata payment structure, the class G
allocated principal will continue to be paid to the class F notes
until the class F notes are fully repaid, followed by the remaining
subordinated notes once the class F notes have fully repaid.
Therefore, the class F notes have and will continue to benefit from
an increase in the percentage of credit support provided as the
pool amortizes under a pro rata structure, while for the remaining
rated notes the percentage of credit support will remain static.
Due to this feature, the class F notes issued by PRS20 have already
been paid down in full.

S&P said, "Our ratings on the class A1-u notes issued by PRS21 and
PRS22 address the repayment of the notes by the legal final
maturity date, not as per the scheduled amortization profile.
However, we have considered in our analysis the structural features
that support the repayment of these notes in line with the schedule
by modeling the outstanding draw from the scheduled amortization
facility for PRS21 and the balance outstanding in the scheduled
amortization fund account for PRS22."

  Ratings Raised

  Pepper Residential Securities Trust No.20

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA+ (sf) from A+ (sf)
  Class D: to AA- (sf) from A- (sf)
  Class E: to BBB+ (sf) from BB+ (sf)

  Pepper Residential Securities Trust No.21

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB+ (sf)
  Class E: to BBB- (sf) from BB+ (sf)
  Class F: to BB+ (sf) from B+ (sf)

  Pepper Residential Securities Trust No.22

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB+ (sf)
  Class F: to BB+ (sf) from B+ (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No. 20

  Class A1-a: AAA (sf)
  Class AR-u: AAA (sf)
  Class A2: AAA (sf)

  Pepper Residential Securities Trust No.21

  Class A1-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A2: AAA (sf)

  Pepper Residential Securities Trust No.22

  Class A1-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A1-GE: AAA (sf)
  Class A1-GA: AAA (sf)
  Class A2: AAA (sf)


SHIFT 2022-1PP: Moody's Assigns (P)B2 Rating to AUD4.8MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by BNY Trust Company of Australia Ltd, as trustee of
Shift 2022-1PP Trust.

Issuer: Shift 2022-1PP Trust

AUD97.50 million Class A Notes, Assigned (P)Aaa (sf)

AUD15.60 million Class B Notes, Assigned (P)Aa2 (sf)

AUD9.00 million Class C Notes, Assigned (P)A2 (sf)

AUD6.60 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.30 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.80 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.20 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Shift Financial
Pty Ltd ("Shift", formally known as Get Capital Pty Ltd, unrated).
Shift will act as servicer of the transaction. This is Shift's
inaugural ABS transaction.

Shift is an Australian SME lender providing working capital
facilities, term loans and asset finance to Australian businesses
since 2014. As of December 31, 2021 Shift has lent circa AUD1.2
billion to over 60,000 Australian businesses.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Shift as servicer; and the presence of
BNY Trust Company of Australia Ltd as a standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. Shift is a relatively
new originator, with historical default data for its auto and
equipment commercial loan book only available from 2016 and for its
unsecured business loans and line-of-credit facilites from 2015. As
such, the pool's performance could be subject to greater
variability than the observed data indicates.

The transaction's key features are as follows:

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 35.00%, 24.60%, 18.60%, 14.20%, 8.00%
and 4.80% of note subordination, respectively.

Once stepdown conditions are satisfied, all notes, excluding the
Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, minimum 45%
subordination to the Class A notes and no unreimbursed charge-offs.
Once Class G stepdown criteria are satisfied, all notes, including
the Class G notes, will receive their pro-rata share of principal.
Class G Step-down criteria include all stepdown conditions plus a
Class F minimun subordination requirement of 17%.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
schedule amortization of the portfolio.

BNY Trust Company of Australia Ltd (BNY) is the back-up servicer.
If Shift is terminated as servicer, BNY will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan. BNY has delegated the standby servicer
function to Verofi, a specialist third-party standby servicer,
however BNY retains legal responsibility for the standby servicer's
contractual obligations.

Key portfolio features are as follows:

The portfolio is highly diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.3%.

The portfolio has a high yield of 11.3% which provides excess
spread to cure portfolio losses.

Heavy commercial vehicle loans are the largest component making up
36.4% of the portfolio, intangible tertiary assets such as
installations and fitouts are the second largest component making
up 19.6% of the portfolio.

Key model assumptions:

Moody's assumptions are an expected portfolio loss rate of 7.00%,
and a portfolio Aaa credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 40.00%.

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

Methodology Underlying the Rating Action

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

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

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

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

SOUTH AMERICAN IRON: First Creditors' Meeting Set for March 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of South
American Iron & Steel Corporation Limited will be held on March 7,
2022, at 11:30 a.m. at the offices of Levi Consulting Pty Ltd,
Level 1, 84 Pitt Street, in Sydney, NSW.

David Joseph Levi of Levi Consulting was appointed as
administrators of South American Iron on Feb. 23, 2022.


UMBRELLA HEALTH: Second Creditors' Meeting Set for March 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of Umbrella Health
Pty Ltd has been set for March 7, 2022, at 1:00 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 March 4, 2022, at 5:00 p.m.

Brent Kijurina, Richard Albarran and Richard Lawrence of Hall
Chadwick were appointed as administrators of Umbrella Health on
Jan. 31, 2022.




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C H I N A
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CHINA EVERGRANDE: State-Owned Developers Pick Away at Assets
------------------------------------------------------------
South China Morning Post reports that China Evergrande Group lost
control of some of its property projects around the country, as
several state-owned developers picked away at its assets while the
heavily indebted builder teeters on the brink with more than US$300
billion of total liabilities.

Evergrande Fairyland, a theme park subsidiary in the Nansha
district of the Guangdong provincial capital of Guangzhou was
completely taken over on January 26 by the China Minmetals Group's
Minmetals International Trust, the Post discloses citing business
data search platform Tianyancha.

In the Guangdong manufacturing hub of Dongguan, a mixed-development
real estate project -- built on land that Evergrande bought in 2020
for nearly CNY3 billion (US$475 million) -- came under the control
of state-owned China Everbright Group on Feb. 21, according to the
national enterprise credit information publicity system, the Post
relays.

According to the Post, the spate of takeovers underscore how
Evergrande, with the dubious honour as the world's most indebted
developer, is being taken apart by creditors as it grapples to
raise capital to pay its borrowings. The company's asset sales –
including its 26-storey Hong Kong harbourfront headquarters and
dozens of projects in mainland China – had been mostly spurned
because of their intricate financing ties with various units.

The Post says Beijing is encouraging state-owned enterprises
(SOEs), including developers and distressed debt managers, to
acquire assets and from liquidity crunched home builders such as
Evergrande and Kaisa Holdings to ease their pressure.

Beijing's loan limit for real estate companies, widely known as the
"three red lines", which has pushed many developers to the brink,
has been partially relaxed, according to a report by a state-backed
media outlet in January.

Minmetals Trust, a unit of China's largest commodities trader, paid
Evergrande CNY80 million in January for the equity interest in a
residential project in Dongguan and another one in Kunming in
southwestern Yunnan Province, according to the Post.

The Post relates that Chinese policymakers plan to exclude debt
raised by a developer to acquire distressed assets of another home
builder when calculating their compliance with the three red
lines.

Evergrande plans to fully restore its construction operations this
month, the Guangzhou-based developer's chairman Hui Ka-yan said
during an internal meeting earlier in February. Property sales will
resume as soon as possible to help resolve the company's debts, Hui
said, the Post relays.

The Post adds that the developer has about CNY50 billion of funds
in hand from pre-sold apartments, CNY170 billion of contracted cash
awaiting collection, and assets that can be sold, Hui said in the
meeting, according to the person.

                        About China Evergrande

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

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze, the Post
recalls. It has since worked with more advisers in the past two
months by turning to China International Capital Corp, BOCI Asia
and Zhong Lun Law Firm on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.




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H O N G   K O N G
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[*] HONG KONG: Rent Deferral Plan Will Help SMEs Stay Afloat
------------------------------------------------------------
South China Morning Post reports that Hong Kong's planned
moratorium on commercial rents is likely to be effective in helping
small businesses survive the pandemic if similar relief measures in
the UK and Singapore are any guide, according to property experts.

The move, which will be backed by legislation, shares similarities
with schemes in Singapore and Britain aimed at securing the
long-term viability of commercial tenants, said Maggie Hu,
assistant professor of real estate and finance at the Chinese
University of Hong Kong, the Post relays.

"Without the rental moratoriums, a much higher businesses closure
rate would have been observed in the past two years," she said.

Singapore allowed businesses and individuals to defer certain
contractual obligations such as rent in 2020. Last year, it went
further and introduced an outright waiver on rents, notes the
Post.

The conditions appeared to be somewhat stricter than Hong Kong's,
requiring some proof of inability to pay rent, the report says.

The city state's rental relief framework mandated rental
obligations be shared equally between the government, landlords and
tenants, property agent Colliers noted. Tenants were given rental
waivers of between two and four months, with the government picking
up the tab for half of the duration and landlords or owners paying
the other half.

"It was effective in Singapore, as it helped companies, especially
small and medium enterprises tide over from the impact of Covid-19
and ensure the continued viability of the rental and property
market," the Post quotes Catherine He, head of research for
Singapore at Colliers, as saying.

Christine Li, head of research in Asia-Pacific at Knight Frank,
said the rental moratorium in Singapore was effective in buying
more time for businesses to embrace digital transformation, as they
reviewed their existing models to meet the evolving consumer
demands brought about by the pandemic.

"Hence the framework prevented disorderly systemic defaults by
SMEs, and turned out to be very successful," she said.

The British government first introduced a moratorium on evictions
of tenants by commercial landlords in April 2020 as part of a
series of measures designed to help businesses such as pubs,
nightclubs and retail outlets, survive lockdowns enacted to cull
the spread of Covid-19, according to the Post. The first lockdown
in the UK began in March 2020.

The UK moratoriums prevented commercial landlords from evicting
businesses who fell behind on their rent because of coronavirus
pandemic lockdowns and from selling their belongings to collect on
rent arrears.
Most of the other measures in the UK have lapsed, but the eviction
moratoriums were extended last year and are set to expire on March
25, the Post notes.

It has been a big help for British hospitality companies, said
Graeme Smith, a managing director at AlixPartners.

"The moratorium worked well in the UK and allowed time for
landlords and tenants to work the position out," the report quotes
Mr. Smith as saying.  "It looks like we'll see around 10 per cent
of [hospitality] sites fail to reopen, which is success as, at the
start of the pandemic, commentators had estimated as many as 30 per
cent could close."

The potential problem with Hong Kong's new measure is that the
relief is only short-term, Ms. Hu said, the Post relays.

"The renters will still need to find ways to generate revenues and
pay back the deferred rents," she said. "After all, rent deferral
is not equivalent to a rent waiver.

"The government should encourage the landlords and the renters to
negotiate a long-term and sustainable scheme to navigate through
the crisis and benefit all the stakeholders."

The Post adds that the measure is likely to bring some uncertainty
to the city's commercial real estate investment market, according
to Marcos Chan, head of research, CBRE Hong Kong.

"For some shorter-term investors and buyers with mortgages, missing
three to six months of rent could pose a big risk," said Mr. Chan.
"Overall, it could slow down investment demand for commercial
properties in the short term."

It could result in prolonged rental disputes between landlords and
tenants, said Kevin Lam, executive director and head of retail
services, Hong Kong, at Cushman & Wakefield.

"This will not be a solution, and instead may create more legal and
rental control problems in the process," said Mr. Lam.



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

ASSOCIATED TOOLINGS: CARE Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Associated Toolings India Private Limited (ATIPL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.10       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

   Short Term Bank
   Facilities           5.80       CARE A4; ISSUER NOT
                                   COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from ATIPL to monitor
the ratings vide e-mail communications/letters dated January 27,
2022, February 4, 2022, February 7, 2022, February 10, 2022 and
numerous phone calls. However, despite CARE's 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 ratings 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. The rating on ATIPL's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING/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 ratings assigned to the bank facilities of Associated Toolings
India Private Limited (ATIPL) factored in small scale of
operations, moderate profitability margins, leveraged capital
structure with weak debt coverage indicators, exposure to
volatility in prices of raw materials and highly working
capital-intensive nature of operations and vulnerable to
cyclicality in demand from end user industries. The ratings,
however, derive comfort from long track record of operation with
experienced promoters.

Detailed description of the key rating drivers

At the time of last rating on December 21, 2020, the following was
the rating weaknesses and strengths: (updated from information
available from registrar of companies):

Detailed Rationale & Key Rating Drivers

* Small scale of operation and Moderate profitability margins The
scale of operations has improved by more than 30%, however remained
small at INR11.62 crores during FY21 as against INR8.41 crores
during FY20.  Profit margins have continued to remain moderate
marked by declined PBILDT margin of 17.35% during FY21(A) against
21.42% during FY20. However, the company has reported profit of
INR0.02 crores during FY21 as against net loss of INR0.25 crores
during FY20.

* Leveraged capital structure with weak debt coverage indicators:
Capital structure has continued to remained leveraged marked by
overall gearing ratio of 3.61x as of March 31, 2021 as against
3.46x as on March 31, 2020. The marginal deterioration was on
account of higher term debt as on Balance sheet date. Debt coverage
indicators remained weak marked by low interest coverage ratio and
TDGCA ratio remained at 1.23x and 35.35 years respectively during
FY21 as against 1.13x and 69.61 years during FY20.

* Exposure to volatility in prices of raw materials and highly
working capital intensive nature of operations: The operations of
the company remained highly working capital intensive in nature as
reflected by its high operating cycle led by high inventory period.
The inventory remains high, owing to accumulation of raw materials,
following the shift to Bharat Stage (BS) IV standards from BS III
and BS IV standards to BS VI. The management are expecting to clear
the backlog inventory by exporting the valves to countries which
still use such inputs.

* Vulnerable to cyclicality in demand from end user industries:
The operating performance of the company remains vulnerable to
cyclicality in demand from end user industries like oil and
gas, petrochemicals and auto.

Key Rating Strengths

* Long track record of operation with experienced promoters: ATIPL
is into manufacturing of industrial valves and regulators since
1985 and thus has more than three decades of operational track
record. Being in the same line of business since long period, the
promoters have built up established relationship with its customers
and suppliers. The key promoter; Mr. Ratan Jyoti Bishnu and Mr.
Anup Kanti Karmakar, have long experience in industrial valves
manufacturing business and they have strong technical capabilities
which helps the company to maintain healthy relationship with its
customers and bags repeated orders. The above promoters are
supported by Mr. Jyotirmoy Karmakar, Udayan Karmakar and Hirakjyoti
who also have more than two decades of experience in the same
industry.

West Bengal based Associated Toolings India Private Limited (ATIPL)
was incorporated in August 1985 by Mr. Ratan Jyoti Bishnu, Mr. Anup
Kanti Karmakar, Mrs. Pratima Karmakar and Mrs. Manjusree Bishnu.
Later on in August 2008; Mr. Jyotirmoy Karmakar, Udayan Karmakar
and Hirakjyoti Bishnu joined the company. ATIPL has been engaged in
manufacturing of both fluid and gas valves and regulators, used by
various end-user industries, including oil and gas, petrochemical,
thermal power stations and refineries, food processing and
fertilizer. Its manufacturing unit is located in Howrah, West
Bengal and is equipped with installed capacity of 120,000 pieces of
valves per annum. The company also has its presences in the foreign
market in the country like Nigeria and Oman.


AXIS OVERSEAS: CARE Lowers Rating on INR24.20cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Axis Overseas Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.20       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from Axis Overseas
Limited to monitor the rating(s) vide e-mail communications/letters
dated September 9, 2021,January 11, 2022 among others and numerous
phone calls. However, despite CARE's 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, Axis Overseas
Limited has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. The rating on Axis Overseas
Limited's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING*/CARE A4; ISSUER NOT COOPERATING. Due
diligence with the banker and auditor could not be conducted.

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

The rating has been revised on account of de-growth in total
operating income along with decline in profit levels and cash
accruals during FY21 (refers the period from April 01 to March 31).
The revision in the rating also factors in deterioration in debt
coverage indicators and operating cycle in FY21. The rating takes
into account small scale of operation with low profit margins,
Moderate capital structure and weak debt coverage indicators and
its exposure to price volatility of traded goods and regulatory
risk. However, the aforesaid constraints are partially offset by
long track record of promoters and diversified group presence.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation with low profit margins: The total
operating income declined to INR120.27 crore in FY21 from Rs.217.72
crore in FY20. The profit margins of the company remained low with
operating margin of 2.87% in FY21 as against 2.45% in FY20.

* Moderate capital structure and weak debt coverage indicators: The
overall gearing ratio stood at 1.76x as of March 31, 2021 as
against 1.93x as on March 31, 2020. Interest coverage stood below
unity at 0.95x in FY21 as against 1.22x in FY20.

* Risk of price volatility and regulatory risk: The prices of raw
jute, being an agricultural product, are volatile in nature due to
heavy dependency on the vagaries of nature and crop economics. As
the prices are highly volatile in nature, the company's
profitability is susceptible to volatility in jute prices. Since
the company trades in raw jute, thus any major fluctuation in
prices might have a significant impact on the profitability of the
company. Further, Jute industry is highly regulated as Government
determines the minimum support prices (MSP) of jute crops for each
crop year, average raw material pricing for government orders and
custom duty, taxes, etc. on jute and related products. Further,
government stipulates the proportion of packaging of food grains
and sugar in jute bags. This apart, jute bag prices in India are
fixed on a price formula of the Tariff Commission of 2001 and
procured by Directorate General of Supplies and Disposal or through
National Competitive Bidding. The operating cycle has deteriorated
to 126 days in FY21 as against 72 days in FY20.

Key Rating Strengths

Long track record of promoters and diversified group presence: AOL
incorporated in 2005 by Axis group of Kolkata.  The group is
promoted by Mr.Aditya Sarda who has more than a decade experience
in trading Jute. The group is also engaged in mining of minerals
and in real estate business along with jute business through other
entities namely Tirupati Niryat Pvt Ltd, Octal Sales Pvt Ltd,
Chindwara Mines Private Limited, Axis Pigments Private Limited,
etc.

Axis Overseas Limited (AOL) was incorporated in December 2005 with
the objective of trading in Jute and Jute-related products. Since
its inception company is managed by Mr. Aditya Sarda, promoter of
the company. AOL mainly purchases raw jute locally and also imports
from Bangladesh and sells it to jute mills in West Bengal that
manufacture jute bags/other jute products.


BATHSHA MARINE: CARE Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bathsha
Marine Exports Private Limited (BMEPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        0.17      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank
   Facilities            9.50      CARE D; ISSUER NOT COOPERATING
                                   Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from BMEPL to monitor
the ratings vide e-mail communications/letters dated November 17,
2021, January 3, 2022, January 10, 2022, January 31, 2022, February
4, 2022, February 10, 2022 and numerous phone calls. However,
despite CARE's 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 ratings
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. The rating on BMEPL's bank facilities will now be denoted
as CARE D/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 assigned to the bank facilities of Bathsha Marine
Exports Private Limited (BMEPL) factors in the on-going delay in
servicing its debt obligations.

Detailed description of the key rating drivers

At the time of last rating on February 2, 2021 the following were
the rating strengths and weaknesses (updated from information
available from registrar of companies):

Key Rating Weaknesses

* Ongoing delays in servicing debt obligations: As per verbal
feedback from banker, there were delays in debt servicing till
December 2021.

* Small scale of operations with moderate profitability: The scale
of operations has significantly declined and remained at INR7.54
crores during FY21 as against INR15.26 crores during FY20 mainly
due to decreased export sales as well as local sales. PBILDT margin
has improved from 8.74% during FY20 to 15.37% during FY21. However,
company has reported net profit of INR0.20 crores during FY21 as
against net losses during FY20.

* Elongated operating cycle: The operating cycle of the company
elongated from 183 days in FY 20 to 403 days in FY21 due to higher
inventory holding period. However, Average collection period and
payment period stood at 53 days and 87 days respectively in FY21.

* Leveraged capital structure and debt coverage indicators: The
capital structure of the company has marginally improved but
remained leveraged marked by overall gearing ratio of 2.09x as on
March 31, 2021 as against 2.74x as on March 31, 2020. Further debt
coverage indicators remained weak marked by TDGCA ratio of 11.52
years and Interest coverage of 3.33x during FY21 as against 18.49
years and 1.75x during FY20.

* Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry: The company has to
stock shrimps for export during the off season, thus increasing its
inventory levels. Apart from seasonality, adverse climate
conditions, lack of quality feed, rampant diseases continue to pose
risk in the raw material procurement. Furthermore, due to limited
value addition nature of business and less technological input
entry barriers are low. As a result, processed sea food industry is
highly competitive with the presence of a large number of Indian
players as well as players from other international market.
Furthermore, exports of sea food is highly regulated, as exporters
of sea food have to meet various regulations imposed by importing
nations as well as imposed by the Indian government.

Key Rating Strengths

* Long track record and experience of the promoters for more than
two decades in sea food industry: BMEPL was incorporated in the
year 1997, promoted by Mr. Akber Bathsha (Managing Director), Mrs.
Sunitha Bathsha (Director) and Mr. Yazar Bathsha (Director) all the
directors are qualified graduate having more than two decade of
experience in sea food industry. The directors are actively
involved in day to day operations of the company. Mr Akber Bathsha
has more than two decades of experience in sea food industry and
looks after the marketing activities. Due to long term presence in
the market, the promoters have good relations with suppliers and
customers.

* Locational advantage: The plant location of the company is
located in aquaculture Zone near Kerala, which enables the company
to procure raw materials and send the same for process immediately
after harvest. This results in better quality product as well as
lowers the transportation cost.

Placo Enterprises Private Limited was incorporated in the year 1997
and later the name was changed to Placo Plastics Private Limited.
During 2003, the company name was changed to current nomenclature
Bathsha Marine Exports Private Limited (BMEPL). Initially the
company was engaged in storage of sea food. However, from May 2016,
the company commenced processing, packing and export of shrimp and
various fish to the places like Vietnam, Portugal, Australia,
Kuwait and Korea. The product profile of the company includes black
tiger, Vannamei, white shrimp, Cuttle Fish, Indian Mackeral, Yellow
Fin Tuna and Ribbon Fish. The company is 100% Export Oriented Unit
(EOU). BMEPL procures fish and shrimp from local fisher men i.e.,
Kerala and other places like Nellore and Andhra Pradesh. The plant
has the certification from 'Hazard Analysis Critical Control Point
(HACCP) and British Retail Consortium (BRC). The processing and
storage facilities of BMEPL are approved by the Marine Products
Export Development Authority (MPEDA).


BHATIA COLOUR: CARE Lowers Rating on INR19cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhatia Colour Company (BCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.00       CARE B; Stable; Revised from
   Facilities                      from CARE B+ and removed from
                                   Credit watch with Developing
                                   Implications; Stable outlook
                                   Assigned

Detailed Rationale & Key Rating Drivers

The rating was placed on credit watch with developing implications
due to the likely impact on the financial profile of the firm, post
demise of sole proprietor Mr. Brijlal Bhatia and freezing of cash
credit account by its lender. The business has been transferred in
the name of Mr. Bharat Bhatia (son of late Mr. Brijlal Bhatia) and
cash credit facility had been opened in name of the firm with
overall reduction in the bank limits. There was deterioration in
financial profile marked by decline in TOI in FY21 (Provisional, FY
refers to period from April 01 to March 31), elongation of
operating cycle and continued weak debt coverage indicators with
continued reliance on funds infused by proprietor or group for debt
servicing. Consequently, the long term rating assigned to the bank
facilities of Bhatia Colour Company (BCC) has been revised and
removed from Credit watch with developing implication.

The rating continues to remain constrained by its thin
profitability owing to its trading nature of operations, stretched
liquidity, its constitution as a proprietorship, foreign exchange
fluctuation risk, volatility in commodity prices and presence into
highly fragmented & competitive trading industry.

The ratings, however, continue to derive strength from the
established presence of Bhatia group in the textile and chemicals
industry and need based support extended in the form of unsecured
loans.

Rating Sensitivities

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

* Sustaining operating profitability (PBILDT margin) beyond 7% on a
sustained basis while significantly improving its total
operating income (TOI) and diversification in portfolio of traded
goods

* Shortening of working capital cycle with reduction in gross
current assets to less than 120 days

* Improvement in overall gearing to below 1.00x on a long term
basis with reduced reliance on external borrowings to fund
working capital requirements

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

* Any sizeable decline in operating profitability (PBILDT margin
below 2%) or any major write-off of receivables or meaningful
inventory losses

* Any meaningful support extended to any group entities or
withdrawal of financial support by the group entities/proprietor
from present levels

Detailed description of the key rating drivers

Key Rating Weaknesses

* Significant decline in scale of operations during FY21
(Provisional) and continued thin operating profitability owing to
trading nature of operations: As per the provisional results of
FY21, BCC had reported significant decline in its TOI from INR99.70
crore in FY20 to INR40.48 crore in FY20 (59% y-o-y) on the back of
muted trade sales of dyes and chemicals with top customers amidst
disruption in business (first Covid 19 induced disruptions and then
death of its earlier proprietor) and freezing of working capital
limits. BCC's profitability continued to remain thin marked by its
PAT margin of 0.42% in FY21 (Provisional) [PY:0.95%] due to its low
valueadded trading nature of business. However, in 9MFY22
(provisional), BCC reported TOI of INR66.56 crore.

* Deteriorated capital structure and weak debt coverage indicators:
BCC's capital structure marked by its overall gearing deteriorated
significantly and continued to remain leveraged at 9.40 times as on
March 31, 2021 (Provisional). Also, unsecured loans (USL) which was
treated as quasi equity from INR15.22 crore as on March 31, 2020
are now considered as part of debt as on March 31, 2021. BCC's debt
coverage indicators deteriorated over the previous year on account
of dip in TOI, and subsequently, PAT and GCA and hence, remained
weak in FY21 (Provisional).

* Constitution as a proprietorship concern: BCC, being a
proprietorship concern, is exposed to inherent risk of proprietors'
capital being withdrawn at time of personal contingency along with
risk of unlimited liability of the owner. Further, proprietorship
concern has restricted access to external borrowings, as the
creditworthiness of proprietor remains the key factor affecting the
credit decision for lenders.

* Foreign exchange fluctuation risk, volatility in commodity prices
and presence into highly fragmented & competitive trading industry:
BCC is primarily engaged into trading of chemicals, dyes and
polyester filament yarn. These are commodity grade products, prices
of which are volatile in nature. Further, owing to its trading
nature of operations, BCC has limited ability to pass any adverse
movements in prices to its customers which affects its
profitability. Further, BCC does not have any active hedging policy
for its import obligations, which exposes its profitability to
adverse movement in foreign exchange rates. The trading industry is
highly fragmented and characterized by the presence of a large
number of organized and unorganized players, which leads to high
competition in the industry. The entry barriers for competitors in
this industry remain low thereby translating into stiff competition
for the firm.

Key Rating Strength

* Established presence in market and need based support extended by
Bhatia group: BCC is a part of the Surat based Bhatia Group, which
has established operations of over four decades through various
entities engaged in similar line of businesses i.e. textile and
chemical industry, including Polychem Exports (PE: rated CARE B;
Stable/CARE A4) and Polychem Industries (PI; rated CARE B;
Stable/CARE A4), Srinathji Enterprise. Mr. Brijlal Chanduram
Bhatia, the former proprietor of BCC, had an experience of over
four decades. Post demise of the proprietor (Mr. Brijlal Bhatia),
the business is transferred to his son Mr. Bharat Bhatia which has
experience of over two decades. The group has demonstrated its
resourcefulness through infusion of unsecured loans to support
business operations. Unsecured loans from promoters & relatives
stood at INR15.90 crore as on March 31, 2021.

Liquidity: Stretched

BCC's liquidity position remained stretched marked by high
utilization of its fund based working capital limits coupled with
elongated operating cycle and low cash accruals against high debt
repayment with continued reliance of infusion of funds by promoters
to support debt repayments.

During FY21 (Provisional), BCC's operating cycle elongated to 298
days [PY:141 days] on account of elongation of collection period
and inventory period to 738 days and 271 days respectively [PY: 431
days and 78 days respectively] primarily due to averaging impact
considering substantially lower scale of operations. Working
capital requirement are met primarily by stretching creditors which
remained high INR56.66 crore as on March 31, 2021 (Provisional)
coupled with high average utilization of its working capital
borrowings which remained at around 99% during last seven months
ended in December, 2021.

BCC's cash accruals remained modest at INR0.17 crore in FY21
(Provisional) as against scheduled principle repayment of INR3.28
crore in FY22 which led to its higher reliance of infusion of funds
by promoters to support debt repayments. Unencumbered cash and bank
balance remained at INR0.64 crore as on March 31, 2021
(Provisional) while cash flow from operations (CFO) increased to
INR17.16 crore in FY21 (Provisional) as the firm's reduced scale of
operations freed-up funds from working capital
and utilized for timely service its scheduled debt obligations.

Bhatia Colour Company (BCC) is a proprietorship firm set up in 1998
by late Mr. Brijlal Bhatia and is a part of the Surat citybased
Bhatia group. Post demise of Mr. Brijlal Bhatia, the business is
transferred to his son Mr. Bharat Bhatia. BCC is mainly engaged in
the trading of chemicals, textile dyes, polyester filament yarn and
staple fiber.


CARONA KNITWEAR: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Carona
Knitwear (CK) continues to remain in the 'Issuer Not Cooperating '
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     22.50       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 February 1,
2021, placed the rating(s) of CK under the 'issuer non-cooperating'
category as CK 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. CK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 18, 2021, December 28, 2021, January 7, 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. Tamil Nadu-based, Carona Knitwear (CK) was
established in the year 2006 as partnership firm promoted by Mr.
Swami Nathan, Mrs. S. Shanthamani and Mr. Kathiresh Swaminathan.
The firm is engaged in manufacturing, processing, importing,
exporting, buying, selling and dealing all kinds of fabric textiles
and hosiery goods and readymade garments.

FUTURE GROUP: Reliance to Take on 200 Future Retail Stores
----------------------------------------------------------
Reuters reports that Reliance will take on at least 200 Future
Retail stores after the company failed to make lease payments for
them to Reliance Retail, two people with direct knowledge of the
matter told Reuters on Feb. 26.

Since 2020, Reliance has failed to close a $3.4 billion deal to
acquire the retail assets of Future, whose partner Amazon.com Inc
has successfully blocked the transaction by citing violation of
some contracts, the report says. Future denies any wrongdoing.

According to Reuters, the takeover of stores by Reliance signals
Future's worsening financial situation. Future in January
challenged its lenders in India's Supreme Court to avoid facing
insolvency proceedings over missing bank payments, citing its
dispute with Amazon.

Future - which has more than 1,700 outlets, including popular Big
Bazaar stores - has been unable to make lease payments for some of
its outlets, Reuters notes. As a result, Reliance transferred the
leases of some stores to its name and sublet them to Future to
operate the stores, the sources said.

As Future failed to make the payments, Reliance has decided to run
and rebrand about 200 outlets that would otherwise be closed, they
said.

In a statement to Indian stock exchanges, Future said "termination
notices have been received for significant number of stores" to
which it will "no longer have access," Reuters relays.

Reuters relates that the company is "scaling down its operations
which will help us in reducing losses in the coming months," it
said, without mentioning Reliance's plan to take over many such
outlets.

"Over 200 stores will transition to Reliance stores," said one
source, who asked not to be named as the details of the plan were
not public.

In a letter seen by Reuters, Reliance offered Future employees at
these stores new jobs on the same terms. "We welcome you to join
our organization," it reads.

Amazon has argued that Future violated the terms of a 2019 deal the
companies signed when the U.S. giant invested $200 million in a
Future unit. Amazon's position has been backed by a Singapore
arbitrator and Indian courts, the report states.

                         About Future Group

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

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020.  The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.


G.V.D. TEXTILES: CARE Lowers Rating on INR13.76cr LT Loan to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
G.V.D. Textiles Private Limited (GTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.76       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of GTPL under the 'issuer
non-cooperating' category as GTPL 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. GTPL
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 GTPL have been
revised on account of non-availability of requisite information.
The ratings also Factored decline scale of operations, incurring of
losses as well as debt coverage indicators.

Coimbatore based, G.V.D. Textiles Private Limited (GTPL) was
incorporated on November 11, 1983. It is engaged into manufacturing
of cotton yarn. GTPL is a part of PSG Group, which was established
in the year 1926. PSG Group has been in existence for over 8
decades and has diverse business interests ranging from educational
institutions, hospitals, science and technology, research,
textiles, metallurgy & foundries etc. in Tamil Nadu. GTPL has an
installed capacity of 16,384 spindles in its manufacturing unit
located at Coimbatore, Tamil Nadu.


GITA DEVI: CARE Moves B Debt Rating to Not Cooperating
------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Gita
Devi Flour Mills Private Limited (GFMPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.11       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from GFMPL to monitor
the ratings vide email communications/letters dated January 7,
2022, February 2, 2022, February 4, 2022, February 7, 2022 and
numerous phone calls. However, despite CARE's 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 ratings 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. The rating on
GDFMPL'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 ratings assigned to the bank facilities of Gita Devi Flour
Mills Private Limited (GDFMPL) factored in small scale of operation
with low profitability margins, volatile agro-commodity (flour)
prices with linkages to vagaries of the monsoon and regulated
nature of the industry and intensely competitive nature of the
industry with presence of many unorganized players. The ratings,
however, derive comfort from experienced promoters along with
satisfactory track record of operations and proximity to raw
material sources and satisfactory demand outlook for the products.

Detailed description of the key rating drivers

At the time of last rating on December 7, 2020 the following were
the rating strengths and weaknesses(updated from information
available from registrar of companies):

Key Rating Weaknesses

* Small scale of operations with low profit margins: The scale of
operation of the company remained small marked by its total
operating income of INR25.20 crore in FY21(Audited, refers to
period April 01 to March 31) against INR25.85 crore in FY20. The
small size restricts the financial flexibility of the company in
times of stress. The profitability margins of the company also
remained on the lower side as reflected by its PBILDT margin of
3.89% (FY20: 4.73%) and PAT margin of 2.47% (FY20: 1.27%).

* Volatile agro-commodity (flour) prices with linkages to vagaries
of the monsoon and regulated nature of the industry: Gita Devi
Flour Mills is engaged in the processing of wheat products. Wheat,
being an agricultural produce and staple food, its price is subject
to intervention by the government. In the past, the prices of wheat
have remained volatile mainly on account of the government policies
in respect of minimum support price and control of its export. The
MSP for wheat for 2020-21 is INR1925 per quintal increased from
INR1840 per quintal in 2019-20. Further to be noted, the prices of
wheat are also sensitive to seasonality, which is highly dependent
on monsoon. Any volatility in wheat prices will have an adverse
effect on performance of the flour mill.

* Intensely competitive nature of the industry with presence of
many unorganized players: Flour Mill Industry is highly fragmented
and competitive due to presence of many players operating in this
sector owing to its low entry barriers, due to low capital and
technological improvements. High competition restricts the pricing
flexibility of the industry participants and has a negative bearing
on the profitability.

Key Rating Strengths

* Experienced promoters along with satisfactory track record of
operations: GDFMPL is into flour milling business since its
inception and accordingly has satisfactory track record of
operations. Being long presence in the same industry, the promoters
has established satisfactory relationship with their customers and
suppliers. Mr. Ankur Mazumdar has around a decade of experience in
food products industry, looks after the day to day operations of
the company supported by other directors.

* Proximity to raw material sources and satisfactory demand outlook
for the products: Wheat based products, viz. Maida, Suji and Atta
have large consumption across the country in the form of bakery
products, cakes, biscuits and different types of food dishes in
homes and restaurants. The demand has been driven by the rapidly
changing food habits of the average Indian consumer, dictated by
the lifestyle changes in the urban and semi-urban regions of the
country. The milling unit of the company is located at Alipurduar,
West Bengal which is in the close proximity to local grain markets
and major raw material procurement destinations. Further, Northen
Part of West Bengal and nearby states are one of the major wheat
producing area in India. Accordingly, it has locational advantage
in terms of proximity to raw material.

Gita Devi Flour Mills Private Limited (GDFMPL) was incorporated in
April 2012 and currently it is being managed by Mr. Ankur Mazumdar,
Mrs. Usha Agarwal, and Mrs. Sudipta Mazumdar based out of
Alipurduar, West Bengal. The company has been engaged in milling
and processing of flour. The processing plant of the company is
located at Alipurduar, West Bengal with an installed capacity of
100 metric tons per day.


HLN ENTERPRISE: CARE Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of HLN
Enterprise to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      11.00      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 HLN to monitor
the rating vide e-mail communications dated October 4, 2021,
October 7, 2021, October 11, 2021, January 31, 2022 and February 8,
2022 among others and numerous phone calls. However, despite CARE's
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.
The rating on HLN'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 irregularity in debt servicing and
classification of account as an NPA.

Detailed description of the key rating drivers

At the last time of rating on May 31, 2021; following was the
rating weakness (updated based on lender feedback)

Key Rating Weaknesses

* Irregularity in debt servicing: There are ongoing delays in debt
servicing and the account has been classified as an NPA.

Veraval-based (Gujarat) HLN Enterprises (HLN) is a proprietorship
firm established in 2008 by Mr. Lenin Augustin to export fish
majorly to China and other countries. HLN procures fishes directly
from fisherman, segregate fishes according to its size and type,
freeze it and exports it from Pipavav Port (Gujarat) on demand to
China, Vietnam, Thailand etc. HLN majorly exports Ribbon Fish which
is available in Arabian Sea and highly demanded in China.


INTEGRATED INDUCTION: CARE Reaffirms B+ Rating on INR13cr LT Loan
-----------------------------------------------------------------
CARE Ratings has reaffirmed the rating on bank facilities of
Integrated Induction Power Limited (IIPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE B+; Stable; Reaffirmed
   Facilities                         

   Long Term/           2.00       CARE B+; Stable/CARE A4
   Short Term                      Reaffirmed
   Bank Facilities      
                                   
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of IIPL continue to
remain constrained on account of moderate scale of operations, thin
profitability and stretched liquidity position during FY21
(Audited; refers to the period from April 1 to March 31). The
ratings further continued to remain constrained due to
susceptibility of profit margins to volatility in raw material
prices as well as highly fragmented and competitive business
segment due to presence of numerous players.

The ratings however continue to derive comfort from comfortable
capital structure and debt coverage indicators. The ratings
further derive strength from experienced promoters of IIPL.

Rating Sensitivities

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

* Increase in scale of operations marked by Total Operating Income
(TOI) above INR35 crore with sustaining profitability
Margins

* Sustaining current capital structure led by overall gearing of
1.5 times or lower

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

* Decline in total operating income by more than 10% with
substantial decline in profitability

* Overall deterioration in liquidity profile marked by further
elongation in operating cycle than current level

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations and thin profitability: The scale of
operations of IIPL increased marginally however continued to remain
moderate as marked by TOI of INR27.56 crore during FY21 as against
INR25.76 crore during FY20 mainly due to decrease in market demand
due to worldwide pandemic COVID19. The profitability of the company
deteriorated and remained thin marked by PBILDT margin at 4.52%
during FY21 as against 9.05% during FY20 due to increase in the
cost of raw material. Consequently, PAT margin remained at 1.90%
during FY21 as against 4.47% during FY20.

* Susceptibility of profit margins to volatility in raw material
price: The major raw materials for manufacturing castings and
furnace are Steel scrap and Ferro alloys, the prices of which have
shown fluctuations during the past few years due to volatility in
the global commodity markets. Highly fragmented and competitive
business segment due to presence of numerous players The company 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
Ahmedabad, which compete with IIPL.

Key Rating Strengths

* Experienced promoters: IIPL was promoted in 2012 by Mr. Harish
Mukati, Mr. Jayachandrababu Sadanandan and Mr. Sunil Kulkarni.
Currently, IIPL is being managed by Mr. Sunil Kulkarni and Ms.
Shital Mehta, both these directors hold average experience of
around three decades in engineering and iron & steel industry.

* Comfortable capital structure and debt coverage indicators:
Capital structure of IIPL continued to remain comfortable marked by
an overall gearing ratio of 0.05 times as of March 31, 2021, as
against 0.08 times as on March 31, 2020, mainly on account of low
debt level as on March 31, 2021. The adjusted overall gearing
(adjusted for group exposure) also remained moderate at 1.53x as of
March 31, 2021, after considering recently acquired shares of
Integrated Induction Inc., USA wholly owned subsidiary of IIPL.
The debt coverage indicators remained comfortable as marked by
total debt to Gross Cash Accruals (TDGCA) of 0.55 years as on March
31, 2021 as against 0.48 years as on March 31, 2020 mainly on
account of lower debt level. Interest coverage ratio deteriorated
however continued to remain comfortable at 5.89 times during FY21
as against 10.43 times during FY20 on account of decline in
operating profits during FY21.

Liquidity: Stretched

The liquidity position of the company remained stretched marked by
highly elongated operating cycle of 170 days during FY21 which
albeit improved from 241 days during FY20. Further, trade
receivables for more than 6 months as on March 31, 2021 were
INR29.39 crore out of which ~Rs.27.00 crore were from one of the
Iran-based export customer. Current ratio stood at 0.91 times as of
March 31, 2021 as against 1.08 times as on March 31, 2020 mainly
due to increase in the amount of current liabilities led by
increase in the amount of creditors.

Unencumbered cash and bank balance remained modest at INR0.40 crore
as on March 31, 2021. The cash flow from operating activity
improved to INR8.03 crore during FY21 as against INR0.41 crore
during FY20 mainly on account of increase in the amount pending to
be paid to creditors towards purchases made in FY21. GCA level
remained sufficient at INR0.86 crore during FY21 as against INR0.25
crore gross loan repayments during FY22. The entity has not availed
working capital limit from any banks.

Integrated Induction Power Limited (IIPL) was incorporated in
September 2012 as a closely held public limited company. IIPL is
engaged in the manufacturing of engineering goods like hydraulic
system, rolling mill, coal-based Direct Reduce Iron (DRI) & Captive
power plant, Air pollution control system, ladle refining furnace,
continuous casting machine, Ladle Refining Furnace (LRF), Metal
Refining Konverter (MRK), Induction melting furnace etc. The final
product finds its application majorly in the steel manufacturing
plants. IIPL has turnkey project handling capabilities in
delivering end-to-end solutions for multi-ton capacity steel
plants. The company's manufacturing facility is located at Vatva
(Ahmedabad) which is an industrial hub.


JONAS WOODHEAD: CARE Lowers Rating on INR7.05cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jonas Woodhead And Sons India Limited (JWSIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.05       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 February 3,
2021, placed the rating(s) of JWSIL under the 'issuer
non-cooperating' category as JWSIL 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. JWSIL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 20, 2021, December
30, 2021 and January 9, 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 JWSIL have been
revised on account of non-availability of requisite information.

The ratings also factored in small scale of operations, low
profitability, leveraged capital structure and weak debt coverage
indicators during FY20.

Jonas Woodhead and Sons India Limited (JWSIL) was established in
1963, engaged in manufacture parabolic & leaf spring and spring
assemblies. The manufactured components are being supplied to OEM's
(Heavy and light commercial vehicles) dealers and distributions.
The company has its registered office and plant location in Chennai
and has four sales office in Madurai, Bangalore, Calicut and
Vijayawada.

KRUSHNA COTEX: CARE Lowers Rating on INR8cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krushna Cotex Private Limited (KCPL), as:

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

   Short Term Bank      5.68       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, placed the
rating(s) of KCPL under the 'issuer non-cooperating' category as
KCPL 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. KCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 5, 2021, December 15, 2021, December 25, 2021.

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

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

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

Incorporated in 2007, Krushna Cotex Private Limited (KCPL) is
engaged in the manufacturing of terry towels with plant located at
Shirpur, Maharashtra. During FY19 KCPL exported around 51.00%
(vis-à-vis 72.24% in FY18) of its total production primarily to
USA and other countries and procured raw material from domestic
market. KCPL's plant is established under the "Group Work Shed
Scheme" (Scheme of Integrated Textile Park (SITP) of Ministry of
Textile, the Government of India) promoted by Deesan Infrastructure
Private Limited (part of Deesan group). GWSS consist of several SSI
units within it out of which around 18 SSI units have installed
capacity of 30 looms with capacity to manufacture around 300 tonnes
of yarn will provide job work services only to KCPL.


KSR CAPITAL: CARE Assigns B+ Rating to INR25cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of KSR
Capital Services Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           25.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the long-term bank facilities of KSR is
constrained on account of small scale of operations and high credit
concentration with majority of the portfolio being to top four
customers. Also, the company has modest resource base, with
majority of its funding coming from one lender.

The rating, however, derives strength from the company's
comfortable asset quality with Gross Non-Performing Assets (GNPA) %
of 2.16% as of September 30, 2021 and adequate capitalization and
liquidity profile. KSR's profitability indicators also remain
modest with the company reporting net profits from second year of
operations. However, CARE notes that Company's portfolio
vulnerability is high due to significant credit concentration and
slippage of any big account can result in significant moderation in
asset quality and profitability profile of the Company.

Going forward, ability of the company to scale up and diversify its
operations while maintaining asset quality remains the key rating
sensitivity.

Rating Sensitivities

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

* Sustainable growth in loan portfolio with decline in credit
concentration

* Maintaining asset quality with GNPA ratio below 5%

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

* Significant moderation in asset quality or profitability going
forward

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: KSR, incorporated in 1994, was taken
over by the current management in 2017 and has completed four years
of operations with offering loans to SMEs and micro credit
facilities to women in Joint Liability Group (JLG) Model. The
company has a short track record with majority of disbursements
happening over the past two years. KSR's Assets Under Management
(AUM) stood at INR23 crore as of March 31, 2021 up by 64% YOY and
three years compounded annual growth rate of 161%. As on September
30, 2021, the AUM stood at INR24 crore.

* High portfolio vulnerability due to credit concentration:
Majority of the advances are in the form of SME loans to four
borrowers (85% of AUM as of September 30, 2021), resulting in high
credit concentration, with remaining being towards micro-lending.
Disbursements in the microfinance segment remained limited due to
management's cautious view amidst COVID. KSR's portfolio
vulnerability remain high as slippage of any of these four accounts
can result in significant moderation in asset quality and
profitability profile of the Company. Also, the microfinance book
is unsecured in nature and is exposed to regulatory and event-based
risks as it deals with marginal profile of borrowers, who are
susceptible to income shocks.

* Concentrated resource profile: The resource profile of KSR is
concentrated with 75% of the borrowings, as on September 30, 2021,
being from single lender. As of now, the Company's entire lending
is from Non-Banking Finance Companies (NBFCs). Ability of the
company to expand and diversify its lender base to support future
growth remains a key rating sensitivity.

Key Rating Strengths

* Comfortable asset quality, albeit low seasoning: KSR's asset
quality remained comfortable with GNPA% of 2.16% as of September
30, 2021. As per policy, company recognizes an account as NPA, when
interest/ principal payment has remained overdue for a period of
180 days or more. CARE notes that Company's track record is
limited, and loan book is unseasoned with majority of disbursements
being done over the past two years. While Company's SME portfolio
(85% of the loan book) reported nil delinquencies, asset quality
for the microfinance book remained weak with 90d+ of 30.3% and
180d+ of 14.7%, as of September 30, 2021.

* Moderate gearing: As KSR did not have borrowings from external
sources and relied entirely on the promoters in FY18 and FY19, it
reported nil gearing in both fiscals. Since FY20, the company has
been borrowing from external sources resulting in increased gearing
to 3.58 times as on March 31, 2020 but marginally improved to 3.43
times as on March 31, 2021.

* Industry Outlook: Microfinance industry had witnessed severe
asset quality moderation in H1FY22, exacerbated by COVID-19
pandemic, However, with resurgence in demand for MFI loans
post-September 2021, outlook for the industry has improved.

Liquidity: Adequate

There are no negative cumulative mismatches in any time bracket,
for KSR, as per ALM statement as on September 30, 2021.  The
company has INR13 crore advances for up to one year as against INR3
crore debt obligations for up to one year, as per the ALM statement
as on September 30, 2021.

KSR is a Non-Deposit Taking- Non Systemically Important NBFC
registered with Reserve Bank of India. KSR was incorporated in
October 18, 1994 and was taken over by new management in January
2017. KSR lends individual business and micro credit facilities to
women in JLG model wherein it caters to women in rural and
semi-urban areas collateral-free. The company is promoted by Mrs.
Kanchan Sharma, Chairman and Managing Director and Mrs. Usha
Samtani who hold majority stake in the company. KSR is closely held
by friends and family.


KUNAL FOUNDER: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kunal
Founder and engineers Private Limited (KFEPL) continues to remain
in the 'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.40       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 February 9,
2021, placed the rating(s) of KFEPL under the 'issuer
non-cooperating' category as KFEPL 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. KFEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2021, January 5,
2022, January 15, 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 entity was established as a partnership firm in April, 1978
under the name of Kunal Founder and Engineers. In May, 1996 the
name and constitution of the firm changed to its present one i.e.
Kunal Founder and Engineers Private Limited (KFE). The company is
currently being managed and promoted by Mr. Subhash Mahajan and Mr.
Yuvraj Mahajan. The company is engaged in the manufacturing of
automotive components like flywheel, brake housing, wet bar
steering brackets, excel brackets etc. with total installed
capacity of 1,900 metric tonnes of automotive components per annum
at its manufacturing facility in Sahibzada Ajit Singh Nagar,
Punjab. Besides KFE, one of the directors is also engaged in
another group concern namely, Bharat Foundry, which is a
proprietorship firm established in 2004 and is engaged in similar
line of business.


KUNAL LOHACHEM: CARE Reaffirms B Rating on INR6cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Kunal
Lohachem Private Limited (KLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B; Stable; Reaffirmed
   Facilities                        

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KLPL continue to
remain constrained by small scale of operation, moderate financial
performance in FY21 (refers to the period April 1 to March 31),
leveraged capital structure with weak debt protection metrics and
presence in highly competitive and fragmented industry. The rating,
however, derives strength from KLPL's experienced promoters and
long track record of operation.

Rating Sensitivities

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

* Increase in scale of operation and PBILDT margin exceeding 3% on
sustained basis.

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

* Decline in scale of operations and reduction in PBILDT margin
below 1%.
* Significant deterioration in liquidity position

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation: KLPL is a small player in steel wire
trading segment, having an annual turnover of INR28.01 crore &
total capital employed of INR50.16 crore in FY21. The small size
deprives the company of benefits of economies of scale and
restricts the financial flexibility of the company in times of
stress.

* Moderate financial performance in FY21: KLPL's total operating
income fell by about 23% y-o-y to INR28.01 crore in FY21 in view of
decline in trading opportunities. Given the trading nature of
business and intense competition, KLPL continues to operate on a
thin margin. The interest coverage ratio improved but stood below
unity at 0.63x in FY21 (0.51x in FY20). The interest was served out
of non-operating income (mainly interest income of INR0.41 crore)
of INR0.48 crore. Furthermore, KLPL generated meagre cash accruals
of INR0.04 crore in FY21 (Rs. 0.01 crore in FY20).

* Leveraged capital structure and weak debt protection metrics: The
overall gearing of the company deteriorated and stood at 12.99x as
on March 31, 2021 (7.91x as on March 31, 2020) on the back of
increase in unsecured loan from body corporate (Rs.32.11 crore as
on Mar 31, 2021). Total debt/GCA further deteriorated and stood
astronomically high in FY21. The loan from Body Corporate have been
availed from family concerns and are non-interest bearing.

* Presence in highly competitive and fragmented industry: The steel
wire trading industry is highly fragmented and competitive marked
by presence of numerous players across India. Hence the players in
the industry lacks pricing power and are exposed to competition
induced pressures on profitability.

Key Rating Strengths

* Experienced promoters and long track record of operation: KLPL
was promoted by Mr. Praveen Kumar Jain, having around a decade of
experience in trading of steel products and is involved in the
strategic planning and running the day to day operations of the
company. Furthermore, KLPL commenced operations in May 1997 and
accordingly has track record of around two decades.

Liquidity: Stretched

The liquidity of the company is marked by low gross cash accruals
of INR0.04 crore against nil debt repayment obligation and moderate
cash balance of Rs 0.28 crore. KLPL has availed GECL loan of
INR0.62 crore in December 2021. The working capital cycle of the
company deteriorated from (70) days in FY20 to 14 days in FY21 due
to decrease in average creditor period from 164 days in FY20 to 107
days in FY21. Moreover, the average inventory period stood stable
at 8 days in FY21 (6 days in FY20) whereas the average collection
period deteriorated from 88 days in FY20 to 113 days in FY21. The
company has cash balance of INR0.28 crore as on March 31, 2021.
Current ratio stood at 4.51x as on March 31, 2021 (1.32x as on
March 31, 2020). The improvement in current ratio is majorly
attributed to reduction in trade payables. The average utilisation
of fund-based limits was more than 80% during last 12 months

KLPL incorporated in May, 1997 is promoted by Mr. Praveen Kumar
Jain of Raipur. KLPL is engaged in the trading of Hard Bright (H.B)
wire, Galvanised Iron (G.I) wire and MS Round bar, Barbed wire and
Wire Nails. Apart from this, the company is also engaged in job
work for converting H.B wire into G.I wires. The products sold by
KLPL are largely used in industries like power, construction,
automobile, engineering, etc. The company mainly sells its products
to dealers and retailers located in
Chhattisgarh. The day-to-day affairs of the company are looked
after by Mr. Praveen Kumar Jain.


MUTHUKUMARAN SILKS: CARE Lowers Rating on INR8cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Muthukumaran Silks (SMS), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2021, placed the rating(s) of SMS under the 'issuer
non-cooperating' category as SMS 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. SMS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 19, 2021, December 29, 2021 and January
8, 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 SMS have been
revised on account of non-availability of requisite information.

Tamil Nadu based, Shree Muthukumaran Silks (SMS) was established in
the year 2004 as a partnership firm. The firm has its registered
office located at Kakapalayam Road, Elampillai, and Salem District
with the area covering ten thousand square feet. The firm is
engaged in manufacturing of different varieties of sarees like silk
and semi silk among others and the firm sells the sarees in the
states of Tamil Nadu, Kerala, Karnataka, Maharashtra, Madhya
Pradesh and Andhra Pradesh.


SHAKTI YARN: CARE Hikes Rating on INR40.39cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shakti Yarn Private Limited (SYPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.39       CARE B+; Stable; Revised from
   Facilities                      CARE D; Stable outlook assigned

   Short Term Bank
   Facilities          14.00       CARE A4 Revised from CARE D

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of SYPL is
on account of establishment of delay free track record of servicing
of debt obligations for over three consecutive months. Ratings also
factor in experience of SYPL's promoters in the fragmented MMF
(man-made fiber) trading industry, its established distribution
network, diversified customer base, and its presence in the
synthetic textile hub of Gujarat.  However, the rating continues to
remain constrained by its moderate scale of operations with
significant decline in FY21 (FY refers to the period from April 1
to March 31), moderate profitability, leveraged capital structure
with high working capital requirement and modest debt coverage
indicators, susceptible to volatility prices of traded goods, its
presence in a highly competitive and fragmented textile industry
and its stretched liquidity.

Rating Sensitivities

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

* Increase in scale of operations by more than INR200 crore with in
sustained operating profit margin of over 3%

* Improvement in capital structure with overall gearing falling
below 2x along with TOL/TNW 3.50x

* Infusion of funds by promoters resulting in improvement in
liquidity and debt coverage indicators and reduction in
reliance on external borrowings

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

* Decline in scale of operations from present level or moderation
in operating profitability to below 2.50% on a sustained
Basis

* Elongation in operating cycle to more than 120 days on a
sustained basis

* Any major write-off of inventory or non-recovery of any major
receivables

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations with significant decline in FY21 and
moderate profitability: The TOI of SYPL decreased to INR163 crore
during FY21 compare to INR524 crore in FY20. The trading operations
of the company were majorly impacted during this period due to
covid-19 upon decline in the demand for its products from
end-user's industry. Further, company restricted its sales to
quality customers with focus on collections and reduced credit
purchases, which also impacted the sales during FY21 and 10MFY22.
During 10MFY22, company has booked TOI of INR166 crore and thus
FY22 sales are expected to remain moderate . PBILDT margin
increased from 1.73% in FY20 to 5.83% during FY21 due to sale of
low cost old inventory, but cash accruals remained low at below
INR2 crore owing to dip in scale.

* Leveraged capital structure and modest debt coverage indicators:
The overall gearing ratio of SYPL increased to 2.14x at FY21
compared to 1.79x at FY20 with continued high working capital
requirement. SYPL availed the guaranteed emergency credit line GECL
loan of INR8.75 crore and Common COVID-19 Emergency Credit Line
(CCECL) loan of INR3 crore from State Bank of India (SBI), in
addition to its routine working capital limits. Furthermore,
TOL/TNW also continued to remain high at 3.56x at FY21 end owing to
sizeable creditors. SYPL's debt coverage indicators also continued
to remain modest marked by interest coverage of 1.28x, total debt /
GCA of 32x and total debt/PBILDT of ~6x for FY21.

* Susceptible to volatility prices of traded goods: SYPL's major
traded product, Polyester Filament Yarn (PFY), is a derivative of
crude oil and hence, its prices exhibit volatility in line with the
changes in crude oil prices and in turn impact the profitability.
Further, the supply of PFY is largely governed by a few large
players who enjoy a dominant market share. This translates into
limited bargaining power for SYPL against its suppliers, which is
exacerbated in the backdrop of volatility in the prices of traded
goods. Further, owing to its trading nature of operations, SYPL has
limited ability to pass any adverse movements in prices to its
customers which affects its profitability.

* Presence in highly competitive and cyclical textile industry;
albeit; ramp up in demand and realizations post covid-19 impact:
Textile industry in India is highly fragmented and dominated by a
large number of medium and small-scale unorganized players leading
to high competition in the industry.  Furthermore, textile is a
cyclical industry and closely follows the macroeconomic business
cycles, domestically and in international markets due to sizeable
exports. Hence, any shift in macroeconomic environment globally
would have an impact on the domestic textile industry.
Indian textile industry was impacted with outbreak of covid 19
pandemic and resultant business disruptions. However, revival has
been witnessed post H1FY21 with improvement in demand, which has
also resulted in improvement in yarn prices and overall spread.

Key Rating Strengths

* Establishment of delay-free track record of servicing of debt
obligations for over three consecutive months: SYPL has established
a delay free track record of over three consecutive months as the
company has regularized its Electronic – Dealer Finance Scheme
(E-DFS) facility since October 28, 2021 and is also serving all the
remaining debt obligations regularly.
* Experienced promoters in the yarn trading business: The key
promoter of SYPL, Mr. Lalit Chandak, looks after the day-to-day
operations of the company and he has an experience of more than
three decades in the man-made fibre business which has assisted in
driving the growth of SYPL's trading business. Mr. Bhagwan N.
Mahalik was appointed as a non-executive director of SYPL in
November 2019 and he has an experience of around three decades in
textile industry.

* Location advantage of being in the textile hub of Gujarat:
Surat is the largest textile manufacturing cluster in India and
known as Silk City of India. Also, it is the largest producer of
manmade fiber and filament fabric with around 40% share in the
country. SYPL's presence in one of the major textile regions of
India results in the benefits being derived from ease of access to
customers and suppliers in its proximity.

* Established distribution network and diversified clientele
profile: SYPL procures yarn and fabric from various suppliers and
sells them to end-consumers including weavers, processors as well
as garment manufacturers through its distributors. SYPL is able to
reach a wider set of customers across Western India through these
distributors. The company has dealerships of more than 23
companies. The supplier concentration remained moderate as 44% of
its total purchases in FY21 was from the top five suppliers which
was at around 78% in FY19 and marginally increased to 56% during
10MFY22. Further, Wellknown Polyester Ltd. is the key suppliers of
SYPL as its contribution is around 28-32% of its total purchase
during FY21 and 10MFY22. The clientele is fairly diversified with
the top 5 customers contributing around 19% of the total sales
during FY21 and 15% during 10MFY22. However, company is exposed to
risk associated with geographical concentration as majority of its
customers are located at Surat and nearby areas only.

Liquidity: Stretched

SYPL's liquidity remained stretched marked by almost full
utilization of its borrowing limits of INR45.00 crore to fund its
working capital requirements during the last 12 months ended
January 2022. SYPL funds its working capital requirement through
utilization of its cash credit facility of INR31.00 crore which has
the average utilization of this limit remained high from 95% to
100% for the last 12 months ended January 31, 2022 and electronic
dealer financing scheme (E-DFS) limit of INR14.00 crore which is
being used around INR11 crore as of January 31, 2022. Thus, to meet
any exigencies, SYPL would be dependent upon funding from its
promoters.

SYPL's trading operations are inherently working capital intensive
with investment required primarily in receivables wherein it offers
a credit period of 60-65 days till FY20 but during FY21 it's
increased to 196 days due to covid impact, with recent instances of
delays in recovery from a major receivable. Despite significant dip
in the TOI in FY21, company's working capital requirement remained
largely stable owing to high receivables and advances to suppliers.
Moreover, the debtors outstanding for more than 6 months increased
to INR13.48 crore (~19% of its total debtors) as of March 31, 2021
from INR11.25 crore (~11% of total debtors) as on March 31, 2020
and the time bound recoverability of such debtors remains crucial
from the credit perspective.

Overall, receivables position improved to INR63 crore as of January
31, 2022 as against INRRs.72 crore at FY21 end, however working
capital requirement continued to remain high resulting in continued
high working capital borrowings.  Furthermore, SYPL maintains
inventory of around 20-25 days which also increased to 44 days at
FY21 due to covid impact. It gets limited credit from its suppliers
of around 30-40 days. Scheduled debt repayments over the next three
years are sizeable against its cash accrual generation, making the
company dependent upon additional fund infusion by promoters to
meet the requirements/release of cash flows.

Surat-based, Shakti Yarn Private Limited (SYPL) was incorporated in
1995, jointly by the Ladda and Chandak families for manufacturing
and trading of Partially Oriented Yarn (POY) and Texturized Yarn.
SYPL discontinued its manufacturing activities in 2013 and
increased its focus on the trading operations and presently trades
primarily in polyester filament yarn (PFY) and other textile
products. SYPL is an authorized dealer of more than yarn
manufacturers including Wellknown Polyester Ltd.

SHANKER GAURI: CARE Lowers Rating on INR23.01cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shri Shanker Gauri Agro Product Private Limited (SSGAPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.01       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSGAPPL to monitor the
ratings vide e-mail communications/letters dated February 5, 2022,
February 7, 2022, February 10, 2022 among others and numerous phone
calls. However, despite CARE's 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 ratings on SSGAPPL'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 revision in rating takes in into account non-availability of
adequate information.

The rating assigned to the bank facilities of SSGAPPL continues to
remain constrained on account of its thin profitability, leveraged
capital structure and weak debt coverage indicators. The ratings
further continue to remain constrained by its presence in highly
fragmented and regulated rice processing industry with linkages to
vagaries of monsoon, susceptibility of margins to fluctuations in
raw material prices and its low bargaining power against
suppliers.

The rating, however, continues to favorably take into account the
long-standing experience of the promoters in the industry, its
established track record of operations and established
relationship with customers along with location advantage with
proximity to paddy growing region.

Detailed description of the key rating drivers

At the time of last rating on February 25, 2021 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations with thin profitability margins:
During FY20, TOI declined by 19.57% to INR107.54 crore on y-oy
basis on account of decrease in income from trading of paddy as
well as decline in sales quantity and sales realization on rice. As
per the provisional results for 9MFY21, SSGAPPL has reported net
sales of INR73.98 crore. During FY20, PBILDT margin increased by
around 79 bps to 4.68% on account of decline in proportion of
trading income as trading activities usually yield lower margin
than processing activities. However, PAT margin improved in line
with PBILDT margin albeit by lower 14 bps to 0.49% in FY20 due to
proportionately higher finance and depreciation cost. However,
gross cash accruals of SSGAPPL decreased by 10.36% to INR1.29 crore
in FY20 on y-o-y basis.

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of SSGAPPL remained leveraged with an overall
gearing of 3.23 times as of March 31, 2020; deteriorated from 1.74
times as of March 31, 2019 due to higher utilization of working
capital limits as well as decrease in net worth as on March 31,
2020 upon decline in quantum of unsecured loans considered as
quasi-equity. Furthermore, the debt coverage indicators of SSGAPPL
deteriorated and stood weak with total debt to GCA of 34.72 times
as of March 31, 2020 as against 20.01 times as of March 31, 2019 on
account of increase in total debt and decrease in gross cash
accruals during FY20. Furthermore, PBILDT interest coverage
marginally deteriorated from 1.48 times in FY19 to 1.43 times in
FY20 due to decline in operating profitability in absolute terms
and marginal increase in finance cost.

* Susceptibility of margins to fluctuations in raw material prices
and monsoon dependent operations: SSGAPPL generates its revenue
majorly from processing of rice, prices of which have exhibited
fluctuating trend in past and is dependent on demand-supply
scenario prevailing in the market with strong linkage to the global
production yield along-with vagaries of weather. Hence,
profitability of the company is exposed to adverse movement in
prices of agricultural commodities. Furthermore, agro based
industry is characterized by its seasonality, due to its dependence
on raw material whose availability is affected directly by the
vagaries of nature. The monsoon has a huge bearing on crop
availability which determines the prevailing paddy prices which
makes the operations of SSGAPPL monsoon dependent.

* Low bargaining power with its suppliers alongwith presence in
regulated industry: SSGAPPL generally procures paddy from the local
market. Price of paddy is decided in the open market on the basis
of highest bid. Furthermore, the raw material prices are regulated
by the government to safeguard the interest of farmers which limits
the bargaining power of rice mills with the farmers. The prices for
finished products is market-determined while the cost of raw
material is fixed by Government of India through the MSP (Minimum
Support Price) mechanism, thereby restricting pricing flexibility
and rendering the profitability margins vulnerable, especially in
times of high paddy cultivation. Therefore, due to presence in
highly competitive market and government intervention, its
bargaining power in terms of procurement of raw material is very
low.

* Competitive business environment due to fragmented nature of the
industry with presence of multiple players in the organized and
unorganized segments: Agro commodity processing industry is
characterized by high fragmentation and competition as evident by
the presence of numerous unorganized and few organized players. The
entry barriers in this industry are very low on account of low
capital investment and technological requirement and the presence
of large sized players with established marketing & distribution
network resulting into intense competition in the industry.

Key Rating Strengths

* Vast experience along with established track record of
operations: Mr Satyanarayan Maheshwari, Director, has relevant
experience of more than three decades in the industry and is
actively involved in managing overall affairs of the company. He is
assisted by Ms Seema Maheshwari, Director, having experience of
more than two decades in this industry. With long track record of
operation in the industry, the promoters have developed strong
network of contacts and have been able to establish relationship
with their customers as evinced by regular flow of orders. SSGAPPL
sells its products to retailers as well as wholesalers mainly in
Rajasthan and Maharashtra along with other states of northern
India.  

* Location advantage with proximity to paddy growing region:
SSGAPPL's processing facility is located in Bundi (Rajasthan) which
is one of the major paddy producing regions in Rajasthan. Hence,
SSGAPPL is able to procure its raw material (paddy and other agro
products) requirement from local market resulting in lower
transportation cost. In times of increase in raw material
requirement, it procures paddy from nearby areas like Kota and
Baran in Rajasthan incurring marginal transportation cost. Further,
it procures wheat and other commodities from local mandis.

The company was initially formed in 1973, by late Shri Radheyshyam
Maheshwari as a proprietorship concern with the name "Shri Shanker
Udyog" in Bundi, Rajasthan. Subsequently, in 2004 it was converted
into a private limited company and the name was changed to Shri
Shanker Gauri Agro Product Private Limited (SSGAPPL; CIN:
U01122RJ2005PTC020519). SSGAPPL is engaged in processing of basmati
rice and trading of rice, paddy, poha, wheat flour, Dalia, pulses
and other agri-commodities. SSGAPPL's sole manufacturing facility
is located at Nainwa Road, Bundi Rajasthan and has a milling
capacity of 8 tonnes per hour of paddy as of March 31, 2020 for
production of basmati rice. SSGAPPL sells its products to retailers
and wholesalers mainly in Rajasthan and Maharashtra under the brand
name of 'Makhmal', 'Rajnigandha' and 'Haseena'.


SOUTH GANGA: CARE Withdraws B+ Rating on Bank Facilities
--------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
B+; Stable' assigned to the bank facilities of South Ganga Waters
Technologies Private Limited (SGWTPL) with immediate effect. The
above action has been taken at the request of SGWTPL and 'No
Objection Certificate' received from the bank that has extended the
facility rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Lower capacity utilization: Sterlite's unit in Tuticorin was one
of the major clients for off-take for SGWTPL. Water off-take from
SGWTPL has stopped from March 27, 2018 onwards due to shutdown of
the Sterlite's plant in view of pollution related issues. Loss of
its business from key client and non-renewal of contract with
A.M.S. Corporate Services Private Limited (for supplying to
Southern Petrochemical Industries Corporation) has resulted in
lower capacity utilization for SGWTPL. The company's operations
were also temporarily stopped due to lock-down measures imposed by
the government to contain the COVID-19 outbreak. The company's
plants were closed till June 2020. The company, at present, is
supplying desalinated water to natural gas based power plants in
Ramnad. In Thoothukudi, the company is supplying desalinated water
to chemical industries.

* Continuous deterioration in financial performance: The company's
total revenue from operations declined from INR35.59 crore in FY18
to INR9.57 crore in FY19 and to INR3.22 crore in FY21. With lower
revenue and under absorption of fixed overheads the company
reported net loss of INR6.82 crore in FY21 (PY: Loss of INR4.61
crore). PBILDT margin declined and stood lower at 25.78%.

* Leveraged capital structure: Overall gearing stood at 3.55x as on
March 31, 2021 vis-à-vis 2.38x as on March 31, 2020. Key Rating
Strengths Experienced Promoters and Long operational track record:
Promoter, Mr S Ramesh, an alumnus of IIM Ahmedabad, has more than
three decades of industrial experience working for major power
generation companies in India and Indonesia. He was heading the
Indian operations for US based power major, Covanta Energy before
setting up Operational Energy Group India Ltd (OEG; CARE BBB+;
Stable/CARE A3+) in 1994. OEG currently manages operations for
power plants with cumulative capacity of over 3,000 MW. Ramesh
established SGWTPL in 2004 to provide an alternative water source
for OEG India's clients in the power sector with an initial
capacity of 0.8 MLD in Ramnad. During 2009, the company obtained
approval to set up 10 MLD desalination plant at Tuticorin and
operations began in 2012 with an initial capacity of 1 MLD which
has gradually increased to 6 MLD as on March 31, 2018. OEG is a
profitable venture and has a comfortable cash balance of INR57.53
crore as on September 30, 2021. In the past, OEG had provided
support to SGWTPL in the form of unsecured loan of INR11.25 crore
which was later converted to preference shares in FY17.

Liquidity - Stretched

Stretched liquidity marked by negative gross cash accruals as
against higher repayment obligations in FY21. The company has a
modest cash balance of INR1.66 crore as on March 31, 2021. The
short-fall was met through infusion from promoters. The management
has provided demonstrated support through fund infusion in the
past.  Chennai based South Ganga Waters Technologies Private
Limited (SGWTPL) operates two sea water desalination plants in
Ramnad and Tuticorin districts of Tamil Nadu with a cumulative
capacity of 6.8 MLD (1 MLD X 6 in Tuticorin; 0.8 MLD in Ramnad;
MLD: Million Litres per Day). SGWTPL is a part of OEG group, whose
flagship company Operational Energy Group India Pvt. Ltd. is
engaged in providing operations and maintenance services for power
plants.


SSC PROJECTS: CARE Lowers Rating on INR12cr LT Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSC Projects Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank     63.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from SSC Projects
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated January 10, 2022, January 18, 2022,
January 25 2022 among others and numerous phone calls. However,
despite CARE's 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. The rating on SSC Projects 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 ratings have been revised due to non-availability of requisite
information due to non-cooperation by SSC Projects Private Limited
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.

Detailed description of the key rating drivers

At the time of last rating on March 26, 2021, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Small Scale of Operations: The Company generates a stable stream
of revenue although, its scale of operations continues to remain
relatively small. The company's TOI during FY20 remained stable at
INR90.53 crore against INR90.43 crore in FY19 backed by execution
of orders on hand. For 11MFY21, the company has generated revenue
of INR82 Cr.

* Moderate capital structure: The capital structure of the company
has remained stable with overall gearing ratio of 1.84X in FY20 and
1.88X in FY19. The total debt level has increased from INR47.46
crore in FY19 to INR53.63 crore in FY20, which is due to additional
mobilization advances and infusion of unsecured loans of INR2.77
crore by the promotors to meet working capital requirements. The
company generally receives around 10% of the order value as
Mobilization Advances for its orders. The Interest coverage ratio
has marginally deteriorated from 2.17x in FY19 to 1.85x in FY20 due
to increase in finance costs. TDGCA has deteriorated to 8.78x in
FY20 from 6.58x in FY19 due to increase in total debt level, on
account of increase in unsecured loans from promoters to support
operations and mobilization advances from new contracts.

* Presence in highly fragmented industry amidst intense
competition: As entry and exit barriers in construction industry
are low, the industry has many organized as well as unorganized
players and is therefore, highly fragmented and intensely
competitive.

* Impact of Covid-19 pandemic: The operations of the company were
affected moderately since the company is engaged in civil
construction works of DRDO and other government entities, which
have been classified under essential services. There was complete
shutdown of operations post announcement of lockdown on March 23,
2020 and the company resumed its operations from May 1, 2020
onwards. During H1FY2021, the company billed revenue of INR32.08
crore. There are no Force Majeure clauses invoked relating to
extension in project completion dates or cost overrun in DRDO, CWPD
orders. Almost all orders received extension of time.  Currently,
the company has adequate man power and raw materials in place and
expects to complete works totalling INR91 crore in FY21, which is
at the same level of FY20. For 11MFY21, the company has completed
works amounting to INR82 Cr, 90% of the FY21 projection.

Key Rating Strengths:

* Experienced and resourceful promoters: The promoter and Managing
Director Mr. Sunand Surapaneni has over two decades of experience
in the construction industry, Heating Ventilation and
air-conditioning and other electrical works has helped in
understanding the market dynamics and establishing supplier and
client relationships, thereby able to get favourable credit terms
of raw materials and garner repeat orders. Qualified and
experienced professional team assists the organization in day to
day operations.  The company is financially backed by its promoters
who have been regularly infusing funds into the company to address
any cash flow mismatch towards working capital requirements. During
FY20, the promoters have infused unsecured loans amounting to
INR2.77 crore during FY20 (Rs.1.62 crore in FY19) and INR7.00 crore
in H1FY21 in order to support the working capital requirements.

* Continuous improvement in order book position providing medium
term revenue visibility: The company has bagged new orders from its
key clients resulting in improvement in the outstanding order-book
position. SSCPPL has confirmed order book position of INR440.01
crore as on December 31, 2020 vis-a-vis Rs 175.23 crore as on March
31, 2019. The unexecuted order book position of the company
translates to 4.9x of the gross billing for FY20 thereby providing
medium term revenue visibility. Top-5 orders constitute 63% of the
total order book of INR441.05 crore as on December 31, 2020, as
against top-3 orders constituting 61% of order book for FY19,
indicating diversification in order book. Furthermore, the
outstanding order book is spread across 6 states, with Telangana
(32.04%), Assam (21.68%), Rajasthan (22.88%), Karnataka (11.85%),
Meghalaya (10.95%) and Delhi (0.60%) thereby having moderate
geographic concentration risk. More than 99% of the order book is
towards Central Government and Central Public Sector Enterprises.

* Improvement in debtor collection period leading to lower working
capital utilization: The company has reduced its outstanding
debtors from INR67.30 Cr in FY19 to INR60.98 Cr in FY20 and
INR52.63 Cr in 9MFY21. This, together with promoter support has
reduced the average utilization of Fund-based working capital
limits to 79% in 12- month ended December-2020 against 100% in the
corresponding period. The debtor's period although improved has
remain high at 258 days during FY20 as against 287 days during FY19
due to delay in receipt of payments from key clients. Further, the
company has improved collection period, leading to all outstanding
debtors due for less than 180 days. Further analysis of debtor
ageing shows that 81% of the total outstanding debtors as of
December 31, 2020 are due for less than 90 days and the rest are
due for less than 120 days.

* Stable operating income and PBILDT margin albeit segment
concentration: The company's business activities include civil work
activities, HVAC activities (Heating, Ventilation and Air
Conditioning) and providing annual maintenance services. The total
operating income of the company was constant at INR99.95 crore in
FY20 and INR89.91 crore in FY19 backed by execution of orders on
hand. The company's revenue profile remains highly concentrated
towards civil work which account for over 82% of the TOI during
FY20 (87% of TOI during FY19) and the balance revenue being
contributed from HVAC and other Annual Maintenance works. The work
progress has been slowed down due to COVID-19 during the months
April 2020 and June 2020 owing to continuous lockdown. The company
has reported revenue of INR32.08 crore during H1FY21 and for
11MFY21, the company has generated revenues of INR82 crore and
expects INR91 crore revenue for FY21.

* Time-honoured relationship with key clients with declining client
concentration risk: The company has established sound relationships
with its key clients since its inception. Owing to its
long-standing track record, the company receives repeat work
projects from certain clients, including the Defence Research and
Development Organization (DRDO). DRDO accounts for around 62% of
the outstanding active order book as of December 31, 2020 against
more than 70% for the previous decade. The company has diversified
its clientele by executing projects for NFC, NBCC Ltd., RITES Ltd.,
and Central Public Works Department (CPWD) among others. Of the
total outstanding order book, orders from Central Government and
Government enterprises resulting is 99.42%, resulting in lower risk
of default on account of credit profile of the debtors.

Liquidity: Adequate

The adequate liquidity position of the company is characterized by
though the GCA of 1.23 for H1FY21 and repayment obligation of
INR0.50 crore for FY21. The debtor collection period continues to
be stretched albeit slight improvement to 258 days in FY20 from 287
days in FY19. The fund-based working capital facilities utilization
remains at 79% for the trailing 12- month period ended
December-2020. However, the promoters have been infusing funds
regularly to meet any working capital requirements and the company
has enough head room for additional working capital borrowings. In
order to tide over the current covid-19 impact, the company has
availed moratorium relief provided by lenders for 6 months for its
working capital facilities. This apart, the company has availed
Covid Emergency line of Credit of INR1.20 crore. With 6 months
relief in interest obligations and minimal scheduled repayment
obligation for FY21, execution of works as planned and timely
realization of funds is critical from liquidity perspective.

SSC Projects Private Limited (SSCPPL) was incorporated on 19
October 2001 and has been operational for the last 20 years. It was
formerly known as SS Comfort Systems Private Limited. SSC Projects
Pvt Ltd provides construction services in the fields of Civil
Engineering Works, Mechanical Engineering Works, HVAC (Heating,
Ventilation and Air Conditioning) and Electrical works. The company
undertakes projects which include infrastructure work done for the
Defence department, Government departments, Research Institutes,
Commercial, Residential, Schools Buildings, Auditoriums, Hotels,
etc. on a turnkey basis with Civil Design Engineering. The Managing
Director of SSC Projects Pvt Ltd, Mr. Sunand Surapaneni has over
two decades of experience in the construction industry. The company
predominantly undertakes works for the Defence Research &
Development Organization (DRDO) and certain work for NBCC Limited
and RITES Limited.


VALUE LINE: CARE Lowers Rating on INR6.36cr LT Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Value Line Homestyle Private Limited (VLHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.36       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank      3.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from VLHPL to
monitor the rating(s) vide e-mail communications dated February 1,
2022, January 27, 2022, January 18, 2022, January 5, 2021, December
13, 2021 and November 30, 2021 and numerous phone calls. However,
despite CARE's 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. The rating on Value Line Homestyle Private Limited's bank
facilities will now be denoted as CARE B+/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 rating has been revised on account of non-availability of
information from public domain and non-cooperation from the
company.

Detailed description of the key rating drivers

At the time of last rating on January 18, 2021 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small Scale of operations albeit growth in total operating
income: Despite, the increased amount of total sales of the
company, scale of operations of the company still remained
relatively small with total operating income of INR37.20 crore in
FY20(Prov.) with small net worth of INR3.79 crore as on March 31,
2020(Prov.) as compared to other peers in the industry. The total
operating income of the company has been improved from INR32.64
Crore in FY19 to INR37.20 crore in FY20(Prov.) representing growth
of 13.97% due to increase in demand for its products from existing
and new customers.

* Decline PBILDT margin albeit improved PAT margin during review
period: PBILDT margin of the company has deteriorated by 88bps from
7.21% in FY19 to 6.33% in FY20 (Prov.) due to increase in total
cost on account of increase in material and labor cost. Further
cash accruals of the company have improved in actual terms from
INR1.07 crore in FY19 to INR1.36 crore in FY20(Prov.). However, The
PAT margin of the company has marginally Improved by 75bps from
1.58% in FY19 to 2.33% in FY20 (Prov.) due to decrease in financial
expenses and depreciation provisions.

* Foreign exchange fluctuation risk: The company imports 100% of
its products from different foreign countries like Italy, Europe,
Japan and Germany etc., leading to profitability margins are
susceptible to fluctuations in foreign exchange prices on account
of absence in hedging mechanism. However, the company incurred
foreign exchange gain of INR0.18 crore in FY20 (Prov.).

* Impact of COVID-19: Due to the lockdown on account of COVID-19,
the operations of VHPL were impacted due to migration of labor
resulted in shut down of all major operations for the period of 8
days in March 20. However, VHPL resumed the operation from May 05,
2020 and gradually improved the labor strength and also executed
operations during Q1FY21. However, The company has not availed
moratorium on Cash Credit. With gradual progress in work, the
company has booked revenue of ~Rs.20.00 crore during 9MFY21 and
expecting TOI of INR~35.00 crore for FY21.

Key Rating Strengths

* Satisfactory track record of promoters in trading business: VLHPL
is into trading operations since 2007. The company has been
promoted by Mrs Seema Anand who is a Post Graduate in Management of
Business Administration from Delhi University. She is a promoter
and Managing Director of the VLHPL and has been successfully
operating the company since the past one decade with expertise
developed in the field of Imported Sanitary Ware, Kitchen
Equipment, fittings etc. Mr Srinivasa Rao Deepati has been
associated with the company from the past one decade and engaged in
the marketing and business development areas.

* Satisfactory capital structure and debt coverage indicators: The
capital structure of the company marked by overall gearing ratio
has marginally improved from 1.90x as of March 31, 2019 to 1.45x as
on March 31, 2020(Prov.) due to Increase in tangible net worth at
back of accretion to profits coupled with repayment of loans. Due
to aforementioned reason, the debt coverage indicators of the
company continue to remain satisfactory during review period. The
Total Debt/GCA of the company have improved from 5.21x in FY19 to
4.05x in FY20 (Prov.).  The PBILDT interest coverage ratio has
improved from 2.16x in FY19 to 3.41x in FY20 (Prov.) due to
decrease in financial expenses at the back of repayment of term
loan and vehicle loans. Total debt/cash flow from operations
remained weak and deteriorated significantly from 2.65x in FY19 to
11.88x in FY20(Prov.) due to decrease in cash flow from operating
activities mainly on account of increase in working capital
changes.

* Improved working capital cycle days: The company operates in a
working capital-intensive industry. However, the Working capital
cycle days of the company improved from 74 days in FY19 to 59 days
in FY20 (Prov.) mainly due to improvements in collection days
coupled with inventory days. The company initially receives 10%-50%
of total order value as advance from customers and remaining
received within 60-90 days from the date of invoice. Furthermore,
in order to keep the long-standing relationships with customers,
sometimes the company enhance the credit period to its customers.
The company makes the payment to its suppliers within 15-30 days.
The average utilization of cash credit stood at ~95% for last 12
months ending December 31, 2020.

* Established clientele and strong marketing & distribution
network: The company has presence in the states of Andhra Pradesh,
Telangana, Karnataka and Chennai for the retail market in addition
to direct institutional sales to various real estate property
developers. The company has recently opened a new showroom in
Vijayawada. The company's target market segment comprises high net
worth individuals. It also has tie up with various real estate
property dealers to supply fittings for the high end properties
being set up. The same has enabled it to establish a strong
clientele and expand the scale of operation over the years.

* Premium product offering: The company deals in imported product
line of sanitary ware and bathroom fittings. The company deals into
more than 60 luxury brands from different countries like Italy,
Europe, Japan and Germany etc. The major brands include TOTO, VItra
and alumil etc. The company has recently launched the entire
product range of the premium luxury brand; Vileroy & Boch's (named
House of Villeroy & Boch), the largest in India and first of its
class in South India to offer every product of the lavish European
brand. VLHPL has also been expanded its product offering to include
bath accessories, kitchen sinks, mirrors, etc. with an aim to
establish the brand "ValueLine" as a one-stop solution for all
household lifestyle products. The company's income includes sale of
bath-ware, ceramic tiles as well as high-end sanitary ware products
which are generally not being manufactured in India. VLHPL has
stringent quality check process in place for sale of traded items/
outsourced products under its brand.

Liquidity: Stretched

The liquidity profile of the company stood stretched. Liquidity is
marked by tightly matched accruals to repayment obligations, low
cash balance of INR0.56 crore as on March 31, 2020(Prov.). Current
ratio of the company stood at 0.96x as on March 31, 2020(Prov.).
The unsecured loans from the promoters stood at INR0.72 crore as of
March 31, 2020(Prov.). The company has not availed moratorium on
Cash Credit. However, moratorium has availed on working capital
term loans (COVID-19 loans). Furthermore, the average utilization
of working capital limit for the last 12 months ended i.e.,
December 31, 2020 remained at~
95%.

Value Line Homestyle Private Limited (VLHPL), incorporated in
December 2007 and have been promoted by Mrs. Seema Anand, Mr. Bal
Ram Anand and Mr. Srinivasa Rao Deepti of Hyderabad, Telangana. The
company is primarily engaged in the trading of imported
Sanitaryware and Bathroom Fittings products (basically bath
wellness, kitchen products, Tiles and Bathroom fittings etc.) and
the products are sold under the brand name of 'Valueline” in the
states of Telangana, Andhra Pradesh, Karnataka and Chennai. The
company deals into luxury brands of sanitary ware and bathroom
fittings only (viz. TOTO, Versace and Foster etc.) and the major
clientele comprises real estate property builders and high net
worth individuals. The company has 5 showrooms located at different
cities Hyderabad, Bangalore, Visakhapatnam, Vijayawada and
Chennai.


VISHNU PRIYA DRIER: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vishnu Vishnu Priya Drier Industries (VPD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.87       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from VPD to monitor
the ratings vide e-mail communications/letters dated August 31,
2021, October 8, 2021, January 3, 2022, January 10, 2022, January
31, 2022, February 4, 2022, February 8, 2022 and numerous phone
calls. However, despite CARE's 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 ratings 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. The rating on VPD'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(s).

The rating assigned to the bank facilities of Vishnu Priya Drier
Industries (VPD) rating continues to be tempered by seasonal nature
of availability of paddy resulting in working capital intensive
nature of operations, constitution of the entity as a partnership
firm. However the ratings also takes into account improvement in
total operating income, capital structure and debt coverage
indicators, during FY20 (refers to the period April 01 to March
31). The ratings derives comfort from experienced partners,
locational advantage with presence in cluster and easy availability
of paddy and stable outlook of rice industry.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Limited track record and small scale of operations: Though the
firm was established in October 2015, it started its commercial
operations in January 2018. Due to nascent stage of operations, the
total operating income continues to remain small though it has
grown to INR21.94 crore in FY20 as compared to INR19.25 crore in
FY19. The growth of 14% in TOI backed the increase in orders from
customers coupled by healthy demand for rice. Further, the firm has
registered the total operating income of INR16.30 crore for 9MFY21
(Prov.).

* Leveraged capital structure and moderate debt coverage
indicators: Due to nascent stage of business operations, the
capital structure stood high due to high debt infusion, however,
the overall gearing ratio has improved from 3.64x as on March 31,
2019 to 2.35x as of March 31, 2020 due to retention of profits into
the business coupled with capital infusion by the partners and
decline in total debt levels. The total debt to gross cash accruals
has improved and stood moderate at 6.49x as of March 31, 2020 as
compared to 7.63x as of March 31, 2019 due increase in cash
accruals with growth in TOI. However, the PBILDT interest coverage
has declined marginally from 2.42x in FY19 to 2.31x in FY20, due to
increase in finance cost on back of higher utilization of working
limits during the year.

* Seasonal availability of paddy resulting in working capital
intensive nature of operations: Paddy in India is harvested mainly
at the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers have to stock
enough paddies 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. As reflected in its high gross current assets
(GCA) days of 99 days as on March 31, 2020. The large GCA days are
driven by moderate inventory levels and average debtors period
March 31, 2020. However, the inventory levels and debtors period
are offset by credit from the raw material suppliers which resulted
in moderate operating cycle of 46 days as of March 31, 2020.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital: With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth. Further, the
partnership firms are attributed to limited access to funding.
During the review period, the partners has infused net capital of
INR0.21 crore during FY20.

Key Rating Strengths

* Experienced promoters in the rice business: VPD was established
in 2015 by Mr. Nalla Venkateshwar Rao and his friends. Mr. Nalla
Venkateshwar is the Managing Partner of the firm. He has more than
one decade of experience in the trading of Fertilizers and Paddy.
Through partner's long-term experience in this industry, they have
established healthy relationship with large number of clients.

* Satisfactory profitability margins: The PBILDT margin has
declined marginally by 57 bps over FY19 and stood satisfactory at
6.98% in FY20 due to increase in overhead expenses like employee
cost, raw material cost with increase in TOI. However, the PAT
margin has increase by 30 bps over FY19 and stood 1.52% in FY20 due
to absorption of finance and depreciation cost due to absolute
increase in amount of PBILDT.

* Healthy demand outlook of rice: 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. Rice being
the staple food for almost 65% of the population in India has a
stable domestic demand outlook. On the export front, global demand
and supply of rice, government regulations on export and buffer
stock to be maintained by government will determine the outlook for
rice exports.

* Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of VPD 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.

Karnataka based, Vishnu Priya Drier Industries (VPD) was
established on October 2015 and started its commercial operations
in January 2018. VPD was promoted by Mr. Venkateshwar Rao and his
friends. VPD is engaged in paddy drying, rice milling and
processing with installed capacity of 50 ton per day.

VISHNU PRIYA: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vishnu Priya Agro Industries (VPAI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.52       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd has been seeking information from VPAI to monitor
the ratings vide e-mail communications/letters dated August 31,
2021, October 8, 2021, November 1, 2021, December 14, 2021, January
3, 2022, January 10, 2022, January 31, 2022, February 4, 2022,
February 8, 2022 and numerous phone calls. However, despite CARE's
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 ratings 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.
The rating on VPAI'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(s).

The rating assigned to the bank facilities of Vishnu Priya Agro
Industries (VPAI) takes into account improvement in total operating
income, capital structure and debt coverage indicators, during FY20
(refers to the period April 1 to March 31). However the rating
continues to be tempered by seasonal nature of availability of
paddy resulting in working capital intensive nature of operations,
constitution of the entity as a partnership firm. The rating,
however, derives comfort from experienced partners, locational
advantage with presence in cluster and easy availability of paddy
and stable outlook of rice industry.

Detailed description of the key rating drivers

At the time of last rating on February 04, 2021 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Limited track record and small scale of operations: Though the
firm was established in October 2015, it started its commercial
operations in July 2017. Due to nascent stage of operations, the
total operating income continues to remain small though it has
grown at CAGR of 48.76% during FY18 to FY20. The total operating
income stood small at INR36.05 crore in FY20 and the tangible net
worth stood low at INR2.62 crore as on March 31, 2020. The firm,
has registered the total operating income of INR26.40 crore for
9MFY21 (Prov.).

* Leveraged capital structure and moderate debt coverage
indicators: Due to nascent stage of business operations, the
capital structure stood high due to high debt infusion, however,
the overall gearing ratio has improved from 6.96x as of March 31,
2019 to 3.50x as on March 31, 2020 due to retention of profits into
the business coupled with capital infusion by the partners. The
debt coverage indicators has improved due to y-o-y increase in cash
flow from operations as a result of increase in total operating
income. The PBILDT interest coverage ratio stood moderate at 2.20x
in FY20 (P.Y:2.05x). Further, the total debt to gross cash accruals
improved and stood moderate at 7.42x in FY20 (P.Y: 9.64x).

* Seasonal availability of paddy resulting in working capital
intensive nature of operations: Paddy in India is harvested mainly
at the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers have to stock
enough paddies 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. As reflected in its high gross current assets
(GCA) days of 96 days as of March 31, 2020. The large GCA days are
driven by moderate inventory levels and average debtors period
March 31, 2020. However, the inventory levels and debtors period
are offset by credit from the raw material suppliers which resulted
in moderate operating cycle of 60 days as on March 31, 2020.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital: With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth. Further, the
partnership firms are attributed to limited access to funding.
During the review period, the partners has infused net capital of
INR0.27 crore during FY20.

Key Rating Strengths

* Experienced promoters in the rice business: VPAI was established
in 2015 by Mr. P. Sathya Babu and his friends. Mr. P. Sathya Babu
is a graduate in B.com and Managing Partner of the firm. He has
more than one decade of experience in the trading of Fertilizers
and Paddy. Through partner's long term experience in this industry,
they have established healthy relationship with large number of
clients.

* Satisfactory profitability margins: The profitability margin
continues to remain satisfactory due to y-o-y increase in total
operating income. The PBILDT margin has grown by 44 bps and stood
at 6.38x in FY20 as compared to 5.94x in FY19. Further, the PAT
grown marginally by 63 bps and stood at 1.97x in FY20 as compared
to 1.34x in FY19.

* Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides a 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. Rice being
the staple food for almost 65% of the population in India has a
stable domestic demand outlook. On the export front, global demand
and supply of rice, government regulations on export and buffer
stock to be maintained by government will determine the outlook for
rice exports.

* Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of VPAI 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.

Karnataka-based, Vishnu Priya Agro Industries (VPAI) was
established in October 2015 as partnership firm by Mr. P. Sathya
Babu and his friends. VPAI is engaged in milling and processing of
rice. The firm started its commercial operation in July 2017. The
rice milling unit of the firm is located at Raichur (Dist.),
Karnataka. Apart from rice processing, the firm is also engaged in
selling off its by-products such as broken rice, bran and husk.




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

1MDB: Ex-Goldman Banker Trial to be Halted on New Evidence
----------------------------------------------------------
Reuters reports that the trial of a former Goldman Sachs banker
accused of helping loot Malaysia's 1MDB sovereign wealth fund will
be paused due to late disclosure of some evidence by prosecutors to
the defense, the judge in the case ruled on Feb. 23.

Roger Ng, Goldman's former head of investment banking in Malaysia,
has pleaded not guilty to charges of conspiring to launder money
and to violate an anti-bribery law, Reuters says. Prosecutors said
Ng received millions of dollars in kickbacks for helping embezzle
funds from 1MDB.

According to Reuters, prosecutors said in a court filing on Feb. 23
- more than a week after opening statements in Ng's trial began -
that they learned late on Feb. 22 that one U.S. Department of
Justice (DOJ) division did not share with them or Ng some 15,500
documents related to Tim Leissner, Ng's former boss.

"The government absolutely, absolutely, and admittedly at this
point did not live up to its obligations," Marc Agnifilo, a defense
attorney for Ng, told U.S. District Judge Margo Brodie in Brooklyn
federal court outside the jury's presence, Reuters relays.
"Evidence is coming in drips and drabs."

Reuters relates that Agnifilo said the documents could be critical
for the defense. Brodie called the late disclosure "troubling,"
noting that she had previously asked prosecutors to make sure all
disclosures were made.

Leissner, who pleaded guilty to similar charges in 2018, is
testifying against Ng, 49, as the government's star witness. Brodie
said she would allow prosecutors to finish questioning Leissner,
then pause the trial before cross-examination to give Agnifilo time
to review the new documents, according to Reuters.

"I will give you as much time as you need," Brodie said, though she
noted that the trial could not be delayed indefinitely, notes the
report.

Reuters says Agnifilo argues that the $35 million Ng received, that
the government calls ill-gotten gains, was actually derived from an
unrelated business venture between Ng's wife and Leissner's
ex-wife.

Assistant U.S. Attorney Alixandra Smith said the delayed disclosure
was an "inexcusable error" and did not object to pausing the trial,
Reuters relates.

Reuters notes that the trial stems from one of the biggest
financial scandals in history. Between 2009 and 2014, Goldman
reaped some $600 million in fees for helping 1MDB sell $6.5 billion
in bonds, but around $4.5 billion of that was diverted, and Goldman
bankers bribed officials to win business for the bank, U.S.
prosecutors say.

Goldman in 2020 paid a nearly $3 billion fine and arranged for its
Malaysian unit to plead guilty in U.S. court.

                             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.



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

MONGOLIAN MINING: Fitch Affirms 'B' LT FC IDR, Outlook Now Neg.
---------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on coal producer
Mongolian Mining Corporation (MMC) to Negative from Stable, and
affirmed the Long-Term Foreign-Currency Issuer Default Rating (IDR)
at 'B'.

Fitch has also affirmed MMC's USD440 million 9.25% senior unsecured
notes due 2024 at 'B' with Recovering Rating 'RR4'. The notes are
co-issued by MMC and its wholly owned subsidiary, Energy Resources
LLC (ER), and guaranteed by most of MMC's operating subsidiaries.

The Negative Outlook reflects the uncertainty about MMC's business
recovery due to periodic restrictions at the border with China to
contain the spread of Covid-19. Fitch expects the prolonged border
disruptions in 2021 to have caused MMC's credit metrics to
deteriorate from 2020 levels. Border traffic remains restricted at
the moment, but the company expects the curb to be lifted soon.
However, the credit metrics could remain weak if there is no clear
recovery in border traffic.

MMC's rating is constrained by its small scale, single-product
focus on hard coking coal and limited cost competitiveness outside
of northern China, its main market. However, MMC has flexibility in
capex, which should provide a sufficient buffer to continue
generating free cash flow (FCF) during business downturns.

KEY RATING DRIVERS

Capex Flexibility: MMC estimates its minimum sustaining capex,
mostly for regular maintenance of its mines, mining fleets and
coal-hauling trucks, will be around USD2 million in 2022 and USD5
million in 2023. MMC capitalises some of its stripping cost when
stripping of the mine results in long-term benefits. The
capitalised stripping capex is likely to be USD18 million-70
million a year in 2022-2023. Stripping cost is related to mining
volume, therefore MMC can decrease stripping cost during a business
downturn.

Moderate Financial Profile: MMC's financial and liquidity profile
is commensurate with its rating. MMC's funds from operations (FFO)
net leverage and net debt to EBITDA ratios exceeded Fitch's
negative triggers in 2020 and Fitch expects these ratios to remain
higher than the negative triggers in 2021. However, MMC's credit
metrics should improve significantly if the border with China opens
up in line with Fitch's expectation from 2Q22, while demand remains
steady and average selling prices are strong.

Fitch expects MMC to have sufficient liquidity in the short term.
MMC has USD15 million of senior notes and USD41 million of coupon
payments due in 2022. Fitch expects the company to have enough
operating cash to settle these payments. MMC also has USD39 million
in committed unused bank facilities available.

Border Disruptions, Operating Uncertainties: Traffic at the border
between Mongolia and China was disrupted several times in 2021,
which is likely to have reduced MMC's sales volume for the year.
Fitch estimates 2021 washed coking coal sales fell to 1.2 million
tonnes, a sharp drop from 3.5 million tonnes in 2020.

Before the Covid-19 outbreak, MMC's average daily throughput to
China was around 700 trucks, but this fell to around 500 trucks in
2020 and around 200 trucks in 2021. Current average daily
throughput is capped at around 100 trucks per day. MMC expects the
border restrictions to be resolved by end-March 2022 and throughput
to rise to 500 trucks in 2Q22, then improve to pre-pandemic levels
in 2H22. However, the restrictions may continue or throughput may
not increase as quickly as Fitch expects, leading to uncertainty
over a business recovery in 2022.

Small Scale, Single Product: MMC is small compared with Fitch-rated
coal miners globally in terms of revenue. Fitch expects MMC's
revenue to have decreased by more than 50% in 2021 (2020: USD417
million). Hard coking coal accounted for over 90% of MMC's total
revenue in 2020. The latest coal reserve statements show pro forma
total run-of-mine coal reserves of 478 million tonnes, giving MMC a
reserve life of 30-35 years. MMC's small scale and product
concentration constrain its business profile to the 'B' rating
category.

Limited Cost Advantage: MMC's cash cost is in the 1st quartile of
the global coking-coal cost curve, but its cost advantage is only
in the northern part of China due to the proximity of its mines to
steel mills in that area. MMC's transportation cost by land to its
Chinese customers is around USD25 per tonne on average, which
limits its cost competitiveness and puts MMC in the higher
quartiles of the global coking-coal cost curve. Delivery beyond
northern China would raise costs, leaving MMC with customers that
are mainly in northern China.

DERIVATION SUMMARY

Compared to rated coal producers such as Yankuang Energy Group
Company Limited (BB+/Stable) and PT Golden Energy Mines Tbk (GEMS,
B+/Stable), MMC is much smaller in scale in terms of revenues.
Yankuang Energy is around 25 times larger than MMC while GEMS is
over 2 times larger. However, MMC has a similar EBITDA margin as
Yankuang Energy and a higher margin than GEM.

MMC is a single product coal miner, similar to its peers. MMC's
present operational profile in terms of mine life is strong when
compared to Geo Energy Resources Limited (CCC+), which has a mine
life of less than 10 years, and similar to that of PT Golden Energy
Mines, which has a mine life of over 25 years.

MMC's leverage and financial flexibility profile is weaker than
that of GEMS. GEMS has better FCF generation ability, much lower
leverage and well-distributed amortising debt. MMC's FCF generation
has been weakened by the border disruptions, which resulted in
higher-than-expected leverage. MMC's debt structure is less smooth
with bullet payments.

KEY ASSUMPTIONS

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

-- Revenue to have declined to under USD200 million in 2021 due
    to border disruptions, then to recover to over USD400 million
    in 2022 as the border situation improves from 2Q22;

-- EBITDA margin to drop to around 20% in 2021 then improve to
    slightly to below 40% in 2022 supported by volume improvement
    and strong average selling prices;

-- Capex around USD30 million in 2022 and USD80 million-85
    million in 2023-2024;

-- No dividend payment in 2021-2024.

RATING SENSITIVITIES

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

-- Outlook may be revised to Stable if MMC demonstrates a clear
    trend towards normal business operations without further
    disruptions at the border with China.

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

-- Generation of negative FCF for a sustained period;

-- FFO net leverage sustained above 3.5x;

-- Net debt/EBITDA sustained above 3.0x;

-- Any negative regulatory changes.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates MMC had USD26 million of cash
on hand at end-2021, which is enough to cover its short-term debt
of around USD15 million of senior notes due in September 2022.
Fitch expects the coupon payment of USD41 million for the USD440
million 9.25% senior unsecured notes due 2024 can be financed by
operating cash flows. However, if MMC fails to generate enough
operating cash, the company will need to dip into its unused
committed bank facilities totalling USD39 million.

ISSUER PROFILE

MMC is the largest producer and exporter of high-quality hard
coking coal in Mongolia. It owns and operates the Ukhaa Khudag and
the Baruun Naran open-pit coking coal mines in South Gobi
province.

In 2020, MMC mined and processed over 3 million tonnes of hard
coking coal and over 0.4 million tonnes of semi-soft coking coal.

ESG CONSIDERATIONS

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



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

COLAB KITCHEN: Creditors' Proofs of Debt Due April 1
----------------------------------------------------
Creditors of Colab Kitchen Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 1,
2022, to be included in the company's dividend distribution.

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

The company's liquidators can be reached at:

          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu Peninsula, Auckland 0651


COOK ISLANDS: S&P Affirms 'B+/B' Sovereign Issuer Credit Ratings
----------------------------------------------------------------
On Feb. 25, 2022, S&P Global Ratings affirmed its 'B+/B' sovereign
issuer credit ratings on Cook Islands. The outlook is stable, and
the transfer and convertibility assessment is 'AAA'.

Outlook

The stable outlook on S&P's long-term ratings on Cook Islands
reflects its expectation of narrowing fiscal deficits and slower
increases in government debt over the next few years, driven by
improving economic growth.

Downside scenario

S&P said, "We could lower our ratings over the next 12 months if
the effects of the pandemic were greater or more prolonged than we
currently expect. This could cause public finances to underperform
our forecasts with continued large fiscal deficits and higher net
government debt."

Upside scenario

S&P could raise its ratings over the next 12 months if there is a
sustained improvement in data disclosure and quality, leading to
increased transparency about the country's external liquidity and
indebtedness.

Rationale

The reopening of the border with New Zealand will lead to the
commencement of Cook Islands' economic recovery. Similar to other
tourism-based countries globally, Cook Islands suffered a deep
economic contraction following the onset of the COVID-19 pandemic.
The recession shrunk government revenues, while health and social
needs spurred increased spending. This led the islands to rely on
timely support from New Zealand over the past two years. As a
result, net government debt will rise and remain much higher than
in the past. Cook Islands' debt burden nevertheless will remain
modest compared with its peers, and the debt will be owed to
official lenders.

S&P's ratings also reflect the vulnerabilities associated with a
weak institutional setting for making policies, limited monetary
policy flexibility, and a narrow economic base that suffers from
heavy emigration. These factors are partly offset by the
government's supportive relationship and high labor mobility with
highly rated New Zealand, financial and technical assistance from
donor agencies, and the country's sound financial system.

Institutional and economic profile: A severe economic contraction
as borders closed to prevent the spread of COVID-19

-- S&P expects that following an estimated contraction of 19% in
2021, real GDP will recover in 2022, increasing 12% as travel
restrictions are slowly lifted.

-- Weak policymaking culture and institutional settings constrain
the ratings.

S&P said, "We expect real GDP growth of 12% in 2022, spurred by
tourism, picking up to 13% in 2023. Cook Islands in January 2022
reopened to tourists from New Zealand, who make up around 65% of
arrivals. It anticipates opening to Australia, which accounts for
15% to 20% of tourists, in mid-2022. Tourism numbers had collapsed
to zero after several years of strong growth before the pandemic.
The economy is centered on tourism, which is the country's major
revenue earner. In our view, it makes the economy particularly
vulnerable to cyclones and downturns in major tourism markets.
Under our base-case scenario, we expect GDP per capita to improve
to US$26,400 this year, up from US$23,100 in 2021. We believe real
GDP will reach prepandemic levels in 2023."

The vulnerabilities associated with the country's weak policymaking
culture and institutional settings are a key ratings constraint.
The outcome of the 2018 election continued the country's historical
political fragmentation and uncertainty. The next election is
expected in mid-2022. The fragmentation leaves Cook Islands
vulnerable to policy shifts driven by populist sentiment, which has
hampered previous development and much-needed reform efforts.
Shortages of skilled labor continue to weigh on institutional
capacity, and has been further delayed, given the pandemic. The
policymaking settings are supported by a vigorous free press, an
outspoken business community, and efforts by major aid donors to
promote sound financial and economic public policies and stronger
administration.

Cook Islands on Jan. 1, 2020, acquired the status of a developed
country from the Organisation for Economic Co-operation and
Development (OECD). As a result, Cook Islands no longer qualifies
to receive official development assistance through the OECD's
development assistance committee. However, this change has not hurt
Cook Islands' funding structure; S&P expects New Zealand--the
country's largest aid donor--will maintain its historical support,
reflecting long-standing political and social ties. On the other
hand, official technical assistance that provides vital help to the
government will start to wind down. The New Zealand government has
been very supportive throughout the pandemic, providing the nation
with an additional budget support in the form of grants to support
the government's economic response plan and economic recovery
plans.

Cook Islands is a self-governing country with a free association
with New Zealand. Cook Islanders are citizens of New Zealand. The
country achieved self-governance in 1965, but New Zealand controls
its foreign policy, defense, and continues to provide budgetary
support. The country benefits from a close and comprehensive
political and economic relationship with New Zealand.

Flexibility and performance profile: The consequences of the
pandemic will lead to fiscal deterioration and higher debt levels

-- The pandemic's economic impact will continue to strain public
finances over the next few years.

-- The lack of data on balance of payments and net international
investment position continues to constrain our sovereign analysis.

The pandemic interrupted three years of fiscal surpluses in Cook
Islands. In fiscal 2021, the general government deficit as a
proportion of GDP blew out to 23%. S&P expect it to improve to a
deficit of 11% of GDP in 2022. The border closures had a
significant effect on Cook Islands' government revenues,
expenditures, and debt over the next several years. Previous fiscal
targets have been scrapped, with the country replacing them with
rules that outline fiscal prudence with supporting a economic
recovery. With a decrease in taxation revenues, which are highly
correlated to economic performance, there has been a significant
pivot in government expenditure planning over the medium term, with
a pause of new programs and a focus on maintaining core services to
the community.

The government hasn't announced any new revenue streams and S&P
doesn't anticipate substantive new taxes to be introduced. As a
result of the fiscal rules review, the government has chosen to
focus on expenditure limits rather than revenues. It will likely
take a few years before this has a meaningful effect on public
finances.

Deficits will continue to increase the government's net debt
burden, reaching about 42% of GDP in 2022 at its peak before
receding to around 35% of GDP in 2024. The government used its cash
reserves in the first year of the pandemic. The concessional and
long-term nature of current government borrowings as well as the
government's relatively low debt mean that the ratio of the general
government interest expenditure to revenues is low; S&P estimates
it to average below 2% of revenues during 2021 and 2023. Typically,
borrowings are over 15 years to maturity. The government does not
have any commercial debt.

Poor coverage and timeliness of statistical releases is a key
factor that restricts a robust analysis of Cook Islands' economic
and external accounts. S&P therefore currently assesses Cook
Islands' external position in accordance with our criteria for
sovereigns that have limited external data. S&P considers New
Zealand to be the starting point, and it also recognizes
limitations to Cook Islands' external data gaps.

The government has improved the timeliness of its consolidated
fiscal reports. The audit office in 2019 published the previous
three years' worth of consolidated government accounts. As part of
its public sector expenditure review, the government is
implementing a government-wide financial tool. The tool, known as
Integrated Financial Management System, will enable reporting
across departments on a timelier basis.

The country's monetary policy flexibility is limited because of the
absence of a central bank and its use of the New Zealand dollar.
This arrangement means it forfeits monetary independence, which is
an important lever for promoting economic and financial stability.
That said, use of the New Zealand dollar has enabled Cook Islands
to benefit from lower inflation than its peers.

S&P equalizes the local currency rating with the foreign currency
rating, reflecting Cook Islands' absence of monetary policy
flexibility, its use of the New Zealand dollar, and its lack of a
domestic capital market. The T&C assessment for Cook Islands is
'AAA', which also reflects its use of the New Zealand dollar.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  COOK ISLANDS

  Sovereign Credit Rating                B+/Stable/B

  Transfer & Convertibility Assessment

   Local Currency                        AAA


FIRST INSURANCE: Fitch Affirms 'BB+' IFS Rating, Outlook Now Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on New Zealand-based First
Insurance Limited's (FIL) Insurer Financial Strength (IFS) Rating
to Negative from Stable. Fitch has affirmed the IFS Rating at 'BB+'
(Moderately Weak).

KEY RATING DRIVERS

The Negative Outlook on FIL's rating reflects the insurer's weak
financial performance and earnings due to top-line pressure. The
affirmation reflects FIL's 'Good' capitalisation and leverage and
'Less Favourable' business profile.

FIL recorded a net loss of NZD15,455 in the financial year ended
June 2021 (FY21) on lower gross premiums and investment income,
against a net profit of NZD36,845 in FY20. The earnings weakness
continued in 1HFY22 with a net loss of NZD1,316, based on unaudited
financials, albeit smaller than the 1HFY21 net loss of NZD52,872.
The 1HFY22 result benefited from lower claims and a
Covid-19-related claim provision write-back of NZD20,000. FIL's
return on equity was 0% in 1HFY22 and -0.3% in FY21, down from 0.6%
in FY19.

Gross premiums contracted by 7% yoy in 1HFY22, following a 12% drop
in FY21. This was due to falling loan protection insurance (LPI)
volume on government measures aimed at slowing the spread of
Covid-19. Fitch expects LPI volume - 68% of FY21 premiums - to be
affected by tighter regulation of consumer lending and the
competition traditional consumer-lending products face from buy
now, pay later offerings. LPI volumes are correlated to the
personal lending at FIL's parent, First Credit Union (FCU,
Long-Term Issuer Default Rating: BB/Stable). FCU's personal loan
book contracted by 8% yoy in 1HFY22.

Falling business volume is a key threat to FIL's profitability and
is exacerbated by its small scale and fixed cost base. FIL
revisited its funeral insurance product to improve customer value
to tackle regulatory recommendations following an industry-wide
review of conduct and culture. The company is also looking at
introducing a new life product to replace the funeral insurance
product and support the top-line. Higher investment income should
reduce the earnings pressure, to some extent, as FIL renews its
short-term deposits alongside rising interest rates.

FIL could see higher redundancy and disability claims costs due to
Covid-19, but Fitch thinks this risk is manageable, because of the
small number of policies and New Zealand's relative success at
containing the virus.

The rating incorporates operational benefits from being fully owned
by FCU, one of New Zealand's largest credit unions. FIL started
operations in June 2018 and underwrites LPI and funeral insurance
for FCU's members. FIL's products are distributed by FCU, and FIL
has no direct employees - FCU performs all services for a fee.

Fitch ranks FIL's company profile as 'Less Favourable' against
other insurers in New Zealand reflecting FIL's 'Less Favourable'
business profile and 'Moderate/Favourable' corporate governance.
The ranking considers the insurer's modest market presence, limited
product offering and dependence on the parent's member base to sell
products. FIL had gross premiums of NZD1.9 million and total assets
of NZD6.6 million at FYE21. Therefore, Fitch scores the business
profile at 'bb' under Fitch's credit-factor scoring guidelines.

Fitch expects FIL to be capitalised adequately, considering
management's intention to maintain a buffer of NZD1 million above
the minimum regulatory requirement of NZD5 million. However, Fitch
thinks FIL's low absolute capital level leaves it susceptible to
external shocks and remote operational risks. These factors weigh
heavily on Fitch's rating assessment of small insurers such as
FIL.

FIL's investment risk is low. The insurer's investments mirror
those of FCU's liquidity portfolio - term deposits with New
Zealand-registered banks. All investments are in the form of
high-quality, short-term deposits and cash.

RATING SENSITIVITIES

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

-- Financial performance significantly below expectations with
    return on equity below 0.2% for a sustained period;

-- A reduction in FIL's operational synergies with FCU; for
    example, the franchise may be damaged in the event that FIL
    becomes less important to FCU and access to its distribution
    channels is restricted;

-- Regulatory solvency ratio falling below 115% (end-1HFY22:
    123%) without management plans to rectify this.

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

-- Financial performance improving with return on equity
    sustained above 0.2%;

-- Improvements in the business profile, which will be evident
    from greater operational scale, a stronger business franchise
    and more diverse distribution channels, while maintaining
    strong financial performance and capitalisation metrics.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

IPG CORPORATION: Court to Hear Wind-Up Petition on March 16
-----------------------------------------------------------
A petition to wind up the operations of IPG Corporation Limited
will be heard before the High Court at Auckland on March 16, 2022,
at 10:00 a.m.

Craig Preston Relph (as trustee of Platinum Property Trust) and
Alvin Graham Relph (as trustee of AG Relph Family Trust) filed the
petition against the company on Nov. 25, 2021.

The Petitioner's solicitor is:

          Graeme Leonard Reeves
          c/o Core Legal Limited
          Level 1, 109 Chapel Street
          Masterton 5810


LAKHI MAA: Court to Hear Wind-Up Petition on March 16
-----------------------------------------------------
A petition to wind up the operations of Lakhi Maa Limited will be
heard before the High Court at Auckland on March 16, 2022, at 10:00
a.m.

Craig Preston Relph (as trustee of Platinum Property Trust) and
Alvin Graham Relph (as trustee of AG Relph Family Trust) filed the
petition against the company on Nov. 25, 2021.

The Petitioner's solicitor is:

          Graeme Leonard Reeves
          c/o Core Legal Limited
          Level 1, 109 Chapel Street
          Masterton 5810


MARKEATON FARMS: Court to Hear Wind-Up Petition on March 7
----------------------------------------------------------
A petition to wind up the operations of Markeaton Farms Limited
will be heard before the High Court at Hamilton on March 7, 2022,
at 10:45 a.m.

Cambridge Veterinary Services 1980 Limited filed the petition
against the company on Feb. 14, 2022.

The Petitioner's solicitors are:

          Cambridge Law Centre Limited
          PO Box 3, Cambridge


OTAGO HOMES: First Creditors' Meeting Set for March 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Otago Homes
Limited will be held on March 7, 2022, at 11:00 a.m. at Ramada
Suites, 18–24 Frankton Road, in Queenstown.

Thomas Lee Rodewald of Rodewald Consulting was appointed as
administrator of Otago Homes on Feb. 23, 2022.


WHITE WATERS: Creditors' Proofs of Debt Due April 26
----------------------------------------------------
Creditors of White Waters Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 26,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 22, 2022.

The company's liquidators can be reached at:

          PwC
          PO Box 13244
          City East, Christchurch 8141




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

AIK LIAN: Court to Hear Wind-Up Petition on March 18
----------------------------------------------------
A petition to wind up the operations of Aik Lian Metal & Glazing
Pte Ltd will be heard before the High Court of Singapore on March
18, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 21, 2022.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


BESTLINK AUTO: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 28, 2022, to
wind up the operations of Bestlink Auto Pte Ltd and Bestlink
Vehicle Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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


FOUR SEASON: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 28, 2022, to
wind up the operations of Four Season Construction Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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


RUPRECHT SERVICES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Feb. 11, 2022, to
wind up the operations of Ruprecht Services Pte. Ltd.

Ocap Management Pte. Ltd filed the petition against the company.

The company's liquidators are:

          Joshua James Taylor and Chew Ee Ling
          c/o Alvarez & Marsal (SE Asia)
          6 Battery Road, #16-01/02
          Singapore 049909


SEMBCORP MARINE: Net Loss Widens to SGD523.3MM in H2 Ended Dec. 31
------------------------------------------------------------------
The Business Times reports that Sembcorp Marine (Sembmarine)
reported on Feb. 25 a net loss of SGD523.3 million for its second
half ended December 2021, widening from a SGD390.4 million loss a
year earlier, as challenges from the Covid-19 pandemic weighed on
its operations.

But its chief executive, Wong Weng Sun, said during the results
briefing the group expects its financial performance in FY2022 to
be "significantly better" than FY2021, given factors such as an
improved industry outlook, and that provisions for costs to
complete projects in 2022 were already made in the prior year, BT
relates.

Headquartered in Singapore, Sembcorp Marine Ltd --
https://www.sembmarine.com/ -- an investment holding company,
provides offshore and marine engineering solutions worldwide.
Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd.

For the full year ended Dec. 31, 2020, the group's net loss had
widened to SGD582.5 million from SGD137.2 million a year ago.  The
group reported a net loss if SGD74.13 million in 2018.

SENJO PAYMENT ASIA: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Feb. 11, 2022, to
wind up the operations of Senjo Payment Asia Pte. Ltd.

Ocap Management Pte. Ltd filed the petition against the company.

The company's liquidators are:

          Joshua James Taylor and Chew Ee Ling
          c/o Alvarez & Marsal (SE Asia)
          6 Battery Road, #16-01/02
          Singapore 049909




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

SRI LANKA: Officials Met With Bankers in Bid to Solve Debt Crisis
-----------------------------------------------------------------
The Wall Street Journal reports that restructuring bankers have
visited Sri Lanka to discuss proposals with the government on
raising funds to help manage a debt crisis that has left the South
Asian country struggling to pay for imports and stoked political
controversy.

According to the Journal, advisers from investment banks including
Rothschild & Co. and Lazard Ltd. have recently met with government
officials and discussed potential plans to help the nation raise
cash, including asset sales and securitized debt facilities.

Sri Lanka's central bank two weeks ago said that it and the
government were "committed to [honor] all forthcoming debt
obligations and thereby maintain Sri Lanka's unblemished record of
debt servicing" and that it didn't believe the government needed to
restructure its debts.

The nation has faced an economic crisis since 2020. That year, its
economy contracted 3.6% in real terms, the deepest recession since
its independence from the U.K. in 1948, according to the central
bank, the Journal relays.

Sri Lanka imports the majority of goods it uses to power its
economy, and it sells certain commodities like diesel oil to
consumers and businesses at fixed prices, leaving the country
vulnerable to price swings in global markets, the report notes.
Higher fuel prices have put pressure on the country's
foreign-exchange reserves in the past year, and as available funds
have dwindled, the country's power grid operator has instituted
rolling blackouts amid fuel shortages.

A major source of tax revenue and foreign-exchange reserves for the
country's government stems from tourism, which has declined since
the onset of the Covid-19 pandemic.

The Journal says the country's sovereign debt has traded down to
distressed levels in recent months as investors voiced concerns
about dwindling reserves that can be used for debt repayments.

Sri Lanka managed to pay off a $500 million sovereign bond that
came due last month, but the government has an additional $1
billion bond coming due in July, and analysts said that the
country's foreign-exchange reserves may not be sufficient to pay
off the debt based on forecast expenditures on imports in the
coming months, according to the Journal.

As reported in the Troubled Company Reporter-Asia Pacific in
January 2022, S&P Global Ratings lowered its long-term sovereign
credit rating on Sri Lanka to 'CCC', from 'CCC+' previously. The
outlook is negative. At the same time, S&P affirmed its 'C'
short-term credit rating.

The negative outlook reflects S&P's expectation that Sri Lanka's
external financial position will deteriorate further over the
coming quarters. This would affect Sri Lanka's ability to service
its debt over the next 12 months.



                           *********


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.



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