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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, August 9, 2021, Vol. 24, No. 152

                           Headlines



A U S T R A L I A

53 RANKIN INVESTMENTS: Second Creditors' Meeting Set for Aug. 13
ALLOTZ.COM LIMITED: Second Creditors' Meeting Set for Aug. 19
PINDAN GROUP: Programmed Facility Acquires Asset Management Unit
SELECT CONCRETE: Second Creditors' Meeting Set for Aug. 16


C H I N A

CHINA EVERGRANDE: S&P Cuts ICR to 'CCC' on Growing Nonpayment Risk
CHINA SOUTH CITY: Fitch Affirms 'B' IDR & Alters Outlook to Neg.
IDEANOMICS INC: To Invest $25 Million in MDI Keepers Fund


I N D I A

AJAY BUILDERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
BABA SAW: CRISIL Keeps D Debt Ratings in Not Cooperating
BENARJEE POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating

CHADDA ROADLINES: CRISIL Lowers Rating on INR20.50cr Loans to B
CHANDULAL CHANDRAKAR: CRISIL Keeps D Rating in Not Cooperating
GREEN FIELD: CRISIL Lowers Rating on INR10cr Loans to D
GVR AJMER: Ind-Ra Withdraws 'D' Bank Loan Rating on INR3,187.5BB
GVR BEHARI HANUMANA: Ind-Ra Keeps D Loan Rating in Non-Cooperating

GVR NAGAUR: Ind-Ra Withdraws 'D' Bank Loan Rating on INR3.150BB
GVR PANNA AMANGANJ: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
HARI OM: CRISIL Lowers Rating on INR24cr Loans to B
HITECH PRINT: CRISIL Withdraws D Rating on Various Bank Debts
HKR ROADWAYS: Ind-Ra Withdraws 'D' Bank Loan Rating on INR15.250BB

HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
INNOVATIVE TYRES: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
J. K. INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
JAYASHEEL N SHETTY: Ind-Ra Hikes LT Issuer Rating to 'BB+'
KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating

MAVERICK PRINT: Placed in Voluntary Administration
MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
NAGARJUNA FERTILIZERS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
NARAYAN BUILDERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
NGRT SYSTEMS: Ind-Ra Withdraws BB+ Issuer Rating, Outlook Negative

PBR SELECT: CRISIL Keeps D Debt Ratings in Not Cooperating
R.A. MOTORS: CRISIL Withdraws D Rating on INR17.50cr Loans
R.B. RUNGTA: CRISIL Lowers Rating on INR8.50cr Loans to B
RBA FINANCE: Ind-Ra Keeps 'BB-' Bank Loan Rating in Non-Cooperating
RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating

S. S. AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
S.M.T. HI-TECK: CRISIL Keeps D Debt Rating in Not Cooperating
S.S. OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI PRINT: CRISIL Moves D Debt Ratings to Not Cooperating
SAMUDRA SHIPYARD: CRISIL Lowers Rating INR4cr Bank Loan to D

SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHEYN INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
SUDHA BUSINESS: CRISIL Moves B+ Debt Ratings to Not Cooperating
VAGHASIYA EXPORTS: CRISIL Moves D Ratings to Not Cooperating
VARDHAMAN EDUCATIONAL: CRISIL Moves B+ Ratings to Not Cooperating

VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
VSC INFRA: CRISIL Moves D Debt Ratings to Not Cooperating
ZONASHA ESTATE: CRISIL Lowers Rating on INR63cr LT Loan to B


N E W   Z E A L A N D

[*] NEW ZEALAND: Liquidations Loom as Commercial Defaults Rise


S I N G A P O R E

AN HUI: Grant Thornton Appointed as Liquidators
NAN YI: Grant Thornton Appointed as Liquidators
NGS ENGINEERING: Court to Hear Wind-Up Petition on Aug. 27
PACIFIC MANAGEMENT: Court Enters Wind-Up Order

                           - - - - -


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A U S T R A L I A
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53 RANKIN INVESTMENTS: Second Creditors' Meeting Set for Aug. 13
----------------------------------------------------------------
A second meeting of creditors in the proceedings of 53 Rankin
Investments Pty Ltd has been set for Aug. 13, 2021, at 10:30 a.m.
via teleconference.

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 Aug. 12, 2021, at 4:00 p.m.

Terry Grant van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of 53 Rankin on July 9, 2021.


ALLOTZ.COM LIMITED: Second Creditors' Meeting Set for Aug. 19
-------------------------------------------------------------
A second meeting of creditors in the proceedings of:

    - Allotz.Com Limited
    - Allotz Auto Pilot Pty Ltd
    - Autoyield Pty Ltd

has been set for Aug. 19, 2021, at 10:30 a.m. via telephone
conference.

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 Aug. 18, 2021, at 4:00 p.m.

Petr Vrsecky and Jason Glenn Stone of PKF Melbourne were appointed
as administrators of Allotz.Com Limited on June 17, 2021.


PINDAN GROUP: Programmed Facility Acquires Asset Management Unit
----------------------------------------------------------------
The Market Herald reports that the Western Australian state
government has confirmed the sale of Pindan Asset Management to
Programmed Facility Management, days after creditors approved the
sale.

In May, Pindan Group, Pindan Contracting and Pindan Asset
Management went into voluntary administration, while nine other
Pindan companies went into liquidation.

According to the report, Pindan Asset Management has an eleven-year
contract to maintain and service 6,000 houses throughout Pilbara
and Mid-West/Gascoyne, with the government saying the sale of the
business has secured the ongoing maintenance of thousands of public
housing in the region.

Creditors recently approved a proposed deed of company arrangement
(DOCA), which will enable Pindan to be restructured returning it to
a position of solvency, with Programmed acting as the proponent for
the deed, the report says.

The Market Herald relates that Singapore-based Oxley, owners of
Pindan, said in a statement that under the terms of the DOCA,
Pindan employees will receive 100 per cent of their entitlements,
unsecured creditors are likely to receive 48 per cent to 81 per
cent of the amounts owing to them.

The specific amount will depend on the outcome of the recovery of
Pindan's assets.

In a liquidation scenario, Oxley said the employees of Pindan may
receive 54 per cent to 100 per cent while unsecured creditors may
receive zero per cent to four per cent of the amounts owing to them
respectively, The Market Herald relays.

According to the administrator of the bankrupt construction firm,
EY, the group owes up to 1,400 creditors between AUD70 million and
AUD80 million and may have been insolvent two months before
collapsing, the report discloses.

The Market Herald says the bulk of former Pindan workers and
subcontractors gain from the sale of Pindan to Programmed, an
existing maintenance service provider to the Department of
Communities, with retention giving stability to a number of small
companies in the impacted regions.

The government said Communities is continuing to engage with EY and
Programmed to accelerate the necessary contractual arrangements to
support the selling process, as needed.

The Market Herald relates that Housing Minister John Carey said the
news will provide tradespeople with certainty about their jobs and
ensure a critical pipeline of work will continue into the future.

"Despite repeated calls of the National Party opposition to
immediately terminate the contract which would have resulted in an
instant loss of jobs in the regions," the report quotes Mr. Carey
as saying.

"Not only does this mean the jobs of around 90 existing Pindan
Asset Management employees have been secured, it also ensures
critical maintenance work will continue on thousands of social
housing properties in the Mid-West, Gascoyne and Pilbara regions."

Pindan is a construction company based in Perth that services a
number of Western Australian government projects.

Samuel John Freeman, Vincent Smith and Colby O Brien of Ernst &
Young were appointed as administrators of Pindan Group on May 18,
2021.


SELECT CONCRETE: Second Creditors' Meeting Set for Aug. 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of Select Concrete
Group Pty Ltd has been set for Aug. 16, 2021, at 10:00 a.m. via
Microsoft Teams.

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 Aug. 13, 2021, at 3:00 p.m.

Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Select Concrete on July 12, 2021.




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CHINA EVERGRANDE: S&P Cuts ICR to 'CCC' on Growing Nonpayment Risk
------------------------------------------------------------------
S&P Global Ratings, on Aug. 5, 2021, downgraded China Evergrande
Group and its subsidiaries Hengda Real Estate Group Co. Ltd. and
Tianji Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji to 'CCC-' from 'CCC+'.

The negative outlook reflects Evergrande's increasing strained
liquidity and nonpayment risk. It also reflects S&P's view that its
asset disposal plan, though potentially substantial, lacks
visibility or certainty.

S&P lowered the ratings because Evergrande's liquidity position is
eroding more quickly and by more than it previously expected. The
company's nonpayment risk is escalating, not only for the
substantial public bond maturities in 2022 but also for its bank
and trust loans and other debt liabilities over the next 12
months.

Evergrande's strained liquidity is shown by the steadily increasing
number of asset freezes. Disputes on various contract payments are
rising over the past one to two weeks as contractors claim that
Evergrande has delayed settling payments. These contractors are
applying for asset freezes as they aim to resolve disputes in
court. Such moves are also contributing to the negative media
reports and lenders' risk adjustments, in S&P's view.

Based on market information, Evergrande might be persuading its
suppliers and contractors to accept physical properties under
presales as payments for services and goods. S&P said, "We believe
that it a possible approach for preserving cash for loan
repayments. But such a scenario would still point to a
deterioration of the company's liquidity position. We estimate that
Evergrande has over Chinese renminbi (RMB) 240 billion of bills and
trade payables from contractors to settle over the next 12 months,
of which roughly around RMB100 billion is due within 2021.

"The root cause of such deterioration is still funding access, in
our view. Evergrande's access to funding from financial
institutions is more significantly constrained than we expected. As
news reports continue to be negative, the company could experience
a considerable 'downward spiral,' with lenders potentially further
tightening their risk exposure to the company."

Asset disposals are key amid the uncertainty. While Evergrande may
continue to work on additional equity raising, including the
listing of Fangchebao Group Co. Ltd., the disposal of some of the
property assets could be more important since they are sizable.
That said, due to the sheer size of Evergrande's maturities and
liabilities, asset disposals will also need to ensure significant
proceeds. Other developers also face credit tightening and need to
fulfill the "three red line" regulatory guidance on leverage, and
this is weakening their capacity to make large-scale acquisitions.
That substantially adds to the uncertainty over timely execution.

CHINA EVERGRANDE GROUP

The negative outlook for the next 12 months reflects Evergrande's
strained liquidity, which is leading to escalating nonpayment risk.
In S&P's view, substantial asset disposals now hold the key to the
company's repayment ability. Visibility in this area is still
lacking, given the sizable nature of the assets.

Downside scenario

S&P may lower the rating if Evergrande fails to raise funds to
strengthen its strained liquidity. S&P could also lower the rating
if the company misses repayments, including any bank, trust loans,
or other debt liabilities. Any debt exchange offer or substantial
below-par buyback will likely be viewed as distressed.

Upside scenario

S&P could raise the rating if Evergrande can obtain significant new
funds, possibly via material asset disposals. Its funding access
should also stabilize, and it should be able to formulate a visible
plan to tackle its maturities, including those for substantial
offshore notes in 2022.

HENGDA REAL ESTATE GROUP CO. LTD.

The negative outlook on Hengda for the next 12 months mirrors that
on its parent company, Evergrande. The outlook on Evergrande
reflects its strained liquidity, which is leading to escalating
nonpayment risk. In S&P's view, substantial asset disposals now
hold the key to the company's repayment ability. Visibility in this
area is still lacking, given the sizable nature of the assets.

Downside scenario

S&P may lower the rating on Hengda if it downgrades its parent.

Upside scenario

S&P could upgrade Hengda if it raises the rating on its parent.

TIANJI HOLDING LTD.

The negative outlook on Tianji mirrors that on its parent company,
Hengda, and its ultimate parent, Evergrande.

Downside scenario

S&P may lower the rating on Tianji if it downgrades its parent.

Upside scenario

S&P could upgrade Tianji if it raises the rating on its parent.


CHINA SOUTH CITY: Fitch Affirms 'B' IDR & Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on China South City Holdings
Limited (CSC) to Negative from Stable, and affirmed the Long-Term
Issuer Default Rating (IDR) at 'B'. The agency has also affirmed
CSC's senior unsecured rating and the rating on its outstanding US
dollar senior notes at 'B' with a Recovery Rating of 'RR4'.

The Outlook revision reflects the trade-centre developer's
increased refinancing risks amid a challenging funding environment,
especially in refinancing its offshore and onshore bonds maturing
in the financial year ending March 2023 (FY23).

KEY RATING DRIVERS

Refinancing Risk: Fitch believes CSC will be able to address its
capital-market maturities in FY22 as Fitch understands the company
has obtained additional bank loans to supplement its working
capital and repay its senior notes maturing September 2021 and
February 2022. CSC intends to dispose of non-development assets to
repay the HKD6.2 billion equivalent in US dollar senior notes and
HKD2.5 billion equivalent in domestic corporate bonds and
medium-term notes maturing in FY23. Fitch believes the pricing and
timing of the transactions are uncertain.

Stable Property Sales: Fitch expects CSC to generate stable annual
property sales of about HKD16 billion, mainly from residential and
multi-purpose properties in the next three years, which are lower
than that of most of its 'B' rated peers. Contracted sales rose by
19.5% yoy to HKD16.1 billion in FY21 as demand recovered from the
coronavirus pandemic. Residential and multi-purpose property sales
together accounted for 76% of contracted sales in FY21. CSC has set
its FY22 contracted sales target at HKD16 billion.

Asset Disposals to Deleverage: Fitch expects leverage - measured by
net debt/adjusted inventory, including investment property at cost
- to stabilise at around 45% in FY22. However, its leverage may be
lower than Fitch's forecast if CSC can successfully dispose of some
of its non-development assets to repay its capital-market debt
maturities in the next 12-18 months. CSC's leverage increased to
48% in FY21 from 43.6% in FY20.

Limited Land Acquisitions: CSC has been prudent in managing its
land acquisition outflows to maintain its moderate leverage. Fitch
believes CSC will not acquire any new land in FY22, as it had
sufficient unsold residential and multi-purpose properties
available for sale for the next five years as of end-FY21.

Healthy Margin: Fitch estimates that CSC's overall EBITDA margin
will stay at around 30%, similar to that in FY21. The company's
gross profit margin for property development was stable at about
40% in FY19-FY21. CSC's healthy development margin is supported by
low land cost, as the land bank was acquired a long time ago.

Rising Non-Development EBITDA: CSC's non-development EBITDA is
mainly from rental and management income from trade centres,
operating outlets, logistics and warehousing. Non-development
EBITDA interest coverage was 0.4x in FY21, which distinguishes CSC
from other 'B' rated peers, and mitigates its weaker scale and more
limited project diversification than its peers.

Income from CSC's non-development business increased 15% yoy to
HKD2.8 billion in FY21. Fitch believes the current non-development
EBITDA interest coverage does not support a higher rating, while
the potential non-development asset disposal may also affect the
scale of its non-development EBITDA.

DERIVATION SUMMARY

CSC's eight projects are in Chinese Tier 1 and 2 cities, which are
better locations than those of the other Fitch-rated trade-centre
developer, Guangdong - Hong Kong Greater Bay Area Holdings Limited
(GHKGBA, B-/Stable), whose 10-12 projects are mainly in Tier 3 and
4 cities. This translates into better sales and more stable EBITDA
margins than GHKGBA.

CSC's financial profile is better than that of Beijing Hongkun
Weiye Real Estate Development Co., Ltd. (B/Negative) as its
leverage of 48%, measured by net debt/adjusted inventory (including
investment property at cost), is lower than Hongkun's 50%-60%.
CSC's tight liquidity is similar to Hongkun's as it also has
concentrated capital-market debt maturities in FY22 and FY23.

KEY ASSUMPTIONS

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

-- Property development contracted sales of HKD16 billion per
    annum in FY22-FY24 (FY21: HKD16 billion);

-- Overall EBITDA margin of about 30% in FY22-FY24 (FY21: 32%);

-- Non-development income to increase by 10%-15% per year in
    FY22-FY24 (FY21: 15%);

-- Construction and land acquisition cash outflow to account for
    60%-65% of sales proceeds in FY22-FY24 (FY21: 69%).

Recovery Rating Assumptions

-- The recovery analysis assumes that CSC will be liquidated in a
    bankruptcy as it is an asset-trading company.

-- Fitch has assumed 10% administration claims.

Liquidation Approach

-- The liquidation estimate reflects Fitch's view of the value of
    balance-sheet assets that can be realised in sale or
    liquidation processes conducted during bankruptcy or
    insolvency proceedings and distributed to creditors.

-- Advance rate of 70% applied to account receivables. This
    treatment is in line with other Chinese developers.

-- Advance rate of 70% applied to net property inventory. Its
    EBITDA margin is above 30%, which is higher than that of
    peers, but CSC's exceptionally long land-bank life and large
    inventory of non-residential properties may lower visibility
    into its future EBITDA margin.

-- Advance rate of 60% applied to property, plant and equipment
    as these are property assets that can be sold to repay debt
    when needed. This treatment is in line with other Chinese
    developers.

-- Advance rate of 25% applied to the book value of investment
    properties based on 6.5% rental yield after considering the
    rental yield and locations of these assets.

-- Advance rate of 100% applied to available cash, pledged time
    deposits released after the balance sheet and restricted cash
    pledged for note payables and borrowings. As the available
    cash is less than the total amount of note payables and trade
    payables (construction fee and retention payables), the
    amounts of note and trade payables are included in the
    liability waterfall.

-- The restricted cash pledged for guarantee of mortgage loans
    and construction projects is added into inventory. As the
    developer can get back the property and resell it if the
    mortgage loan falls through, the restricted cash for the
    guarantee of mortgage loans can be used for debt repayment.
    The guarantee for construction projects can turn into
    construction costs and inventory, which can be sold for debt
    repayment.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the senior unsecured debt.
However, the Recovery Rating for senior unsecured debt is capped at
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- The Outlook may revert to Stable if CSC successfully addresses
    its upcoming capital-market debt maturities through
    refinancing and/or asset sales.

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

-- Failure to address upcoming capital-market debt maturities
    through refinancing and/or asset sales;

-- Deterioration in debt-maturity profile and access to funding;

-- Net debt/adjusted inventory (including investment property at
    cost) sustained above 50%.

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

Tight Liquidity: CSC had unrestricted cash and time deposits of
around HKD3.8 billion at end-March 2021. It had HKD1.8 billion in
pledged deposits released after the balance-sheet date. These
amounted to a total of HKD5.6 billion, which is insufficient to
cover its HKD6.7 billion in US dollar senior notes due in a year.

Put options were not exercised for the company's HKD1.4 billion
onshore bonds puttable in August 2021. CSC issued USD225 million in
senior notes in March 2021 to repay its USD200 million senior notes
due August 2021. CSC's onshore bank loans are mostly pledged with
its investment properties, which can be rolled forward. Fitch
believes CSC has obtained sufficient bank borrowings to repay the
HKD5.1 billion equivalent of US dollar senior notes due September
2021 and February 2022.

ISSUER PROFILE

CSC develops and operates large-scale, integrated logistics and
trade centres in China. It began operations in 2002 and was listed
on the Hong Kong Stock Exchange in September 2009. The company
started its first project in Shenzhen in 2003. It has a total of
eight projects with planned gross floor area of 81 million sq m.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of HKD59.4 billion for adjusted inventory used
in the leverage calculations includes: HKD42.3 billion in
properties held for sale, HKD2.6 billion in property under
development and inventory, HKD1.0 billion in prepaid land use
rights, HKD28.7 billion in investment properties at cost, HKD0.8
billion in property, plant and equipment (land and buildings),
HKD0.2 billion in property held under finance lease, minus HKD16.2
billion in contract liabilities.

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.

IDEANOMICS INC: To Invest $25 Million in MDI Keepers Fund
---------------------------------------------------------
Ideanomics, Inc. entered into a subscription agreement to invest
$25,000,000 in the Minority Depository Institution Keepers Fund
over a period of three years.

The MDI Fund is sponsored by the National Bankers' Association, an
organization of minority-owned banks that aims to increase
inclusivity in the financial services industry. The MDI Fund will
provide capital resources primarily in low and moderate income
areas to grow a more skilled workforce, increase employment
opportunities, and support businesses' growth among minority and
underserved communities.

                         About Ideanomics

Ideanomics is a global company focused on the convergence of
financial services and industries experiencing technological
disruption. Its Mobile Energy Global (MEG) division is a service
provider which facilitates the adoption of electric vehicles by
commercial fleet operators through offering vehicle procurement,
finance and leasing, and energy management solutions under its
innovative sales to financing to charging (S2F2C) business model.
Ideanomics Capital is focused on disruptive fintech solutions and
services across the financial services industry. Together, MEG and
Ideanomics Capital provide their global customers and partners with
leading technologies and services designed to improve transparency,
efficiency, and accountability, and its shareholders with the
opportunity to participate in high-potential, growth industries.
The Company is headquartered in New York, NY, with operations in
the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$569.90 million in total assets, $140.37 million in total
liabilities, $1.26 million in convertible preferred stock, $7.6
million in redeemable non-controlling interest, and $420.67 million
in total equity.




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AJAY BUILDERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ajay Builders (AB)
a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR52.5 mil. Fund based limits assigned with IND BB+/Stable
     rating; and

-- INR497.5 mil. Non-fund based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect AB's small scale of operations, as highlighted
by the revenue of INR1,020.57 million in FY21  (FY20: INR932
million). The revenue grew in FY21 led by the increased inflow of
orders and the timely execution of existing orders. In 1QFY22, the
company booked revenue of INR106.73 million. The management expects
the revenue to scale up in FY22, backed by unexecuted orders in
hand amounting to INR2,032.75 million (2x FY21 revenue) by end-June
2021. Out of the total orders in hand, the management expects to
execute INR1,500 million in FY22 and the balance in FY23.  FY21
financials are provisional  in nature.

The ratings also factor in AB's healthy, but volatile operating
margins, which expanded to 10.27% in FY21 (FY20: 9.67%; FY19:
9.71%) due to an increase in the raw material prices. The company's
return on capital employed stood at 23% in FY21 (FY20: 30%). In
FY22, Ind-Ra expects the EBITDA margin to remain healthy as the
management plans to undertake cost-controlling measures.

The ratings also factor in AB's healthy credit metrics. The
company's interest coverage (operating EBITDA/gross interest
expense) was stable at 8.01x in FY21 (FY20: 8.09x). Its leverage
(total adjusted net debt/operating EBITDAR) however, improved to
0.17x in FY21 (FY20: 0.41x) due to an improvement in the absolute
EBITDA and a decline in the overall debt. Ind-Ra expects AB's
credit metrics to remain healthy in FY22, despite the planned capex
of INR50 million, as the scheduled repayments of long-term loans
would lead to a decline in the net borrowings and associated
interest obligations.

The ratings are also supported by the proprietor's (Ajay Singh)
over two decades of experience in the construction business.

Liquidity Indicator- Stretched: AB's average maximum utilization of
fund-based facilities was 75% in the last 12 months ending June
2021. The working capital cycle is elongated but remained at
comfortable level at 26 days in FY21 (FY20: 20 days). Historically,
the company's cash flow from operations (CFO) and free cash flows
(FCF)  have been volatile; however, due to lower EBITDA yoy in
FY20, the CFO and the FCF turned negative. The CFO and FCF however,
turned positive in FY21 to INR132.87 million (FY20: negative
INR39.79 million) and to INR22.29 million (negative INR43.45
million) owing to the improvement in the absolute EBITDA. AB did
not avail the Reserve Bank of India-prescribed debt moratorium but
availed of the emergency credit line of INR2.2 million.

The ratings are constrained by AB's high geographical risk, as most
of its projects are concentrated in Uttar Pradesh. High
susceptibility to government regulations due to the company's
tender-based business and high competition further constrains the
ratings.

RATING SENSITIVITIES

Positive: Substantial increase in the scale of operations, along
with an improvement in the order book position while maintaining
the credit metrics, along with an improvement in the liquidity
position could be positive for the ratings.

Negative: A decline in the scale of operations, leading to a
deterioration in the credit metrics and the liquidity position, all
on a sustained basis, will be negative for the ratings.  

COMPANY PROFILE

Established in 2001, Ajay Builders is proprietorship firm
registered as Class A contractor in Uttar Pradesh. It is engaged in
civil and road construction for Public Works Department (PWD).

ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archis
Packaging India Private Limited (APIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     0.75      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital        6.25      CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with APIPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

APIPL was set up as a proprietorship firm in 1998 and reconstituted
as a private limited company in 2003 with Mr. Balasaheb Sudam Karle
and Mr. Sudam V Karle as the new directors. The firm manufactures
corrugated boxes and cartons (100 gram to 2 kilogramme range) using
kraft paper. Plant is in Talegaon, Pune, and operations are managed
by Mr. Navnath Sudam Karle, son of Mr. Sudam V Karle. Boxes are
priced at INR20-150 per unit.

ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atarson
Overseas Private Limited (SBRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             60       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan                9       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SBRM for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SBRM was incorporated by Gupta family of Bareilly in 2011. It is
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk. Mr. Rachin Gupta and Ms Seema Gupta are the
promoters of the company. Mr. Rachin Gupta is also engaged managing
day to day activity of the business.


BABA SAW: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baba Saw Mill
(BSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Letter of Credit        7        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BSM for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BSM, a proprietorship firm of Mr. Praful Ramjibhai Jharu formed in
December 2011, processes timber logs. The firm commenced commercial
operations in February 2012. It processes pine wood, and plans to
set up capacity to process teak wood, sal wood, and hard wood. Its
facility is at Padana in Kutch, Gujarat.


BENARJEE POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benarjee
Poultry Farms (BPF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.8      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               5.2      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BPF for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2009 in Krishna district in Andhra Pradesh, Partners
are Ms. Prathiba Bharathi and K Benarjee. BPF is engaged in the
poultry business.


CHADDA ROADLINES: CRISIL Lowers Rating on INR20.50cr Loans to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shree
Chadda Roadlines (SCR) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    20.0       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SCR for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCR Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

SCR was established in 2008, in Chandrapur-Maharashtra, by Mr.
Mohit Chaddha and family members. SCR is engaged in third party
logistics solutions to primarily cement companies. It owns a fleet
of 384 vehicles.


CHANDULAL CHANDRAKAR: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chandulal
Chandrakar Memorial Hospital Private Limited (CCMHPL) continues to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              130       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CCMHPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CCMHPL was set up in 1997 by Dr Mangal Prasad Chandrakar. It runs a
200-bed multi-speciality hospital in Bhilai and a 500-bed
hospital-cum-medical college in Durg (both in Chhattisgarh).


GREEN FIELD: CRISIL Lowers Rating on INR10cr Loans to D
-------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Green Field Hi-Tech Rice Mill (GFL; part of the
Senthiyappa group) to 'CRISIL D' from 'CRISIL BB-/Stable'. The
downgrade reflects continuous delay in debt servicing for the last
six months due to weak liquidity.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Term Loan     3.0       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan              0.5       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating also reflects susceptibility to changes in government
regulations and below average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
Senthiyappa group's partners in the rice milling business.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of GFL and its associate concern Senthiyappa Modern Rice
Mill (SMRM), together referred to as the Senthiyappa group. The two
firms are in the same business, have a common management team, and
have significant operational synergy.

Key Rating Drivers & Detailed Description

* Delays in debt servicing: There has been continuous delay in debt
servicing for the last six months on account of Covid-19 impact on
the business leading to stretched liquidity.

Weakness:

* Susceptibility to changes in government regulations: The domestic
rice industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism, which
affects the credit quality of players. The minimum support price of
paddy and prevailing rice prices are key determinants of a rice
mill's profitability.

* Below average financial risk profile: Networth is estimated at a
modest INR3.6 crore, and gearing high at 4 times, as of March 31,
2021 Debt protection metrics are modest, with an estimated interest
coverage of around 1.5 times for fiscal 2021. The financial risk
profile is expected to remain below average over the medium term
due to high reliance on debt to fund working capital requirements.

Strength:

* Partners' extensive experience in the rice milling business: The
partners' experience and understanding of the market dynamics
market should continue to support the Senthiyappa group's business
risk profile.

Liquidity: Poor

Liquidity is poor, as reflected in the continuous delays in debt
servicing for the last six months due to poor liquidity.

Rating Sensitivity factors

Upward Factors

* Track record of timely repayment of debt
* Increase in revenue and operating margin

Established in 1987 by Mr. V S Madasamy as a partnership concern,
SMRM processes rice at its manufacturing facilities in Tamil Nadu.
The day to day operations are managed by Mr.Kannan. Established in
2010 by Mr. Kannan as a proprietary concern, GFL processes rice at
its facilities in Tamil Nadu.


GVR AJMER: Ind-Ra Withdraws 'D' Bank Loan Rating on INR3,187.5BB
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GVR Ajmer Nagaur
Tollway Private Limited's bank loan rating as follows:

-- The 'IND D' rating on the INR3,187.5 bil. Bank loan (long-
     term) is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the loans
have been paid off through a one-time settlement by the authority
(Ministry of Road Transport and Highways). This one- time
settlement was through a tripartite agreement signed between the
lenders, concessionaire, and the authority.

COMPANY PROFILE

GVR Ajmer Nagaur Tollway, a special purpose vehicle owned by GVR
Infra Projects Limited, has been established to construct, operate
and maintain the two-laned Ajmer-Nagaur section of National
Highway-89 in Rajasthan under a 21-year concession from the Public
Works Department, Rajasthan, on a design, build, finance, operate
and transfer basis.

GVR BEHARI HANUMANA: Ind-Ra Keeps D Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Behari
Hanumana Tollway Private Limited's term loan ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1,086.9 bil. Term loan (Long-term) due on October 2025
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVR Behari Hanumana Tollway, which is wholly owned by GVR Infra
Projects Ltd, has been granted a 15-year
design-build-fund-operate-transfer concession by Madhya Pradesh
Road Development Corporation for the two-laning of the
Behari-Hanumana section from 110km of NH-75(E) to 243km of NH-7.

GVR NAGAUR: Ind-Ra Withdraws 'D' Bank Loan Rating on INR3.150BB
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GVR Nagaur
Bikaner Tollway Private Limited's bank loan rating as follows:

-- The 'IND D' rating on the INR3.150 bil. Bank loan is
     withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the loans
have been paid off through a one-time settlement by the authority
(Ministry of Road Transport and Highways). This one- time
settlement was through a tripartite agreement signed between the
lenders, concessionaire, and the authority.

COMPANY PROFILE

GVR Nagaur Bikaner Tollway is a special purpose vehicle fully owned
by GVR Infra Projects Limited. It was incorporated for the
development and operation of a 108.26km section on the
Nagaur-Bikaner stretch of National Highway-89 in Rajasthan.

GVR PANNA AMANGANJ: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Panna
Amanganj Tollway Private Limited's term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR870.7 mil. Term loan (Long-term) due on November2025
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
August 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVR Panna Amanganj Tollway has been granted a 15-year
design-build-fund-operate-transfer concession by Madhya Pradesh
Road Development Corporation Limited for the expansion of a 58.18km
part of the Panna-Amanganj section of State Highway-47 into two
lanes.

HARI OM: CRISIL Lowers Rating on INR24cr Loans to B
---------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Hari
Om Industries Limited (HIL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             20       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan                4       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with HIL for
obtaining information through letters and emails dated December 18,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HIL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

Incorporated in 2009, by promoters, Mr. Surendra Kumar Gupta, Mr.
Virendra Kumar Gupta, and Mr. Rajendra Kumar Gupta, HIL
manufactures Kraft paper at its unit in Dhankutti, Kanpur.
Operations began in 2011.


HITECH PRINT: CRISIL Withdraws D Rating on Various Bank Debts
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on INR10 Crore Cash Credit,
INR4.5 Crore Letter of credit & Bank Guarantee, INR3.8 Crore
Proposed Fund-Based Bank Limits and INR1.49 Crore Term Loan of
Hitech Print Systems Limited (HPSL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.

CRISIL Ratings said the ratings on bank facilities of HPSL continue
to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           10        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of credit       4.5      CRISIL D (ISSUER NOT
   & Bank Guarantee                COOPERATING; Rating Withdrawn)

   Proposed Fund-         3.8      CRISIL D (ISSUER NOT
   based Bank Limits               COOPERATING; Rating Withdrawn)

   Term Loan              2.7      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan              1.49     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with HPSL for
obtaining information through letters and emails dated May 23, 2020
and November 14, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on INR10 Crore Cash Credit,
INR4.5 Crore Letter of credit & Bank Guarantee, INR3.8 Crore
Proposed Fund-Based Bank Limits and INR1.49 Crore Term Loan of HPSL
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

HPSL was set up in 1986 as a wholly-owned subsidiary of Anjani
Projects and Construction Ltd (APL), promoted by Mr. KV Vishnu Raju
and his family members. The Hyderabad-based company offers printing
solutions to a wide range of companies across industries. It is
approved by the Indian Banks' Association, and is also a member of
Print Services and Distribution Association.


HKR ROADWAYS: Ind-Ra Withdraws 'D' Bank Loan Rating on INR15.250BB
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn HKR Roadways
Limited's (HKRRL) bank loans' rating as follows:

-- The 'IND D' rating on the INR15.250 bil. Bank loans (long-
     term) is withdrawn.

KEY RATING DRIVERS

The lenders of HKRRL had entered into a settlement agreement on
March 26, 2021. As per the agreement, a one -time settlement of
INR7,948.40 million was paid for the total outstanding dues (as on
November 1, 2019: INR14,228.50 million) for all the lenders on May
13, 2021. Ind-Ra is no longer required to maintain the rating, as
the agency has received a no-dues certificate from the rated
facilities' lenders.

COMPANY PROFILE

HKRRL is a special purpose company incorporated to implement a lane
expansion (to four lanes from two lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from Andhra Pradesh Road Development Corporation.

HOTEL DEE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel Dee Emm
Residency (HDER) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility     0.1       CRISIL D (Issuer Not
                                    Cooperating)

   Rupee Term Loan        9.9       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HDER for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership firm in 2014 by Mr. Tek Chand Sood, Ms
Madhu Sood, and Mr. Sumit Sood, HDER operates Hotel Dee Emm
Residency in Shimla. The hotel, which had 5 rooms, is being
expanded to 47 rooms, and will also have a restaurant, coffee shop,
lounges, and a conference hall. Post-renovation and expansion, the
hotel is expected to commence operations in the fourth quarter of
fiscal 2018.


INNOVATIVE TYRES: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Innovative Tyres
and Tubes Limited's (ITTL) Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limit (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR160 mil. Non-fund-based working capital limit (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR80.6 mil. Term loan (Long-term) due on March 2023
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects ITTL's delays in debt servicing during July
2021, the details of which are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, Gujarat-based ITTL manufactures automotive
and industrial tyres and tubes for two-, three- and four-wheelers.
It has two manufacturing plants in Halol, Gujarat, with a total
annual capacity of 12,000 metric tons. Mukesh Gunvantrai Desai and
Pradipkumar Ravichandra Kothari are the promoters.

J. K. INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of J. K.
Industries - Shamli (JKI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6.7      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-          0.3      CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with JKI for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JKI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JKI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of JKI to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 1983, JKI, is a sole proprietorship firm engaged in
the manufacturing of wide range of sulphur products like sulphur
rolls, sulphur lumps, sulphur powder, sulphur granules. It is
promoted by Mr. Satish Goel. Its manufacturing facilities are
located in Shamli, Uttar Pradesh.


JAYASHEEL N SHETTY: Ind-Ra Hikes LT Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shri Jayasheel N
Shetty's (SJNS) Long-Term Issuer Rating to 'IND BB+' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limits Long-term rating

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

-- INR145 mil. Non-fund-based limits affirmed with IND A4+
     rating.

The upgrade reflects the improvement in SJNS's scale of operations
along with its continued comfortable credit metrics.

KEY RATING DRIVERS

SJNS's revenue increased to INR2,484 million in FY21 (FY20:
INR1,421 million), driven by the execution of higher number of
projects during the year. The revenue grew at a CAGR of 41% over
FY18-FY21. In FY21, SJNS derived 98% of its revenue from the
construction sector and 2% from restaurants. The entity achieved a
revenue of INR963 million in 1QFY22.  At FYE21, SJNS's order book
was worth of INR4,140 million, providing moderate revenue
visibility of 1.67x of the FY21 revenue. Furthermore, SJNS is at
the L1 position for orders worth INR2,308.5 million, which further
improves its revenue visibility. Ind-Ra expects the revenue to
increase on a yoy basis in FY22.

Additionally, SJNS's credit metrics remained comfortable in FY21,
backed by an increase in the absolute EBITDA to INR304.5 million
(FY20: INR147.6 million), resulting from the growth in the scale of
operations, and low reliance on external debt. The net financial
leverage (total adjusted net debt/ operating EBITDAR) weakened
slightly to 0.28x in FY21 (FY20: 0.1x) due to higher utilization of
the working capital limits. The gross interest coverage (operating
EBITDA/gross interest expense) improved to 24.5x in FY21 (FY20:
13.9x), led by the increase in the EBITDA.

The ratings reflect SJNS's high geographical concentration, as more
than 90% of its pending orders are from the state government of
Karnataka. Furthermore, the firm also faces sector concentration
risk, as most of its orders are for the construction of canals and
dams, largely in Karnataka.

The ratings are supported by the healthy EBITDA margin, though it
was volatile over FY19-FY21. The EBITDA margin of the company is
likely to hover between 10%-12% over FY22-FY23. The EBITDA margin
rose to 12.3% in FY21 (FY20: 10.4%; FY19: 13.1%) because of a fall
in raw material and personnel expenses. The ROCE was 45.6% in FY21
(FY20: 37.6%).

Liquidity Indicator- Adequate: SJNS's average maximum utilization
of the fund-based working capital limits was 31.0% during the 12
months ended May 2021. The cash flow from operations turned
negative at INR211.7 million in FY21 (FY20: INR118.8 million) due
to an increase in the working capital requirements. The cash and
cash equivalent stood at INR16.16 million at FYE21 (FYE20: INR22.0
million). The working capital cycle elongated to 93 days in FY21
(FY20: 38 days) owing to a decline in the creditor days to 21 days
(82 days). The debtor days remained moderately high and stable at
96 days in FY21 (FY20: 95 days), as the company's biggest customer
is the state government of Karnataka. The working capital cycle of
the company is likely to remain elongated over FY22-FY23, as the
customer profile is unlikely to change.

The ratings are also supported by the promoter's experience of two
decades  in the construction of roads, bridges and such other
projects.

RATING SENSITIVITIES

Negative: The revenue falling below Ind-Ra's expectations and/or
decline in margins, resulting in the interest coverage falling
below 2x, will lead to a negative rating action.

Positive: An improvement in the revenue through geographic
diversification, along with the interest coverage remaining above
2.5x, will lead to a positive rating action.

COMPANY PROFILE

Established in 2006 as a proprietorship entity, SJNS is run by
Jayasheel Narayana Shetty. The firm is engaged in the civil
construction work of roads, bridges, canal works, barrage works and
lift irrigation works. The entity only takes up government projects
(on tender basis).  The entity also operates a bar and restaurant
in Karnataka.

KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kharewali
Steel Private Limited (SVIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             35       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1995, SVIPL is promoted by Mr. Pravin Khade, Mr.
Rajesh Grover and Mr. Narendra Sharma. Company is engaged in
trading of MS structural steels (angles, plates, channels TMT bars
etc.) and has started manufacturing of TMT bars.


MAVERICK PRINT: Placed in Voluntary Administration
--------------------------------------------------
Print21 reports that controversial Melbourne print business
Maverick Print Group, which caused uproar in the Melbourne print
community two years ago, and then changed its name to MVP Print, is
in voluntary administration.

Print21 relates that the printer is now being run under license by
a third party, with the adminstrator aiming to present a vote to
creditors to accept a deed of company arrangement (DOCA) in a month
or so.  The DOCA would enable a third party to take over the
business, paying creditors an agreed number of cents in the dollar,
by an agreed time.

According to Print21, Maverick came into being in June 2019, just
as nearby deeply indebted Dark Horse Print went into liquidation.
Maverick caused consternation in the Melbourne industry when local
printers realised it was registered to Sorcha Hopmans as the sole
director and shareholder.  Ms. Hopmans was the fiancee of Steve
Roberts, the owner of Dark Horse, which went into liquidation with
some AUD2 million worth of debts.

Two months after it started trading, Maverick changed its trading
name to MVP Print, Print21 relays.  It was operating from the old
Longbeach Press building at 1 Rutherford Road, Seaford.  Australian
Trade Printers also moved into that building, vacating the premises
it shared with Dark Horse on the Nepean Highway in Mornington.

Ms. Hopmans in fact was the person who originally registered the
Dark Horse Print & Design trading name in August 2005, and had it
as a sole trader until 2010.  She continued working with the
company until at least April 2019.  Ms. Hopmans remained as sole
director of Maverick/MVP during its two year run.

Print21 says the new Maverick had a sophisticated website, with
online chat, offering a range of products able to be ordered
online, and which bore a similarity to the products offered by Dark
Horse.

Unsecured Dark Horse creditors were looking at zip for their
outstanding invoices, as they were last in line behind the employee
claims and the secured creditors, according to Print21.  The long
list of unsecured creditors included equipment suppliers, paper
merchants, freight companies, myriad trade suppliers and small
businesses.

Dark Horse debts topped AUD2 million, with AUD1.15 million owed to
unsecured creditors, AUD765,000 owing on a debenture over the
company's assets, and AUD225,000 to preferential creditors, The
Print discloses.

The DOCA is a controversial, although completely legal mechanism;
it enables a business to continue trading by allowing it to shed
debt, subject to creditor approval, The Print notes. Critics said
it enables unsustainable businesses to charge lower prices and
distort the market, as their costs have been slashed, and means
while rivals are still paying 100 per cent of their bills to
suppliers and the ATO, the DOCA company is only paying a fraction
of that.


MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Milestone
Enterprises (ME) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              1       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash            0.5     CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Term Loan                4       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ME for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MSE is a proprietorship firm promoted in 2015 by Mr. Bhagat Singh.
It is engaged in the manufacturing of corrugated boxes for packing
automotive spare parts, fast-moving consumer goods, and agro-based
products. The firm is also setting up a unit to manufacture
rubber-related automotive spare parts. It also trades in auto
parts.


NAGARJUNA FERTILIZERS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nagarjuna
Fertilizers and Chemicals Limited's (NFCL) Long-Term Issuer Rating
at 'IND D'.

The instrument-wise rating actions are:

-- INR8.03 mil. Fund-based limit (Long-term) affirmed with IND D
     rating;

-- INR11.80 mil. Non-fund-based limit (Short-term) affirmed with
     IND D rating; and

-- INR4.73 mil. Long-term loans due on FY21-FY24 affirmed with
     IND D rating.

KEY RATING DRIVERS

The affirmation reflects NFCL's continued delays in debt servicing
during the 12 months ended March 2021, as per the documents filed
by the company on the Bombay Stock Exchange, due to its tight
liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a positive rating action.

COMPANY PROFILE

Established in 1987, NFCL manufactures and supplies plant
nutrients. The company has two urea plants in Andhra Pradesh, with
total capacity of 1.19mmtpa. It also trades in other fertilizers
such as di-ammonium phosphate, mono-ammonium phosphate, muriate of
potash, water-soluble fertilizers, micronutrients, bio-products,
customized fertilizers, and seeds.

NARAYAN BUILDERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sree Narayan
Builders' (SNB) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR350 mil. Fund-based working capital limit assigned with IND

     BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect SNB's small scale of operations, as indicated
by the revenue of INR1,974.56 million in FY21 (FY20: INR1,970.5
million). The revenue was almost flat in FY21 owing to the COVID-19
led lockdown. The firm booked revenue of INR477.3 million in
1QFY22. The agency expects SNB's revenue to remain at FY21's level
in FY22 owing to flat demand. FY21 financials are provisional in
nature.

The ratings also factor in SNB's modest EBITDA margin of 2.34% in
FY21 (FY20: 1.98%) with a return on capital employed of 11.4%
(13.4%). The margin expanded in FY21 due to an increase in its
other operating income. The management expects the EBITDA margin to
remain flat in FY22.

The ratings also reflect SNB's weak credit metrics, as reflected by
the interest coverage (operating EBITDA/gross interest expenses) of
1.48x in FY21 (FY20: 1.28x) and the net leverage (total adjusted
net debt/operating EBITDAR) of 6.33x (7.35x). The credit metrics
improved in FY21 due to an increase in the absolute EBITDA to
INR46.21 million (FY20: INR38.98 million). The agency expects the
firm's credit metrics to remain at similar levels in FY22, due to
the absence of a debt-led capex plan.

Liquidity Indicator - Stretched: SNB's average maximum utilization
of the fund-based limits was 76.03% during the 12 months ended June
2021. Its cash flow from operations and free cash flows turned
positive to INR39.36 million in FY21 (FY20: negative INR118.52
million) and to INR40.28 million (negative INR118.52 million) due
to favorable changes in its working capital requirements. The
firm's moderate net working capital cycle elongated to 59 days in
FY21 (FY20: 54 days) due to shorter credit days. The cash and cash
equivalents stood at INR93.31 million at FYE21 (FYE20: INR8.84
million). SNB does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. It availed of the Reserve Bank of India-prescribed
moratorium over March-August 2020.

However, the ratings are supported by the promoters' nearly three
decades of experience in the industry. This has facilitated the
firm to establish strong relationships with suppliers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics with the interest coverage
exceeding 1.8x, while maintaining the liquidity will be positive
for the ratings.

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or deterioration in the
liquidity profile will be negative for the ratings.

COMPANY PROFILE

Sree Narayan Builders (SNB) is a distributor of thermo mechanical
treatment rods, steels and roof sheets in South Bengal region, with
a presence of over 30 years. It procures materials from Jindal
Steel & Power Ltd., JSW Steel Coated Product, SPS Steel Rolling
Mills Ltd., etc. and furthers distributes it to the dealers.


NGRT SYSTEMS: Ind-Ra Withdraws BB+ Issuer Rating, Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn NGRT Systems
Private Limited's Long-Term Issuer Rating of 'IND BB+'. The Outlook
was Negative.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR100 mil. Fund-based working
     capital limits is withdrawn; and

-- The 'IND BB+' rating on the INR10 mil. Non-fund-based working
     capital limits is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no due certificates from the lenders. The agency will
no longer provide analytical and rating coverage for NGRT Systems.

COMPANY PROFILE

NGRT Systems was established in 2010 and started its operations in
2011. It is a premium reseller of Apple products in Maharashtra,
Madhya Pradesh and Chhattisgarh. The company is headed by Shantanu
Gadre and Pranoti Gadre.

PBR SELECT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PBR Select
Infra Projects (PBRS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee           2       CRISIL D (Issuer Not
                                    Cooperating)

   Secured Overdraft        6       CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with PBRS for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2010 as a partnership firm, PBRS undertakes civil
construction activities, primarily in construction of roads,
bridges and flyovers. Based out of Hyderabad (Telangana), the firm
is managed by Mr. P Bhaskar Reddy and his family.


R.A. MOTORS: CRISIL Withdraws D Rating on INR17.50cr Loans
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on INR7.5 Crore Cash Credit
and INR10 Crore Electronic Dealer Financing Scheme(e-DFS) of R.A.
Motors Private Limited (RAMPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

CRISIL Ratings said the ratings on bank facilities of RAMPL
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7.5      CRISIL D (Issuer Not
                                    Cooperating/Withdrawn)

   Channel Financing       9.5      CRISIL D (Issuer Not
                                    Cooperating)

   Corporate Loan          3.0      CRISIL D (Issuer Not
                                    Cooperating)

   Electronic Dealer      10.0      CRISIL D (Issuer Not
                                    Cooperating/Withdrawn)

CRISIL Ratings has been consistently following up with RAMPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on INR7.5 Crore Cash Credit
and INR10 Crore Electronic Dealer Financing Scheme(e-DFS) of RAMPL
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

RAMPL, incorporated in 2004, is an authorized dealer for TML's CVs
with four showrooms and nine sales offices covering Etah,
Moradabad, Badaun, Kasganj, Sambhal, Amroha, and Bareilly, in Uttar
Pradesh. The Etah-based company deals in the entire range of TML's
commercial as well as passenger vehicles. Mr. Ajay Chaturvedi is
the promoter.


R.B. RUNGTA: CRISIL Lowers Rating on INR8.50cr Loans to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of R.B.
Rungta Steels and Food Products Private Limited (RBSFPPL) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

   Proposed Fund-        0.25       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

   Term Loan             2.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with RBSFPPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RBSFPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RBSFPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RBSFPPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

RBSFPPL, incorporated in 1985 and based in Durg, Chhattisgarh, is
owned and managed by the Rungta family. The company processes and
sells wheat products such as maida, sooji, atta, and bran. It had
been operating a steel rolling mill until 2002, and commenced wheat
processing from May 2015.


RBA FINANCE: Ind-Ra Keeps 'BB-' Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RBA Finance
Private Limited's bank loans rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR141 mil. Bank loans maintained in non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 24, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1996, RBA Finance is a Reserve Bank of India-registered
non-bank finance company-asset finance company that finances
automobiles. Its head office is in Agra, Uttar Pradesh.


RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RPN Engineers
Chennai Private Limited (RPN) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.76      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1.25      CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import          2.50      CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Term Loan              0.02      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RPN for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RPN was incorporated as partnership firm 'Lookmans Engineers and
Contractors' during 1995. The partnership firm was converted into a
Private Limited Company in May 1999. The company is promoted by
Mr.Laqman Basha.


S. S. AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. S. Agro
(SSA; part of the SS group) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             20       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSA for
obtaining information through letters and emails dated December 18,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SSA and SS Overseas (SSO),
because the two firms, together referred to as the SS group, are in
the same line of business, with common promoters and management,
and strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the market
rate, and have been in the business for over three years.

The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.


S.M.T. HI-TECK: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. M. T.
Hi-Teck Polymer (SMT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.75      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SMT for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMT was established as a proprietorship firm by Mrs.Tulasi Rani in
2012 in Muthukrishnaperi, Tamil Nadu. The firm is engaged in the
manufacturing of poly-phenylene oxide (PPO) bags for the sugar,
rice, cement and flour industries.


S.S. OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.S. Overseas
(SSO; part of the SS group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           19.94      CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.06      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSO for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SSO and S. S. Agro (SSA),
because the two firms, together referred to as the SS group, are in
the same line of business, with common promoters and management,
and strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the market
rate, and have been in the business for over three years.

The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.

SAI PRINT: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sai
Print & Pack (SPP) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Loan Against            3        CRISIL D (ISSUER NOT
   Property                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SPP for
obtaining information through letters and emails dated June 30,
2021, July 7, 2021 and July 13, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPP
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SPP to 'CRISIL D Issuer not cooperating'.

SPP, was established in 1999 as a proprietorship firm by Mr. Anuj
Dayal, SPP manufactures mono-corrugated, non-corrugated, and
printed cartons at its manufacturing facility in Palwal, Haryana.


SAMUDRA SHIPYARD: CRISIL Lowers Rating INR4cr Bank Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Samudra Shipyard Private Limited (SSPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'. The rating downgrade reflects delays
in servicing debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit             3        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      0.70     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Working Capital         0.55     CRISIL D (Downgraded from
   Term Loan                        'CRISIL B+/Stable')

The ratings reflect the modest scale of operations & product mix
and modest financial risk profile. These rating weakness are
partially offset by promoters' extensive experience in the
shipbuilding industry.

Analytical Approach

Unsecured loans of INR42 lakh as on March 2020, from promoters have
been treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations & product mix: SSPL has been in
business for around three decades, but the scale of operations
still remains modest with net sales estimated at INR8 cr. in fiscal
2021. The company has around 16 different products in its portfolio
with varying operating margins. The operating margins have been
fluctuating in the past four years due to the product mix. Further,
amidst ongoing pandemic, operations were suspended for more than 2
months in the first quarter, sales growth rate is expected to
remain muted over the medium term.

* Modest financial risk profile: The company has a modest financial
risk profile marked by TOLTNW of more than 3 times as on March 31,
2021. The same is due to modest net worth of around INR3 cr. as of
March 31, 2021. In addition, SSPL's debt protection metrics are
also modest.

Strengths:

* Extensive experience of the promoters: SSPL was initially
established in the year 2003 as a private limited company. SSPL is
promoted by the Mr. Jeevan, Mr. Harish and Mr. Arun who have an
extensive experience of more than 30 years in the shipbuilding
industry. Over the years they have established healthy
relationships with government entities and various other private
companies which enable it to get healthy orders from them.

Liquidity: Poor

With average month-end bank limits almost fully utilized, liquidity
is likely to remain under pressure over the medium term, mainly due
to large working capital requirements. Given the economic slowdown
because of Covid-19, sales have been modest resulting in lower than
expected profitability.

The company has confirmed to applying for one-time restructuring of
its bank facilities on 10th June 2021 under the restructuring
scheme as prescribed by the Reserve Bank of India (RBI), in June
2021. As confirmed by the bank, the application has been accepted
and implemented on 14th June 2021. As terms of the OTR, part of CC
limits have been converted into a working capital term loan to be
repaid over 3 years after a 1 year moratorium.

Rating Sensitivity factors

Upward Factors

* Track record of timely payments on working capital limits and
term loan obligations for more than three months
* Sustained improvement in scale of operation by 20% and sustenance
of operating margins at over 12%, leading to higher cash accruals
* Improvement in working capital cycle

SSPL designs, manufactures, supplies and services composite boats
up to 34 m (111 feet) length for Travel, Tourism, Defence and
Fishing. SSPL also manufactures Water Sport Equipment, Marker Buoys
and other marine-related products.


SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Shandar
Snacks Private Limited (SSSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.75       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1.50       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        8.75       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSSPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in May 2013, SSSPL manufactures ready-to-eat nachos in
six different flavors and sells 100 percent of its produce, under
the brand name 'Tastilo'. SSSPL has set-up a manufacturing facility
at Kashipur, Uttarakhand.


SHEYN INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sheyn
International School (SIS) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        7.25       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SIS was set up in 2013 as a unit of Shaurya Jyoti Foundation (also
set up in 2013); it runs two schools, one each in Mango and Kandra,
both in Jamshedpur (Jharkhand). Mr. Avinash Singh manages the
operations.


SUDHA BUSINESS: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sudha
Business Enterprises Private Limited (SBEPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inventory Funding      11.5      CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Long Term Loan          1.38     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     10.32     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Cash Credit/            9.30     CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SBEPL for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBEPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SBEPL to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2009, Ranchi-based SBEPL is an authorized dealer of
MSIL passenger cars; it also services vehicles and sells spares. It
expanded its business by opening a new Nexa showroom in fiscal
2016. The company was earlier an authorized dealer of BAL's
two-wheelers; it surrendered this dealership in September 2013. Mr.
Rahul Singh, Mr. Abhishek Singh, and Mr. Sunil Singh are the
directors.


VAGHASIYA EXPORTS: CRISIL Moves D Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaghasiya
Exports continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill          2.75       CRISIL D (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)

   Packing Credit in     1.25       CRISIL D (ISSUER NOT
   Foreign Currency                 COOPERATING; Rating Migrated)

   Proposed Short Term   6.00       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with Vaghasiya
for obtaining information through letters and emails dated December
29, 2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1994 in Mumbai as a partnership firm by Mr. Mansukh Patel
and Mr. Pankaj Mistry (equal partners), Vaghasiya cuts and polishes
imported rough diamonds (mainly white, in 0.1 cents-1 carat range),
which it export to Belgium, Hong Kong, and Israel. The firm
outsources its unit to associate concern in Dahisar, Maharashtra.


VARDHAMAN EDUCATIONAL: CRISIL Moves B+ Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Vardhaman Educational Society (VES) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         1.20      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.55      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Secured Overdraft      8.75      CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VES for
obtaining information through letters and emails dated July 7, 2021
and July 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VES
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of VES to 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 1999, VES runs Vardhaman College of Engineering in
Hyderabad. The college offers six undergraduate (B Tech-CSE, IT,
ECE, EEE, ME, and CE) and seven postgraduate programs. Currently,
the society has a total strength of around 4,500 students and 580
staff. It was set up by Mr. T Vijender Reddy, a former orthopaedic
surgeon. VES is an ISO 9001:2015 certified institution.


VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vashu Yarn
Mills India Private Limited (VYPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.32      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       1.00      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              4.68      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VYPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam, Tamil Nadu, has installed capacity of 18,000
spindles. The company also generates wind power, and has installed
capacity of 2.35 megawatt.


VSC INFRA: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of VSC
Infra Private Limited (VSC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        12.06      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            5.00      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Bank          0.94      CRISIL D (ISSUER NOT
   Guarantee                        COOPERATING)

CRISIL Ratings has been consistently following up with VSC for
obtaining information through letters and emails dated January 30,
2021 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VSC, incorporated in July 2008 at Hyderabad, undertakes power
construction projects; drilling and blasting for rock excavation;
lift irrigation projects; branch canals; earth work; excavation;
embankment; structures of printed circuit board; track conversion
in railways; and construction of embankment of dam project. Revenue
is majorly generated from executing construction work for the
Indian Railways and the Government of Telangana.


ZONASHA ESTATE: CRISIL Lowers Rating on INR63cr LT Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Zonasha Estate and Projects Private Limited (ZEPPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          63       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with ZEPPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ZEPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZEPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ZEPPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

ZEPPL was incorporated in 2010 by Mr. R Nagaraj to undertake real
estate development in Bangalore.

Zonasha Estate & Projects (ZEP) is a Partnership firm incorporated
by Mr. Nagaraj R to undertake real estate development in Bangalore.
Currently, the firm is executing two projects in residential
segment in Bangalore.

Mr. Nagaraj is the president of CREDAI, Bangalore and has
experience of 25 years in real estate development. Mr. Nagaraj also
holds few commercial properties in his own personal capacity.




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

[*] NEW ZEALAND: Liquidations Loom as Commercial Defaults Rise
--------------------------------------------------------------
Radio New Zealand reports that a surge in company liquidations is
looming as more firms are default on their debt.

RNZ, citing data from the credit reporting bureau Centrix,
discloses that commercial defaults rose by 6 percent over the June
quarter to 1,700, with the average default at about NZD4,000.

"Defaults have been trending up for some period of time now, and
they continue to trend up, and I think they will continue in the
near term as well," RNZ quotes Centrix's managing director Keith
McLaughlin as saying.

"I think that's a sign there is a some stress, particularly in the
SME (small and medium enterprise) market, and that is an alarming
issue for me looking forward."

He said many smaller firms were experiencing cash flow issues.

"Even whilst that hasn't yet flowed through into company
liquidations, there's always a lag between companies starting to
slip up on the payments and go into arrears, and then into default
and then going to into liquidation."

RNZ relates that Mr. McLaughlin said it sent a signal that
liquidations might rise as well, although an 8 percent increase in
business closures over July, had been largely voluntary, and not
because firms were insolvent.

He said despite the concerns, the general business environment
appeared to be positive, with new company registrations rising by 5
percent over July, the report relays.

The experience of consumers in the credit market stood in stark
contrast to that of businesses.

RNZ says the number of accounts reported to be in arrears fell 5
percent, while those accounts in hardship dropped 7 percent
month-on-month, to 11,250.

About a third of these were mortgages, 30 percent were credit cards
and a quarter were personal loans.

"All the signals are very strong for consumer credit," Mr.
McLaughlin said.




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

AN HUI: Grant Thornton Appointed as Liquidators
-----------------------------------------------
Paresh Jotangia and Ho May Kee of Grant Thornton Singapore on July
29, 2021, were appointed as liquidators of An Hui Shipping Pte
Ltd.

The liquidators may be reached at:

         Paresh Jotangia
         Ho May Kee
         Grant Thornton Singapore
         c/o 8 Marina View
         #40-04/05 Asia Square Tower 1
         Singapore 018960


NAN YI: Grant Thornton Appointed as Liquidators
-----------------------------------------------
Paresh Jotangia and Ho May Kee of Grant Thornton Singapore on July
29, 2021, were appointed as liquidators of Nan Yi Maritime (Pte.)
Ltd.

The liquidators may be reached at:

         Paresh Jotangia
         Ho May Kee
         Grant Thornton Singapore
         c/o 8 Marina View
         #40-04/05 Asia Square Tower 1
         Singapore 018960


NGS ENGINEERING: Court to Hear Wind-Up Petition on Aug. 27
----------------------------------------------------------
A petition to wind up the operations of NGS Engineering Pte Ltd
will be heard before the High Court of Singapore on Aug. 27, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Aug. 4, 2021.

The Petitioner's solicitors are:

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


PACIFIC MANAGEMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on July 30, 2021, to
wind up the operations of Pacific Management Pte. Ltd.

Norvic Shipping International Ltd. filed the petition against the
company.

The company's liquidators are:

         Mr. Farooq Ahmad Mann
         M/s Mann & Associates PAC
         3 Shenton Way
         #03-06C Shenton House
         Singapore 068805



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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