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

                     A S I A   P A C I F I C

          Friday, September 17, 2021, Vol. 24, No. 181

                           Headlines



A U S T R A L I A

BETTER WAY: First Creditors' Meeting Set for Sept. 28
BEYOND MERCHANT: Second Creditors' Meeting Set for Sept. 24
FOUR PILLAR: Second Creditors' Meeting Set for Sept. 27
RESIMAC PRIME 2021-1: S&P Assigns BB (sf) Rating to Cl. E Notes
RESIMAC TRIOMPHE 2019-2: S&P Raises Cl. E Notes Rating to BB+ (sf)

SPRINGSIDE HOLDINGS: Second Creditors' Meeting Set for Sept. 24
WARATAH ON: Second Creditors' Meeting Set for Sept. 23


C H I N A

CENTRAL CHINA REAL ESTATE: S&P Affirms 'B+' ICR, Outlook Now Neg.
CHINA EVERGRANDE: 9 bonds of Flagship Go on Restricted Trading
CHINA EVERGRANDE: S&P Downgrades ICR to 'CC' on Depleted Liquidity
CHINA EVERGRANDE: Won't Pay Interest to Banks Next Week
CHINA HUARONG: Puts $58.8 Billion of Bad Assets Up for Sale

SINIC HOLDINGS: Fitch Affirms 'B+' LT IDR, Alters Outlook to Neg.
TSINGHUA UNIGROUP: Alibaba, Others Show Interest to Bid for Assets


I N D I A

AIR INDIA: Tata Sons Submits Financial Bid for Ailing Carrier
ALLIGATOR DESIGNS: CRISIL Withdraws B+ Rating on INR5cr Loan
ANANDA AQUA: ICRA Lowers Rating on INR20cr Loan to D
ASEEM EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ATAL TEA: ICRA Withdraws B- Rating on INR9.25cr Cash Loan

B. V. COT SPIN: ICRA Keeps D Debt Ratings in Not Cooperating
CHANDAN TEA: ICRA Withdraws B- Rating on INR10.50cr Cash Loan
CHHATRAPATI KBK: ICRA Keeps C Debt Rating in Not Cooperating
CHHATRAPATI SAMBHAJI: ICRA Keeps B+ Rating in Not Cooperating
DOSHION PRIVATE: Insolvency Resolution Process Case Summary

FORTPOINT AUTOMOTIVE: CRISIL Withdraws D INR16.28cr Loan Rating
GAMMA GREEN: CRISIL Assigns B+ Corporate Credit Rating
IVRCL CHANDRAPUR: ICRA Keeps D Debt Rating in Not Cooperating
JHANAVI HEIGHTS: ICRA Withdraws B+ Rating on INR12cr LT Loan
K2 METALS: ICRA Moves B+ Debt Rating to Not Cooperating

LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
LRN FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating
M V SHIPTRADE: ICRA Keeps B+ Debt Rating in Not Cooperating
MUDRAKSHI HYTECH: ICRA Keeps B+ Debt Rating in Not Cooperating
PANNAGESHWAR SUGAR: ICRA Moves D Debt Ratings to Not Cooperating

PARA PRODUCTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
R.H. SORTEX: ICRA Keeps D Debt Ratings in Not Cooperating
SARAWAGI AUTOMOBILES: ICRA Keeps B Ratings in Not Cooperating
SHAH PACKWELL: CRISIL Reaffirms B- Rating on INR7cr Cash Loan
SHAKTI INDUSTRIES: CRISIL Reaffirms B Rating on INR8.65cr Loan

SYMCOM EXIM: ICRA Keeps B Debt Rating in Not Cooperating Category
TEAM ENGINEERS: ICRA Keeps B- Debt Ratings in Not Cooperating
VASAN HEALTH: Creditors Appeal vs. NCLT Order on Extension
VEERAJ CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating


M A L A Y S I A

AIRASIA X: Obtains Court OK to Move Creditors Meeting to Next Year


S I N G A P O R E

SHL ELECTRICAL: Court to Hear Wind-Up Petition on Sept. 24

                           - - - - -


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

BETTER WAY: First Creditors' Meeting Set for Sept. 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Better Way
Real Estate Pty Ltd will be held on Sept. 28, 2021, at 11:00 a.m.
via Microsoft Teams.

Hugh Armenis and Damien Mark Hodgkinson of Olvera Advisors were
appointed as administrators of Better Way on Sept. 16, 2021.


BEYOND MERCHANT: Second Creditors' Meeting Set for Sept. 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Beyond Merchant
Capital Pty Ltd has been set for Sept. 24, 2021, at 10:30 a.m. via
telephone conference facilities.

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 Sept. 23, 2021, at 5:00 p.m.

Jason Walter Bettles and James Robba of Worrells Solvency &
Forensic were appointed as administrators of Beyond Merchant on
Aug. 23, 2021.


FOUR PILLAR: Second Creditors' Meeting Set for Sept. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Four Pillar
Investments Pty Ltd As Trustee for Four Pillar Investments Unit
Trust has been set for Sept. 27, 2021, at 2:00 a.m. via electronic
means.

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 Sept. 26, 2021, at 5:00 p.m.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of Four Pillar Investments on Aug. 22, 2021.


RESIMAC PRIME 2021-1: S&P Assigns BB (sf) Rating to Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by New Zealand
Guardian Trust Co. Ltd. as trustee of RESIMAC Prime Trust - RESIMAC
Prime Trust Series 2021-1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, and excess spread (if any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 0.75% of the initial aggregate amount of the
notes and principal draws, are sufficient under its stress
assumptions to ensure timely payment of interest on the rated
notes.

-- The extraordinary expense reserve of NZ$150,000, funded at
transaction close and available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by Westpac Banking Corp. and Bank of New Zealand to
hedge the mismatch between receipts from fixed-rate mortgage loans
and the variable-rate RMBS.

-- In 2020, S&P updated its outlook assumptions for New Zealand
RMBS in response to changing macroeconomic conditions as a result
of the COVID-19 outbreak. As of Sept. 13, 2021, there are no
borrowers with COVID-19-related hardship arrangements present
within the pool.

-- Environmental, Social, And Governance (ESG)

S&P said, "Our rating analysis considers a transaction's potential
exposure to ESG credit factors.

"We consider the transaction's exposure to environmental credit
factors to be average. Physical climate risks such as floods,
storms, or bushfires could severely damage properties and reduce
their value. In our view, well-diversified portfolios reduce
exposure to extreme weather events. We have factored the geographic
diversity of the underlying portfolio into our credit analysis.

"For RMBS, social credit factors are generally considered above
average because housing is viewed as one of the most basic human
needs and conduct risk presents a direct social exposure for
lenders and servicers. We review lenders' underwriting practices as
part of our operational risk assessment and factor them into our
credit analysis.

"The transaction's exposure to governance credit factors is below
average, in line with the sector benchmark. Given the nature of
structured finance transactions, most have relatively strong
governance frameworks that typically restrict what activities the
special-purpose entity can undertake. We consider the
risk-management and governance practices in place to be consistent
with industry standards and our benchmark expectations."

  Ratings Assigned

  RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1

  Class A1, NZ$255.00 million: AAA (sf)
  Class A2, NZ$24.60 million: AAA (sf)
  Class B, NZ$6.00 million: AA (sf)
  Class C, NZ$5.40 million: A (sf)
  Class D, NZ$3.75 million: BBB (sf)
  Class E, NZ$2.25 million: BB (sf)
  Class F, NZ$3.00 million: Not rated


RESIMAC TRIOMPHE 2019-2: S&P Raises Cl. E Notes Rating to BB+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2019-2. At the same time, S&P affirmed its ratings
on six classes of notes issued out of the same trust.

The rating actions reflect S&P's view of the credit support
available, which is sufficient to withstand the stresses it
applies. Credit support comprises note subordination for all rated
notes, lenders' mortgage insurance covering 36.0% of the loan pool,
and excess spread, if any.

The underlying collateral pool has a pool factor of 59.9% as of
July 31, 2021. Its overall credit quality continues to improve,
with weighted-average seasoning of 56.1 months and current
weighted-average loan-to-value ratio of 63.3%. These positive
factors reduce S&P's expectation of loss.

The pool displays good asset performance, having tracked below the
Standard & Poor's Performance Index since inception. As of July 31,
2021, loans greater than 30 days in arrears represent 0.21%, of
which 0.07% are more than 90 days in arrears. There have been no
losses to date. In addition, borrowers with COVID-19-related
hardship arrangements make up 1.01% of the pool. However, S&P
believes the continued strong cash-flow generation helps to buffer
the risk of loans under COVID-19 hardship arrangement from moving
into long-term arrears.

The transaction's cash flows support the timely payment of interest
and ultimate repayment of principal to the rated classes of notes
under our rating stress assumptions.

The rated classes of notes are currently paying on a sequential
basis and will transition to a pro-rata basis once the step-down
conditions are met. These include performance triggers and a
call-option trigger. Cash-flow modeling results demonstrated that
there was greater sensitivity to high prepayment scenarios, which
constrain the ratings below levels that cash flow could support.

S&P's expectation is that the various mechanisms to support
liquidity within the transactions, including principal draws, and
an amortizing liquidity facility, are sufficient to ensure timely
payment of interest.

  Ratings Raised

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-2

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

  Ratings Affirmed

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-2

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class A3a: AAA (sf)
  Class A3u: AAA (sf)
  Class AB: AAA (sf)
  Class F: B (sf)


SPRINGSIDE HOLDINGS: Second Creditors' Meeting Set for Sept. 24
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Springside
Holdings Pty Limited formerly known as DFK - Richard Hill Pty
Limited has been set for Sept. 24, 2021, at 11:00 a.m. via virtual
meeting.

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 Sept. 22, 2021, at 5:00 p.m.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of Springside Holdings on Aug. 20, 2021.


WARATAH ON: Second Creditors' Meeting Set for Sept. 23
------------------------------------------------------
A second meeting of creditors in the proceedings of Waratah On
Alstonville Pty Limited has been set for Sept. 23, 2021, at 3:00
p.m. via telephone conference facilities.

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 Sept. 21, 2021, at 5:00 p.m.

Ian James Purchas and Jason Lloyd Porter of SV Partners were
appointed as administrators of Waratah On on June 25, 2021.




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

CENTRAL CHINA REAL ESTATE: S&P Affirms 'B+' ICR, Outlook Now Neg.
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Central China Real
Estate Ltd. (CCRE) to negative from stable. S&P has also affirmed
its 'B+' issuer credit rating and long-term issue rating on the
company's outstanding U.S. dollar senior notes.

S&P said, "The negative outlook reflects our view that CCRE will
face lower sales and slow cash collection. Paying down maturities
with cash in the next six to 12 months could weigh on the company's
liquidity standing and resources for expansion.

"The negative outlook reflects our view that CCRE will face
operational and financial challenges in the next year. While
Henan's economic rebound post-COVID has lagged other provinces and
a recovery from the major flood in July could take time, CCRE has
recently lowered its contracted sales guidance for 2021 to Chinese
renminbi (RMB) 70 billion from RMB80 billion. We believe CCRE will
also need to prioritize its short-term offshore maturities and will
likely repay using internal resources due to market volatility.
This will likely be at the expense of construction and land
spending, taking resources away from business expansion needs."

S&P affirmed the rating on CCRE as it has sufficient resources to
pay down near-term maturities. The company's cash balance, despite
some sitting at the project or joint venture level, can still fully
cover its short-term maturities of RMB8.5 billion. This is partly
supported by its rebound in cash on hand of RMB18 billion (of which
RMB12 billion is unrestricted) as of end August 2021, from a recent
low of unrestricted cash of RMB10.9 billion. This was largely on
the back of effective policy relief by the Henan provincial
government.

CCRE's bullet maturities are well spread over the next few years to
2025, which also alleviates short-term pressure. It also has the
means for cross-border remittance (such as cross-border cash pool
arrangements and dividend distribution) to meet its upcoming
maturity of US$400 million due November 2021.

"Ten measures" policy relief by the Henan provincial government
could offer some respite. S&P said, "We believe the policy,
including tax relief and increasing commercial banks' mortgage
release rates, will help offset some of the difficulties CCRE
faces. The company's cash collection rebounded to 86.3% in August
from 69.4% in the first six months of 2021. The supportive policy
also allows developers to delay construction and project deliveries
affected by the flood without penalties. We therefore believe CCRE
may slow delivery. Flooding occurred in July 2021 and a small
outbreak of COVID in August has affected company's sales,
especially in Zhengzhou."

Tougher market conditions could weigh on CCRE's business operations
and cash flow. Although the company has recovered from slower sales
in July and reached a flat year-on-year growth in contracted sales
for the first eight months, S&P expects the toughening market
conditions will pressure sell-through rates.

Also, as CCRE will prioritize debt repayment, S&Pe forecasts that
it will reduce land investment to 21%-23% of contracted sales this
year (the bulk already spent in the first half), from about 22%-32%
in the past two years. As a result, saleable resources will shrink
by around 5% in 2022 and 2023 under our projections. This is
because CCRE's land bank of 56.2 million square meters includes
some large-scale projects to be launched in phases.

Accelerated margin compression is likely to continue. S&P estimates
the gross margin of CCRE development segment will trend downward to
about 15%-17% in 2021-2022 from the 17.9% realized in the first
half of 2021. The decline is the result of the full year reflection
of its asset-light segment, Central China Management Co Ltd., which
carried a higher margin and was spun off in May 2021. Also,
projects sold with promotions in 2020 will be delivered and booked.
In the first eight months of 2021, the average selling price of its
presales dropped 5% compared with the previous year, partially due
to a change in product mix with more exposure to lower-tier cities,
given that projects in Zhengzhou, the capital of Henan, carried
higher prices and the city was more impacted by flooding.

CCRE's reliance on offshore financing creates higher refinancing
risks. Given the volatility in the offshore capital market for the
sector, we believe the company's access to refinancing will be
uncertain in the next six to 12 months. The company will likely
need to repay offshore maturities with internal resources. As of
June 30, 2021, U.S. dollar senior notes made up over 50% of CCRE's
debt structure.

The well-distributed offshore maturities over the next two to three
years mitigate some risks. In July to August of 2021, CCRE drew
down new domestic bank loans and trust loans. Whether the company
can replace its offshore senior notes exposure with more domestic
funding in its capital structure is untested. After a maturity in
November 2021, CCRE has no offshore bullet maturities until August
2022 of US$500 million.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Natural conditions

S&P said, "The negative outlook reflects our view that CCRE will
face slower sales cash collection. Paying down maturities with cash
in the next six to 12 months could weigh on the company's liquidity
standing and resources for expansion. We continue to expect sales
to meet annual targets and margins to only dampen mildly, owing to
its leading position in its home market. Although liquidity could
diminish due to the maturities, the company's good cash collection
and healthy cash balance continue to support its liquidity
standing."

S&P could downgrade the company if:

-- It cannot rebalance its debt capital structure with financing
such as bank loans and trust borrowings as it continuously pays
down offshore senior notes.

-- It continues to exercise shareholder-friendly measures by way
of dividends while decreasing investment in land and construction.


-- A failure to decrease dividend payout compared with the first
half of 2021 could be an indicator.

-- Its contracted sales and gross margin deteriorate from S&P's
base case such that its consolidated or look-through debt-to-EBITDA
ratios materially worsen from its base case of about 6x.

S&P could revise the outlook back to stable if:

-- It can rebalance its debt capital structure with other
financing such as bank loans and trust borrowing as it lowers its
reliance on offshore borrowing.

-- It maintains its contracted sales of RMB70 billion and
maintains margins in line with our expectations.

-- Its consolidated and look-through debt to EBITDA remains stable
at around 6x.



CHINA EVERGRANDE: 9 bonds of Flagship Go on Restricted Trading
--------------------------------------------------------------
South China Morning Post reports that trading restrictions were
placed on nine onshore bonds sold by China Evergrande Group's
flagship property unit, after a local credit rating agency slashed
the debts' creditworthiness, deepening the woes for the world's
most indebted real estate developer.

Three yuan-denominated bonds valued at CNY28.2 billion (US$4.4
billion) issued by Evergrande's Hengda Real Estate Group unit were
restricted to negotiated transactions on the Shanghai Stock
Exchange, the Post relates citing a statement. On the stock
exchange of Shenzhen in Evergrande's hometown, six bonds valued at
CNY25.3 billion were relegated to the high-volume block
transactions.

The Post relates that the restrictions, imposed after trading of
Evergrande's debt was suspended for a day in both markets, were
triggered by China Chengxin International, which downgraded the
developer's bonds to "A", from "AA". The ratings downgrade
automatically disqualified the bonds from bid-based transactions on
the integrated electronic platform in both markets.

"Negotiated transactions and block trading set a higher barrier
[for traders], usually seen as a way to protect the average
[minority] investor," the Post quotes Zhou Chuanyi, a credit
analyst at Lucror Analytics in Singapore, a saying. "Offshore
investors would take this as a signal to be extremely cautious."

The Post notes that HNA Group, China's largest global asset buyer
spawned from the country's largest privately owned airline, made
similar moves in February, limiting all of its yuan bonds to
negotiation and high-volume trading after it entered bankruptcy
restructuring.

According to the report, the trading restrictions are the latest
woe to befall Evergrande as it struggles for capital to extricate
itself from its US$300 billion of total liabilities. Evergrande's
businesses stretch from its core real estate projects to the
production of electric cars, wealth management and even a football
team in China's Super League.

The company's most active yuan-denominated bonds due in July 2022
have declined to distressed levels, valued at CNY0.27 on the yuan,
from CNY0.83 three months ago when Evergrande's latest debt woes
began anew, the report says.

The Post says the panic on Evergrande's debt was triggered on July
19, when the Yixing branch in Jiangsu province of China Guangfa
Bank froze CNY132 million of the developer's onshore deposits to
recover a loan. The developer eventually repaid its borrowing and
averted the crisis, only to stumble into another.

Evergrande faces a key liquidity test next week when it is due to
pay US$83.5 million in interest payments on September 23 for a
dollar-denominated note, in addition to CNY232 million for a
renminbi note, according to data compiled by Bloomberg.

The company's fortunes had not been helped by Chengxin, which put
Evergrande and its bonds on a watch list for further downgrades,
after slashing their ratings, says the Post. S&P piled in,
downgrading Evergrande's creditworthiness to the junk status of
"CC", implying that the company's bonds are of "very high risk",
non-investment grade.

"The liquidity and funding access of China Evergrande Group are
shrinking severely, as shown by an announced material drop in
sales, a fall in the cash balance, and the continued use of
physical properties to settle payments," S&P said, the Post relays.
"The company may not be able to service debt in time, which will
lead to a default scenario including the possibility of debt
restructuring."

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific in early
August 2021, S&P Global Ratings, 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.


CHINA EVERGRANDE: S&P Downgrades ICR to 'CC' on Depleted Liquidity
------------------------------------------------------------------
On Sept. 15, 2021, S&P Global Ratings downgraded China Evergrande
Group (Evergrande) and its subsidiaries Hengda Real Estate Group
Co. Ltd. and Tianji Holding Ltd. to 'CC' from 'CCC'. S&P also
lowered its long-term issue rating on the U.S. dollar notes issued
by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.

The negative outlook reflects Evergrande's very high nonpayment
risk and probability of debt restructuring.

S&P downgraded Evergrande because the company's liquidity appears
to be depleted. As such, it believes nonpayment risk is extremely
high and could ultimately lead to debt restructuring--meaning a
default scenario is a virtual certainty.

Signs of Evergrande's deficient liquidity are worsening
substantially.Given the company's precarious financial situation,
S&P believes financial institutions are increasingly unwilling to
roll over loan maturities or grant new project loans.

Evergrande's very tight liquidity is manifested by its two
subsidiaries' failure to discharge their guarantee obligations,
amounting to Chinese renminbi (RMB) 934 million, on wealth
management products for retail investors issued by third parties.
S&P's view is that the subsidiaries' failure to fulfil such
guarantees does not directly constitute a default of Evergrande,
given its understanding there are no guarantees between Evergrande
and the subsidiaries in question.

However, such a situation, along with the appointment of financial
advisors to evaluate the company's liquidity and explore solutions
to ease the situation, leads us to believe that Evergrande's
default scenario, which could include debt restructuring, is a
virtual certainty.

Presales slowing will reduce main source of cash inflow. Waning
buyers' confidence and construction suspension of Evergrande's
projects could lead to decreases in contracted sales and saleable
resources on a prolonged basis. This would limit the company's main
source of cash inflow at this point. Evergrande has already
indicated that its contracted sales in September are expected to
significantly decline, despite the low base of RMB38.1 billion in
August.

Evergrande's declining cash and alternative repayment avenues also
demonstrate depleting liquidity. Settlement pressure remains high
because the company will need to repay the contractors who are
unwilling to accept physical properties or commercial bills as
payments. Physical properties payments amounted to RMB25.2 billion
and were part of Evergrande's reported contracted sales in July and
August. The company's unrestricted cash balance has also slumped by
45% in the past six months to RMB86.8 billion.

Evergrande's inability to service its debt is rising. The company's
ability and options to service even just the interest on its debt
has sharply deteriorated, in S&P's view. Evergrande still has a
sizable stock of debt with interest expenses of more than RMB60
billion annually as per its estimate. Semiannual coupon payments on
the company's U.S. dollar senior notes are also imminent, with the
first on Sept. 23 with one more in the same month, and several more
to follow over the next few months. These pose additional
challenges and will likely lead to repayment lapses by Evergrande,
in its assessment.

The company's asset disposals still lack progress and visibility.As
potential buyers face credit tightening, their capacity to make
large-scale acquisitions has weakened, adding to the uncertainty
over Evergrande's ability to raise sufficient cash from
divestments. Despite the company securing some asset sales,
including the disposal of equity stakes and property projects, the
net amount raised was less than RMB15 billion. Due to Evergrande's
sizable debt maturities and liabilities, asset disposals will need
to be much more substantial to avoid a default scenario.

CHINA EVERGRANDE GROUP

The negative outlook for the next 12 months reflects Evergrande's
deficient liquidity, which is leading to a visible nonpayment and
default scenario. In S&P's view, substantial asset disposals are
key to the company's repayment ability, for which both scale and
timing are now under great pressure.

S&P said, "We could lower the rating if the company misses any
interest or principal repayments, including any bank or trust
loans. We could also lower the rating if Evergrande executes a debt
restructuring, which we would consider a default.

"We could raise the rating if Evergrande can obtain significant new
funds, possibly via very substantial asset disposals, to avoid a
default scenario."

HENGDA REAL ESTATE GROUP CO. LTD.

The negative rating outlook on Hengda for the next 12 months
mirrors that on its parent, Evergrande.

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

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

TIANJI HOLDING LTD.

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

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

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


CHINA EVERGRANDE: Won't Pay Interest to Banks Next Week
-------------------------------------------------------
Bloomberg News reports that Chinese authorities have told major
lenders to China Evergrande Group not to expect interest payments
due next week on bank loans, according to people familiar with the
matter, taking the cash-strapped developer a step closer to one of
the nation's biggest debt restructurings.

According to Bloomberg, the Ministry of Housing and Urban-Rural
Development told banks in a meeting this week that Evergrande won't
be able to pay its debt obligations due on Sept. 20. Evergrande is
still discussing the possibility of getting extensions and rolling
over some loans. The developer will also miss a principal payment
on at least one loan next week, one of the people said.

Bloomberg relates that Evergrande's inability to repay bank
interest is the strongest sign yet of liquidity stress at the
world's most-indebted developer, which is sitting on more than $300
billion of liabilities. Chinese authorities are already laying the
groundwork for a debt restructuring, assembling accounting and
legal experts to examine the finances of the group. With senior
leaders in Beijing silent on whether they will allow Evergrande
creditors to suffer major losses, bondholders have priced in slim
odds of a rescue.

It's unclear whether Evergrande, founded by billionaire Hui Ka Yan,
intends to pay about $84 million of dollar-bond interest due Sept.
23, Bloomberg says.

The company's complex web of obligations to banks, bondholders,
suppliers and homeowners has become one of the biggest sources of
financial risk in the world's second-largest economy. Bank and
property stocks slid after Bloomberg reported the delayed payments.


Evergrande's debt shrank to CNY571.8 billion ($89 billion) as of
June 30, the lowest in five years, according to data compiled by
Bloomberg. But trade and other payables climbed 15% from six months
earlier to a record CNY951.1 billion.  The company has received
down payments on yet-to-be-completed properties from more than 1.5
million homebuyers.

Most of Evergrande's working capital is now being used to resume
construction on existing projects, the housing ministry told
bankers, according to one person familiar with the matter,
Bloomberg relays.

Evergrande's failure to meet its obligations on time has led to
protests across China by homebuyers, retail investors and even the
developer's own staff, raising the prospect of social unrest if the
property giant's troubles spin out of control, relates Bloomberg.
The company said on Sept. 14 if it's unable to repay debts on time
or get creditors to agree to extensions or alternative
arrangements, it may lead to cross-default, Bloomberg notes.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific in early
August 2021, S&P Global Ratings, 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.


CHINA HUARONG: Puts $58.8 Billion of Bad Assets Up for Sale
-----------------------------------------------------------
Caixin Global reports that China Huarong Asset Management Co. is
putting CNY380 billion ($58.8 billion) of bad assets up for sale
after the scandal-plagued bad-debt manager reported a record loss
last year.

Huarong secured a long-expected rescue plan last month led by
state-owned giant Citic Group Corp., China's second-largest
financial holding company, Caixin notes.  Citic is wholly owned by
the State Council, the country's cabinet. According to Caixin, the
sale of bad assets reflects Huarong's determination to speed up the
revitalization and restructuring of its inefficient, idle assets
and distressed subsidiaries.

The marketing of the bad assets will mainly use online channels,
and the company will increase marketing efforts through its
official website, online livestreaming, offline promotion, and a
micro program, Huarong said in a statement on its website, Caixin
relays.

                         About China Huarong

China Huarong Asset Management Co Ltd is a China-based company
mainly engaged in asset management business. The Company operates
through three segments. The Distressed Asset Management Operations
segment is engaged in distressed asset management, debt equity swap
asset management, the management of non-performing assets carried
out by subsidiaries distressed asset management business conducted
by its subsidiaries, distressed asset-based special situations
investments business and distressed asset-based property
development business. The Financial Services segment mainly
includes securities and futures business, financial leasing
business, banking services business and consumer finance business.
The Asset Management and Investment Operations segment is mainly
engaged in trust business, private equity funds business, financial
investments business, international business, and other
businesses.


SINIC HOLDINGS: Fitch Affirms 'B+' LT IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based homebuilder
Sinic Holdings (Group) Company Limited's Long-Term Issuer Default
Rating to Negative, from Stable, and has affirmed the rating at
'B+'. Fitch has also affirmed Sinic's senior unsecured rating at
'B+' with a Recovery Rating of 'RR4'.

The Negative Outlook reflects Sinic's weakened access to the debt
capital market and the rising execution risk of its high-churn
business strategy. Fitch affirmed the rating based on Sinic's
adequate liquidity, feasible refinancing plan and improving
leverage, as measured by net debt (including guarantees to joint
ventures (JV) and associates)/adjusted inventory, of 47% in 1H21,
compared with 52% at end-2020.

KEY RATING DRIVERS

Weakened Debt Capital Market Access: Sinic's access to offshore
debt capital markets has significantly weakened due to poor
investor sentiment. It has three offshore maturities totalling
USD694 million due in October 2021, January 2022 and June 2022. Its
bonds due in 2022 are trading at a 20%-25% discount, meaning Sinic
may have to repay all three bonds with cash on hand.

Increasing Execution Risk: Fitch thinks Sinic's strategy execution
risk has increased, as Sinic slowed land acquisitions in 1H21 and
the possibility that it will need to repay all bond maturities will
reduce its financial flexibility to replenish land. Fitch does not
believe that Sinic can cut land acquisitions for a prolonged period
due to its high-churn business model.

Fitch estimates that attributable land premium/attributable sales
receipts was only 10% in 1H21, against 39% in 2020, assuming an 80%
sales collection rate. Fitch has revised Sinic's land acquisition
budget assumption to 25% of its attributable sales receipts,
compared with Fitch's previous expectation of 42%.

Smaller Land Bank: Sinic's attributable unsold land reserves of 9
million square metres at end-1H21 was less than the 10 million
square metres at end-2020. Land bank life, measured by attributable
unsold land/attributable contracted gross floor area in the next
year, dropped to 2.6 years in 1H21, from 3.0 years at end-2020. The
company says its land bank is still sufficient for 2.5 years of
development. Nanchang and Huizhou, where Sinic remains a top
developer, accounted for 51% of attributable land bank at
end-1H21.

Weak Implied Cash Collection: Sinic's implied cash collection,
defined by changes in contract liabilities plus property sales
revenue booked during the period, amounted to CNY21 billion in 1H21
and CNY19 billion in 2020, representing 55% and 25% of its
asset-heavy contracted sales, respectively. This suggests that a
meaningful portion of its sales came from non-consolidated JVs and
associates, limiting balance-sheet transparency.

Fitch calculated the ratio using Sinic's asset-heavy contracted
sales of CNY38 billion in 1H21 and CNY75 billion in 2020 from
assets that are owned by the listed company and can be recognised
as revenue or JV profit, to be in line with industry practice.

Significant Minority Shareholders: Total non-controlling interests
(NCI) in Sinic's balance sheet increased to CNY10 billion in 1H21,
from CNY9 billion in 2020 and CNY7 billion in 2019, after minority
shareholders injected capital into Sinic's projects. NCIs accounted
for 50% of total equity at end-1H21, which was high among peers.
This reduces Sinic's financial flexibility compared with
homebuilders with lower NCIs, which can potentially dispose of
stakes in projects to reduce leverage.

Moderate Leverage: Sinic's leverage fell to 47% in 1H21, from 52%
in 2020, following fewer land acquisitions and less guarantees
provided to JVs and associates, as well as increasing usage of
NCIs. Fitch expects leverage to stay at 45%-50% through to
2021-2023, as the company is committed to controlling leverage and
provides guarantees to JVs and associates on a pro rata basis
rather than full guarantees prior to 2020.

Narrowed Margin; Still Healthy: Fitch estimates Sinic's
profitability will trend down to 20%-25% in 2021-2023, from more
than 30% in 2018-2019, to be more in line with industry trends.
This will reflect the company's rising presence in regions outside
of its home market of Jiangxi province and the acquisition of more
projects through thinner-margin public-land auctions. Fitch
estimates that the EBITDA margin, after capitalised interest, fell
to 23% in 1H21, from 27% in 2020.

DERIVATION SUMMARY

Sinic's business profile is supported by a leading market position
in Jiangxi and increasing diversification outside its home market
as well as a healthy margin and operating scale. Its attributable
contracted sales scale of CNY50 billion in 2020 was similar to that
'BB-' peers and larger than the CNY30 billion-40 billion of other
'B+' peers, such as Fantasia Holdings Group Co., Limited
(B+/Negative) and Hong Yang Group Company Limited (B+/Stable).
However, Sinic's 2020 revenue scale of CNY28 billion was smaller
than that of most 'BB-' peers, including China SCE Group Holdings
Limited (BB-/Stable) and Times China Holdings Limited
(BB-/Stable).

Sinic's ratings are constrained by leverage that is higher than the
below 45% of 'BB-' peers and short operational record. Sinic's land
bank is also more widely spread across China than that of Hong Kong
JunFa Property Company Limited (B+/Stable), the leading property
developer in Yunan province. Junfa's land bank is concentrated in
Kunming. Sinic has a higher churn rate in terms of contracted
sales/total debt, but a lower EBITDA margin. Junfa has stronger
recurring income interest coverage and a longer record in
maintaining leverage at 45%-50%.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY50 billion-60 billion a
    year in 2021-2023;

-- Land premium accounting for 25% of sales proceeds in 2021, and
    40% in 2022-2023 (2020: 39%);

-- Land bank life at 2.0 to 2.5 years during 2021-2023;

-- Construction expenses accounting for 45%-55% of sales proceeds
    during 2021-2023 (2020: 40%).

The recovery analysis assumes that Sinic would be liquidated in a
bankruptcy rather than as a going-concern, given the asset-heavy
nature of the homebuilding sector.

Fitch assumes a 10% administrative claim.

Liquidation Approach

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

-- 30% haircut to adjusted net inventory in light of Fitch's
    forecast for Sinic's EBITDA margin of around 20%-25%;

-- 93% haircut to investment properties, given low rental yield
    of less than 1%. Fitch estimates the value of Sinic's
    investment properties at CNY185 million based on a 6.5% rental
    yield, or less than 10% of CNY2.8 billion book value at end-
    1H21;

-- 30% standard haircut to account receivables;

-- 40% standard haircut to buildings under net property, plant
    and equipment;

-- No haircut on restricted cash and a 0% advance rate for
    available cash because it is insufficient to cover minimum
    cash requirements or three months of attributable contracted
    sales (2021: around CNY13 billion).

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

RATING SENSITIVITIES

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

-- Evidence of deterioration in liquidity or continued weakening
    in access to funding;

-- Weakening contracted-sales cash collection or deterioration in
    market position;

-- Net debt/net property assets above 55% for a sustained period.

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

-- The Outlook may be revised to Stable if the negative
    guidelines are not met in the next 18 months.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Sinic reported CNY14 billion in unrestricted
cash at end-1H21, adequate to cover CNY13.4 billion in short-term
debt, which includes CNY4.8 billion in capital market maturities,
CNY4.6 billion in non-bank loans and CNY4.0 billion in bank loans.

Feasible Refinancing Plan: Fitch believes Sinic's plan to repay its
October maturity and refinance one of the two maturities in 2022 is
feasible, as some of its onshore long-term investors have shown
strong investment interest and still hold a majority of the two
2022 offshore bonds. The bond maturing in January 2022 is a 364-day
bond issued in January 2021 and does not require quota approval.
Sinic is also applying for quota to refinance the bond maturing in
June.

Stable Debt Structure: Sinic's debt structure is in line with a
'B+' rating and slightly improved in 1H21. Total debt was flat at
CNY29.6 billion. Bank loans as a percentage of total debt rose to
47%, from 45% at end-2020, trust loans increased to 33%, from 31%,
and capital market instruments reduced by 3%. This allowed Sinic to
refinance most of its capital market maturities with bank and trust
loans in 1H21. There's also some improvement in Sinic's debt
maturity profile, with short-term debt accounting for 45% of total
debt, from 48% at end-2020. The company aims to keep short-term
debt within 30%-40% of total debt, by replacing short-tenor trust
loans with longer-tenor bank loans and capital market instruments,
including asset-based securities.

Onshore Bond Market Access Intact: Fitch believes Sinic's onshore
bond market access remains intact, despite the difficult
refinancing environment in the offshore market. Sinic issued a
CNY255 million private bond in March 2021 and a CNY451 million
private bond in July 2021, both puttable in 2023, to refinance
onshore bond maturities. It only has a CNY34 million onshore
private bond due in October, limiting onshore bond repayment
pressure within the next 12 months. Sinic has a CNY2 billion
asset-backed securities issuance quota and a CNY1 billion
asset-backed notes issuance quota.

ISSUER PROFILE

Shanghai-headquartered Sinic is the largest property developer in
Jiangxi province. It has expanded into the Yangtze River Delta
region and the Greater Bay Area, as well as core cities in central
and western China. Sinic is 83.19% owned by the trusts of the
founder.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY45.8 billion in adjusted inventory at
end-1H21 mainly includes: CNY24.6 billion in net inventory
(inventory - customer advances, in which inventory includes land
use rights, prepayments for acquisitions and excludes outstanding
consideration for acquisitions); CNY56 million in buildings under
property, plant and equipment; CNY2.1 billion in investment
properties at cost; CNY13 billion in net claims from JVs and
associates (investment in JVs/associates + due from JVs/associates
- due to JVs/associates), and CNY5.3 billion in restricted cash.

Fitch also included guarantees for JVs and associates (end-1H21:
CNY5.9 billion) in the net debt calculation.

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.

TSINGHUA UNIGROUP: Alibaba, Others Show Interest to Bid for Assets
------------------------------------------------------------------
Caixin Global reports that as China moves to reboot Tsinghua
Unigroup Co. Ltd., a handful of companies including Alibaba Group
and enterprises backed by the governments of Guangdong, Beijing and
Wuxi have shown interest in bidding for the assets of the former
semiconductor highflyer.

According to Caixin, the bankruptcy restructuring of Unigroup is
aimed at finding strategic investors to assume the company's
massive assets and debts and revive some of the conglomerate's
promising businesses. By the end of June 2020, Unigroup had
CNY296.6 billion ($46 billion) of total assets with CNY202.9
billion of liabilities, according to a company filing.

At stake is a $46 billion business and a potentially leading player
in China's computer chipmaking ambitions. Established in 1993,
Unigroup is 51% owned by Beijing's Tsinghua University and 49% by
Chairman Zhao Weiguo, who has headed the company since 2009 and was
the mastermind behind an aggressive expansion of the business over
the past few years.

                       About Tsinghua Unigroup

Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.
Tsinghua Unigroup is 51% owned by China's Tsinghua University.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
18, 2020, Tsinghua Unigroup, a major government-backed player in
China's technology race, has defaulted on a CNY1.3 billion
(US$197.96 million) bond, three sources said, according to Reuters.
The default by Tsinghua Unigroup, a wholly-owned division of the
prestigious Tsinghua University in Beijing, on Nov. 16, 20210,
immediately triggered a credit rating downgrade that is expected to
weaken the company's financial health. Reuters said the
semiconductor conglomerate has been a major driving force in
Beijing's campaign to boost its chip industry amid an ongoing spat
over trade and technology with Washington, which has drawn
attention to China's reliance on key imported components. Tsinghua
Unigroup defaulted after its proposal to extend a repayment
deadline failed to gain support from bondholders, sources said,
Reuters related.




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

AIR INDIA: Tata Sons Submits Financial Bid for Ailing Carrier
-------------------------------------------------------------
Bloomberg News reports that India's largest conglomerate the Tata
Group has submitted a financial bid for state-run Air India Ltd. as
the government tries to sell the money-losing carrier after two
failed attempts.

Bloomberg relates that the bid was entered on Sept. 15 by Tata Sons
Ltd., the group holding company, which controls Jaguar Land Rover
and owns a majority stake in AirAsia India, according to a Tata
spokesperson.

Bloomberg says the bid has boosted prospects for the sale after the
government sweetened the deal by allowing suitors to decide how
much of the carrier's debt they want to take on. The rules before
that deterred bidders by requiring them to assume $3.3 billion of
debt.

SpiceJet Ltd. owner Ajay Singh has also bid for Air India in his
personal capacity, according to people familiar with the matter,
Bloomberg relays.  A group of Air India employees, who had
partnered with a Seychelles-based fund, was disqualified from the
bidding process in March.

According to Bloomberg, proceeds from Air India's sale will be a
critical source of revenue to plug the government's widening budget
deficit and as it looks to spur the pandemic-hit economy.

Two previous attempts to offload the airline failed, Bloomberg
notes. In 2001, Singapore Airlines Ltd. dropped its bid for a stake
in Air India, citing political opposition as one of the reasons. In
2018, IndiGo, India's biggest airline, pulled out of the running,
saying it didn't have the means to buy the carrier in its entirety
and make it profitable.

Despite the mounting debt and losses, Air India has some lucrative
assets, including valued slots at London's Heathrow airport, a
fleet of more than 100 planes and thousands of trained pilots and
crew, Bloomberg notes.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

Since the 2011-12 financial year, the government of India has
pumped more than INR300 billion into the troubled airline, whose
net losses for the year ended March 2019 reached INR85 billion, its
biggest since the 2008 financial crisis and up 59% from losses of
INR53 billion a year earlier, according to the Nikkei Asia.


ALLIGATOR DESIGNS: CRISIL Withdraws B+ Rating on INR5cr Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Alligator Designs Private
Limited (ADPL) to CRISIL B+/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of ADPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of ADPL
from 'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         5        CRISIL B+/Stable (Migrated
                                from 'CRISIL B+/Stable ISSUER NOT
                                COOPERATING'; Rating Withdrawn)

   Letter of credit    4        CRISIL A4 (Migrated from
   & Bank Guarantee             'CRISIL A4 ISSUER NOT
                                COOPERATING'; Rating Withdrawn)

ADPL, incorporated in 2003, is a wholly-owned subsidiary of TIPL.
The company designs and manufactures electrical and electronic
components for defense equipment. Its manufacturing facility is in
Bengaluru and its head office is in Delhi. ADPL is promoted and
managed by Mr. Ashok Gupta and his cousins, Mr. Nitin Gupta and Mr.
Pawan Seth. TIPL, incorporated in 2000, imports and supplies
electronic, electrical, and other components to defense
organizations. The company is based in Delhi and has branch offices
in Bengaluru and Singapore. It is promoted and managed by Mr. Ashok
Gupta, Mr. Nitin Gupta, and Mr. Pawan Seth.

ANANDA AQUA: ICRA Lowers Rating on INR20cr Loan to D
----------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ananda Aqua Exports Private Limited (AAEPL), as:

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         20.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund-based–                  Rating downgraded from [ICRA]BB+

   PCFC                         (Stable) and moved to the 'Issuer
                                Not Cooperating' category

   Long-term         20.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund-based–                  Rating downgraded from [ICRA]BB+
   Bill Discounting             (Stable) and moved to the 'Issuer
                                Not Cooperating' category

   Long-term         10.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund-based–                  Rating downgraded from [ICRA]BB+

   CC                           (Stable) and moved to the 'Issuer
                                Not Cooperating' category

Rationale

The downgrade in the rating factors in the current irregularities
in debt servicing by AAEPL. The company was unable to export its
goods due to Covid-induced restrictions, leading to liquidity
tightness and eventually the company failed to honor its debt
servicing obligation within the stipulated timeline.

The ratings are constrained by the company's shrinking margins,
poor liquidity position and weak coverage indicators. The rating
also factors in the highly fragmented nature of the
industry-leading to intense competition. Further, the rating
considers the susceptibility of revenues to disease outbreaks and
agro-climatic risks, and vulnerability of margins to fluctuations
in exchange rates, raw material prices and realizations. The
ratings positively factor in the long track record of the company,
benefits arising from favorable location of the facilities in
proximity to the major aquaculture belt and its strong and diverse
customer base.

ICRA had earlier taken a consolidated view on Ananda Aqua Exports
Private Limited (AAEPL) and its group company, Ananda Enterprises
India Private Limited (AEIPL), based on strong operational linkages
and a common management. The current rating is based on standalone
business profile of AAEPL on the back of lack of adequate
information regarding the overall performance of the entities.

ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade. As part
of its process and in accordance with its rating agreement with
AAEPL, ICRA has been trying to seek information from the entity so
as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Key rating drivers and their description

Credit strengths

* Long track record of the company: The company has extensive
experience in the seafood industry which enabled it to build strong
customer and supplier base. Also, the promoters have been involved
in the same line of business through their various companies.

* Geographically Diverse Customers: The company's global and
diverse customer base across continents help them tide through
demand uncertainty and local regulatory issues.

* Favourable location of the company's facility: The company has
locational advantage in terms of savings in transportation costs
and easy availability of raw material for shrimp processing
business because of presence in the major aquaculture belt with
proximity to farmers of the high aquacultured districts of West
Godavari, Nellore, Krishna, Guntur and Ongole. The plant is also
well connected to Vizag, Kakinanda, Vishakapatanam, and Chennai
ports.

Credit challenges

* Irregularity in debt servicing: The company was unable to export
its goods due to Covid-induced restrictions, leading to liquidity
tightness and eventually the company failed to honor its debt
servicing obligation within the stipulated timeline.

* Demand volatility is expected to impact revenues and margins: The
company's revenues witnessed 14.7% growth in FY2020 (provisional)
on the back of increased export revenues from processed shrimps
which was partially offset by a reduction in domestic sales.
However, demand is expected to be volatile, owing to Covid-19
induced restrictions and uncertainty persisting regarding a
possible third wave.

* Highly fragmented industry, given the low entry barriers: The
company faces stiff competition from other organized and
unorganized players in the absence of entry barriers, which limits
its pricing flexibility and bargaining power with customers,
putting pressure on its revenues and margins.

* Inherent risks in the seafood industry: The aqua-culture activity
is dependent on climatic conditions, which are unpredictable.
Natural calamities like floods, cyclones during the culture season
can have serious impact on the prospects of successful culture.
Despite technical advancement, the possibility of fish and shrimp
getting affected by virus or diseases cannot be ruled out. Also,
change in Government policies will have an impact on the demand for
the company's products.

* Profitability exposed to fluctuation in raw material prices and
foreign exchange rate fluctuations – The company's profit margins
are exposed to the fluctuation in raw material prices, which are
volatile. Moreover, the company's operating margins declined to
7.4% in FY2020 (provisional) from 14.3% in FY2019. Further, the
company derives the major portion of its revenues from exports and
hence is exposed to foreign exchange rate fluctuations, which is
mitigated to an extent by hedging.

Liquidity Position: Poor

AAEPL's liquidity remains poor, as reflected by the delays in
servicing the debt obligations by the company.

Rating sensitivities

Positive factors – Improved liquidity position leading to
regularisation of debt servicing on a sustained basis may result in
a rating upgrade.

Ananda Aqua Exports Private Limited was incorporated in 1994 in
Bhimavaram (West Godavari District, Andhra Pradesh) and is involved
in shrimp processing, shrimp feed trading and shrimp hatcheries.
AAEPL has 40 TPD shrimp processing unit.


ASEEM EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aseem
Exports in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         8.20        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund            1.50        [ICRA]A4; ISSUER NOT
   based–Bank                      COOPERATING; Rating continues
   Guarantee                       To remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.05        [ICRA]B+(Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Aseem Exports was set up as a partnership firm between Mrs. Abha
Goyal and D. P. Goyal HUF, in Dec. 1995. In the initial 4 years,
this firm was into exports of deoiled cakes. Over the next about 4
to 5 years, there was no active business. From 2004, with
introduction of Mr. Aseem Goyal in the firm, it restarted operating
with focus on 'physical to futures - arbitrage in
commodities. Physical stocks are always hedged on the commodities
exchanges. The positions on the exchanges are rolled over from
month-to-month as long as the net margins after discounting the
costs of storage and finance are reasonable. Any dip in the net
margins of a particular commodity, calls for a sale of the same and
switch to other commodities. The firm has been dealing in various
commodities such as castor seed, guar seed, guar gum, cumin seed
(Jeera), mustard seed, dhaniya,
chana, cotton seed oilcake, soyabean and Gold. The firm is also
exploring opportunities in equity markets and planning to start
equity trading in near term.


ATAL TEA: ICRA Withdraws B- Rating on INR9.25cr Cash Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Atal Tea Co. (1943) Limited at the request of the company and based
on the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         9.25        [ICRA]B- (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-fund            0.50        [ICRA]A4 ISSUER NOT
   based-Bank                      COOPERATING; Withdrawn
   Guarantee           

Incorporated in 1942, Atal Tea Co. (1943) Limited, manufactures
black tea of CTC variety. The company is being managed by Agarwal
and Bansal family based in Kolkata who are in the tea industry for
a long time. The company has one tea garden named 'Atal Tea Estate'
and a factory in the district of Darjeeling, West Bengal. The
company has five CTC lines with an annual installed capacity to
produce 1.3 million kgs of black tea. The company markets tea under
the brand name of 'Atal Tea' and 'Satbhaiya'.

B. V. COT SPIN: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of B. V. Cot Spin
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        18.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan           3.15      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established in 2012, B. V. Cot Spin Industries (BVCSI) is a
partnership firm with Mr. Babu Patel, Mr. Piyush Patel and Mr.
Bhavin Patel along with their family members as partners. The firm
gins and presses raw cotton to produce cotton bales and
cottonseeds. The commercial production of the firm commenced in
November 2013. BVCSI possesses 54 cotton ginning machines, with an
installed capacity of manufacturing 300-350 bales per 12 hours.


CHANDAN TEA: ICRA Withdraws B- Rating on INR10.50cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Chandan Tea Industries Private Limited at the request of the
company and based on the No Objection Certificate received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.  

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         10.50       [ICRA] B-(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-fund             0.50       [ICRA]A4 ISSUER NOT
   based-Bank                      COOPERATING; Withdrawn
   Guarantee            

Incorporated in 1989, Chandan Tea Industries Private Limited
manufactures black tea of CTC variety. The company is being managed
by Agarwal and Bansal family based in Kolkata who are in the tea
industry for a long time. The company has one tea garden named
'Chandan Tea Estate' and a factory in the district of Uttar
Dinajpur, West Bengal. The company has six CTC lines with an annual
installed capacity to produce 2 million kgs of black tea. The
company markets tea under the brand name of 'Jiaguri' and 'Chandan
Tea'.


CHHATRAPATI KBK: ICRA Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Chhatrapati KBK Chem Engineering Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         15.00      [ICRA]C ISSUER NOT COOPERATING;
   Fund Based/                   Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term         17.35      [ICRA]A4; ISSUER NOT
   Non-Fund Based                COOPERATING; Rating Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

KBK is an engineering company providing turnkey solutions to
distilleries, ethanol and bio fuel plants. The company was promoted
in 1997 by well experienced technocrats who has worked in similar
field with varied experience in distillery industry. KBK is one of
the largest suppliers in India for turnkey Ethanol and Distillery
plants and offers rectified spirits, extra neutral  alcohol and
Ethanol plants with water/ waste water / spent wash treatment
systems, integrated evaporation plants, cogeneration power plants,
Biogas and slop fired boilers and bio composting plants. It has
designed, 2 executed and commission projects in more than 15
countries including Thailand, Ethiopia, Philippines, Vietnam, etc.
KBK has a workshop at Pirangut, Pune to provide 100% in house
fabrication facilities for critical equipment such as distillation
columns, reactors and other process equipment for ethanol plants.
SRSL, an integrated sugar industry player with turnover of more
than Rs. 22 billion, holds 80.3% stake in KBK.


CHHATRAPATI SAMBHAJI: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Chhatrapati Sambhaji Raje Sakhar Udyog Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable):
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2000, with first crushing season in SY2001, CSRSUL
has current installed capacity of 1250 TCD. Located near Aurangabad
(Maharashtra), the company is promoted by ex-minister – Food and
Civil supplies, GoM- Mr. Haribhau Bagade.

Apart from the command area spread over 205 villages of Aurangabad
taluka, the company also procures sugar cane from shareholder
suppliers members spread over 2000 villages of Gangapur Taluka of
Aurangabad District, Jalna and Ambad Talukas of Jalna District and
Gevrai taluka of Beed District. The company in all has 6500
supplier members.


DOSHION PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Doshion Private Limited
        A-806, Sankalp Iconic Tower
        Iscon-Ambli Road, Ahmedabad
        Gujarat 380054

Insolvency Commencement Date: August 31, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 26, 2022

Insolvency professional: Ramchandra Dallaram Choudhary

Interim Resolution
Professional:            Ramchandra Dallaram Choudhary
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle
                         Navrangpura, Ahmedabad
                         Gujarat 380014
                         E-mail: irp.doshion@gmail.com
                                 rdc_rca@yahoo.com

Last date for
submission of claims:    September 24, 2021


FORTPOINT AUTOMOTIVE: CRISIL Withdraws D INR16.28cr Loan Rating
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Fortpoint Automotive Mumbai Private Limited (FAMPL) on the request
of the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

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

   Inventory Funding       5        CRISIL D/Issuer Not
   Facility                         Cooperating (Withdrawn)

   Inventory Funding      10        CRISIL D/Issuer Not
   Facility                         Cooperating (Withdrawn)

   Proposed Long Term     16.28     CRISIL D/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with FAMPL for
obtaining information through letters and emails dated March 1,
2020 and September 16, 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 FAMPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FAMPL
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
FAMPL continues to be 'CRISIL D Issuer Not Cooperating'.

FAMPL, incorporated in 2006 by Mr. Sandeep Bafna, is an authorised
dealer of Eicher in Mumbai. FAMPL operates through its showroom and
workshop in Mumbai.

GAMMA GREEN: CRISIL Assigns B+ Corporate Credit Rating
------------------------------------------------------
CRISIL Ratings has assigned its 'CCR B+/Stable' corporate credit
rating to Gamma Green Power Pvt Ltd (GGPPL).

The rating reflects CRISIL Ratings's belief that the revenue of
GGPPL will remain stable, backed by power purchase agreements
(PPAs) signed with group captive counterparties and a discom for
majority of the capacity, low counterparty credit risk coupled with
and modest debt obligation over the medium term.

These strengths are partially offset by exposure to operational
risk arising from operation of older machines that have seen
subdued plant load factor (PLF) levels in the past, absence of a
trust and retention account (TRA) mechanism, management stance of
supporting other group entities from surplus generated by GGPPL,
stretched liquidity position and past instances of delays in
meeting the debt obligation.

Analytical Approach

GGPPL has been assessed as a standalone entity. For arriving at the
ratings, CRISIL Ratings has used its criteria for rating wind power
projects.

Key Rating Drivers & Detailed Description

Strengths

* Stable revenue visibility and tie-up with healthy counterparties:
Of the total installed capacity of 55.925 megawatt (MW), around 7%
(that is, 4 MW) capacity located in Gujarat is tied up with Gujarat
Urja Vikas Nigam Ltd (GUVNL), with a long-term PPA extending up to
another 15 years. The remaining 93% (~51.925 MW) capacity is in
Tamil Nadu, where the company sells power under the group captive
(GC) mechanism to 14 commercial and industrial customers. The
customer mix under the GC structure is moderately diversified, with
68% of the GC capacity tied up with automotive/automotive ancillary
players, 21% with textile players and the remaining 11% spread
between pharmaceuticals, information technology and industrials.
Furthermore, the company has seen a steady payment cycle of less
than 30 days in the past few years. However, the average term left
for PPAs signed with GC customers is around three years. This
exposes it to offtake risks after fiscal 2024.  However, experience
of the promoters, presence in an industrial state (Tamil Nadu) and
healthy discounts offered to grid tariffs partially mitigate this
risk.

* Extensive experience of the promoter: Orient Green Power Company
Ltd (OGPCL), the promoter of the company, has more than 15 years of
experience in running wind power assets. Furthermore, the promoter
group has longstanding relationships with major customers, such as
the TVS group and Tractors and Farm Equipment Ltd, among others,
which adds comfort regarding its ability to renew expiring PPAs.

Weaknesses

* Exposure to operational risks arising from operating older
assets: The company is operating older equipment with average
vintage of around 19.5 years. About 43% of the total capacity has a
vintage of more than 25 years, 33% has age of 15-20 years and the
remaining 24% has age of 10-15 years. Resultantly, at an aggregate
level, the company has seen subdued PLFs in the past five fiscals,
which fell to 11.6% in fiscal 2021 from 15.7% in fiscal 2017. While
the management is undertaking regular maintenance along with
replacing some of the older/damaged parts, given the vintage of
these machines, there can be higher downtime because of failures
and higher outflow on account of maintenance costs. Such events can
lead to stress on the project cash flow and, thus, are key
monitorables.

* Absence of TRA mechanism and management's stance of support to
group entities: The management has maintained that it would support
other stressed group entities that are part of OGPCL from the
surplus generated by GGPPL. This would lower the liquidity
available at GGPPL to cater to any unexpected fall in generation.
Furthermore, in the absence of a well-defined TRA mechanism, cash
flow movement between group entities is largely at the discretion
of the management.

* Past record of delays in meeting debt obligations: The company
has delayed meeting its debt obligation in each of the past seven
fiscals on account of weak cash flow. However, the company has been
regular in servicing its obligations over the last 10 months,
supported by moratorium taken on interest and principal payments
for March-August 2020 under the Covid-19 Regulatory Package
provided by the Reserve Bank of India, asset sales (excess land
sold and scrapped equipment) and operating cash flow.

* Exposure to risks inherent in operating wind energy assets: Wind
power generation is highly vulnerable to seasonality and variance
in wind intensity. For example, generation of GGPPL fell around 7%
in fiscal 2021 compared with the previous fiscal on majorly on
account of weak wind patterns. Given that the cash flow is highly
sensitive to the PLF of wind assets, these risks could severely
impair the debt servicing and free cash flow of the company. CRISIL
Ratings will continue to monitor the PLF levels.

Liquidity: Stretched

Liquidity of GGPPL remained stretched at INR0.52 crore in cash
balance as of June 30, 2021, which covers only about one month of
debt obligation in fiscal 2022. However, the company is expected to
generate at least INR10-11 crore of earnings before interest,
taxes, depreciation, and amortization against external debt
obligation of INR5.7 crore in fiscal 2022, which provides comfort.
It does not have any fund-based working capital limit.

Outlook Stable

CRISIL Ratings believes GGPPL will continue to have stable cash
flow, with its capacity tied up with healthy counterparties.

Rating Sensitivity factors

Upward factors

* Generation at higher than 13.7% PLF (average for the last nine
fiscals) on a sustained basis

* Formation of a debt service reserve account (DSRA) balance of
more than two quarters from the project cash flow on a sustained
basis, along with change in the management stance to maintain this
liquidity at GGPPL level

Downward factors

* Weak generation leading to substantial reduction in PLFs lower
than 13.7% on a sustained basis

* Degradation in machinery leading to a steep fall in the operating
capacity

GGPPL, incorporated in 2009, is a 72.5% subsidiary of OGPCL, which
is a listed entity. It generates wind power and has capacity of
55.9 MW (as of July 2021) in Tamil Nadu and Gujarat, bulk of which
was acquired from other entities. In Tamil Nadu, it sells power to
industrial customers under the group captive structure, while in
Gujarat, it has a long-term PPA with GUVNL.

IVRCL CHANDRAPUR: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of IVRCL
Chandrapur Tollways Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       313.99      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in October 2010, IVRCL Chandrapur Tollways Limited
(ICTL) is a Special Purpose Vehicle (SPV) promoted by IVRCL Limited
for four-laning and improvement of Karanji-Wani-Ghuggus-Chandrapur
section of MSH- 6 & 7 of 85.11 km in Yavatmal and Chandrapur
District of Maharashtra. The project is developed on Design, Build,
Operate, Transfer basis. The project was earlier envisaged to have
a capital outlay of INR735.99 crore. However, owing to delay in
execution of the project the total cost has increased to INR882.48
crore, primarily on account of increase in interest during
construction. The revised cost is funded with a debt of INR414.70
crore, positive grant of INR199.50 crore and promoter's
contribution of INR268.28 crore.


JHANAVI HEIGHTS: ICRA Withdraws B+ Rating on INR12cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Jhanavi Heights Private Limited at the request of the company and
based on the No Due Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         12.00      [ICRA]B+(Stable); ISSUER NOT
   Term Loan Limits              COOPERATING; Withdrawn

Jhanavi Heights Private Limited (JHPL) is a Bengaluru-based
real-estate company engaged in the development of small scale
residential projects. The company was incorporated in 2012 by Mr.
Deepender Sehrawat and his family to execute a civil construction
contract for a villa project, named Piccaso City, in Electronic
City, Bengaluru. Subsequently, the company ventured into real
estate projects through joint ventures and has completed a
commercial and residential apartment project in Bengaluru,
Karnataka. Presently, the Company is executing its two residential
apartment projects named Jhanavi Cape Town Heights in
Maragondanahalli Village, Electronic City and Jhanavi Kingston
Heights in BTM Layout, Bengaluru. In the future, the company plans
to launch one residential apartment project with an aggregate
saleable area of 21, 000 square feet (sqft) in Hosur Road,
Bengaluru.

In FY2017, the company reported a net profit of INR0.1 crore on an
operating income of INR2.5 crore, as compared to a net profit of
INR0.1 crore on an operating income of INR2.0 crore in the previous
year.


K2 METALS: ICRA Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------
ICRA has moved the ratings for the bank facilities of K2 Metals
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        17.00      [ICRA]B+(Stable) ISSUER NOT
   Limits                       COOPERATING; Rating Moved to the
                                'Issuer Not Cooperating' category

   Non-fund-         7.00       [ICRA]A4 ISSUER NOT COOPERATING;
   based limits                 Rating Moved to the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Mr. Rahul Kulkarni and his wife Mrs. Megha Kulkarni founded KMPL in
2009. The company was incorporated with the objective of
manufacturing bright steel bars and wires, particularly targeting
the auto, construction, infrastructure, packaging, farm and
poultry, fancying and engineering sectors. At present, KMPL
manufactures and galvanizes steel wires in the size range of 2.5 mm
to 0.9 mm, as well as manufactures nails as per the client's
requirement. It has an annual installed manufacturing capacity of
~24000 MT.


LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lakshya
Dairy Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         7.50       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                   Rating continues to remain under
   Cash Credi                    'Issuer Not Cooperating'
                                 Category

   Unallocated        2.50       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2008, LDPL is engaged in the trading of milk. The
company has been promoted by Mr Rajbir Singh Nagar and Mr Rohit
Nagar, who have been in the milk trading business for more than two
decades. The company procures milk from farmers and milk
aggregators and preserves it in its chillers before selling it to
milk processors and local dairies.


LRN FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of L R N
Finance Limited (LRN Finance) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Non Convertible           30       CRISIL D (Issuer Not
   Debentures                         Cooperating)

   Non Convertible           30       CRISIL D (Issuer Not
   Debentures                         Cooperating)

   Non Convertible           25       CRISIL D (Issuer Not
   Debentures                         Cooperating)

CRISIL Ratings has followed up with LRN Finance for obtaining
information through letters and emails dated March 31, 2021 and
August 23, 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

On September 4, 2017, CRISIL Ratings had assigned 'CRISIL D' rating
based on an email communication received from the debenture trustee
stating that debenture holders had not received the redemption
amount, indicating delay in debt servicing by the issuer. The
company has remained closed since Sep 2017 and all the debt
obligations till August 2021 have remained unpaid as per email
communication received from debenture trustee.

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the updated
business or financial performance or track record of debt servicing
of LRN Finance, which restricts CRISIL Ratings' ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes information available on LRN Finance is consistent with
the 'Assessing Information adequacy risk'.

Based on the last available information and no updated information
that debt is now being serviced, the ratings on the bank facilities
and debt instruments of LRN Finance continues to be 'CRISIL D
Issuer Not Cooperating'.

LRN Finance was registered as a non-banking financial company. The
Reserve Bank of India cancelled the certificate of registration of
LRN Finance via an order dated September 27, 2016 prohibiting the
company to transact the business of a non-banking financial
institution, as defined in clause (a) of Section 45-IA of the RBI
Act, 1934. Adequate information about the company is also not
available in public domain as the company has last filed returns
with the Ministry of Corporate Affairs (MCA) on October 13, 2014.

M V SHIPTRADE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M V
Shiptrade Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable)/A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         5.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund-based     30.00        [ICRA] A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2003, M. V. Shiptrade Private Limited (MVSPL) is
involved in ship breaking activities and operates from Plot No. 136
at the Alang Ship breaking Yard, Bhavnagar. MVSPL is promoted by
the Varteji family, which has other group companies such as Mahek
Agro Mineral Private Limited and M.V. Agro Mineral Industries
(minerals manufacturers and traders); Gujarat
Mobil Private Limited (recycles and trades paraffin wax and base
oil); Ishan Distributors Private Limited (importer of bitumen) and
Vibrant Industrial Park (real estate developer). In FY2019, the
company reported a net profit of INR0.06 crore on an operating
income of INR28.12 crore compared to a net loss of INR0.38 crore on
an operating income of INR6.84 crore in FY2018.


MUDRAKSHI HYTECH: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mudrakshi
Hytech India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/A4; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long-Term         10.75         [ICRA]B+ (Stable); ISSUER NOT
   Fund Based–                     COOPERATING; Rating Continues
   Term Loan                       to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term–       12.00         [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING; Rating Continues
                                   To remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Mudrakshi Hytech India Private Limited was incorporated in 1985 by
Mr. Jyotirmoy Chakraborty and Mrs. Neelam Chakraborty. The company
is a distributor of sophisticated cash handling systems, which
include various currency counting machines and currency sorting
machines. The entire gamut of services ranging from sourcing,
installation and after sales services is undertaken by MHPL. The
company procures, delivers and installs banknote processing systems
to sort, count, detect counterfeit and shred the notes online. The
key customers for the segment include private and public sector
banks.


PANNAGESHWAR SUGAR: ICRA Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Pannageshwar Sugar Mills Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-       25.14        [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating Moved to Issuer Not
                                  Cooperating category

   Fund Based-       18.00        [ICRA]D ISSUER NOT COOPERATING;
   Limits Cash                    Rating Moved to Issuer Not
   Credit                         Cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established in 1999, Pannageshwar Sugar Mills Limited ('PSML or the
company) is involved in manufacture and sale of sugar. The company
promoted by Late Shri Gopinath Munde launched its commercial
operations in the season 2001- 2002. The company is currently
chaired by Mrs. Pradnyatai Gopinath Munde – Khade, Chairman and
Managing Director. The current crushing capacity is 2000 TCD (tons
crushed per day).

PARA PRODUCTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Para
Products Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/ [ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.20        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         (10.00)      [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Interchangeable                 Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Long Term/          10.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Fund based/                     Rating continues to remain
   Non-Fund Based                  under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

PPPL is a part of the Globus Pharmachem Group, based in Ghaziabad,
Uttar Pradesh. The company is engaged in manufacturing bulk drugs.
The company has manufacturing capacities for 4,800 Tonnes Per Annum
(TPA) of paracetamol. Globus Pharmachem, formerly known as Goyal
Group of Industries, is engaged in manufacturing of dye
intermediates, plasticisers, industrial chemicals and
pharmaceuticals.

R.H. SORTEX: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of R.H. Sortex Rice Mills
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based/         3.50      [ICRA] D; ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 To remain under 'Issuer Not
                                 Cooperating' category

   Fund based/         2.12      [ICRA] D; ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 To remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

RHS was established in 2011 as a private limited company. The
company is primarily involved in the milling of rice with an
installed capacity of 8 ton per hour at Gorakhpur, Uttar Pradesh.
The company is professionally managed by Mr. Sukhdev Jaiswal.

SARAWAGI AUTOMOBILES: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sarawagi
Automobiles Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.88        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

SAPL was incorporated in May 2009 and is an authorized dealer of
Tata Motors Limited. SAPL is engaged in the sale of vehicles,
spares and also provides after sales support. Presently, the
company has 3S (sales, service and spares) facilities at Sri
Ganganagar and Hanumangarh districts and sales facilities at
Suratgarh, Raisinghnagar, Anoopgarh, Nohar and Bhadra, in
Rajasthan.

SHAH PACKWELL: CRISIL Reaffirms B- Rating on INR7cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on the
long term bank loan facilities of Shah Packwell Industries (SPI).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B-/Stable (Reaffirmed)

   Funded Interest   
   Term Loan              0.31      CRISIL B-/Stable (Reaffirmed)

   Term Loan              0.19      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              3         CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect firm's modest scale of operations
in highly fragmented industry and highly working capital intensive
operations. These rating weaknesses are partially offset by the
extensive experience of SPI's partners in the packaging industry.

Analytical Approach

CRISIL Ratings has treated unsecured loans of INR3.38 crore from
the partners outstanding as on March 31, 2021 out of which INR2
crore is treated as neither debt nor equity, and balance as debt on
account of track record of withdrawal in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in highly fragmented industry: The
packaging industry is highly fragmented as it has low entry
barriers due to minimal capital and technology requirements. The
consequent intense competitive pressure may continue to constrain
scalability, pricing power and profitability. Revenue was modest at
INR16.53 crore in fiscal 2021.

* Large working capital requirements: Gross current assets were
sizeable at 528 days as on March 31, 2021, driven by huge inventory
of 466 days. The working capital cycle although expected to correct
slightly over the medium term, is likely to remain elongated.

Strength:

* Extensive industry experience of the partners: The partners have
been in the packaging industry for over three decades; their
expertise, strong understanding of market dynamics and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity: Poor

Liquidity is poor, marked fully utilized bank limit for the past
twelve months through April 2021. However, supported by expected
cash accrual in the range of INR1.0-1.5 crore per annum in fiscal
2022 and fiscal 2023 as against repayment obligation of INR0.96
crore per annum. Current ratio was comfortable at 1.70 times as on
March 31, 2021. Further, liquidity is also supported by unsecured
loan of INR3.38 crore from partners as on March 31, 2021. Such
funding support from partners is expected to support liquidity over
medium term. Moreover, the firm has no capex plans over medium
term.

Outlook Stable

CRISIL Ratings believes SPI will continue to benefit over the
medium term from the extensive experience of its partners

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by over 30% while
maintaining operating margin resulting in higher accruals

* Sharp and sustained improvement in working capital cycle leading
to moderate utilization of working capital limits

Downward factors

* Drop in operating performance resulting in lower accruals
inadequate to meet repayment obligations

* Further stretch in the working capital cycle or large debt-funded
capex or capital withdrawals, weakens the financial risk profile
and/or liquidity position

Incorporated in 1996 as a partnership firm, SPI manufactures
corrugated boxes using kraft paper. The firm is promoted by Mr.
Kapoor Shah, and his son Mr. Khilin Shah.

SHAKTI INDUSTRIES: CRISIL Reaffirms B Rating on INR8.65cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Shakti Industries - Tarapur (SI).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Fund Based
   Facilities             8.65      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the initial stage SI's operations
and below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the partners in the
bulk drugs industry.

Analytical Approach

Unsecured loans (estimated at INR3.76 crore as on March 31, 2021)
extended by the partners have been treated as neither debt nor
equity as the funds are remain in the business

Key Rating Drivers & Detailed Description

Weaknesses:

* Initial stage and modest scale of operations: SI though commenced
commercial operations in December 2018, it is yet in the sampling
and testing phase, which should complete by first quarter of fiscal
2023. Thus, revenue is likely to remain modest in current fiscal
however will increase over the medium term. The firm has booked
revenues of around INR3.13 crores in fiscal 2021.

* Below-average financial risk profile: Financial risk profile
continues to be weak. Networth was low estimated at INR2.62 crore
as on March 31, 2021, with high gearing at 2.76 time. Debt
protection metrics were also subdued, with interest coverage and
net cash accrual to total debt (NCATD) ratios being negative.
However, support from promoter is available in form of unsecured
loans. Initial phase of operation has led to smaller scale and
losses.

Strengths:

* Extensive experience of partners: The partners' experience of two
decades, their strong understanding of local market dynamics, and
healthy relationships with suppliers and customers should continue
to support the business. The partners are also likely to keep
extending timely, need-based funds to aid operations..

Liquidity: Stretched

Liquidity is likely to remain stretched. The net cash accurals are
expected to be around INR0.4-2.11 crores against term debt
repayment obligation of INR1.2-1.4 crores over medium term. The
liquidity will improve over medium term with firm ramping up its
operations. Bank limit utilization is moderate at an average of 66%
during past 12 months through June 2021. However, the timely,
need-based funds extended by the partners partly cushion the
liquidity. The fund support from promoters is extremely critical
for maintaining the liquidity and timely servicing of debt.

Outlook: Stable

SI should continue to benefit from the extensive experience of its
partners.

Rating Sensitivity Factors:

Upward Factors

* Substantial and sustainable increase in revenue and
profitability, leading net cash accrual to repayment obligation of
more than 1.2 times.

* Significant improvement in financial risk profile

Downward Factors

* Higher-than-expected losses, resulting in continued suppressed
cash accrual

* Weakening of financial risk profile (interest coverage ratio of
less than 1 time on continued basis) and liquidity of the firm

SI was set up in 2015 as a partnership between Mr. Dahyabhai Patel,
Mr. Babubhai Patel, Mr. Milind Patel, Mr. Jignesh Amin and Mr.
Bhavin Shah. This Boisar (Maharashtra)-based firm manufactures
active pharmaceutical ingredients; it commenced commercial
operations from December 2018.

SYMCOM EXIM: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Symcom
Exim Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B (Stable)/ [ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-         (55.00)      [ICRA] B (Stable); ISSUER NOT
   Interchangeable                 COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Short-term-
   Nonfund based       55.00       [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating Continues
                                   To remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2012, Symcom Exim Private Limited (SEPL) is
involved in the dealing and disposing of scrap procured from sick
industrial units. The scrap procured consists of steel and iron
bars, cables and other metallic components that are obtained by
dismantling and demolition of industrial units. SEPL is promoted by
Mr. Gopal Goyal and Mr. Suresh Jasiwal who have rich experience in
this business.


TEAM ENGINEERS: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Team
Engineers Advance Technologies India. Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B- (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.25        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.25        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Team Engineers was incorporated as a partnership firm in 1980 and
subsequently converted into a private limited company in
August'2011 and named Team Engineers Advance Technologies India
Private Limited (TEATIPL). TEATIPL is based out of  Hyderabad and
is an ISO 9001:2008 certified company. In the initial years, the
firm was engaged in the business of developing emergency lighting
systems for general and industrial applications. Since 1990s, the
company has migrated to Digital Subscriber Line (DSL) based
technologies and currently the firm has a product portfolio of 30
products which includes DSL modems, Ethernet over TDM converters,
Ethernet over Fiber, Ethernet over DSL and other Ethernet access
devices which are deployed for various telecommunication
applications.


VASAN HEALTH: Creditors Appeal vs. NCLT Order on Extension
----------------------------------------------------------
The Hindu reports that the committee of creditors of Vasan Health
Care Pvt. Ltd and the resolution professional, S. Rajendran, have
gone on appeal before the National Company Law Appellate Tribunal
(NCLAT) against the order rejecting extension of time frame under
the insolvency process.

Last month, the National Company Law Tribunal (NCLT) said the
corporate insolvency resolution process for Vasan Health Care
cannot be started afresh from the stage of issuance of expression
of interest because it would upset the timeline prescribed under
the Insolvency and Bankruptcy Code, 2016, The Hindu recalls.

The Hindu says the NCLT had granted an extension only till August
22 to finalise the accounts of Vasan Health Care.

After August 22, it had said that the resolution professional could
file a liquidation application.

The NCLAT has posted the case to September 22 for further hearing,
The Hindu adds.

                        About Vasan Health

Vasan Health Care Private Limited provides health care services.
The Company serves patients in India.

In 2017, the National Company Law Tribunal (NCLT), Chennai, had
ordered commencement of insolvency proceedings against Vasan Health
Care, in a petition filed by Alcon Laboratories (India) Pvt. Ltd.,
one of its suppliers. Later the proceedings were stayed by a single
judge of Madras High Court. Nearly two years later, in October
2019, the Division Bench had vacated the stay and the case was back
at NCLT.


VEERAJ CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Veeraj
Construction in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         6.50       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Veeraj Construction, a partnership firm based out of Nashik,
Maharashtra, is involved in executing irrigation and water supply
projects on a turnkey basis. The firm was established as a
proprietorship firm in 2006 by Mr. Sanjay Kotecha who traces his
lineage to Kotecha Group which is a manufacturer of prestressed
pipes in India. The proprietorship concern was converted into a
partnership firm in 2009, with Mrs. Vandana Kotecha, wife of Mr.
Sanjay, as the other partner.




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

AIRASIA X: Obtains Court OK to Move Creditors Meeting to Next Year
------------------------------------------------------------------
Reuters reports that Malaysia's long-haul budget carrier AirAsia X
Bhd (AAX) has obtained court permission to extend the deadline to
convene its creditor meetings to March next year, it said on Sept.
15.

According to Reuters, AirAsia X said the High Court granted an
order for an extension until March 17 for it to convene separate
meetings of the creditors "for the purpose of considering and, if
thought fit, approving with or without modification" a
restructuring scheme to be proposed.

In February, it was granted court approval to convene the separate
meetings here with different groups of creditors to vote on its
proposal within 180 days.

Reuters notes that the court had separated the airline's 14
creditors into three classifications - the first for airport
operator Malaysia Airports Holdings Bhd, the second for other
creditors, and the third for planemaker Airbus SE.

AAX, an affiliate of AirAsia Group, proposed last October to
restructure MYR64.15 billion of debt and has faced objections to
its scheme from some creditors.

Reuters adds that the airline said the alternative was liquidation
with no returns to creditors. AAX will need approval from creditors
at the meetings holding at least 75% of the money owed.

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.




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

SHL ELECTRICAL: Court to Hear Wind-Up Petition on Sept. 24
----------------------------------------------------------
A petition to wind up the operations of SHL Electrical Engineering
Pte Ltd will be heard before the High Court of Singapore on Sept.
24, 2021, at 10:00 a.m.

DNET Contract Services Pte Ltd filed the petition against the
company on July 30, 2021.

The Petitioner's solicitors are:

         Pathway Law Practice LLP
         111 North Bridge Road #24-05B
         Peninsula Plaza
         Singapore 179098



                           *********


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

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



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