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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

          Wednesday, October 6, 2021, Vol. 24, No. 194

                           Headlines



A U S T R A L I A

ENVIRONMENTAL SERVICES: Second Creditors' Meeting Set for Oct. 13


C H I N A

CHINA EVERGRANDE: China Steps Up Efforts to Ring-Fence Developer
CHINA EVERGRANDE: Hopson Poised to Buy Controlling Stake
FANTASIA HOLDINGS: Fails to Repay US$205.7 Million Note
FANTASIA HOLDINGS: Fitch Lowers Foreign Currency IDR to 'CCC-'
HELENBERGH CHINA: Moody's Assigns B3 Rating to Proposed USD Bonds

REMARK HOLDINGS: To Raise $5 Million Through Private Placement
SINIC HOLDINGS: Fitch Lowers LT IDR to 'C'
SINIC HOLDINGS: S&P Lowers ICR to 'CC' on Imminent Default Risk


I N D I A

AMBICA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARDHENDU MONDAL: CRISIL Keeps D Debt Ratings in Not Cooperating
AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating

DELHI ELECTRIC: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
DHROOV RESORTS: CRISIL Moves D Debt Ratings to Not Cooperating
DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating

PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PKP PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRANAV CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJALAKSHMI POULTRY: CRISIL Keeps D Ratings in Not Cooperating

RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
RATHI HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
S.M. RAM COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SATYA MEGHA: CRISIL Keeps D Debt Ratings in Not Cooperating

SHUBHMANGAL EXIM: Insolvency Resolution Process Case Summary
SOKHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
STAR REALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
TACTIVE SOFTWARE: CRISIL Keeps D Debt Ratings in Not Cooperating
V.D. SWAMI: CRISIL Keeps D Debt Ratings in Not Cooperating

VADIVEL COCOTECH: CRISIL Cuts Long Term Rating to D
VADIVEL PYROTECHS: CRISIL Lowers Rating on INR15cr Loan to D
VIDYASAGAR LEARNING: Insolvency Resolution Process Case Summary
YASH CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating


M A L A Y S I A

DOLOMITE CORP: Classified as PN17 Company, Unable to Pay Debts
TH HEAVY: Mohamed Niza Steps Down as Executive Director


S I N G A P O R E

DATA4POWER PTE: Creditors' Proofs of Debt Due Oct. 30
DONG NAN: Grant Thornton Appointed as Liquidators
TEMASEK FOUNDATION: Creditors' Proofs of Debt Due on Nov. 2


S O U T H   K O R E A

ASIANA AIRLINES: KFTC to Complete Takeover Deal Review This Year

                           - - - - -


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

ENVIRONMENTAL SERVICES: Second Creditors' Meeting Set for Oct. 13
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Environmental
Services (WA) Pty Ltd has been set for Oct. 13, 2021, at 10:30 a.m.
via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 12, 2021, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Environmental Services on Sept.
8, 2021.




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C H I N A
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CHINA EVERGRANDE: China Steps Up Efforts to Ring-Fence Developer
----------------------------------------------------------------
Bloomberg News reports that as China Evergrande Group edges closer
to a massive restructuring, Beijing has stepped up efforts to limit
the fallout, signaling it's willing to prop up healthy developers,
homeowners and the real estate market at the expense of global
bondholders.

In the last week alone, Chinese authorities have dispatched top
financial regulators to nudge the country's massive banks to ease
credit for homebuyers and support the property sector. They also
bought out part of Evergrande's stake in a struggling bank to limit
contagion, Bloomberg says.

Bloomberg relates that the central bank meanwhile has pumped CNY790
billion ($123 billion) into the financial system over 10 days to
ease liquidity.

According to Bloomberg, the moves underscore that China will do
everything it can to ring-fence Evergrande, while showing little
interest in a direct bailout of the developer that has roiled
global markets for weeks.

That doesn't bode well for bondholders -- both onshore and abroad
-- looking for some kind of rescue from the Chinese government.

"The first obligation is going to make sure that homeowners who
bought those homes take delivery and are made whole," Bloomberg
quotes Marathon Asset Management Chief Executive Officer Bruce
Richards, who started buying Evergrande debt last week, as saying.
"At the very end of the pecking order are offshore bondholders."

For China, the risk of contagion far outweighs any potential damage
from an Evergrande collapse on its own. Though Evergrande is one of
the largest developers in China, it accounts for just 4% of sales
in the country.

A run on property firms in the wake of an Evergrande failure
threatens to destabilize an industry that accounts for 29% of
China's economy, according to new research from Harvard University
economist Ken Rogoff, Bloomberg relays.

Already, developers such as Sunac China Holdings Ltd. and Guangzhou
R&F Properties Co. have plunged in trading, while their bond yields
have soared. Some 12 real estate companies have reported bond
defaults in the first half of this year, amounting to CNY19
billion, Bloomberg discloses citing Moody's Investors Service.

China also faces a potential backlash from the 1.6 million home
buyers who put deposits on Evergrande apartments that have yet to
be built. Getting those projects completed would help avert the
type of social unrest sparked last month by retail investors
demanding payment on some CNY40 billion in Evergrande high-yield
investment products, says Bloomberg.

"A disorderly default of Evergrande is unlikely because of the
broad-based risk it presents to a large amount of the Chinese
population," Bloomberg quotes Ms Alejandra Grindal, chief economist
at Ned Davis Research, as saying. "The government is probably less
concerned about restructuring the offshore debt."

Home buyers already face the threat of declining prices after years
of gains. Measures of price growth, housing starts and sales have
moderated significantly in recent months, Moody's noted in a
report.

Given the heightened risk of social unrest, Beijing will try to
ensure that construction workers are paid first in any
restructuring, followed by home buyers, then suppliers and lenders,
said Mr. James Feng, founding partner of Poseidon Capital Group, a
Chinese fund that specialises in distressed and special situation
investments.

"It's highly likely that Evergrande's offshore bond holders will be
wiped out," he said.

Bloomberg says to limit the real estate contagion, central bank
governor Yi Gang and other officials told financial institutions to
cooperate with governments to "maintain the steady and healthy
development of the real estate market" while safeguarding home
owners, according to a statement by the People's Bank of China last
week.

Bloomberg relates that the regulators asked banks to refrain from
cutting off funding to developers all at once, according to a
person familiar with the matter. Lenders should continue supporting
projects under construction and approve mortgages for buyers
qualified for pre-sales, the person said.

"Given the gigantic size and importance of the sector to the
economy, we expect China to make every effort to avoid a hard
landing, especially at a time when the economy is facing heightened
uncertainty amid a pandemic," Moody's analyst Christina Zhu wrote
in a Sept. 30 note.

According to Bloomberg, China has plenty of experience managing
collapses of conglomerates like Evergrande. HNA Group's
restructuring this year may be a model, according to Citigroup
researchers. Following the HNA example, Beijing would likely step
in, break up Evergrande's businesses and sell assets to strategic
investors.

Under this scenario, bond holders would take a severe haircut and
equity investors would be all but wiped out. Even after last week's
gains, Evergrande's stock has tumbled 80 per cent this year,
Bloomberg notes.

So far, China has been able to limit Evergrande's contagion,
Bloomberg states. Standard & Poor's (S&P) said it sees little
evidence of a broader spillover into other parts of the financial
markets, with impact confined to single-B-rated developers.

Bloomberg says Citigroup expects some fallout from Evergrande,
prompting a cut in its 2022 economic growth forecast to 4.9 per
cent from 5.5 per cent. The challenge for China is to support the
property sector without stoking the type of overheating that it has
been working for years to curb.

                       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 on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

S&P Global Ratings' rating for China Evergrande Group (Evergrande)
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. was lowered to 'CC' from 'CCC' last September 15,
2021. 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-'.


CHINA EVERGRANDE: Hopson Poised to Buy Controlling Stake
--------------------------------------------------------
Bloomberg News reports that another billionaire tycoon appears
poised to come to the aid of embattled developer China Evergrande
Group.

Hopson Development Holdings Ltd., a Hong Kong-listed real estate
firm controlled by the billionaire Chu family, has agreed to buy a
controlling stake in Evergrande's property services business,
Cailian reported Oct. 4, citing people it didn't identify,
Bloomberg relates. Evergrande Property Services Group Ltd. said in
a statement that its shares were halted on Oct. 4 due to a pending
announcement of a possible offer for shares of the company.  

According to Bloomberg, the Chus could become the latest wealthy
family to shore up finances for Evergrande and its billionaire
founder Hui Ka Yan. Hui's so-called poker pals have included
Chinese Estates Holdings Ltd.'s Joseph Lau, New World Development
Co. billionaire Henry Cheng and C C Land Holdings Ltd.'s Cheung
Chung Kiu, though some have been scaling back their Evergrande
investments.

In contrast to Hui, who has been in the spotlight for years in the
property sector, Chu Mang Yee is described as an "invisible
magnate" by Chinese media for his low-profile, says Bloomberg. Chu
and his son Chu Yat Hong own about 71% of Hopson Development
combined, and the family is worth about $6.2 billion, according to
the Bloomberg Billionaires Index. Mang Yee's daughter Chu Kut Yung
has been the developer's chairman since January 2020.

Like Evergrande, Hopson is based in the southern Chinese province
of Guangdong. Listed on the Hong Kong Stock Exchange since 1998,
the shares have gained 40% this year while Evergrande has plunged
80%.  Hopson has a market value of HK$60 billion ($7.7 billion),
compared with just HK$39 billion for Evergrande, Bloomberg
discloses.

In the early 2000s, Hopson was once seen as one of the five biggest
developers in southern China along with Evergrande, Country Garden
Holdings Co., Guangzhou R&F Properties Co. and Agile Group Holdings
Ltd. It was also the first property developer in China to reach
sales of 10 billion yuan ($1.55 billion) in 2004, according to
Cailian.

Peers including Evergrande and Country Garden later surpassed
Hopson to be the faces of China's real estate market. The developer
is comparatively little-known globally even though it's the
13th-biggest property company in China by market capitalization,
Bloomberg notes.

According to Bloomberg, Hopson Development plans to acquire a 51%
stake in Evergrande Property Services to value the company at about
HK$40 billion, a 28% discount to the unit's current value of
HK$55.4 billion, Cailian reported, after amending an earlier report
on the valuation. Evergrande took the property unit public in
December.


                       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 on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

S&P Global Ratings' rating for China Evergrande Group (Evergrande)
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. was lowered to 'CC' from 'CCC' last September 15,
2021. 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-'.


FANTASIA HOLDINGS: Fails to Repay US$205.7 Million Note
-------------------------------------------------------
Channel News Asia reports that another Chinese homebuilder has hit
financial trouble after it missed payments on debt obligations,
adding to worries over the country's property sector as embattled
giant China Evergrande teeters on the brink of collapse.

Fears of contagion through the Chinese economy have grown as
Evergrande, the most indebted of the country's private
homebuilders, struggles with more than US$300 billion in
liabilities and heads towards a massive restructuring.

Fantasia Holdings failed to repay a US$205.7 million note on Oct.
4, the Shenzhen-based company said in a statement, CNA relays.

This came as property management firm Country Garden Services
Holdings added that a unit of Fantasia had missed repayment on a
CNY700 million (US$108 million) loan, saying it was likely Fantasia
would default, according to CNA.

The news comes as investors await news from Evergrande after it
suspended trading of its shares on Oct. 4 pending an announcement
on a "major transaction", with reports saying Hong Kong real estate
firm Hopson Development Holdings planned to buy a 51 percent stake
in its property services arm.

While Fantasia is a smaller player in the market than Evergrande,
its struggles highlight investor concerns over companies' financial
disclosures.

Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of China.
It operates through six segments: Property Development, Property
Investment, Property Agency Services, Property Operation Services,
Hotel Operation, and Others. The company engages in the development
of urban complexes, upscale boutique residences, and mid-to-high
end residence projects; the provision of hotel accommodation,
property management, value-added, engineering, and travel agency
services; and manufacture and sale of fuel pumps. It also provides
community services through online platform; and wealth management,
finance lease, petty loans, P2P, funds and factoring, consumer
finance, insurance, payment services, etc. for enterprises and
individuals, as well as operates and manages various city
complexes, shopping centers, etc. In addition, the company operates
golfs, high-end city clubs, private clubs, theme parks, art
museums, etc.; and develops various home-based care service
stations, daytime care centers, and senior citizen apartments,
which provide home care, health care, rehabilitation therapy,
nutrition catering, and spiritual solace, as well as education
services.  Fantasia Holdings Group Co., Limited is a subsidiary of
Fantasy Pearl International Limited.

FANTASIA HOLDINGS: Fitch Lowers Foreign Currency IDR to 'CCC-'
--------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Fantasia
Holdings Group Co., Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'CCC-' from 'B'. Fitch has also downgraded
the senior unsecured rating and the rating on its outstanding US
dollar senior notes' to 'CCC-' from 'B', with a Recovery Rating of
'RR4'.

It was reported in the media that Fantasia missed the payment of
USD100 million due on 28 September 2021 to bondholders who
exercised put options on a private bond. The bond was guaranteed by
the company, but it does not appear to have been disclosed in the
company's financial reports. According to the company, it
transferred the funds to the relevant account on 28 September, and
bondholders received the amount the day after. The company also
said that it has prepared funds for the remaining USD50 million of
the bond that is due in early October.

Fitch believes the existence of these bonds means that the
company's liquidity situation could be tighter than Fitch
previously expected. The late payment also raises doubts about the
company's ability to repay its maturities on a timely basis.
Furthermore, this incident casts doubt on the transparency of the
company's financial disclosures.

The downgrade reflects the default risk on Fantasia's upcoming
US-dollar bond maturities, given its tight offshore liquidity
position. As of the time of this commentary, Fitch has been unable
to ascertain whether Fantasia has transferred the funds for the
repayment of its US-dollar bonds maturing on 4 October 2021.
Failure to repay the bonds would lead to further negative rating
actions.

KEY RATING DRIVERS

Significant Repayment Risk: According to Fantasia's disclosures, it
had USD200 million of cash in offshore accounts at end-August 2021,
which was sufficient to cover the US dollar bonds maturing in
October 2021. However, the company confirmed to us that USD102
million of the offshore cash balance was used to repay a previously
undisclosed private bond on 28 September 2021. Fantasia said it
intends to transfer funds needed to repay the USD208 million due on
4 October 2021 to the trustee accounts, but Fitch has not been able
to ascertain if it has done so.

Undisclosed Bond Raises Uncertainty: In a recent call, Fantasia
told Fitch for the first time about the existence of USD150 million
of private bonds guaranteed by the company that do not appear to
have been reported in its financial statements. Management also
said that no other offshore off-balance sheet borrowings exist
beyond the USD150 million of private bonds. Fitch's leverage and
liquidity calculations are based on materials provide by the
company and public disclosures, and the existence of undisclosed
liabilities could significantly affect Fitch's leverage, coverage
and liquidity calculations and forecasts.

Substantial Maturities: Fantasia has a large amount of
capital-market debt due between now and end-2022, including USD1.9
billion of offshore bonds and CNY6.4 billion of onshore bonds
maturing or turning puttable. Although the company says it had
CNY24 billion of cash at end-1H21, including CNY10 billion at the
holding company level, there is uncertainty about Fantasia's
ability to access to such cash and transfer cash offshore to repay
the US dollar bonds. Using up the cash balance for debt repayment
may also affect the company's ability to acquire land, which may
damage its business profile.

Execution Risk on Asset Disposals: The company's plan to raise cash
from asset disposals is subject to execution risk. According to the
company, progress on the Qingdao disposal has been slower than
expected due to weakened investor demand. There has also been no
material progress on the Beijing disposal. In addition, Fantasia
will not directly receive any proceeds from the CNY3.3 billion sale
of publicly listed subsidiary Colour Life's commercial property
management business announced on 28 September 2021.

ESG - Governance: Fantasia has ESG Relevance Scores of '5' for
Financial Transparency and Management Strategy due to the existence
of undisclosed liabilities, and the company's lack of effective
execution of and consistent communication over its repayment plans
for its maturing capital-market debt. These have a negative impact
on the credit profile, and are highly relevant to the rating,
resulting in the downgrade of its IDR by three notches.

It also has an ESG Relevance Score of '4' for Group Structure as it
has a high proportion of sales from unconsolidated JVs and
associates. The performance of projects under these JVs and
associates are not fully captured in its financial statements. This
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

DERIVATION SUMMARY

Fantasia's ratings reflect repayment risk of its upcoming bond
maturities and weakened financial transparency.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to rise by 15% in 2021 and 5% in
    2022 (2020: 32%), due to higher average selling prices amid a
    greater contribution from recent land acquisitions in the
    Yangtze River Delta and urban renewal projects in the Greater
    Bay Area;

-- Cash collection rate of 85% in 2021 and 2022 (2020: 85%);

-- 33% of sales proceeds spent on land acquisitions in 2021 and
    2022 (2020: 40%);

-- 35% of sales proceeds spent on construction costs in 2021 and
    37% in 2022 (2020: 38%);

-- EBITDA margin, after adding back capitalised interest, of 26%-
    27% in 2021 and 2022 (2020: 30%).

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Fantasia would be liquidated in
bankruptcy.

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
process conducted during a bankruptcy or insolvency proceeding and
distributed to creditors.

-- 60% advance rate applied to excess cash; that is, available
    cash less three months of attributable contracted sales;

-- 100% advance rate applied to cash restricted for securing
    debt;

-- 70% advance rate applied to net inventory, based on our
    expectation of an EBITDA margin of around 20%;

-- 70% advance rate applied to trade receivables;

-- 60% advance rate applied to property, plant and equipment;

-- 40% advance rate applied to investment properties, based on a
    6.5% capitalisation rate on completed investment properties.

The above items exclude Fantasia's stake in Colour Life. The
recovery value of Fantasia's stake is based on a going-concern
approach and was at a 24% discount to market value on 10 September
2021.

The allocation of value in the liability waterfall results in
recovery corresponding to a 'RR1' Recovery Rating for all secured
debt and onshore unsecured debt and 'RR2' for offshore unsecured
debt. However, the Recovery Rating for the senior unsecured debt is
capped at 'RR4' because, under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Significant and sustained improvement in liquidity, financial
    management and disclosure.

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

-- Inability to address upcoming maturities in a timely manner.

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.

ISSUER PROFILE

Fantasia is a mid-sized property developer in China. It has been
listed on the Hong Kong Stock Exchange since 2009 and is the
controlling shareholder of Hong Kong-listed Colour Life, one of
China's leading property management companies.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory used in the leverage
calculation includes: inventory, net deposits and prepayments for
projects, investment properties, property, plant and equipment
(land and buildings), land-use rights, investments in JVs, net
amounts due from JVs, and net amount due from non-controlling
interests, less contract deposits and deposits received. Fitch
adjusted the value of investment properties based on cost.

ESG CONSIDERATIONS

Fantasia has ESG Relevance Scores of '5' for Financial Transparency
and Management Strategy due to the existence of undisclosed
liabilities, and the company's lack of effective execution of and
consistent communication over its repayment plans for its maturing
capital-market debt. These have a negative impact on the credit
profile, and are highly relevant to the rating, resulting in the
downgrade of its IDR by three notches.

It also has an ESG Relevance Score of '4' for Group Structure as it
has a high proportion of sales from unconsolidated JVs and
associates. The performance of projects under these JVs and
associates are not fully captured in its financial statements. This
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

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.

HELENBERGH CHINA: Moody's Assigns B3 Rating to Proposed USD Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD bonds to be issued by Helenbergh China Holdings
Limited (B2 negative).

Helenbergh China will use the proceeds from the proposed bonds
mainly to repay its offshore debt.

RATINGS RATIONALE

"Helenbergh China's B2 corporate family rating (CFR) mainly
reflects the company's good track record of developing properties
and executing sales in its key markets, and its growing geographic
coverage," says Celine Yang, a Moody's Vice President and Senior
Analyst.

"However, the B2 CFR is constrained by the company's moderate
interest coverage amid weakening profitability and limited funding
access with a relatively heavy exposure to trust loans, though the
level has been reducing since the end of 2020. The CFR also
considers Helenbergh China's status as a private company, with
lower corporate transparency and a less-developed corporate
governance structure compared with listed companies," adds Yang.

The rating outlook is negative, reflecting Moody's expectation of
Helenbergh China's weakening liquidity buffer and credit metrics
amid challenging operating and funding environments in China.

The proposed issuance will improve the company's liquidity profile
and not materially affect its credit metrics because it will use
the proceeds mainly to refinance existing debt.

Moody's estimates the company's annual contracted sales will remain
largely stable at RMB63 billion-RMB65 billion in 2021-22 annually
from RMB65 billion in 2020.

However, the company's gross profit margin will weaken as a result
of higher land costs and price caps implemented in the cities it
operates. As a result, its adjusted EBIT/interest coverage will
reduce to around 1.5x over the next 1-2 years from 1.7x in 2020,
which is weak compared with its B2 rated peers'.

Helenbergh China's liquidity is adequate. Moody's expects the
company's cash holdings, together with its cash flow from operating
activities, will be enough to cover its maturing debt (including
onshore puttable bonds) and committed land payments over the next
12-18 months.

The B3 senior unsecured bond rating is one notch lower than
Helenbergh China's CFR because of structural subordination risk.
Most of the company's claims are at the subsidiary level and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination.

Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.

From a governance perspective, Moody's has considered Helenbergh
China's private company status, with its key shareholder, Huang
Chiheng, holding 98.99% of the company's shares as of June 30, 2021
Its private company status has also resulted in lower corporate
transparency and a less-developed corporate governance structure
compared with listed companies.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade is unlikely over the near term given the negative
outlook.

However, Moody's could change the outlook to stable if Helenbergh
China (1) achieves its planned contracted sales and revenue growth;
(2) improves its financial metrics, with EBIT/interest coverage
consistently above 1.5x-2.0x; (3) improves its corporate
transparency; and (4) strengthens its liquidity by diversifying its
funding channels and extending its debt maturity profile.

On the other hand, Moody's could downgrade the company's ratings if
its liquidity weakens, or if its key credit metrics deteriorate
because of lower contracted sales or a more aggressive approach to
land acquisitions, such that EBIT/interest coverage is below 1.5x
or unrestricted cash/short-term debt fails to trend towards 1.0x.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Helenbergh China Holdings Limited is a property developer in China.
As of the end of June 2021, the company had land reserves of 32.7
million square meters in gross floor area (GFA).

REMARK HOLDINGS: To Raise $5 Million Through Private Placement
--------------------------------------------------------------
Remark Holdings, Inc. has entered into a definitive agreement with
a single institutional investor in a private placement of 4,237,290
shares of common stock and warrants to purchase up to 4,237,290
shares of common stock at a combined purchase price of $1.18 per
share and accompanying warrant for gross proceeds of approximately
$5.0 million before deducting transaction fees and other estimated
offering expenses.  The warrants will have an exercise price of
$1.35 per share, will be immediately exercisable and will expire
five years from the date of an effective registration statement
covering the shares underlying the warrants.

The Company expects to use the net proceeds from the private
placement for working capital and other general corporate
purposes.

The private placement is expected to close on or about Sept. 29,
2021, subject to the satisfaction of customary closing conditions.

The private placement is being made pursuant to the exemption from
securities registration afforded by Section 4(a)(2) of the
Securities Act of 1933, as amended, and Rule 506 of Regulation D as
promulgated by the United States Securities and Exchange Commission
and the securities being sold in the private placement may not be
offered or sold in the United States absent registration with the
SEC or an applicable exemption from such registration
requirements.

The Company has agreed to file a registration statement on Form S-3
with the SEC covering the resale of the shares of common stock, as
well as the shares of common stock issuable upon exercise of the
warrants, issued in the private placement.

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$13.73 million in total assets, $28.94 million in total
liabilities, and a total stockholders' deficit of $15.21 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


SINIC HOLDINGS: Fitch Lowers LT IDR to 'C'
------------------------------------------
Fitch Ratings has downgraded China-based property developer Sinic
Holdings (Group) Company Limited's Long-Term Issuer Default Rating
(IDR) to 'C' from 'CCC'. Fitch has also downgraded Sinic's senior
unsecured rating to 'C' from 'CCC-', with a Recovery Rating of
'RR5', which is unchanged.

The downgrade reflects Fitch's view that a default-like process has
begun, following Sinic's announcement that certain subsidiaries
have missed interest payments on onshore financing arrangements,
which was followed by enforcement action taken by one of its
offshore creditors.

KEY RATING DRIVERS

Missed Payments, Creditor Enforcement Action: Sinic announced that
on 18 September 2021 certain subsidiaries failed to pay interest on
two onshore financing arrangements due to "unexpected liquidity
issues arising from macroeconomic conditions." This was followed by
a creditor demanding payment on an offshore facility and taking
enforcement action over some of Sinic's offshore subsidiaries.

Sinic is currently in discussions with its creditors and has
appointed legal and financial advisors to address the matter. The
announcement also stated that the events may trigger default and
provisions on other debt obligations. Sinic's shares have been
suspended from trading since 20 September.

Maturing US Dollar Bond: The recent events have cast additional
uncertainty over the repayment of Sinic's USD246 million bonds
maturing 18 October 2021. Sinic reported CNY14 billion (USD2.16
billion) in unrestricted cash at end-June 2021, which excludes
pre-sales proceeds in regulatory accounts. However, the company has
not made any announcements regarding the repatriation of funds to
repay debt, and it is not clear how much of Sinic's cash is held in
the offshore subsidiaries that are subject to creditors'
enforcement action.

ESG - Governance: Sinic has an ESG Relevance Score of '4' for
Management Strategy because its repayment plans for its maturing
capital-market debt have not been effectively executed. This has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting the rating downgrade.

Sinic has an ESG Relevance Score of '4' for Financial Transparency
due to lack of communication over its repayment plans for its
capital-market debt and the sharp fall in its bond and equity
prices. This has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in the rating downgrade.

DERIVATION SUMMARY

Sinic's ratings are driven by its stressed liquidity and high risk
of default.

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 of 2.0-2.5 years during 2021-2023;

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

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Sinic would be liquidated in a
bankruptcy rather than operate as a going-concern due to 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
process conducted during bankruptcy or insolvency proceedings and
distributed to creditors.

-- 40% haircut to adjusted net inventory, as Fitch anticipates
    potential for lower recovery from inventory, given higher
    probability of default;

-- 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 assumption, or less than 10% of CNY2.8 billion book
    value at end-1H21;

-- 30% haircut to account receivables;

-- 40% 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 (1H21: around CNY13 billion).

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR5' Recovery Rating for the senior
unsecured debt.

RATING SENSITIVITIES

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

-- Repayment of the principal of the US dollar bond maturing 18
    October 2021, without the use of a distressed debt exchange
    (DDE).

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

-- Inability to repay the US dollar bond maturing 18 October
    2021;

-- Commencement of a DDE;

-- Announcement that the issuer entered into bankruptcy filings,
    administration, receivership, liquidation or other formal
    winding-up procedures, or otherwise ceased business.

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

Refinancing Critical: There is increasing uncertainty over Sinic's
ability to use the CNY14 billion in unrestricted cash at end-1H21
to repay the USD246 million bond maturing 18 October 2021 in light
of the enforcement action taken by its offshore creditors.

ISSUER PROFILE

Sinic, which is based in Shanghai, 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.

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 joint ventures
(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

Sinic has an ESG Relevance Score of '4' for Management Strategy due
to the lack of effective execution of its repayment plan, which has
a negative impact on the credit profile, and is highly relevant to
the rating, resulting in the three-notch downgrade.

Sinic has an ESG Relevance Score of '4' for Financial Transparency
due to the lack of communication over its repayment plan, which has
a negative impact on the credit profile, and is highly relevant to
the rating, resulting in the three-notch downgrade.

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.

SINIC HOLDINGS: S&P Lowers ICR to 'CC' on Imminent Default Risk
---------------------------------------------------------------
On Oct. 4, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Sinic Holdings (Group) Co. Ltd. to 'CC' from
'CCC+'. The rating remains on CreditWatch with negative
implications.

The CreditWatch negative placement indicates the high nonrepayment
risk over the company's offshore senior unsecured notes maturing in
two weeks.

S&P lowered the rating because it believes Sinic has run into
severe liquidity problem and its debt-servicing ability has almost
been depleted. The company is likely to default on its US$246
million offshore senior unsecured notes due Oct. 18, 2021.

Sinic's liquidity strain is evident from its inability to service
its interest payment. According to the company's announcement on
Sept. 30, 2021, its Chinese subsidiaries failed to pay Chinese
renminbi (RMB) 38.7 million in interest on two onshore debt
obligations due on Sept. 18.

Nonrepayment of interest could result in accelerating repayments on
Sinic's other debt obligations. This is because creditors may call
for early repayment for their lending, given Sinic's deteriorating
credit profile. This could heighten Sinic's cross-default risk.

One offshore facility totaling US$75 million has been accelerated
for repayment, and that could lead to further acceleration of other
debts. S&P cannot ascertain the terms of that facility, and cannot
confirm if it is overdue.

S&P believe the likelihood of asset sales or funding support from
Sinic's chairman to support debt repayment to be extremely low.
This is due to the absence of a concrete plan and the short span of
two weeks ahead of maturity.

CreditWatch

The CreditWatch with negative implications indicates S&P may lower
the rating to 'SD' (selective default) or 'D' (default) if the
company fails to repay its upcoming debt maturities, including the
offshore senior unsecured notes due Oct. 18, 2021.




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

AMBICA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ambica
International Food Company Private Limited (SAIFCO) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            59        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            21        CRISIL D (Issuer Not
                                    Cooperating)

   Export Packing         37        CRISIL D (Issuer Not
   Credit                           Cooperating)

   Export Packing         18        CRISIL D (Issuer Not
   Credit                           Cooperating)

   Export Packing         15        CRISIL D (Issuer Not
   Credit                           Cooperating)

   Term Loan              11.06     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SAIFCO for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SAIFCO was set up by Mr Ishwar Chand Goel in 1983 as a
proprietorship firm, and was reconstituted as a private limited
company in November 2006. It mills and processes basmati rice. Its
plant is at Taraori in Karnal, Haryana. The company also purchases
semi-processed rice from smaller mills in the area, and sorts and
exports it.

AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amma Woods
Private Limited (AWPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.6       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      12.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AWPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, AWPL is a Kerala-based company that trades in
timber. The company is managed by the Kerala-based Keyes group
which has over 25 years of experience in the wood trading business.
The day-to-day operations are managed by Ms. K V Sulekha.


ARDHENDU MONDAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ardhendu
Mondal (AM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.42      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank          3.58      CRISIL D (Issuer Not
   Guarantee                        Cooperating)

   Secured Overdraft      6.00      CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with AM for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

M/s Ardhendu Mondal (AM), is a partnership firm, incorporated in
1992. The firm is promoted by Mr. Ardhendu Mondal and his family
members. AM undertakes road construction, irrigation, canal
protection and maintenance projects, in the state of west Bengal.

AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Avian
Technologies (AT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.75      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            2         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Letter         1.95      CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Long Term Loan         3.26      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.39      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with AT for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi
Venkatsubramanian. It is engaged in sheet metal fabrication and
caters to industries such as capital goods, automotive, and
construction equipment. The firm's plant is in Chennai and has
installed capacity of 150 tonne per month.


CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative
Limited continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest       1.4        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest       0.6        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Packing Credit        1          CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital      12.6        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with Creative for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation 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 Creative, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Creative is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Creative continue to be 'CRISIL D Issuer Not
Cooperating'.

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.


DELHI ELECTRIC: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Delhi Electric
Company's (DEC) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are given below:  

-- INR37.50 mil. Fund-based working capital limit assigned with
     IND BB/Stable/A4+ rating; and

-- INR15.00 mil. Non-fund-based limit assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect DEC's small scale of operations as indicated by
a revenue of INR363.96 million in FY21 (FY20: INR538.22 million).
The revenue declined yoy in FY21 due to the discontinuation of the
firm's operations during 1QFY21 and the deferment of execution of
its projects on account of the COVID-19-led nationwide lockdown.
Till 31 August 2021, DEC had booked a revenue of INR360 million. In
FY22, Ind-Ra expects the revenue to improve due to the increase in
the orders from the customers and an improved execution of
projects. FY21 numbers are provisional in nature.

The ratings also reflect DEC's moderate credit metrics with the
interest coverage (operating EBITDA/gross interest expenses) of
2.67x in FY21 (FY20: 4.22x) and the net leverage (adjusted net
debt/operating EBITDAR) of 1.39x (0.73x). In FY21, the metrics
declined due to a fall in the absolute EBITDA and an increase in
the interest expense.  In FY22, Ind-Ra expects the credit metrics
to improve due to an improvement in the scale of operation.

Liquidity Indicator - Stretched: The cash flow from operations
turned negative atINR4.52 million in FY21 (FY20: INR12.94 million)
due to a decline in the absolute EBITDA. Consequently, the free
cash flow also turned negative at INR6.40 million in FY21 (FY20:
INR7.79 million). DEC does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. Its net working capital cycle elongated to 47 days in
FY21 (FY20: 16 days) due to an elongation of the inventory holding
period. DEC's average month-end utilization of the fund-based
limits was 22.71% during the 12 months ended August 2021 with no
instance of overutilization. The cash and cash equivalents stood at
INR13.75 million at FY21 (FY20: INR11.91 million).

The ratings are supported by DEC's healthy EBITDA margin of 8.88%
in FY21 (FY20: 8.61%) with a return on capital employed of 25.1%
(47.2%). The margins are healthy as the company supplies
high-margin associated electrical products. In FY22, the management
and Ind-Ra both expect the EBITDA margin to remain high due to the
continued trading of associated products and the execution of
powerplant projects

The ratings are also supported by the partner's nearly four decades
of experience in the electrical product supply industry. This has
facilitated the firm to establish strong relationships with
customers as well as suppliers.

RATING SENSITIVITIES

Negative: Any decline in the scale of operation, resulting in
deterioration in the interest coverage ratio below 2x and/or
deterioration in the liquidity position will be negative for the
ratings.  

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics, along with
an improvement in the liquidity position, on a sustained basis will
be positive for the rating.

COMPANY PROFILE

Established in 1973, DEC is a Delhi-based trader of industrial
electrical products such as wires, control panels and switchgears.
The firm also executes powerplant projects.


DHROOV RESORTS: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Dhroov
Resorts (DR) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               10       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DR for
obtaining information through letters and emails dated July 23,
2021 and August 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DR operates a single hotel located at Lakkar Bazaar, Shimla
Himachal Pradesh. The hotel began its commercial operations from
June 10, 2017. DR is owned & managed by Mr. Balbir Singh Verma.


DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Digi Export
Venture Private Limited (DEVPL; a part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       2         CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting       8         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit in      6         CRISIL D (Issuer Not
   Foreign Currency                 Cooperating)

   Proposed Fund-         5         CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with DEVPL for
obtaining information through letters and emails dated February 22,
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

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corporation LLP (Visual), DEVPL, Happy
Acoustics Pvt Ltd (Happy), 5Core, and Neha Exports (Neha). This is
because all these entities, collectively referred to as the Five
Core group, have common management, brand, customers, suppliers,
and strong operational synergies. Furthermore, 5Core is a wholly
owned subsidiary of FCEL.

DEVPL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations. Incorporated in 2002, FCEL is
listed on the National Stock Exchange Emerge platform since May
2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan).

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.


ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orma Marble
Palace Private Limited (OMPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       5         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with OMPPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1994, OMPPL promoted by Mr. Lijo Joseph in
Angamaly, Kerala, is primarily engaged into in trading of granites,
marbles, ceramic tiles, vitrified tiles, adhesives, sanitary and
bathroom fittings, etc. The company owns three showrooms in
Angamaly.


P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P G
Mercantile Private Limited (PGMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              4.63      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              5.57      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             13.41      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PGMPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL
primarily trades in ferrous and non-ferrous metals. The company
also has two windmills (one each in Maharashtra and Tamil Nadu)
with total capacity of 3.7 megawatt. Mr. Gupta is also the
vice-chairman of Ushdev International Ltd, which is in the same
business.


PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paras
Industries continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Post Shipment          3.7       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Pre Shipment           7.5       CRISIL D (Issuer Not
   Packing Credit                   Cooperating)

CRISIL Ratings has been consistently following up with Paras for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership firm in 1987`, in Mumbai, Paras was owned
by the Jariwala and Shah families till March 2010. The Shah family
exited in April 2010. The firm manufactures and exports knitted
garments and accessories to departmental stores in the US.

PKP PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PKP
Processors continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.35      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.90      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              6         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PKP For
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in, 1996, PKP Processors (PKP) is engaged in dyeing of
fabric and yarn on job work basis. The firm is managed by four
partners Mr P. Subramanian, Mr. Sathish Kumar, Mr.Vinod Kumar and
Mr. Prem Kumar.


PRANAV CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pranav
Construction Systems Private Limited (PCSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       10.97       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee        5.25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5.26       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          10          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           3.85       CRISIL D (Issuer Not
                                    Cooperating)

   Export Packing
   Credit                6.63       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       2.64       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest       3.44       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Letter of Credit      3          CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       8.51       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital      12.98       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with PCSPL for
obtaining information through letters and emails dated February 27,
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

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

Incorporated in 2003, PCSPL provides formwork, false work and
scaffolding which find application in construction/infrastructure
sector. The company has been set up by Mr. Sushil Sahani and its
manufacturing facilities are located at Kopar-Khairane and Badlapur
(both in Maharashtra).

PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PRO Knits
(PK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       8         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        20         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PK for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1998 by Mr. Ravi Kumar and Mrs. Mallika as a
partnership firm, Pro Knits is into manufacture and export of
readymade garments to UK and various other European countries. The
firm specialises in the manufacture of knitted garments of kids,
men, and women. The firm has a manufacturing plant in Tirpur.


RAJALAKSHMI POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Rajalakshmi Poultry Farm (SRPF; a part of the Sri Poultry group)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.2       CRISIL D (Issuer Not
                                    Cooperating)
   Term Loan              4.8       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SRPF for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Rating has consolidated the
business and financial risk profiles of Sri Raghavendra Poultry
Farm (SRHPF) and SRPF. That is because these two firms, together
referred to as the Sri Poultry group, have similar nature of
operations, operational & financial fungibility, and a common
management.

                          About the Group

The Sri Poultry group was set up by Mr B H Thippeswamy and family
in Kodihally (Karnataka).

SRPF is engaged in poultry farming with capacity of 60,000 birds;
it also operates a 1 megawatt (MW) solar roof top plant and has a
25-year power-purchase agreement (PPA) with BESCOM.

SRHPF is engaged in poultry farming with capacity of 75,000 birds;
it also operates a 1 MW solar roof top plant and has a 25-year PPA
with BESCOM.


RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ram
Industries (Harij) (RI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RI, formed in 2007, is promoted by Patan, Gujarat-based Mr Jaydev
Thakkar and his family members. The firm gins cotton.


RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rathi Feeds
India Private Limited (RFPL; part of the Rathi group) continue to
be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           11.45      CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.75      CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              2.80      CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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


For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of RFPL, RHPL, and Gourav
Poultries India Pvt Ltd (GPPL). This is because the companies,
collectively referred to as the Rathi group are in the same line of
business, extend financial support to each other, and have a common
management.

                           About the Group

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
per cent of feed processed by RFPL and sells the balance in the
open market. Its feed processing capacity is 200 tonne per day.


RATHI HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rathi
Hatcheries Private Limited (RHPL; part of the Rathi group) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.55      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.95      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              4.50      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RHPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of RHPL, Rathi Feeds India
Pvt. Ltd. (RFPL) and Gourav Poultries India Pvt Ltd (GPPL). This is
because the companies, collectively referred to as the Rathi group
are in the same line of business, extend financial support to each
other, and have a common management.

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
percent of feed processed by RFPL and sells the balance in the open
market. Its feed processing capacity is 200 tonne per day.


S.M. RAM COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.M. Ram Coal
Importers Private Limited (SMR) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Negotiation        2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       12        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SMR for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMR was established in 2009 as a proprietorship concern by Mr SM
Ramar and was reconstituted as a private limited company in fiscal
2016. The company trades in steam coal and is based in Thoothukudi,
Tamil Nadu.


SATYA MEGHA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya Megha
Industries (SMI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Term Loan         9.18      CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest        2.98      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Short Term    2.86      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital       14.18      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SMI for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMI was set up as a partnership firm in Assam in August 2009 by Mr
Ratan Sharma, Mr Purushottam Murarka, and Mr Mangilal Jalan. The
firm started operations in August 2011, by manufacturing steel
billets. Partners have around two decades of experience of
manufacturing and trading in steel products, through other group
companies.


SHUBHMANGAL EXIM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Shubhmangal Exim Private Limited
        I-30/A, Phase 2
        GIDC Vatva, Vatva
        Ahmedabad 382445

Insolvency Commencement Date: September 20, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 24, 2022

Insolvency professional: CA Nimai Gautam Shah

Interim Resolution
Professional:            CA Nimai Gautam Shah
                         605-606-607, Silver Oaks
                         Near Mahalaxmi Char Rasta
                         Paldi, Ahmedabad 380007
                         Gujarat
                         E-mail: cnjabd@gmail.com

Last date for
submission of claims:    October 9, 2021


SOKHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sokhi Steels
Private Limited (SSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               6        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSPL was incorporated in 2011, promoted by Mr Lakhbir Singh Sokhi,
Mr Jagbir Singh Sokhi, and Mr Sukhbir Singh Sokhi; it commenced
operations in fiscal 2014. The company manufactures SG iron, cast
iron, and steel products. It has a total furnace induction capacity
of about 750 tonnes per annum at its plant in Ludhiana, Punjab.


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

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      0.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft       8.5       CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with SRPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SRPL was established in 2006 by Mr Nitin Kumar Gupta and his son,
Mr Goldy Gupta. The Delhi based company undertakes civil
construction activities and real estate development projects in
Delhi, Ghaziabad, Chennai, and Rajasthan.


TACTIVE SOFTWARE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tactive
Software Systems Private Limited (TSSPL; previously known as URCI)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Corporate Loan          5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with TSSPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in March 2008 and based in Erode (Tamil Nadu), URCI
develops and maintains Enterprise resource planning (ERP) software
particularly for the construction, healthcare, small and medium
business (SMB), entertainment, and pharmaceutical sectors. The
company is promoted by Mr. C Devarajan. The day to day operations
are managed by Mr. G Gunasekaran, Director.


V.D. SWAMI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V.D. Swami
And Co Private Limited (VDS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         10        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          6        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     14        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with VDS for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1956 in Chennai, VDS undertakes erection, testing,
commissioning, and maintenance of electrical and engineering
equipment in industries across various sectors.

VADIVEL COCOTECH: CRISIL Cuts Long Term Rating to D
---------------------------------------------------
CRISIL ratings has downgraded its rating on the bank facilities of
Vadivel Cocotech Private Limited (VCTPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING'; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with VCTPL for obtaining
information through letters and emails dated September 28, 2020 and
March 21, 2021 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VCTPL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes that rating action on VCTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, CRISIL ratings has downgraded its rating on
the bank facilities of VCTPL to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligations.

VCTPL was set up in December 2016. The company is currently setting
up a plant to manufacture activated carbon with total capacity of
1750 tons per annum. The company is promoted by Mr. Arumugasamy
Vadivel and his family members.


VADIVEL PYROTECHS: CRISIL Lowers Rating on INR15cr Loan to D
------------------------------------------------------------
CRISIL ratings has downgraded its rating on the bank facilities of
Vadivel Pyrotechs Private Limited (VPPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working        15       CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VCTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, CRISIL ratings has downgraded its rating on
the bank facilities of VPPL to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating' due to delays in
servicing debt obligations.

Formed in 1945 as a proprietorship firm by the promoter Mr.
Vadivelu, the company is into manufacturing of fireworks and
crackers. The firm got reconstituted as private limited company in
2011. Its operations are managed by Mr. Vasantha Vikas.


VIDYASAGAR LEARNING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Vidyasagar Learning Private Limited
        54 Mahalaxmi Niwas
        D V Pradhan Road
        Hindu Colony
        Dadar East Mumbai
        MH 400014

Insolvency Commencement Date: August 17, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 23, 2022

Insolvency professional: CS Anish Gupta

Interim Resolution
Professional:            CS Anish Gupta
                         413, Autumn Grove
                         Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         E-mail: anish@csanishgupta.com
                                 agirp08@gmail.com
                         Mobile: 9821099720

Last date for
submission of claims:    October 8, 2021


YASH CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yash
Construction Equipments Private Limited (YCEPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.3       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with YCEPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

YCEPL was set up in 2007 in Mirzapur, Uttar Pradesh, by Mr Sanjay
Kumar and his wife, Ms Sneha Kumar. The company is an authorized
dealer of Tata Hitachi's heavy earth-moving equipment such as
loaders, backhoe loaders, excavators, and car-mounted machines. It
acquired Tata Hitachi's dealership in 2007.




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

DOLOMITE CORP: Classified as PN17 Company, Unable to Pay Debts
--------------------------------------------------------------
The Star reports that Dolomite Corporation Bhd has been classified
as an affected listed issuer under Practice Note 17 after it was
unable to pay its debts as its liabilities have far exceeded its
assets.

As of Dec. 31, 2020, the investment company, which is the parent of
14 subsidiaries has net liabilities of MYR59.57 million, The Star
discloses.

"At that material time, the company was facing the possibility of
winding-up as it has received the statutory notice pursuant to
Section 466 (1) (a) of the Companies Act 2016 from the solicitors
for Maybank International Labuan Branch to demand the sum of
US$38.19 million and the costs awarded by the court within 21
days," the company said in a filing with Bursa Malaysia, The Star
relays.

The Star says the announcement followed the Judicial Management
Order (JM Order) made on Sept. 23, 2021.

According to the report, Dolomite said the application for the JM
Order was for the survival of the company or the whole or part of
its undertaking as a going concern.

Upon the appointment of a Judicial Manager, the advice and the
expertise of an insolvency practitioner will be able to nurse the
financial health of the company that will allow it the chance of
obtaining a greater recovery of the debts owed to all of its
creditors and/or increase its effort to reduce its debts which will
ultimately benefit all of the company's creditors.

Dolomite Corporation is principally involved in property
development, construction and sand mining activities.

TH HEAVY: Mohamed Niza Steps Down as Executive Director
-------------------------------------------------------
theedgemarkets.com reports that TH Heavy Engineering Bhd (THHE)
executive director Mohamed Niza Abu Bakar has resigned from his
position effective immediately, citing his intention to pursue
other interests or opportunities.

Mohamed Niza, 46, has served in his current role as executive
director for 14 months.

In a bourse filing on Oct. 1, THHE said the executive committee of
the company will be overseeing its operations and will take over
the responsibilities of Mohamed Niza for the time being, the report
relays.

theedgemarkets.com, citing the oil and gas company's latest annual
report, says Mohamed Niza was previously nominated by the Ministry
of Finance to be the executive director of the group as well as a
representative of Urusharta Jamaah Sdn Bhd.

He has over 20 years of experience in various fields with a
multitude of organisations ranging from the government to public
companies and spreading across regulatory functions, manufacturing
as well as corporate finance and was involved in all levels from
"hands-on operations" to management and leadership.

Loss-making THHE slipped into Practice Note 17 (PN17) status in
April 2017 after an audit opinion. It has been given a time
extension to submit its regularisation plan by Oct. 22 this year,
theedgemarkets.com notes.

"The company will make necessary announcements on the
regularisation plan in accordance with the requirements under PN17
of the Main Listing Requirements," it said.

                           About TH Heavy

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel structures
and the provision of other related offshore oil and gas engineering
services in Malaysia.

TH Heavy slipped into Practice Note 17 (PN17) status in April 2017
after the company's independent auditors expressed a disclaimer
opinion on its accounts for the financial year ended Dec. 31,
2016.

The company is currently formulating a regularisation plan that
includes a scheme that would demonstrate the company's ability to
generate adequate cashflow from operations.



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

DATA4POWER PTE: Creditors' Proofs of Debt Due Oct. 30
-----------------------------------------------------
Creditors of Data4power Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Oct. 30, 2021, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2021.

The company's liquidator is:
         Liew Khee Soon
         60 Paya Lebar Road
         #04-51, Paya Lebar Square
         Singapore 409051


DONG NAN: Grant Thornton Appointed as Liquidators
-------------------------------------------------
Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore on Sept. 24, 2021, were appointed as liquidators of Dong
Nan Tankers (PTE) Ltd.

The liquidators may be reached at:

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


TEMASEK FOUNDATION: Creditors' Proofs of Debt Due on Nov. 2
-----------------------------------------------------------
Creditors of Temasek Foundation Connects CLG Limited and Temasek
Foundation Innovates CLG Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 2,
2021, to be included in the company's dividend distribution.

The companies commenced wind-up proceedings on Oct. 1, 2021.

The companies' liquidators are:

         Kon Yin Tong
         Aw Eng Hai
         24 Raffles Place
         #07-03 Clifford Centre
         Singapore 048621




=====================
S O U T H   K O R E A
=====================

ASIANA AIRLINES: KFTC to Complete Takeover Deal Review This Year
----------------------------------------------------------------
Yonhap News Agency reports that South Korea's antitrust regulator
said Oct. 5 it plans to complete its review within this year of a
deal by Korean Air Lines Co., the country's biggest carrier, to buy
the debt-ridden Asiana Airlines Inc.

In a report to the National Assembly, the Korean Fair Trade
Commission (KFTC) said it plans to speed up the review in
consideration of the value that the deal has for the country's
economy, Yonhap relates.

In November 2020, Korean Air said it will acquire its smaller rival
Asiana Airlines in a deal valued at KRW1.8 trillion ($1.5 billion)
that could create the world's 10th-biggest airline by fleets,
Yonhap recalls.

In January, the company asked the KFTC and antitrust authorities in
eight other countries, including the United States and the European
Union, to review the takeover deal. Currently, Turkey, Taiwan and
Thailand have approved it.

According to Yonhap, industry watchers expect the takeover, if
approved, to reshape the country's airline sector that has been
reeling from the fallout of the COVID-19 pandemic.

But critics said the merger is feared to create a monopoly in the
country's airline industry.

                       About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted.  Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.

In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.


                           *********


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
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***