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

                     A S I A   P A C I F I C

          Friday, October 15, 2021, Vol. 24, No. 201

                           Headlines



A U S T R A L I A

AFG 2021-2 TRUST: S&P Assigns BB (sf) Rating to Class E Notes
AUSTRALIA: SMEs in Gold Coast, W. Sydney at High Risk of Default
BETTER WAY: Second Creditors' Meeting Set for Oct. 22
BUSINESS SUCCESS: Second Creditors' Meeting Set for Oct. 22
GREENSILL CAPITAL: Credit Suisse to Delay Report on Collapse

HEALTHPOINT DIGITAL: Second Creditors' Meeting Set for Oct. 21
INGKERREKE COMMERCIAL: Second Creditors' Meeting Set for Oct. 22
KARALEE FINE: Second Creditors' Meeting Set for Oct. 25
LIGHT TRUST 2021-1: S&P Assigns Prelim BB (sf) Rating to E Notes
LUFRA INVESTMENTS: Second Creditors' Meeting Set for Oct. 22



C H I N A

CHINA EVERGRANDE: Crisis Shuts China Developers Out of Global Debt
E-HOUSE (CHINA): S&P Downgrades ICR to 'B', Outlook Negative


H O N G   K O N G

GREENLAND HOLDING: S&P Downgrades ICR to 'B+', Outlook Negative


I N D I A

BHATADE LOGI: CRISIL Migrates B+ Debt Ratings to Not Cooperating
CHOTTA SHIMLA: CRISIL Keeps D Debt Ratings in Not Cooperating
CLAYMINE MICRONS: CRISIL Lowers Rating on Long Term Debt to D
CREATIVE CORRUPACK: CRISIL Cuts Rating on INR7.50cr Loan to D
DISHA INDUSTRIES: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating

EQUIPMENT FINANCE: Insolvency Resolution Process Case Summary
GHODAWAT REALTY: Ind-Ra Assigns BB Issuer Rating
GSM POWERS: CRISIL Withdraws B Rating on INR13.5cr LT Loan
INFRASTRUCTURE FINANCE: Insolvency Resolution Process Case Summary
JAI HIND: CRISIL Withdraws B+ Rating on INR17cr Cash Credit

JASHANK IMPEX: CRISIL Lowers Rating on INR10cr Cash Loan to D
KARANJA TERMINAL: CRISIL Hikes Rating on INR42.89cr Loan to B
LALA NEMI: CRISIL Withdraws B- Rating on INR24cr Term Loan
LOOCUST INCORP: CRISIL Lowers Rating on Long Term Debt to D
MAHAKALI FOODS: CRISIL Lowers Rating on Long Term Debt to D

MANSI INTERNATIONAL: CRISIL Lowers Rating on Long Term Debt to D
NITIN FIRE: CRISIL Keeps D Debt Ratings in Not Cooperating
PC JEWELLER: CRISIL Keeps D Debt Ratings in Not Cooperating
PREMIER SEAFOODS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
PRG BUILDCON: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating

RAGHAVENDRA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
RAM AUTOTECH: CRISIL Lowers Rating on Long Term Debt to D
RLJ CONCAST: CRISIL Reaffirms B Rating on INR15cr Cash Loan
ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
S HOMES: CRISIL Keeps D Debt Ratings in Not Cooperating Category

SAINI ALLOYS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SANTHA CASHEW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SETH ROSHAN: CRISIL Lowers Rating on INR25cr Cash Loan to D
SGK FLOURS: CRISIL Keeps B+ Debt Rating in Not Cooperating
SHIMLA TOLLS: CRISIL Keeps D Debt Ratings in Not Cooperating

SHRUTI RICE: CRISIL Lowers Rating on INR7cr Loans to D
SINGH ENTERPRISES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
SOHRAB TEXTILE: Insolvency Resolution Process Case Summary
SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
SUNSHINE HI-TECH: Insolvency Resolution Process Case Summary

SUPERIOR FILMS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
TALBROS AUTOMOTIVE: CRISIL Keeps FB+ Rating in Not Cooperating
UJAAS ENERGY: CRISIL Moves D Debt Rating to Not Cooperating
VAMA INDUSTRIES: CRISIL Lowers Rating on Long Term Debt to D
VARDHAN AGRO: CRISIL Lowers Rating on Long Term Debt to D

VIBRANT FASHIONS: CRISIL Lowers Rating on Long Term Debt to D
WELTIME FOOTWEAR: CRISIL Lowers Rating on INR7.50cr Loan to D


J A P A N

MITSUI O.S.K: Egan-Jones Hikes Senior Unsecured Ratings to B+


M A C A U

MELCO RESORTS: S&P Lowers Long-Term ICR to 'BB-', Outlook Negative


M A L A Y S I A

KONSORTIUM TRANSNASIONAL: Offers Sale of Shares to DOH Properties


S I N G A P O R E

ADC GLOBAL: Creditors' Proofs of Debt Due on Nov. 15
EAGLE HOSPITALITY: Berritto Sues Urban Commons Over $1M Investment
LISA INVESTMENT: Creditors' Proofs of Debt Due on Nov. 12
MELANESIAN MEDIA: Nexia TS Appointed as Liquidators
SILK ROAD: Mann & Associates Appointed as Liquidators

STAR FORMULA: Court to Hear Wind-Up Petition on Oct. 22

                           - - - - -


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A U S T R A L I A
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AFG 2021-2 TRUST: S&P Assigns BB (sf) Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for AFG 2021-2 Trust in
respect of Series 2021-2.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 17.6% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$500,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
bank account provider. The transaction documents for the bank
account include downgrade language consistent with S&P Global
Ratings' counterparty criteria.

  Ratings Assigned

  AFG 2021-2 Trust in respect of Series 2021-2

  Class A1, A$450,000,000: AAA (sf)
  Class A2, A$30,000,000: AAA (sf)
  Class B, A$7,250,000: AA (sf)
  Class C, A$5,750,000: A (sf)
  Class D, A$3,000,000: BBB (sf)
  Class E, A$1,750,000: BB (sf)
  Class F, A$2,250,000: Not rated


AUSTRALIA: SMEs in Gold Coast, W. Sydney at High Risk of Default
----------------------------------------------------------------
SmartCompany reports that the Gold Coast and Western Sydney are the
Australian regions where small businesses have the highest chance
of credit default, new data from CreditorWatch showed.

The Business Risk Index, released on Oct. 13, ranks the regions and
industries most at risk of business default and payments in
arrears, which are indications of insolvency risk, SmartCompany
says.

It's no surprise the Sydney-based creditor reporting agency found
businesses in areas hard hit by border restrictions and COVID-19
outbreaks are more at risk of default than those in regions that
escaped the worst of Delta outbreaks, according to SmartCompany.

Merrylands and Guildford in Western Sydney are the regions where
the probability of default is highest, followed by Coolangatta and
the northern Gold Coast in Queensland, SmartCompany discloses.

Businesses located in the Grampians and Swan Hill in Victoria and
the Limestone Coast and Eyre Peninsula in South Australia have the
least chance of defaulting on payments, according to the index.

According to SmartCompany, Patrick Coghlan, chief executive of
CreditorWatch said the Business Risk Index is an "important
barometer" of the nation's economic health as we navigate bumpy
economic conditions.

"This is the first time forward-looking insolvency risk has been
measured in this way," he said.

CreditorWatch calibrates the index using data from about 1.1
million ASIC-registered, credit active businesses and combines the
insights with its internal proprietary data, SmartCompany notes.

SmartCompany says businesses in the hospitality and arts and
recreation industries ranked the highest for probability of default
as lockdowns directly affect their ability to operate.

In fact, 5.9% of hospitality businesses are potential defaulters,
in contrast to 4.3% of arts and recreation businesses.

Only 2.7% of mining businesses are likely to default, while 3% of
agriculture and health care businesses are expected to default.

SmartCompany relates that the Business Risk Index also ranks the
sectors where businesses are most behind in payments.

With COVID-19 shutdowns of the construction sector occurring in
multiple states, 12.4% of construction businesses are in arrears by
60 days or more.

Tailing construction firms are businesses in the hospitality
industry, with more than 10% behind on payments.

Harley Dale, chief economist at CreditorWatch, said payment arrears
in the construction industry are significantly higher than any
other industry, SmartCompany relays.

"Unsurprisingly, the accommodation, food and beverage industry
scores the silver medal at 11.1 per cent," SmartCompany quotes Mr.
Dale as saying.

The index paints a bleak picture of business turnover in recent
months, with turnover falling 38% year-on-year in September 2021,
compared to a 16% drop in September 2020.

External administrations declined by 23% in the September 2021
quarter, however, CreditorWatch expects them to rise post lockdown,
SmartCompany disclsoes.

The overall outlook for the national economy, according to
CreditorWatch, is that it is in a state of flux.

"While this week's re-opening of the NSW economy is a positive step
forward, it will only be when Victoria exits lockdowns and borders
re-open between states and internationally that any sustained
recovery can begin," Mr. Dale, as cited by SmartCompany,  said.

BETTER WAY: Second Creditors' Meeting Set for Oct. 22
-----------------------------------------------------
A second meeting of creditors in the proceedings of Better Way Real
Estate Pty Ltd has been set for Oct. 22, 2021, at 11:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2021, at 4:00 p.m.

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

BUSINESS SUCCESS: Second Creditors' Meeting Set for Oct. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Business
Success Group Pty Ltd has been set for Oct. 22, 2021, at 11:00 a.m.
via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2021, at 5:00 p.m.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of Business Success on Sept. 17, 2021.

GREENSILL CAPITAL: Credit Suisse to Delay Report on Collapse
------------------------------------------------------------
Marion Halftermeye of Bloomberg News reports that Credit Suisse
Group AG is delaying the publication of findings from a report into
the collapse of a $10 billion group of investment funds that it ran
together with Greensill Capital.

The bank had initially hoped to present key findings along with its
third-quarter results, but will now take longer as executives focus
on the implications for their ability to claim back money for fund
investors, according to a person familiar with the matter who asked
for anonymity.

The stakes for the bank have been rising after its offices were
raided by police over the matter.

                    About Greensill Capital

Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization.  Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition.  In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million.  The case is handled by Judge
Michael E. Wiles.

In the Chapter 11 case, the Debtor tapped Segal & Segal LLP as
bankruptcy counsel, Mayer Brown LLP as special counsel, and GLC
Advisors & Co., LLC and GLCA Securities, LLC as investment bankers
and financial advisors. Matthew Tocks is the chief restructuring
officer of the Debtor. The official committee of unsecured
creditors is represented by Arent Fox LLP.

Greensill Capital (UK) Limited filed a Chapter 15 petition (Bankr.
S.D.N.Y. Case No. 21-11473) to seek U.S. recognition of its UK
proceedings on Aug. 18, 2021. ALLEN & OVERY LLP, led by Laura R.
Hall, is the Debtor's counsel in the Chapter 15 case.

HEALTHPOINT DIGITAL: Second Creditors' Meeting Set for Oct. 21
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Healthpoint
Digital Pty Ltd has been set for Oct. 21, 2021, at 3:00 p.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. 20, 2021, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Healthpoint Digital on Sept. 15,
2021.


INGKERREKE COMMERCIAL: Second Creditors' Meeting Set for Oct. 22
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Ingkerreke
Commercial Pty Ltd has been set for Oct. 22, 2021, at 11:00 a.m.
via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 20, 2021, at 4:00 p.m.

James McPherson and Austin Taylor of Meertens were appointed as
administrators of Ingkerreke Commercial on Sept. 17, 2021.


KARALEE FINE: Second Creditors' Meeting Set for Oct. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Karalee Fine
Foods (Vic) Pty Ltd has been set for Oct. 25, 2021, at 11:00 a.m.
via telephone or video conferencing.

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. 24, 2021, at 5:00 p.m.

Brent Leigh Morgan & Christopher Stephen Bergin of Rodgers Reidy
were appointed as administrators of Karalee Fine on Sept. 18,
2021.


LIGHT TRUST 2021-1: S&P Assigns Prelim BB (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for Light Trust 2021-1. Light Trust 2021-1 is a securitization of
prime residential mortgages originated by Australian Central Credit
Union Ltd., trading as People's Choice Credit Union (People's
Choice).

The preliminary ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support for the rated notes
comprises mortgage insurance covering 100% of the face value of
23.5% of the loans in the portfolio, accrued interest, and
reasonable costs of enforcement; and note subordination.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread (subject to conditions);
a liquidity facility equal to 0.8% of the outstanding note balance;
and the principal draw function are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The benefit of a standby fixed-to-floating interest-rate swap
to be provided by National Australia Bank Ltd. to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

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

  Preliminary Ratings Assigned

  Light Trust 2021-1

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$20.00 million: AAA (sf)
  Class B, A$9.00 million: AA (sf)
  Class C, A$5.75 million: A (sf)
  Class D, A$2.25 million: BBB (sf)
  Class E, A$1.50 million: BB (sf)
  Class F, A$1.50 million: Not rated


LUFRA INVESTMENTS: Second Creditors' Meeting Set for Oct. 22
------------------------------------------------------------
A second meeting of creditors in the proceedings of Lufra
Investments Pty Ltd as trustee for the Lufra Investment Trust, has
been set for Oct. 22, 2021, at 10:00 a.m. via  virtual meeting
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2021, at 5:00 p.m.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of Lufra Investments on Sept. 17,
2021.




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C H I N A
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CHINA EVERGRANDE: Crisis Shuts China Developers Out of Global Debt
------------------------------------------------------------------
The Financial Times reports that international bond sales by
Chinese developers have all but halted as the crisis at China
Evergrande stokes fears of defaults across China's property sector,
throttling a crucial driver of Asia's high-yield debt market.

Just one developer has managed to tap overseas bond investors since
Evergrande, the world's most indebted real estate group, missed an
$83.5 million interest payment last month, rattling global markets,
the FT says.

The $102 million bond sale by Helenbergh China Holdings this month
has done little to address huge funding shortfalls among heavily
leveraged property groups. Issuance of high-yield dollar debt is
down 28 per cent from a year ago, the FT discloses citing data from
Dealogic.

Bankers and investors said conditions were likely only to worsen
without intervention from Beijing, the FT states.

"The market really has turned quite gloomy," said a senior debt
capital markets banker at one European bank, who estimated that a
third of the approximately 60 Chinese developers with outstanding
dollar debt could end up permanently frozen out of international
finance, further weakening deal flow, the FT relays.

The banker added that while investors had been braced for a missed
payment by Evergrande for months, a sudden default last week by
luxury developer Fantasia "was a real shock to the market".

An ICE index tracking Chinese corporate issuers in Asia's
high-yield bond market demonstrates the scale of market contagion,
the FT notes. The effective yield on the index has shot up to 24
per cent this week from 10 per cent in June, after fears of
defaults spiralled across the developer property sector.

A broader index for all Asian high-yield debt, where Chinese
developers are among the biggest borrowers, is trading at 15 per
cent, compared with 12 per cent at the end of September.

Analysts at credit rating agency Fitch estimated that outstanding
cross-border bond issuance by China's real estate sector totalled
$232 billion at the end of September, almost a third of which is
expected to mature before the end of next year, the FT relays. They
attributed a rise in funding costs for Asian high-yield debt
issuers in the third quarter primarily to "ongoing negative news
concerning China Evergrande's operations and potential default".

"International investors are probably used to more aggressive,
intervention-style policy," the senior banker said, pointing to a
lack of strong support from Beijing in recent weeks for struggling
developers. "They are looking for kung fu but they're getting tai
chi."

The FT relates that bankers and investors said issuance could
return promptly if China stepped up policy support and encouraged
lending to developers - or it could stall for months, threatening
to stall vital refinancing deals across the sector.

One Hong Kong-based portfolio manager suggested that the threat of
contagion to lenders that financed property groups would force
policymakers to act soon, says the FT.

"This could last a month, but I don't see it lasting three or
four," the portfolio manager said. Chinese authorities "want to
prevent spillover. If you cut off lending to developers long
enough, it also becomes a bank problem."

Sinic, another developer, said on Oct. 11 that it was unlikely to
make payments on a bond due next week, which was trading at highly
distressed levels of about 25 cents on the dollar.

Evergrande, which faces a $20 billion pile of dollar-denominated
debt, has missed five deadlines on payments to offshore
bondholders, the FT says.  Kirkland & Ellis and Moelis, advisers to
offshore bondholders, said late last week that they have had no
"meaningful engagement" from the company.

                       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 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-'.


E-HOUSE (CHINA): S&P Downgrades ICR to 'B', Outlook Negative
------------------------------------------------------------
On Oct. 13, 2021, S&P Global Ratings downgraded the China-based
real estate agency E-House (China) Enterprise Holdings Ltd to 'B'
from 'B+'. S&P also lowered its long-term issue rating on the U.S.
dollar-denominated notes issued by the company to 'B' from 'B+'.

S&P said, "We downgraded E-House because its debt leverage will
likely rise with weakening property sales. Furthermore, with a loss
of revenue contributions from its largest customer, E-House's
primary real estate agency revenue will decline significantly in
2021 and 2022. Its Fangyou business expansion will also be
constrained by a delay in the acquisition of online sales platform,
Tmall Haofang.

"Slower revenue growth across its major segments will lead to an
increase in E-House's leverage to 4.5x-5.0x in 2021 and 2022,
versus our original expectation of 3.5x-4.0x for the same periods.

"Our downgrade also reflects a potential increase in account
receivable days and potential receivable write-offs. Apart from
weakening sales, developers face tighter liquidity now. They are
likely to lengthen their commission settlement for E-House. This
would increase account receivable days, which would turn its
operating cash flow negative in the second half of 2021 and 2022."

A rising number of developers going into default will also increase
receivable provisions, which would affect E-House's cash flow. The
company already provided for Chinese renminbi (RMB) 1.9 billion of
receivables in the first half of 2021.

E-House's liquidity will gradually deplete.This is due to the need
for offshore debt repayment and working-capital replenishment. The
company should be able to roll over its onshore bank loans since at
least two-thirds of the loans are secured by investment properties
and offshore cash balances.

E-House also consolidated about RMB2.1 billion of Leju Holdings
Ltd.'s cash (no debt at Leju's level), a listed company on the New
York Stock Exchange. The cash is not accessible for debt repayment
at the E-House holding-company level. If S&P excludes this RMB2.1
billion, E-House's liquidity, calculated as A/B ratio, will be
below 1.2x. S&P therefore assesses the company's liquidity to be
less than adequate.

Further offshore bond repayment will deplete its cash level. The
company also needs to repay its US$300 million offshore senior
unsecured note due in April 2022 with its cash holding. According
to the company, it had an unrestricted cash balance of over RMB2.6
billion as of June 2021. This is held offshore and should be enough
to cover the offshore maturity.

S&P said, "Our downgrade also reflects E-House's reduced financial
flexibility due to the cancellation of equity funding from its
second-largest shareholder, Alibaba Group Holdings Ltd.E-House
announced in early September that the HK$2.5 billion planned equity
financing was cancelled. Although we didn't factor this in our
previous base case, the cancelation will reduce its financial
flexibility."

The company still has other financial resources in case of very
tight liquidity. These include its direct holding of financial
investments of RMB1.4 billion and about RMB2.0 billion of deposits
paid to developers. Its 2021 interim results also show a coming
refund of RMB630 million from a third-party investment fund.

The negative outlook indicates that E-House's liquidity, as
supported by its high cash balance, will likely be further depleted
by offshore debt repayment and working-capital replenishment. Its
real estate agency business will also be affected by weakening
property sales over the next 12 months.

S&P said, "We could downgrade E-House if its credit standing
weakens. This may follow a deterioration in profitability due to
weakening market conditions, amid a debt-funded increase in
business investments. A debt-to-EBITDA ratio that is consistently
above 5x without signs of improvement could indicate such
weakness.

"We could also downgrade E-House if its liquidity worsens after it
pays down the US$300 million senior notes due April 2022.

"We could revise the outlook to stable if industry sales resume
their normal growth and E-House also demonstrates that it can
restore its liquidity with sufficient cash on hand to cover
short-term maturities. The short-term maturities include US$300
million senior secured notes due in June 2023. We may also revise
the outlook if its debt-to-EBITDA ratio is stable at 4.5x-5.0x."




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H O N G   K O N G
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GREENLAND HOLDING: S&P Downgrades ICR to 'B+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Greenland Holding Group Co. Ltd. (Greenland) to 'B+' from 'BB' and
long-term issue rating on the senior unsecured notes the company
guarantees to 'B' from 'BB-'. S&P also downgraded Greenland's
strategically important subsidiary Greenland Hong Kong Holdings
Ltd. (Greenland HK) to 'B' from 'BB-'; Greenland HK's stand-alone
credit profile remains unchanged at 'b'.

Greenland's impaired access to both onshore and offshore capital
markets is unlikely to improve in the short term.

The company's narrower funding channel will limit its financing
options, especially compared to peers that are still rated in the
'BB' category. Despite a slight recovery in funding access after
the announcement of its interim results, Greenland's bond prices
have deteriorated sharply again following wider investor concerns
over the sector.

Without an improvement in funding access, the company will need to
heavily rely on onshore bank loans and internal cash flow to meet
its debt maturities; any execution risk on this front could weigh
on its liquidity. S&P does not expect a significant improvement
over the next 12 months even if Greenland continues to deliver its
deleveraging targets.

Greenland is reliant on contract sales to deliver deleveraging
target, but operating conditions are weakening. S&P believes
growing concerns over developers' financial position, and tight
mortgage conditions will continue to soften purchaser sentiment
over the next 12 to 18 months. A quick rebound is less likely even
if regulators loosen control on mortgage quotas.

S&P said, "As such, we estimate Greenland's 2021 contracted sales
will dip to Chinese renminbi (RMB) 300 billion-RMB320 billion in
2021 and RMB270 billion-RMB290 billion in 2022, from RMB358 billion
in 2020. That indicates a lower sell-through rate to 50%-55%,
against 60% in 2020 and the first half of 2021. In the first nine
months of 2021, we estimate the company achieved RMB220
billion-RMB240 billion in contracted sales.

"Weaknesses in the property sector will also hit Greenland's
engineering and construction (E&C) segment. We believe counterparty
risks continue to increase for the company. While Greenland is
managing such risks by reacting quickly (including halting
projects) to any payment delays, we expect the E&C segment to
continue to generate slightly negative operating cash flow.

"Greenland's cash generation from operations will weaken because it
has limited room to cut construction and capital expenditure
(capex). Despite weaker sales prospects, we expect the company to
continue to incur sizable construction costs of RMB120
billion-RMB140 billion annually in 2021 and 2022, or 50%-60% of
sales collection.

"Greenland's contracted liabilities grew to RMB433.7 billion in
June 2021 from RMB380 billion in 2019, reflecting a sizable
pipeline for delivery. While project delivery to homebuyers plays a
key role to social stability, we do not believe Greenland has much
room to preserve cash by cutting construction capex.

"We forecast the company's operating cash flow (after interest
paid) will reach RMB31 billion-RMB33 billion for 2021 and RMB20
billion-RMB22 billion in 2022, a slowdown from RMB23 billion in the
first half. Land acquisitions will likely remain low, at RMB30
billion-RMB50 billion annually in 2021 and 2022.

"We believe Greenland's upcoming bond maturities are still
manageable given its cash balance and cash from offshore
projects.After the company repaid its US$550 million notes in
September this year, it has US$500 million (RMB3.2 billion
equivalent) and US$1.82 billion (RMB11.8 billion equivalent) of
offshore notes due in the remainder of 2021 and in 2022. This
accounts for only about 5% of total debt at the end of June 2021."

Greenland has about RMB83.7 billion of unrestricted cash and
liquidity investments as of June 30, 2021, mainly situated onshore.
The company maintains a cross-border cash pool sufficient for
repatriating cash from onshore.

S&P said, "We also expect cash collection from Greenland's offshore
projects to reach RMB5 billion-RMB7 billion until end 2022. That
covers 30%-45% of the said offshore bond repayment. The company's
projects include both residential and commercial projects in key
cities of Australia, the U.S., the U.K., Malaysia, and South Korea.
We estimate Greenland has generated about RMB3 billion–RMB4
billion from its overseas projects thus far in 2021.

"Greenland's access to bank financing is unaffected, in our view.
We expect the company to continue to have access to its major
banks, given its established relationships and a gradual
improvement in meeting the three red lines requirements. These bank
loans are generally project loans secured by projects assets and
are repaid as projects progress. Greenland's assets remain
sufficient, with only 38% of the inventory pledged for
borrowings."

Given Greenland's high concentration on bank funding, any
weaknesses in bank support represents a key risk. Bank borrowings
account for about 80% of the company's total borrowings as of end
June 2021, compared with about 74% in 2020. At the same time,
Greenland's bank loan size has decreased to RMB228 billion from
RMB239 billion six months ago. Other borrowing sources are about
16% in bonds, 2% in trust financing, and 2% in entrusted loans and
finance leases.

Liquidity risks may increase for Greenland if cash further
depletes. While the company achieved significant debt reduction of
about RMB35 billion in the first half of 2021, its unrestricted
cash and short-term investment fell to RMB84 billion from RMB99
billion in 2020. Given Greenland is targeting debt reduction and
lowering its commercial bills payable, S&P sees further risks of
cash reducing, eroding its liquidity.

The rating actions on Greenland HK are tied to those on the parent.
S&P continues to assess Greenland HK as a strategically important
subsidiary of Greenland; the rating on Greenland HK therefore
remains one notch below that on Greenland.

S&P expects Greenland to remain the controlling shareholder and
control Greenland HK's management and strategy. Greenland HK's
operational linkage to Greenland is also underscored by Greenland
HK's exclusive right to operate in the Greater Bay Area (GBA) on
behalf of the group, after its acquisition of Guangzhou Greenland
Real Estate Development Co. Ltd. (Guangzhou Greenland) in December
2020.

Greenland HK's 'b' stand-alone credit profile encapsulates the
company's untested operating capabilities in GBA. The acquisition
of Guangzhou Greenland has boosted Greenland HK's operating scale
and reduced its dependency on the Yangtze River Delta (YRD).
However, S&P believes the company will still need time to establish
a record of operating in GBA after the acquisition took place less
than 10 months ago.

GBA's contribution to Greenland HK's contracted sales has increased
to 32% in the first half of 2021, from 23% in 2020 (full-year sales
from Guangzhou Greenland included). However, the sustainability of
this sales contribution hinges on Greenland HK's sales execution on
its newly acquired projects from Guangzhou Greenland, and ability
to solidify its market position in the region where competition is
intense.

An improvement in Greenland HK's debt maturity profile would be
difficult if financing channels continue to narrow. The company's
tighter access to the offshore capital market will hinder its
ability to issue debt with a longer tenor. The 364-day U.S. dollar
notes issuance in June 2021 had a higher cost and shorter tenor
than the July maturity debt Greenland HK partly refinanced.

The company's reliance on bank loans (accounting for 80% of total
debt) also constrains its overall weighted average maturity, which
stands at just 1.8 years as of June 30, 2021. This is because most
of Greenland HK's bank loans are construction loans and are
typically repayable within one to three years. That said, the
company's very low exposure to nonbank financing, and its
established banking relationships stemming from its state-owned
enterprise (SOE) background partly offset the weaknesses.

GREENLAND HOLDING GROUP CO. LTD.

S&P said, "The negative outlook on Greenland reflects our
expectation that the company's cash level could continue to deplete
over the next 12 months due to weaker sales and cash collection. A
prolonged weakness in bond prices and narrowing funding channels
may weaken the confidence of the company's borrowers, suppliers,
and purchasers, and weaken cash flow for meeting its debt
obligations.

"We may lower the rating if Greenland's liquidity deteriorates,
which could be indicated by a depletion in cash balances and weaker
operating cash flow than our base case. Quarterly contracted sales
materially below RMB70 billion may indicate such deterioration.

"We may also lower the rating if Greenland's repayment risks
increase as the company fails to deliver a feasible plan to manage
its bullet maturities, or if the banking relationships
deteriorate.

"We may revise the outlook on Greenland to stable if the company
significantly improves its liquidity and cash position through
strong sales and cash collection, and widens its access to both
domestic and offshore capital markets."

GREENLAND HONG KONG HOLDINGS LTD.

S&P said, "The negative outlook on Greenland HK reflects the
outlook on Greenland. We expect Greenland HK to focus on key
markets over the next 12 months and moderately increase its
contracted sales despite a lower attributable ratio due to more
partnerships. The company will also likely control debt in line
with Greenland's deleveraging initiatives.

"We could lower the rating on Greenland HK if Greenland's liquidity
worsens or repayment risks increase, resulting in more than one
notch downgrade on our rating on Greenland.

"We could revise the outlook to stable if we revise the outlook on
Greenland to stable.

"We could raise our assessment of Greenland HK's stand-alone credit
profile if: (1) the company improves its sales execution and
demonstrates a track record of having an increasingly significant
portion of contract sales from its newly acquired projects from
Guangzhou Greenland; and (2) the company sustainably improves its
capital structure over the next 12 months by lengthening its
weighted average debt maturity to above two years."




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

BHATADE LOGI: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Bhatade Logi Lam Private Limited (BLLPL) to 'CRISIL B+ /Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          4.95     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BLLPL for
obtaining information through letters and emails dated September 8,
2021 and September 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 BLLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BLLPL
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 BLLPL to 'CRISIL B+ /Stable Issuer not
cooperating'.

Incorporated in 2017, BLLPL is setting up a plant to manufacture
laminate films in Aurangabad, Maharashtra. The plant is expected to
start operations in November 2020. BLLPL is owned and managed by
Mr. Sanjay Bhatade and Mr. Sachin Bhatade.

CHOTTA SHIMLA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chotta Shimla
Projects Private Limited (CSPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             15.00      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CSPPL for
obtaining information through letters and emails dated February 22,
2021, September 21, 2021 and September 27, 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 CSPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CSPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CSPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Chotta Shimla Projects Pvt Ltd was incorporated in 2010 as a
Special Purpose Vehicle (SPV) to undertake a multi-level parking
and commercial project near the Chotta Shimla are of Shimla. The
company is promoted by Mr. Parmod Sood and Mr. Kanwaljeet Singh and
is implementing the project on DBOT (Design, Build, Operation and
Transfer) basis.

CLAYMINE MICRONS: CRISIL Lowers Rating on Long Term Debt to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Claymine Microns LLP (CML) to 'CRISIL D/CRISIL D' from 'CRISIL
C/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL D (Downgraded from
                                    'CRISIL C ')

   Short Term Rating       -        CRISIL D (Downgraded from
                                    'CRISIL A4 ')

The downgrade reflects delays in repayment of term loan from August
2021 because of weak liquidity. The rating continues to reflect
below average financial risk profile and weak operating
performances. These weaknesses are partially offset by extensive
experience of the partners.

Analytical Approach

Unsecured loans from promoters INR0.85 crores as on March 31st,
2020 is treated as debt as these loans are need based in nature.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in servicing debt obligation: There have been continuous
delays in servicing term loan obligations by the firm since August
2021.

* Below average financial risk profile: Modest net worth and high
total outside liabilities to total net worth ratio estimated at
INR4.43 crores and 4.46 times respectively as on March 31, 2020
represents leveraged capital structure.

* Weak operating performance: Firms operating performance is weak
as indicated by estimated to report modest revenue of INR10.03
crore in fiscal 2021.

Strength:

The decade-long experience of the partners in the ceramic industry,
and their knowledge of local market dynamics, will continue to
support the business risk profile.

Liquidity: Poor

Liquidity is poor with Net Cash Accruals (NCA) are not enough for
repayment of INR1.91 crore over the medium term. Firm had minimal
unencumbered cash and bank balance as on March 31, 2020. Bank limit
utilization is 100% for 12 months through June 2020. No capex is
planned in medium term. Current ratio is estimated at around 1.12
time over the medium term. Liquidity is supported by USL from
partners which stood at INR0.85 crore as on March 31, 2020. The
firm has received sanction of emergency covid loan of INR3.3 crore
which would support the liquidity.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Significant improvement in liquidity on back of substantial
improvement in operating performance, restructuring of debt or
infusion of equity.

Claymine Microns LLP is a limited liability partnership formed in
2017. The firm set up a manufacturing unit for purification of
potash and sodium feldspar, which are key raw materials in the
ceramic industry. The unit has production capacity of 150,000 MT
per annum and is located at Wankaner, in the Morbi district of
Gujarat.


CREATIVE CORRUPACK: CRISIL Cuts Rating on INR7.50cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Creative Corrupack Private Limited (CCPL) to 'CRISIL D; Issuer Not
Cooperating' from 'CRISIL B+/Stable; Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.50      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.55      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with CCPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 CCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the lastest available information about instances of delay in
public domain, the ratings on bank facilities of CCPL has been
downgraded to 'CRISIL D; Issuer Not Cooperating' from 'CRISIL
B+/Stable; Issuer Not Cooperating'

CCPL was incorporated in 2005 in Dhule by Mr. Ramesh Khetan, and
his son Mr. Nikhil Khetan. The company is engaged in manufacturing
of corrugated boxes mainly for FMCG players.


DISHA INDUSTRIES: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Disha Industries
Private Limited's (DIPL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR208 mil. Term loan* maintained in non-cooperating category
     and withdrawn;

-- INR125 mil. Fund-based working capital limit** maintained in  

     non-cooperating category and withdrawn; and

-- INR50 mil. Non-fund-based working capital limits*** maintained

     in non-cooperating category and withdrawn.

* Maintained in 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained in 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

*** Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY21, sanctioned
bank facilities and utilization, business plan and projections for
the next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Incorporated in 1995, Uttar Pradesh-based Disha Industries
manufactures kraft paper from recyclable waste paper.


EQUIPMENT FINANCE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Srei Equipment Finance Limited

        Registered office:
        Vishwakarma 86C
        Topsia Road (South)
        Kolkata, West Bengal 700046

        Corporate office:
        6A, Kiran Shankar Roy Road
        Kolkata, West Bengal 700001

Insolvency Commencement Date: October 8, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 6, 2022
                               (180 days from commencement)

Insolvency professional: Shri Rajneesh Sharma

Interim Resolution
Professional:            Shri Rajneesh Sharma
                         Vishwakarma 86C
                         Topsia Road (South)
                         Kolkata, West Bengal 700046
                         E-mail: sreiadmninistrator@srei.com

Last date for
submission of claims:    October 22, 2021


GHODAWAT REALTY: Ind-Ra Assigns BB Issuer Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) had during the earlier rating
exercises for Ghodawat Realty Private Limited (GRPL) undertaken a
standalone approach. The company has recently shared with Ind-Ra
new information for undertaking rating surveillance and based on
this new inputs provided the rating approach should change to a
consolidated view wherein the cash flows of the parent company
Ghodwat Energy Private Limited would be considered while arriving
at the ratings.

The new inputs provided, warranting the change the rating approach,
include Ghodwat Energy being a co-applicant in most of the term
loans availed by GRPL and that GRPL would receive liquidity support
from Ghodwat Energy when required.
Ind-Ra has been made aware of these new inputs on October 7, 2021.
Based on this, the agency will carry out a review of the
outstanding ratings, and expects to complete the surveillance over
the next three weeks period.

Ind-Ra rates GRPL at 'IND BB (ISSUER NOTCOOPERATING)'.

GRPL (earlier name Topaz Investments Private Ltd) is a part of the
Ghodawat Group having its majority presence in Kolhapur,
Maharashtra and some parts in Karnataka. GRPL generates and sells
wind power and leases out commercial properties. Ghodawat Energy
also undertakes business in the wind energy segment.


GSM POWERS: CRISIL Withdraws B Rating on INR13.5cr LT Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
GSM Powers (GSMP) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL Rating's policy on withdrawal of its rating on
bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         13.5      CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GSMP for
obtaining information through letters and emails dated August 25,
2021, September 15, 2021 and September 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 GSMP. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on GSMP is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
GSMP to 'CRISIL B/Stable Issuer not cooperating'.

GSMP was established in August 2019 as a partnership firm promoted
by Mr. Shanthakumar and Ms Nirmala. Currently, the firm is setting
up a 4 MW solar power generation plant in Thirunelveli, Tamil
Nadu.


INFRASTRUCTURE FINANCE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Srei Infrastructure Finance Limited

        Registered office:
        Vishwakarma 86C
        Topsia Road (South)
        Kolkata, West Bengal 700046

        Corporate office:
        6A, Kiran Shankar Roy Road
        Kolkata, West Bengal 700001

Insolvency Commencement Date: October 8, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 6, 2022
                               (180 days from commencement)

Insolvency professional: Shri Rajneesh Sharma

Interim Resolution
Professional:            Shri Rajneesh Sharma
                         Vishwakarma 86C
                         Topsia Road (South)
                         Kolkata, West Bengal 700046
                         E-mail: sreiadmninistrator@srei.com

Last date for
submission of claims:    October 22, 2021


JAI HIND: CRISIL Withdraws B+ Rating on INR17cr Cash Credit
-----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Jai Hind Sugar Private Limited (JHSPL), as:

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             5          CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Sugar Pledge           17          CRISIL B+/Stable/Issuer Not
   Cash Credit                        Cooperating (Withdrawn)

   Sugar Pledge            6          CRISIL B+/Stable/Issuer Not
   Cash Credit                        Cooperating (Withdrawn)

   Sugar Pledge           12          CRISIL B+/Stable/Issuer Not
   Cash Credit                        Cooperating (Withdrawn)

   Term Loan              42.22       CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Term Loan               3.26       CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Term Loan              23.47       CRISIL B+/Stable/Issuer Not
                                      Cooperating(Withdrawn)

   Term Loan              22.05       CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JHSPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, JHSPL is promoted by Mr. Bhaskar Sidram Mane
and his son Mr. Ganesh Mane. The company operates a 3500 TCD sugar
plant with a co-gen power capacity of 18 MW at Achegaon in
Maharashtra. The company is undertaking capex for setting up a
distillery unit with a capacity of 45 KLPD.

JASHANK IMPEX: CRISIL Lowers Rating on INR10cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on bank facilities of
Jashank Impex Private Limited (JIPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with JIPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 JIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JIPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information about instances of delay in
public domain, the rating on bank facilities of JIPL has been
downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

Incorporated in 2011, JIPL, promoted by Mr. Anil Gupta and Nirmal
Desai, manufactures and exports readymade garments for men and
women. The manufacturing facilities are at Udhna (Gujarat) and
Ulhasnagar (Maharashtra)'they have cutting, stitching, rolling and
embellishments machines.

KARANJA TERMINAL: CRISIL Hikes Rating on INR42.89cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Karanja Terminal & Logistics Private Limited (KTLPL) to 'CRISIL
B/Stable' from 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest        7.05      CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL D ')

   Funded Interest        7.06      CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL D ')

   Funded Interest       42.89      CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL D ')

   Term Loan             81.74      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D ')

   Term Loan            249.52      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D ')

   Term Loan             81.74      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D ')

   Working Capital       10         CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL D ')

The upgrade is on account of track record of 90 days of timely debt
servicing by KTLPL and maintenance of adequate cash flows in escrow
account.

The rating continues to reflect KTLPL's delay in stabilization of
operations. This is partially offset by strategic location of the
terminal and its comfortable capital structure.

Analytical Approach

Unsecured loans from promoters and related parties, outstanding at
INR70.3 crore as on March 31, 2021, have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in stabilization of operations: Project implementation was
delayed with revised commercial operation date (COD) achieved in
Sept-2019, as against originally scheduled COD of Oct-2015. The
company is yet to stabilise operations and display track record of
steady cash flows to support debt servicing.

Strengths:

* Strategic location of the terminal: KTLPL's offerings at its
terminal include ship-related services, port conservancy services,
and cargo-related services and is expected to have a diversified
revenue profile. Moreover, the terminal is strategically located 25
kilometers away from Jawaharlal Nehru Port Trust, Navi Mumbai. As a
result, it has signed agreements with few of its customers in the
recent past.

* Comfortable capital structure: KTLPL's capital structure is
marked by comfortable gearing and total outside liabilities to
adjusted networth ratios of 0.68 time and 0.89 time, respectively,
as of March 31, 2021 supported by strong equity support from
promoters. Despite PAT losses anticipated over the medium term,
leading to further reduction in net worth, capital structure is
expected to remain comfortable.

Liquidity: Poor

Liquidity is poorly marked by delay in repayment of term debt
obligations in past (till May-2021). Subsequently, as part of the
one-time restructuring (OTR) scheme related to Covid-19 announced
by the Reserve Bank of India (RBI), it has restructured its debt of
INR494 crore (anticipated as of Feb 28, 2022) in Jun-2021 majorly
incorporating term loan tenure extension and interest rate
reduction and has displayed a track record of timely debt servicing
and satisfactory account conduct from June 2021 onwards. For the
restructured debt, repayments will commence from March-2022.
Against repayment obligations of INR2.3 crore in fiscal 2022 and
INR12.8 crore in fiscal 2023, it is expected to generate cash
accruals of more than INR15 crore per fiscal, supported by expected
ramp-up in operations. It had cash and cash equivalents of INR17.1
crore as of March 31, 2021. As part of OTR, promoters of the
company are required to infuse equity of INR7 crore into the
company by March 31, 2022, which will improve liquidity.

Outlook: Stable

CRISIL Ratings believes KTLPL will continue to benefit from
strategic location of the terminal and maintain its comfortable
capital structure.

Rating Sensitivity factors

Upward Factors

* Stabilization of operations with timely ramp-up in revenues
leading to cash accruals of more than INR20 crore
* Sustenance of capital structure

Downward Factors

* Slow ramp-up of operations or lower than expected profitability
leading to low cash accrual of below INR5 crore
* Stretch in working capital cycle impacting liquidity

KTLPL, incorporated in 2010 and promoted by Mr. Jay Mehta, operates
a multipurpose terminal and ship repair facility at Karanja creek
in Raigad, Maharashtra.

LALA NEMI: CRISIL Withdraws B- Rating on INR24cr Term Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Lala Nemi Chand Educational Trust (LNCET), as:

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              24       CRISIL B-/Stable/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Migrated;
                                   Removed from 'Rating Watch
                                   with Developing Implications';
                                   Rating Withdrawn)

CRISIL Ratings has been consistently following up with LNCET for
obtaining information through letters and emails dated July 14,
2021 and September 6, 2021, September 9, 2021 and September 15,
2021, apart from telephonic communication. However, the issuer has
remained non-cooperative.

'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 entity. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. The rating with a suffix 'issuer not
cooperating' lacks 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 LNCET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LNCET
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 Lala Nemi Chand Educational Trust to 'CRISIL
B-/Stable Issuer Not Cooperating'.

CRISIL Ratings has removed the 'Watch Developing' and assigned a
'Stable' outlook on its rating on the long-term bank facility of
LNCET on basis of confirmation from banker that LNCET applied for
One-time restructuring (OTR) 1.0 instead of OTR 2.0. OTR 1.0 has
already been approved and implemented as further confirmed by
banker.

CRISIL Ratings has simultaneously withdrawn its rating on the
long-term bank facility of LNCET on the request of the trust and
after receiving a no-objection certificate from the banker. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of its rating on bank loan facilities.

LNCET was formed in 1997 by Ms Shanti Devi, Mr. Dharamvir Gupta,
Mr. Vijay Gupta, Mr. Bhushan Gupta, Ms Raj Rani Gupta and Mr.
Sardar Singh. The trust operates two institutes (reduced from four
in 2017) in Panipat, Haryana: NC College of Engineering and NC
College of Education.

LOOCUST INCORP: CRISIL Lowers Rating on Long Term Debt to D
-----------------------------------------------------------
Due to inadequate information, CRISIL Rating, in line with SEBI
guidelines, had migrated the rating of Loocust Incorp Apparel
Export Private limited (LIAEPL)  to 'CRISIL BB-/Stable/CRISIL A4
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out a
comprehensive review of the rating.  Consequently, CRISIL Ratings
is migrating the ratings on bank facilities of LIAEPL to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable /CRISIL A4 Issuer Not
Cooperating'.  

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

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

The ratings reflect delay in servicing debt obligations and
continuous overdraw in its working capital limit for more than 30
days. The rating also reflects its presence in the fragmented and
intensely competitive readymade garment (RMG) segment. The above
weaknesses are partly offset by promoters' extensive experience in
the RMG segment.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in servicing debt obligations: LIAEPL has overdrawn its
working limits for more than 30 days due to stretch in liquidity.
The company's accruals also is inadequate to meet the repayment
obligations.

* Customer concentration in revenue profile: LIAEPL faces
significant customer concentration risks. Its major customers
account for about 80 percent of its total sales. The high customer
concentration makes the company's revenue growth and profitability
dependent on its key customers' future growth plans.

Strength:

* Establish market position: LIAEPL moderate scale provides it an
operating flexibility in an intensely competitive industry.
Further, it also benefits from the promoters' experience of over
the decades, their strong understanding of market dynamics, and
healthy relations with customers and suppliers and will continue to
support the business.

Liquidity: Poor

Liquidity is poor due to inadequate accruals to meet the repayment.
The company's order shipment has been delayed and subsequently it
has overdrawn its EPC limits continuously for more than 30 day
leading to stretched liquidity.

Rating Sensitivity factors

Upward factor:

* Timely repayment of debt for a minimum period of 90 days
* Increase in scale of operations and profitability

LIAEPL was founded in 2003 under the name Loocust Incorp as
partnership firm & was later incorporated as private limited in
2015. LIAEPL is owned & managed by Mr.T.A. Balasubramanium and his
brother, Mr. T.A. Shanmugasundaram.LIAEPL is engaged in manufacture
of readymade garments mainly for export market. LIAEPLmanufacturing
facility is located in Tirupur with an installed capacity of 4,246
sewing machines.

MAHAKALI FOODS: CRISIL Lowers Rating on Long Term Debt to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Mahakali Foods Private Limited (MFPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating' on account of delays in repayment of term loan.

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

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

CRISIL Ratings has been consistently following up with MFPL for
obtaining information through letters and emails dated April 16,
2021, April 21, 2021 and October 4, 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 MFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFPL
is consistent with 'Assessing Information Adequacy Risk'.

The ratings on the bank facilities of MFPL has been downgraded to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating' on account of delays
in repayment of term loan.

MFPL was set up in 1990, by the Saha family of Indore, Madhya
Pradesh. The company manufactures soya products, including
unrefined soya oil, edible and non-edible DOC, and value-added soya
products such as soya nuggets and granules, full fat grit, and soya
flour.

MANSI INTERNATIONAL: CRISIL Lowers Rating on Long Term Debt to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Mansi International Private Limited (MIPL; part of the Mansi group)
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 Ratings has been consistently following up with MIPL for
obtaining information through letters and emails dated May 23,
2020, November 14, 2020 and October 4, 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'.

MIPL, set up in 2012 by Mr. Janak Doshi and his family members,
trades in dry fruits such as almonds, pistachios, and dates. It is
based in Mumbai.

Established in 2014, MT, a partnership firm of Mr. Govind S Gupta
and Ms Mansi J Doshi, also trades in dry fruits.


NITIN FIRE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nitin Fire
Protection Industries Limited (NFPIL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Bank Guarantee         29        CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit            45        CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit            42.5      CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)
   Letter of Credit       25        CRISIL D (Issuer Not
                                    Cooperating)
   Letter of Credit       75        CRISIL D (Issuer Not
                                    Cooperating)
   Letter of Credit       30        CRISIL D (Issuer Not
                                    Cooperating)
   Letter of Credit       40        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Cash
   Credit Limit           12.5      CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Letter
   of Credit              10        CRISIL D (Issuer Not
                                    Cooperating)
   Standby Letter
   of Credit              76        CRISIL D (Issuer Not
                                    Cooperating)
   Standby Letter  
   of Credit              30        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NFPIL 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 NFPIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NFPIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NFPIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         About the Group

The Nitin group is promoted by Mr. Nitin Shah and his sons, Mr.
Rahul Shah and Mr. Kunal Shah. It is an end-to-end solutions
provider for fire protection and safety equipment. It provides gas-
and water-based fire protection systems, and caters mainly to the
telecommunications, information technology, banking, and
manufacturing industries. The group manufactures and trades in
high-pressure seamless cylinders and industrial cylinders.

NFPIL, incorporated in 1995, provides fire detection and fire
suppression systems, and manufactures fire extinguishers. It
entered the United Arab Emirates (UAE) by acquiring a majority
stake in New Age Co LLC (New Age), which was an associate before
April 2010. New Age is an approved vendor for all seven emirates of
the UAE, and has a strong track record of providing fire protection
services and maintenance. The Nitin group has a presence in the
Middle East through Nitin Ventures FZE and in Singapore through
Nitin Global Pte Ltd. Eurotech Cylinders Pvt Ltd trades in
high-pressure compressed natural gas cylinders and valves and
caters mainly to the domestic market. NFPIL remains part of a
non-integrated, non-incorporated joint venture at an oil block in
Rajasthan, in which it has 11.1% equity ownership.

PC JEWELLER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of PC Jeweller
Limited continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Exchange      37.94      CRISIL D (Issuer Not  
   Forward                          Cooperating)

   Fund-Based         2,012.62      CRISIL D (Issuer Not
   Facilities                       Cooperating)

   Long Term Loan        12.30      CRISIL D (Issuer Not
                                    Cooperating)

   Non-Fund Based
   Limit                970.17      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working
   Capital Facility     878.97      CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line
   of Credit             25         CRISIL D (Issuer Not
                                    Cooperating)

On account of inadequate information and lack of management
cooperation, CRISIL Ratings had migrated the rating on bank
facilities of PC Jeweller Limited to 'CRISIL D/CRISIL D Issuer not
cooperating by means of press release dated July 29, 2021. In
accordance with the terms of the rating agreement with PC Jeweller
Limited  (PCJ; part of the PCJ group), CRISIL Ratings has sent
repeated reminders for payment of fees towards the surveillance
exercise through letters and emails dated July 5, 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 while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings continues the rating on bank facilities of PCJ
to 'CRISIL D/CRISIL D Issuer not cooperating'.

                          About the Group

Established in 2005, Delhi-based PCJ manufactures, retails, and
exports jewellery. The product range includes gold, diamond, and
other jewellery and silver articles. The company is promoter by Mr.
Balram Garg and family. PCJ is listed on Bombay Stock Exchange
(BSE) and National Stock Exchange (NSE).

The company has four subsidiaries: PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Jeweller DMCC (incorporated in Dubai).


PREMIER SEAFOODS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Premier Seafoods
Exim Private Limited's (PSEPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limit affirmed with IND

     BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PSEPL's continued small scale of
operations. The revenue declined to INR1,114 million in FY21 (FY20:
INR1,247 million), as its plant remained closed from March to June
2021, due to the nationwide lockdown and restrictions imposed by
the government on account of the COVID-19 outbreak. Furthermore,
closed its Paradeep (Odisha) unit in FY21 as it has incurred losses
during FY19-FY21, owing to difficulty in procuring raw material.
The company does not have any planned capex or plans to start a new
unit in the near-to-medium term. Following the closure of the unit,
PSEPL's total daily manufacturing capacity reduced to 78 metric
tons from 113 metric tons. Presently, with the company is operating
at 70%-80% capacity. FY21 financials are provisional.

Ind-Ra expects the revenue to improve in FY22 owing to increased
pace of order execution and a likely higher demand for seafood with
normalization of economic activities. The company achieved revenue
of INR358.2 million in 4MFY22. As of September 16, 2021, it had an
order book of INR300 million, to be executed by December 2021.

The ratings continue to factor in the company's modest EBITDA
margins with a return on capital employed of 5.7% in FY21 (FY20:
12.6%). The operating margins deteriorated to 4.6% in FY21 (FY20:
6.3%), owing to increase in raw material prices. Ind-Ra expects the
margins will remain at similar levels in FY22, as less raw material
price volatility was observed in 5MFY22.

The ratings are constrained by PSEPL's weak credit metrics as
indicated by deterioration in the net financial leverage (total
adjusted net debt/operating EBITDAR) to 4.9x in FY21 (FY20: 2.6x)
and the gross interest coverage (operating EBITDA/gross interest
expense) to 2.9x (5.2x). The deterioration in the credit metrics
was on account of a decrease in the absolute EBITDA to INR51.1
million in FY21 (FY20: INR78.4 million) and an increase in the
total debt to INR259.2 million (INR212.2 million). Ind-Ra expects
the net financial leverage to slightly improve in FY22 on the back
of scheduled loan repayments and a marginal increase in the
absolute EBITDA.

Liquidity Indicator - Stretched: PSEPL's average maximum
utilization of the fund-based limits was around 78% of the
sanctioned limits  over the 12 months ended July 2021. In FY21, the
cash flow from operations turned negative to INR55.7 million (FY20:
INR27.4 million), mainly on account of the decline in the absolute
EBITDA and higher working capital requirements. Consequently, the
free cash flow turned negative to INR40.5 million in FY21 (FY20:
INR8.5 million). The cash and cash equivalents stood at INR5.8
million at FYE21 (FYE20: INR4.9 million). In FY22, Ind-Ra expects
the cash flow from operations to improve in FY22, due to a
reduction in working capital requirement with the normalization of
inventory holding period. The net working capital cycle elongated
to 84 days in FY21 (FY20: 50 days), mainly on account of an
increase in the receivable period, due to delayed payment from its
new customers. The company receives payments between 30 and 40 days
from its customers. Furthermore, the inventory increased to
INR170.5 million in FY21 (FY20: INR147.3 million) on account of a
pending shipment worth INR30.5 million in March 2021, which was
shipped in April 2021. Ind-Ra expects the net cash cycle is to
remain at similar levels in FY22, due to a further delay in receipt
of payments from customers. During 4MFY22, the company reported
revenue of INR358.2 million and had receivables worth INR76.2
million.

The ratings also factor in PSEPL's moderate geographical
concentration risk as it derives all of its revenue from exports,
especially to Japan, Europe, Vietnam, China, Korea and the Middle
East. About 43% of the exports during FY21 were to Japan (FY20:
66%).

The ratings also remain constrained by the risks associated with
the seafood processing industry such as susceptibility to various
bacterial, viral and parasites related diseases, climatic changes,
and change in government policies.

However, the ratings remain supported by PSEPL's established track
record of two decades in the seafood business and experienced
management, leading to strong relationships with its customers and
suppliers.

RATING SENSITIVITIES

Negative: Higher-than-expected deterioration in the operating
performance and/or a further stretch in the working capital cycle,
and/or concentration on single export geography leading to
increased visibility of deterioration in the credit metrics and
liquidity position, will lead to negative rating action.

Positive: An increase in the scale of operations along with
improvement in liquidity position leading to higher operating
EBITDA, resulting in increased visibility of the net financial
leverage reducing below 5x, all on a sustained basis, would lead to
a positive rating action.

COMPANY PROFILE

Incorporated in 2000, PSEPL processes sea-caught and cultured
shrimps. Based in Kerala, the company has two processing units, one
each in Cochin (Kerala), and Aroor (Alappuzha). The company
primarily caters to customers in Europe, Japan and other Asian
countries.


PRG BUILDCON: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated PRG BuildCon India
Pvt Ltd.'s Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR700 mil. Non-fund-based working capital limits (Short-term)

     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 29, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in December 2014 as Naya Infrastructure Pvt Ltd and
later renamed as PRG Buildcon India, is primarily engaged in
undertaking sub-contracting works in irrigation, building and water
supply projects in Andhra Pradesh and Telangana. The company is
certified as a special class civil contractor by the government of
Telangana. The daily operations of the company are managed by Sunil
Kumar Bontha.


RAGHAVENDRA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Raghavendra Poultry Farm (SRHPF; 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 SRHPF 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 SRHPF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRHPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRHPF continue to be 'CRISIL D Issuer Not Cooperating'.

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 rooftop 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 rooftop plant and has a 25-year PPA
with BESCOM.

RAM AUTOTECH: CRISIL Lowers Rating on Long Term Debt to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Shri Ram Autotech Pvt Ltd (SRAPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'. The downgrade reflects the instances
of delays in servicing of term loan by the company.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Short Term Rating      -         CRISIL D (Downgraded from
                                    'CRISIL A4 ')

SRAPL has a below-average financial risk profile and is susceptible
to cyclicality in the automotive industry. These weaknesses are
partially offset by the extensive experience of the promoters in
the auto components industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Instances of delays in servicing term loan: The company has
delayed meeting its principal and interest obligations by more than
30 days as a result of weak liquidity. Its working capital limits
were also fully utilized over the 12 months through July 2021.

* Below-average financial risk profile: The financial risk profile
is constrained by high total outside liabilities to tangible
networth ratio of 6.24 times as of March 31, 2021, and weak debt
protection metrics, with interest coverage and net cash accrual to
term debt ratios at 1.92 times and 0.10 time, respectively, in
fiscal 2021.

* Susceptibility to cyclicality in the auto industry: The company
derives its entire revenue from the auto industry, which is linked
to the overall macroeconomic scenario and is thus, inherently
cyclical. Intense competition limits the ability to pass on any
increase in raw material prices to customers, thereby constraining
profitability. In case of a prolonged slowdown and decreasing
demand for auto parts, original equipment manufacturers may not be
able to pass on the increase in cost to end-users. Thus, sustenance
of the operating margin remains critical.

Strength:

* Extensive industry experience of the promoters: The
two-decade-long experience of the promoters in the auto components
business and their healthy relationships with customers and
suppliers should continue to support the business. Clients include
reputed manufacturers in the domestic market such as Mina
Corporation Ltd ('CRISIL A+/Stable/CRISIL A1') as well as Tier 2
suppliers.

Liquidity: Poor

Liquidity is likely to remain weak over the medium term in the
absence of healthy cash accrual to meet the loan obligation. Bank
limit utilization averaged 100% for the 12 months ended July 31,
2021.

Rating Sensitivity factors

Upward factors

* Timely honoring of debt obligations for three straight months

* Sustained revenue growth of 15% and steady operating margin,
leading to higher cash accrual

* Better working capital management, with gross current assets
below 200 days

SRAPL was formed as a proprietorship firm in 1992 and was
reconstituted as a private limited company in 2010. The company
manufactures auto components such as sheet metals, plastic molded
components, flanges, jigs, and fixtures. Its manufacturing units
are in Gurugram and Faridabad in Haryana. The company is promoted
by Ramesh Sharma and family.

RLJ CONCAST: CRISIL Reaffirms B Rating on INR15cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its long term rating on the bank
facilities of RLJ Concast Private Limited (RLJC) at 'CRISIL
B/Stable'; short term rating has been assigned at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          7        CRISIL A4 (Assigned)

   Cash Credit            15        CRISIL B/Stable (Reaffirmed)

   Cash Credit             0.5      CRISIL B/Stable (Reaffirmed)

   Long Term Loan          4.4      CRISIL B/Stable (Reaffirmed)

   Overdraft Facility      0.1      CRISIL B/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            2        CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan     11        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect RLJC's working capital intensive
operations and exposure to project implementation risk. These
weaknesses are partially offset by its extensive industry
experience of the promoters and comfortable financial risk
profile.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital intensive operations: The RLJ group's operations
are working capital intensive, marked by GCA days of 174 days as on
March 31, 2021. This is primarily on account of its moderate
debtors of 35 days and large inventory of 56 days.

* Exposure to project implementation risk: The project for setting
up a kiln to increase sponge iron capacity has not been started yet
(the mill is likely to start operations in fiscal 2022). The
project cost is estimated at INR17 crore and for which the company
plans to avail a term loan of INR11 crore. Successful and timely
completion of the project with no cost overrun will remain a key
rating sensitivity factor

Strengths:

* Extensive industry experience of the promoters: A presence of
more than a decade in the iron and steel industry has enabled the
promoters to understand market dynamics and establish a healthy
relationship with suppliers and customers. They have, over the
years, weathered the cyclicality inherent in the industry.

Liquidity: Poor

Bank limit utilization is high at around 95.16 percent for the past
twelve months ended July-21. There has been instances of delays in
the servicing of debt obligation in the month of April & May 2021,
however, from June 2021 onwards, the company has been servicing its
debt obligations in a timely manner. Cash accrual are expected to
be over INR6.95 crores which are insufficient against term debt
obligation of INR7.50 crores over the medium term. However, the
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations. The current ratio is moderate at 1.27 times
on March 31, 2021.

Outlook Stable

CRISIL Ratings believe RLJC will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals with NCA/RO
operating above 1.1 time.

* Improvement in working capital cycle

Downward factor

* Delay in servicing of debt obligations

* Decline in net cash accruals below INR5 crore on account of
decline in revenue or operating profits.

* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

RLJC is a private limited company set up in 2008. It was earlier
set up as a closely held public limited company but was converted
into a private limited company in 2015. The company is managed by
Mr. Arun Jain and is engaged in the manufacturing of sponge iron
and ingots/ billets from iron ore and also operates a captive power
plant. The manufacturing facilities of the company are located in
Village Baragaon, Mirzapur (UP).

ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roselabs
Limited (RL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Inland/Import           1.5      CRISIL D (Issuer Not  
   Letter of Credit                 Cooperating)

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

CRISIL Ratings has been consistently following up with RL 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 RL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2008, RL is promoted by Ahmedabad (Gujarat) based
Mr. Pawan Agarwal and his family members. The company is engaged in
trading of pharmaceuticals, dyes, chemicals, textile products and
plastic sheets. The company has its marketing offices in various
states across India.


S HOMES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S Homes
continue to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities           (INR Crore)    Ratings
   ----------           -----------    -------
   Proposed Long Term        0.2       CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan                 9.8       CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with S Homes 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 S Homes, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on S
Homes is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of S Homes continues to be 'CRISIL D Issuer Not
Cooperating'.

S Homes is into residential real estate development in and around
Nellore, Andhra Pradesh. The partners of the firm are Mr. S V
Ramanaiah and family, Mr. Srinivasulu.


SAINI ALLOYS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saini Alloys
Limited's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR155 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR15 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Saini Alloys manufactures ingots, steel pipes and casting products,
and is also involved in the trading of hot-rolled products.


SANTHA CASHEW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Santha Cashew
(SACAKO) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Export Packing         2.0       CRISIL B+/Stable (Issuer Not
   Credit                           Cooperating)

CRISIL Ratings has been consistently following up with SACAKO 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 SACAKO, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SACAKO is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SACAKO continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Set up in 1996, SACAKO is a partnership firm engaged in the
processing of raw cashew nuts and sale of cashew kernels. SACAKO
currently operates its facility in Kollam (Kerala) with an
installed capacity of processing around 200-300 bags per day. The
operations of the firm are managed by its promoter Mr. Biju.


SETH ROSHAN: CRISIL Lowers Rating on INR25cr Cash Loan to D
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated the
rating on bank facilities of Seth Roshan Lal Jain Trust (SRLJT) to
'CRISIL B+/Stable Issuer Not Cooperating'. However, the management
subsequently started sharing the information necessary for carrying
out a comprehensive review of the rating. Consequently, CRISIL
Ratings is downgraded the rating from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL D'.  The rating downgrade reflects delays
in debt servicing by the company in the fund-based working capital
limits.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             25       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

The rating continues to reflect the susceptibility to regulatory
changes and Intense competition from other education institutions
in Roorkee, Uttarakhand. These weaknesses are partially offset by
an established track record in the education sector and Diverse
educational courses.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt obligations: The company had delayed in servicing
its debts obligations in the cash credit account as a result of
weak liquidity. Its working capital limits were also fully utilized
over the past fiscal.

* Susceptibility to regulatory changes: The courses have to comply
with operational and infrastructure norms laid down by regulatory
bodies such as AICTE and UTU. Hence, regular investment in
workforce and infrastructure is required. Lack of autonomy in
selection of courses and number of seats offered, and in the fee
structure, will limit growth over the medium term.

* Intense competition from other education institutions in Roorkee,
Uttarakhand: SRLJT is primarily a regional player with a presence
only in Roorkee, where it faces intense competition from a large
number of existing colleges. Intense competition in the education
sector leads to limited flexibility in upward fee revisions for
various courses offered.

Strengths:

* Established track record in the education sector: SRLJT has been
operational for nearly 18 years and has expanded its operations by
adding courses and number of seats over the years. The trust will
benefit from its long track record in the education sector, which
will help maintain growth of 5-10% in revenue over the medium
term.

Diverse educational courses: The trust has multiple graduate and
post-graduate courses in engineering and commerce. Affiliation is
with Uttarakhand Technical University (UTU) while the courses are
approved by All India Council of Technical Education (AICTE).

Liquidity: Poor

Liquidity is likely to remain weak over the medium term in the
absence of insufficient cash accrual for repayment obligations
which has resulted in delay of debt obligations in cash credit
limit. Further, bank limit are also fully utilized in the last 12
months ending August 2021.

Rating Sensitivity factors

Upward factors

* Timely repayment debt obligations for 90 days

* Increase in revenue with sustenance of profitability

* Decrease in bank limit utilization

SRLJT, set up in 1998, operates College of Engineering, Roorkee,
which offers engineering, commerce, and management courses. The
college is situated on a 75-acre campus.


SGK FLOURS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SGK Flours And
Oils Private Limited continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash           25       CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with SGK for
obtaining information through letters and emails dated February 27,
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 SGK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGK continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SGK with Youvaakshi
Refineries India Private Limited (YRIPL) and Kadapa Oils Complex
India Pvt Ltd (KOCIPL). This is because the three entities,
collectively referred to as the Youvaakshi refineries group, are
expected to be in the same line of business with significant
business linkages, have a common management, and fungible cash
flows.

SGK, incorporated in 2017, is engaged in trading of refined edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

Incorporated in 2015, YRIPL is planning to acquire an edible oil
refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh.
Currently, it is into trading of edible oil.

KOCIPL, incorporated in 2017, is engaged in trading of crude edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.


SHIMLA TOLLS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shimla Tolls
& Projects Private Limited (STPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.5       CRISIL D (Issuer Not
                                    Cooperating)

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

   Term Loan             32         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with STPPL for
obtaining information through letters and emails dated February 22,
2021, September 21, 2021 and September 27, 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 STPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2010 and promoted by Mr. Parmod Sood, Mr.
Kanwaljeet Singh, and ANS Constructions Ltd, STPPL is constructing
a multi-level parking and commercial project (on a design, build,
operate, and transfer basis) near the Lift area of Shimla.

SHRUTI RICE: CRISIL Lowers Rating on INR7cr Loans to D
------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Shruti Rice Mill (SRM) to
'CRISIL B+/Stable', Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is downgrading the rating on bank facilities
of SRM from CRISIL B+/Stable Issuer Not Cooperating to 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            3        CRISIL D (Downgraded from
   Overdraft facility               'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      4        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

The downgrade reflects SRM's poor liquidity, as evidenced by
instances of delay in servicing of its debt obligations for the
overdraft facility at over 30 days during August and September
2021, along with modest scale of operations, and weak financial
risk profile. These weaknesses are partially offset by the
extensive industry experience of the proprietor.

Analytical Approach:

Unsecured loan of INR98.51 lakhs as of March 31, 2021, have been
treated as neither debt nor equity as the amount is expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in Debt Servicing: The firm has incurred delays in debt
servicing for the overdraft facility at over 30 days during August
and September 2021 due to liquidity issues.

* Modest scale of operations: Revenue of INR35.78 crore in fiscal
2021 reflects the firm's subdued scale. The revenue is expected to
increase only marginally to around INR40 crore in fiscal 2022.
Intense competition will constrain scalability, pricing power, and
profitability.

* Weak financial risk profile: The financial risk profile will
remain constrained, over the medium term, by large debt levels.
TOLTNW is estimated to be high at 4.37 times as of March 31, 2021.
Networth is estimated to be low at INR1.02 crore as of March 31,
2021. Debt protection metrics are also weak, with interest coverage
and net cash accrual to total debt ratios estimated at 1.69 times
and 0.02 time, respectively, in fiscal 2021.

Strengths:

* Extensive experience of the proprietor: Benefits from the
proprietor's experience of over two decades, his strong
understanding of local market dynamics, and healthy relationships
with customers and suppliers should continue to support the
business.

Liquidity: Poor

Liquidity stands poor on account of delays in servicing of interest
charges at over 30 days. Cash accrual are expected to be over INR20
lakhs which are insufficient against term debt obligation of INR15
lakhs over the medium term. However, unsecured loans from the
proprietor and his family members may support liquidity.

Rating Sensitivity factors

Upward factors

* Regularisation of timely debt repayment with a track record of 90
days

* Efficient working capital management leading to moderation in
bank limit utilization

SRM, set up in 2004 by Mr. Sandeep Singh, is based in Allahabad,
Uttar Pradesh. It undertakes rice processing activities and trading
of paddy.


SINGH ENTERPRISES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Singh Enterprises'
(SINGHE) Long-Term Issuer Rating to 'IND BB' from 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limits upgraded with IND

     BB/Stable rating;

-- INR200 mil. (increased from INR150 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating; and

-- INR75 mil. Proposed fund-based working capital limits*
     assigned with IND BB/Stable rating.

*unallocated

The upgrade reflects an improvement in SINGHE's revenue in FY21,
surpassing the agency's expectations, and near-term revenue
visibility on account of the orders in hand.

KEY RATING DRIVERS

The upgrade reflects an improvement in SINGHE's revenue to
INR426.17 million in FY21 (FY20: INR339.45 million) and revenue
visibility for FY22 due to an increase in the inflow of work
orders. In 5MFY22, SINGHE achieved a revenue of INR200 million and
had an order book of INR1,674.45 million as of August 2021, out of
which INR500 million is expected by the management to be executed
in FY22.

Liquidity Indicator – Stretched: The cash flow from operations
deteriorated to negative INR38.31 million in FY21 (FY20: INR18.2
million) due to an increase in the working capital cycle to
negative 44 days (negative 115 days) caused mainly due to delayed
payments from customer during year-end. Consequently, the free cash
flow deteriorated to negative INR39.70 million (FY20: INR18.20
million). The cash and cash equivalents stood at just INR2.14
million at FY21 (FY20: INR1.91 million). Moreover, SINGHE does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. It has provided an
undertaking to Ind-Ra stating that there will be no capital
withdrawals in the coming three years. The company availed of the
Reserve Bank of India-prescribed moratorium over March-August 2020.
SINGHE's average maximum utilization of the fund-based limits was
41.88% and that of non-fund-based limits was 71.35% during the 12
months ended August 2021.

The ratings, however, continue to be supported by SINGHE's
promoters' over two decades of operating experience in the rail
signaling and control system industry. This has facilitated the
company to establish strong relationships with customers as well as
suppliers.

The ratings also reflect SINGHE's continued healthy EBITDA margins
of 7.85% in FY21 (FY20: 8.05%) due to a similar operational cost
level. The return on capital employed deteriorated to 30.6% in FY21
(FY20: 38%). In FY22, Ind-Ra expects the EBITDA margin to remain
range bound due to a similar level of operational costs.

The ratings further reflect SINGHE's comfortable credit metrics,
with the gross interest coverage (operating EBITDA/gross interest
expense) improving to 6.76x in FY21 (FY20: 5.43x) mainly due to an
increase in the absolute EBITDA to INR33.44 million (INR27.31
million). However, it was offset by an increase in the short-term
borrowing reading to the net financial leverage (adjusted net
debt/operating EBITDA) deteriorating to 3.31x in FY21 (FY20:
0.80x). In FY22, Ind-Ra expects the interest coverage to
deteriorate, as the company raised a term loan at the beginning of
the year where interest cost will be applicable for the whole year,
while the net leverage could marginally improve due to debt
repayments.

RATING SENSITIVITIES

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage below 2x and pressure on the liquidity position, could
lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a positive rating action.

COMPANY PROFILE

SINGHE was incorporated in 1992 as a proprietorship firm. Its
registered office is in Ranchi, Jharkhand. It is managed by Ranjan
Kumar. The firm is engaged in the design, execution, supply,
installation, testing, commissioning of interlocking systems and
maintenance of safety-related rail signaling and control systems.
It also executes projects involving the laying of various cables,
track circuiting and other telecom works.


SOHRAB TEXTILE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sohrab Textile Mills Limited
        Nabha Road, Malerkotla
        Distt. Sangrur
        Malerkotla, Punjab

Insolvency Commencement Date: October 6, 2021

Court: National Company Law Tribunal, Mohali Bench

Estimated date of closure of
insolvency resolution process: April 4, 2022

Insolvency professional: Ashok Malik

Interim Resolution
Professional:            Ashok Malik
                         House No. 59, Sector 69
                         Mohali 160062

                         Sahibzada Ajit Singh Nagar
                         Punjab 160062
                         E-mail: malikandmalikadvocates@gmail.com

                            - and -

                         #304, 3rd Floor, Plot No. D-190
                         Phase 8B, Sec. 74
                         SAS Nagar, Mohali
                         Punjab 160071
                         E-mail: irpsohrab@gmail.com
                         Mobile: 9815199011

Last date for
submission of claims:    October 20, 2021


SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SS Aluminium
Private Limited (SSAPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.9       CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit            1.6       CRISIL D (Issuer Not
                                    Cooperating)
   Long Term Loan         4.42      CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility     1.92      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSAPL 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 SSAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SSAPL, incorporated in 2013 and based in Balasore, Odisha,
manufactures aluminium extrusions for door and window frames. Mr.
Jadabendra Pradhan and his wife Ms Madhusmita Pradhan manage the
operations.


SUNSHINE HI-TECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sunshine Hi-Tech Infracon Ltd.
        402, Unique Tower
        Opp. Hotel Surya Sayanji Gunj
        Vadodara Gujarat 390005

Insolvency Commencement Date: October 5, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 5, 2022
                               (180 days from commencement)

Insolvency professional: Devvart Rana

Interim Resolution
Professional:            Devvart Rana
                         Apt. No. 4 and 5
                         Swastik Apts, 1056
                         Ward no. 8, Mehrauli
                         New Delhi 110030
                         E-mail: devvartrana@gmail.com

                            - and -

                         Unit no. 684, Sector-A
                         Block B&C, Vasant Kunj
                         New Delhi 110070
                         E-mail: cirp.sunshinehitech@gmail.com

Classes of creditors:    Debentures/Deposit Holders of the CD

Insolvency
Professionals
Representative of
Creditors in a class:    Ms Indira Suresh Vora
                         Ms Anuradha Bisani
                         Mr Gagan Gulati

Last date for
submission of claims:    October 23, 2021


SUPERIOR FILMS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Superior Films
Private Limited's (SFPL) Long-Term Issuer Rating to 'IND D' from
'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR622.2 mil. Term loan (long term) due on May 2029 downgraded

     with IND D rating; and

-- INR11.3 mil. Non-fund-based working capital (short term)
     downgraded with IND D rating.

The downgrade reflects SFPL's delays in debt servicing from
August-September 2021.

KEY RATING DRIVERS

The delays in debt servicing are attributed to SFPL's tight
liquidity position on account of the inability to receive the lease
rentals from the lessee. This is because its multiplexes were
closed considering the pandemic situation.

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 1980, SFPL operates three multiplexes in New Delhi,
which are given on a long-term lease to INOX.


TALBROS AUTOMOTIVE: CRISIL Keeps FB+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Talbros
Automotive Components Limited (TACL) continues to be 'FB+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Fixed Deposits         20        FB+ /Stable (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with TACL for
obtaining information through letters and emails dated March 26,
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 TACL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TACL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TACL continues to be 'FB+/Stable Issuer Not Cooperating'.

TACL, part of the Talbros group, was incorporated in 1956, and is
promoted by Mr. Pran Talwar and family. The company manufactures
gaskets and forgings that are supplied to original equipment
manufacturers and the aftermarket. It has four gasket production
facilities: two at Faridabad in Haryana and one each at Pune in
Maharashtra and Sitarganj in Uttarakhand. It has a materials
division at Sohna, in Gurgaon, and a forging plant at Bawal in
Rewari, Haryana. TACL is listed on the Bombay Stock Exchange and
National Stock Exchange.

UJAAS ENERGY: CRISIL Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Ujaas
Energy Limited (UEL) to CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         20        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee         37        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee          5.37     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             9.5      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            20        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       20        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       14.2      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-        233.88     CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Standby Fund Based      8        CRISIL D (ISSUER NOT
   Working Capital                  COOPERATING; Rating Migrated)

   Term Loan               9.85     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)
  
   Term Loan              33.07     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              26.13     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with UEL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 24, 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 while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
UEL to CRISIL D/CRISIL D Issuer not cooperating'.

UEL, formerly M and B Switchgears Pvt Ltd, was incorporated in
1979. The company is engaged in the sale of solar power and setting
up solar projects across three segments: engineering procurement
and construction, solar park, and rooftop. It also provides
operations and maintenance services for these assets. The company
has an installed capacity of 14 megawatt (MW) of solar power; over
the years, it has set up more than 235 MW of solar power plants.
UEL has also recently ventured into the electric two-wheeler
industry by launching E-Spa. Mr. Shyam Sunder Mundra is the
promoter, and operations are managed by his sons, Mr. Vikalp Mundra
and Mr. Anurag Mundra.

VAMA INDUSTRIES: CRISIL Lowers Rating on Long Term Debt to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Vama Industries Limited (VIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        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 Ratings has been consistently following up with VIL for
obtaining information through letters and emails dated January 18,
2021 and January 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 VIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. The
ratings on bank facilities of VFPL has been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' on account of delays in scheduled
repayment/interest servicing of guaranteed emergency credit loan
availed by the company.

Incorporated in 1985 and promoted by Mr. V Atchuyta Rama Raju and
Mr. V Rajam Raju, VIL is a system integrator and also provides IT
support and engineering design services. It is listed on the Bombay
Stock Exchange.


VARDHAN AGRO: CRISIL Lowers Rating on Long Term Debt to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Vardhan Agro Processing Limited (VAPL) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'. The downgrade reflects the recent delay in
servicing debt obligations because of weak liquidity.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (Downgraded from
                                    'CRISIL C')
   Short Term Rating      -         CRISIL D (Downgraded from
                                    'CRISIL A4')

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing due to weak liquidity: There has been
recent instance of delay in repayment of term loan installments
because of weak liquidity amid constrained cash flows due large
working capital requirements and limited cash flow leading to
liquidity strain.

* Susceptibility to regulatory changes and cyclicality in the sugar
industry: The sugar manufacturing industry is highly regulated and
exposed to seasonality in cane production. These factors impact
scale of operations and profitability.

Strengths:

* Extensive experience of the promoters: The promoters have an
experience of over decade in agriculture and sugar industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with farmers and
customers.

Liquidity: Poor

Liquidity is poor as indicated by instances of delays in the
repayment of term loan. There is cash flow constraint owing to
large working capital requirement, which has resulted in delays in
servicing debt.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least 90 days

* Improvement in financial risk profile and liquidity

VAPL, was incorporated in 2011. It is engaged in manufacturing of a
wide range of cane jaggery, jaggery powder, sulphurless khandasari
sugar, etc. It has manufacturing facility located in Satara,
Maharashtra, having an annual capacity of 1500 Metric ton per day.
It has started its commercial production from January 2018 and
promoted by Kadam family.


VIBRANT FASHIONS: CRISIL Lowers Rating on Long Term Debt to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Vibrant Fashions Private Limited (VFPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' on account of continuous overdrawals in working
capital limit for more than 30 days.

                        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 Ratings has been consistently following up with VFPL for
obtaining information through letters and emails dated November 21,
2020, May 19, 2021 and October 4 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 VFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VFPL
is consistent with 'Assessing Information Adequacy Risk'.

Incorporated in 2011, VFPL is engaged into trading of fabric,
garments, footwear and cloth piece. The day-to-day operations are
managed by Mr. Desai.

WELTIME FOOTWEAR: CRISIL Lowers Rating on INR7.50cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Weltime Footwear Private Limited (WFPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.50       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Cash
   Credit Limit          3.95       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan             7.50       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating continues to reflect the company's weak liquidity marked
with instances of delay in servicing term loan obligation, average
financial risk profile and large working capital requirement. These
weaknesses are partially offset by the extensive industry
experience of the promoters.

Analytical Approach

Unsecured loans (Rs 6.71 crore as on March 31, 2021) from the
promoters and their family members have been treated as neither
debt nor equity as the loans are expected to remain in the business
over the medium term and are subordinated to bank loan.

Key Rating Drivers & Detailed Description

Weakness:

* Instances of delays in servicing principal and interest
obligation for term loan: The company has had delays in servicing
its principal and interest obligations in a timely manner as a
result of weak liquidity. Its working capital limits were also
fully utilized over the past fiscal.

* Average financial risk profile: Financial risk profile is average
marked by high gearing at 1.82 times on account of modest net worth
at INR8.10 crore in fiscal 2021. Further, debt protection metrics
were moderate, with interest coverage and net cash accrual to total
debt ratios at 1.86 times and 0.10 times, respectively, for fiscal
2021.

* Large working capital requirement: Operations are working capital
intensive, reflected in gross current assets ranging between
305-453 days over the last three fiscals ending March 31, 2021, on
account of large receivables and inventory which were of 171 days
and 182 days respectively as on March 31, 2021.

Strength:

* Extensive industry experience of the promoters: The promoters'
experience of around 30 years in the industry has helped them
develop strong relationships with suppliers and customers.

Liquidity: Poor

Liquidity is likely to remain weak over the medium term in the
absence of sufficient cash accrual to repay the loan obligations
which has resulted in delay in honouring of term obligations.
Further, bank limit was also fully utilized over the past one year
through June 2021.

Rating Sensitivity factors

Upward factor

* Timely honouring of debt obligations for continuous 3 months
* Increase in revenue with sustenance of profitability
* Decrease in bank limit utilization

Established in 2014 as a private limited company and promoted by
Mr. Mohd Hausildar, Mr. Mohd Havaldar, and Mr. Mohd Taiyab, WFPL
manufactures footwear including hawai chappals, sandals, and shoes.
Its manufacturing facility at Haryana has capacity of 30,000-35,000
pairs of shoes and sandals per day.



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

MITSUI O.S.K: Egan-Jones Hikes Senior Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui O.S.K. Lines, Ltd to B+ from B-. EJR also
upgraded the rating on commercial paper issued by the Company to B
from C.

Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines,
Ltd. provides marine transportation, warehousing, and cargo
handling services.




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

MELCO RESORTS: S&P Lowers Long-Term ICR to 'BB-', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Melco Resorts & Entertainment Ltd. (MLCO)'s operating subsidiaries
Melco Resorts (Macau) Ltd. (MRM) to 'BB-' from 'BB', and Studio
City Co. Ltd. to 'B+' from 'BB-'. S&P also lowered by one notch all
related issue-level ratings.

The negative outlook on MRM and Studio City mainly reflects the
continued stress on MLCO's revenue and cash flow in 2022, and its
forecast that the company's leverage will remain above its
downgrade threshold through the end of 2022.

MLCO's debt-to-EBITDA ratio will likely remain high in 2022 due to
slow recovery in gaming revenues in Macau and Manila. The delta
variant has introduced fresh uncertainty into the pandemic's
recovery trajectory. The company's EBITDA will probably only
recover to the pre-pandemic levels in 2023, instead of our earlier
expectation of 2022. S&P anticipates leverage will stay elevated at
6.0x-7.0x in 2022 and then decline to 3.3x-3.7x in 2023. This
compares with its earlier expectation that MLCO will improve its
leverage to below 3.5x by late 2021 or early 2022 on a run-rate
basis.

A recent uptick in COVID-19 cases in China and the government's
zero tolerance policy has led to swift restrictions on travel,
hampering Macau's recovery. S&P now forecasts that gross gaming
revenues in Macau will still be only 60%-70% of 2019 levels during
2022 (versus its original expectation of a full recovery), and a
full recovery may only happen in 2023. A full recovery scenario
encompasses further easing of travel restrictions between Macau and
mainland China throughout 2022. Macau would also remain a strong
market for the mass segment supported by economic expansion in
mainland China, a growing middle class, improving infrastructure
connecting the mainland and Macau, as well as expanding hotel
capacity in Macau.

City of Dreams Manila, MLCO's resort in the Philippines that
typically contributes about 15% of the group's EBITDA, is also
seeing a slow recovery. S&P expects casinos in the Philippines
capital region to only be allowed to operate at partial capacity
under gaming regulator PAGCOR's guidelines for an extended period.

The slow recovery eats into MRM and Studio City's rating buffers,
leaving the companies less room to manage event risks such as
license renewal and other regulatory actions.Our base case
anticipates a full recovery in MLCO's EBITDA to pre-pandemic level
in 2023. This is not the case for leverage. Cash burns amid the
pandemic and ongoing capital expenditure requirements for its
Studio City Phase II and Cyprus projects are likely to result in a
40% increase in the company's adjusted debt in 2023 from 2019
levels. As a result, MLCO's leverage will remain elevated at above
3.5x if adjusted EBITDA comes in 5% below our forecast.

S&P said, "While we expect MLCO to renew its gaming license in
Macau, the rebidding process may come with certain social and
economic considerations that could increase leverage or reduce
profitability. These could include upfront payments for license
renewal, additional capital investment in non-gaming amenities, and
additional social considerations or safeguards for local employees,
such as enhanced benefits.

"Our base case assumes a modest financial impact from these factors
over next 12-24 months and MRM has some buffer at the 'BB-' rating.
MLCO's leverage should stay below our current downgrade trigger of
4.5x if adjusted EBITDA is less than 15%-20% below the pre-pandemic
level."

Like other Macau operators, MLCO may also face margin compression
and slower revenue growth if some of the proposed amendments to
Macau's gaming law are strictly implemented. For example,
additional scrutiny on junkets could further tighten junkets'
liquidity and credit availability for VIP customers. While S&P
estimates VIP customers contribute only 10%-15% to EBITDA from
Macau for its rated issuers, weakness in this segment could lead to
lower demand in the high-end mass segment as some players overlap.

S&P said, "We see lower financial risks for MLCO from other
investments. Yokohama city, the other candidate finalized for an
integrated resort plan, has cancelled its investment. Although MLCO
will look for new areas for growth, new, large opportunities are
now further away. This could be a near-term positive and help the
company to strike a better balance between growth and leverage amid
the slow recovery in Macau.

"We continue to consider Studio City as a strategically important
subsidiary of MLCO. MLCO owns a 55% interest in Studio City
International Holdings Ltd., which is the listed parent of the
operating entity Studio City. The two companies have some common
directors. Being a mass market-focused casino, Studio City is
critical to MLCO's overall mass strategy in Macau. We believe the
operating subsidiary can leverage on the strength and experience of
MLCO, including its well-established customer database as one of
the biggest casinos and integrated resorts operators in Asia. The
support from MLCO provides an uplift to our ratings on Studio
City.

"The negative outlook on MLCO's operating subsidiaries MRM and
Studio City reflects the continued stress on MLCO's revenue and
cash flow in 2022, and our forecast that the company's leverage
will be above our downgrade threshold through the end of 2022. The
outlook also reflects our view that the license renewal next year
will come with higher social costs and may compress MLCO's
profitability.

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

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

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



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

KONSORTIUM TRANSNASIONAL: Offers Sale of Shares to DOH Properties
-----------------------------------------------------------------
The Edge Market reports that Konsortium Transnasional Bhd (KTB) has
proposed placement of 67 million new ordinary shares, representing
16.63% of its existing issued shares, to Doh Properties Sdn Bhd at
an issue price of 10 sen per unit.

In a filing with Bursa Malaysia, the transport company said it had
also proposed 233 million redeemable convertible preference shares
(RCPS) in KTB at an issue price of 10 sen per RCPS via a
subscription agreement with Doh Properties inked on Oct. 13, The
Edge relates.

"At the latest practicable date, the issued share capital of KTB is
RM47.79 million and the company does not have any other classes of
securities apart from ordinary shares.

"The proposed placement is crucial for its survival as the group
has been hindered by its inability to raise external borrowings
given that it is in a net liability position and Practice Note 17
(PN17) classification," it said.

The injection of funds is urgently required to meet its immediate
financial obligations and to sustain the transport business, KTB
noted, The Edge relays.

In addition, the group also proposed amendments to the constitution
of the company to facilitate the creation and issuance of the
RCPS.

Meanwhile, KTB has proposed diversification of its existing core
business to include construction-related activities, The Edge
reports.

"Transnational Builder Sdn Bhd (TBSB), a wholly-owned subsidiary of
the company, had entered into agreements to award Misi Jutari Sdn
Bhd (MJSB) and Hektar Muda Sdn Bhd (HMSB) for the acceptance of
construction contract works amounting to RM125.1 million," it
said.

                            About KTB

Konsortium Transnasional Berhad is a Malaysia-based company engaged
in investment holding and the provision of public bus
transportation comprising stage and express bus operations.

Konsortium Transnasional Berhad slipped into PN17 (Practice Note
17) status in April 2020 as it has triggered the Prescribed
Criteria under Paragraph 2.1 (a) of PN17.  The auditors of
Konsortium Transnasional have highlighted a material uncertainty
related to going concern on the Company's ability to continue as a
going concern in the Company's audited financial statements for the
year ended Dec. 31, 2018 and based on the Company's quarterly
report for the financial period ended Dec. 31, 2019 ("Q4 2019"),
the shareholders' equity of the Company on a consolidated basis is
approximately 34.8% of the share capital of the Company as at Dec.
31, 2019.




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

ADC GLOBAL: Creditors' Proofs of Debt Due on Nov. 15
----------------------------------------------------
Creditors of ADC Global Alliances Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 15,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 6, 2021.

The company's liquidators are:

         Mr. Don M Ho
         Mr. David Ho Chjuen Meng
         Avery Corporate Advisory
         63 Market Street
         #05-01A Bank of Singapore Centre
         Singapore 048942


EAGLE HOSPITALITY: Berritto Sues Urban Commons Over $1M Investment
------------------------------------------------------------------
Sasha Jones of The Real Deal reports that trouble continues to
mount for Los Angeles-based Urban Compass, the bankrupt owner of
Lower Manhattan's Wagner Hotel and former operator of the RMS Queen
Mary in Long Beach, California.

In a lawsuit filed Thursday, Oct.7, 2021, in Los Angeles bankruptcy
court, New York-based LLC Berritto Enterprises accused the
developer and two of its executives of accepting a $1 million
investment for a hotel venture, then making off with the funds
after the deal fell apart.

The plaintiff's identity is not disclosed in the complaint, though
Berritto Enterprises is registered to the Long Island address of
Frank Berritto, a retired banking executive.

In January 2021, the lawsuit alleges, the plaintiff was introduced
to an Urban Commons executive, defendant Taylor Woods, who proposed
Berritto invest in Sky Holdings, an LLC that would acquire a
portfolio of 18 distressed hotels from Eagle Hospitality Trust -- a
Singaporean REIT that has seen its own litany of financial troubles
during the pandemic.

                  About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust.  Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware
counsel.  RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel.  DONLIN, RECANO & COMPANY, INC., is
the claims agent.


LISA INVESTMENT: Creditors' Proofs of Debt Due on Nov. 12
---------------------------------------------------------
Creditors of Lisa Investment Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 12,
2021, to be included in the company's dividend distribution.

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

The company's liquidators are:

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


MELANESIAN MEDIA: Nexia TS Appointed as Liquidators
---------------------------------------------------
Mr. Chan Yee Hong of Nexia TS Risk Advisory on Oct. 6, 2021, were
appointed as provisional liquidator of Melanesian Media Group Pte
Ltd.

The liquidator may be reached at:

         Mr. Chan Yee Hong
         Nexia TS Risk Advisory Pte Ltd
         c/o 80 Robinson Road #25-00
         Singapore 068898


SILK ROAD: Mann & Associates Appointed as Liquidators
-----------------------------------------------------
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on Oct. 6, 2021,
were appointed as liquidators of Silk Road Concepts Pte Ltd.

The liquidator may be reached at:

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


STAR FORMULA: Court to Hear Wind-Up Petition on Oct. 22
-------------------------------------------------------
A petition to wind up the operations of Star Formula Marine
Services Pte Ltd will be heard before the High Court of Singapore
on Oct. 22, 2021, at 10:00 a.m.

Golden Star Marine Pte Ltd filed the petition against the company
on Sept. 27, 2021.

The Petitioner's solicitors are:

         Messrs. DennisMathiew
         7500A Beach Road
         #14-324 The Plaza
         Singapore 199591



                           *********


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

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

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

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