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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

          Thursday, October 28, 2021, Vol. 24, No. 210

                           Headlines



A U S T R A L I A

AQUA BOTANICAL: First Creditors' Meeting Set for Nov. 4
CAPE TECHNOLOGIES: First Creditors' Meeting Set for Nov. 4
SPECIALISED REMEDIATION: Second Creditors' Meeting Set for Nov. 3
WANGS BBQ: First Creditors' Meeting Set for November 4


C H I N A

CHINA EVERGRANDE: China Urges Hui to Pay Debt With Own Fortune
DAFA PROPERTIES: Moody's Assigns B3 Rating to Proposed USD Bonds
LUCKIN COFFEE: Settles Accounting Fraud Class Suit  for $175MM
MODERN LAND: Fitch Lowers LT IDRs to 'RD' Following Missed Payments


I N D I A

BHAGWATI GEMS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
CHEMTRADE OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
CMC TEXTILES: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating
COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating

DHURIA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
DREAM HOME: ICRA Moves B+ Debt Rating to Not Cooperating Category
DRUSHTI REALTORS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GANESH AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
GLOBAL PACKAGING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating

GOPIKRISHNA INFRASTRUCTURE: Ind-Ra Affirms 'BB+' LT Issuer Rating
GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
H.M. INDUSTRIAL: ICRA Keeps D Debt Ratings in Not Cooperating
JHARKHAND ROAD: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
LAXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating

MADURAI KRISHNA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
MANI MORE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
ORIENT CRAFT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
OZONE INFRA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category

PADMASHRI DR: ICRA Keeps D Debt Ratings in Not Cooperating
POWERWIND LIMITED: Ind-Ra Affirms 'D' Long-Term Issuer Rating
PRATHAM MOTORS: ICRA Reaffirms B+ Rating on INR73cr Loans
RAJ GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
RELIANCE BIG: CARE Keeps D Ratings in Not Cooperating Category

RENNY STRIPS: Ind-Ra Affirms & Withdraws 'BB+' LT Issuer Rating
SAI LEELA: ICRA Withdraws B+ Rating on INR12cr LT Loans
SAMBANDH FINSERVE: ICRA Cuts Rating on INR4.56cr PTCs to D(SO)
ST. XAVIER: CRISIL Keeps D Debt Ratings in Not Cooperating
SUN FORGE: ICRA Withdraws B+ Rating on INR14cr Loans

SUPERIOR FOOD: CARE Revises Rating on INR40cr LT Loan to C
T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
TAPTI AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
TMW  FINTECH: Faces Liquidation as it Defaults on Goods Payment

TRIUMPH WIRES: ICRA Keeps B+ Debt Ratings in Not Cooperating
TUSHAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
UNIVERSAL FREIGHT: ICRA Keeps B+ Debt Ratings in Not Cooperating
VENKATESWARA SPINTEX: ICRA Keeps B+ Ratings in Not Cooperating
VISAKHAPATNAM PORT: ICRA Assigns B- Rating to INR91.51cr Loan

VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating
ZENITH STRIPS: CRISIL Lowers Rating on INR15cr Cash Loan to D
ZINZUWADIA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating


J A P A N

AEON CO: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CITIZEN WATCH: Egan-Jones Keeps BB+ Senior Unsecured Ratings
IHI CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
MAZDA MOTOR: Egan-Jones Hikes Senior Unsecured Ratings to BB+


M A C A U

SJM HOLDINGS: Moody's Puts Ba1 CFR Under Review for Downgrade


N E W   Z E A L A N D

GROW BUILD: Creditors' Proofs of Debt Due on Nov. 14
J G ROOFING: Creditors' Proofs of Debt Due on Nov. 19
WITCHERY: Closes Meridian Mall Outlet


P H I L I P P I N E S

PHILIPPINE AIRLINES: Lucio Tan Prepares $250-MM Loan to PAL


S I N G A P O R E

COREFORM PTE: Court to Hear Wind-Up Petition on Nov. 12
DESIGN STUDIO: Directors File Winding Up Application
ENVY GROUP: Singapore Adds 18 New Charges Against Ng
HON INDUSTRIES: Court Enters Wind-Up Order
SUNTECH POWER: Court to Hear Wind-Up Petition on Nov. 12


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A U S T R A L I A
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AQUA BOTANICAL: First Creditors' Meeting Set for Nov. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Aqua
Botanical Beverages (Australia) Pty Ltd will be held on Nov. 4,
2021, at 11:30 a.m. via electronic facilities.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of Aqua Botanical on Oct. 25, 2021.


CAPE TECHNOLOGIES: First Creditors' Meeting Set for Nov. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Cape
Technologies Pty Ltd will be held on Nov. 4, 2021, at 3:00 p.m. via
virtual meeting facilities.

Catherine Margaret Conneely of KordaMentha was appointed as
administrator of Cape Technologies on Oct. 25, 2021.


SPECIALISED REMEDIATION: Second Creditors' Meeting Set for Nov. 3
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Specialised
Remediation Services Pty Ltd has been set for Nov. 3, 2021, at
12:00 p.m. via virtual meeting only.

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 Nov. 2, 2021, at 5:00 p.m.

Steve Naidenov and Ian Niccol of Aston Chace Group were appointed
as administrators of Specialised Remediation on Sept. 28, 2021.


WANGS BBQ: First Creditors' Meeting Set for November 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wangs BBQ
Pty Ltd, trading as 'Crazy Wing The Glen' will be held on Nov. 4,
2021, at 11:00 a.m. via teleconference.

(Melissa) Poh Bee Lau) and Malcolm Kimbal Howell of Jirsch
Sutherland were appointed as administrators of Wangs BBQ on Oct.
25, 2021.




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C H I N A
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CHINA EVERGRANDE: China Urges Hui to Pay Debt With Own Fortune
--------------------------------------------------------------
Bloomberg News reports that Chinese authorities told billionaire
Hui Ka Yan to use his personal wealth to alleviate China Evergrande
Group's deepening debt crisis, according to people familiar with
the matter.

Bloomberg relates that Beijing's directive to the Evergrande
founder came after his company missed an initial Sept. 23 deadline
for a coupon payment on a dollar bond, said the people, asking not
to be identified discussing a private matter. Local governments
across China are monitoring Evergrande's bank accounts to ensure
company cash is used to complete unfinished housing projects and
not diverted to pay creditors, the people said.

According to Bloomberg, the demand that Mr. Hui tap his own fortune
to pay Evergrande's debt adds to signs that Beijing is reluctant to
orchestrate a government rescue, even as the property giant's
crisis spreads to other developers and sours sentiment in the real
estate market. Chinese President Xi Jinping has been cracking down
on the billionaire class as part of his "common prosperity"
campaign to reduce the country's yawning wealth gap.

It's unclear whether Mr. Hui's fortune is big and liquid enough to
make a sizable dent in Evergrande's liabilities, which swelled to
more than $300 billion as of June, Bloomberg relays. The
developer's dollar bonds are trading at deep discounts to par value
as investors brace for what could be one of China's largest-ever
debt restructurings.

Mr. Hui's net worth has dwindled to about $7.8 billion from $42
billion at its peak in 2017, according to Bloomberg Billionaires
Index estimates. But the figure comes with considerable
uncertainty. Earlier this month, Mr. Hui pledged 500 million shares
in Evergrande, or 4.9% of his holding, to a person other than a
qualified lender.

Much of Mr. Hui's known wealth is derived from his controlling
stake in Evergrande and the cash dividends he's received from the
company since its 2009 listing in Hong Kong, Bloomberg relates. Mr.
Hui has pocketed about $8 billion over the past decade thanks to
Evergrande's generous payouts, according to Bloomberg calculations.
It's not known how Mr. Hui reinvested those dividends.

Evergrande's dollar bond due 2025 was indicated at 21.8 cents on
the dollar Oct. 27, on pace for the highest close since Oct. 5,
according to Bloomberg-compiled data. Its Hong Kong-listed shares
rose as much as 1.2% in early trading before erasing the gain.

Mr. Hui, who was born into poverty in rural China and escaped
through education, has acquired many of the usual trappings of a
billionaire. He was the only director of a firm that owned a $100
million mansion in Hong Kong, before stepping down recently,
filings show. He also purchased a 60-meter megayacht called
'Event,' according to one of the boat's designers.

Bloomberg says Evergrande surprised some China watchers by pulling
back from the brink of default last week, paying a $83.5 million
coupon to international bondholders before the grace period expired
Oct. 23. It's unclear where the funds came from. Separately,
Reuters reported that Mr. Hui agreed to put his own money into a
Chinese residential project tied to a bond to ensure it's completed
and bondholders get paid, Bloomberg relays.

The next test will be a dollar coupon payment due Oct. 29, when a
30-day grace period ends. A hefty wall of maturing debt awaits in
2022, with some $7.4 billion of onshore and offshore bonds coming
due.

There's been little help from asset sales in recent months even
after Mr. Hui put stakes in once-prized arms such as his electric
vehicle and bottled water units on the block. Evergrande said last
on Oct. 27 it scrapped talks to offload a stake in its
property-management arm. The deal fell apart even after officials
in Evergrande's home province of Guangdong helped broker the talks,
a person with knowledge of the matter has said.

As recently as a year ago, such support -- and help from Mr. Hui's
wealthy friends -- was enough to see the company through a
liquidity crunch, when it failed to secure a backdoor listing for
its mainland unit, says Bloomberg. Now, Mr. Hui's empire is turning
into one of the biggest victims of President Xi's efforts to curb
the debt-fueled excesses of conglomerates and defuse risks in the
housing market.

According to Bloomberg, Evergrande and its affiliated companies
were built through an aggressive mix of debt issuance, share sales,
bank loans and shadow financing -- funding avenues that have been
largely cut off under the crackdown.

The Ministry of Housing and Urban-Rural Development instructed
local subsidiaries across China in August to supervise funds for
Evergrande's property projects in special escrow accounts, people
familiar said, Bloomberg relays. Under the heightened oversight,
the developer's funds must first be used for construction to ensure
project delivery, the people said.

Evergrande has yet to finish homes for 1.6 million buyers who have
already put down deposits. Its real estate sales plunged about 97%
during peak home-buying season, further crimping its ability to
generate funds, Bloomberg says.

Bloomberg adds that the firm's troubles are infecting the broader
housing market. Sentiment among buyers is evaporating and, in
September, prices began falling for the first time in six years.

China's banking regulator last week vowed to keep its curbs on the
nation's property market, even though the policies have weighed on
indebted developers. While officials have told banks to speed up
mortgage lending again, the central bank has indicated that
contagion risks from Evergrande are "controllable" and unlikely to
spread, adds Bloomberg.

                       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-'.


DAFA PROPERTIES: Moody's Assigns B3 Rating to Proposed USD Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD bonds to be issued by DaFa Properties Group
Limited (DaFa, B2 stable).

The rating outlook is stable.

RATINGS RATIONALE

"DaFa's B2 corporate family rating (CFR) reflects the company's
long operating track record of developing properties in the Yangtze
River Delta region, especially in Shanghai and Nanjing, as well as
its good sales execution," says Celine Yang, a Moody's Vice
President and Senior Analyst.

"However, the rating is constrained by DaFa's small scale, limited
funding channels as well as its sizable exposure to lower-tier
cities and joint ventures and associates (JV)," adds Yang.

The stable rating outlook reflects Moody's expectation that DaFa
will maintain stable credit metrics and adequate liquidity over the
next 6-12 months.

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

DaFa's liquidity is adequate. Moody's expects the company's
operating cash flow to supplement its unrestricted cash holdings of
RMB4 billion such that the liquidity level is sufficient to cover
its short-term debt and estimated committed land and other payments
for the next 12 months.

DaFa's B3 senior unsecured debt rating is one notch lower than its
CFR because of structural subordination risk. This risk reflects
the fact that most of DaFa's claims are at its operating
subsidiaries and have priority over its senior unsecured claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

With respect to environmental, social and governance (ESG) factors,
Moody's has taken into account the concentrated ownership by DaFa's
key shareholder, Ge Hekai, and his family, who together held a
total 72.5% stake in the company as of the end of June 2021.

Moody's has also considered (1) the presence of three independent
nonexecutive directors on the board, who also chair the audit and
remuneration committees; (2) the company's moderate 20%-25%
dividend payout ratio over the past three years; and (3) the
presence of other internal governance structures and standards as
required under the Corporate Governance Code for companies listed
on the Hong Kong Exchange.

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

Moody's could upgrade DaFa's ratings if the company (1)
successfully executes its business plan; (2) significantly expands
its scale while maintaining its credit metrics; and (3) sustains
adequate liquidity, with unrestricted cash consistently above 1.5x
of short-term debt, and (4) diversifies its funding channels.

A significant reduction in contingent liabilities associated with
JVs would be credit positive. This could be a result of reduced
usage of JVs or significant improvement in the financial strength
of its JV projects.

On the other hand, Moody's could downgrade the ratings if (1)
DaFa's liquidity or funding access weakens; (2) its contracted
sales or cash collection deteriorates; or (3) the company
accelerates its land acquisitions beyond Moody's expectations,
thereby weakening its financial metrics and liquidity.

Financial metrics indicative of a downgrade include (1)
unrestricted cash/short-term debt failing to trend towards 1.0x;
(2) EBIT/interest coverage below 1.5x; or (3) revenue/adjusted debt
below 50%-55% on a sustained basis.

Downward rating pressure could also increase if the company's
exposure to contingent liabilities associated with JVs increases
significantly as a result of a marked deterioration in the
financial strength and liquidity of its JV projects, or a
substantial increase in investments in JV projects.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

DaFa Properties Group Limited is a Shanghai-based residential
property developer. As of June 30, 2021, the company had developed
86 property development projects, with a gross floor area of 6.7
million square meters. Its key operating cities include Wenzhou,
Huzhou, Hefei, and Ningbo.

As of the end of June 2021, DaFa Properties was 72.5% owned by its
founder, Mr. Ge Hekai, and his family.

LUCKIN COFFEE: Settles Accounting Fraud Class Suit  for $175MM
--------------------------------------------------------------
Reuters reports that Luckin Coffee Inc reached a $175 million
settlement of shareholder class-action claims that the Chinese
rival to Starbucks fraudulently inflated its share price by
falsifying revenue.

Reuters relates that lawyers for the shareholders called the
all-cash settlement, filed on Oct. 25, an "excellent result,"
citing Luckin's liquidation proceeding in the Cayman Islands and
its related filing for protection under the U.S. Bankruptcy Code.

The accord also covers Luckin officials, and underwriters of the
Xiamen, China-based company's $645 million initial public offering
in 2019 and a later offering of American depositary shares, Reuters
says.

According to Reuters, U.S. District Judge John Cronan in Manhattan
approved the preliminary settlement on Oct. 26, and scheduled a
Jan. 31, 2022 hearing to consider final approval. The settlement
also requires approval by a Cayman Islands court.

Founded in 2017, Luckin ended March with about 5,000 stores.

Shareholders sued Luckin in February 2020, two weeks after
short-seller Muddy Waters Research accused it of inflating revenue,
Reuters recalls.

Two months later, Luckin's share price sank 81% after the company
said an internal probe found that its chief operating officer and
other staff fabricated about $310 million of sales in 2019, or
about 40% of annual sales projected by analysts.

Reuters relates that Luckin agreed last December to pay a $180
million fine to settle U.S. Securities and Exchange Commission
accounting fraud civil charges.

The SEC said Luckin raised more than $864 million from equity and
debt investors while the fraud was taking place.

Shareholders in the class action are led by Swedish pension fund
Sjunde AP-Fonden and the Louisiana Sheriffs' Pension & Relief Fund,
Reuters discloses.

Their lawyers, led by Kessler Topaz Meltzer & Check and Bernstein
Litowitz Berger & Grossmann, may seek fees of up to 25% of the
settlement fund, the report adds.

                        About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York. The Chapter 15 Petition seeks, among
other things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.


MODERN LAND: Fitch Lowers LT IDRs to 'RD' Following Missed Payments
-------------------------------------------------------------------
Fitch Ratings has downgraded Chinese property developer Modern Land
(China) Co., Limited's Long-Term Foreign-Currency and
Local-Currency Issuer Default Ratings (IDRs) to 'RD' (Restricted
Default) from 'C', as the company failed to repay its USD250
million outstanding senior notes due 25 October 2021. There is no
grace period for the bond repayment.

The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

At the same time, Fitch has affirmed Modern Land's senior unsecured
rating and the ratings on its US dollar bonds at 'C' with a
Recovery Rating of 'RR6'.

KEY RATING DRIVERS

Non-Payment of Notes: Modern Land's failure to make payment on the
US dollar bonds due on 25 October 2021, is consistent with Fitch's
definition of an 'RD' rating, as the company has experienced an
uncured payment default on a material financial obligation but has
not yet entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedures,
and has not otherwise ceased operating.

Cross Default with Notes: The non-payment of Modern Land's October
2021 US dollar bonds triggered events of default on the company's
other US dollar notes, which will become immediately due and
payable if the bond trustee or holders of at least 25% in aggregate
principal amount of the offshore notes declare so.

DERIVATION SUMMARY

Modern Land's IDRs have been downgraded to 'RD' in line with
Fitch's definition of an uncured payment default but no initiation
of bankruptcy filings, administration, receivership, liquidation,
or other formal winding-up procedures as yet and continuity of
business operations.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY24 billion in 2021;

-- Gross profit margin from property development maintained
    around 25%-26% in 2021-2022;

-- Construction cash cost accounting for 30%-35% of attributable
    contracted sales in 2021-2022;

-- Land premium accounting for 55%-60% of annual sales receipts
    in 2021-2022 and average land acquisition costs to increase in
    2021-2022.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Modern Land would be
    liquidated in a bankruptcy because it is an asset-trading
    company;

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

-- An advance rate of 60% is applied to adjusted inventory, as
    Modern Land's EBITDA is lower than 20%;

-- Property, plant and equipment advance rate at 60%;

-- An advance rate of 70% applied to accounts receivables;

-- An advance rate of 0% applied to both restricted and excess
    cash due to lack of clarity from the issuer on the breakdown
    of cash for 1H21.

RATING SENSITIVITIES

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

-- Fitch will reassess Modern Land's capital structure and cash
    flow after announcement on repayment and/or restructuring
    arrangements.

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

-- Evidence that Modern Land has entered into bankruptcy and/or
    liquidation.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Modern Land, established in 2000, was listed on the Hong Kong Stock
Exchange in 2013. The company focuses on green housing by adding
energy-preserving systems to its buildings.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation in net property assets at end-2020 includes
property development inventory, investment property at cost, hotel
properties and JV investments. Customer deposits as well as amounts
due to non-controlling interests and JVs and associates are
deducted from the summation of items mentioned previously.

ESG CONSIDERATIONS

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



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BHAGWATI GEMS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bhagwati Gems'
Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR120 mil. (reduced from INR340 mil.) Fund-based working
     capital limit upgraded with IND BB+/Stable rating; and

-- INR9.7 mil. Term loan due on March-2021 is withdraw (paid in
     full).

The upgrade reflects Bhagwati Gems' improved credit metrics in
FY21, due to lowered debt and scheduled repayments, and a likely
improvement in the scale of operations in FY22 due to the high
number of orders in its pipeline on account of an overall increase
in the demand in the industry. Furthermore, Bhagwati Gems' ratings
are no longer constrained by its partnership nature. There has been
no substantial withdrawal of capital by the partners since FY18 and
Ind-Ra understands that this will be followed in the foreseeable
future. Bhagwati Gems' disclosure standards are in line with the
agency's corporate governance criteria for its rating level; this
is likely to continue.

KEY RATING DRIVERS

Bhagwati Gems' financial performance in FY21 was better than that
expected by Ind-Ra. The interest coverage increased to 11.12x in
FY21 (FY20: 6.2x) and the net financial leverage improved to 0.84x
(1.52x). The improvement in the credit metrics was due to the
reduced debt, scheduled repayments and low working capital use that
resulted in lower interest costs. The credit metrics are likely to
remain comfortable in FY22,due to the increase in the overall scale
of operations, despite the likely deterioration on the back of an
increase in the total debt. Bhagwati Gems has applied for an
enhancement of working capital limits and the same is under
process. The operating EBITDA margin remained healthy at 3.4% in
FY21 (FY20: 3.6%) with a return on capital employed of 16% (19%).
The margins are healthy due to low operating costs. The firm earned
a revenue of INR2,760 million during 6MFY22, indicating a likely
improvement in its scale of operations in FY22. During FY21, the
revenue declined but remained above Ind-Ra's expectations at
INR2,825 million (FY20: INR3421 million). The revenue decline in
FY21 was mainly due to the COVID-19-led lockdown during the first
quarter and the subsequent unavailability of labor. FY21 numbers
are provisional.

Liquidity Indicator - Stretched: Bhagwati Gems' does not have any
capital market exposure and relies on a single bank for funding
requirements. The firm availed the Reserve Bank of India’s
COVID-19 moratorium during March-August 2020 and availed an
emergency line of credit in FY21 to meet the cash flow mismatch.
The working capital cycle elongated to 56 days in FY21 (FY20: 46
days) due to a stretch in the inventory holding period. The cash
flow from operations remained positive during FY21 and increased to
INR107.91 million (FY20: INR72.15 million). The free cash flow too
remained positive during FY21 at INR99.32 million (FY20: INR69.14
million) The working capital utilization was low at around 25%
during the 12 months ended August 2021.

RATING SENSITIVITIES

Positive:  A sustained improvement in the scale of operations as
well as the liquidity while maintaining the credit metrics, will be
positive for the ratings.

Negative:  The interest coverage falling below 2.5x or further
deterioration in the liquidity position will be negative for the
ratings.

COMPANY PROFILE

Bhagwati Gems, a partnership firm, is engaged in the cutting and
polishing of rough diamonds at its unit in Surat. In addition, it
is engaged in the trading of rough diamonds. Its partners are
Bharat Kathiriya, Bhimjibhai Kathiriya and Manishaben Kathiriya.


CHEMTRADE OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Chemtrade
Overseas Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

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

   Long Term-         20.00        [ICRA]B+(Stable); ISSUER NOT
   NonFund Based                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Chemtrade Overseas Private Limited was incorporated in 1992 and
began its operations in the same year. The company trades in
various chemicals, which find application mainly in the
petrochemicals, pharmaceuticals, paints, textiles, laminates,
pesticides, textile, cosmetics etc. The company's registered office
is in Mumbai.


CMC TEXTILES: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CMC Textiles
Private Limited's Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR48.43 mil. (reduced from INR88.98 mil.) Term loan due on
     April 2023 affirmed with IND BB+/Stable rating;

-- INR210.0 mil. Fund-based limits affirmed with IND BB+/Stable/
     IND A4+ rating; and

-- INR18.9 mil. Non-fund-based limits affirmed with IND A4+
     rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the business and financials of CMC  and
its group companies Global Packaging ('IND BB'/Stable) and Mani
More Synthetics Private Limited ('IND BB+'/Stable) - jointly
referred to as CMC Group (CMCG) - in view of the strong operational
and strategic inter-linkages between them. The companies operate in
the same line of business, and have common promoters and
fungibility of funds. Mani More Synthetics has provided a corporate
guarantee to CMC's bank loans. All three companies manufacture
texturized yarn and fabrics.

KEY RATING DRIVERS

The affirmation reflects CMCG's subdued turnover and credit metrics
in FY21, due to the business impact of COVID-19. The revenue fell
to INR1,971.70 million in FY21 (FY20: INR2,172.38 million).
However, Ind-Ra expects the revenue to rebound in FY22, because of
the recovery seen in the textile industry which would lead to a
reversal of the impact caused by COVID-19. The company has a policy
of shifting between the end-products polyester and nylon yarns
which makes their quantity sold lower or higher and affects the top
line, but maintains EBITDA at stable levels. CMCG has shifted
80%-90% to nylon as it yields higher margins than polyester.

The ratings also reflect CMCG's modest credit metrics. The gross
interest coverage (operating EBITDA/gross interest expense)
increased to 2.11x in FY21 (FY20: 2.08x) on account of a higher
increase in the operating EBITDA to INR97 million (INR94 million)
than in the interest expense. The net financial leverage (adjusted
net debt/operating EBITDAR) deteriorated to 5.86x in FY21 (FY20:
4.45x) on account of a higher increase in debt to INR585 million
(INR437 million) than in the EBITDAR. The increase in debt is
attributed to higher working capital utilization due to a rise in
higher inventory days and an increase in long-term debt owing to
the new COVID-19 term loans availed. However, Ind-Ra expects the
inventory days to reduce with the release of working capital.

The affirmation also reflects CMCG's modest EBITDA margin of 4.94%
in FY21 (FY20: 4.32%) with the return on capital employed of 5.1%
(4.8%).  The margins remain susceptible to volatility in raw
material prices in the textile industry.  

Liquidity Indicator - Stretched: The group's average maximum
utilization of its fund-based limits was 85.18% and that of the
non-fund-based limits was 95% for the 20 months ended June 2021.
Ind-Ra expects them to have remained at similar levels since then.
The group's cash flow from operations fell to INR48.87 million in
FY21 (FY20: INR72.89 million) on account of an increase in the
working capital requirements. Also, the free cash flow turned
negative  INR36.22 million in FY21 (FY20: INR50.40 million), on
account of INR60 million capex in Global Packaging for the
installation of machinery to increase the production. Moreover, the
group's working capital cycle deteriorated to 97 days in FY21
(FY20: 73 days), due to the increase in the inventory days caused
by an increase in the raw material volumes.   

The ratings also reflect CMC's weak standalone financial and credit
profile. The revenue fell to INR1,123.26 million in FY21 (FY20:
INR1,470.44 million), because of lower sales volumes. The gross
interest coverage and net leverage deteriorated marginally to 2.13x
in FY21 (FY20: 2.10x) and 5.82x (3.98x), respectively, on account
of an increase in its debt levels because of COVID-19 term loans
availed by the firm. The EBITDA margins however rose to 5.31% in
FY21 (FY20: 4.22%) on account of a favorable change in their
products & product mix.

The ratings however are supported by CMCG's promoters' experience
of more than three decades in the yarn and fabric manufacturing
industry.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin and liquidity profile
leading to the net leverage reducing below 4.5x, on a sustained and
consolidated basis, and an improvement in the standalone credit
profile will be positive for the ratings.

Negative: Any deterioration in the revenue, EBITDA margin and/or
working capital cycle along leading to the net leverage remaining
above 5.5x or further deterioration in liquidity, all on a
sustained and consolidated basis, will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2002 by Ajeet Yadav, Pawan Yadav, and Dheerendra
Yadav, CMC has units with a capacity of 12,500 MT/year in Silvassa
to manufacture texturized yarn, wrap knitted yarn and jacquard
fabrics.  


COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Cochin Glass
House Private Limited (CGPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CGPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 CGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CGPL continues to be 'CRISIL D Issuer Not Cooperating'.

CGPL, established in 2010, trades in glass and plywood. Operations
of the Cochin-based company are managed by Mr. Shajen K R.


COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cozy Touch
Poly Foams India Private Limited (CPPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.5       CRISIL C (Issuer Not
                                    Cooperating)

   Letter of Credit       3         CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.03      CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.47      CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letters and emails dated March 31,
2021 and September 14, 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 CPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 2007 and promoted by Mr. Inderjit Khurana, CPPL
manufactures foam, bonded, and spring mattresses. Operations began
from 2010 and current capacity utilisation is about 50%. Products
are sold under the Coir Foam brand.


DHURIA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhuria Rice
Mill (DRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of DRM under the 'issuer noncooperating' category as DRM
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021 and September 24, 2021.

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

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

Dhuria Rice Mills (DRM) was established in 1978 as a partnership
firm and is currently being managed by Mr. Ashok Kumar and Mr. Arun
Kumar sharing profit and losses equally. DRM is engaged in
processing of paddy at its manufacturing unit located at Fazilka,
Punjab with an installed capacity of 540 Tonnes of paddy per annum
(TPA). The firm procures the raw material (paddy) from local grain
markets through commission agents based in Punjab and sells basmati
and non-basmati rice to wholesalers and retailers located in Delhi,
Gujarat, and Maharashtra etc. under the brand name "GAURISH".


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-        13.00        [ICRA]B+(Stable) ISSUER NOT   
   Packing Credit                  COOPERATING; Rating Moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Fund-based-        10.00        [ICRA] A4 ISSUER NOT
   Foreign Bill                    COOPERATING; Rating Moved to
   Purchase                        the 'Issuer Not Cooperating'
                                   category

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

DHCPL was incorporated in 2013 by Mr. Mohit Jain and Mr. Vinay
Jain. The company manufactures handwoven and handtufted carpets,
rugs (leather and fabric), bathmats, floor cushion, bean bags, etc.
However, most of the revenues come from carpet sales, primarily to
overseas buyers.


DRUSHTI REALTORS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Drushti Realtors
Private Limited (DRPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR480 mil. Proposed term loan* assigned with IND B+/Stable
     rating.

*Unallocated

KEY RATING DRIVERS

The rating reflects DRPL's time and cost overrun risk in its
ongoing project Trishul. The total cost of the ongoing project is
estimated by the management to be INR2,365 million, which is to be
funded by the promoters' contribution of INR426 million (18% of
total cost); unsecured loans from promoters of INR320 million
(14%); customer advances of INR1,140 million (48%) and a term loan
of INR480 million (20%). As of August 31, 2021, the promoters'
contribution stood at INR295 million (March 31, 2021: from INR76
million) and the total cost incurred increased to INR292 million
(INR73 million).

The rating is constrained by the project's vulnerability to project
delay risks despite the project's progress being currently in line
with its execution schedule. Also, given the aggressively improving
demand scenario, the company faces significant competition.

The rating, however, is supported by the management's expectation
of inflows from FY22 onwards from unsold units from completed
projects Embassy and Varun. The management expects inflows of
INR611 million and INR134 million from Embassy (unsold area of
27,250 square feet (sf)) and Varun (7,962sf); against the projects,
the management has outflows of  INR239 million and INR12 million,
respectively.

The rating also factors in DRPL's high offtake risk for its ongoing
project Trishul, as until August 31, 2021, no sale had been booked,
since it was not RERA registered. Ind-Ra expects the booking to
start once it is RERA registered (expected by the management before
the end of November 2021) and the booking to improve as projects
approach completion.

Liquidity Indicator - Poor:  DRPL's rating is constrained by the
likely cash flow-mismatch risk, if the advances from customer are
lower than Ind-Ra’s expectations. DRPL was irregular in its  term
loan (taken for the Embassy project from Union Bank of India)
repayment, which got closed in November 2020. The rating is further
constrained by the company's lack of access to the capital market.
The debt service coverage ratio till FY21 was 2.94x and Ind-Ra
expects the same to marginally deteriorate in FY22 on account of
repayments. The directors' (Ashok Jagdale and Asha Jagdale)
cumulative bank and mutual fund balance stood at INR310 million and
that of the company at INR178 million on 9 October 2021.

The rating, however, is supported by promoter-director Ashok
Jagdale's experience of over two decades in the construction of
buildings. The location of the company's Trishul, Varun and Embassy
projects is in Ghatkopar (Centre of Mumbai city), and their
proximity to the metro and local station as well as the airport,
provides the projects with locational advantage.

RATING SENSITIVITIES

Positive: An improvement in the sales and the timely receipt of
advances from customers, leading to stronger cash flows, could lead
to a positive rating action.

Negative: Lower-than-Ind-Ra expected sales volume or lower
realization from bookings or Time or cost overruns, leading to
stressed cash flows, could lead to a negative rating action.

COMPANY PROFILE

DRPL, incorporated in 2005, is engaged in the construction of
residential projects. It is located at Vile Parle
(Mumbai-Maharashtra). It has one ongoing project- Trishul (a
residential redevelopment project including shops) at Ghatkopar
east- Mumbai, which has a total saleable area of 1,73,430sf.


GANESH AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Shri Ganesh Agro Foods in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Unallocated         25.00       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, Shri Ganesh Agro Foods is involved in
milling, processing and sorting of basmati and non-basmati rice.
The company's plant at Karnal has a milling capacity of 26 tonnes
per day. The company exports basmati rice as well as sells it in
the domestic market. The direct exports are made to countries such
as Dubai and Saudi Arabia. and the remaining is sold
through exporters to European countries.


GLOBAL PACKAGING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Global Packaging's
(GP) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR12.4 mil. Term loan due on April 2023 affirmed with IND BB/

     Stable rating;

-- INR66 mil. Fund-based limits affirmed with IND BB/Stable/IND
     A4+ rating;

-- INR5.6 mil. Non-fund-based limits affirmed with IND A4+
     rating; and

-- INR47 mil. Proposed term loan* assigned with IND BB/Stable
     rating.

*unallocated

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the business and financials of GP and
its group companies CMC Textiles Private Limited ('IND BB+'/Stable)
and Mani More Synthetics Private Limited ('IND BB+'/Stable) -
jointly referred to as CMC Group (CMCG) - in view of the strong
operational and strategic inter-linkages between them. The
companies operate in the same line of business, and have common
promoters and fungibility of funds. Mani More Synthetics has
provided a corporate guarantee to CMC's bank loans. All three
companies manufacture texturized yarn and fabrics.

KEY RATING DRIVERS

The affirmation reflects CMCG's subdued turnover and credit metrics
in FY21 due to the business impact of COVID-19. The revenue fell to
INR1,971.70 million in FY21 (FY20: INR2,172.38 million). However,
Ind-Ra expects the revenue to rebound in FY22, because of the
recovery seen in the textile industry which would lead to a
reversal of the impact caused by COVID-19. The company has a policy
of shifting between the end-products polyester and nylon yarns
which makes their quantity sold lower or higher and affects the top
line, but maintains EBITDA at stable levels. CMCG has shifted
80%-90% to nylon as it yields higher margins than polyester.

The ratings factor in CMCG's modest credit metrics. The gross
interest coverage (operating EBITDA/gross interest expense)
increased to 2.11x in FY21 (FY20: 2.08x) on account of a higher
increase in the operating EBITDA to INR97 million (INR94 million)
than in the interest expense. The net financial leverage (adjusted
net debt/operating EBITDAR) deteriorated to 5.86x in FY21 (FY20:
4.45x) on account of a higher increase in debt to INR585 million
(INR437 million) than in the EBITDAR. The increase in debt is
attributed to higher working capital utilization due to a rise in
higher inventory days and an increase in long-term debt owing to
the new COVID-19 term loans availed. However, Ind-Ra expects the
inventory days to reduce with the release of working capital.

The affirmation also reflects CMCG's modest EBITDA margin of 4.94%
in FY21 (FY20: 4.32%) with the return on capital employed at 5.1%
(4.8%). The margins remain susceptible to volatility in raw
material prices in the textile industry.

Liquidity Indicator - Stretched: The group's average maximum
utilization of its fund-based limits was 85.18% and that of the
non-fund-based limits was 95% for the 20 months ended June 2021.
Ind-Ra expects them to have remained at similar levels since then.
The group's cash flow from operations fell to INR48.87 million in
FY21 (FY20: INR72.89 million) on account of an increase in the
working capital requirements. Also, the free cash flow turned
negative  INR36.22 million in FY21 (FY20: INR50.40 million) on
account of INR60 million capex in GP for the installation of
machinery to increase the production. Moreover, the group's working
capital cycle deteriorated to 97 days in FY21 (FY20: 73 days), due
to the increase in the inventory days caused by an increase in the
raw material volumes.  

The ratings factor in the partnership nature of the firm.

The ratings also reflect GP's weak standalone financial and credit
profile. The revenue fell to INR378.53 million in FY21 (FY20:
INR433.93 million), because of lower sales volumes. The gross
interest coverage and net leverage deteriorated marginally to 2.01x
in FY21 (FY20: 1.94x) and 6.60x (6.03x), respectively, on account
of an increase in its debt levels because of COVID-19 term loans
availed by the firm. The EBITDA margins however rose to 5.30% in
FY21 (FY20: 3.69%) on account of a favorable change in their
products & product mix.

The ratings however are supported by CMCG's promoters' experience
of more than three decades in the yarn and fabric manufacturing
industry.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin and liquidity profile
leading to the net leverage reducing below 4.5x, on a sustained and
consolidated basis, and an improvement in the standalone credit
profile will be positive for the ratings.

Negative: Any deterioration in the revenue, EBITDA margin and/or
working capital cycle along leading to the net leverage remaining
above 5.5x or further deterioration in liquidity, all on a
sustained and consolidated basis, will be negative for the
ratings.

COMPANY PROFILE

GP is a partnership firm incorporated in 2011 by Kshitij Ajeet
Yadav and Sumit Brijpal Yadav in a 95% and 5% sharing ratio. The
firm has two units in Silvassa which manufacture texturized yarn,
wrap knitted yarn and jacquard fabrics.


GOPIKRISHNA INFRASTRUCTURE: Ind-Ra Affirms 'BB+' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Gopikrishna
Infrastructure Private Limited's (SGIPL) Long-Term Issuer Rating at
'IND BB+' with a Stable Outlook and has simultaneously withdrawn
it.

The instrument-wise rating actions are:

-- INR600 mil. Fund-based limits* affirmed and withdrawn; and

-- INR6.44 bil. Non-fund-based limits* affirmed and withdrawn.

*The ratings were affirmed at IND BB+/Stable/IND A4+ before being
withdrawn.

KEY RATING DRIVERS

The rating withdrawal of the instrument rating follows the receipt
of a no-objection certificate from the  SGIPL's lenders for the
rated instruments. Consequently, the Long-term Issuer Rating has
also been withdrawn.

COMPANY PROFILE

SGIPL was incorporated in 2007 in Hyderabad. It was earlier a
partnership firm. The company is promoted by K. Gopal Raju. It is
an engineering, procurement and construction company, involved in
rural electrification and electricity transmission projects. The
company also has a small presence in civil construction work (5% of
the order book at end-December 2020).


GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GR Projects -
Chennai continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GR for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 GR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GR
continue to be 'CRISIL D Issuer Not Cooperating'.

GR was established as a proprietary firm by Mr. Viswanathan in
October 2017. The firm undertakes civil construction works in Tamil
Nadu.

H.M. INDUSTRIAL: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of H.M. Industrial Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Non-convertible         6.00      [ICRA] D; ISSUER NOT
   Debentures (NCD)                  COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Proposed                9.00      [ICRA] D; ISSUER NOT
   Nonconvertible                    COOPERATING; Rating
   Debentures (NCD)                  continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

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

H.M. Industrial Private Limited (HMIPL) was initially incorporated
in 1991 as a partnership firm and was converted into a private
limited company in mid-June FY2017. HMIPL is engaged in diversified
business segments, such as cotton ginning, seed crushing and
stainless steel/seamless pipes and tubes manufacturing. The company
has a solvent extraction plant as well that processes castor oil
and de-oiled cakes from castor seeds, as well as a British Standard
Specifications (BSS) plant for refining castor oil. Its
manufacturing facility is at Kapadwanj in Kheda, Gujarat. In
FY2018, the company has set up a new manufacturing unit to produce
stainless steel pipes and tubes with an installed manufacturing
capacity of ~1,15,200 metric tonnes per annum. Its commercial
operations began from December 2017.


JHARKHAND ROAD: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating of
Jharkhand Road Projects Implementation Company Limited's (JRPICL)
non-convertible debentures' (NCDs), as follows:

-- INR17.3 bil. (outstanding INR14,495.9 bil. as of September 30,

     2021) Senior, secured, redeemable NCDs* affirmed with IND D
     rating.

* Details in annexure

The affirmation reflects JRPICL's lack of timely debt servicing for
three consecutive months and its poor liquidity position.
Furthermore, the project has not received annuity payments since
January 2020.

KEY RATING DRIVERS

In January 2021, the project undertook a one-time restructuring
under the COVID-19 resolution framework. The project was granted an
18-month moratorium, with the accrued interest to be paid by July
2022, and the deferred principal to be spread across the maturity
period, starting April 2023. In addition, the restructuring
stipulated the replenishment of debt service reserve (DSR) and
major maintenance reserve (MMR) by March 2024; non-adherence to
this would not constitute an event of default.

JRPICL's entire revenue is dependent upon the annuities from the
Department of Road Construction, the government of Jharkhand (GoJ),
exposing it the credit risk associated with a weak and single
counter party. The project stretches are annuity-based and it is
eligible for semi-annual annuity payments. However, the project has
not received payments from the GoJ since January 2020. The total
accumulated receivables amounted to INR5.37 billion as on May 31,
2021.

The major maintenance work for three out of five project stretches
has been completed. While the company has mobilized equipment for
the major maintenance of fourth stretch (CKC), it is unable to
complete work due to lack of funds. JPRICL would be dependent on
the receipt of annuity for carrying out major maintenance for the
remaining two projects and to meet its future debt obligations.

Liquidity Indicator - Poor: The project had a total cash balance of
INR70 million as on 30 September 2021. The DSR and MMR were
completely utilized to meet the earlier debt service obligations in
October 2020. The restructured terms stipulate that the utilized
DSR and MMR should be replenished by March 2024.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months and the receipt of outstanding annuity payments could result
in a positive rating action.

COMPANY PROFILE

In 2007, the GoJ launched the Jharkhand Accelerated Road
Development Programme under a public-private partnership framework.
In February 2008, the GoJ and Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') signed a programme development
agreement to improve 1,500km of selected project road corridors.
The programme is being implemented by Jharkhand Accelerated Road
Development Company Ltd.

JRPICL, which is 6.57% owned by IL&FS and 93.43% owned by its
subsidiary, IL&FS Transportation Networks Limited ('IND D') has
undertaken and implemented five projects totalling 627 lane km:
Ranchi Ring Road (sections III, IV, V and VI), Ranchi Patratu Dam,
Patratu Dam Ramgarh, Adityapur Kandra and CKC. All these projects
have separate concession agreements with the GoJ, along with
separate escrow accounts.  


LAXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Laxmi
Narasimhaa Spinning Mill Private Limited (SLN) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         7         CRISIL D (Issuer Not
                                    Cooperating)

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

   Working Capital        3         CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SLN for
obtaining information through letters and emails dated March 31,
2021 and September 22, 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 SLN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLN continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2007 and based in Tiruppur, Tamil Nadu, SLN manufactures
cotton yarn.

MADURAI KRISHNA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Madurai Krishna
Network Private Limited's Long-Term Issuer Rating to 'IND D' from
'IND B'/Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund based limit (Long-term) downgraded with IND D
     rating;

-- INR4 mil. Non-fund based limit (Short-term) downgraded with
     IND D rating; and

-- INR30 mil. Term loan (Long-term) due on March 2024 downgraded
     with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in the servicing of interest on  term
loan from Canara  Bank ('IND AAA'/Stable; previously Syndicate
Bank) for September 2021. The interest amount, of INR0.185 million,
is still not paid, and owing to the same the bank has classified
the company in to 'Special Mention Account 0' category.

As per the banker, the company also delayed the servicing of the
term loan for July 2021 (10 days) and August 2021 (10 days).

The banker has further informed the agency that the above loan was
restructured on September 30, 2021, thereby providing the company
with a one-year principal repayment holiday. The interest on the
same, however, has to be paid monthly by the company.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

Madurai Krishna Network  is engaged in the distribution of cable
networks and has three satellite channels in Tamil Nadu. The
company also have its own brand Krishna Digital.


MANI MORE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mani More
Synthetics Private Limited's (MM) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20.1 mil. Term loan due on April 2023 affirmed with IND BB+

     /Stable rating;

-- INR60 mil. Fund-based limits affirmed with IND BB+/Stable/IND
     A4+ rating; and

-- INR1 mil. Non-fund-based limits affirmed with IND A4+ rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the business and financials of MM and
its group companies CMC Textiles Private Limited ('IND BB+'/Stable)
and Global Packaging ('IND BB'/Stable) - jointly referred to as CMC
Group (CMCG) - in view of the strong operational and strategic
inter-linkages between them. The companies operate in the same line
of business, and have common promoters and fungibility of funds. MM
has provided a corporate guarantee to CMC Textiles' bank loans. All
three companies manufacture texturized yarn and fabrics.

KEY RATING DRIVERS

The affirmation reflects CMCG's subdued turnover and credit metrics
in FY21 due to the business impact of COVID-19. The revenue fell to
INR1,971.70 million in FY21 (FY20: INR2,172.38 million). However,
Ind-Ra expects the revenue to rebound in FY22, because of the
recovery seen in the textile industry which would lead to a
reversal of the impact caused by COVID-19. The company has a policy
of shifting between the end-products polyester and nylon yarns
which makes their quantity sold lower or higher and affects the top
line, but maintains EBITDA at stable levels. CMCG has shifted
80%-90% to nylon as it yields higher margins than polyester.

The ratings also reflect CMCG's modest credit metrics. The gross
interest coverage (operating EBITDA/gross interest expense)
increased to 2.11x in FY21 (FY20: 2.08x) on account of a higher
increase in the operating EBITDA to INR97 million (INR94 million)
than in the interest expense. The net financial leverage (adjusted
net debt/operating EBITDAR) deteriorated to 5.86x in FY21 (FY20:
4.45x) on account of a higher increase in debt to INR585 million
(INR437 million) than in the EBITDAR. The increase in debt is
attributed to higher working capital utilization due to a rise in
higher inventory days and an increase in long-term debt owing to
the new COVID-19 term loans availed. However, Ind-Ra expects the
inventory days to reduce with the release of working capital.

The affirmation also reflects CMCG's modest EBITDA margin of 4.94%
in FY21 (FY20: 4.32%) with the return on capital employed of 5.1%
(4.8%).  The margins remain susceptible to volatility in raw
material prices in the textile industry.

Liquidity Indicator - Stretched: The group's average maximum
utilization of its fund-based limits was 85.18% and that of the
non-fund-based limits was 95% for the 20 months ended June 2021.
Ind-Ra expects them to have remained at similar levels since then.
The group's cash flow from operations fell to INR48.87 million in
FY21 (FY20: INR72.89 million) on account of an increase in the
working capital requirements. Also, the free cash flow turned
negative INR36.22 million in FY21 (FY20: INR50.40 million) on
account of INR60 million capex in Global Packaging for the
installation of machinery to increase the production. Moreover, the
group's working capital cycle deteriorated to 97 days in FY21
(FY20: 73 days), due to the increase in the inventory days caused
by an increase in the raw material volumes.  

The ratings also reflect MM's moderate standalone financial and
weak credit profile. The revenue rose to INR470.20 million in FY21
(FY20: INR422.21 million), because of an increase in the
realization. The gross interest coverage and net leverage
deteriorated marginally to 2.19x in FY21 (FY20: 2.16x) and 5.06x
(4.7x), respectively, on account of an increase in its debt levels
because of COVID-19 term loans availed by the company. The EBITDA
margins however rose marginally to 3.80% in FY21 (FY20: 3.73%) on
account of a favorable change in their products & product mix.

The ratings however are supported by CMCG's promoters' experience
of more than three decades in the yarn and fabric manufacturing
industry.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin and liquidity profile
leading to the net leverage reducing below 4.5x, on a sustained and
consolidated basis, and an improvement in the standalone credit
profile will be positive for the ratings.

Negative: Any deterioration in the revenue, EBITDA margin and/or
working capital cycle along leading to the net leverage remaining
above 5.5x or further deterioration in liquidity, all on a
sustained and consolidated basis, will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1999 and headed by Ajeet Udaiveersingh Yadav and
Pawan Yadav, MM has units having a capacity of 3900 MT/year in
Silvassa and Daman to manufacture texturized yarn, wrap knitted
yarn.


ORIENT CRAFT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Orient Craft
Limited's (OCL) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)' while
resolving the Rating Watch Negative (RWN). The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR2.80 bil. Term loans (Long-term) due on December 2025
     downgraded; Off RWN with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR300 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded; Off RWN with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade and RWN resolution reflects OCL's delays in debt
servicing in August and September 2021 based on the feedback
received from the banker. As per the banker, there has been a delay
in servicing of term loan facilities unrated by Ind-Ra. Ind-Ra has
not been able to ascertain the reason for the delay, as the issuer
has been non-cooperative.

COMPANY PROFILE

Incorporated in 1978, OCL manufactures and exports woven and
knitted readymade garments, primarily for women and children. It
has 26 facilities across Delhi National Capital Region, Rajasthan
and Jharkhand.


OZONE INFRA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ozone Infra
Projects' (OIP) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating.

The instrument-wise rating action is:

-- INR75 mil. Fund-based working capital limit (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects OIP's delays in debt servicing, based on the
information received from independent sources. Ind-Ra has not been
able to ascertain the reason for the delay, as the issuer has been
non-cooperative.

RATING SENSITIVITIES

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

COMPANY PROFILE

Set up in 2008 as a partnership firm, OIP provides engineering,
procurement and construction services for government projects such
as roads, bridges, canals and civil construction projects.


P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.G. Setty
Construction Technology Private Limited (PSCTPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.57      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 6, 2020, placed the
rating(s) of PSCTPL under the 'issuer non-cooperating' category as
PSCTPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PSCTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2021, September 1, 2021 and September 11, 2021.

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

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

P G Setty Construction Technology Private Limited (PGSCT) was
established by Mr. P Gopala Setty as a proprietorship concern under
the name M/s. P G Setty in 1964. During 1970s, the family business
was converted to a partnership firm in the name of M/s. P
Gopalasetty, registered as class I contractor for the Government of
Karnataka. Subsequently, in 1999, the firm was incorporated as a
private limited company with its current nomenclature. PGCT is
engaged in the business of civil contractor for execution of low
cost houses and layout construction services.


PADMASHRI DR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Padmashri
Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       413.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-       135.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Padmashri Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana
Limited was set up in 1950 under the Maharashtra Cooperative
Societies Act, 1960, as a role model for the development of a newly
independent India through the cooperative movement. PSSK, the first
sugar factory set up in the cooperative sector in Asia, is located
in the Pravaranagar village in Ahmednagar   (Maharashtra). The
company has over 12,500 cane grower members and over 18,000
non-producer members. It undertook its first SS in 1950-1951 with a
crushing capacity of 500 tonnes crushed per day (TCD). The crushing
capacity was subsequently enhanced in stages, with the present
installed capacity as of March 31, 2018 of 5,000 TCD. The company
also has a multi-pressure distillery unit with a capacity of 120
KLPD. In FY2015, the company took over a sugar mill (with 1,750 TCD
capacity) located in Ganeshnagar, Ahmednagar from the Government of
Maharashtra to operate for eight years. Thus, PSSK's combined
capacity from both the units stands at 6,750 TCD as of date.


POWERWIND LIMITED: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Powerwind
Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are based on the best-available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR414.9 mil. Long-term loan (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR580 mil. Fund-based working capital facilities (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating; and

-- INR1.40 bil. Non-fund-based working capital facilities (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
Powerwind.

RATING SENSITIVITIES

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

COMPANY PROFILE

Powerwind manufactures windmill blades and assembles wind turbine
generators, at its facility in Bawal, Haryana.


PRATHAM MOTORS: ICRA Reaffirms B+ Rating on INR73cr Loans
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Pratham
Motors Private Limited (PMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term–
   Fund-based TL       18.52       [ICRA]B+ (Stable); Reaffirmed

   Long term–
   Fund-based CC       40.00       [ICRA]B+ (Stable); Reaffirmed

   Long Term-
   Unallocated         14.48       [ICRA]B+ (Stable); Reaffirmed

Rationale

The reaffirmation of the rating of PMPL takes into account its
established market position as a dealer of Maruti Suzuki India
Limited's (MSIL) passenger vehicles (PV) in the Bangalore region
and its diversified revenue streams, as well as the extensive track
record of the management in the auto dealership business. The
ratings continue to factor in the strong brand recognition of its
principal, MSIL, in India, and the continued market leadership of
MSIL as the largest domestic passenger car manufacturer with 47%
market share in FY2021.

However, the ratings continue to remain constrained by the moderate
financial performance of the company, with thin margins and weak
return indicators as is typical in the dealership business.
Moreover, scale of operations has deteriorated sharply over the
past two fiscals to INR256.2 crore in FY2021 from INR487.6 crore in
FY2019 due to slowdown in the automobile industry and the Covid-19
outbreak. Nevertheless, despite the moderation in revenues during
FY2021, the company was able to improve operating profitability,
supported by cost control measures, discontinuation of sales to
aggregators, and lower discounts. The ratings also factor in the
company's exposure to the cyclical nature of the Indian PV industry
and the intense competition among the dealers of various original
equipment manufacturers (OEMs).

The Stable outlook reflects ICRA's opinion that the company will
continue to benefit from long-term demand prospects as an
established dealer for MSIL's passenger vehicles.

Key rating drivers and their description

Credit strengths

* Proven track record of PMPL as an authorized dealer of MSIL's
PVs: The company has been an authorized dealer of MSIL's PVs since
2006. MSIL remains the market leader in the passenger car segment
in India with a market share of 47.0% in FY2021. The healthy demand
for MSIL's vehicles along with the company's proven track record
and presence in the Bangalore market, supports its long-term growth
prospects.

* Extensive experience of promoters in auto dealership business:
The promoters have been involved in the automobile dealership
business in India since 1998. With 14 showroom, 13 true value
outlets and six service outlets in Bangalore, the company has a
healthy presence in the Bangalore market.

* Diversified revenue streams: In addition to revenues from the
sale of new cars (70% of revenues in FY2021), the company's revenue
stream comprises service income from workshops, sales of spares and
accessories, pay-out from financiers and commission from insurance
companies, which provides stability to its revenues to some extent.
Sales of spares and service income drove 20.0% of the company's
revenues in FY2021 against 15.5% in FY2020. Besides, it derived
7.1% of its operating income (OI) from the sale of used cars in
FY2021.

Credit challenges

* Covid-19 and associated lockdowns impacted business prospects
over FY2021 and Q1 FY2022; ongoing semi-conductor chip shortage
issues likely to constrain growth momentum further: The company's
revenues were adversely impacted in Q1 FY2021 and FY2022 by the
lockdown imposed to contain the spread of the pandemic. Despite
pick-up in sales post the lifting of lockdown in May 2020, the
operating income of the company witnessed a steep decline of 37% in
FY2021. Furthermore, revenue growth prospects for the current year
also remain constrained by the ongoing semi-conductor shortage.
Resolution of these challenges would remain critical for supporting
overall growth prospects.

* Intense competition from other MSIL dealers and dealers of other
OEMs in the region: The dealership business is characterized by
thin margins and low bargaining power of the dealer as margins on
vehicles are determined by the principal. Further, its sales and
profitability remain susceptible to intense competition from
dealers of other OEMs in the region.

* Exposure to cyclical nature of the Indian PV industry: The PV
industry is cyclical in nature with higher demands during festive
seasons and year ends. While the shift towards personal mobility
from public transport in the pandemic scenario augurs well for the
sector, headwinds persist. Such impediments include high fuel
prices, the chip shortage and an inflationary environment, which
impact first-time buyers as well as the supply chain.

Liquidity position: Stretched

The company's liquidity position is expected to remain stretched as
it has high repayment obligations in FY2022 and FY2023. While the
cash accruals from operations are expected to support to some
extent, the company is likely to remain dependent on additional
funding sources such as promoter funds or undrawn lines of credit
over the near-to-medium term. The company's current ratio has also
remained weak as reflected by 0.6 times in FY2021 (0.7 in FY2020).

Rating sensitivities

Positive Factors – ICRA could upgrade the ratings if the company
is able to scale up operations and improve the profitability.
Additionally, the company's ability to correct the asset-liability
mismatch and improve credit metrics, such as DSCR > 1.1 times on
a sustained basis, could be considered favorably.

Negative Factors – Negative pressure on the company's rating
could arise if the scale of operations or margins deteriorate
sharply, leading to further weakening of profitability and coverage
metrics.

Incorporated in 2002, PMPL, promoted by Mr. Shivy Bhasin, operates
as an authorized dealer for MSIL in Bangalore. The company operates
from 14 sales outlets located in and around Bangalore, with a focus
in the southern region of Bangalore. Along with the fourteen sales
outlets, the company has six service outlets, seven driving school
outlets, thirteen True Value (pre-owned cars) outlets and one
stockyard. The main showroom is located along the IT corridor area
in South East Bangalore (Sarjapur) with sales, service, spares,
True Value sales and Maruti Driving School (MDS) facilities (called
as a '5S' facility).

In FY2021, on a provisional basis, the company reported a net
profit of INR1.5 crore on an operating income (OI) of INR256.2
crore compared to a net profit of INR4.9 crore on an OI of INR407.6
crore in the previous year.


RAJ GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Gems (RG)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         10        CRISIL D (Issuer Not
   Credit                           Cooperating)

   Export Packing          2.55     CRISIL D (Issuer Not
   Credit                           Cooperating)

   Export Packing          1.5      CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment           3.5      CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment           3.5      CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment           5.75     CRISIL D (Issuer Not
   Credit                           Cooperating)

   Post Shipment          16.7      CRISIL D (Issuer Not
   Credit                           Cooperating)

CRISIL Ratings has been consistently following up with RG for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 RG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RG
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1978 as a partnership firm by Mr. Jayantilal B Shah, Ms
Prabhaben J Shah, and Mr. Himanshu J Shah, RG cuts and polishes
diamonds, and also trades in polished diamonds. The firm is
headquartered in Mumbai, and the processing facility is in Surat
(Gujarat).


RELIANCE BIG: CARE Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Big Entertainment Private Limited (RBEPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      430.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RBEPL to monitor the ratings
vide email communications dated May 31, 2021, October 8, 2021 among
others and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on RBEPL's bank
facilities continues to be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 16, 2021 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Weakening of the credit profile of the credit enhancement
provider: RCL's credit profile had weakened on account of delays in
debt servicing. Accordingly, the ratings assigned to RBEPL had been
revised.

Reliance Big Entertainment Private Limited (RBEPL), incorporated in
2006, is one of the media and entertainment companies of the
Reliance Anil Dhirubhai Ambani Group (R-ADAG). R-ADAG has interests
in telecommunications, energy, financial services, infrastructure
and media and entertainment. In media and entertainment industry,
the R-ADAG has presence in various verticals majorly through
companies such as Reliance Mediaworks, Reliance Broadcast Networks
Limited etc. and their subsidiaries/ joint ventures (JVs).


RENNY STRIPS: Ind-Ra Affirms & Withdraws 'BB+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Renny Strips Pvt
Ltd.'s (RSPL) Outlook to Positive from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+' and simultaneously withdrawn
it.

The instrument-wise rating actions are:

-- INR130.00 mil. Fund-based working capital limits* Outlook
     revised to Positive from Stable; affirmed and withdrawn; and

-- INR50.00 mil. Non-fund-based working capital limits# affirmed
     and withdrawn.

*Affirmed at IND BB+ and Outlook revised to Positive from Stable
before being withdrawn.

#Affirmed at IND A4+ and withdrawn.

The Outlook revision reflects Ind-Ra's expectation of a further
improvement in RSPL's revenue EBITDA margins FY23 onwards due to
the timely completion of capex and no cost and time overruns,
coupled with the continuation of an overall improvement of demand
as well as prices in the steel industry.

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

KEY RATING DRIVERS

The affirmation reflects RSPL's medium scale of operations as the
company booked a revenue of INR1,350 million over April-September
2021 from the sale of wire rods. The revenue improved 8.81% yoy to
INR2,313.53 million in FY21 owing to an increase in the sales
realization to INR40,094 per metric ton (FY20: INR36,104). The
management expects to book a revenue of INR3,000 million in FY22 on
the back of a higher number of orders to be executed coupled with
increased sales realization. The revenue is likely to increase
further in FY23 as the company is incurring capex of INR610 million
to install an additional induction furnace with a capacity of
360-400 tons per day and a strip rolling mill for 330 working days.
This will add new customers engaged in the manufacturing of pipes
in RSPL's portfolio. Of the total capex of INR610 million, INR350
million will be funded by term loans from multiple banks. The
promoters had infused an equity of INR40 million till mid-October
2021 and will infuse unsecured loans of INR120 million by FYE22, of
which INR90 million was already infused by mid-October 2021. The
remaining INR100 million will be funded by internal accruals. Out
of INR610 million, INR36.44 million was incurred in FY21 and funded
through internal accruals. The interest-free unsecured loans are
subordinated to bank debt to the tune of INR67.56 million.

The ratings factor in RSPL's strong credit metrics with gross
coverage (operating EBITDA/gross interest expense) at 5.52x over
April-August 2021. The credit metrics improved yoy in FY21 with
gross coverage of 3.86x (FY20: 2.45x) and net leverage of 3.15x
(5.59x), owing to an increase in the absolute EBITDA to INR91.96
million (INR54.25 million). The net leverage, excluding unsecured
loans, was 2.41x in FY21 (FY20: 4.54x). However, Ind-Ra expects the
credit metrics to deteriorate over the near term, due to the
addition of debt.

The ratings also factor in RSPL's healthy EBITDA margins of 5.11%
during 5MFY22. The EBITDA margins were healthy and improved to
3.97% in FY21 (FY20: 2.55%), owing to a decrease in the electricity
expenses to 10.12% (12.79%), coupled with that in the personnel
expenses to 2.98% (3.07%). The return on capital employed was 17%
in FY21 (FY20: 10%). Ind-Ra expects RSPL's margins to increase over
the medium term owing to the on-going capex of additional induction
furnace and strip rolling mill. The margins will also be supported
by the refund of power cost, which will be adjusted against the
future power bills.

Liquidity Indicator - Stretched: The internal accruals of the
company are majorly utilized to fund the on-going capex during
FY22. The cash & cash equivalents were low at INR5.42 million in
FY21 (FY20: INR2.96 million). The peak average utilization of
RSPL's fund-based working capital limits was 81.27% and that of its
non-fund-based working capital limits was 100% for the 12 months
ended September 2021. The cash flow from operations turned positive
at INR55.36 million in FY21 (FY20: negative INR33.90 million) and
free cash flow at INR18.92 million (negative INR42.24 million),
owing to an increase in the EBITDA. The working capital days
marginally increased to 61 in FY21 (FY20: 58) due to a rise in the
inventory days to 46 (28). However, this was mitigated by a fall in
the debtor days to 19 in FY21 (FY20: 33). The debt obligation for
FY22 is INR20.74 million.

The ratings continue to be supported by RSPL's promoter's
experience of two and half decades in the steel industry resulting
in their strong relations with suppliers and customers.

COMPANY PROFILE

Incorporated in 1996 in Ludhiana, Punjab, by Dev Raj Gupta and
Binny Gupta, RSPL manufactures steel wire rods with an installed
capacity of 60,000MTPA.


SAI LEELA: ICRA Withdraws B+ Rating on INR12cr LT Loans
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sri Sai Leela Electrical Projects at the request of the company and
based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.  

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Withdrawn

   Long Term–          8.50        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Withdrawn

Sri Sai Leela Electrical Projects (SSLEP) was set up in the year
2007 as a partnership firm by Mr. Ravi Gummadi. The firm is a
class-I electrical and civil contractor in Telangana, Andhra
Pradesh, and Maharashtra & Karnataka executing projects 2 involved
in construction of EHT, HT & LT substations, transmission lines,
internal & external electrification and underground cabling works
for private and government clients.


SAMBANDH FINSERVE: ICRA Cuts Rating on INR4.56cr PTCs to D(SO)
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sambandh
Finserve Private Limited (Sambandh), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   PTC Series A1        0.66       [ICRA]D(SO); Downgraded from
                                   [ICRA]B-(SO)

   PTC Series A2        3.90       [ICRA]D(SO); Downgraded from
                                   [ICRA]C(SO)

Rationale

The ratings downgrade takes into account the considerably
lower-than-expected collections from the sub-pool of Sambandh, one
of the originators of the multi-originator securitization
transaction. This led to a shortfall in meeting the promised
payouts to the pass-through certificate (PTC) investors on the
scheduled maturity date even after utilizing the entire cash
collateral available from Sambandh for the transaction.

The PTCs, tabulated above and issued by Vivriti CABSEC 009 2019
Trust, are backed by the microfinance loan receivables originated
by four originators, namely Digamber Capfin Limited (Digamber), M
Power Micro Finance Private Limited (M Power), Sambandh and
Inditrade Microfinance Limited (Inditrade)), and arranged by
Vivriti Capital Private Limited.

As of the May 2021 payout month, the PTC liabilities of two
entities, i.e. M Power and Inditrade, were met completely and as
per the structure, their first loss credit enhancement (FLCE/cash
collateral) was not available to the PTCs for any future shortfall.
Further, the PTC liability of the third entity, i.e. Digamber, was
completely paid out on the final maturity date (October 22, 2021)
as the collections remained robust. As a result, its FLCE was not
available to meet any shortfall related to the PTCs. Only the PTC
liability corresponding to the sub-pool of Sambandh is outstanding
in the transaction as of the October 2021 payout.

Following reports of internal fraudulent business practices and
default on its repayment obligation on various debt instruments in
October 2020, the lenders of Sambandh appointed New  Opportunity
Consultancy Private Limited (NOCPL) as the agency for collecting
against the outstanding loan portfolio (including securitization
transactions). The agency has been carrying out the collection
activities on behalf of Sambandh since December 2020. However,
collections have remained subdued, showing a declining trend on a
month-on-month basis (collections of only INR5.2 lakh in October
2021 payout compared to ~INR59 lakh in December 2020 payout). ICRA
had revised the ratings downward for both PTC tranches in October
2020 and then in June 2021 following the sharp weakening of the
credit profile of Sambandh that led to heightened risks in the
transaction.

Key rating drivers

Credit strengths
* Not applicable
Credit challenges

* Sustained weak collection performance in the pool

* Pool's collections along with available credit enhancement were
insufficient to meet the promised payouts to the PTC investors on
the final maturity date

Description of key rating drivers highlighted above

The pool's performance remained healthy till May 2021 (payout
month) for Digamber, M Power and Inditrade. Resultantly, M Power
and Inditrade paid their respective dues and exited the
transaction. Further, basis the healthy collection trend, Digamber
met the PTC investor payouts completely by the final maturity date
(i.e. October 22, 2021). Following reports of internal fraudulent
business practices and default on its repayment obligation on
various debt instruments in October 2020, the lenders of Sambandh
appointed NOCPL as the collection agency. However, monthly
collections continued to show a steep declining trend since then.
The collection from overdue contracts has also been poor.

As per the transaction structure, the FLCE (kept in the form of a
fixed deposit; FD) provided by each originator could be used to
make good the losses incurred on account of the pool of that
originator only and not for meeting the losses incurred on account
of any other originator. Due to the sustained lower-than-expected
pool performance of the Sambandh sub-pool, there has been a
shortfall in meeting the scheduled payouts to the PTC investors
even after the utilization of Sambandh's credit enhancement
available in the transaction.

Key rating assumptions
Not applicable

Liquidity position: Poor

On the scheduled maturity dates, the cash collateral in the
sub-pool of Sambandh has been fully utilized. Further repayments
would be met through collections from the overdue loan contracts.
Considering the collection trend in recent months, the full
repayment of the PTCs is unlikely in the near to medium term.
Hence, the liquidity is considered to be poor for both tranches.

Rating sensitivities

Positive/Negative factors – Not applicable

Analytical approach

The rating action is based on the performance of the pool till
September 2021 (collection month), the present delinquency levels
and the credit enhancement available in the pool, and the
performance expected over the balance tenure of the pool.

                   About Digamber Capfin Limited

Digamber started operations as a non-banking financial company
(NBFC) in 1995. It is a regulated NBFC-microfinance institution
(NBFC-MFI), registered in 1995, providing financial and support
services to the marginalized sections of society, particularly to
poor rural and urban women. The company's main products were
vehicle financing, farmer's credit, and small business loans. After
2009, Digamber changed to an NBFC-MFI from an asset finance
company.

The MFI loans follow the Grameen model of lending, which is a joint
liability group (JLG) lending model that mainly focuses on women
through a credit product that allows them to start a new business
or enhance an existing business. The broad categories of products
can be further sub-divided into agricultural, education, home
improvement, and livestock loans. The company has been making 100%
digital disbursements since 2014.

At present, Digamber is operating out of 8 states spread over 80
districts in 150 branches. As of September 2020, borrowers
associated with agri-allied activities accounted for around 60% of
the loan portfolio while the borrowers in the remaining 40% of the
loan portfolio were associated with the trading, manufacturing and
services segments. The company's MFI loan portfolio stood at INR544
crore as on March 31, 2021.
              About Sambandh Finserve Private Limited

Sambandh Finserve Private Limited (erstwhile Modline Build-cap
Private Limited) was incorporated in July 1996. The microfinance
activities were started by the company's promoters in 2006 as a
project under Regional Rural Development Centre (RRDC). It
converted into an NBFC in 2009 and secured an NBFC-MFI license from
the Reserve Bank of India (RBI) in 2013. Its corporate and
registered offices are in Rajgangpur, Odisha.

Sambandh primarily offers microfinance loans under the joint
liability as well as self-help group models for income generation.
As per available information, at the end of March 2020, Sambandh
had total reported assets under management (AUM) of INR461 crore
and it reported a profit after tax (PAT) of INR5.22 crore. It had
gross non-performing advances (NPAs) of 0.67% and a total capital
adequacy ratio (CAR) of 21.5%.

However, the board received complaints from the senior management
personnel about the AUM being deliberately inflated, fake clients
and siphoning and diversion of the company's funds. The board
appointed Ernst & Young (E&Y) to undertake a forensic audit of the
company. Moreover, with the approval of the lenders, it appointed
Mr. Anand Charan Sahu, a retired general manager of Small
Industries Development Bank of India (SIDBI), as the administrator
from November 6, 2020. Sambandh executed a collection agreement
with NOCPL on November 13, 2020.


ST. XAVIER: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of St. Xavier's
Educational Trust (SXET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/           0.85      CRISIL D (Issuer Not
   Overdraft                        Cooperating)
   facility               
                                    
   Cash Credit/           3.00      CRISIL D (Issuer Not
   Overdraft                        Cooperating)
   facility               

   Cash Credit/           2.25      CRISIL D (Issuer Not
   Overdraft                        Cooperating)
   facility               

   Long Term Loan         2.50      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working      21.40      CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SXET for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 SXET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SXET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SXET continue to be 'CRISIL D Issuer Not Cooperating'.

SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.


SUN FORGE: ICRA Withdraws B+ Rating on INR14cr Loans
----------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sun Forge Private Limited at the request of the company and based
on the No Objection Certificate/Closure certificate received from
the banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Fund Based          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn


Rajkot-based Sun Forge Private Limited (SFPL) was incorporated in
2001. It manufactures forged and machined bearing races/rings,
which find application in industries such as automotive, and oil
and gas. The company has an annual installed capacity of producing
12,000 MT of bearing races. The company holds IATF quality
certification from TUV SUD Management Service GmbH, which is a
pre-requirement to supply to reputed clientele. The company also
owns windmill of 2.1 MW capacity in the Kutch region of Gujarat.

The key promoters, Mr. Rajesh Kalaria and Mr. Nathabhai Kalaria,
have extensive experience of around two decades in the forging and
turning industry through their association with SFPL.


SUPERIOR FOOD: CARE Revises Rating on INR40cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Superior Food Grains Private Limited (SFGPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Bank        40.00      CARE C; Revised from CARE C;
   Facilities-                      Negative to CARE D and
   Cash Credit                      to CARE C; Negative

   Short Term Bank        2.00      CARE A4 Reaffirmed
   Facilities-
   Non fund based        

Detailed Rationale & Key Rating Drivers

CARE has revised the long-term rating of SFGPL to 'CARE D and
reinstated to CARE C; Negative' while reaffirmed the short- term
rating at CARE A4. CARE has withdrawn the long-term rating assigned
to the term loan of SFGPL with immediate effect, as the company
repaid the said term loan and there is no amount outstanding under
the facility as on date.

The revision to the long-term bank facilities of SFGPL to CARE D
(Single D) takes into account the instances of overutilization of
cash credit limit beyond 30 days observed in the past from December
2020 to March 2021 mainly due to stretched liquidity position. The
rating has been revised to CARE C; Negative as there has been no
instances of working capital limit overutilization beyond
sanctioned limits since June 2021 onwards.

The ratings continue to remain constrained on account of cyclical &
regulated nature of sugar business, weak financial risk profile and
poor liquidity position of the company. The ratings, however,
derive strength from the experienced promoters, integrated business
model and stable scale of operations of the company.

Rating Sensitivities:

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

* Sustainable and significant increase in income while maintaining
PBILDT margins above ~13%

* Significant improvement in the capital structure with overall
gearing ratio improving to less than 5x

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

* Continued delays with working capital limits being overdue for
more than 30 days.

Outlook: Negative

The negative outlook is on account of expected continuance of the
weak liquidity position of the company. The outlook may be revised
to 'Stable' if the company is able to generate healthy cash
accruals and improve its liquidity position as well as debt
servicing track record.

Detailed description of the key rating drivers:

Key Rating Weaknesses:

* Instances of delays in the debt servicing, however regular since
June 2021: There have been instances of overutilization of fund
based working capital limits observed for more than 30 days in past
months and delays in the servicing of the repayment obligations for
the term loans availed by the company. The same has been on account
of stretched liquidity position of the company. However, the
account is regular with no CC limit over utilization since June
2021 and regular repayment of term loans since July 2021.

* Cyclical & regulated nature of sugar business: Sugar industry is
cyclical in nature and vulnerable to the changes in government
policies. Sugar being an essential commodity is of high importance
in the Wholesale Price Index (WPI). While sugar prices are largely
market driven and dependent upon sugar production in the season
along with prevailing inventory levels, the government is empowered
to fix the price paid to cane farmers annually. Risk of downfall in
sugar prices is partially mitigated by the measure of Central
Government through fixation of Minimum Support Price (MSP) of sugar
which at present is INR31/kg. Any adverse changes in regulatory
policy and government support extended to sugar industry will
remain a key monitorable.

* Weak financial risk profile: The company has weak financial risk
profile marked with overall gearing of 7.05x as on March 31, 2021
(PY: 11.33x) and moderate interest coverage of 1.89x as on March
31, 2021. The total debt to GCA ratio also stood weak though
slightly improved to 10.84x as on March 31, 2021 (PY: 11.59x) while
the interest coverage ratio of the company stood moderate in
FY21 (Provisional).

Key Rating Strengths:

* Experienced promoters: SFGPL is managed by Mr. Rana Karan Pratap
Singh with experience of over 16 years and Mr. Rana Preet Inder
Singh, in the sugar industry through their association with SFGPL
and other group concerns of the company. Mr. Rana Preet Inder Singh
(director) has an experience of nearly one decade in the sugar
industry.

* Integrated Business Model: The company has forward integration
into cogeneration, which partially reduces the risk of downturns in
core sugar business. Apart from sugar, SFGPL has a bagasse-based
cogeneration power plant of 33 MW. The power produced from
cogeneration is utilized for running own sugar mill and surplus
power is tied with UPPCL (Uttar Pradesh Power Corporation Limited)
under long term PPA valid till 2042 at current average rate of
INR4.09 per unit. During FY21, SFGPL has generated 92% (PY: 93.32%)
of total operating income from sale of sugar and its by-products &
remaining 8% (PY:6.68%) from sale of electricity to UPPCL.

* Stable scale of operations albeit low profitability margins in
FY21: The company reported total operating income INR468.41 crore
during FY21 (Prov) increased from INR452.46 crore reported in FY20
on account of higher sugar quantity sold 1,93,803 MT during FY21
(PY: 1,65,090 MT) and higher revenue generated from sale of
electricity to UPPCL at INR37.49 crore in FY21 (PY: 30.21 crore).
However, PBILDT margins remained low at 9.29% in FY21 (PY: 10.32%)
largely due to lower sales realization at INR32,025 per ton of
sugar (PY: INR32,167 per ton), INR4,749 per ton of molasses (PY:
INR5,393 per ton) and INR2,267 per ton of bagasse (PY: INR2,448 per
ton). PAT margin also slightly reduced to 2.20% in FY21 (PY:
2.39%).

Liquidity: Poor

The cash credit limit remained fully utilized in the past 12 months
ended August 31, 2021. Further, there have also been instances of
cash credit limit overutilization days in the past, however the
account is regularized since June 2021 with no overutilization. The
current ratio and the quick ratio of SFGPL stood at 0.77x and
0.40x, respectively, as on March 31, 2021
(Prov.). The company has a total debt repayment obligation of
INR35.18 crore in FY22 out of which close to INR20 crore has
already been paid out of cash accruals and INR11 crs subsidy
received from the government.

SFGPL was incorporated in January-2007 and is being managed by Mr.
Rana Karan Pratap Singh and Mr. Rana Preet Inder Singh (cousin of
Mr. Rana Inder Pratap Singh). The company is engaged in the
manufacturing of sugar since September-2014 with a total installed
crushing capacity of 6,500 tons per day (TPD) as on March 31, 2021.
The company also operates a bagasse-based power plant of 33 MW for
captive consumption and the surplus power is sold to UPPCL under
long-term PPA of 25 years which is valid till January 2042.


T.R. CHEMICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T.R.
Chemicals Limited (TRCL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            9         CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest        0.86      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term     2.88      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.91      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        1.35      CRISIL D (Issuer Not
   Term Loan                        Cooperating)


CRISIL Ratings has been consistently following up with TRCL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 TRCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TRCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TRCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

TRCL was established as a private limited company in 1997, promoted
by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It was
subsequently reconstituted as a closely held limited company. TRCL
manufactures sponge iron and phenolic resins at its facilities in
Barpali (Orissa).


TAPTI AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Tapti Agro
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Proposed Term       14.50       [ICRA]B (Stable) ISSUER NOT
   Loan                            COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

M/s Tapti Agro Industires (TAI) incorporated in 2015 is setting up
a Khandsari (semi-white centrifugal sugar) manufacturing facility
having crushing capacity of 1,500 Tonnes of Cane per Day (TCD) at
Betul District of Madhya Pradesh. The firm plans to commence the
operations of the facility by December 2016.The firm is promoted by
Mr. Rahul Kumar Sao and Mr. Dharmveer Juneja who have significant
experience in the sugar industry through their association with
other firms which are also engaged in sugar manufacturing.


THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thampuran
Cashews (TC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         5         CRISIL D (Issuer Not
   in Foreign                       Cooperating)
   Currency               

CRISIL Ratings has been consistently following up with TC for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 TC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up as a proprietorship concern in 2007 by Mr. Pepsin Raj, TC
processes raw cashew nuts. The firm is based in Kollam (Kerala).

TMW  FINTECH: Faces Liquidation as it Defaults on Goods Payment
-----------------------------------------------------------------
Livemint.com reports that at a time India's fintech sector is
spawning unicorns, Mumbai-based wallet startup TMW Fintech Pvt. Ltd
is facing liquidation, records from the National Company Law
Tribunal (NCLT) showed.

TMW Fintech purchased goods from MCT Cards and Technology Pvt. Ltd,
a Manipal-based provider of SIM cards and smart cards for biometric
identification and payment facilitation. In 2019, MCT Cards took
TWM Fintech to NCLT for defaulting on repayments over INR38 lakh
and pressed for its liquidation.

"The operational creditor (MCT Cards) had issued various invoices
against the corporate debtor (TMW Fintech). The total amount of the
invoices raised between October 2018 and August 2019 is INR83.36
lakh," an NCLT order dated October 8 said, Livemint.com relays. Of
this, TMW paid INR45 lakh but failed to pay the rest, the order
said. "It is clear that despite repeated assurance given by the
debtor to the creditor, the debtor is unable to pay its operational
debt and therefore liable to be wound up/liquidated in accordance
with the law."

Pramod Dattaram Rasam has been hired as the interim resolution
professional to manage the insolvency process, Livemint.com
discloses.

TMW Fintech, formerly called The Mobile Wallet Pvt. Ltd, was
founded in 2015 by second-generation entrepreneur Vinay Kalantri as
his third venture. Last May, Kalantri founded a fourth firm called
Que Processing Services. Vinay's father, Vijay G. Kalantri,
chairman and managing director of Balaji Infra Projects Ltd, too,
found himself in bankruptcy courts earlier, with one of his
promoted firms, Dighi Port, going into bankruptcy. The port was
acquired by Adani Ports and Special Economic Zone Ltd early this
year.

TMW Fintech has no publicly declared external funding and offered a
wallet-linked prepaid card powered by global payments firm
Mastercard, Livemint.com notes.

Livemint.com meanwhile reports that a person familiar with the
development said more claims against TMW Fintech had been filed,
and MCT Cards is hopeful of a resolution under the IBC process.


TRIUMPH WIRES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating of Triumph Wires Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

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

Incorporated in 2013 as a private limited company, Triumph Wires
Pvt. Ltd. (TWPL) is a trader in steel and Aluminium products such
as MS sheet, MS angle, MS plate, aluminium wire, aluminium E.C.
wire rod etc. The major shareholders of the company are Blue Chine
Creation Pvt. Ltd., Eco space Commodities Trade Pvt. Ltd., Saket
Suppliers Pvt. Ltd. And Grihalakshmi Sales Pvt. Ltd. And Mr. Hitesh
R Jain, holding about 99.94% shares of the company. As informed by
the management, the major shareholders of these companies are
friends/relatives of the directors.

TUSHAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tushar
Fabrics continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             0.62       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Tushar
Fabrics for obtaining information through letters and emails dated
March 26, 2021 and September 14, 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 Tushar Fabrics, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Tushar Fabrics is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the
ratings on bank facilities of Tushar Fabrics continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

Tushar Fabrics, formed in 2005 by Mr. Jatinbhai Madrasi and Ms
Vandanaben Madrasi, weaves and knits grey fabric out of viscose and
cotton yarn at its facility at Surat (Gujarat). The fabric is sold
in the domestic market, and is primarily used for women's dress
material.


UNIVERSAL FREIGHT: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Universal
Freight Management (India) Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         14.30        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated        10.70        [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Universal Freight Management India Private Limited (UFM) was
incorporated in 2009 by Mr. Rajeev Bhatnagar and Mr. Sheshagiri
Kulkarni as Communicare Infra India Private Limited and
subsequently its name was changed to UFM. The company is primarily
engaged in providing services such as Air and Ocean forwarding,
Multi modal transport, custom clearance, distribution, contract
logistics and warehousing services. The company has five offices in
India at Delhi, Mumbai, Bangalore,
Chennai and Hyderabad. The company also operates three warehouses
which are on lease rental basis at Delhi, Mumbai and Bangalore.

VENKATESWARA SPINTEX: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Venkateswara Spintex (P) Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          18.67       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          18.67       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
  
   Long Term-          10.58       [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-          0.75       [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Venkateswara Spintex (P) Limited (SVSPL), incorporated as a
private limited company on
April 21, 2010, by Mr. P. Venkata Swamy and Mr. Chitipotu Rakesh,
is engaged in manufacturing of cotton yarn. Based in Guntur
district of Andhra Pradesh, the company set up a 12,960 spindles
capacity spinning unit with a project cost of Rs.31 crore; the unit
started its commercial production in December 2011. The capacity
was later increased and is currently at 17,280 spindles.

VISAKHAPATNAM PORT: ICRA Assigns B- Rating to INR91.51cr Loan
-------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Visakhapatnam
Port Logistics Park Limited (VPLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   term loan           91.51       [ICRA]B-(Stable) assigned

Rationale

The assigned rating considers VPLPL weak financial profile because
of its small scale of operations (INR9.30 crore in FY2021),
sizeable debt repayments compared to the current level of cash flow
and the stated policy of its parent, Balmer Lawrie & Company
Limited (BLCL, rated [ICRA]AA+/Stable/A1+), of not extending any
financial support to VPLPL at present for its upcoming debt service
obligations. ICRA notes that VPLPL, which has developed a
multi-modal logistics hub (MMLH) at Visakhapatnam port, is yet to
receive the necessary approvals to operate a container freight
station (CFS). Consequently, the revenue sources of the company are
limited to rental receipts from the warehouse, open storage area,
cold storage and charges for using the railway siding, resulting in
cash losses in FY2021. As per ICRA's estimates, the company would
need to scale up significantly from such levels to meet its
upcoming debt service obligations.

The rating, however, takes comfort from the extensive experience of
its parent in the logistics industry. Moreover, the company despite
its low scale has ramped up well and achieved INR6.8 crore of
revenues till September 2021 with cash profit and has repaid the
principal installment of its funded interest term loan (FITL) as
and when due. Moreover, the two-year moratorium on repayments by
bank (repayments will now start from September 2022) provides
cushion to the cash flow in the near term. From the liquidity
perspective, the debt service reserve account (DSRA) of around INR3
crore currently maintained by the company provides further support.
The Stable outlook on the [ICRA]B- rating reflects that the company
would be able to scale up going forward while improving its
margins, resulting in the generation of sufficient cash accruals to
service its debt obligations.

Key rating drivers and their description

Credit strengths

* Established track record of parent in logistics industry: VPLPL
is a joint venture of BLCL with a 60% stake and Visakhapatnam Port
Trust (VPT) with a 40% stake. BLCL is a mini ratna public sector
company under the administrative control of the Ministry of
Petroleum and Natural Gas and has diversified operations across
industrial packaging, grease and lubricants, leather chemicals,
travel and vacations, logistics and refinery and oil field
services. As a part of its logistics vertical, BLCL operates CFS in
Chennai, Kolkata and Navi Mumbai. Over the medium to long term,
VPLPL stands to benefit from BLCL's existing relationships with
players in the logistics business.

* Increase in revenues in FY2021; likely to increase in FY2022 by
addition of new clients: The company achieved revenues of INR9.30
crore in FY2021 and has achieved INR6.8 crore of revenues till
September 2021.Moreover, on the back of new client addition,
revenues are expected to grow to around INR17-18 crore by year-end
even as the scale is expected to remain small.

Credit challenges

* Weak financial profile and sizeable debt repayments: VPLPL's
financial profile is weak, characterised by cash losses incurred in
FY2021. However, the company has reported minor cash profits in the
current year till August 2021. Low operating profits and high
interest expenses continue to result in a tight cash flow position.
The company has sizeable debt repayments going forward. However,
the bank has provided a moratorium of two years on repayments (now
repayments would start from September 2022).

* Small scale of operation, uncertainty over receipt of CFS
licence: VPLPL's scale of operation remains small with an operating
income of INR9.30 crore in FY2021. Though the scale is expected to
increase in the current fiscal, it will remain small in the near
term. Uncertainty over the receipt of necessary approvals to
operate a CFS limits the revenue generating sources for the
company, which is now restricted to rental receipts from the
warehouse, open storage area, cold storage and charges for using of
the railway siding. Timely receipt of the necessary approvals for
operating the CFS, along with ramp up of the CFS operations, would
remain a key monitorable.

Liquidity position: Stretched

The company's liquidity profile is stretched, characterised by high
principal repayments and interest expenses in the near term against
weak internal cash flows. However, the company maintains a DSRA of
around INR3 crore which provides some cushion to liquidity.

Rating sensitivities

Positive factors – ICRA may upgrade VPLPL's rating upon the
ramp-up of CFS operations post the receipt of license,
significantly improving the cash accruals and profitability.

Negative factors – A rating downgrade is likely if the company is
unable to scale up its operations from the current levels and
improve its profitability.

VPLPL is a joint venture between BLCL with a 60% stake and VPT with
a 40% stake. VPLPL was incorporated in 2014 to develop a
multi-modal logistics hub at Visakhapatnam port. The project
achieved the commercial operation date (CoD) in October 2019
against the earlier apprised CoD of October 2018.


VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Visual and
Acoustics Corporation LLP (Visual) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       15        CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting        6        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             2        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit          6        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit          8        CRISIL D (Issuer Not
   in Foreign Currency              Cooperating)

CRISIL Ratings has been consistently following up with Visual for
obtaining information through letters and emails dated March 26,
2021 and September 14, 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 Visual, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Visual is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Visual continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.

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


ZENITH STRIPS: CRISIL Lowers Rating on INR15cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Zenith Strips Limited (ZSL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating' due to delays in
servicing of debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with ZSL for
obtaining information through letters and emails dated March 31,
2021, September 14, 2021 and October 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 ZSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZSL
is consistent with 'Assessing Information Adequacy Risk'.

Established as a proprietorship firm in 1998, ZSL was reconstituted
as a public-limited company with its current name in 2009. Promoted
by Mr. Arjun Karsawara and Mr. Rajesh Karsawara, ZSL manufactures
and trades in SS tubes and pipes of various types, which find
application in the sugar, petrochemicals, oil and gas,
pharmaceuticals, and chemicals and fertilizers industries. Its
manufacturing facility in Santej, Gujarat, has manufacturing
capacity to produce 800 tonne per month of SS pipes and tubes.


ZINZUWADIA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term rating of Zinzuwadia Brothers
Jewellers in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          8.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Zinzuwadia Brothers Jewellers was established in 1969, as a
wholesaler and trader of gold, silver jewellery with operations
based in Ahmedabad. The firm entered the retail jewellery business
in 1993 and currently operates out of its 2100 sq. ft. showroom in
C.G. Road comprising of a workforce of 20 trained personnel. The
firm is owned and managed by members of the Soni family.




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

AEON CO: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by AEON CO., LTD.

Headquartered in Chiba, Chiba, Japan, AEON CO., LTD. operates
general merchandise stores, supermarkets, and convenience stores
throughout Japan.


CITIZEN WATCH: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Citizen Watch Co.

Headquartered in Nishitokyo, Tokyo, Japan, Citizen Watch Co., Ltd.
produces and sells watches and machine tools.


IHI CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by IHI Corporation.

Headquartered in Tokyo, Japan, IHI Corporation manufactures heavy
machinery.


MAZDA MOTOR: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mazda Motor Corporation to BB+ from BB.

Headquartered in Fuchu, Hiroshima, Japan, Mazda Motor Corporation
manufactures and sells automobiles, trucks, auto parts, and its
accessories.




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

SJM HOLDINGS: Moody's Puts Ba1 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade SJM
Holdings Limited's Ba1 corporate family rating and the Ba2 backed
senior unsecured rating on the bond issued by Champion Path
Holdings Limited and guaranteed by SJM Holdings Limited.

The rating outlooks were negative prior to the review for
downgrade.

"The review of the ratings for downgrade mainly reflects SJM's
delay in refinancing its existing bank loans, which will mature at
the end of February 2022. A downgrade of multiple notches may occur
if the delay persists," says Sean Hwang, a Moody's Assistant Vice
President and Analyst.

"While SJM's solid credit quality and long-standing banking
relationships support its ability to raise necessary funds, its
funding plan is subject to certain regulatory processes and capital
market uncertainties," adds Hwang.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

SJM started its process of refinancing the February 2022 maturity
of the secured bank facilities in the beginning of 2021. During the
first half of the year, SJM raised $1.2 billion (HKD9.3 billion) of
unsecured bonds and reduced the balance under the existing
facilities to HKD9 billion as of the end of June 2021 from HKD19
billion as of the end of 2020. SJM is seeking to refinance the
remaining balance with new syndicated bank facilities.

However, the execution of such facilities is subject to certain
regulatory processes, in Moody's understanding, which can be
time-consuming and unpredictable at times.

An unforeseen event of a further delay or failure in completing the
necessary processes over the next 2-3 months would force SJM to
turn to alternative funding channels, such as bond issuance, with
limited buffer against the upcoming maturity. This situation would
expose SJM to uncertain capital-market conditions that are outside
the company's control.

At the same time, Moody's believes SJM's established track record
of gaming operations and quality assets in Macao SAR, China, and
its long-standing banking relationships, will aid in securing
sufficient bank facilities or bond proceeds for the refinancing.

The rating review will focus on SJM's ability to complete the
refinancing through execution of planned syndicated facilities or
back-up funding in a timely manner.

Moody's would confirm the ratings if SJM secures sufficient funding
to fully address its bank loan maturity and ensure a comfortable
level of liquidity.

Moody's would downgrade the ratings, possibly by multiple notches,
if SJM fails to make sufficient progress in addressing its bank
loan maturity over the next 3 months or so.

With respect to environmental, social and governance (ESG)
considerations, Moody's considers the majority ownership and
control of SJM by Sociedade de Turismo e Diversoes de Macau (STDM).
The associated risk is mitigated by STDM's track record of managing
SJM conservatively over the past decade.

The principal methodology used in these ratings was Gaming
published in June 2021.

SJM Holdings Limited develops and operates casinos and integrated
resort facilities in Macao SAR. The company is listed on the Hong
Kong Stock Exchange, and is owned 54% by Sociedade de Turismo e
Diversoes de Macau (STDM).



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

GROW BUILD: Creditors' Proofs of Debt Due on Nov. 14
----------------------------------------------------
Creditors of Grow Build NZ Limited (in receivership), Crystal
Charters Limited and Crystal-Line Limited, which is in liquidation,
are required to file their proofs of debt by Nov. 14, 2021, to be
included in the company's dividend distribution.

The company's liquidator is:

         David Thomas
         PO Box 8045
         Tauranga 3110
         New Zealand
         Email: david@companyliquidation.co.nz


J G ROOFING: Creditors' Proofs of Debt Due on Nov. 19
-----------------------------------------------------
Creditors of J G Roofing Limited, which is in liquidation, are
required to file their proofs of debt by Nov. 19, 2021, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2021.

The company's liquidator is:

         Digby John Noyce
         RES Corporate Services Limited
         PO Box 301890
         Albany, Auckland 0752
         New Zealand


WITCHERY: Closes Meridian Mall Outlet
-------------------------------------
Riley Kennedy at Otago Daily Times reports that Australian-owned
clothing franchise Witchery's Meridian Mall outlet has closed.

An email to customers confirmed its last day was on Oct. 24, the
report says.

A source told the Otago Daily Times they understood the company had
said it was closing the store because of stock supply issues due to
Covid-19.

However, the source said they understood the store's sales had been
poor and the lease with the mall had expired.

It is not known how many staff the Dunedin store employed and what
has happened to them.

The retailer, which specialises in women's fashion and clothing, is
part of the Country Road Group, with Witchery stores throughout
Australia and New Zealand, including Queenstown.

The Queenstown store remains open, the report notes.



=====================
P H I L I P P I N E S
=====================

PHILIPPINE AIRLINES: Lucio Tan Prepares $250-MM Loan to PAL
-----------------------------------------------------------
Philstar.com reports that Taipan Lucio Tan is pulling out all the
stops to save his loss-making Philippine Airlines Inc. (PAL) as he
prepares to lend money to the national carrier to complete raising
the hefty financing it needs during its creditor-backed
restructuring.

Tan-led Buona Sorte Holdings Inc. will extend a 5-year loan to PAL
amounting to $250 million to complete the $505-million
debt-and-equity funding that the airline needs to stay liquid as it
seeks bankruptcy protection in the United States, Philstar.com
discloses citing a regulatory filing on Oct. 27.  Buona Sorte is
the controlling shareholder of Trustmark Holdings Corp., which owns
a majority stake in PAL Holdings Inc., the flag carrier's parent
company.

PAL is currently pursuing a pre-arranged restructuring plan that
would see over $2 billion of its debts forgiven and its fleet of
aircraft reduced by 25%. The carrier filed for Chapter 11
bankruptcy in New York last September 3 after a pandemic-induced
collapse in travel demand widened the company's losses that predate
the health crisis.

But as it stands, Mr. Tan is alone in raising the money that his
airline needs to survive, Philstar.com states.

According to Philstar.com, filings at the stock exchange showed the
remaining $255 million of the PHP505-million financing package
would be in the form of a private placement from Tan's Buona Sorte
to PAL Holdings. Under this transaction, Buona Sorte will directly
buy 10.2 billion common shares in PAL Holdings at PHP1.25 each,
with the full payment expected before the end of the year.

To give room for Buona Sorte's direct stake in the company, PAL
Holdings will increase its authorized capital stock to PHP30
billion from the current PHP13.5 billion, Philstar.com relays. Once
the transaction is completed, Buona Sorte and its subsidiary
Trustmark will have a combined stake of 82.97% in PAL's parent
firm.

ANA Holdings, owner of Japan's All Nippon Airways and currently PAL
Holdings' second largest shareholder, will not participate in the
fundraising activity, Philstar.com says. Post-transaction, ANA's
ownership will shrink to 4.78% from the current 9.5% as a result of
the capital hike.

At the same time, PAL Holdings' public float would sink to 10%,
below the 15% level that publicly-listed companies must maintain.

Philstar.com says PAL sees "improved" profitability and liquidity
by the end of 2025. The airline is hoping to exit the Chapter 11
process in "a few months".

Once the bankruptcy process is over, PAL will borrow $150 million
from foreign investors "to facilitate post-restructuring
activities". Offshore creditors of the airline may convert the
loans into shares in PAL Holdings through a "swap" that is targeted
to take place in the first quarter of 2022.

Philstar.com adds that PAL said it expects "most, if not all,"
external creditors to participate in the swap, which would hike
foreign ownership in its parent firm.

                     About Philippine Airlines

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world.

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569) to seek approval of a
restructuring plan negotiated with lenders and lessors.

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as special counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker.  Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines.  Kurtzman Carson Consultants, LLC, is the claims and
noticing agent.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.



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

COREFORM PTE: Court to Hear Wind-Up Petition on Nov. 12
-------------------------------------------------------
A petition to wind up the operations of Coreform Pte Ltd will be
heard before the High Court of Singapore on Nov. 12, 2021, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 20, 2021.

The Petitioner's solicitors are:

         Tito Isaac & Co LLP
         1 North Bridge Road
         #30-00 High Street Centre
         Singapore 179094


DESIGN STUDIO: Directors File Winding Up Application
----------------------------------------------------
The Business Times reports that the board of directors of Design
Studio Group (DSG) has commenced a winding up application against
the company, noting that it is unable to pay its debts and is cash
flow insolvent.

In line with the compulsory liquidation of the company, its
subsidiaries DSG Projects Singapore and DSG Manufacturing Singapore
have also commenced processes necessary to enter into creditors'
voluntary liquidation, DSG said in a bourse filing on Oct. 27, BT
relays.

DSG, which does kitchen and wardrobe designs for residential and
hotel projects, had been in a restructuring exercise since January
2020.

It had applied for a new creditor scheme to allow the group to
restructure its liabilities in a sustainable manner and continue
operating as a going concern, but the scheme was rejected by the
High Court in August, according to BT.

Although the company made an appeal against the judgment, it
withdrew the appeal later in October as its largest shareholder,
Depa United Group, wished to discontinue the financial support it
has extended to the company for the restructuring exercise, in the
light of the High Court judgment and amid uncertainties and time
taken in relation to the appeal, BT relates.

According to the report, the board has since re-assessed the
situation and said it is of the view that the compulsory winding up
is in the best interests of its creditors as it ensures an orderly
wind down under the control of a court-appointed liquidator, and is
also the most time-efficient and cost-effective manner to liquidate
the company.

The winding up application is scheduled to be heard by the High
Court on Nov. 19, 2021 at 10:00 a.m., the report discloses.

As a result of the winding up application, the company will also no
longer be in a position to submit a proposal for the resumption of
trading of its shares, it said, BT adds.

Design Studio Group Ltd manufactures, supplies, and installs
panelling products for residential property developments. The
Company also provides interior fitting-out services for
residential, commercial, retail properties. Design Studio is
distributors of the imported brands of complementary products and
exports its PANELZ products to overseas markets.

ENVY GROUP: Singapore Adds 18 New Charges Against Ng
----------------------------------------------------
Bloomberg News reports that Singapore added 18 new charges against
businessman Ng Yu Zhi, who's accused of cheating investors in an
alleged US$1.1 billion fraud, taking the number of accusations to
69.

Ng, who remains on bail, made false electronic recordings to
deceive investors that Envy Group had entered into nickel trades
with Australian miner Poseidon Nickel Ltd. and units of BNP Paribas
SA, according to charge sheets seen by Bloomberg News on Oct. 25.

Two of the new charges accuse Ng of deceiving Nai Soon Tong out of
US$10 million. The charge sheets also mentioned another investor,
Ong Suat Kuan, who was conned out of US$4.4 million, Bloomberg
says.

In the case that has riveted Singapore's moneyed classes, Ng was
first charged in March for allegedly raising at least SGD1.46
billion (US$1.1 billion) in what authorities have called one of the
city-state's largest-ever suspected investment fraud schemes.

Investors include renowned investors and lawyers from Finian Tan,
founder and chairman of Vickers Ventures Partners, and Pek Siok
Lan, general counsel for state-owned investor Temasek
International, Bloomberg discloses.

In August, Singapore's High Court approved liquidation plans for
Ng's Envy Group, which includes Envy Global Trading and its sister
firms.  The next court session will be held on Dec. 20.

Envy Group is a Singapore-based commodity trader.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
27, 2021, the High Court of Singapore entered an order on Aug. 16,
2021, to wind up the operations of Envy Global Trading Pte. Ltd.

The company's liquidators are:

         Mr. Bob Yap Cheng Ghee
         Mr. Tay Puay Cheng
         Ms. Toh Ai Ling
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


HON INDUSTRIES: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2021, to
wind up the operations of Hon Industries Pte. Ltd.

Ribar Industries Pte Ltd filed the petition against the company.

The company's liquidator is:

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


SUNTECH POWER: Court to Hear Wind-Up Petition on Nov. 12
--------------------------------------------------------
A petition to wind up the operations of Suntech Power Investment
Pte Ltd will be heard before the High Court of Singapore on Nov.
12, 2021, at 10:00 a.m.

Power Solar System Co., Ltd filed the petition against the company
on Oct. 19, 2021.

The Petitioner's solicitors are:

         BlackOak LLC
         1 George Street
         #12-01/02
         Singapore 049145



                           *********


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

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

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

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

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



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