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

                     A S I A   P A C I F I C

          Friday, October 29, 2021, Vol. 24, No. 211

                           Headlines



A U S T R A L I A

128950489 PTY: Printer in Liquidation with Debts of AUD3.18MM
GREENSILL CAPITAL: Plan With Reduced Releases Okayed
PINDAN CONTRACTING: Second Creditors' Meeting Set for Nov. 4
PINDAN GROUP: Second Creditors' Meeting Set for Nov. 4
RESIMAC BASTILLE 2021-2NC: S&P Assigns B(sf) Rating to Cl. F Notes

SALT LAKE POTASH: KPMG Details History With Potash Explorer
SOUTHERN BAY: Brewing Business Placed in Liquidation
VENTIA SERVICES: S&P Places 'BB' ICR on CreditWatch Positive


C H I N A

CHINA CINDA: Moody's Rates New USD AT1 Preference Shares 'B1(hyb)'
CHINA EVERGRANDE: Crisis Puts HK-China Debt Revamp Deal to Test
CHINA EVERGRANDE: Luxury Villa Linked to Hui Pledged for Loan
CHINA GRAND: Fitch Affirms 'B+' LT IDR, Alters Outlook to Neg.
KAISA GROUP: Fitch Lowers LT Foreign Currency IDR to 'CCC+'

KAISA GROUP: S&P Downgrades ICR to 'CCC+' on Diminishing Liquidity
MODERN LAND: Moody's Cuts CFR to Ca & Alters Outlook to Negative
[*] CHINA: Urges Builders to Pay Debts After Default Hurt Trust


I N D I A

ADANI GREEN: Moody's Rates USD500MM Senior Secured Notes 'Ba2'
ANAND PROJECTS: CRISIL Lowers Rating Loans to D
ANAND TECHNOMARKETING: CRISIL Cuts Rating on Bank Debts to D
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ANKUR TRADERS: CRISIL Lowers Rating on INR10cr Loans to D

GLINT COSMETICS: Insolvency Resolution Process Case Summary
GLOBAL GALLERIE: Insolvency Resolution Process Case Summary
GOLCONDA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating

J.M.D. CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
J.M.D. LAXMI: CRISIL Keeps C Debt Ratings in Not Cooperating
JAISHRIRAM SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMI AGENCIES: CRISIL Lowers Rating on Bank Loans to D
LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating

MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MRN INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
ORIENT CRAFT: CRISIL Lowers Rating on Bank Debts to D

PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
PRAGATI MARINE: CRISIL Keeps C Debt Ratings in Not Cooperating
PROCESS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating

S.M. RAMCOAL IMPORTERS: Insolvency Resolution Process Case Summary
SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
SARVODAY ASHRAM: CRISIL Lowers Rating on INR7cr Cash Loan to D
UB ENGINEERING: Liquidation Work Still in Progress

VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating
VAMSADHARA COTTON: CRISIL Lowers Rating on INR9cr Loan to D
VAMSADHARA GINNING: CRISIL Lowers Rating on INR12cr Loan to D
VAMSADHARA RICE: CRISIL Cuts Rating on INR5cr Cash Loan to D
VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating

VENKATESHWARA ENTERPRISES: CRISIL Cuts Debt Ratings to D


N E W   Z E A L A N D

DALMATIAN LAWN: Creditors' Proofs of Debt Due Nov. 29
GRISSOLI LIMITED: Commences Wind-Up Proceedings
THRIVE HOMES: Creditors' Proofs of Debt Due Dec. 9
WAIUTA PROPERTIES: Commences Wind-Up Proceedings


S I N G A P O R E

LONGVIEW RESOURCES: Court Enters Wind-Up Order
SINGA CHEM: Placed in Provisional Liquidation
TRADERS GEMS: Deloitte Appointed as Provisional Liquidators

                           - - - - -


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A U S T R A L I A
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128950489 PTY: Printer in Liquidation with Debts of AUD3.18MM
-------------------------------------------------------------
Print21 reports that Sunshine Coast printer 128950489 Pty Ltd
(formerly known as Express Print & Mail Pty Ltd) was put into
liquidation owing $398,000 in wages and super, and AUD3.18 million
in debts to unsecured creditors, according to the annual
administration return.

Print21 says the Express Print & Mail business was sold by owner
Matthew Chadwick to his mother Wendy Chadwick for AUD177,000 last
May, two months before 128950489 Pty Ltd was put into liquidation.
The business was moved to new 1,400 sqm premises in nearby Kunda
Park that were leased on 1 April last year, for five years, at
AUD220,000 a year. Wendy Chadwick had previously owned Express
Print & Mail until 2010.

At the time Wendy Chadwick said, "That the figure of AUD4.15m is
grossly inflated and takes into account contingent debts (such as
the lease) that have since been finalised; leased equipment which
has been taken over and the instalments are being paid by the new
business; and superannuation, which is being paid out over time by
the new business," Print21 relays.

Back then Wendy Chadwick also said the unpaid wages are, "being
paid out over time by the new business, with all superannuation
payments since 1 January this year being kept up to date".

According to Print21, the liquidation stems in part from a deal of
two years ago, when Express Print & Mail set up a company to buy
the assets of the liquidated Chameleon Press. A downpayment was
made, but since then claim and counter claims have been launched by
both sides for hundreds of thousands of dollars, as the complicated
deal went sour.

Express Print & Mail under its former owner had 52 staff, many of
whom transferred to the new company, which was established by
Matthew Chadwick in December 2019, and sold to Wendy Chadwick in
May last year, Print21 notes.

Matthew Chadwick tipped in a voluntary contribution of AUD30,000 to
128950489 Pty Ltd to cover the cost of the liquidator. The AUD3.18
million is owed to seven creditors. Liquidation is expected to be
completed next June.

GREENSILL CAPITAL: Plan With Reduced Releases Okayed
----------------------------------------------------
Vince Sullivan of Law360 reports that the Chapter 11 plan of
Greensill Capital received court approval Tuesday, October 26,
2021, in New York, but only after the bankruptcy judge declined to
approve aspects of its releases that would have covered non-debtors
without the consent of creditors.

During a virtual hearing, U.S. Bankruptcy Judge Michael E. Wiles
said the plan provisions that would provide releases of potential
creditor claims against non-debtor Greensill Capital UK
andGreensill Capital Management Co. Ltd. should be trimmed so only
creditors who cast ballots on the Plan would be granting those
releases.

                   About Greensill Capital

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

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

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

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

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

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

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


PINDAN CONTRACTING: Second Creditors' Meeting Set for Nov. 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Pindan
Contracting Pty Ltd has been set for Nov. 4, 2021, at 10:00 a.m. at
Perth Convention and Exhibition Centre, 21 Mounts Bay Road, Perth,
WA, 6000 and via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2021, at 12:00 p.m.

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


PINDAN GROUP: Second Creditors' Meeting Set for Nov. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Pindan Group
Pty Ltd has been set for Nov. 4, 2021, at 1:00 p.m. at Perth
Convention and Exhibition Centre, 21 Mounts Bay Road, Perth, WA,
6000 and via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2021, at 12:00 p.m.

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


RESIMAC BASTILLE 2021-2NC: S&P Assigns B(sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC
Series 2021-2NC. RESIMAC Bastille Trust - RESIMAC Series 2021-2NC
is a securitization of nonconforming and prime residential
mortgages originated by RESIMAC Ltd.

The ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Lenders' mortgage insurance cover and
subordination for the rated notes provide credit support. In
addition, the transaction includes various mechanisms to utilize
excess spread to provide additional credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC Ltd.'s underwriting
standards and approval process, which are consistent with
industrywide practices, and its strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the liquidity facility,
the principal draw function, the amortization amount built from
excess spread if an amortization event is subsisting, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed by their legal final
maturity date and it does not assume the notes are called at or
beyond the call-option date.

S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. (NAB) as liquidity facility provider
and cross-currency swap provider and Westpac Banking Corp.
(Westpac) as bank account provider. Currency swaps are provided to
hedge the Australian dollar receipts from the underlying assets and
the U.S. dollar payments on the class A1 notes. The transaction
documents for the swaps and facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

S&P has also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Ratings Assigned

  RESIMAC Bastille Trust - RESIMAC Series 2021-2NC

  Class A1a, US$250.00 million: AAA (sf)
  Class A1b, US$290.00 million: AAA (sf)
  Class A2, A$472.50 million: AAA (sf)
  Class AB, A$108.00 million: AAA (sf)
  Class B, A$93.90 million: AA (sf)
  Class C, A$40.20 million: A (sf)
  Class D, A$24.30 million: BBB (sf)
  Class E, A$15.45 million: BB (sf)
  Class F, A$9.90 million: B (sf)
  Class G, A$8.25 million: Not rated


SALT LAKE POTASH: KPMG Details History With Potash Explorer
-----------------------------------------------------------
Australian Financial Review reports that KPMG spent two months on
the scene at failed potash hopeful Salt Lake Potash, before it was
tapped as the company's administrator.

According to AFR, KPMG's administrators revealed Salt Lake Potash's
law firm, Thomson Geer, hired them to review the company's cash
flow forecasts back in August, when it became clear that company's
finances might be stretched.

Salt Lake Potash is enduring growing pains at Lake Way.

AFR relates that KPMG said it sent a report to Salt Lake Potash and
Thomson Geer every 10 days or so starting September 9, and had its
operatives attend three company board meetings to present their
findings. Their remit included reviewing the company's 13-week cash
flow forecasts and cash flow management techniques that could be
deployed.

AFR says the reports led the KPMG representatives to discuss the
administration process with Salt Lake Potash management and, later,
board, before fronting up to the secured lenders who were owned
about $170 million from the ASX-listed resources play.

The lenders hit back by appointing KordaMentha as receiver, AFR
relates.

According to AFR, KPMG outlined its relationship with Salt Lake
Potash in mandatory regulatory filings at the end of last week, at
about the same time the ASX released a five-page letter questioning
the group's disclosure that it had sent to the company on August 2.


Salt Lake Potash collapsed last week owing about AUD170 million to
secured creditors including the Australian government's Clean
Energy Finance Corporation, AFR notes.

Salt Lake Potash's Lake Way looked set to be the first of five new
Australian potash mines to enter production within the next four
years, but the potassium grades extracted and evaporated from the
lake were lower than hoped and a floatation circuit within the
processing plant also delivered underwhelming results.

                       About Salt Lake Potash

Salt Lake Potash Limited (ASX:SO4) -- https://www.so4.com.au/
--operates as a mineral exploration company. The Company offers
potash and uranium. Salt Lake Potash conducts business in
Australia.

Martin Bruce Jones, Thomas Birch and Hayden White of KPMG were
appointed as administrators of Salt Lake and related entities on
Oct. 20, 2021.


SOUTHERN BAY: Brewing Business Placed in Liquidation
----------------------------------------------------
Brews News reports that Geelong's Southern Bay Brewing has been
placed in liquidation.

Brews News, citing an insolvency notice published to ASIC, relates
that Southern Bay Brewing Co Pty Ltd, trading as Southern Bay
Brewing, appointed liquidators from Pitch Partners Advisory on Oct.
25.

In the minutes of a meeting of creditors published on the ASIC
website, a general meeting was called with the "sole member" of
Southern Bay Brewing Co. Nick Warming, who owns 100 per cent of the
shares in the business, in attendance, Brews News relays.

It was decided that because of its liabilities, and concerns about
the company's solvency which required an immediate resolution, the
business could not continue to trade and that it was appropriate to
wind up the brewery, according to Brews News.

Liquidator Michael Basedow from Pitch Partners told Brews News that
the liquidation was still in its very early stages but issues with
Southern Bay have been ongoing for a number of years.

"A couple of things brought it to a head," he explained. "Turnover
dropped significantly over the past few years. A lot is
COVID-related and it's a competitive market and this particular
brewery has an ageing plant in need of an upgrade, and obviously
needed some funds spent on it to bring it up to date.

"The last straw was that the lead brewer had recently moved on, so
that brought it to a head. I think there were a couple of options
with respect to replacing the brewer but with all the other factors
at play that was put off until the decision was made."

Brews News relates that Southern Bay recently lost its head brewer
and advertised for an experienced brewery manager or head brewer to
run its brewing operations back in August.

"As far as a sale, we're getting some info together to see what
options there are and there are a couple of parties at play there,
so we're just working through that."

The last post on the brewery's Facebook page was on 1st July, when
it said that the brewery was closed to the public while
construction work was being undertaken, Brews News notes.

In November 2020 Southern Bay was also involved with Worksafe
Victoria, the state's workplace safety regulator. The organisation
told Brews News then that it was "making enquiries" into the
brewery.

It was not the first time Southern Bay has encountered trouble. In
2019 the brewery was at the centre of controversy over an offensive
social media post which featured a meme, having already faced an
ABAC panel for another social media blunder, Brews News recalls.

Brews News says the backlash led to then-chief executive officer
Nick Warming resigning from the company, however he remained as the
majority owner of the business.

Southern Bay was one of the first wave of craft brewers in
Australia and has been in operation for 30 years, having previously
traded as Geelong Brewing Co. It said on its website that it is
"still proudly independent and family owned", and in recent years
it has been focused on contract brewing, adds Brews News.

VENTIA SERVICES: S&P Places 'BB' ICR on CreditWatch Positive
------------------------------------------------------------
On Oct. 27, 2021, S&P Global Ratings placed its 'BB' long-term
issuer credit rating on Ventia Services Pty Ltd. (Ventia) and 'BB'
issue rating on the company's first-lien debt on CreditWatch with
positive implications.

The CreditWatch with positive implications reflects S&P's
expectation that debt reduction from part of the proceeds of the
proposed IPO and Ventia's prudent financial policy framework,
together with reduced shareholder influence, should support a
near-term revision of the issuer credit rating on Ventia to
'BBB-'.

On Oct. 26, 2021, Australia-based infrastructure services provider
Ventia Services Pty Ltd. (Ventia) launched a formal IPO process to
list on the Australian Stock Exchange.

S&P said, "We expect the IPO to materially reduce the group's
leverage from the proceeds raised while concurrently reducing the
ownership and influence of its existing shareholders, including
financial sponsor Apollo Global Management.

"We placed Ventia on CreditWatch with positive implications
following the company's proposed IPO and public listing which, in
our view, should improve the group's creditworthiness in the near
term.Following the completion of the listing, expected in late
November 2021, we expect the company to utilize IPO proceeds to
reduce debt and believe its commitment to a prudent financial
policy will sustain sufficiently low leverage to support an
investment grade rating. We expect the IPO process to provide
Ventia with about A$400 million, which, together with existing cash
and new syndicated term loan facilities of about A$750 million, the
company will use to repay its A$1.3 billion of first-lien term
loans." Total expected proceeds to be raised under the offer are
between A$1.1 billion to A$1.2 billion, with A$700 million to A$800
million paid to existing shareholders.

Ventia's anticipated debt reduction and strengthened balance sheet
should better position the company for growth. S&P forecasts the
company's ratio of S&P Global Ratings adjusted debt to EBITDA to be
about 2.0x or below over the next two years, supported by solid
revenue and EBITDA growth. This is underpinned by Ventia's
continued contract wins, growing work in hand, and operational
improvement initiatives. The company's services oriented,
capital-light, business model should continue to help drive high
cash flow conversion. Capital expenditure (capex) represented about
1.5% of revenues on average over the past five years, which
supports our expectation it will likely track at about A$40 million
per year over the next 12 to 24 months.

S&P said, "In our opinion, the proposed IPO process should also
alleviate risks regarding Ventia's partial ownership by financial
sponsor Apollo Global Management.We expect Apollo and Ventia's
other major shareholder, CIMIC Group Ltd. (CIMIC: BBB-/Stable/A-3),
to reduce their existing 47% shareholdings to about 22% each, with
the remaining shares held in escrow upon presentation of Ventia's
fiscal 2022 results in March 2023. With the influence of financial
sponsor ownership materially reduced, and Ventia committed to
maintaining conservative financial policies going forward, we
believe Ventia will maintain debt to EBITDA at about 2.0x or less,
which we consider consistent with a 'BBB-' rating.

The sell-down by CIMIC means S&P would no longer expect Ventia to
receive any extraordinary group support from the CIMIC group.The
current 'BB' rating on Ventia benefits from a one-notch rating
uplift from expected group support from CIMIC. However, given
CIMIC's intention to sell down its interest in Ventia, S&P would no
longer expect Ventia to benefit from any extraordinary shareholder
support.

Ventia's exposure to the telecommunications sector in Australia and
New Zealand and its solid positions in the outsourced operations
and maintenance (O&M) market underpin its business risk profile.
S&P considers that Ventia has a solid position in the outsourced
O&M market, covering a broad range of services. These include
motorway and tunnel services, road networks, environmental
remediation, water utilities, electricity distribution networks,
and social infrastructure. Supporting revenue certainty is the
provision of services to the government sector, which represents
about 70% of Ventia's annual revenue. Further, we believe Ventia
has minimal exposure to fixed price contracts and minimal exposure
to the construction sector.

S&P said, "We will seek to resolve the CreditWatch upon completion
of the IPO process, which we expect to occur in the next 30 to 60
days. We expect the company to use the initial IPO proceeds,
together with existing cash reserves, to refinance its debt capital
structure.

"We are likely to raise the long-term issuer credit rating on
Ventia to 'BBB-' if the IPO transaction and associated debt
reduction are completed as proposed. Following the IPO transaction,
we expect Ventia's adjusted debt-to-EBITDA ratio to remain at or
below 2.0x.

"We would also likely assign a stable outlook following the IPO
transaction, reflecting our expectation that Ventia will maintain
its solid position in the outsourced O&M market over the next few
years across the telecommunications, defense, and government
sectors. In our view, we believe Ventia's scale and contract
diversity as a leading O&M provider underpin the group's operating
cash flow to service its obligations.

"We could affirm the existing 'BB' issuer credit rating on Ventia
if the IPO process does not complete as proposed."




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C H I N A
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CHINA CINDA: Moody's Rates New USD AT1 Preference Shares 'B1(hyb)'
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 (hyb) foreign-currency
rating to the proposed USD-denominated additional tier 1 (AT1)
capital qualifying offshore preference shares to be issued by China
Cinda Asset Management Co., Ltd.'s (Cinda AMC, A3 RUR).

The rating is on review for downgrade, in line with Cinda AMC's
other ratings which are also on review for downgrade.

The assigned rating is subject to receipt of final documentations,
the terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

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

The B1 (hyb) rating is positioned two notches below Cinda AMC's
Baseline Credit Assessment (BCA) of ba2, reflecting (1) Moody's
standard notching guidance for preference securities with loss
triggered at the point of non-viability (PONV) on a contractual
basis and with a non-cumulative dividend deferral option; and (2)
the assumption that Chinese authorities or government is likely to
exhaust other remedies before declaring Cinda AMC to be
non-viable.

According to the China Banking and Insurance Regulatory
Commission's (CBIRC) capital rules, preference securities are
designed to be loss-absorbing at the PONV, indicating that
investors in these securities are at risk of principal write-down
or conversion to equity if Cinda AMC requires extraordinary support
to avoid default on its more senior obligations. As a result,
Moody's believes the appropriate anchor for these securities is the
BCA of Cinda AMC.

Claims on the preference securities are senior to the claims of
ordinary shareholders, and rank pari passu with other preference
shareholders, but are subordinate to the claims of the company's
general creditors, and holders of subordinated liabilities.

In addition, Cinda AMC may choose not to pay dividends on a
non-cumulative basis. The distributions on the capital securities
are fully discretionary, but in priority to any distributions made
to ordinary shareholders.

Under the terms and conditions of the proposed offshore preference
shares, a compulsory conversion of the offshore preference shares
into H shares will be triggered if a non-viability trigger event
occurs. A non-viability trigger event will occur upon the earlier
of:

(1) the CBIRC having concluded that without a write-off or
conversion into ordinary shares, the company would become
non-viable; and

(2) the relevant authorities -- such as Ministry of Finance and
People's Bank of China -- having concluded that without a decision
on a public sector capital injection or equivalent support, the
company would become non-viable.

Cinda AMC is neither a bank nor a deposit-taking financial
institution. There are no global capital rules for distressed asset
management companies. As a result, Moody's believes that it is
likely that the authorities or government would exhaust other
remedies before declaring Cinda AMC to be non-viable. This will
slightly reduce the uncertainty about when the preference
securities will need to be written down or converted into common
equity. However lack of transparency over and uncertainties of
China Huarong Asset Management Co., Ltd.'s (Baa2 RUR) resolution
also warrant a reassessment on this assumption.

Given that the rating of Cinda AMC's offshore preference shares is
on review for downgrade, it is unlikely that they will be upgraded
in the next 12-18 months. Moody's could confirm the rating if it
assesses that the current assumption of the government support on
Cinda AMC's preference shares remains appropriate.

Moody's could downgrade the rating of Cinda AMC's offshore
preference shares if Moody's concludes that the government support
on Cinda AMC's preference shares is not appropriate or Cinda AMC's
BCA is downgraded.

Moody's could downgrade Cinda AMC's BCA if the company continues to
grow its assets rapidly, resulting in a deterioration in its
solvency; and its profitability and asset quality weaken as a
result of declining valuations of its asset holdings, compared with
the acquisition costs.

The methodologies used in this rating were Finance Companies
Methodology published in November 2019.

Headquartered in Beijing, China Cinda Asset Management Co., Ltd.
reported consolidated assets of RMB1,604 billion as of June 30,
2021.

CHINA EVERGRANDE: Crisis Puts HK-China Debt Revamp Deal to Test
---------------------------------------------------------------
South China Morning Post reports that a cross-border arrangement
between Hong Kong and Beijing over corporate restructurings could
soon face its first real test as China Evergrande Group, the
world's most indebted property developer, teeters back and forth on
the brink of default.

According to the Post, the May 14 agreement was designed to
facilitate and better protect offshore debt holders in the
enforcement of asset claims during a cross-border winding up and
provide greater assurance to foreign investors who have added
hundreds of billions of dollars in Chinese bonds into their
investment portfolios in recent years.

The Post relates that the agreement is facing a crucial test, as
2021 is set to be another record year of bond defaults among
China's borrowers, especially the heavily leveraged real estate
developers, squeezed between the slowest economic growth pace in
years and a wary central bank with a tight grip on releasing
loans.

Evergrande, with more than US$300 billion in liabilities, missed at
least five interest payment deadlines on its offshore debt since
late September, paying a US$83.5 million coupon last week just as a
30-day grace period was running out to stave off a default, the
report notes. Fantasia Holdings Group, founded by the niece of
China's former vice-president Zeng Qinghong, failed to pay US$205
million of debt on October 5. Sinic Holdings warned of default on
US$250 million of bonds a week later, while Modern Land scrapped
plans to pay US$250 million in a portion of its bond last week.

Technically, if one of Evergrande's Hong Kong-listed or
incorporated entities is being wound up, the liquidator could seek
to enforce claims against its mainland assets under the pilot
programme, according to Ronald Sum, a senior partner at the law
firm Addleshaw Goddard, which focused on commercial litigation, the
Post relays.

"Practically, it is unlikely," the report quotes Mr. Sum as
saying.

According to the report, the bilateral pilot scheme allows Hong
Kong liquidators to apply to courts in mainland China for
insolvency proceedings in the city to be recognised, and for
bankruptcy administrators in Shenzhen, Shanghai and Xiamen to
receive the same recognition in Hong Kong courts.

The Post says the framework is aimed at enabling the rescue of
financially troubled businesses, while providing better protection
of the assets of the debtor company as well as the interests of the
creditors, Hong Kong's Secretary of Justice Teresa Cheng said at
the pact's launch in May.

The agreement was described by Hong Kong officials and legal
experts at the time as a "milestone" in cross-border cooperation on
insolvency matters.

"The protocol deals largely with a Hong Kong liquidator being
granted help and recognition in the mainland rather than the other
way round," the Post quotes Jonathan Leitch, a partner at the legal
firm Hogan Lovells as saying. "This is because the common law in
Hong Kong has already evolved to enable the Hong Kong Courts to
recognise mainland appointed administrators in certain
situations."

In the case of Evergrande, with its holding company incorporated in
the Cayman Islands as an entity with limited liability, concerns
are growing whether the May 14 bilateral framework is adequate to
protect offshore creditors even if an Evergrande unit becomes
insolvent in Hong Kong, the report states.

For starters, there are some conditions required by the bilateral
pact that may not be satisfied. One sticking point is the so-called
centre of main interests, which generally means the place of
incorporation, legal experts said. Being incorporated in Hong Kong
alone is not enough to meet the standard, they said.

"The liquidators of such a company must be able to demonstrate that
the centre of main interests of that company has been in Hong Kong
continuously for at least six months," said Evelyn Chan, a partner
at dispute resolution law firm Gall, adding that the term generally
refers to a company's principal office, principal place of business
or where most of its assets reside, the Post relays.

If an Evergrande company with substantial assets in one of the
mainland pilot cities enters into liquidation in Hong Kong, "then
theoretically the company's liquidators can make use of the
arrangement," Ms. Chan, as cited by the Post, said.

Evergrande, at one stage China's largest developer by sales,
operates throughout the country, with at least two projects
underway in Hong Kong, making the geographic pin point impractical,
the Post states. The Shenzhen-based developer's largest sales
market was in Guangdong, making up 12.2 per cent of contracted
sales last year, according to its 2020 annual report. Shanghai made
up 2.5 per cent of sales, Fujian 2.3 per cent while Hong Kong
contributed to 0.65 per cent, the Post discloses.

As a result, the effectiveness of the bilateral mechanism may be
limited, Ms. Chan said. However, the asset holdings of individual
subsidiaries "may be a completely different landscape," she said.

Offshore creditors also might not be keen on using the cross-border
framework, given those limitations, according to legal experts.

At the same time, offshore creditors may be reluctant to pursue
claims under the agreement until the Chinese government decides on
whether it will intervene, they said.

For now, a lifeline from Beijing is nowhere in sight, the report
notes. A senior People's Bank of China official blamed the
developer's "poor management" for its financial imbroglio on
October 15 and said it had "expanded blindly". Other officials have
simply said China can "contain" the risks in the Evergrande
crisis.

"Even where recognition and help is given to the Hong Kong
liquidator, the property of the debtor in the mainland must first
be used to satisfy preferential claims under the law of the
mainland," said Mr. Leitch of Hogan Lovells.

That means offshore creditors might not be first in line with their
claims.

Compared with other high-profile restructurings, such as HNA Group
and Anbang, most of Evergrande's assets are in China, meaning
offshore creditors have less direct access to its assets, according
to Alexander Aitken, partner of Herbert Smith Freehills' Hong Kong
office, adds the Post.

                       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-'.


CHINA EVERGRANDE: Luxury Villa Linked to Hui Pledged for Loan
-------------------------------------------------------------
Caixin Global reports that an associate of Hui Ka Yan, chairman of
troubled China Evergrande Group, recently put up a luxury house in
Hong Kong for loan collateral as the billionaire and his property
empire face an escalating debt crisis.

A property on Hong Kong Island's Black's Link trail, known for its
wealthy communities and expansive views, was pledged Oct. 19 to the
local branch of China Construction Bank, Caixin discloses citing
documents from the city's Land Registry. Market observers estimate
the property's value at HK$700 million ($90 million).

Caixin relates that a person close to the matter said the property
was pledged under pressure from Evergrande's creditors, which
demanded additional security for the company's private equity
financing.  Hong Kong-traded Evergrande is struggling to repay
debts amounting more than $300 billion, some of which it has
defaulted on.

                       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-'.


CHINA GRAND: Fitch Affirms 'B+' LT IDR, Alters Outlook to Neg.
--------------------------------------------------------------
Fitch has revised the Outlook on China Grand Automotive Services
Group Co., Ltd.'s (CGA) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to Negative, from Stable, and has affirmed the rating
at 'B+'.

The Negative Outlook reflects the high concentration of long-term
debt maturing over the next year. Fitch will revise the Outlook to
Stable if the company successfully refinances the upcoming debt
maturities and this results in an improved debt maturity profile,
with CGA trending towards positive free cash flow.

The rating affirmation is based on Fitch's expectation of a
recovery in EBITDA and sufficient liquidity to meet capital-market
obligations. However, an inability to refinance a portion of
long-term debt could cause liquidity to tighten and increase
reliance on specific funding channels, such as short-term bank
loans.

KEY RATING DRIVERS

Concentrated Debt Maturities: Fitch believes the high concentration
of the current portion of long-term debt may pressure CGA's
near-term funding access. Fitch assumes the company has some
capital-market access, as it completed a senior note issuance of
USD232 million in July 2021. However, near-term maturity
concentration is significant and includes onshore bonds of around
CNY1.7 billion due December 2021 to January 2022 and 8.625% notes
of USD253 million due in April 2022. Fitch believes liquidity is
sufficient to repay this debt, but could tighten if a portion is
not refinanced.

Reliant on Short-Term Financing: CGA has become increasingly
reliant on short-term debt since 2020. The proportion of short-term
debt within CGA's capital structure has increased after excluding
the current portion of long-term debt and loans from auto original
equipment manufacturers associated with inventory financing. Fitch
assumes ample onshore credit facilities are available due to CGA's
strong market position and solid banking relationships, but an
improved debt-maturity profile would be evidence of more
diversified funding access.

Profitability Recovery: Fitch expects CGA to improve its
profitability on strong demand and a solid segment mix. Revenue
recovered rapidly in 1H21, with 28% yoy growth, after the
operational disruption caused by the coronavirus pandemic during
1H20. Fitch expects consumer demand to stay strong, particularly
for luxury brands, but revenue growth may be muted in 2H21 due to
the auto-chip shortage affecting vehicle manufacturing.

Fitch does not think the constrained supply will affect CGA
significantly, as it has broad exposure across brands. In addition,
lower sales volume could be partially offset by a higher margin, as
well as moderate growth in the after-sales service segment. This
segment could also be a source of recurring income.

Potential for Deleveraging: Fitch believes CGA will be able to
deleverage in the near-term following a recovery in cash generation
and the successful refinancing of its long-term debt. Leverage
peaked at over 6x in 2020 due to the pandemic impact, but recovery
in EBITDA from normalised operations and stable capex should result
in positive free cash flow in the medium term. Fitch estimates FFO
adjusted net leverage should trend toward around 5x by 2023.

Market Leader in Competitive Industry: CGA retained its leadership
amid a difficult market environment and further expanded into the
premium auto segment. However, China's auto-dealership industry
remains highly fragmented and competitive. Chinese auto dealers
generally have mid-single-digit EBITDA margins, comparable with US
peers, and Fitch expects the industry's low margins to persist in
the medium term.

Leasing Subsidiary Deconsolidated: Fitch continues to deconsolidate
Huitong Xincheng, a subsidiary that provides auto-financing
services, in Fitch's analysis, in accordance with Fitch's Corporate
Rating Criteria. Fitch assumes CGA's capital structure for its
financing operation is strong enough to avoid it from being a cash
drain on the parent over the medium term. The target capital
structure considers the quality of the subsidiary's assets, funding
and liquidity. Fitch applies a target gross debt/tangible equity
ratio of 1x for Huitong Xincheng.

DERIVATION SUMMARY

CGA's ratings are supported by its leading market position and
large operating scale, but are constrained by high leverage and
concentrated debt maturity. Peers include Zhongsheng Group Holdings
Limited (BBB-/Positive), China's second-largest auto dealership,
and AutoNation, Inc. (BBB-/Positive), the largest automotive
retailer in the US. CGA is of similar scale to both peers, but has
weaker profitability, higher leverage as well as lower financial
flexibility and other metrics.

CGA and eHi Car Services Limited (B+/Stable) are both leading
companies in their respective sectors -eHi is China's
second-largest car-rental company - but are constrained by their
financial structures. CGA has a larger operating scale, but its
financial flexibility is limited compared with eHi.

KEY ASSUMPTIONS

-- Revenue to decline by 2% in 2021 then rise at a CAGR of 5%
    over 2022-2024 (2020: -7%);

-- EBITDA margin to recover and average at 5.6% over 2021-2024
    (2020: 4.2%);

-- Capex, inclusive of M&A, averaging at CNY2.8 billion over
    2021-2024 (2020: CNY2.6 billion);

-- No dividend pay-out in the medium term.

RATING SENSITIVITIES

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

-- The Outlook would be revised to Stable upon evidence of an
    improved debt maturity profile.

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

-- Inability to refinance upcoming maturities in the next three
    to six months or deterioration of CGA's debt maturity profile;

-- FFO adjusted net leverage (adjusted for leasing) above 6.0x
    for a sustained period;

-- FFO fixed-charge cover (adjusted for leasing) below 1.5x for a
    sustained period;

-- Sustained deterioration in market share.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: CGA had unrestricted cash of CNY13.7 billion,
against CNY44.3 billion in short-term borrowings, as of end-June
2021. Fitch classifies the USD400 million in outstanding perpetual
securities as short-term debt, as it is callable every six months,
but the exercise of the call is at the company's discretion. CGA
has received solid support from domestic banks and financial
institutions due to its strong market position and banking
relationships. It had unused bank credit facilities of CNY44.8
billion at end-August 2021 and in July had successfully issued a
USD232 million senior bond due January 2024.

ISSUER PROFILE

CGA is China's largest auto dealership, covering more than 50
brands across 28 provinces as of June 2021. It was listed on the
Shanghai Stock Exchange in June 2015 via a backdoor listing, and
completed the acquisition of a majority stake in Baoxin Auto
(1293.HK) in 2016, a Hong Kong listed Chinese auto dealer.

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.

KAISA GROUP: Fitch Lowers LT Foreign Currency IDR to 'CCC+'
-----------------------------------------------------------
Fitch Ratings has downgraded Chinese property developer Kaisa Group
Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC+' from 'B'. Fitch has also downgraded the senior
unsecured rating and the rating on Kaisa's outstanding US-dollar
senior notes' to 'CCC+' from 'B', with the Recovery Rating
remaining unchanged at 'RR4'. Fitch also removed all Kaisa's
ratings from Under Criteria Observation (UCO).

The downgrade reflects Kaisa's limited funding access and
uncertainty over the refinancing of a significant amount of
US-dollar bond maturities and coupon payment through to 2022 in
light of ongoing capital-market volatility. In addition, not all of
the cash on Kaisa's consolidated balance sheet may be available to
service the debt at the holding company, given high minority
interests and project commitments.

KEY RATING DRIVERS

Significant Obligations Falling Due: The company has a large amount
of debt due between now and end-2022, including USD400 million
(CNY2.6 billion) due in December 2021, and around USD3 billion due
in 2022. Kaisa's coupons on its US dollar bonds are also
substantial at around USD1 billion per year. This compares with the
company's implied sales collection of CNY61.5 billion from its
property development business in 2020.

Difficulty in Securing Refinancing: Kaisa has a high portion of
debt from capital markets, with US-dollar bonds and perpetual
securities making up 58% (2020: 57%) of Kaisa's total
interest-bearing debt as of 30 June 2021. The company's
capital-market access has deteriorated since September 2021 as its
bonds are trading at a significant discount. Fitch believes it may
be challenging for Kaisa to issue or extend its capital-market debt
under current market conditions.

The company explored other refinancing options in September 2021,
including the replacement of USD125 million of notes issued to
China Shandong Hi-Speed Financial Group Limited (BBB+/Stable) due
in October 2021, with USD120 million of notes due in October 2022
to the same subscriber. However, Fitch believes the terms of the
notes have deteriorated, as Kaisa had to pledge its stake in its
property management arm Kaisa Prosperity Holdings Limited.

Limited Cash for Holding-Company Debt: Although Kaisa had CNY47.7
billion of total cash, including cash and bank balances, restricted
cash and short-term bank deposits, to address the above offshore
bond maturities as of 1H21, Fitch believes more than 60% of total
cash are in its project companies to fund construction or repayment
of bank borrowings. Therefore, the cash may not be remitted to the
holding company on a timely basis.

Furthermore, Kaisa's minority interest exposure as a percentage of
net property assets reached 26.2% in 1H21, compared with 26.6% in
2020 and 18.3% in 2019. The minority interest/total equity ratio
rose to 55%-59% in 2020-1H21 from 54% in 2019. Fitch believes part
of Kaisa's cash balance is committed to minority interests of its
project companies.

Weakening Business Profile: Fitch expects Kaisa's business profile
to weaken as it focuses on addressing upcoming maturities, instead
of replenishing its land bank. Fitch believes the company may need
to reduce land acquisitions, which could lead to a drop in land
bank life to 2.3 years by 2023 from 3 years in 2021. Kaisa's
contracted sales fell by 16% yoy in August 2021 and more than 30%
yoy in September 2021. While this decrease in sales is in line with
that of major Chinese developers, it suggests that Kaisa may need
to slash prices to keep contracted sales steady in the next six
months.

DERIVATION SUMMARY

Kaisa's ratings reflect its reduced funding access and liquidity
pressures over the next 12 months. The ratings are also constrained
by high leverage and heavy reliance on US dollar bonds. Kaisa's
share of US dollar bonds in its interest-bearing debt was at 58% in
1H21, higher than Fantasia Holdings Group Co., Limited's (RD) 53%
for the same period.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to stay flat in 2021 and drop by
    8% in 2022 (2020: 21% growth);

-- Attributable land premium/contracted sales at 36%-39% in 2021-
    2022 (2020: 44%);

-- Cash collection rate of around 65% in 2021 and 68% in 2022
    (2020: 71%);

-- Construction costs/attributable contracted sales at 25% in
    2021-2022 (2019-2020: 20%-24%);

-- Dividend payout ratio of 10% of net income (2020: 15%).

KEY RECOVERY RATING ASSUMPTION

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

Fitch assumes a 10% administrative claim.

Liquidation Approach

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

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

-- 80% haircut to investment properties, given low rental yield
    of around 1% annualised in 1H21. Fitch estimates the value of
    the company's investment properties at CNY4.7 million based on
    a 6.5% rental yield assumption, which was equivalent to 17% of
    the CNY28.7 billion book value at end-1H21;

-- 30% haircut to account receivables;

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

RATING SENSITIVITIES

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

-- Material improvement in the debt structure and funding access;

-- Stable sales and cash collection.

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

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

High Refinancing Needs: Kaisa has around USD400 million of offshore
bonds maturing in December 2021 and around USD3 billion by
end-2022. The company had CNY38.3 billion of cash at end-1H21,
compared with CNY25 billion of short-term debt. Management said the
company has cash in offshore bank accounts as of end-September 2021
to address the offshore bonds maturing in December 2021 and
relevant coupon payment of outstanding capital market bonds in the
next two to three months.

ISSUER PROFILE

Headquartered in Shenzhen, Kaisa focuses on urban property
development and is well established in the Greater Bay Area,
covering Shenzhen, Guangzhou, Foshan, Huizhou, Dongguan, Zhongshan
and Zhuhai. The group has expanded into the Yangtze River Delta,
the Western China Region, the Central China region and the
Pan-Bohai Bay Rim.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

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.

KAISA GROUP: S&P Downgrades ICR to 'CCC+' on Diminishing Liquidity
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China developer Kaisa Group Holdings Ltd. to 'CCC+' from 'B'.

The negative outlook reflects Kaisa's unsustainable capital
structure, sizeable near-term debt maturities, and diminishing
liquidity. S&P expects Kaisa to face high pressure to meet its debt
obligations over the next 12 months.

S&P said, "We view Kaisa's capital structure as unsustainable given
the company's sizable near-term debt maturities, weakening
liquidity, and inadequate free cash flow through 2022.A total of
about US$3.2 billion (principals only: about Chinese renminbi [RMB]
20.6 billion) of offshore senior notes will be due in the next 12
months to October 2022. This includes the US$400 million notes due
on Dec. 7, 2021, on top of RMB9 billion-RMB10 billion of other
onshore and offshore debt maturities that we believe could be due
in the next 12 months.

"We estimate the company's liquidity sources will be less than 1x
its uses over the next 12 months. In our view, the company will
need to rely on asset disposals and successfully improving its
capital structure to avoid defaulting on its debt commitments.

"Kaisa recently remitted funds offshore to pay coupon interests on
some of its senior notes, and it had over RMB40 billion of
unrestricted cash as of June 30, 2021. However, we estimate only
30%-40% of the reported unrestricted cash can be readily accessible
for debt servicing. This is due to Kaisa's cash being trapped at
project levels. We also believe banks could limit fund transfers
from project levels to ensure project completion and loan
repayment. Furthermore, Kaisa would need to reserve some cash for
its daily operations and working capital needs.

"Tight free operating cash flow compounds the refinancing pressure.
We anticipate Kaisa's spending on lands will largely pause for the
last quarter of 2021 and could drop significantly further to about
15% of contracted sales in 2022, down from an estimated 25% for
2021 (2019: 55%). This should preserve RMB9 billion-RMB10 billion
over the next 12 months for debt servicing, however this amount is
still limited compared with the company's outstanding maturities.
Moreover, we believe this could only be a temporary solution if the
company intends to maintain its sales scale and avoid rapidly
depleting its land reserves."

Visibility on Kaisa's ability to sell assets for liquidity
replenishment remains low. The company may be able to liquidate six
of its Hong Kong projects for US$1 billion-US$1.2 billion more
promptly given their residential nature. Asset sales of office
towers and hotels in mainland China may take more time. In S&P's
view, there is an increasing risk that execution and receipt of
sufficient sales considerations may not be conducted in time to
cover the imminent maturities.

Although Kaisa's large urban renewal project pipeline (213
projects, 129 of which are in Shenzhen) could generate liquidity
through disposals, project sales are in general becoming more
difficult as Chinese developers face tight liquidity and become
more cautious toward large-scale acquisitions.

S&P revised its management and governance assessment to weak from
fair. This is due to Kaisa's lack of adequate risk management
control and deficient transparency in relaying its refinancing
plans publicly amid deteriorating funding conditions, in its view.

Kaisa will need to manage a further US$2.2 billion-US$3 billion of
offshore maturities per year over 2023-2025. This is on top of the
company's onshore and offshore bank loans and other debt
obligations such as trust loans. Yields on its bonds have been at
heightened levels since July 2021 and rose further in the past
weeks. This will hinder Kaisa's ability to issue new bonds at
reasonable costs, in S&P's opinion.

The negative outlook reflects Kaisa's sizable and concentrated
offshore bond maturities over the next 12 months, and the company's
diminishing liquidity. We view the company's capital structure as
unsustainable amid challenging operating conditions and a tight
funding environment. We believe the company has high refinancing
risk.

S&P could lower its rating on Kaisa if:

-- It fails to communicate, and take convincing action to
implement repayment plans of its upcoming debt maturities; or

-- The company announces an exchange or restructuring that we deem
as tantamount to a default.

S&P could raise its rating on Kaisa if:

-- The company takes convincing action to significantly improve
its liquidity and address its upcoming debt maturities.

Kaisa is a China-based property developer primarily focusing on the
Greater Bay Area (GBA) in southern China and higher-tier cities.
The company's properties target the mid- to high-end market
segment. Kaisa is one of the largest players in the urban renewal
segment in Shenzhen and the GBA. In recent years, the company has
expanded into the Yangtze River Delta and Pan-Bohai Rim. In 2020,
Kaisa's attributable contracted sales were about RMB107 billion,
from 51 cities.

Kaisa is also involved in the rental, hotel and catering, cinema,
department stores and cultural centers, waterway passenger and
cargo transportation, and healthcare businesses, which together
contribute about 7%-10% of total revenue. Kaisa was founded in
1999, listed on the Hong Kong stock exchange in 2009, and is
headquartered in Shenzhen.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Strategy, execution, and monitoring
-- Risk management and internal controls
-- Transparency


MODERN LAND: Moody's Cuts CFR to Ca & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Modern Land (China) Co., Limited (Modern Land) to Ca from
Caa2.

At the same time, Moody's has downgraded to C from Caa3 the senior
unsecured rating on the bonds issued by Modern Land.

The outlook is changed to negative from ratings under review.

This rating action concludes the review for downgrade of Modern
Land's ratings initiated on October 11, 2021.

"The downgrade reflects our expectation of weak recovery prospects
for Modern Land's bondholders after the company's announcement on
October 26 that it had missed the payment on its USD250 million
bond due on October 25, 2021[1]," says Celine Yang, a Moody's Vice
President and Senior Analyst.

The negative outlook reflects Moody's view that recovery prospects
for Modern Land's creditors could weaken further.

RATINGS RATIONALE

Modern Land's Ca CFR reflects the company's default on its bond
repayment and the weak recovery prospects for its creditors.

Modern Land's repayment risk will remain elevated as the missed
payment could trigger a cross default and accelerate the repayment
of the company's other debt obligations.

Moody's expects the company's unrestricted cash of RMB13.6 billion
as of the end of June 2021 will not be sufficient to repay all of
the maturing debt in full.

Modern Land will have to rely on asset sales or investments from
potential investors to generate funds to pay its debt. However,
these fundraising activities entail high uncertainties and recovery
prospects for creditors remain uncertain.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Modern Land's weak financial
management.

Moody's has also considered the company's concentrated ownership by
its founder and chairperson, Zhang Lei, who held around a 66.1%
stake as of the end of June 2021.

Modern Land's C senior unsecured debt rating is one notch lower
than the company's Ca CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of Modern
Land's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

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

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Modern Land
repays its maturing debt and improves its liquidity position
materially.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Modern Land (China) Co., Limited was founded in Beijing in 2000 by
Mr. Zhang Lei, who is the company's current chairman. The company
specializes in developing green housing units and is among the few
early leaders in China's green and eco-lifestyle market.

Modern Land was listed on the Hong Kong Stock Exchange in July
2013. As of June 2021, the company had a gross land bank of around
16.8 million square meters in terms of gross floor area.

[*] CHINA: Urges Builders to Pay Debts After Default Hurt Trust
---------------------------------------------------------------
Bloomberg News reports that Chinese regulators have told developers
they need to meet all their debt obligations including offshore
bond payments, according to people familiar with the matter, after
an unexpected default cast doubt on the integrity of the market.

Officials from the National Development and Reform Commission and
the State Administration of Foreign Exchange told developers at a
meeting in Beijing on Oct. 26 that they must make payments on time
if possible, said the people, who asked not to be identified
discussing private matters, Bloomberg relays. Any developer that
can't meet its debt obligations must inform regulators immediately,
the people said.

Offshore bond holders are growing wary that they are left low on a
priority list for repayments as the property sector faces a
mounting strain on finances stemming from Beijing's deleveraging
campaign, Bloomberg says.

A surprise default by Fantasia Holdings Group Co. this month
stirred angst among investors because it had earlier signaled that
it had sufficient working capital and no liquidity issues, the
report notes.




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

ADANI GREEN: Moody's Rates USD500MM Senior Secured Notes 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the 5.5-year
USD500 million backed senior secured notes due December 2024,
issued by the Adani Green Energy Restricted Group-1 (RG-1).

RG-1 is Adani Green Energy Limited's (AGEL) restricted group and
comprises three 50%-owned indirect subsidiaries: (1) Adani Green
Energy (UP) Limited, (2) Parampujya Solar Energy Private Limited,
and (3) Prayatna Developers Private Limited. All three restricted
group entities are 100% subsidiaries of Adani Green Energy
Twenty-Three Limited (AGE23L), which is a 50/50 joint venture
between AGEL and Total Gas & Power Business Services SAS (Total
Group).

The notes are (1) issued in part by each of the three subsidiaries,
and (2) stapled together to form a restricted group. The cash flow
waterfall, creation of reserves, default and acceleration
conditions will be based on the group and will have no trigger at
the restricted subsidiary level.

All three restricted subsidiaries cross guarantee the senior notes,
and the noteholders benefit from the security package that includes
assets, a pledge of the restricted subsidiaries' shares and an
assignment of key project documents. Each lender to a restricted
subsidiary will have a pari passu first-ranking charge on all of
AGE23L's holdings in all three subsidiaries.

The rating outlook is stable.

RATINGS RATIONALE

"The Ba2 rating of the USD notes reflects the credit quality of
RG-1, which in turn is supported by its predictable revenues from a
diversified set of projects in India, operating under long-term
power purchase agreements with fixed tariffs," says Abhishek Tyagi,
a Moody's Vice President and Senior Credit Officer.

The RG-1's underlying credit quality also considers (1) the uneven
past performance of the restricted subsidiaries' projects over last
three years; (2) its high financial leverage; and (3) its exposure
to financially weak counterparties with a history of payment delays
for around 40%-45% of its revenues.

"The rating also benefits from RG-1's strong and committed
shareholders," adds Tyagi.

Moreover, the rating is supported by terms of the notes that
restrict the RG from making distribution payments if its EBITDA
derived from sovereign-backed entities falls below 55%. The notes'
covenants also require that the cash flow from the sovereign-backed
entities to be sufficient to service all interest and 75% of the
principal amount of senior debt.

Moody's expects output from RG-1's portfolio to remain below P-90
levels over the next two to three years, given its past track
record and transmission constraints in certain geographies where
its projects are located.

Moody's expects RG-1 will have high financial leverage, with funds
from operations (FFO) to debt at around 6%-7% over the term of the
senior notes. This leverage level supports the RG's underlying
credit quality.

The terms of the USD notes include restrictions on RG-1's payments
to the parent and other group entities, debt incurrence and a
forward-looking cash sweep mechanism, which will enhance the
resilience of RG-1's financial metrics in a downside scenario.
However, given the headroom between the projected credit metrics
under Moody's base case scenario and the covenant thresholds, these
supportive provisions would alleviate — but not insulate — RG-1
from unexpected challenges.

To mitigate the currency risk stemming from the absence of USD
revenues, which are needed to service the USD notes, RG-1 has used
currency swaps to hedge the principal and one-year rolling forward
hedges for the coupon payments.

The RG faces manageable refinancing risk, considering (1) AGEL's
alternative structures for refinancing, such as the ability to
issue corporate bonds or to form a modified restricted group; and
(2) the remaining long tenor of 21.5 years of the fixed-tariff
power purchase agreements.

In terms of environmental, social and governance (ESG) factors,
RG-1 benefits from positive macroeconomic and sectoral trends in
renewable energy and has low exposure to carbon transition risk.
The group's renewable energy business is aligned with India's
target to reduce its carbon footprint to meet nationally determined
contributions.

The Ba2 rating on the notes also factors in moderate governance
risk, given the concentrated shareholding of AGE23L. However, its
experienced management team, which has demonstrated its strong
commitment and ability to manage solar projects, mitigates this
risk.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that RG-1's
financial metrics will remain within the tolerance level set for
its Ba2 rating over the next 12-18 months, supported by its
long-term power purchase agreements and high EBITDA margin.

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

An upgrade of the rating is unlikely, given limited opportunities
available to RG-1 to meaningfully increase its revenue organically.
That said, Moody's could upgrade the bond rating if RG-1's FFO/debt
increases to above 10% on a consistent basis.

The rating could come under downward pressure if RG-1's FFO/debt
falls below 5% on consistent basis and/or Moody's assessment of the
credit profile of the off-taker of RG-1's assets changes.

The principal methodology used in these ratings was Power
Generation Projects Methodology published in June 2021.

Adani Green Energy Restricted Group-1 comprises three of Adani
Green Energy Limited's (AGEL) operating subsidiaries. The
restricted subsidiaries operate solar power plants, with a total
capacity of 930 megawatts (MW) as of September 30, 2021.

AGEL, which is listed on the National Stock Exchange and Bombay
Stock Exchange in India, is one of the largest solar power
producers in India. Its operational capacity totaled 5,410 MW as of
September 30, 2021.

ANAND PROJECTS: CRISIL Lowers Rating Loans to D
-----------------------------------------------
CRISIL Ratings said the rating on the bank facilities of Anand
Projects & Engineering Consultancy Private Limited (APECL) has been
downgraded to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' due to account
being classified as NPA as on Aug. 31, 2021.

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

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

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

APECL, incorporated in 2011, is promoted by Mr. Hemant Jawade and
his family. The company engaged in operation and maintenance of
heavy equipment's of open cast and underground mines, skilled
manpower supply, erection and commissioning of HT/LT lines for
MSEDCL in Vidharbha region.

ANAND TECHNOMARKETING: CRISIL Cuts Rating on Bank Debts to D
------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Anand
Technomarketing Private Limited (ATPL) has been downgraded to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' due to account being
classified as NPA as on  August 31, 2021

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

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

CRISIL has been consistently following up with ATPL for obtaining
information through emails dated August 31, 2021, October 6, 2021
and October 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 ATPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATPL
is consistent with 'Assessing Information Adequacy Risk'.

ATPL, incorporated in 2010 and based in Nagpur, is promoted by Mr.
Hemant Jawade and his family members. The company trades in
engineering goods such as special slurry pumps, motors, gear boxes,
and variable frequency drives, and Sandvik's surface drill machine
and crushers. The company set up a showroom for luxury passenger
vehicles of Jaguar and Land Rover in October 2017.


ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anitha Dairy
Products (ADP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     0.6       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              2.97      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              2.4       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.03      CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 2015 by Mr. Sama Anitha, based out of Hyderabad,
Anitha Dairy Products is engaged in processing of milk and
manufacturing of milk products.


ANKUR TRADERS: CRISIL Lowers Rating on INR10cr Loans to D
---------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated its rating on the long-term bank facilities of Ankur
Traders and Manufacturers (ATM) to 'CRISIL B/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing the requisite information necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL Ratings is
downgraded its long-term rating to 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.1       CRISIL D (Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Term Loan     7.5       CRISIL D (Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')
   Working Capital
   Term Loan              0.4       CRISIL D (Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

The downgrade reflects delays in debt servicing in July 2021
because of weak liquidity.

The rating reflects the firm's modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the proprietor in the iron and steel
trading industry.

Analytical Approach

Unsecured loan of INR2.84 crore as on March 31, 2021, from the
proprietor, his family members and related parties has been
considered as neither debt nor equity, as it is expected to remain
in the business over the medium term.

Key Rating Drivers & Detailed Description

* Weaknesses: Delays in servicing debt obligation in the emergency
credit line guarantee scheme (ECLGS) account in July 2021 on
account of poor liquidity

* Weak financial risk profile: Networth was low at INR3.54 crore
and total outside liabilities to tangible networth (TOLTNW) ratio
was high at 4.98 times as on March 31, 2021, due to the term debt
from the Small Industries Development Bank of India (SIDBI). Debt
protection metrics were weak, as reflected in interest coverage and
net cash accrual to total debt ratios of 1.37 times and negative
0.04 time, respectively, in fiscal 2021.

* Modest scale of operations: Revenue was INR15.65 crore in fiscal
2021, compared with INR23.22 crore in fiscal 2020., Scale of
operations remains modest due to intense competition in the iron
and steel trading business. However, turnover may improve, over the
medium term, on account of enhancement in production capacity,
supported by the new manufacturing unit.

* Large working capital requirement: Gross current assets (GCAs)
were 172-280 days in the past three fiscals, driven by receivables
of 32-58 days, moderate inventory of 21-102 days and security
deposit (5-25% of project value) with the government department for
tenders. Working capital requirement will remain large, with GCAs
estimated at 246 days as on March 31, 2021, driven by receivables
of 32 days and inventory of 102 days. The firm will continue to
maintain sizeable security deposit over the medium term.

Strength

* Extensive industry experience of the proprietor: The proprietor
has extensive experience in the iron and steel trading industry,
which has helped him establish and maintain long-term relationships
with customers and to get repeat orders.

Liquidity: Poor

Bank limit utilization was moderate at 89% on average for the 12
months through August 2021.  Cash accrual is expected to be around
INR26 lakh, which is insufficient against term debt obligation of
INR0.35-1.50 crore over the medium term.

Current ratio was 1.58 times as on March 31, 2021. The partners
withdrew INR0.64 crore during fiscal 2021, resulting in dip in
networth.

Rating Sensitivity factors

Upward factors

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

* Efficient working capital management

ATM is a proprietorship firm set up in 1995 by Mr. Ankur Agarwal in
Lucknow, Uttar Pradesh. The firm manufactures stainless steel (SS)
railings and SS gates on job work basis and trades in SS pipes and
sheets. It also sets up commercial kitchens, mainly for government
departments.

GLINT COSMETICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Glint Cosmetics Private Limited
        Plot No. C-217
        MIDC TTC Ind Area Turbhe
        Navi Mumbai
        Maharashtra 400705

Insolvency Commencement Date: September 24, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 28, 2022

Insolvency professional: Mr. Ashish Vyas

Interim Resolution
Professional:            Mr. Ashish Vyas
                         B-1A Viceroy Court CHS
                         Thakur Village
                         Kandivali (East)
                         Mumbai Suburban
                         Maharashtra 400101
                         E-mail: ashishvyas2006@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors
                         Private Limited
                         1507, B Wing, One BKC
                         G-Block, BKC, Bandra East
                         Mumbai 400051
                         E-mail: glintcosmetics@kanchansobha.com

Last date for
submission of claims:    October 13, 2021


GLOBAL GALLERIE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Global Gallerie Wheels Private Limited
        Flat No. 702, Seventh Floor
        Lake Superior, Lake Homes
        Off Adi Shankaracharya Marg
        Powai, Mumbai 400076

Insolvency Commencement Date: September 24, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 23, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Sapan Mohan Garg

Interim Resolution
Professional:            Mr. Sapan Mohan Garg
                         C-585 Basement
                         #Z-94, Defence Colony
                         New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: sapam10@yahoo.com

                            - and -

                         D-54, First Floor, Defence Colony
                         New Delhi 110024
                         E-mail: cirp.ggwpl@gmail.com

Last date for
submission of claims:    November 4, 2021


GOLCONDA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Golconda
Textiles Private Limited (GTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.55       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          11.00       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.45       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             4.00       CRISIL D (Issuer Not
                                    Cooperating)

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

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).


HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haryana Oils
and Soya Limited (HOSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Credit        95       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility       4       CRISIL D (Issuer Not
                                    Cooperating)

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

Based in Delhi, HOSL is primarily into trading of edible oil, de
oiled cakes and other agricultural commodities and is managed by
Mr. Laxmi Chand Aggarwal, Mr. Sanjeev Aggarwal, and Mr. Rajesh
Aggarwal. Previously, HOSL involved in the production of rice bran
oil and de-oiled cake (DOC) and was taken over by the current
promoters in 1994.

HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hi-Tech
Satluj Motors Private Limited (HTSMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory             13.24      CRISIL D (Issuer Not
   Funding Facility                 Cooperating)

   Overdraft              6.76      CRISIL D (Issuer Not
   Facility                         Cooperating)

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

HTSMPL is an authorised dealer of passenger cars of TML in HP. It
was set up as a partnership firm named Satluj Motors, and
reconstituted as a private limited company, with the current name
in fiscal 2013. The company has been promoted by Mr. Mohinder Singh
Gulleria and Mr. Narinder Singh Gulleria, who have experience of
over a decade in the automotive dealership business. The company
has three showrooms and workshops, one each in Mandi, Hamirpur, and
Kullu, and has one branch each in Bilaspur, Sarkaghat,
Jogindernagar, Manali, and Lunapani.


J.M.D. CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.M.D.
Corporation of India Limited (JMD) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           18.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    11.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically treated bars, ingots, and billets. With
over a decade's experience, Mr. Agarwal oversees the firm's
operations.


J.M.D. LAXMI: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.M.D. Laxmi
Enterprises (JMD) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term       5       CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

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

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically treated bars, ingots, and billets. With
over a decade's experience, Mr. Agarwal oversees JMD's operations.

JAISHRIRAM SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaishriram
Sugar and Agro Products Limited (JSAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Funded Interest        0.69      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest        0.13      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Sugar Pledge          29.15      CRISIL D (Issuer Not
   Cash Credit                      Cooperating)

   Term Loan              0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              5.29      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1.93      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              0.02      CRISIL D (Issuer Not
                                    Cooperating)
   
CRISIL Ratings has been consistently following up with JSAPL 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 JSAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSAPL continue to be 'CRISIL D Issuer Not Cooperating'.

JSAPL, incorporated in February 2006, has a sugar plant with
capacity to crush 1,600 tonne of cane per day, and a 5-megawatt
co-generation plant. The plants, at Halgaon in Ahmednagar,
Maharashtra, commenced commercial operations in fiscal 2013.

LAKSHMI AGENCIES: CRISIL Lowers Rating on Bank Loans to D
---------------------------------------------------------
CRISIL Ratings said the rating on the long-term bank facilities of
Sree Lakshmi Agencies (SLA) has been downgraded to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

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

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SV Group, which restricts CRISIL
Ratings' ability to take a forward-looking view on the group's
credit quality. CRISIL Ratings believes that rating action on SLA
is consistent with 'Assessing Information Adequacy Risk'.

On account of irregularity in the firm's account conduct (as per
banker feedback), characterized by delays in debt servicing and the
ratings being marked non-performing asset (NPA), the rating on the
long-term bank facilities of SLA has been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SLA and its group entity,
Sree Venkateshwara Enterprises (SVE), collectively known as the SV
group, as both the entities are in the same line of business and
have common promoters.

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.

LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of LSR Foods
Limited (LSR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Inland/Import          10        CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

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

LSR, formerly Kush Dairy Ltd, and Kushagra Oils and Fats Ltd, was
incorporated in 1996 and is headquartered in New Delhi. The company
trades in edible oils and cashew nuts and also manufactures milk
and products such as skimmed milk powder and ghee. Mr. Lakshmi
Chand Agarwal and family are the promoters.

MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Makhwan Metal
Trading Company Private Limited (MMTCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit              5       CRISIL D (Issuer Not
                                    Cooperating)

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

MMTCPL was incorporated in Thane, Maharashtra, in 2012 for trading
in steel products such as steel scraps, thermo-mechanically treated
bars, hot-rolled and cold-rolled coils, steel sheets, steel beams,
and steel plates. The promoters are Mr. Nipun Agarwal and Mr. Punit
Agarwal.

MRN INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MRN
Infrastructure Private Limited (MRNIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Proposed Long Term     4.8       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

MRNIPL is a Private incorporated on 10-August-2017, which is
engaged in construction activities. It is based out in Hyderabad.

NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nimit Steels
and Alloys Private Limited (NSAPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            15        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       60        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       18        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       32        CRISIL D (Issuer Not
                                    Cooperating)

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

NSAPL was incorporated in April 2003 by Mr. Haresh Bhansali and his
son, Mr. Akshay Bhansali. It is engaged in trading of special alloy
steels wire rods, round bars and billets. The company is based out
of Mumbai (Maharashtra).


NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of North India
Surgical Company (NISC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Cash Credit            13        CRISIL D (Issuer Not
                                    Cooperating)

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

NISC, a partnership firm of Mr. Varun Singla and Mr. Arun Singla,
commenced operations in April 2012. The firm trades in surgical
equipment such as stents, spinal implants and pacemakers.


ORIENT CRAFT: CRISIL Lowers Rating on Bank Debts to D
-----------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Orient Craft Limited (OCL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

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

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

The rating downgrade reflects delay in servicing of interest
obligations. There has been a delay from OCL's end in complying
with the conditions set by the lenders. As a result, bank levied
100% cash margin (against nil cash margin stipulated in the
resolution plan) on the letter of credit facilities (LC) availed by
the company and did not release working capital limits. This led to
stretch in the liquidity at the company resulting in delay of
servicing the interest obligation which was due on 30th September
2021.

The rating continues to reflect OCL's established market position
as a leading readymade garment exporter in India and longstanding
relationship with reputed brands. These strengths are partially
offset by weak financial risk profile leading to delay in servicing
interest obligations, large exposure to group companies and
susceptibility of operations to foreign exchange (forex) rate
fluctuations.

Analytical Approach

For arriving at its rating, CRISIL Ratings has considered the
standalone financial and business risk profiles of OCL because the
group companies are in different lines of business and do not have
material operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile leading to delay in interest
servicing: OCL's balance sheet remains leveraged, with gearing of
4.3 times as on March 31, 2021 (4.3 times as on March 31, 2020).
Debt protection metrics deteriorated due to significant inventory
loss of INR99 crore leading to loss in fiscal 2020 and remained
under pressure in fiscal 2021 as well due to impact of pandemic on
operating performance. Working capital cycle has remained stretched
since last 2-3 fiscals due to slower recovery of the debtors and
elongation of inventory holding due to postponed or cancelled
orders from the clients.

Post the implementation of resolution plan in May 2021, servicing
of interest is being done through the Trust and Retention Account
(TRA) maintained with the lead bank. There has been a delay from
OCL's end in complying with certain conditions set by the bank. As
a result, the working capital limits were not released by the bank,
impacting the cash flows of the company. Further, due to
non-compliance with the conditions, 100% cash margin was taken on
the LC availed by the company; impacting the cash flows of the
company. Also, the company was not able to take fresh orders due to
unavailability of working capital limits; which impacted its
operations and cash flows. Hence, sufficient funds were not
available for interest servicing and there a delay in servicing
interest of around INR60-70 lakh due on September 30, 2021.

OCL has investments in real estate assets at premium locations in
and around Delhi National Capital Region. The management intends to
monetise these assets in order to reduce debt. Timely monetisation
and subsequent reduction in debt will remain key monitorable.

* High exposure to group companies and susceptibility of
profitability to fluctuations in forex rates: As on March 31, 2020,
the company had extended INR148 crore to group companies, which
constituted over 70% of its tangible networth. Being primarily
export-oriented, the company remains highly exposed to volatility
in forex rates. The forex rate fluctuation directly affects the
profitability as realizations are impacted by the forex rate set at
different intervals during the year.

Strengths

* Established market position in readymade garments export
industry: OCL is one of India's leading manufacturers and exporters
of readymade garments, primarily for women and children, with
in-house manufacturing facilities. OCL has grown significantly over
the years and has emerged as a leading readymade garment exporter,
with revenue of over INR2000 crore for fiscal 2020 in the
fragmented readymade garment exports industry. Focus is mainly on
high-end garments that require intricate designing, thus attracting
higher realizations.

* Longstanding relationships with customers: The company caters to
international fashion houses and retail chains, predominantly in
the US and Europe. The well-diversified customer base comprises
over 40 clients, and includes reputed names such as GAP, Macy's,
Debenhams, French Connection, Ann Taylor, Marks & Spencer's,
Abercrombie & Fitch, Sainsbury, United Colors of Benetton (UCB) and
Next. Ability to maintain quality standards, quick turnaround of
orders and in house design capabilities have resulted in retention
of major customers over the years.
Liquidity: Poor

Due to non-compliance with the conditions placed by the bank, the
working capital limits have not been released impacting the cash
flows of the company. Further, certain export orders were executed
by OCL using their own funds as banks did not release packing
credit limit for the same due to non-compliance with conditions.
However, realizations against these orders were used by the bank to
settle the outstanding under packing credit facility. This further
impacted the liquidity of the company.

As a result of this, the company was unable to service the interest
obligations due on September 30, 2021.

OCL has a substantial repayment of INR206 crore falling due in
March 2022 which is expected to be serviced through monetization of
non-core assets as the accruals from business are not expected to
be sufficient to service the same. The debt repayment is dependent
on timely monetization of non-core assets. Further, the promoters
have created debt service reserve account (DSRA) of INR30 crore
from their own funds. However, the DSRA was set up for upcoming
repayment falling due in March 2022, hence the same was not used by
the bank towards settlement of any other obligations.

Rating Sensitivity factors

Upward Factors

* Track record of timely debt servicing for atleast over 90 days.

* Significant improvement in liquidity supported by better
operating performance, availability of working capital limits upon
meeting the conditions placed by the lenders.

* Significant improvement in operating performance backed by
sustained revenue growth and operating margin of 7-8%

* Reduction in debt through timely monetisation of non-core land
assets thereby leading to material improvement in debt protection
metrics.

OCL was established by Mr. Sudhir Dhingra in 1972 as a
proprietorship concern. In 1978, the firm was reconstituted as a
private limited company. Mr. Dhingra's friends, Mr. Anoop Thatai
and Mr. K K Kohli joined the business with their investment in the
company in 1978 and 1987 respectively. As on March 31, 2020, Mr.
Dhingra held 57.3% stake in OCL, while Mr. Thatai and Mr. Kohli
held 19.5% each. The company is recognised by the Indian government
as a four-star export house.

OCL manufactures and exports readymade garments, primarily for
women and children. It mainly manufactures high-end garments with
intricate designs, which attract higher realisations. The company
has 21 facilities in the National Capital Region, covering 13.5
lakh square feet. It exports mainly to the US and Europe and caters
to high-end brands such as GAP, Macy's, Debenhams, French
Connection, Ann Taylor, Marks & Spencer's, Abercrombie & Fitch,
Sainsbury, UCB  and Next.

PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Blankets Private Limited (PBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan         0.11      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.50      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     2.00      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     3.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells in
the domestic market. Its manufacturing unit is at Sonepat
(Haryana).


POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Power Welfare
Society (PWS) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          30       CRISIL D (Issuer Not
                                    Cooperating)

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

PWS was set up in 2005 as a non-profit organization under the
Andhra Pradesh Societies Act, 2001, to build an 853flat residential
complex for its members, at Gachibowli in Hyderabad.

PRAGATI MARINE: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragati
Marine Services Private Limited (PMSPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit             3.5      CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.82     CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               1.68     CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PMSPL 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 PMSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMSPL continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Established in 2009 by Mr. Amrendra Kumar Singh, PMSPL provides
crew and manning services for the shipping industry. It also leases
tugs and barges and undertakes dredging contracts. Operations are
managed by the promoter with a team of professionals.


PROCESS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Process
Construction & Technical Services Private Limited (PCTS) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         28        CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         20        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     15        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     32        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              15        CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 2006 as a partnership, PCTS was reconstituted as a
private limited company in 2014-15. The company is promoted by Shri
K.P. Francis and is based in Navi Mumbai.

PCTS provides engineering and technical, onshore and offshore,
products and services mainly for the oil and gas industry. This
includes installation, hook-up, pre-commissioning and commissioning
assistance on major equipment, plants and machinery on offshore
platforms; and modification and revamping of offshore oil and gas
platforms, rigs and onshore facilities. Its major customers include
Larsen & Toubro Ltd and Sime Darby (a Malaysia-based multinational
conglomerate involved in plantations, property, industrial, motors
and energy & utilities).

R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. G.
International Private Limited (RGIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             55       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit              5       CRISIL D (Issuer Not
                                    Cooperating)

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

TC Agro was established as a partnership firm in 1995, with Mr. Ram
Gopal Singla and Mr. Rajendra Kumar as partners. In 2002, the firm
was reconstituted as a proprietorship concern, with Mr. Singla as
the proprietor. The firm mills and sorts basmati rice. Its unit at
Karnal, Haryana, has milling capacity of 14 tonne per hour (tph)
and sorting capacity of 8 tph.  

RGIPL was established as a partnership firm in 2007 by Mr. Rajesh
Kumar Singla and his two brothers Mr. Munish Kumar Singla and Mr.
Murari Lal Singla. The firm was reconstituted as a private limited
company on April 1, 2013. The company is engaged in milling &
sorting of basmati rice. Its unit in Karnal has a milling capacity
of 16 tph and sorting capacity of 12 tph.


S.M. RAMCOAL IMPORTERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: S.M. Ramcoal Importers Private Limited
        93C/6Y/B/1, Palai Road West
        (Teachers Colony) Tuticorin
        Thoothukudi, Tamil Nadu 628008

Insolvency Commencement Date: October 13, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 11, 2022

Insolvency professional: Kathiresan Nachimuthu

Interim Resolution
Professional:            Kathiresan Nachimuthu
                         'Raji' 2B1, 3rd Floor
                         Gaiety Palace, No. 1L
                         Blackers Road, Mount Road
                         Chennai 600002
                         E-mail: kathir.fca@outlook.com

Last date for
submission of claims:    October 27, 2021


SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sainatha
Rice Industries (SSRI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          4        CRISIL D (Issuer Not
                                    Cooperating)

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

Established as a partnership firm in 2013 and based in Nizamabad
(Telangana), SSRI mills and processes paddy into rice, rice bran,
broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna
and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh
Kuna.

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

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

   Cash Credit            2.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit/           1.50      CRISIL D (Issuer Not
   Overdraft                        Cooperating)
   facility               

   Proposed Working       1.25      CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

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

Incorporated in 1990, SE is promoted Mr. Santosh Dalvi. The firm is
engaged in the manufacturing of fabricated structures used by the
windmill industry. It has a manufacturing facility in the Ambad
industrial area of Nasik.

SARVODAY ASHRAM: CRISIL Lowers Rating on INR7cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facilities of Sarvoday Ashram (Sarvoday) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' as the
account has been running under stress as per the feedback received
from the banker.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash           4        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash           3        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with Sarvoday for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Sarvoday, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating action is
consistent with 'Assessing Information Adequacy Risk'.

Sarvoday is a society based out of Etah, Uttar Pradesh. Established
in 1952, Sarvoday has been engaged in the spinning, weaving and
marketing of khadi clothes and is affiliated to the Khadi and
Village Industries Commission (KVIC).


UB ENGINEERING: Liquidation Work Still in Progress
--------------------------------------------------
Deccan Herald reports that even as insolvency proceedings against
liquor baron Vijay Mallya and diamantaire Nirav Modi continue
abroad, some of their firms in India that are undergoing
liquidation under the insolvency and bankruptcy code have not seen
a closure.

Firestar Diamond International, Nakshatra World and Firestar
International are some of Nirav Modi's companies that were sent for
liquidation by the National Company Law Tribunal (NCLT) while the
UB Group's UB Engineering is undergoing liquidation, Deccan Herald
says.

At present, the assets of all the three companies of the former are
attached by the Enforcement Directorate (ED) after the fugitive
diamantaire fled the country.

"We are making efforts to get all the assets detached. As and when
the ED detaches the assets, all of them including the inventory of
gold, silver and other precious & semi-precious stones will have to
be valued by independent valuers and then put up for auction",
Deccan Herald quotes Santanu T Ray, the liquidator of the
companies, and senior partner AAA Insolvency Professionals LLP, as
saying.

He added that they also intend to get the inventory certified by a
grading agency like Gemological Institute of India so that the
buyers are assured of what they are buying, Deccan Herald relates.
Sources said the valuation of the jewellery that has been attached
is worth at least a few hundred crore rupees.

So far as UB Engineering is concerned, some of the assets have been
auctioned while others are left, Deccan Herald reports.

UB Engineering was one of the earliest cases referred for
liquidation way back in 2017.

Sources say the service tax liens marked on the company were a
hindrance in the liquidation. "Before we put up anything on sale,
that had to be sorted out.

Now that all has been taken care of, we should be able to liquidate
the company as soon as possible", said sources close to the
liquidator, Deccan Herald relays.

In its annual report for the year 2015-16, the company stated that
as of March 31, 2016, the company had undisputed service tax claims
of INR3.33 crore, Deccan Herald discloses.

UB Engineering's liquidation value is slightly above INR100 crore.

UB Engineering was earlier admitted by the insolvency court for
resolution but was then referred for liquidation.


VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vama Wovenfab
Private Limited (VWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        10.57      CRISIL D (Issuer Not
                                    Cooperating)

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

VWPL is a Daman, based company engaged in manufacturing of woven
fabric, the company is managed by Mr. Vaibhav Gupta and Mr. Suresh
Gupta.

VAMSADHARA COTTON: CRISIL Lowers Rating on INR9cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Vamsadhara Cotton Industries (VCI) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             9        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with VCI for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCI
is consistent with 'Assessing Information Adequacy Risk'.

Based on available information, CRISIL Ratings has downgraded the
rating on the bank facilities of VCI to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations.

Established in 2013, VCI is a partnership firm based in Guntur,
Andhra Pradesh - is engaged in ginning cotton.


VAMSADHARA GINNING: CRISIL Lowers Rating on INR12cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facilities of Vamsadhara Ginning and Pressing Industries (VGPI) to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing debt obligations as per the
feedback received from the banker.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          2.69     CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term
   Bank Loan Facility      2.31     CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with VGPI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 VGPI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VGPI
is consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has downgraded the rating on the long-term bank
facilities of VGPI to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' due to delays in servicing
debt obligations as per the feedback received from the banker.

Established in 2017, VGPI is into ginning of cotton. The firm,
located in Guntur (Andhra Pradesh), commenced commercial operation
in February 2017 and fiscal 2018 is the first full year of
operations. Operations are managed by Mr. Sontineni Venkateswara
Rao.


VAMSADHARA RICE: CRISIL Cuts Rating on INR5cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Vamsadhara Rice Industries (VRI) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations.

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

   Proposed Long Term      2        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with VRI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 VRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRI
is consistent with 'Assessing Information Adequacy Risk'.

Based on available information, CRISIL Ratings has downgraded the
rating on the bank facilities of VRI to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations.

VRI was started in 2006 as a partnership firm. It is engaged in
milling and processing of paddy into rice, rice bran and broken
rice. It is managed by partners Mr. Venkateshwara Rao and his
family members. Its processing facilities are located in Janapadu,
Andhra, and has an installed capacity to process about 4 tonnes per
hour (tph).

VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Velohar Infra
Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Velohar, incorporated in 2009 and promoted by Mr. G Thiyagu and Ms.
S Vijayalakshmi, is an engineering, procurement, and construction
(EPC) contractor in the infrastructure segment.


VENKATESHWARA ENTERPRISES: CRISIL Cuts Debt Ratings to D
--------------------------------------------------------
CRISIL Ratings said the rating on the long-term bank facilities of
Sree Venkateshwara Enterprises (SVE) has been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

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

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SV Group, which restricts CRISIL
Ratings' ability to take a forward-looking view on the group's
credit quality. CRISIL Ratings believes that rating action on SVE
is consistent with 'Assessing Information Adequacy Risk'.

On account of irregularity in the group firm's account conduct (as
per banker feedback), characterized by delays in debt servicing and
the ratings being marked nonperforming asset (NPA), the rating on
the long-term bank facilities of SVE has been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SVE and its group entity,
Sree Lakshmi Agencies (SLA), collectively known as the SV group, as
both the entities are in the same line of business and have common
promoters.

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.




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

DALMATIAN LAWN: Creditors' Proofs of Debt Due Nov. 29
-----------------------------------------------------
Creditors of Dalmatian Lawn & Care Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 29,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2021.

The company's liquidators are:

         Craig Sanson
         Malcolm Hollis
         PwC
         Private Bag 92162
         Victoria Street West
         Auckland 1142
         New Zealand


GRISSOLI LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Grissoli Limited, on Oct. 27, 2021, passed a resolution
to voluntarily wind up the company's operations and appoint Antonia
Catherine Walker of Christchurch, chartered accountant, as the
company's liquidator.

The company's liquidator can be reached at:

         Antonia Catherine Walker
         7 Vanadium Place
         Addington, Christchurch
         New Zealand


THRIVE HOMES: Creditors' Proofs of Debt Due Dec. 9
--------------------------------------------------
Creditors of Thrive Homes Limited and Classic Flights Limited,
which are in liquidation, are required to file their proofs of debt
by Dec. 9, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 21, 2021.

The company's liquidators are:

         Trevor Edwin Laing
         Emma Margaret Laing
         Trevor Laing & Associates Limited
         PO Box 2468, Dunedin
         New Zealand


WAIUTA PROPERTIES: Commences Wind-Up Proceedings
------------------------------------------------
Members of Waiuta Properties Limited, on Oct. 27, 2021, passed a
resolution to voluntarily wind up the company's operations and
appoint Antonia Catherine Walker of Christchurch, chartered
accountant, as the company's liquidator.

The company's liquidator can be reached at:

         Antonia Catherine Walker
         7 Vanadium Place
         Addington, Christchurch
         New Zealand




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

LONGVIEW RESOURCES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 22, 2021, to
wind up the operations of Longview Resources (SG) Pte. Ltd.

Rhodium International Trading UK Limited filed the petition against
the company.

The company's liquidator is:

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


SINGA CHEM: Placed in Provisional Liquidation
---------------------------------------------
Tee Wey Lih of Acres Advisory on Oct. 20, 2021, was appointed as
Provisional Liquidator of Singa Chem Pte. Ltd.

The Provisional Liquidator can be reached at:

         Tee Wey Lih
         Acres Advisory Pte Ltd
         531A Upper Cross Street
         #03-128 Hong Lim Complex
         Singapore 051531


TRADERS GEMS: Deloitte Appointed as Provisional Liquidators
-----------------------------------------------------------
Messrs. Tan Wei Cheong and Lim Loo Khoon of Deloitte on Oct. 20,
2021, were appointed as Provisional Liquidators of Traders Gems Pte
Ltd.

The Provisional Liquidators can be reached at:

         Tan Wei Cheong
         Lim Loo Khoon
         Deloitte
         6 Shenton Way OUE Downtown 2
         #33-00 Singapore 068809




                           *********


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.

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