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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, November 5, 2021, Vol. 24, No. 216

                           Headlines



A U S T R A L I A

BLOCKCHAIN GLOBAL: Enters Into Voluntary Administration
LATITUDE DEVELOPMENT: Second Creditors' Meeting Set for Nov. 12
PIC LINDFIELD: Second Creditors' Meeting Set for Nov. 12
ROMBRO CONSTRUCTIONS: Second Creditors' Meeting Set for Nov. 11


C H I N A

BAOTOU TOMORROW: Posted CNY31.6MM Net Loss in First 3 Qtrs of 2021
CHINA EVERGRANDE: Unit Set to Sell Protean to EV Maker Bedeo
CHINA: Developers Struggle to Find Buyers for Billions in Assets
DATANG GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
DEXIN CHINA: S&P Alters Outlook to Negative, Affirms 'B' ICR

HUARONG INDUSTRIAL: Fitch Raises LT FC IDR to 'B-', Outlook Stable
IDEANOMICS INC: Secures $75M Convertible Debenture Financing
KAISA GROUP: S&P Downgrades ICR to 'CCC+' on Diminishing Liquidity
KANGMEI PHARMA: May Get US$1 Bil. Rescue Led by Guangzhou Pharma
SINIC HOLDINGS: S&P Withdraws 'SD' Long-Term Issuer Credit Rating

YUZHOU GROUP: Fitch Lowers LT FC IDR to 'B', Outlook Negative


I N D I A

ALLAHABAD AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
ANUBHA INDUSTRIES: Ind-Ra Affirms 'BB' Long Term Issuer Rating
BHADJA POWERTRANS: CRISIL Moves B+ Debt Rating to Not Cooperating
BRATTLE FOODS: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
CAPRICORN FOOD: CRISIL Lowers Debt Rating on Long Term Loan to D

CMM INFRAPROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
DAMSON TECHNOLOGIES: CRISIL Moves D Rating to Not Cooperating
DOLLARS GRAND: CRISIL Moves B Debt Rating to Not Cooperating
FINOLITE CERAMIC: CRISIL Withdraws D Rating on INR24cr Loans
FLEXI PLAST: CRISIL Keeps B Debt Ratings in Not Cooperating

GREEN WORLD: CRISIL Assigns B Rating to INR5cr Proposed Loan
HOTEL SWOSTI: Ind-Ra Affirms 'BB' Long Term Issuer Rating
MAGNUM SPINNING: Ind-Ra Affirms BB Issuer Rating, Outlook Positive
MODERN GLASS: CRISIL Moves B- Debt Ratings to Not Cooperating
ORISSA STEVEDORES: CRISIL Withdraws D Rating on INR44.3cr Loan

OXIGEN SERVICES: CRISIL Keeps D Debt Ratings in Not Cooperating
PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'BB+'
ROHIT JEWELLERS: CRISIL Moves B+ Debt Rating to Not Cooperating
S.K. CREATIONS: CARE Keeps B- Debt Rating in Not Cooperating

S.M. AGRI: CRISIL Moves B+ Debt Rating to Not Cooperating
SALAS PHARMACEUTICALS: CARE Keeps B- Rating in Not Cooperating
SANDHYA DEVELOPMENT: CRISIL Withdraws B+ Rating on INR8cr Loans
SHANDAR SNACKS: CARE Keeps D Debt Ratings in Not Cooperating
SRINIVAS PAPERS: CRISIL Lowers Rating on INR40cr Cash Loan to B+

SRM MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category
SRS LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
SWOSTI PREMIUM: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
VENKATESHWARA SHIKSHAN: Ind-Ra Keeps 'D' Rating in Non-Cooperating
VIKRAM TRADERS: CARE Keeps B- Debt Rating in Not Cooperating

VVF INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating


M O N G O L I A

TRADE AND DEVELOPMENT BANK: S&P Withdraws 'B' MTN Program Rating


N E W   Z E A L A N D

BLAKEMORE BRICK: Creditors' Proofs of Debt Due on Nov. 14
CHOIXENFANTS LIMITED: Court to Hear Wind-Up Petition on Nov. 19
DECMIL CONSTRUCTION: Ecovis Appointed as Receivers
HOSPITALITY HUB: Director Blames Lockdowns for Bar Liquidations


S I N G A P O R E

ABX LOGISTICS: Creditors' Proofs of Debt Due Dec. 3
GOKUL VEGETARIAN: Court to Hear Wind-Up Petition on Nov. 19
PROFICIO CAPITAL: Commences Wind-Up Proceedings

                           - - - - -


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

BLOCKCHAIN GLOBAL: Enters Into Voluntary Administration
-------------------------------------------------------
SmartCompany reports that cryptocurrency exchange operator
Blockchain Global has fallen into voluntary administration owing
AUD21 million to creditors, in the midst of a legal battle that has
seen almost AUD10 million in assets frozen.

Blockchain Global was once the operator of failed cryptocurrency
trading platform ACX, which ceased operations without warning last
year, reportedly leaving hundreds of customers out of pocket.

Administers were appointed on October 19, 2021, just weeks after
the business was ordered by the Federal Court to disclose its
assets, SmartCompany discloses.

According to SmartCompany, Blockchain Global has been embroiled in
a dispute with customers over 117 Bitcoins, currently valued at
about AUD9.9 million, that are trapped on a hard drive due to a
breach-of-contract dispute between one-time business partners Sam
Lee, Allan Guo and Jin Chen.

In 2020, the exchange abruptly halted trading and stopped
responding to customers' requests to withdraw their currency.
According to the Australian Financial Review, about 200 investors
may have been affected, SmartCompany relays.

In September this year, Supreme Court Justice Peter Riordan ordered
five defendants, including Lee, Guo and Chen, plus Blockchain
Global and ACX Tech, not to sell or in any way dispose of the
coins, SmartCompany recalls.

A few days later, Justice Riordan ordered Blockchain Global to
disclose its assets by September 30, a deadline it reportedly
failed to meet, the report relates.

The business has appointed Andrew Yeo and Innis Cull, partners at
Pitcher Partners, as administrators.

Speaking to SmartCompany, Mr. Yeo cites various ongoing legal
proceedings as the main reasons for the company entering
administration — including one seeking to establish who in fact
owned and operated the ACX platform at the time it stopped
trading.

"The value of those claims significantly exceeded what appears to
be the assets of the company," SmartCompany quotes Mr. Yeo as
saying.

A Report on Company Affairs and Property shows that the company
also owes some AUD20.94 million to creditors, he confirms. However
after meeting with creditors, he expects this could increase to
close to AUD30 million, SmartCompany discloses.

"Our initial investigations are focused on identifying the various
assets of the company, and the various competing claims to those
assets," Yeo adds.

Lee, who is currently Blockchain Global's chief executive, told the
Australian Financial Review he stepped down as a director in 2019,
but retained ownership of the brand and was re-appointed as CEO in
April 2020 "to deal with matters" after the company ceased
trading.

"I abstained from all decision-making after my appointment as I
didn't have enough visibility to make informed decisions," he
said.

The decision to wind up the company was made by existing directors,
he added, who felt it was "in the best interest of creditors and
shareholders".


LATITUDE DEVELOPMENT: Second Creditors' Meeting Set for Nov. 12
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Latitude
Development Group Pty Ltd has been set for Nov. 12, 2021, at 10:00
a.m. via Teleconference Only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 11, 2021, at 4:00 p.m.

Glenn Thomas OKearney of GT Advisory & Consulting was appointed as
administrator of Latitude Development on Oct. 8, 2021.


PIC LINDFIELD: Second Creditors' Meeting Set for Nov. 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Pic Lindfield
19 Pty Ltd has been set for Nov. 12, 2021, at 11:00 a.m. via
teleconference Facility - Zoom.

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. 11, 2021, at 4:00 p.m.

Grahame Ward and Thyge Trafford-Jones of Mackay Goodwin were
appointed as administrators of Pic Lindfield on Oct. 8, 2021.


ROMBRO CONSTRUCTIONS: Second Creditors' Meeting Set for Nov. 11
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Rombro
Constructions Australia Pty. Ltd has been set for Nov. 11, 2021, at
9:00 a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 10, 2021, at 5:00 p.m.

Anthony Elkerton of DW Advisory was appointed as administrator of
Rombro Constructions on Oct. 11, 2021.




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

BAOTOU TOMORROW: Posted CNY31.6MM Net Loss in First 3 Qtrs of 2021
------------------------------------------------------------------
Caixin Global reports that Baotou Tomorrow Technology Co.,Ltd.
reported a net loss of CNY31.6 million in the first three quarters
of 2021, widening 7948.1% year-on-year.

Meanwhile, the company posted CNY5.6 million in revenue, down 60.7%
year-on-year, Caixin discloses.

At the end of the reporting period, it had CNY1.1 billion in total
assets and CNY267.6 million in total liabilities, with a
liability-to-asset ratio of 23.7%, the report notes.

Baotou Tomorrow Technology Co., Ltd. is a China-based company
principally engaged in the production and sales of chemical
products. The Company is also engaged in the purchasing and sales
of chemical products, as well as the leasing business through its
subsidiaries. The Company mainly operates its business in domestic
market.


CHINA EVERGRANDE: Unit Set to Sell Protean to EV Maker Bedeo
------------------------------------------------------------
South China Morning Post reports that China Evergrande Group's
automotive unit is nearing a sale of UK start-up Protean Electric
to e-mobility company Bedeo, people with knowledge of the matter
said.

The Post says the deal would help Europe-focused Bedeo, which
supplies light commercial vehicles and technology for zero
emissions transport, expand into Asia and the US. The transaction
value could not be immediately learned.

According to the Post, Protean makes in-wheel motor technology used
in electric cars, self-driving vehicles and commercial vans. The
company has about 150 employees spread between the UK, China and
the US and has been issued more than 200 patents. It's led by Chief
Executive Officer Andrew Whitehead, a former designer of Formula
One racing engines for Honda Motor, the Post discloses citing
company website.

Evergrande bought Protean in 2019 for US$58 million, part of a
series of deals made by the Chinese property developer as it pushed
into electric vehicles, according to its annual report that year,
the Post recalls. It spent billions of dollars on such
acquisitions, including the takeover of remnants salvaged from the
bankrupt Saab Automobile.

The Post relates that the Chinese group still has yet to deliver a
single vehicle, despite billionaire founder Hui Ka-yan's ambitions
to take on industry giants like Tesla. More recently, Evergrande is
trying to shed assets in a bid to avert default as it grapples with
more than US$300 billion of liabilities. It's been seeking a buyer
for its property management arm and sold holdings in other
companies including a Chinese bank.

Bedeo, founded by Turkish engineer Osman Boyner, has developed
power trains for electric automobiles and is seeking to expand the
use of its technology in the marine and aviation sectors, according
to the Post. In 2019, it signed a contract to supply drivetrain
solutions to light commercial vehicles made by PSA Group, now known
as Stellantis, according to its website. It has also worked with
customers including express delivery company FedEx and British
online grocer Ocado Group.

The London-based firm received a growth capital investment from
Ludgate Investments, a European sustainability focused investment
manager, in April.

                       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'.

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: Developers Struggle to Find Buyers for Billions in Assets
----------------------------------------------------------------
Bloomberg News reports that property developers in China looking to
raise badly needed cash by selling assets are finding it hard to
strike deals as potential buyers in the sector hoard funds after
home sales plunged and Beijing stepped up its borrowing crackdown.

Bloomberg says China Evergrande Group last month ended discussions
to sell a controlling stake in its property-management business
that would have raised about US$2.6 billion.

A plan to unload a trophy office tower in Hong Kong also stumbled,
while Modern Land China defaulted on a US$250 million bond last
week after it was unable to sell some assets, Cailian reported.

Oceanwide Holdings is seeking to offload its main office complex in
Beijing after a unit defaulted.

According to Bloomberg, the failure to sell holdings exacerbates
the cash squeeze for some of the nation's property giants, many of
which are shut out of financial markets due to soaring borrowing
costs and Beijing's "three red lines" policy that limits lending in
the industry.

"The majority of prospective buyers of real estate assets under
disposal are also developers, but under three red lines debt
restrictions, many refrain from swallowing sizeable assets,"
Bloomberg quotes Mr. Matthew Chow, a director at S&P Global
Ratings, as saying. "In a down cycle, even those developers with
abundant liquidity tend to hoard cash."

For years, developers ranging from Dalian Wanda Group to Seazen
Group were able to overcome financing stress by selling off parcels
of land, construction projects or other assets. Big property
rivals, including Evergrande, Sunac China Holdings and China Vanke,
were often willing buyers, Bloomberg says.

That is no longer the case, with Evergrande's debt crisis engulfing
the sector while Beijing's crackdown puts a straitjacket on fresh
borrowing.

Among the country's top 30 property firms by sales, two-thirds have
breached at least one of the three red lines metrics,
Bloomberg-compiled data show. A developer is banned from increasing
its outstanding borrowings if it breaches all three lines.

"Property projects usually come with debt," said Mr. Zhou Chuanyi,
a credit analyst at Lucror Analytics. "There are presently few
players in the market who are willing to consolidate more debt."

Evergrande's cash crunch has eroded confidence in a real estate
sector that by some estimates accounts for nearly a quarter of
gross domestic product, Bloomberg notes.

Concerns about financial contagion, with at least four developers
defaulting on dollar bonds last month, has spread to the whole
industry, says Bloomberg. Chinese borrowers have defaulted on more
than US$9 billion of offshore bonds this year, with real estate
firms accounting for a third of that.

Bloomberg says falling home prices and a land sale slump further
complicate asset sales. Residential prices fell for the first time
in more than six years in September, while the rate of land parcels
left unsold surged to the highest since at least 2018.

New-home sales by area at the nation's top 100 developers fell 32
per cent last month from a year earlier, according to figures from
China Real Estate Information. Sales may continue to slow for the
rest of the year, the firm said.

Bloomberg adds that the housing slump threatens to further erode
the potential value of real estate projects on offer by companies
like Evergrande, which is also looking to sell an additional stake
in its electric vehicles business to finance its more than US$300
billion in liabilities.

The embattled developer could also sell more of its Internet
business HengTen, or its online sales platform FCB Group.

"As winter has come, everyone feels cold," Bloomberg quotes Mr. Yu
Liang, chairman of China Vanke, told state media Securities Times
when asked about potential deals with Evergrande, as saying.
"Before lending help to others, one should ensure its own safety."


DATANG GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its rating outlook on China-based
property developer Datang Group Holdings Ltd. to negative from
stable. At the same time, S&P affirmed its 'B' long-term issuer
credit rating on the company.

The negative outlook reflects our view that Datang's leverage in
terms of consolidated and look-through debt-to-EBITDA will trend
towards 8x due to margin erosion over the next 12 months.
Meanwhile, the potential repayment of its offshore bond with
internal resources could strain liquidity.

S&P said, "We revised the outlook to negative because we believe
Datang will face multiple operational challenges, including
weakening sales prospects and margin erosion, particularly in its
home market of Nanning. The company's liquidity could also take a
hit due to the uncertainty over refinancing its offshore maturities
amid market volatility.

"We affirmed the rating because we believe Datang should be able to
manage its near-term maturities with internal resources. The
company's unrestricted cash fully covered its short-term debt
obligations as of June 30, 2021."

Datang's slowing sales in the second half indicate waning demand in
its home market. S&P believes it will be challenging for Datang to
reach its sales target of Chinese renminbi (RMB) 50 billion in
2021, despite sales performance being largely on-track in the first
half. Datang's contracted sales in the third quarter of this year
declined by about 30% compared with sales in the second quarter,
with buyers deterred by a prolonged mortgage release cycle and
rising rates.

In particular, Datang saw moderating sell-through in its home
market, Nanning, which accounted for about 30% of saleable
resources for the company at the start of 2021. S&P estimates
Datang to record a sell-through rate of about 55% in Nanning in the
first nine months of 2021, contrasting with about 80% in prior
years. Price index of newly constructed residences fell for two
months in a row since August 2021 in Nanning, indicative of
deterioration in market sentiment, in its opinion.

Datang's margin compression could accelerate due to price cuts amid
weak market conditions. S&P expects Datang's gross margin to dip
towards 20% for 2021-2022 from 25.5% in 2020. Datang has carried
out price cuts to boost sales amid weakening market sentiment. S&P
expects these sales to be recognized over 2022-2023, putting
downward pressure on the company's margin. This will likely
increase the company's consolidated and look-through debt-to-EBITDA
toward 8x in the next 18 months.

Datang's expansion through partnerships in other regions could be
hindered. S&P believes the company's access to new project
resources in other regions will be hampered. In prior years, Datang
gained access to quality projects in other regions given it is one
of the top 3 developers in terms of contracted sales in Nanning.
The company partnered with developers looking to take a piece of
the Nanning market and expand to other markets in return.

However, deteriorating sales prospects in Nanning could make such a
proposition with Datang less attractive for other developers. S&P
said, "As a result, we believe project resources available to
Datang in other regions will also decline accordingly. That said,
we believe sales prospect in Nanning will still be supported by
solid local demand in the longer term due to the city's ability to
attract population inflow as the capital of Guangxi province."

Datang's extensive use of partnerships could limit its access to
cash for debt servicing. S&P said, "We believe accessing cash
upstream from project companies could be challenging for Datang
given its extensive use of partnerships. Datang will need to
negotiate with partners in order to mobilize any surplus cash from
project companies. For the first nine months of 2021, we estimate
the consolidation ratio of Datang's contracted sales to be at a
relatively low level of 40%-45%. We estimate that cash readily
accessible for debt servicing amounts to about 25% of the company's
unrestricted cash."

Datang's access to offshore capital markets is subject to high
uncertainty amid market volatility. S&P said, "We see high
uncertainty for the company to refinance its US$300 million
offshore notes maturing in June 2022 given weakening investor
sentiment amid volatile market conditions. Datang's liquidity could
be stressed if it repays the notes using internal resources. We
expect the company to conserve cash for repaying its maturing
debts, as indicated by its muted land investment that we estimate
at about RMB690 million in the second half of 2021."

The negative outlook reflects S&P's view that Datang will face
margin compression over the next 12 months resulting in its
consolidated and look-through debt-to-EBITDA trending toward 8x.
Furthermore, the potential repayment of its offshore bond with
internal resources will likely strain its liquidity.

S&P may lower the rating if:

-- Datang's consolidated or look-through debt-to-EBITDA
deteriorates to above 8x due to revenue slippage or margin decline,
or debt growth beyond our expectation.

-- S&P may also lower the rating if Datang's liquidity weakens
further. This could stem from significant slippage in contracted
sales, or refinancing difficulties in any of the funding channels,
or escalation of debt repayment in trust loan or other borrowings.
Material cash depletion or a sharp increase in funding costs could
signal such deterioration.

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

-- The company's consolidated and look-through debt-to-EBITDA
remains stable at the current level of 7x-8x.

-- At the same time, S&P would also expect Datang to consistently
demonstrate adequate liquidity with sufficient cash on hand to
cover short-term maturities even after paying down offshore
maturities.


DEXIN CHINA: S&P Alters Outlook to Negative, Affirms 'B' ICR
------------------------------------------------------------
On Nov. 4, 2021, S&P Global Ratings revised its rating outlook on
Dexin China Holdings Co. Ltd. to negative from stable. At the same
time, S&P affirmed its 'B' long-term issuer credit rating and the
'B-' long-term issue rating on the company's senior unsecured
bonds.

S&P said, "The negative outlook reflects our view that a slowdown
in sales amid tough operating conditions in China may affect
Dexin's leverage improvement and reduce its liquidity buffer over
the next 12 months.

"We revised the outlook to negative because we expect Dexin's
contracted sales to remain under pressure. Given the overall
weakening property demand in China, Dexin's sales from July to
October 2021 have fallen 11% year on year. As a result, we believe
Dexin may slightly miss its 2021 sales target of Chinese renminbi
(RMB) 73 billion, despite having achieved RMB62 billion, or 85% of
its target, in the first 10 months. In our view, the company's 2022
sales may even decline if property demand stays weak."

Dexin's deleveraging path may face difficulties in the next 12
months. As sales slow, Dexin's leverage may not improve to
6.5x-6.7x in 2022 from 7.3x in 2020. Furthermore, gross margin
compression due to price caps placed on its projects in higher-tier
cities could pose additional pressure to its leverage. In S&P's
view, the company is likely to offer sales discounts to buyers over
the next 12 months amid weakening property demand. Dexin's
first-half 2021 results already showed its gross margin falling 4.9
percentage points year on year to 21.8%.

Dexin may find it tough to refinance its offshore maturities due in
2022. This is due to the volatility of the U.S. dollar bond market,
in which the refinancing window may remain close over the next
year. As a result, Dexin may need to repay the offshore maturities
with its internal resources, reducing the company's liquidity
buffer. Dexin has US$200 million in bonds due in April 2022 and
also US$348 million due December 2022.

S&P said, "We affirmed the rating because the company has enough
liquidity to face the challenges. In particular, Dexin still has
unrestricted cash balance of RMB16.6 billion as of end June 2021 to
cover RMB13.0 billion in short-term maturities due over the next 12
months. This is despite our belief that more than two-thirds of the
cash balance are less accessible because they are sitting at the
joint-venture project companies.

"Dexin's land investment budget can also be adjusted to preserve
liquidity. As of the end of June 2021, Dexin had close to 20
million square meters of land, which should be enough for at least
four to five years of development. As a result, we believe the
company has the flexibility to lower its land spending in the next
12 months.

"We believe Dexin will maintain its access to traditional bank
financing. The company's access to banks has been improving over
the past few years. This is because most of Dexin's projects are in
higher-tier cities; first- and second-tier cities, where
sell-through rates are better, account for 75% of its land bank.
Bank loans accounted for 63% of reported debt as of end-June 2021,
up from 56% at the end of 2020.

"In our view, Dexin's nonbank financing poses a lower imminent
risk. With the support of more traditional bank refinancing,
Dexin's nonbank financing (or trust loans) has declined
significantly. Trust loans accounted for only 20% of reported debt
as of end-June 2021, down from over 60% in 2019.

"The negative outlook reflects our view that Dexin's debt-to-EBITDA
ratio could remain elevated amid tough operating conditions.
Furthermore, a slowdown in sales and repayment of debt maturities
with internal resources could hurt its liquidity. However, Dexin
should be able to manage its repayment obligations over the next 12
months, including its offshore maturities with satisfactory cash
collection as well as a cut in land spending."

S&P may lower the rating if:

-- Dexin's leverage, as measured by debt to EBITDA, increases to
above 7x without signs of improvement due to material revenue
slippage or margin decline beyond S&P's expectation; or

-- Dexin's liquidity shows signs of marked deterioration amid
continual debt repayment with internal resources. This may be
reflected in a reduction in bank or trust financing beyond S&P's
expectation of its deleveraging pace.

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

-- The company's debt-to-EBITDA ratio remains stable at the
current level of about 7x; and

-- Dexin consistently demonstrates adequate liquidity with
sufficient cash on hand to cover short-term maturities even after
paying down offshore maturities.

HUARONG INDUSTRIAL: Fitch Raises LT FC IDR to 'B-', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Huarong Industrial Investment &
Management Co., Ltd.'s Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'B-' from 'CCC'. The Outlook is Stable. Fitch has
also upgraded the rating on the outstanding senior unsecured bonds
issued by Huarong Universe Investment Holding Limited and
guaranteed by Huarong Industrial to 'B-'/'RR4' from 'CCC'/'RR4'.

The upgrade reflects Fitch reassessment of the parent subsidiary
linkage (PSL) between wholly owned Huarong Industrial and the
parent, China Huarong Asset Management Co., Ltd. (BBB/Rating Watch
Positive), to 'Moderate' from 'Weak' after Fitch obtained
additional operational and financial information. As a result,
Huarong Industrial's ratings incorporate a two-notch uplift from
its Standalone Credit Profile (SCP), in line with Fitch's Parent
and Subsidiary Linkage Rating Criteria.

The Stable Outlook reflects Fitch's belief that Huarong Industrial
will continue to receive strong liquidity support from the parent.

KEY RATING DRIVERS

Moderate PSL: Fitch reassessed the linkage between Huarong
Industrial and China Huarong as 'Moderate' from 'Weak'. The
company's ratings now incorporate a two-notch uplift, from
previously being rated at its SCP level. The company's SCP is
unchanged at 'ccc'.

Moderate Legal Ties: Fitch assessed the legal ties between Huarong
Industrial and parent China Huarong as moderate. China Huarong
guaranteed CNY3 billion or 25% of Huarong Industrial's external
debt, excluding shareholder loans, at end-1H21. China Huarong also
provided a CNY981 million comfort letter to Huarong Industrial's
capital market instruments. However, there was no cross default in
the two companies' debt according to management.

Strong Operational Ties: Huarong Industrial develops distressed
property assets acquired from the parent and advises on distressed
property management resolution. Over 70% of its land bank is
sourced from the parent. Huarong Industrial sometimes helps China
Huarong value distressed asset packages before being acquired by
the parent. It has advised on the resolution of distressed property
projects valued at above CNY2 billion since 2019. Huarong
Industrial will partner with its parent in acquiring a distressed
project valued at more than CNY5 billion in 2021.

Weak Strategic Ties: Fitch thinks that Huarong Industrial's
strategic importance is weak. It contributes only 1%-2% of China
Huarong's profit and assets. Most distressed assets are resolved by
the group itself rather than through subsidiaries. Some
property-related work can theoretically be outsourced to other
developers or consultants. However, China Huarong has also provided
extensive tangible support to the company historically via
extensive shareholders loan which accounts for 63% of the company's
total debt as of end June 2021.

Liquidity Reliant on Parent: Huarong Industrial had CNY2.3 billion
available cash at hand at end-1H21, insufficient to cover CNY22
billion short-term debt. Huarong Industrial has CNY6 billion
capital market instruments due in 2022, including EUR500 million
bonds due in December 2022 and CNY2.2 billion domestic bonds due
mostly in 4Q22. Huarong Industrial plans to refinance the bonds
with new issues and borrow from China Huarong to service the
remaining amount, if necessary.

Fitch believes China Huarong will continue to provide extensive
liquidity support to Huarong Industrial, as stated explicitly by
the parent in Huarong Industrial's annual report.

Weak Standalone Credit Assessment: Huarong Industrial's Standalone
Credit Profile (SCP) is weak at 'ccc' due to the small scale and
unsustainably high leverage compared with peers. It generated CNY1
billion-2 billion in contracted sales a year in 2018-2020 from
existing projects in five cities. Management has estimated only
CNY500 million in contracted sales in 2021 because of limited
project launches.

The total land bank was around 4.7 million square metres, of which
50% was a project in Xiangtan - a Tier 3 city in Hunan province -
acquired from China Huarong's subsidiary in 2011. The company did
not acquire any land in 2018-2020 but expects to acquire a project
together with its parent in 2021. Huarong Industrial does not have
a commercially run homebuilding business and relies entirely on
China Huarong both operationally and financially.

DERIVATION SUMMARY

Huarong Industrial is rated two notches above its SCP. The ratings
are supported by its moderate linkage with its parent, China
Huarong. The linkage is similar to that between Yuexiu Property
Company Limited (YXP, BBB-/Stable) and Guangzhou Yuexiu Holdings
Limited (GYX).

The legal tie between YXP and GYX is weak, the operational tie is
moderate and the strategic tie is strong. Huarong Industrial's
operational tie with China Huarong is stronger as its operations
are fully integrated with the parent. However, Fitch assesses
Huarong Industrial's ties with China Huarong as weak because of its
small asset and profit contribution to the parent.

KEY ASSUMPTIONS

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

-- CNY500 million property development contracted sales in 2021
    and CNY2 billion in 2022, in line with management forecast;

-- 30% property development gross profit margin in 2021-2022;

-- CNY5.8 billion land acquisitions in 2021 and none afterwards,
    in line with management forecast.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Huarong Industrial would be
    liquidated rather than reorganised as a going-concern in
    bankruptcy.

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

-- Advance rate of 100% applied to CNY2.3 billion total available
    cash, as 100% of CNY4.8 billion trade payables are included in
    the debt waterfall.

-- Advance rate of 80% applied to net property inventory. Huarong
    Industrial generates high gross profit margin of above 30%.
    Even if the projects are relatively concentrated in Tier-3
    cities in one to two regions, the projects are mostly
    distressed property projects acquired at deep discounts, which
    justifies the high advance rate.

-- Advance rate of 70% applied to accounts receivables. This
    treatment is in line with other Chinese developers.

-- Advance rate of 50% applied to property, plant and equipment
    as these are property assets that can be sold to repay debt
    when needed. This treatment is in line with other Chinese
    developers.

-- Advance rate of 49% applied to the book value of investment
    properties based on 6.5% rental yield after considering the
    rental yield and locations of these assets.

-- Advance rate of 100% applied to restricted cash.

-- Advance rate of 0% applied to CNY10 billion financial assets
    and other receivables, as Fitch does not have sufficient
    information to verify the valuation and details of the assets.

-- Offshore bonds are all directly guaranteed by Huarong
    Industrial so they are ranked at the same level as onshore
    senior unsecured debt.

-- The allocation of value in the liability waterfall results in
    a recovery corresponding to 'RR4' for the offshore senior
    unsecured guaranteed notes.

RATING SENSITIVITIES

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

-- Strengthening linkage with China Huarong;

-- Sustained improvement in liquidity and financial transparency.

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

-- Evidence of weakening linkage with China Huarong;

-- Evidence of deterioration in liquidity and heighten
    refinancing risks.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Huarong Industrial is China Huarong's property-development
platform, and one of three "first-level" subsidiaries of China
Huarong's distressed asset-management business. It develops
distressed property projects and provides property-related advisory
to the parent.

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 joint
ventures (JV), the net amount due from JVs, and the net amount due
from non-controlling interests, less contract deposits and deposits
received.

IDEANOMICS INC: Secures $75M Convertible Debenture Financing
------------------------------------------------------------
Ideanomics, Inc. entered into a convertible debenture, dated Oct.
25, 2021 with YA II PN, Ltd. with a principal amount of
$75,000,000.  

The Note has a fixed conversion price of $1.88.  The Conversion
Price is not subject to adjustment except for subdivisions or
combinations of common stock.  The Principal and the interest
payable under the Note will mature on Oct. 24, 2022, unless earlier
converted or redeemed by the Company.  Interest shall accrue on the
outstanding Principal at an annual rate equal to 4%; provided that
such interest rate shall be increased to 18% upon an Event of
Default (as defined in the Note).  At any time before the Maturity
Date, YA II PN may convert the Note at its option into up to
39,893,617 shares (excluding additional shares issuable upon
accrued interest) of the Company's common stock at a fixed
conversion price of $1.88. YA II PN shall not have the right to
convert any portion of the Note to the extent that after giving
effect to such conversion, YA II PN, would beneficially own in
excess of 4.99% of the number of shares of common stock outstanding
immediately after giving effect to such conversion.  Since YA II PN
will not be obligated to report to the Company the number of shares
of common stock it may hold at the time of conversion, unless the
conversion at issue would result in the issuance of shares of
common stock in excess of 4.99% of the then outstanding shares of
common stock without regard to any other shares which may be
beneficially owned by YA II PN, this investor shall have the
authority, responsibility and obligation to determine whether the
beneficial ownership restriction contained in the Note will limit
any particular conversion thereunder and to the extent that the
investor determines that the beneficial ownership limitation
contained in the Note applies, the determination of which portion
of the Principal amount of the Note is convertible shall be the
responsibility and obligation of the investor.  The Company shall
redeem in cash $8,333,333.33 in Principal, plus accrued and unpaid
Interest on the outstanding Principal each month during the term of
the Note beginning on Feb. 1, 2022 and continuing on each
successive calendar month.  The amounts of any conversions made by
YA II PN or any Optional Redemption made by the Company
contemporaneous with or prior to any Redemption Date shall have the
effect of reducing the Mandatory Redemption Amount of payments
coming due (in chronological order beginning with the nearest
Redemption Date).  The Company has the right, but not the
obligation, to redeem a portion or all amounts outstanding under
this Note prior to the Maturity Date at a cash redemption price
equal to the Principal to be redeemed, plus accrued and unpaid
interest, if any; provided that the Company provides YA II PN with
at least 15 business days' prior written notice of its desire to
exercise an Optional Redemption and the volume weighted average
price of the Company's common stock over the 10 business days'
immediately prior to such redemption notice is less than the
Conversion Price.  YA II PN may convert all or any part of the Note
after receiving a redemption notice, in which case the redemption
amount shall be reduced by the amount so converted. No public
market currently exists for the Note, and the Company does not
intend to apply to list the Note on any securities exchange or for
quotation on any inter-dealer quotation system.  The Note contains
customary events of default, indemnification obligations of the
Company, and other obligations and rights of the parties.

The Note was offered pursuant to the Company's effective
registration statement on Form S-3ASR (Registration Statement No.
333-252230) previously filed with the SEC and a prospectus
supplement thereunder.  A prospectus supplement relating to the
offering of the securities has been filed with the SEC and is
available on the SEC's website at http://www.sec.gov. The
prospectus supplement also covers the resale of shares issuable to
YA II PN upon the conversion of the Note.  Prior to the Effective
Date, YA II PN did not own any shares of the Company's common
stock.  After the Effective Date, and assuming it converts the
Note, YA II PN will own up to 39,893,617 shares (excluding
additional shares issuable upon accrued interest) of the Company's
common stock, or 7.63 % of the Company's common stock outstanding,
subject to the beneficial ownership limitation.  Immediately after
the consummation of the secondary offering by YA II PN, this
investor will own zero shares of the Company's common stock.  YA II
PN is a fund managed by Yorkville Advisors Global, LP.  Yorkville
Advisors Global II, LLC is the General Partner of Yorkville LP. All
investment decisions for YA II PN are made by Yorkville LLC's
President and Managing Member, Mr. Mark Angelo. YA II PN's business
address is 1012 Springfield Avenue, Mountainside, NJ 07092.

                          About Ideanomics

Ideanomics is a diversified solutions provider for electric
mobility.  The company provides turn-key vehicle, finance and
leasing, and energy management services for commercial fleet
operators.  The Company is headquartered in New York, NY, with
operations in the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$698.05 million in total assets, $145.39 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.72 million in redeemable non-controlling interest, and
$543.68 million in total equity.

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

The negative outlook reflects China-based property developer
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 our
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 our opinion.

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

S&P could lower our 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:

-- Risk management, culture, and oversight
-- Transparency and reporting
-- Other governance factors

KANGMEI PHARMA: May Get US$1 Bil. Rescue Led by Guangzhou Pharma
----------------------------------------------------------------
Caixin Global reports that Guangzhou Pharmaceutical Holdings Ltd.
proposed to invest as much as CNY6.5 billion (US$1 billion) in a
government-led rescue of scandal-plagued Kangmei Pharmaceutical
Co., Kangmei said on Nov. 2.

Caixin relates that state-owned Guangzhou Pharmaceutical submitted
the investment proposal on behalf of a consortium made up of
state-owned investment firms, which are also investors in a newly
formed entity to temporarily take control of Kangmei under a
bailout orchestrated by the Guangdong provincial government.
Guangzhou Pharmaceutical already controls operating rights to
Kangmei, analysts said.

Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese
medicines in China. It also offers chemical medicines and food
products; and operates hospitals and Chinese medicine pharmacies.

Kangmei Pharmaceutical became the first listed company to default
on a bond issue when the market reopened on Feb. 3 after the
extended Lunar New Year holiday, according to Caixin Global. The
supplier of traditional Chinese medicines said in a statement Feb.
2 that it couldn't make principal and interest payments and on
CNY2.4 billion (US$340 million) of bonds because of tight
liquidity. The bonds were issued in 2015 and due in 2022, but the
issuer had an option to raise the coupon rate and investors had an
option to sell back the bonds at the end of the fifth year.


SINIC HOLDINGS: S&P Withdraws 'SD' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'SD' long-term issuer credit rating
on Sinic Holdings (Group) Co. Ltd. at the company's request.


YUZHOU GROUP: Fitch Lowers LT FC IDR to 'B', Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Yuzhou Group
Holdings Company Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'B' from 'B+'. The Outlook is Negative.
Fitch has also downgraded the company's senior unsecured rating and
the ratings on its outstanding US-dollar senior notes to 'B', from
'B+', with a Recovery Rating of 'RR4'. Fitch has removed all the
ratings from Under Criteria Observation (UCO), following the
publication of its updated Corporate Rating Criteria.

The downgrade reflects Yuzhou's weakened funding access, rising
liquidity pressure due to sizable short-term capital-market
instrument maturities, equivalent to around 16% of CNY44.3 billion
of onshore and offshore capital-market debt outstanding as of June
2021, and diminishing financial flexibility to maintain a stable
business profile.

The Negative Outlook reflects the uncertainty over Yuzhou's
liquidity and the stability of its sales proceeds in the next
six-12 months amid China's property market slowdown.

KEY RATING DRIVERS

High Refinancing Needs: Yuzhou has high refinancing needs due to
its reliance on capital market debt. Onshore and offshore capital
market debt accounted for 15% and 53%, respectively, of its total
outstanding borrowings as of end-June 2021. The company issued two
US-dollar bonds totaling USD320 million in August and September
2021. It says that it has prepared offshore funds to repay the
USD589 million due in January 2022. It also has a CNY3.5 billion
onshore bond that will become puttable in April 2022, which Fitch
believes can be repaid with internal cash if capital-market access
remains volatile.

Liquidity Under Pressure: Fitch expects Yuzhou's liquidity to
tighten if it addresses maturities coming up in the next 12 months
with internal cash flow. The company's contracted sales plunged by
19% yoy in 3Q21, in line with the broader market. This leads us to
believe that Yuzhou's sales collection will fall in the next six to
12 months and liquidity could further deteriorate without
significant capital market refinancing.

Weakening Business Profile: Fitch expects Yuzhou's business profile
to weaken as the company priorities its upcoming maturities over
land replenishment. Fitch estimates that unsold attributable land
bank could decline to around 1.9 years of development by end-2021.
Yuzhou spent CNY4.2 billion to acquire four land parcels in 9M21
and land acquisitions are likely to remain limited for the rest of
the year. Yuzhou's land bank is smaller than industry average.

Rising but Manageable Leverage: Fitch expects leverage, measured by
net debt/net development property assets, to decrease slightly to
35% in 2021, from 39%-41% in 2019-2020, due to lower land
acquisitions. Leverage is below that of 'BB' rating-category peers,
but is likely to exceed 45% in 2023, as the company will need to
replenish land bank in light of its short land-bank life.

ESG - Group Structure: Yuzhou has an ESG Relevance Score of '4' for
Group Structure, as more than half of its contracted sales come
from unconsolidated JVs and associates. Project performance under
these entities is not fully captured in Yuzhou's financial
statements, as their assets and liabilities are not detailed in
Yuzhou's consolidated financial statements, which limits Yuzhou's
financial transparency.

The company's revenue and implied cash collection - the change in
customer deposits plus revenue booked during the year - is low
relative to reported total contracted sales, with the difference
widening in the past two to three years. This has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

DERIVATION SUMMARY

Yuzhou's ratings are constrained by rising refinancing risk of its
upcoming capital market maturities. Yuzhou's land bank life is
shorter than that of Risesun Real Estate Development Co.,Ltd
(B/Negative). However, Risesun's land bank is concentrated in the
pan-Beijing area, while Yuzhou is focused on the Yangtze River
Delta and west China. This makes Risesun more vulnerable to policy
risk.

Yuzhou's leverage in line with that of Risesun. Fitch expects
leverage to rise at both companies, but to remain manageable.

KEY ASSUMPTIONS

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

-- Total annual contracted sales of CNY95 billion-102 billion in
    2021-2024 (2020: CNY105 billion), with a consolidated ratio in
    the 35%-40% range;

-- The average selling price to rise by 2%-9% a year on average
    in 2021-2024, from CNY16,756/square metre in 2020;

-- Land bank life to remain below 2.0 years in 2021-2022 (2020:
    2.5 years);

-- Stable land costs over 2021-2023;

-- Selling, general and administrative expenses at 2.8% of
    contracted sales in 2021-2023.

Liquidation Approach

-- 10% administrative claim;

-- 70% advance rate to accounts receivable;

-- 20% advance rate to investment properties, as the 1H21
    annualised rental yield was only 1.3%;

-- 60% advance rate to adjusted inventory, based on our
    expectation of an EBITDA margin of around 13%;

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

-- 100% advance rate to restricted cash. Restricted cash is
    restricted for the normal operational and loan repayments of
    specific projects and is unavailable for non-operational
    activities, like investment or profit sharing;

-- Excess cash, after deducting payables from available cash, at
    a 30% advanced rate;

-- The Recovery Rating is capped at 'RR4' because under Fitch's
    Country-Specific Treatment of Recovery Ratings Criteria, China
    falls into Group D of creditor friendliness, and instrument
    ratings of issuers with assets in the group are subject to a
    soft cap at the issuer's Issuer Default Rating.

Guarantees to joint ventures are excluded from the recovery
calculation.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if the negative
    sensitivities are not met.

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

-- Deterioration in liquidity and continued interruption to bond
    market access;

-- Sustained weakness in sales and cash collections.

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: Yuzhou reported a total cash balance of
CNY28.1 billion in 1H21, including cash and cash equivalents of
CNY20.9 billion and CNY7.1 billion of non-pledged time deposits, of
which CNY2.5 billion was restricted. Yuzhou issued USD320 million
in offshore bonds in August and September 2021 to partially address
the USD592 million in offshore bonds due January 2022. The company
says it will fund the CNY3.5 billion in onshore bonds, which are
puttable in April 2022, with internal cash if capital market remain
closed.

ISSUER PROFILE

Yuzhou develops projects in six metropolitan areas in China's
Yangtze River Delta region, West Strait Economic Zone, Bohai Rim
Region, Greater Bay Area as well as China's central and southwest
regions. The group is the leading property enterprise in Xiamen in
southern China and the Yangtze River Delta. The company had 179
projects at end-1H21, with a total floor area of 22.0 million
square metres.

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

Yuzhou has an ESG Relevance Score of '4' for Group Structure due to
a high share of contracted sales from unconsolidated joint ventures
and associates, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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



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

ALLAHABAD AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Allahabad Agro Commodities Private Limited (AACPL) to 'CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Letter         2.23      CRISIL D (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)

   Long Term Loan         1.77      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-         1         CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with AACPL for
obtaining information through letters and emails dated October 8,
2021 and October 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2016, AACPL earlier traded in basmati rice. It set
up a unit for processing (milling, polishing and sorting) basmati
rice in fiscal 2020 at Hollagarh in Allahabad, with installed
capacity of 15 tonne per hour. The unit commenced operations in
January 2020. Mr. Pawan Kumar Gupta, Ms Sushma Gupta and Mr. Gopesh
Gupta are the promoters of the company.

ANUBHA INDUSTRIES: Ind-Ra Affirms 'BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anubha Industries
Private Limited's (AIPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Negative.

The instrument-wise rating actions are:

-- INR800 mil. Fund-based working capital limits affirmed with
     IND BB/Negative rating;

-- INR592.2 mil. Term loans due on January 2026 affirmed with IND

     BB/Negative rating; and

-- INR35.5 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

The Negative Outlook reflects Ind-Ra's expectation of continued
stretched liquidity position due to high debt repayments over
FY22-FY23.  

The affirmation reflects AIPL's continued modest revenue and EBITDA
margin, leading to weak credit metrics and stretched liquidity
position in FY21.

KEY RATING DRIVERS

AIPL's revenue plunged 49% yoy to INR1,562 million in FY21 due to a
decline in sales volume, resulting from lower demand due to
COVID-19-led disruptions in the textile market. As per management,
the company achieved revenue of INR1,300 million in 1HFY22. As of
September 2021, it has an order book of INR600 million, to be
executed by December 2021. Ind-Ra expects the company to achieve
pre-COVID levels of revenue in FY22 backed by a healthy order
book.

The lower revenue also resulted in a lower absorption of fixed
cost, resulting in EBITDA losses of INR139 million  in FY21 (FY20:
EBITDA profit of INR306 million  with margins of 9.8%). However,
the EBITDA margins improved to 3.3% in 1HFY22 and is likely to
improve further with a recovery in the textile market demand in
FY22.           

The ratings further reflect AIPL's weak credit metrics due to the
EBITDA losses in FY21. Ind-Ra expects the credit metrics to improve
in FY22, although remain weak, with the improvement in the revenue
and EBITDA.

Liquidity Indicator - Stretched: The company's fund-based working
capital limits remained fully utilized over the 12 months ended
August 2021. The cash flow from operations turned negative to
INR265 million in FY21 (FY20: INR12.02 million) due to the EBITDA
losses. At FYE21, AIPL's cash and cash equivalents stood at INR0.85
million (FYE20: INR12.26 million). AIPL availed the Reserve Bank of
India-prescribed moratorium during March-August 2020.  It had also
availed Guaranteed Emergency Credit Line Scheme loans worth INR 275
million and received funds of INR86 million from the promoters in
FY21 to fund its working capital requirements. Until September
2021, the promoters have infused INR144.6 million in AIPL to
support the liquidity. The company has scheduled debt repayment of
INR210 million in FY22, which is likely to be met through funds
from promoters and cash accruals. Ind-Ra expects the liquidity to
remain stretched and dependent on promoters' funding in FY22.

However, the ratings remain supported by AIPL's promoters' more
than four decades of experience in the textile industry through its
other group companies, leading to established relationships with
its customers and suppliers.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position, along with an
increase in the revenue and EBITDA margins, leading to an
improvement in the interest coverage above 1.5x, all on a sustained
basis, will be positive for the ratings.

Negative: A further stretch in the liquidity position, or a decline
in the revenue or EBITDA margins, resulting in deterioration in the
interest coverage below 1.5x, all on a sustained basis will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2012, Surat-based AIPL manufactures denim and
cotton fabrics. The company has an installed capacity of 20 million
meters. Aditya Goyal is the managing director.


BHADJA POWERTRANS: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Bhadja
Powertrans Private Limited (BPPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         5.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     0.6       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BPPL for
obtaining information through letters and emails dated September
29, 2021, October 8, 2021 and October 13, 2021 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BPPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Based in Surat, Gujarat, BPPL was incorporated in 2011. BPPL is
engaged in providing electrical industrial, residential and
commercial transmission line repairing services such as EHT/HT
substations installations and maintenance, new electrical systems,
EHT/HT cable laying etc. PPL is owned & managed by  Kanjibhai
Devjibhai Bhadja, Chandrikaben K. Bhadja and Nagjibhai Nathubhai
Bhadja.

BRATTLE FOODS: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brattle Foods
Private Limited's (BFPL) Long-Term Issuer Rating to the
non-cooperating category while maintaining it on Rating Watch
Negative (RWN). The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR430.5 mil. Term loan due on April 2023 migrated to non-
     cooperating category and maintained on RWN with IND B+
     (ISSUER NOT COOPERATING)/RWN.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 26, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

KEY RATING DRIVERS

BFPL has submitted a withdrawal request with required information
for withdrawal subsequently. However, the no-objection certificate
from the lender is yet to be received by the agency and hence, the
withdrawal could not be processed.

COMPANY PROFILE

BFPL is in the business of leasing the assets on long-term
operating leases to the Future Group companies, Future Supply Chain
Solutions and Future Retail Limited. BFPL is a 100% subsidiary of
Syntex Trading & Agency Private Limited.


CAPRICORN FOOD: CRISIL Lowers Debt Rating on Long Term Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Capricorn Food
Products India Limited (CFPIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating', as company has delayed in servicing of
debt-obligations.

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

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

CRISIL Ratings has been consistently following up with CFPIL for
obtaining information through letters and emails dated February 19,
2021 and February 25, 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 CFPIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on CFPIL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, CRISIL Ratings has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating', as company has
delayed in servicing of debt-obligations.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of CFP and its fully owned
subsidiaries, Gonglu Agro Pvt Ltd (GAPL) and Fresco Juices Pvt Ltd
(FJPL) because all these three companies, collectively referred to
as the CFP group, are in similar lines of business and have
significant fungible funds

CFP, Established in 1998, CFP processes fruits and vegetables. Its
operations are managed by Mr. Rahoul Jain and Mrs Shuchi Jain.

GAPL also processes fruits and vegetables. Its manufacturing
facility is in Nasik, Maharashtra. FJPL manufactures fruit juices.


CMM INFRAPROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cmm
Infraprojects Limited (CMMIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        100        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CMMIL for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CMMIL was established in year 1979 as a partnership company named
C.M. Mundra & Co and was incorporated as public limited company in
2006. The Company has been promoted by Mr. Kishan Mundra and family
members.

CMMIL is catering to diversified Infrastructure segments. The
company currently caters to construction of commercial &
institutional buildings, roads & bridges, canal and irrigation
works.

CMMIL has a head office in Indore, Madhya Pradesh and branch
offices in Maharashtra (Nagpur), Orrisa, Goa, Rajashtan.


DAMSON TECHNOLOGIES: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Damson
Technologies Private Limited (DTPL) to 'CRISIL D Issuer not
cooperating'.

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

CRISIL Ratings has been consistently following up with DTPL for
obtaining information through letters and emails dated October 8,
2021 and October 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DTPL was incorporated in December 2000. Based in Ahmedabad,
Gujarat, the company designs, distributes, and markets information
technology products such as bluetooth speakers, tablet PCs, and
mobile and computer accessories.

DOLLARS GRAND: CRISIL Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Dollars Grand Club Private Limited (DGCPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               15       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DGCPL for
obtaining information through letters and emails dated October 08,
2021 and October 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2017, DGCPL is setting up a hotel in Tirupati,
Andhra Pradesh, under the brand name Dollar Grand Club. The company
is owned and managed by C Divakar Reddy and C Mounica Devi.

FINOLITE CERAMIC: CRISIL Withdraws D Rating on INR24cr Loans
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Finolite Ceramic (FC) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        3.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           5.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility    
                                   COOPERATING; Rating Withdrawn)

   Term Loan            15.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with FC for
obtaining information through letters and emails dated December 30,
2020 and May 31, 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 FC. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of FC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 2015, FC is a partnership firm of Mr. Digesh
Durlabhjibhai Aghara, Mr. Nileshkumar Anantrai Mendapara, Mr.
Ramnikbhai Anantrai Mendpara, Mr. Kishorbhai Premjibhai Varasada,
Mr. Dineshbhai Kanjibhai Kothiya, and Mr. Ashishbhai Hansrajbhai
Kalariya. The company manufactures ceramic and vitrified tiles at
its facility in Morbi, Gujarat with installed capacity of 90000
MTPA.

FLEXI PLAST: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Flexi Plast
Industries (FPI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         2         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Flexi Plast Industries (FPI) was formed as a partnership concern in
February, 2015 by Mr. Pushpendra Sharma and Mr. Sunil Singhvi.
However the firm became operational from October, 2016. FPI is
engaged in manufacturing of flexible packaging laminates such as
Plastic Pouch, Packaging Bag and Packaging Pouch. The product
cateres to food packaging industry and currently caters its product
in Rajasthan, Gujarat, Jharkhand, Maharashtra, Madhya Pradesh and
Uttar Pradesh.

GREEN WORLD: CRISIL Assigns B Rating to INR5cr Proposed Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Green World Renewable Energy (GWRE).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working
   Capital Facility         5       CRISIL B/Stable (Assigned)

The rating reflects the modest scale of operations and large
working capital cycle. These weaknesses are partially offset by its
comfortable financial profile.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations: GWRE's business risk profile is
constrained by its small scale of operations reflected in revenue
of INR1.6 crore in fiscal 2021. The engineering, procurement and
construction industry is intensively competitive, which limits the
scaling up of operations. Small networth also restricts growth and
ability to raise debt for funding future growth.

* Large working capita cycle: The firm has an intensive working
capital cycle as reflected in the gross current assets of 485 days
for fiscal 2021. With increase in revenues, the company would
require more funds thus increasing dependence on external debt. The
working capital cycle is expected to remain intensive in the medium
term.

Strengths:

* Comfortable financial profile: The firm has a healthy capital
structure as reflected in gearing and total outside liabilities to
adjusted networth (TOLANW) ratio of 0.06 and 0.95 time,
respectively, as on March 31, 2021, because of no external debt.
The debt protection metrics are comfortable, with interest coverage
and net cash accrual to adjusted debt ratio at 28.45 times and 3.63
times, respectively, in fiscal 2021. The financial risk profile is
expected to remain stable in the medium term.

Liquidity: Stretched

GWRE has stretched liquidity, backed by low expected cash accrual
of around INR1-1.25 crore each for fiscals 2022 and 2023. Although,
debt obligation is negligible per fiscal, low accruals will lead to
increase in debt to fund future growth. Cash and bank balance was
also low at INR20 lakh as on March 31, 2021. Sanction of working
capital lines or fund support from promoters, will be critical to
meet incremental working capital requirements.

Outlook: Stable

GWRE will continue to benefit from its comfortable financial
profile and increasing revenues.

Rating sensitivity factors

Upward factors

* Sustained increase in revenue and operating margin leading to
cash accrual of more than INR2.5 crore

* Improvement in working capital cycle with gross current assets of
less than 120 days

Downward factors

* Decrease in revenue and operating margin leading to lower cash
accrual

* Debt-funded capital expenditure weakening the financial risk
profile with TOLANW ratio of more than 1.5 times

GWRE was set up in 2017 and provides solar system engineering and
designing services for commercial and residential clients. The firm
is based in Mumbai, Maharashtra.and is promoted by Mr. Jaideep
Pathria and his son Mr. Arjun Pathria.

HOTEL SWOSTI: Ind-Ra Affirms 'BB' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hotel Swosti Pvt
Ltd.'s (HSPL) Long-Term Issuer Rating at 'IND BB' with a Stable
Outlook.

The instrument-wise rating actions are:

-- INR7.5 mil. Fund-based working capital limit affirmed with IND

     BB/Stable rating; and

-- INR39.59 mil. (reduced from INR41.9 mil.) Term loan due on
     September 2027 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects HSPL's continued small scale of operations
as indicated by revenue of INR48.60 million in FY21 (FY20:
INR115.60 million). In FY21, the revenue declined as the hotels
were shut due to COVID-19 pandemic led lockdown over March-October
2020. Till 6MFY22, HPSL booked revenue of INR34.65 million. In
FY22, the management expects the revenue to improve yoy due to the
easing of the lockdown and a rise in demand for the tourism
industry.

The ratings also factor in HSPL's modest EBITDA margin which
contracted to 17.39% in FY21 (FY20: 20.97%) due to higher material
cost. The return on capital employed deteriorated to 1.1% in FY21
(FY20: 9%). In FY22, the management expects the EBITDA margin to
improve due to the stabilization of material costs and improved
revenue.

The ratings also reflect HSPL's moderate credit metrics as
reflected by interest coverage (operating EBITDA/gross interest
expenses) of 2.3x in FY21 (FY20: 5.5x) and net leverage (total
adjusted net debt/operating EBITDAR) of 1.17x (1.01x). In FY21, the
metrics deteriorated due to lower yoy absolute EBITDA and higher
external borrowings to meet its working capital needs.  In FY22,
Ind-Ra expects the credit metrics to improve due to an increase in
revenue.

Liquidity Indicator - Stretched : HSPL's average maximum
utilization of the fund-based limits was 69.17% during the 12
months ended September 2021. The cash flow from operations declined
to INR16.55 million in FY21 (FY20: INR18.01 million) due to
unfavorable changes in other current liabilities. Further, the free
cash flow stood at INR16.55 million (FY20: INR13.45 million). The
net working capital cycle elongated  to 145 days in FY21 (FY20: 72
days) owing to a delay in receivables and higher inventory holding
period due to the pandemic.  The cash and cash equivalents stood at
INR32.2 million at FYE21 (FYE20: INR8.05 million). Further, HSPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. It availed
of the Reserve Bank of India-prescribed moratorium over
March-August 2020. It had applied for the restructuring of its term
loan in November 2020,  and the same was sanctioned in March 2021.

However, the ratings are supported by the promoters' nearly three
decades of experience in hotel and tourism industry.

RATING SENSITIVITIES

Positive:  A significant rise in revenue while improving credit
metrics and liquidity, may lead to a positive rating action.

Negative:  A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position, could lead to negative rating action.

COMPANY PROFILE

Incorporated in 1981, Hotel Swosti operates Swosti Grand, a luxury
business four-star hotel  in Bhubaneswar (Odisha), near
Bhubaneshwar railway station, featuring 56 rooms with  modern
facilities and amenities, four banquet halls and boardrooms,
restaurants . The hotel, which commenced operations in 1984, is
managed by Jitendra Kumar Mohanty, Bijendra Kumar Mohanty,
Chiranjiv Mohanty, Bipasa Mohanty and Sasmita Mohanty.


MAGNUM SPINNING: Ind-Ra Affirms BB Issuer Rating, Outlook Positive
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Magnum Spinning Mills India Private Limited's (MSMIPL) to Positive
from Stable while affirming its Long-Term Issuer Rating at 'IND
BB'.

The instrument-wise rating actions are:

-- INR120 mil. Fund based working capital limits affirmed;
     Outlook revised to Positive from Stable with IND BB/Positive
     /IND A4+ rating;

-- INR337.7 mil. (increased from INR61.5 mil.) Term loans due on
     September 2028 affirmed; Outlook revised to Positive from
     Stable with IND BB/Positive rating; and

-- INR40 mil. Proposed fund-based working capital limits*
     assigned with IND BB/Positive/IND A4+ rating.

*Unallocated

The Positive Outlook reflects the likely improvement in MSMIPL's
revenue and profitability post the stabilization of capex, leading
to an improvement in the overall credit profile.

KEY RATING DRIVERS

The affirmation reflects MSMIPL's continued small scale of
operations despite an improvement in its revenue to INR707 million
in FY21 (FY20: INR591 million) due to the trading of yarn. During
1HFY22, MSMIPL achieved a revenue of INR439.20 million. Over the
medium term, the management expects the revenue to improve due to
the increased capacity and demand, along with an addition of new
varieties of yarns to improve the product mix.

The ratings also reflect MSMIPL's continued modest EBITDA margin
that came in at 10.02% in FY21 (FY20: 10.26%), due to sustained
operational costs. The return on capital employed was 7.2% in FY21
(FY20: 7.8%). In FY22, the management expects the EBITDA margin to
remain at similar levels.

The ratings further reflect MSMIPL's continued modest credit
metrics with gross interest coverage (operating EBITDA/gross
interest expense) of 4.0x in FY21 (FY20: 4.08x) and net financial
leverage (adjusted net debt/operating EBITDA) of 4.74x (3.41x). The
leverage deteriorated yoy in FY21 due to an increase in the term
loans for expansion, which would involve capex of INR320 million,
75% of which is financed through term loans from banks. In FY22,
Ind-Ra expects the credit metrics to deteriorate yoy in FY22 due to
the increase in term loans and associated interest obligations for
capex. The capex  is likely to capitalized in FY23.

Liquidity Indicator – Stretched: The cash flow from operations
declined to INR38.14 million in FY21 (FY20: INR41.59 million). The
net working capital cycle remained elongated at 172 days in FY21
(FY20: 169 days), due to similar market trends. The free cash flow
turned positive at INR10.81 million in FY21 (FY20: negative
INR48.85 million), due to the deferment of capex to FY22. MSMIPL's
average maximum utilization of the fund-based limits was 78.41%
during the 12 months ended September 2021. The cash and cash
equivalents stood at INR37.01 million at FYE21 (FYE20: INR12.26
million). However, MSMIPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. It availed of the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings, however, continue to be supported by MSMIPL's
promoters' over three decades of experience in the textile
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Positive: The timely commercialization of capex, leading to an
increase in the scale of operations, along with an improvement in
the overall credit metrics with the net leverage reducing below
4.5x and an improvement in the liquidity profile, all on a
sustained basis, could lead to a positive rating action.

Negative: Any delays in the commercialization of capex leading to
the leverage staying above 4.5x, could lead to negative rating
action.

COMPANY PROFILE

Incorporated in 2010, in Salem, Tamil Nadu, MSMIPL manufactures
blended yarn (cotton, polyester, and lenzing viscose).


MODERN GLASS: CRISIL Moves B- Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Modern
Glass Industries (MGI) to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2.09       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           10         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             12.91      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MGI for
obtaining information through letters and emails dated October 8,
2021 and October 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MGI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MGI to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

MGI was established in 1985 as a partnership firm; the current
partners are Mr. Pradeep Gupta, his nephew, Mr. Parag Gupta, and Ms
Urmila Bansal. The firm manufactures glass bulb shells and glass
tubes, which are used in the electrical industry and glass for
decorative items. The firm has its manufacturing unit at Firozabad
(U.P).

ORISSA STEVEDORES: CRISIL Withdraws D Rating on INR44.3cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on INR45.9 Crore Term Loan
of Orissa Stevedores Limited (OSL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         44.3      CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan          1.6      CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan         28.1      CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with OSL for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

OSL is part of the Orissa-based OSL group, promoted by Mr.
Mahimananda Mishra. Incorporated in 1978, the company offers
stevedoring and forwarding services, and liner/charter agency
activities, customs clearance, intra-port transportation, and bulk
handing of coal and other minerals. The company also undertakes
iron ore mining and related works.

OXIGEN SERVICES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oxigen
Services India Private Limited continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Overdraft Facility        60       CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility        50       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term        30       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with Oxigen
Services for obtaining information through letters and emails dated
March 31, 2021 and September 27, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Oxigen Services, incorporated in 2004, is a leading payment service
provider for mobile, direct-to-home, and utilities across India.
Currently, it processes over 50 crore transactions annually through
a platform that is developed and managed in-house. The company
launched India's first virtual mobile wallet in 2008, which became
the first non-bank wallet to be integrated with National Payments
Corporation of India, allowing instant money transfers through 70
major banks in India. After financial restructuring, Oxigen
Services converted its receivables in Oxigen Online valued at
INR114 crore into equity by virtue of which it now owns 97% of the
equity in Oxigen Online.

PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVM
Technologies Private Limited continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee           4       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit              4       CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms.
Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA
government-approved contractor that undertakes public water supply
and irrigation projects for Public Health Engineering Department.


RAM EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Ram
Educational Trust's bank loan rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR150 mil. Working capital facility downgraded with IND BB+
     (ISSUER NOT COOPERATING) rating; and

-- INR121.28 mil. Term loan due on October 2022 downgraded with
     IND BB+ (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. According to the circular, any issuer with an
investment-grade rating remains non-cooperative with rating agency
for over six months, should be downgraded to sub-investment grade
rating category. Shri Ram Educational Trust has been in the
non-cooperative with the agency since May 14, 2021.

Shri Ram Educational Trust's current rating of 'IND BB+ (ISSUER NOT
COOPERATING)' may not reflect its credit strength as the issuer has
been non-cooperative with the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

COMPANY PROFILE

Shri Ram Educational Trust runs five institutes under its ambit.
These institutes are collectively known as the Greater Noida
Institute of Technology Group of Institutions. The institutes offer
diploma, undergraduate and postgraduate courses in engineering,
management, computer applications and pharmacy.


ROHIT JEWELLERS: CRISIL Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rohit
Jewellers Private Limited (RJPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Packing Credit           5       CRISIL A4 (ISSUER NOT
   in Foreign Currency              COOPERATING; Rating Migrated)

   Standby Letter          11       CRISIL B+/Stable (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with RJPL for
obtaining information through letters and emails dated August 25,
2021 and September 21, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RJPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RJPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1994, RJPL is in the business of manufacture and
wholesale of handcrafted, antique and stone-studded gold jewellery.
The company has a retail store in Kolkata. Mr. Ramesh Chandra
Kataria and Mr. Rohit Kataria are the promoters of the company.

S.K. CREATIONS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K.
Creations (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 16, 2020, placed the
rating(s) of SC under the 'issuer noncooperating' category as SC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 1, 2021, September 11, 2021, September 21, 2021.

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

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

New Delhi based, S.K. Creations (SKC) is a partnership firm
established in 2014 and started its commercial operations from
December 2015. It is currently being managed by Mr. Deepak Prakash
Aggarwal, Mr. Ajay Kumar Aggarwal and Mr. Ankit Aggarwal. The firm
is engaged in manufacturing of garments and job work for embroidery
work on fabrics. The firm has manufacturing facility located in
Greater Noida (Gautam Budh Nagar) and has the total capacity to
produce 6,000 garments per month as on March 31, 2018. The firm has
two associate companies, S. K. Embroidery Private Limited and S.K.
Textile both engaged in manufacturing of garments and embroidery
works.


S.M. AGRI: CRISIL Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of S.M.
Agri Exports Private Limited (SMAEPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         25        CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SMAEPL for
obtaining information through letters and emails dated October 8,
2021 and October 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMAEPL was set up by the promoters, Mr. Sunny Khatar and Mr. Matlub
Akhbar in 2015. The Delhi-based company processes and sells buffalo
meat, and raw hides (animal skin).

SALAS PHARMACEUTICALS: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Salas
Pharmaceuticals Private Limited (SPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.44       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 19, 2020, placed
the rating(s) of SPPL under the 'issuer non-cooperating' category
as SPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 5, 2021, October 15, 2021, October 25, 2021.

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

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

SPPL was incorporated on November 13, 2009 and promoted by Mr. Prem
Sagar, Mr. Suman Chaudhary, Mr. Vindhya Prakash and Mr. Viresh
Kumar Verma, having more than 10 years of experience in
formulations and active pharmaceutical ingredients (API). Earlier,
the main business of SPPL was marketing of products of other
pharmaceutical companies. Subsequently, it developed and began
manufacturing of its own formulation products (medicines) on its
own brand name, i.e. Salas since March 22, 2017. The manufacturing
plant of the company is located at Kharpani, Mamring, South Sikkim,
Sikkim with an installed capacity of 1.00 crore tablets and 0.25
crore capsules annually.


SANDHYA DEVELOPMENT: CRISIL Withdraws B+ Rating on INR8cr Loans
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sandhya Development Society (SDS) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

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

   Proposed Long Term      3        CRISIL B+/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SDS for
obtaining information through emails and letters dated June 1,
2021, and July 7, 2021, respectively; 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 SDS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDS
is consistent with 'Assessing Information Adequacy Risk'. CRISIL
Ratings has continued the ratings on the bank facilities of SDS
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SDS is registered under the Travancore Cochin Literary Scientific
and Charitable Societies Registration Act, 1955, to support women
under SHGs. It manufactures household articles and agricultural
products. The society has around 99 branches that operate both as
shops and as outlets for its lending business. These branches are
spread across Kerala's Kottayam, Ernakulam, Idukki, and
Pathanamthitta districts. SDS has around 5,821 groups with 50,000
members, managed by 400 employees and 11 loan officers.

SHANDAR SNACKS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Shandar
Snacks Private Limited (SSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.62      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.38      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 15, 2020, placed the
rating(s) of SSPL under the 'issuer non-cooperating' category as
SSPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 31, 2021, September 10, 2021 and September 20, 2021.

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

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

Kashipur, (Uttarakhand) based Sri Shandar Snacks Private Limited
(SSPL) was established in the year 2013 by Mr. Kamal Agarwal and
Mr. Banwarilal Agarwal. The company is currently promoted by Mr.
Kamal Kumar Agarwal, Mr. Banwarilal Agarwal, Mr. Bimal Poddar and
Mr. Tarun Omprakash Khemka. The company is engaged in the
manufacturing and processing of nachos in various flavours and
sells the same under the brand name 'Tastilo'. The manufacturing
facility of the firm is located at IDBE Industrial Estate,
Mahuvakhera Ganj, Kashipur.

SRINIVAS PAPERS: CRISIL Lowers Rating on INR40cr Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Srinivas Papers Private Limited (SPPL) at 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             40       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects weakening of financial risk profile as the
company was reconstituted from a partnership firm on April 12,
2019. As on March 31, 2019, it had a networth of INR12.09 crore.
Out of this, INR5 crore was brought in as unsecured loans
(quasi-equity), leading to a weak networth and higher than expected
leverage. However, in fiscal 2021 the part of unsecured loans of
INR2.6 crore was converted to equity and the remaining was
withdrawn from business due to which the financial risk profile had
remained weak. Total outside liabilities to adjusted networth was
around 19.17 times as on March 31, 2021 against 4.88 times as on
March 31, 2019. Improvement in capital structure on back of equity
infusion to remain monitorable.

The rating continues to reflect the below average financial risk
profile and moderately intensive working capital requirement. These
weaknesses are partially offset by extensive experience of its
promoters in the paperboards distribution business, established
relationship with key supplier, ITC Ltd (ITC; 'CRISIL
AAA/Stable/CRISIL A1+'), and limited exposure to inventory risk.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Below average financial
risk profile is marked by modest networth and aggressive total
outside liabilities to adjusted networth ratio at INR3.37 crore and
19.17 times, respectively, as on March 31, 2021. Debt protection
metrics have remained below average on account of low operating
profitability, net cash accrual to adjusted debt and interest
coverage ratios were at 0.02 time and 1.22 times, respectively, for
fiscal 2021.

* Moderately intensive working capital requirement: Operations are
moderately working capital intensive as reflected in gross current
assets (GCA) of over 105 days as on March 31, 2021, with
receivables and inventory of 68 and 15 days, respectively. Working
capital intensity is expected to sustain at similar levels over the
medium term.

Strengths:

* Experience of the promoters and established relationship with key
supplier: The promoters have an experience of over three decades in
the paperboard distribution business which has enabled the
promoters to gain a strong understanding of industry dynamics and
establish healthy relationships with key supplier, ITC. This has
helped the company to expand customer base and receive regular
orders.

* Limited exposure to inventory risk: With operations largely based
on the back-to-back purchase model, inventory is small at 20-25
days. This reduces any significant pricing risk on account of
volatility in paper prices.

Liquidity: Stretched

Liquidity is stretched marked by bank limit utilization average at
90% for the past 12 months through August 2021. Cash accrual is
expected to be INR0.94-1.18 crore per annum against nil term debt
obligation, over the medium term. The company has no major capex.
Current ratio is low at 0.97 times on March 31, 2021. The company
has availed guaranteed extended credit line (GECL) of INR7.76 crore
which will support the additional working capital requirements of
the company. Liquidity is supported by cash and equivalents of
around INR11.76 crore as of March 31, 2021.

Outlook: Stable

CRISIL Ratings believes SPPL will continue to benefit from the
experience of its promoters.

Rating Sensitivity factors

Upward factors

* Sharp and sustained improvement in financial risk profile
especially TOLANW below 4.0 times.

* Sustained revenue growth and profitability leading to higher cash
accrual

Downward factors

* Stagnation in business due to weak demand, or stretch in
receivables or pile-up of inventory adversely affecting liquidity

* Deterioration in overall financial risk profile, with interest
coverage ratio less than 1 time.

SPPL was set up in 1989 as a partnership firm by Mr. Prataprai
Vora, his son, Mr. Nimesh Vora, and others. It was reconstituted as
a private limited company on April 12, 2019. SPPL trades in
paperboards, packaging products and paper. It is a distributor for
ITC's paperboards.

SRM MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SRM Motors
Private Limited continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Uttar Pradesh-based SRM Motors Private Limited (SRM) established in
2009 by Agarwal family for undertaking automobile dealership of
Tata Motors Limited. The company is running 2 showrooms under 3S
format of Tata Motors (PV) in Lucknow and a sale showroom in Rae
Bareli (all in Uttar Pradesh). SRM's routine operations are managed
by Mr. Piyush Agarwal and his father Mr. N.K. Agarwal.


SRS LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Limited's
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'.

The instrument-wise rating action are:

-- INR100 mil. Term loans(long-term) affirmed with IND D (ISSUER
     NOT COOPERATING) rating;

-- INR4.75 mil. Non-fund based working capital limits (short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR3.50 bil. Fund-based working capital limits (long-term and
     short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.250 bil. Term deposits (long-term) affirmed with IND tD
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects SRS' ongoing default, as recorded by the
auditor in the quarterly result announcement, and the company's
term loan and working capital facilities' classification as a
non-performing asset by its lender.

RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months would be positive for the ratings.

COMPANY PROFILE

SRS was incorporated in 2000 as SRS Commercial Company Limited. It
was renamed SRS Limited in 2009. The company has three business
verticals: jewelry, retail and multiplex. SRS is engaged in the
manufacture, retail and wholesale of gold and diamond jewelry. It
also operates a chain of modern format retail stores and a chain of
cinemas across north India. The company owns a shopping mall in
Faridabad, apart from various restaurants and food courts.


SWOSTI PREMIUM: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Swosti Premium
Ltd.'s (SPL) Long-Term Issuer Rating to 'IND BB-' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR917.98 mil. (increased from INR701.1 mil.) Term loan due on

     March 2025 downgraded with IND BB-/Stable rating;

-- INR10 mil. (reduced from INR40 mil.) Fund-based working
     capital limit downgraded with IND BB-/Stable rating; and

-- INR9.6 mil. Non-fund-based working capital limit*^ affirmed
     and withdrawn.

*Affirmed at 'IND A4+' before withdrawn.

^Ind-Ra no longer requires to maintain the rating for
non-fund-based working capital limit as the agency has received a
no objection certificate from the bank. This is consistent with the
Securities and Exchange Board of India's circular dated March 31,
2017 for credit rating agencies.

The downgrade reflects the substantial decline in SPL's revenue and
the deterioration in its credit metrics in FY21.

KEY RATING DRIVERS

SPL's revenue declined sharply to INR147.17 million in FY21 (FY20:
INR446.28 million), as its hotels were shut during March-October
2020 due to COVID-19-led disruptions. The average occupancy levels
for the hotel business plummeted to 19.62% in FY21 (FY20: 51.07%).
The scale of operations remained small. During 1HFY22, SPL booked a
revenue of INR83.66 million, with an average occupancy of 23.37%.
In FY22, the management expects the revenue to rise on a yoy basis
due to the easing of pandemic-related restrictions and the rising
demand for the tourism industry.

SIPL's credit metrics deteriorated in FY21 due to the decline in
the absolute EBIDTA to INR44.95 million (FY20: INR142.60 million)
and the increase in debt to INR826.99 million (INR599.91 million),
resulting from higher working capital requirements. The interest
coverage (operating EBITDA/gross interest expenses) was 0.83x in
FY21 (FY20: 2.41x) and the net leverage (total adjusted net
debt/operating EBITDAR) was 13.14x (3.82x). In FY22, Ind-Ra expects
the credit metrics to improve due to a likely increase in the
EBIDTA.

The ratings reflect SPL's modest EBITDA margins due to the nature
of the business. Despite the severe impact of COVID-19-led
disruptions, SPL was able to restrict the fall in its margin to
30.54% in FY21 (FY20: 31.95%) through slashing employee costs as
well as administrative costs. At the net level (post the deduction
of finance costs and depreciation), the entity suffered a loss of
around INR89 million in FY21 due to the impact of the pandemic-led
disruptions. The ROCE was negative in FY21 (FY20: 3.4%). In FY22,
the management expects the EBITDA margin to remain stable as the
operations are unlikely to see any significant changes.

Liquidity Indicator - Stretched : SPL's average maximum utilization
of the fund-based limits was 85.67% during the 12 months ended
September 2021. The cash flow from operations turned negative at
INR29 million in FY21 (FY20: INR37.92 million) due to lower EBITDA.
The free cash flow turned negative at INR29 million in FY21 (FY20:
INR0.98 million). The net working capital cycle elongated to 295
days in FY21 (FY20: 53 days) as a result of an increase in
receivables days (FY21: 136 days; FY20: 47 days) as well as
inventory days (266 days; 78 days), due to the impact of
COVID-19-led issues. The cash and cash equivalents stood at INR249
million at FYE21 (FYE20: INR87.89 million). SPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. It had availed the
Reserve Bank of India-prescribed moratorium over March-August 2020.
Furthermore, it had applied for the re-structuring of its term loan
in November 2019, which was sanctioned in March 2021.

The ratings are supported by the promoters' experience of nearly
three decades in the hotel and tourism industry.

RATING SENSITIVITIES

Negative: Weaker-than-expected operating performance, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, could lead to a negative rating action.

Positive: An increase in the scale of operations through a rise in
the occupancy levels, along with an improvement in the overall
credit metrics, with the net leverage declining below 4.5x and an
improvement in the liquidity profile, all on a sustained basis,
could lead to a positive rating action.

COMPANY PROFILE

SPL was incorporated as a public limited company in 1997 and
commenced operations in 2000. The company operates a five-star
hotel named Swosti Premium, which has with 147 rooms, in
Bhubaneswar. It also operates a resort by the name of Swosti
Chilika Resort by the Chilika lake in Odisha.


VENKATESHWARA SHIKSHAN: Ind-Ra Keeps 'D' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri
Venkateshwara Shikshan Sanstha's term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-up by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is given below:

-- INR121.70 mil. Term loan (Long-term) due on February 2023
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 25, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Shri Venkateshwara Shikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It runs 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes and a career academy.
It is situated in Peth near Pune.


VIKRAM TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vikram
Traders (VT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of VT under the 'issuer noncooperating' category as VT
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021 and October 2, 2021.

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

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

Bangalore-based, Vikram Traders (VT) was established in the year
1984 by Mr. Mangilal Gupta along with six other partners. However,
in the year 2013, the firm was reconstituted with three new
partners' viz. Mr. Meetesh Bhandari, Mr. Vikram Bhandari and Mr.
Sumeet Bhandari sharing profits and losses equally. The firm is
engaged in trading of fabrics with major product being rolled denim
fabric. The firm sells its products to various wholesalers located
in Bangalore and Maharashtra region. Its major customers included
Unitex Apparels Private Limited, Prateek Apparels Private Limited
and Famous Fashion. The fabric is mainly procured from the
suppliers based out in Maharashtra and Rajasthan like Raymond Uco
Denim Pvt Ltd, RSWM Limited, and Century Denim.


VVF INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VVF India
Limited (VVFIL; part of the VVF group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             20       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             32       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             20       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             20       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             19       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             30       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             40       CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit             14       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        21       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       125       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        75       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        40       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        20       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        20       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       100       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        30       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        80       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash           30       CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Proposed Cash          165       CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Term Loan               20       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               19       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              100       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               80       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               25       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              125       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               15       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               50       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               40       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               50       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VVFIL for
obtaining information through letters and emails dated March 31,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of VVFIL, its subsidiaries
(VVF Singapore Pte Ltd and PT VVF Indonesia), VVF Ltd, and VVF
Ltd's overseas subsidiaries. This is because VVFIL and VVF Ltd have
common promoters and are in similar businesses. VVFIL's bank
facilities are secured by a corporate guarantee from VVF Ltd, and a
charge on VVF Ltd's assets in addition to personal guarantees from
the promoters. Furthermore, CRISIL Ratings believes that VVFIL will
receive need-based financial support from VVF Ltd's subsidiaries.
During 2013-14 (refers to financial year, April 1 to March 31) and
2014-15, VVF Ltd extended financial support of INR800 million to
VVFIL. VVF Ltd is likely to extend further support of around INR200
million to VVFIL over the near term. All these companies have been
together referred to as the VVF group.

Promoted by Mr. Godrej Pallonji Joshi, the VVF group commenced
operations in 1939, with The Vegetable Vitamin Foods Co Pvt Ltd.
The group is currently owned by the second generation of promoters,
Mr. Rustom Joshi, Ms Shanaz Diwan, and Mr. Faraz Joshi.

VVFIL manufactures fatty oils, fatty alcohols, and glycerine, which
contribute to around 60% of total revenue. Exports comprise nearly
50% of sales in the oleochemicals segment. The company has an
oleochemicals plant at Taloja, Maharashtra. It also undertakes
contract manufacturing of  personal care products (PCPs; accounting
for 25% of revenue) at its plants in Baddi, Himachal Pradesh;
Kolkata; and Daman. A small portion of revenue comes from sales
under own brands, Doycare, Jo, and Shiff.

VVF Ltd is the holding company for the group's entities that
contract manufacture PCPs overseas. VVF Ltd also has land holdings
in Mumbai. Its major and step-down subsidiaries are VVF Intervest
LLC (holding company for US-based operations), Green Planet
Industrial LLC (Dubai), and VVF S.P.Z.O.O (Poland). In fiscal 2012,
the oleochemicals, domestic contract manufacturing, and branded
manufacturing businesses of VVF Ltd were transferred to VVFIL,
which received private equity of INR135 crore.




===============
M O N G O L I A
===============

TRADE AND DEVELOPMENT BANK: S&P Withdraws 'B' MTN Program Rating
----------------------------------------------------------------
S&P Global Ratings had withdrawn its 'B' long-term and 'B'
short-term issue ratings on Trade and Development Bank of Mongolia
LLC's (B/Stable/B) US$1 billion medium-term note (MTN) program at
the issuer's request. There were no outstanding rated issuances
under the program at the time of the withdrawal.




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

BLAKEMORE BRICK: Creditors' Proofs of Debt Due on Nov. 14
---------------------------------------------------------
Creditors of Blakemore Brick & Blocklaying Services Limited and
Ceyda Limited, which are in voluntary liquidation, are required to
file their proofs of debt by Nov. 14, 2021, to be included in the
company's dividend distribution.

Blakemore Brick commenced wind-up proceedings on Oct. 20, 2021.
Ceyda Limited commenced wind-up proceedings on Oct. 26, 2021.

The companies' liquidator is David Thomas.


CHOIXENFANTS LIMITED: Court to Hear Wind-Up Petition on Nov. 19
---------------------------------------------------------------
A petition to wind up the operations of Choixenfants Limited will
be heard before the High Court at Auckland on Nov. 19, 2021, at
10:00 a.m.

Choicekids Browns Rd TAP Limited filed the petition against the
company on Sept. 21, 2021.

The Petitioner's solicitors are:

         B. A. Keown
         Bell Gully
         Level 22, 48 Shortland Street
         Auckland
         New Zealand


DECMIL CONSTRUCTION: Ecovis Appointed as Receivers
--------------------------------------------------
Gareth Russel Hoole and Clive Robert Bish of Ecovis were appointed
joint and several Receivers and Managers of a retention monies fund
of Decmil Construction NZ Limited on Nov. 1, 2021, by order of the
High Court of New Zealand at Auckland.

The Receivers can be reached at:

         Gareth Russel Hoole
         Clive Robert Bish
         Ecovis KGA Limited
         Chartered Accountants
         PO Box 37223
         Parnell, Auckland
         Email: gareth.hoole@ecoviskga.co.nz


HOSPITALITY HUB: Director Blames Lockdowns for Bar Liquidations
---------------------------------------------------------------
Stuff.co.nz reports that five companies behind several popular
Christchurch hospitality venues -- including Welles Street and the
Pink Lady rooftop bar -- went bust owing more than NZD800,000,
according to official documents.

Hospitality Hub, Welder Events, East Block Hospitality Group,
Campbellfield & Co, and Pink Lady Hospitality were placed into
liquidation on October 18, Stuff discloses.

The companies also own city centre restaurants Earl and Bottle &
Stone.

According to Stuff, director Tom Newfield told liquidator Brenton
Hunt the "fundamental reason" the companies had collapsed was "the
impact of Covid-19".

"Lockdowns, government restrictions around numbers and a lack of
tourist numbers have affected the business," Mr. Hunt reported to
creditors and shareholders on Oct. 21.

The companies had about NZD11,000 of food and beverage stock and
about NZD93,000 in the bank.

Almost NZD500,000 is owed by Campbellfield & Co and Pink Lady
Hospitality, Stuff discloses.

Campbellfield & Co, which traded as Welles Street, was incorporated
in June 2016. It has 68 unsecured creditors that are owed an
estimated NZD120,000.

Two preferential creditors are also listed, with about NZD40,000
owed for staff wages and holiday pay and NZD63,000 owed for GST.

Tom Newfield, Sam Campbell and Stacey Newfield are listed as
shareholders, Stuff discloses.

Welles Street opened in 2017 in a converted 1950s warehouse and
could hold 400 people. Speaking at the time of opening, Tom
Newfield said his aim was to create a "neighbourhood pub with a
cool vibe".

It closed for the last time on October 19, adds Stuff.

According to Stuff, Pink Lady Hospitality was incorporated in
January 2018. It has 46 unsecured creditors owed an estimated
NZD200,000.

Two preferential creditors are listed, with about NZD30,000 owed
for staff wages and holiday pay, and NZD32,700 owed for GST.

Thomas Newfield was listed as the only shareholder.

Located at the top of the Muse Hotel on Manchester St, Pink Lady
was one of two rooftop bars to open in central Christchurch in
December 2020, Stuff notes.

Boasting unrivalled views from its wrap-around balcony, the bar
proved extremely popular and there was often a wait to get a table,
especially on Friday and Saturday nights.

It is understood it is still trading while a new owner is sought,
the report says.

The liquidation reports were prepared by Insolvency Matters in St
Asaph St., Stuff notes.



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

ABX LOGISTICS: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------------
Creditors of ABX Logistics (Singapore) Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Dec. 3, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 3, 2021.

The company's liquidators are:

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


GOKUL VEGETARIAN: Court to Hear Wind-Up Petition on Nov. 19
-----------------------------------------------------------
A petition to wind up the operations of Gokul Vegetarian Restaurant
& Cafe Pte. Ltd will be heard before the High Court of Singapore on
Nov. 19, 2021, at 10:00 a.m.

Adcrop Pte. Ltd filed the petition against the company on Oct. 27,
2021.

The Petitioner's solicitors are:

         PRP Law LLC
         3 Church Street
         #27-05 Samsung Hub
         Singapore 049483


PROFICIO CAPITAL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Proficio Capital Partners Pte Ltd, on Nov. 1, 2021,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Goh Hwee Cheng.




                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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