/raid1/www/Hosts/bankrupt/TCRAP_Public/211111.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 11, 2021, Vol. 24, No. 220

                           Headlines



A U S T R A L I A

BMT AUSTRALIA: First Creditors' Meeting Set for Nov. 17
GLOBE ALLEY: Four of Maz Salt's Melbourne Bars Shut Down
MIMETICA PTY: Second Creditors' Meeting Set for Nov. 18
MYER HOLDINGS: Faces Lawsuit Over AUD4.2 Million Unpaid Rent
NUTRACARE LIFE: First Creditors' Meeting Set for Nov. 18

YBF VENTURES: Calls in McGrathNicol as Liquidators


C H I N A

CHINA EVERGRANDE: Pays Delayed Interest on at Least Two Bonds
FANTASIA HOLDINGS: Gets Notices From Lenders Seeking Loan Repayment
FANTASIA HOLDINGS: Shares Plunge Following US Dollar Bond Default
KAISA GROUP: Fitch Lowers LT FC IDR to 'CCC-'
KAISA GROUP: To Speed Up Asset Sales After Missing Payment

NN INC: Incurs $3.4 Million Net Loss in Third Quarter
SHIMAO GROUP: S&P Downgrades ICR to 'BB+', Outlook Negative


I N D I A

ADINATH SILKS: ICRA Keeps B+ Debt Rating in Not Cooperating
AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
BANSAL BROTHERS: ICRA Withdraws B+ Rating on INR6.0cr Cash Loan
BANSAL SEEDS: CARE Lowers Rating on INR26cr LT Loan to B-
CAPTAB BIOTEC: CARE Keeps C Debt Rating in Not Cooperating

CONSOLIDATED CONSTRUCTION: ICRA Keeps D Ratings in Not Cooperating
ECHJAY FORGINGS: ICRA Keeps B+ Debt Rating in Not Cooperating
EROS MINEROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
EVERGREEN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
EXOTIC GRANITE: ICRA Keeps B Debt Ratings in Not Cooperating

IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
IL&FS TRANSPORTATION: ICRA Keeps D Debt Ratings in Not Cooperating
INDIA GREEN: Fitch Affirms 'BB-' USD325MM Note Rating, Outlook Pos.
JAI JAGDAMBA: CARE Lowers Rating on INR14.20cr LT Loan to B-
KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating

M-BO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
N S VAISHNO: ICRA Keeps B+ Debt Ratings in Not Cooperating
RISHABH ASSOCIATES: CARE Lowers Rating on INR6cr LT Loan to B
SHILPI CABLE: ICRA Keeps D Debt Rating in Not Cooperating

SVSVS PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
T.K. ENGINEERING: ICRA Withdraws D Rating on INR280cr Loans
TIRUPATI COTEX: ICRA Withdraws B+ Rating on INR7cr Loans
URIHK PHARMACEUTICAL: ICRA Assigns B+ Rating to INR28cr Loan


I N D O N E S I A

TUNAS BARU: Moody's Puts B1 CFR Under Review for Downgrade


N E W   Z E A L A N D

CENTRAL SILO: Court to Hear Wind-Up Petition on March 14
LIDDLE BUILDERS: Court to Hear Wind-Up Petition on Dec. 9
MED GREEN: Creditors' Proofs of Debt Due Dec. 7
ROBERT BELL: Creditors' Proofs of Debt Due Dec. 1


S I N G A P O R E

EAGLE HOSPITALITY: RMS Queen Mary Could Be Headed for Demolition
EMAS OFFSHORE: Court Enters Wind-Up Order
LEAP EDUCATION: Court Enters Wind-Up Order
R.A INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 19

                           - - - - -


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

BMT AUSTRALIA: First Creditors' Meeting Set for Nov. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of BMT
Australia Pty Ltd will be held on Nov. 17, 2021, at 2:00 p.m. via
virtual meeting technology.

Robert Michael Kirman of McGrathNicol was appointed as
administrator of BMT Australia on Nov. 5, 2021.


GLOBE ALLEY: Four of Maz Salt's Melbourne Bars Shut Down
--------------------------------------------------------
SmartCompany reports that a string of Melbourne bars owned by
hospitality entrepreneur Maz Salt have closed for good, as the
businesses behind them enter liquidation.

SmartCompany says the liquidations will see the closure of four of
Salt's Melbourne bars: Globe Alley, Radar Nightclub, Park Melbourne
and The B.East of Brunswick St.

On November 8, five businesses that jointly operate the bars - Cast
Of Falcons, Supernaut Melbourne, Captain Obvious, Autokrator, and
Globe Alley - appointed liquidators, the report discloses.

Salt's other venues, Ferdydurke, shipping container bar Section 8
and the other The B.East venue on Lygon Street, will continue to
operate.

Con Kokkinos, a partner at Worrells in Melbourne, has been
appointed as liquidator for the five businesses, according to
SmartCompany.

SmartCompany relates that the companies will be wound up, with the
liquidator expected to seek buyers for their assets.

While the amount of debts owed by the businesses has not been
revealed, a report from The Australian suggests that all employee
entitlements have been paid out, although Salt himself is still
owed a considerable amount.

The largest creditor is reportedly the Australian Taxation Office,
the report notes.


MIMETICA PTY: Second Creditors' Meeting Set for Nov. 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Mimetica Pty
Ltd has been set for Nov. 18, 2021, at 11:30 a.m. via virtual
meeting.

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. 17, 2021, at 5:00 p.m.

Vincent Pirina and Ian Niccol of Aston Chace Group were appointed
as administrators of Mimetica Pty on Oct. 14, 2021.


MYER HOLDINGS: Faces Lawsuit Over AUD4.2 Million Unpaid Rent
------------------------------------------------------------
The Sydney Morning Herald reports that shopping mall giant Vicinity
Centres is suing key department store tenant Myer over AUD4.2
million in unpaid rent at its flagship Bourke Street store in
Melbourne.

According to the report, the AUD8.1 billion ASX-listed landlord has
launched legal action claiming Myer failed to pay outstanding rent
at its premium Bourke Street emporium from May to October, a period
that partly coincides with Melbourne's most recent lockdown.

Neither Vicinity nor Myer would comment about the legal dispute as
the matter was before the courts, but Vicinity is understood to
have sent Myer two notices demanding payment last month, the report
says.

The rental dispute is the latest pandemic-induced fight between
retailers and landlords, SMH notes.

SMH relates that rival mall giant Scentre Group last year locked
out Noni B owner Mosaic Brands from 167 stores in its centres in a
spat over rent payments. That matter was eventually settled out of
the courts.

According to SMH, Vicinity's dispute with Myer will pile pressure
on the retailer which is already facing a long-running hostile
campaign to overthrow its board by veteran retailer Solomon Lew.

SMH says Mr. Lew's Premier Investments, which owns Just Group,
Smiggle and Jay Jays, was a trenchant critic of landlords during
the pandemic, refusing to pay rents at some stores.

Vicinity reported at its annual general meeting on Nov. 10 that
malls in the larger states of NSW and Victoria had been hit hard by
the enforced lockdowns, although it said shoppers are coming back
in the lead-up to Christmas, SMH discloses.

Staff shortages, excess and changing seasons in NSW and Victoria,
along with higher costs and freight distributions were placing
pressure on tenants, it said, the report relays.

Overall, for the three months ending September, total portfolio
retail sales were down 25.7 per cent relative to the same time in
2020, but rose 7.1 per cent across the less impacted states.

SMH adds that Vicinity chief executive Grant Kelley called the
quarter "challenging" with the prolonged lockdowns in NSW and
Victoria impacting the performance of the portfolio.

"However, retail sales across the COVID-normal states remained
strong, and we are delighted with the rebound in visitation in NSW
and Victoria, as restrictions started to ease in October," the
report quotes Mr. Kelley as saying.  "We are optimistic that
positive momentum will continue in the second quarter of the 2022
financial in the lead up to the holiday period and with the
resumption of interstate and international travel, but we
nevertheless maintain a level of caution with the expected expiry
of the respective SME codes of conduct, currently in effect in NSW
and Victoria, in January 2022."

Due to ongoing uncertainty resulting from the COVID-19 pandemic,
Vicinity continues to withhold earnings guidance for this financial
year, the report adds.

Myer Holdings Limited (Myer) is an Australia-based company, which
is engaged in the department store business. The Company operates
approximately 60 department stores across Australia, along with one
retail online site, myer.com.au. Its merchandise offer includes
core product categories, womenswear, menswear, childrenswear,
beauty, homewares, electrical goods, toys and general merchandise.
The Company's operations are in Australia and encompass Myer
department stores, sass & bide, and Marcs and David Lawrence (MDL).
In addition to its Australian operations, it also has a sourcing
office located in Hong Kong.


NUTRACARE LIFE: First Creditors' Meeting Set for Nov. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Nutracare
Life Limited will be held on Nov. 18, 2021, at 10:30 a.m. via
virtual meeting technology.

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Nutracare Life on Nov. 8, 2021.


YBF VENTURES: Calls in McGrathNicol as Liquidators
--------------------------------------------------
SmartCompany reports that Aussie co-working space and tech hub YBF
is in liquidation, following long stretches of COVID-19
restrictions that have seen CBDs almost empty.

Calling itself Australia's 'original and largest tech and
innovation hub', YBF first launched in 2011 out of Melbourne's York
Butter Factory, which gave it its original name. In 2018, it
rebranded to YBF Ventures, SmartCompany says.

According to SmartCompany, there are now venues in Sydney and
Melbourne, which have been home to hundreds of growing startups and
small businesses. The business has also been backed by federal
government funding.

However, with COVID-19 lockdowns leaving the spaces almost empty,
and government support dwindling, the business was forced to call
in liquidators.

On November 2, YBF appointed Robert Smith and Matthew Hutton of
McGrathNicol, SmartCompany discloses.

Messrs. Smith and Hutton will stabilise the business and continue
to operate it, as they seek a new buyer for the assets.

Mr. Smith told SmartCompany the reliance on co-working revenue in
CBD locations was "the main driver" of the insolvency.

However, he also noted the liquidators have seen strong support
from stakeholders.

"There have already been expressions of interest, which is
encouraging," he added.

YBF chief executive Farley Blackman told SmartCompany that
pre-COVID-19, the business had been on a 10x growth trajectory,
with its Melbourne office at full occupancy. It was also achieving
"record results" in its corporate innovation business.

But a combination of lockdowns, office density restrictions and an
inability to come to a rent-relief agreement "made it clear that we
needed bring in McGrathNicol", he said.

While acknowledging that this has been a "very difficult" time, he
said he is grateful for the support he's had from the YBF team, and
for the "kindness, understanding and generosity of our members and
our partners".

"YBF has been foundational to the Australian tech and innovation
ecosystem and has positively impacted thousands of tech startups,
scaleups, corporates and individual innovators over the past ten
years through its co-working spaces, programs, investor connections
and social agenda," Mr. Blackman told SmartCompany.
"We've had a very strong social purpose."

The challenges of operating in the CBD during lockdowns have not
been unique to YBF. Smith is seeing an increasing trend of
businesses that are heavily exposed to CBD activity struggling to
deal with payments in arrears and mounting costs, without bringing
in the revenues they would have pre-pandemic.

"As government assistance withdraws, whilst the CBD is heavily
underutilised we anticipate more financial pressure on
businesses."




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

CHINA EVERGRANDE: Pays Delayed Interest on at Least Two Bonds
-------------------------------------------------------------
Bloomberg News reports that China Evergrande Group looks set to
avert another default in its biggest test since the property
developer's debt crisis began.

Customers of international clearing firm Clearstream received
overdue interest payments on three U.S. dollar bonds issued by
Evergrande, a spokesperson for Clearstream said, Bloomberg relays.
Two investors that hold two of the bonds confirmed that they
received the payments, asking not to be identified because they
weren't authorized to speak publicly.

Bloomberg says investors had been waiting to see if the embattled
developer would make the coupon payments totaling $148.1 million
before the end of 30-day grace periods on Nov. 10. Evergrande
missed the initial interest deadlines last month,
Bloomberg-compiled data show.

The affected bonds include a 9.5% note due 2022, 10% bonds due
2023, and its 10.5% note due 2024, the report discloses.

According to Bloomberg, the property giant pulled back from the
brink of default in October by paying other coupons before the end
of its grace period. But the crisis at Asia's largest junk bond
issuer is hardly over, as it grapples with more than $300 billion
in liabilities. A string of other developers have also fallen into
distress amid a crackdown on speculation and leverage following
years of debt-fueled expansion. The contagion has even spread to
other areas of the credit market.

On Nov. 8, two holders of other dollar notes sold by a unit of
China Evergrande said they hadn't received payment for coupons that
were officially due Nov. 6, Bloomberg notes. Both of those coupons
also have a 30-day grace period before any missed payment would be
considered a default.

Bloomberg says authorities have sought to limit the fallout from
the wider property market distress, with the central bank injecting
liquidity into the financial system. Chinese developers' bonds and
stocks rallied Nov. 10 after the Securities Times said authorities
are likely to loosen controls for the nation's real estate
companies to issue local-currency notes, part of efforts to prevent
a further deterioration in their financing, according to
Bloomberg.

But concerns persist, the report says. A string of defaults and
downgrades in the property industry in recent weeks pushed yields
on junk dollar bonds from Chinese issuers to the highest in at
least a decade over 24%, Bloomberg states.

                       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-'.


FANTASIA HOLDINGS: Gets Notices From Lenders Seeking Loan Repayment
-------------------------------------------------------------------
Dow Jones Newswires reports that Fantasia Holdings Group Co. said
that it has received notices from certain lenders seeking repayment
of loans that aren't due, adding to its liquidity problems.

Dow Jones relates that the developer of luxury apartments in China
is in talks with such lenders on settlement arrangements, Fantasia
said late Nov. 9.

"Given the liquidity issue faced by the group, there is no
guarantee that the group will be able to meet its financial
obligations under its other financing documents," the developer
said.

According to the report, Fantasia said that it could face material
adverse business prospects if it fails to meet its guarantee
obligations, fails to repay any debt when due or doesn't get
creditors to agree on extension of its borrowings.

The developer, which like China Evergrande Group is based in
Shenzhen, had last month said that it didn't pay the outstanding
principal of $205.66 million on a five-year 7.375% bond, which it
had issued in 2016, Dow Jones relays.

Fantasia originally sold $500 million of this debt and earlier this
year bought back some of the securities.

Dow Jones relates that the company said late on Nov. 9 that it
continues to work with its financial and legal advisers, Houlihan
Lokey (China)Ltd. and Sidley Austin, in the management of its
liquidity issue.

Shares of the company that have been suspended since Sept. 29
resumed trading on the Hong Kong stock exchange from Nov. 10, the
report notes.

Fantasia was founded in 1996 by Zeng Jie, also known as Baby Zeng,
a niece of former Chinese Vice President Zeng Qinghong. The company
is known for building high-end residential projects and luxury
apartments. Fantasia has dozens of ongoing real-estate projects in
major metropolitan areas across China, in cities including Beijing,
Wuhan, Tianjin and Ningbo.

                      About Fantasia Holdings

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
3, 2021, Fitch Ratings has affirmed Fantasia Holdings Group Co.,
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'Restricted Default' (RD) and its senior unsecured rating and the
ratings on its outstanding US-dollar bonds at 'C' with a Recovery
Rating of 'RR4'.

Fantasia failed to repay its USD206 million senior notes due
October 4, 2021. There is no grace period for the bond repayment.
The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

At the same time, Fitch has withdrawn the ratings for commercial
reasons.

FANTASIA HOLDINGS: Shares Plunge Following US Dollar Bond Default
-----------------------------------------------------------------
South China Morning Post reports that shares of Fantasia Holdings
Group plunged by nearly half to a record low on Nov. 10, after the
debt-laden Chinese developer defaulted on a US dollar bond, further
warning there is no guarantee it could meet other financial
obligations.

According to the Post, the Hong Kong-listed developer said in a
filing late on Nov. 9 that it did not repay a US$205.7 million bond
that was due on October 4. Apart from its 2021 notes, Fantasia said
that there were no other overdue bonds and loans of a material
nature.

"Given the liquidity issue faced by the group, there is no
guarantee that the group will be able to meet its financial
obligations under its other financing documents," the
Shenzhen-listed company said in the filing.

The Post relates that Fantasia said that while it has not received
notices from bondholders seeking immediate repayment, certain
lenders have requested early repayment of loans that have not yet
matured. The developer said it was in talks with these lenders on
arrangements, including renewing or extending the loans.

Fantasia's woes add to the strains of China's heavily leveraged
property developers, first sparked by industry giant China
Evergrande Group's debt woes, which is struggling with liabilities
of over US$300 billion, according to the Post. Its missed payment
triggered a series of downgrades of Chinese real estate companies
by major credit rating companies last week.

The Post says Fantasia's missed payment came just two weeks after
the company said it had no liquidity issues and had "already
prepared the funds" to redeem its bonds due this month. It had
obtained HK$1.1 billion (US$142 million) of financing from Chiyu
Bank in June, it said at the time.

The Post notes that the liquidity crisis faced by Fantasia and
other developers comes after Beijing's introduction of the "three
red lines" last year, designed to tamp down speculative property
price bubbles. The requirements adopted by the China's central bank
last August limited developers' ability to borrow, making it hard
for them to cover short-term cash needs between the time flats are
built and sold.

The company reported a profit of CNY302.9 million (US$47.4 million)
in the first half, a 9.5 per cent increase from a year earlier. As
of June 30, it had current liabilities - those that have to be
repaid within a year - of nearly CNY50 billion, including CNY8.5
billion in borrowings and nearly CNY11 billion in senior notes and
bonds, the Post discloses.

                      About Fantasia Holdings

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
3, 2021, Fitch Ratings has affirmed Fantasia Holdings Group Co.,
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'Restricted Default' (RD) and its senior unsecured rating and the
ratings on its outstanding US-dollar bonds at 'C' with a Recovery
Rating of 'RR4'.

Fantasia failed to repay its USD206 million senior notes due
October 4, 2021. There is no grace period for the bond repayment.
The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

At the same time, Fitch has withdrawn the ratings for commercial
reasons.

KAISA GROUP: Fitch Lowers LT FC IDR to 'CCC-'
---------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder Kaisa Group
Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC-', from 'CCC+', and its senior unsecured rating to
'CCC-', from 'CCC+', with the Recovery Rating remaining at 'RR4'.

The downgrade reflects Fitch's view that Kaisa's liquidity has
further deteriorated Fitch believes Kaisa's credit risk is high due
to tight liquidity, undisclosed debt from wealth-management
products, potential pressure to address non-capital market debt,
declining contracted sales and limited progress on asset
disposals.

Kaisa's liquidity issues were heightened after missing payments on
wealth-management products to onshore investors, amounting to more
than CNY12 billion, or around 10% of its interest-bearing debt,
according to news reports.

KEY RATING DRIVERS

Significant Offshore Capital-Market Obligations: The company has a
large amount of debt due between now and end-2022, including USD400
million (CNY2.6 billion) due in December 2021, USD550 million in
April 2022, USD1.1 billion due in June 2022 and around USD1.7
billion due in 2H22. Kaisa's coupons on its US-dollar bonds are
also substantial, at around USD1 billion a year. This compares with
the company's implied sales collection of CNY62 billion from its
property development business in 2020.

Fitch believes more than 60% of Kaisa's 1H21 total cash of CNY48
billion, including cash and bank balances, restricted cash and
short-term bank deposits, is at its project companies to fund
construction or the repayment of bank and other borrowings. This
means the cash may not be remitted to the holding company, and
raises the risk of the company not being able to address offshore
project loans and capital market debt on a timely basis.

Liquidity Deteriorates Further: Kaisa did not record the
wealth-management products as liabilities or external guarantees in
its financial statements. News reports also said Kaisa may face
additional pressure to address offshore borrowings for a project in
Hong Kong, which are guaranteed by the company. Recent rating
actions by rating agencies on Kaisa may have triggered some
acceleration rights for the lenders of the Hong Kong project.

Declining Contracted Sales: Fitch believes the recent drop in
contracted sales has weakened Kaisa's ability to repay short-term
debt, as contracted sales proceeds are its key source of liquidity.
Reported contracted sales fell by 30% yoy in October 2021, after
dropping by 21% in 3Q21, while the average selling price was little
changed from a year earlier. Fitch believes recent negative news
flow on the company could further weaken the confidence of
homebuyers and damage Kaisa's liquidity.

Slow Progress on Asset Disposals: There has been slow progress on
the sale of Kaisa's property management arm, some existing
residential projects and investment properties in Shenzhen, and
urban renewal projects in China's Guangdong province. Fitch
believes these asset disposals are subject to execution risk,
increasing the likelihood that the company will default on the
interest payments due on its US dollar bonds.

ESG - Governance: Kaisa has an ESG Relevance Score of '4' for
Financial Transparency due to the CNY12.7 billion in unreported
wealth-management products that it has issued, which may become its
additional obligations. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

DERIVATION SUMMARY

Kaisa's ratings reflect its tight liquidity and high possibility of
default.

KEY ASSUMPTIONS

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

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

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

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

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

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

-- No asset sales or capital injection assumed.

KEY RECOVERY RATING ASSUMPTIONS

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

Fitch assumes a 10% administrative claim.

Liquidation Approach

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

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

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

-- 30% haircut to account receivables;

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

RATING SENSITIVITIES

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

-- Restored capital-market access and sufficiently addressed
    liquidity needs.

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

-- Further deterioration in liquidity or a default of some kind,
    which appears probable.

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

Kaisa, which is based in Shenzhen, focuses on urban property
development in the Greater Bay Area, including Shenzhen, Guangzhou,
Foshan, Huizhou, Dongguan, Zhongshan and Zhuhai. The company has
expanded to the Yangtze River Delta, western China, central China
and the Pan-Bohai Bay Rim.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

ESG CONSIDERATIONS

Kaisa has an ESG Relevance Score of '4' for Financial Transparency
due to its unreported wealth-management products, which may become
its additional obligations. This 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.

KAISA GROUP: To Speed Up Asset Sales After Missing Payment
----------------------------------------------------------
The Wall Street Journal reports that Kaisa Group Holdings Ltd.
plans to speed up asset disposals to meet investor obligations,
after the indebted company missed a payment on a wealth-management
product last week.

The Journal relates that the Shenzhen-based company has sufficient
"high-quality assets" it can tap to make the payments, Kaisa said
in a statement on its website on Nov. 8, adding that it would seek
to sell assets in Shenzhen, Shanghai and other places. The
developer said it would seek to negotiate a more feasible payment
plan with investors and expedite sales at its property development
projects, the report relays.

According to the Journal, Kaisa apologized to investors in the
statement, saying it "sincerely asks investors to give Kaisa Group
a bit more time and patience." The company's overall asset value is
greater than its liabilities, it said.

Shares of Kaisa, one of the Chinese property sector's biggest
borrowers in international bond markets, fell to an all-time low
last week after the company missed a payment on a wealth-management
product and said it was facing "unprecedented pressure on its
liquidity," the Journal relays.

Kaisa had about $10.9 billion of dollar bonds outstanding as of
end-June, according to its first-half results.

The Hong Kong-listed stock of the company and various units have
been on a trading halt since Nov. 5, the Journal notes.

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA. As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2021, 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.

The TCR-AP reported on Nov. 2, 2021, Moody's Investors Service has
downgraded the corporate family rating of Kaisa Group Holdings Ltd
to Caa1 from B2. At the same time, Moody's has downgraded the
senior unsecured rating on the bonds issued by Kaisa to Caa2 from
B3.  The outlook has been changed to negative from rating under
review.  This concludes the review for downgrade on Kaisa's ratings
initiated on October 18, 2021.

NN INC: Incurs $3.4 Million Net Loss in Third Quarter
-----------------------------------------------------
NN, Inc. reported a net loss of $3.38 million on $117.24 million of
net sales for the three months ended Sept. 30, 2021, compared to
net income of $21.97 million on $113.76 million of net sales for
the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $13.68 million on $367.21 million of net sales compared
to a net loss of $247.97 million on $308.51 million of net sales
for the same period during the prior year.

As of Sept. 30, 2021, the Company had $594.71 million in total
assets, $318.49 million in total liabilities, $51.38 million in
Series D perpetual preferred stock, and $224.83 million in total
stockholders' equity.

Warren Veltman, president and chief executive officer, said,
"During the quarter we saw strong growth in Power Solutions,
particularly in commercial and residential electrical end product
which grew 25% year over year.  This strong growth was partially
offset by the ongoing semiconductor chip shortage affecting
customers in our Mobile Solutions business.  In addition, broader
supply chain constraints and material and other inflationary cost
pressures have affected margins across our business segments.  We
have implemented, or are negotiating, price adjustments to recover
these cost increases, and we believe that these increases coupled
with expected operational improvements will enable us to achieve
normalized margins as our operating environment stabilizes."

A full-text copy of the press release is available for free at:

https://www.sec.gov/Archives/edgar/data/918541/000091854121000038/nnbr-9302021pressrelease.htm

                           About NN Inc.

NN, Inc. -- www.nninc.com -- is a global diversified industrial
company that combines advanced engineering and production
capabilities with in-depth materials science expertise to design
and manufacture high-precision components and assemblies primarily
for the electrical, automotive, general industrial, aerospace and
defense, and medical markets.  The Company has 31 facilities in
North America, Europe, South America, and China.

NN, Inc. reported a net loss of $100.59 million for the year ended
Dec. 31, 2020, compared to a net loss of $46.74 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$613.58 million in total assets, $332.16 million in total
liabilities, $49.07 million in series D perpetual preferred stock,
and $232.36 million in total stockholders' equity.

SHIMAO GROUP: S&P Downgrades ICR to 'BB+', Outlook Negative
-----------------------------------------------------------
On Nov. 10, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Shimao Group Holdings Ltd. to 'BB+' from 'BBB-'.
S&P also lowered the long-term issue rating on the property
developer's senior unsecured notes to 'BB' from 'BB+'.

The negative outlook reflects the rising uncertainty over Shimao's
commitment to debt and leverage control.

Tough business conditions will hurt Shimao's ability to establish a
record of sustaining profitability and leverage. The company's
leverage, both consolidated and look-through (proportionately
consolidating off-balance sheet joint ventures [JVs]), may not be
able to sustain at below 4.0x in the next one to two years. In our
opinion, the margin for error is eroding given Shimao has a very
tight headroom to begin with. The company's consolidated leverage
was at 3.9x at end-2020, compared with our downside trigger of
4.0x.

Given overall weakening property demand in China, Shimao's total
contracted sales in October 2021 fell by more than 32% year on
year. Sales in the first 10 months increased a mere 5% year on
year, down from 17% growth in the previous year. Furthermore, the
company's revised sales target of about Chinese renminbi (RMB) 290
billion is 10%-15% lower from our previous estimate. That said, the
impact on Shimao's credit metrics could be partially offset by the
company's cautious land acquisition in 2021.

The profitability of Shimao's property development business is
under increasing pressure, mainly driven by margin compression due
to rising land costs and price caps in higher-tier cities. The
company's use of promotions and price discounts to entice faster
sell-through and cash collection will weigh on its already
edging-down margins, in our view.

S&P estimates margins at Shimao's JVs will overall be lower than
its consolidated projects. That's partly because some large-scale
projects have more than two partners, which lowers operating
efficiency particularly when it has become more pressing for all
developer-counterparties to preserve liquidity. Gross debt at
Shimao's JVs is also higher than the external guarantees the
company has provided, creating an additional burden on its
look-through leverage.

Shimao may find it hard to deleverage in the next 12 months. S&P
said, "We now anticipate that the company's sales will slow and
margins will compress toward the industry average in the next one
to two years. We had previously forecast that Shimao's sales and
margins normalization would be slower and milder than peers. We
believe Shimao's look-through leverage could land at 4.0x-4.5x over
the coming two years, subject to the delivery schedule of
non-consolidated JV projects and the company's ability to sustain
its operating efficiency." The risk is tempered by the still-strong
growth in Shimao's non-property development segments such as
property management and commercial property businesses.

Unsupportive financing conditions could pose challenges to Shimao's
liquidity management. This is due to the volatility of the offshore
U.S. dollar bond market, in which the refinancing window may remain
closed over the next six months. The onshore capital market has not
been accommodative either. As a result, Shimao may need to rely
more on its internal resources (primarily accessible cash and
sales) to meet its debt obligations, reducing the company's
liquidity buffer. Shimao has US$1.7 billion in offshore bonds due
before August 2022. Furthermore, tightening financing conditions in
China will also constrain Shimao's financing cash flow, limiting
the company's resources to sustain scale growth when needs for
investment become more pressing.

Overall, deteriorating business fundamentals together with a tight
rating headroom compounds the pressure on Shimao's credit strength.
S&P reflects these risks in its negative comparable rating
analysis, effectively lowering the issuer credit rating by one
notch.

S&P said, "The negative outlook reflects our view that Shimao will
face substantial difficulty in deleveraging amid tough business
conditions.

"We may lower the rating if Shimao's debt-to-EBITDA ratio, either
consolidated or look-through, is not able to sustain at below 4.0x.
This is likely to happen if: (1) the company's revenue recognition
is well below our expectation, while debt control fails to offset
the impact; or (2) its land acquisitions or other investments
significantly exceed our forecast.

"We may also lower the rating if Shimao fails to maintain an
adequate liquidity profile. An indication of such weakness could be
its liquidity sources stay below 1.2x of liquidity uses.

"We could revise the outlook to stable if Shimao's leverage, both
consolidated and look-through, remains below 4.0x on a sustainable
basis. In the meantime, Shimao will need to sustain an adequate
liquidity profile."




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

ADINATH SILKS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Adinath Silks Private
Limited (Erst Adinath Silks Limited) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          35.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2016, ASPL is involved in the trading of raw silk,
silk fabrics and silk saris. Initially, incorporated as a
proprietorship concern by Mr. Rasiklal K Shah, the company has been
in existence since 1959. The proprietorship entity was converted
into Adinath Silks Limited (public limited company) in 2002 and
further converted into Private Limited in June 2016. The product
profile of ASPL comprises various silk fabrics such as chiffon,
taffeta, georgette, dupion and plain silk. The company also trades
in silk saris on order basis. ASPL procures yarn and silk fabrics
from small-scale weavers located in and around Bangalore which are
then sold to wholesalers and semi-wholesalers predominantly in
Bangalore.

AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amsat
Industries Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.50       CARE A4; 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 AIPL under the ‘issuer non-cooperating' category as
AIPL 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. AIPL continues to be
noncooperative 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).

Amsat Industries Private Limited (AIP) was incorporated in 2009 by
Mr. Kuldip Singh Dalal and Ms. Cornolia Dalal and started its
commercial operations in 2012. The company is being managed by Mr.
Kuldip Singh Dalal. The company is engaged in manufacturing of heat
sink and metal cabin. A heat sink is a component used in electrical
machine to lower the temperature of an electronic device by
dissipating heat into the surrounding air. The manufacturing
facility of AIP is located at Jhajhar, Haryana. K. N. Interplast
Private Limited (KNI) is an associate concern engaged in similar
industry i.e. manufacturing of heat sinks.

BANSAL BROTHERS: ICRA Withdraws B+ Rating on INR6.0cr Cash Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Bansal Brothers at the request of the company and based on the No
Objection Certificate/Closure certificate received from the banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
Financial indicators have not been captured as the rated
instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        6.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Withdrawn

   Non-Fund based-
   Letter of Credit   2.00       [ICRA]A4; ISSUER NOT
                                 COOPERATING; Withdrawn

Bansal Brothers is a partnership firm, incorporated in 1968 by the
Late Mr. Desh Raj Bansal, as a trader in iron and steel products
like scrap, plates, channels, beams, rounds and flats. The firm is
currently managed by Mr. Kishore Bansal, Mr. Anoop Bansal, Mr.
Gaurav Agarwal and Mr. Anirudh Singhal. In 2007, the firm
diversified into the manufacturing of noble ferro alloys - such as
ferro-aluminium, ferro-silicon magnesium, and
ferro-titanium—which find application in the steel making
process. The firm has a manufacturing facility at Bhilai,
Chhattisgarh, with an installed capacity 3,600 MT per annum. An
associate concern of the firm—Sarthak Metals Marketing Private
Limited ([ICRA]BBB-(Stable)/[ICRA]A3)—is involved in the
manufacturing of metallurgical cord wires, aluminium flipping coils
and industrial oxygen gas in Bhilai, Chhattisgarh.


BANSAL SEEDS: CARE Lowers Rating on INR26cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bansal Seeds Private Limited (BSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      26.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of BSPL under the 'issuer non-cooperating' category as
BSPL 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. BSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 13, 2021, September 23, 2021, October 3, 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).

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider an increase in
overall debt in FY20 as compared to FY19.

Kashipur-based (Uttarakhand) BSPL was incorporated in November 1999
by the Agarwal family headed by Mr. Mukesh Kumar Agarwal, Managing
Director. The company is engaged in processing and trading of wheat
and paddy seeds. BSPL sells certified seeds in the brand name of
'Bansal Seeds' through distributors in Bihar & Uttar Pradesh. BSPL
had installed capacity of 24000 metric tonnes per annum (MTPA) for
processing and grading of seeds.


CAPTAB BIOTEC: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Captab
Biotec Unit II (CBUI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Long Term Bank       0.64       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       CARE A4; 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 September 22, 2020, placed
the rating(s) of CBUI under the 'issuer non-cooperating' category
as CBUI 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. CBUI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 28, 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).

Captab Biotech Unit–II (CPB) was established in 2014 as a
partnership firm. It is currently being managed by Mr. Kapish Goel
and Mr. Shubham Goel as partners. The firm is engaged in the
manufacturing of pharmaceutical formulations which are available in
the form of tablets, capsules, Eye Drops, Eye Ointments, Infusions
and Dry Syrups with a total installed capacity of manufacturing 15
crore tablets, 12 crore dry powder injections, 12 crore liquid
injections, 10.80 crore eye drops, 1.80 crore eye ointments, and
1.80 crore 100ml infusions per annum as on June 30, 2019.


CONSOLIDATED CONSTRUCTION: ICRA Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities and Non
Convertible Debentures of Consolidated Construction Consortium
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       380.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        72.05       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–        45.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-     1275.00       [ICRA]D; ISSUER NOT COOPERATING;
   NonFund based                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non-Convertible   50.00       [ICRA]D; ISSUER NOT COOPERATING;
   Debentures                    Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Consolidated Construction Consortium Limited was incorporated in
1997 as a public limited company by four former employees of L&T:
Mr. R. Sarabeswar, Mr. S. Sivaramakrishnan, Mr. V. Janarthanam, and
Mr. T.R. Seetharaman. Since inception, the company has concentrated
on construction and related activities in the commercial,
infrastructure, industrial and residential sectors. To provide
turnkey construction solution to clients, CCCL has set up
subsidiaries including Consolidated Interiors Limited (for interior
contracting and fit-out services); Noble Consolidated Glazings
Limited (for glazing services); and CCCL Power Infrastructure
Limited (for undertaking BOP orders for power projects).


ECHJAY FORGINGS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Echjay
Forgings Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         21.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short-term         10.00        [ICRA]A4; ISSUER NOT
   Nonfund Based–                  COOPERATING; Rating continues
   Letter of Credit                To remain under 'Issuer Not
                                   Cooperating' category

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

Echjay Forgings Private Limited is a five-and-a-half-decade old
family-owned company. Founded in 1960 as a machine shop, it
initially machined imported forgings for automobile manufacturers
and later forayed into the manufacturing of forged products. The
company is, at present, involved in the forging of products used in
industries like piping, defence, railways, wind energy, earth
moving, etc. The company has a manufacturing unit at Khopoli in
Maharashtra.

EROS MINEROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Eros
Minerock Products LLP in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Term Loan          24.56        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

    Short Term-         3.20        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Established in May 2013, Eros Minerock Products LLP (EMPL) is a
limited liability partnership firm promoted by Mr. Karshanbhai
Patel, Mrs. Indumati Patel, Mrs. Jalpa Pandit and other six
partners. EMPL manufactures gypsum powder and gypsum board (drywall
board), which finds applications in ceramic industry and
construction industry. Currently, the firm manufactures the gypsum
board in standard size of 1220 X 1830 mm with thickness of 8mm,
10mm and 12 mm. The gypsum powder is used primarily in sanitary
ware industry to manufacture the moulds and further to manufacture
gypsum board. The Gypsum boards is primarily used in ceiling panel,
interior walls and partition systems in residential, institutional,
and commercial structures.

EVERGREEN INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Evergreen
International Limited (EIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       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 28, 2020, placed the
rating(s) of EIL under the 'issuer non-cooperating' category as EIL
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. EIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 13, 2021, September 23, 2021, October 3, 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).

Evergreen International Limited was incorporated in 2004 and is
currently managed by Mr. Shamsher Ahmed Siddiqui and Ms. Shampa
Siddiqui. The company is engaged in the manufacturing of wooden
furniture viz tables, chairs, sideboards etc. The manufacturing
facility of the company is located in Gurgaon-Haryana, Jodhpur-
Rajasthan and Hyderabad with installed capacity of 1,00,000 pieces
per annum as on March 31, 2016. The company has offset printing
press with installed capacity of 6 lakh sheet/ day as on March 31,
2016.


EXOTIC GRANITE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Exotic
Granite LLP in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          4.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          6.00        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short term non      7.00        [ICRA]A4; ISSUER NOT
   fund-based                      COOPERATING*; Rating continues

   Letter of Credit                To remain under 'Issuer Not
                                   Cooperating' category

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

Established in December 2012, M/S. Exotic Granite LLP (EGL) set up
a granite cutting and polishing unit in Mundra, Gujarat in April
2014, with a production capacity of cutting and polishing 15,00,000
square feet of granite slabs per annum. The firm is currently
managed by Mr. Rajesh Mandhana, Mr Pradeep Mandhana. Additionally,
Crystal Granite and Marble Private Limited (CGMPL) engaged in
processing granite rough blocks into slabs has also partnered with
EGL.


IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities and Non
Convertible Debentures of IL&FS Solar Power Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term loans        45.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category
   NCD I            150.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   NCD II           210.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

IL&FS Solar Power Limited, a 100% subsidiary of IL&FS Energy
Development Private Limited, has been set up to install a 100- MW
(AC)/ 130-MW (DC) ground mounted solar PV power project at Ittigi
(40 MW), Nellukudure (28 MW) and Mooregeri (32 MW) villages of the
Bellary district of Karnataka. The project capital cost stood at
about INR685 crore. The project was  developed under build, finance
and transfer arrangement by ISPL. ISPL signed a DPA with EEPL as
per which the latter, post commissioning, will be paying monthly
payments to ISPL for the duration of 15 years. The solar power
generated by the project is being supplied to the various office
parks/commercial properties operated by the Embassy Group.

IL&FS TRANSPORTATION: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of IL&FS
Transportation Networks Limited continue Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Commercial Paper      1000.00     [ICRA]D ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain in
                                     the 'Issuer Not Cooperating'
                                     category

   Non-Convertible       2000.00     [ICRA]D ISSUER NOT
   Debentures                        COOPERATING; Rating
                                     continues to remain in
                                     the 'Issuer Not Cooperating'
                                     category

    Term Loans            490.00     [ICRA]D ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain in
                                     the 'Issuer Not Cooperating'
                                     category

   Fund-based Bank        320.00     [ICRA]D ISSUER NOT
   limits                            COOPERATING; Rating
                                     continues to remain in
                                     the 'Issuer Not Cooperating'
                                     category

   Preference Share       760.00     [ICRA]D ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain in
                                     the 'Issuer Not Cooperating'
                                     category

   Non-Convertible       1963.50     [ICRA]D ISSUER NOT
   Debentures                        COOPERATING; Rating
                                     continues to remain in
                                     the 'Issuer Not Cooperating'
                                     category

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

Incorporated in 2000, IL&FS Transportation Networks Limited (ITNL)
is a surface transportation infrastructure company and
Build-Operate-Transfer (BOT) road operator in India. The company is
promoted by Infrastructure Leasing & Financial Services Limited
which holds 71.92% equity stake in ITNL as on June 30, 2019. Since
inception, ITNL has been involved in the development, construction
and implementation, operation and maintenance of national and state
highways, roads, flyovers
and bridges. ITNL, through its wholly-owned subsidiary in
Singapore, namely ITNL International Pte Ltd (IIPL) holds 100%
equity stake in Elsamex S.A, a Spanish O&M operator which provides
maintenance services for infrastructure facilities largely in the
roads sector in Spain and the rest of Europe and 49% stake (51%
being held by Chongqing Expressway Group Company Limited) in
Chongqing YuHe Expressway Company Limited (CYECL), a toll-based
road project in south-west China which has a long operating history
of over nine years.


INDIA GREEN: Fitch Affirms 'BB-' USD325MM Note Rating, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed India Green Energy Holdings (IGEH)'s
bullet USD325 million senior secured notes due 2024 at 'BB-'. The
Outlook is Positive.

RATING RATIONALE

IGEH is a financing vehicle that has used the note proceeds to
subscribe to Indian-rupee non-convertible debentures (NCD) issued
by ReNew Power Private Limited Restricted Group 3 (ReNew RG3).
ReNew RG3's parent is ReNew Power Private Limited (ReNew,
BB-/Positive). IGEH has no linkage with ReNew. The NCDs benefit
from a full-tenor guarantee from ReNew as the parent guarantor.
ReNew RG3 has used the NCD proceeds to refinance senior debt and
upstream a portion to ReNew, as the initial parent guarantor loan.

IGEH's note rating is capped by ReNew's credit assessment. Prior to
the notes' maturity, ReNew will repay the initial parent guarantor
loan, which IGEH will use to partially redeem the US-dollar notes,
while refinancing the outstanding amount. Fitch's rating case
assumes that IGEH will not be able to fully amortise its refinanced
debt over the refinancing period if ReNew does not repay the
initial parent guarantor loan. This would result in an event of
default; as such, the note rating relies on ReNew's credit quality.
Fitch assesses IGEH's underlying credit profile with orphan
issuance risk at 'bb'.

The note rating also reflects ReNew RG3's contracted revenue with
state distribution companies (discoms) under long-term fixed-price
power-purchase agreements (PPA) for its total capacity of 324MW.
ReNew RG3 uses commercially proven wind and solar technology and
all projects are commissioned with a two- to seven-year operating
record. The restricted group has moderate variability between its
P50 and one-year P90 forecasts. Its generation performance in the
financial year ending March 2019 (FY19) and FY20 was in line with
its one-year P90 forecast, however it fell short by around 10% in
FY21.

ReNew Solar Energy Private Limited (RSEPL), a wholly owned
subsidiary of ReNew that operates 38MW of rooftop solar capacity,
is not a co-issuer within the restricted group, but will invest the
free cash flow generated from its rooftop solar projects as equity
or lend it as a subordinated loan to the co-issuers. These
projects, while not part of the security package, will have
negative liens to not incur additional debt. This provides extra
cash flow to the restricted group, but is untested.

KEY RATING DRIVERS

Short-Term O&M Contracts; Proven Technology: Operation Risk −
Midrange

ReNew RG3 consists of 282MW wind projects and 138MW solar projects,
including 38MW rooftop solar projects operated by non-restricted
RSEPL, with an operating history of three years on a capacity
weighted-average basis. Fitch considers the technologies deployed
in this project as proven. Solar modules are sourced from
internationally known suppliers, while wind turbines are procured
from some of the world's largest manufacturers. Operation and
maintenance (O&M) for the utility-scale solar projects is carried
out by an affiliate company, ReNew Power Services Private Limited,
under five-year fixed-price contracts with a 4% annual price
escalation. Meanwhile, O&M for the wind projects is carried out by
the original equipment manufacturers under long-term contracts.
Fitch's operation risk assessment is constrained to 'Midrange',
given that the restricted group's operating-cost forecast is not
validated by an independent technical advisor and the absence of a
maintenance reserve account.

Operating Record Shows Moderate Variability: Revenue Risk (Volume)
− Midrange

The energy yield forecast produced by third-party consultants
indicates an overall P50/one-year P90 spread of between 6% and 16%,
leading to a 'Midrange' assessment for volume risk. All projects
have an operating history of more than three years. Since
commissioning, generation for the restricted group has been at
around P90 levels, with the exception of FY21, when it was around
10% lower due to a drop in wind resources. Only minor curtailment
in the Borampalli project, located in the state of Andhra Pradesh,
was experienced in FY21 and has since been resolved. Overall,
curtailment risk is limited in light of the must-run status of
Indian renewable energy plants.

Contract Renewal Risk Mitigated: Revenue Risk (Price) − Midrange

ReNew RG3 contracts 77% of its total capacity with state discoms
under long-term fixed-price PPAs, which protects the portfolio from
merchant price volatility. PPA contract terms with private
customers generally range from 10 to 25 years. The restricted group
has a capacity weighted-average remaining tenor of 19 years.
Tariffs are fixed for most projects, except for captive and
third-party wind projects, whose tariffs are adjusted for changes
in grid tariffs. PPAs for captive and third-party solar projects
are close to expiry, with two to five years of remaining tenor, and
are subject to contract renewal risk. Price risk related to
contract renewal is mitigated by rising grid tariffs and strong
energy demand in India. In addition, captive and third-party solar
projects account for only 14% of total capacity. Fitch assesses
price risk as 'Midrange'.

Significant Refinancing Risk; Reliance on Parent's Repayment: Debt
Structure - Weaker

IGEH used the proceeds from the US-dollar notes to subscribe to the
Indian-rupee NCDs issued by ReNew RG3. IGEH is a Mauritius-based
SPV held by a trust that does not have linkages to ReNew. It will
not undertake any business activity other than investing in the
Indian-rupee NCDs. Fitch's debt structure risk assessment is
'Weaker' reflective of the restricted group's orphan issuance
structure.

The NCDs are guaranteed by ReNew and benefit from the usual
protective structural features, including distribution lockup at
1.30x of the 12-month backward-looking interest service coverage
ratio. ReNew RG3 does not maintain debt service or major
maintenance reserve accounts. However, refinancing risk is
mitigated by the cash-trap requirement in the last six months of
the notes. RSEPL will invest the free cash flow generated from its
rooftop solar projects as equity or lend it as a subordinated loan
to the co-issuers. The rooftop solar projects will not form part of
the security package, but are covenanted to not incur additional
debt.

The US-dollar notes benefit from IGEH's 100% share pledge and a
charge over all of IGEH's assets. Meanwhile, the NCDs include a
standard security package, such as a charge over movable and
immovable assets, and a share pledge of the restricted entities.
This provides US-dollar noteholders with indirect access to the
NCD's security package and is a common issuance structure adopted
by several other Fitch-rated transactions.

PEER GROUP

India Green Power Holdings (IGPH, senior secured note rating:
BB-/Stable) is IGEH's closest peer with an orphan issuance
structure and comparable portfolio configuration due to similar
resource exposure as 74% of IGEH's capacity is from wind versus 78%
for IGPH. IGPH's lower rating-case debt service coverage ratio of
1.46x justifies the one-notch difference between IGEH's 'bb'
underlying credit profile and IGPH's 'bb-' after notching down the
rating due to orphan issuance risks. IGEH's final rating is capped
due to the restricted group's reliance on the parent to repay the
dollar bond.

IGEH can also be compared with Continuum Energy Levanter Pte. Ltd.
(CELP, US-dollar note rating: BB+/Stable). IGEH's orphan issuance
risk justifies a notch of difference in their underlying credit
profiles. IGEH's portfolio mix benefits from a diverse mix of wind
and solar, at 67% and 33%, respectively, compared with CELP's 89%
wind portfolio. However, IGEH has a weaker counterparty mix, with
77% of its capacity exposed to state-owned discoms and the balance
signed with commercial and industrial customers, against 51% of
CLEP's capacity being contracted with stated discoms and the
remaining with commercial and industrial customers. Fitch expects
this share to rise to 77%.

RATING SENSITIVITIES

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

-- The Outlook is Positive and Fitch therefore does not expect
    negative rating action. The Outlook will be revised to Stable
    if the Outlook on ReNew is revised to Stable.

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

-- An upgrade of ReNew's Issuer Default Rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

TRANSACTION SUMMARY

ReNew RG3 is a restricted group consisting of 11 SPVs under ReNew,
with total capacity of 382MW, mainly in Karnataka and Andhra
Pradesh. RSEPL, a subsidiary of ReNew, operates 38MW of rooftop
solar capacity; it is not a restricted entity within the restricted
group, but will invest the free cash flow generated from its
rooftop solar projects as equity or lend it as subordinated loans
to the co-issuers. The rooftop solar projects will not form part of
the security package, but are covenanted to not incur additional
debt. This provides extra cash flow to the restricted group, but is
untested.

IGEH is a Mauritius-based SPV that has issued the US-dollar bullet
notes and has used the proceeds to subscribe to the Indian-rupee
NCDs issued by ReNew RG3.

CREDIT UPDATE

The restricted group's generation has been modestly variable, with
the wind projects underperforming in FY20 and FY21 due to low wind
resources.

Generation at the solar plants has been variable for Renew RG3 due
to operational issues. The project, located in the Indian town of
Aland, has suffered from tracker issues, which has now been
resolved and the trackers are fully operational. As a result, plant
loan factors at Aland are nearing P90 levels. The projects in
Turuvekere and Devadurga have suffered from low irradiation and the
company expects generation to be nearly at P90 in FY22.

Generation at the wind projects has been consistent, although FY20
generation fell below P90 for all projects due to low wind speeds.
Wind generation in FY22 has been adequate, with the project
forecast to reach P75 levels. Illegal curtailment in the state of
Andhra Pradesh in FY20 and FY21 has led to lower generation at the
Borampalli project, but the company expects this to be resolved, as
the matter is already in the courts, which have asked the discom to
stop curtailing power arbitrarily and maintain a 'must run' status
of renewable power.

The receivable position increased by 9% in FY21; this was mainly
due to the Andhra Pradesh government renegotiating lower tariffs in
its PPAs. However, Fitch does not believe the renegotiated tariffs
will succeed, as the company expects overdue payments to be
received in a phrased manner in FY23.

There has also been some deterioration in ReNew RG3's receivables
position at its Madhya Pradesh discom, which it expects to
normalise by end-FY22.The three discoms located in the state of
Karnatka are expecting a government subsidy to clear their dues by
end-FY22. Although payments have been delayed for the
Lingasugur-based third-party captive plant, the company expects the
payments to be made by end-FY22.

FINANCIAL ANALYSIS

Fitch assumes ReNew will repay the initial parent guarantor loan
and ReNew RG3 will use the repayment to partially redeem the
US-dollar notes at maturity, with the outstanding amount to be
refinanced by new debt that will amortise across the remaining PPA
terms or the projects' useful lives, whichever is longer. Fitch
will focus on the average annual debt service coverage ratio over
the refinancing period until the end of the PPA terms for projects
contracted with state discoms and the end of the asset's useful
lives for projects contracted with captive and third-party
off-takers, given the notes' bullet structure. Fitch's base case
assumes P50 generation, a 7% production haircut and a 12%
refinancing interest rate, which results in an average annual debt
service coverage ratio of 2.36x during the refinancing period.

Fitch's rating case assumes one-year P90 generation and a 7%
production haircut. Fitch assumes a tariff of INR5.5/kwh for wind
projects contracted with captive and third-party customers after
the expiry of the existing PPAs. This is equal to the lowest price
in the India Energy Exchange in the past 11 years plus additional
surcharges. Fitch also applies a 15% stress on management's
operating expense forecast and a 12% refinancing interest rate. The
refinancing rate assumption is lower than the 13% considered
previously as Fitch now explicitly accounts for orphan SPV risk
through a notch of difference instead of additional stress in the
refinance rate. Fitch's rating case now results in an average
annual debt service coverage ratio of 1.60x, higher than 1.49x
previously with a 13% refinance rate assumption.

SECURITY

US-Dollar Notes

Fixed charge over 100% of IGEH's capital stock and a floating
charge over all its other assets, other than the Indian-rupee
NCDs.

Indian-Rupee NCDs

-- A charge over project assets, movable and immovable, as well
    as over the rights under the project documents;

-- A pledge of shares of the restricted group entities;

-- Cross guarantees among the restricted group entities;

-- Full tenor guarantee by ReNew.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

India Green Energy's rating is capped by that of ReNew Power.

ESG CONSIDERATIONS

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

JAI JAGDAMBA: CARE Lowers Rating on INR14.20cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Jai
Jagdamba Metalloys Limited (JJML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.20       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of JJML under the 'issuer non-cooperating' category as
JJML 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. JJML continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 13, 2021, September 23, 2021, October 3, 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).

The ratings have been revised on account of non-availability of
requisite information.

Kanpur, Uttar Pradesh-based Jai Jagdamba Metalloys Limited (JJML)
was incorporated in July 2002. The company is managed by Mr. Om
Prakash Mehdiratta, Mr. Rajat Jaiswal & Mr. Anil Kumar Jaiswal. The
company is engaged in the manufacturing of Mild steel (MS) ingots.
The company has its manufacturing facility located at Unnao, Uttar
Pradesh with an installed capacity of 45,000 metric tons.


KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Khedut Cotex Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
[[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-        2.77       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2015 as a private limited company, Khedut Cotex
Private Limited (KCPL) is engaged in ginning and pressing of raw
cotton. The company's manufacturing unit, located at Jafrabad,
Amreli, is equipped with 48 ginning machines and 1 pressing machine
with an intake capacity of 216 MT per day (considering 22 hours of
operations per day). The commercial operations commenced in
February 2016. The promoters have extensive experience in cotton
industry.


M-BO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of M-BO
Granito LLP in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         29.55        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based         12.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund Based      3.95        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Established in June 2016, as a limited liability partnership firm,
MBGL commenced commercial production in April 2017. Its product
profile comprises vitrified tiles of 600X600 mm, 800X800 mm,
800X1200mm and 600X1200 mm. MBGL's manufacturing unit is located at
Morbi, the ceramic tile manufacturing hub of Gujarat and is
equipped to manufacture 1,30,500 metric tonne (MT) of tiles per
annum.

MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating of Mangalore Sea Products in
the 'Issuer Not Cooperating' category. The rating is denoted as
[[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Mangalore Sea Products was bought by Mr. Abdul Khader from Mr. H.S.
Nissar on January 28, 2014. It is a partnership firm closely held
by Mr. Abdul Khader and his wife Ms. Hafeeza Khathijamma. The firm
manufactures and sells fish meal and fish oil. The firm has a
manufacturing unit at Ullal, Mangalore with capacity to process 200
tonne of fish per day. The firm started its operations in May 2014.
The firm has its corporate office in Mangalore.

N S VAISHNO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of N S Vaishno Devi
Developers India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          12.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           7.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          33.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

N S Vaishno Devi Developers India Private Limited (NSVD) is a
private limited company founded in February, 2015 and is engaged in
the business of construction both commercial and residential with
its head office located in Guntur. The company is developing City
Market & Homes project in Mangalagiri Road, Guntur on a land area
of 3.25 acres in 2 phases; with total cost of the project to be at
INR114.03 crore in which INR38.10 crore is for phase 1, INR44.67
crore for phase 2, INR20.29 crore for land and remaining INR10.97
crore for IDC and other expenses. Phase-1 of the project includes
construction of 220 shops in ground and first floor and Phase-2 of
the project includes construction of 220 shops in second floor and
210 residential apartments in third, fourth and fifth floor.

RISHABH ASSOCIATES: CARE Lowers Rating on INR6cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rishabh Associates (RA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of RA takes
into account the impact of the Covid-19 pandemic which has resulted
into reduced scale of operations and an increase in operating
cycle. The revision also factors in high gearing ratio and
stretched liquidity. Furthermore, the ratings continue to be
constrained by fragmented and highly competitive nature of the
industry and constitution of the entity as partnership firm. The
aforesaid constraints, however; partially offset by the strength
derived from moderate track record and experienced partners in the
civil construction industry and healthy profit margin.

Rating Sensitivities

Positive Rating Sensitivities

* Increase in the scale of operations with a total operating income
exceeding INR25 cr. with tangible net worth base exceeding INR10
cr. on a sustained basis

* Improvement of capital structure with overall gearing reaching
below at 1x and debt coverage indicators with interest coverage
ratio exceeding 3x and total debt to gross cash accruals reaching
below 3x on a sustained basis

* Improvement in the liquidity position with current ratio
exceeding 2x on a sustained basis

Negative Rating Sensitivities:

* Decline in PBILDT margin and reaching below 10% and net profit
margin below 3% on a sustained basis

* Elongation in the collection period exceeding 150 days on a
sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small and fluctuating scale of operation and moderate order book
position: The total operating income (TOI) of the firm continued to
remain small and declined by 25.94% to INR12.19 crore in FY21
(Provisional) vis-à-vis INR16.46 crore in FY20 on account of less
execution work happened due to covid-19 related disruptions in
FY21. The firm has an order book position of around INR20.00 crore
as of September 30, 2021 (vis-à-vis INR37.50 crore as of August
29, 2020) which is expected to be executed by June 2022. However;
order book is concentrated with only one awardee i.e. Gyan
Construction company.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of RA continued to remain leveraged on
account of high dependence on debt. Overall gearing is high at
4.58x as of March 31, 2021 (Prov.) Debt coverage indicators
continued to remain weak and deteriorated with total debt to GCA of
32.39x in FY21 (vis-à-vis 25.16x in FY20) on account of decrease
in profit level and decrease in gross cash accruals in FY21.

* Working capital intensive nature of operations: RA's operations
continued to remain working capital intensive in nature as the
funds are largely blocked in debtors. Since the work is done for
municipal corporations, issue of payment is done after all the
verification and quality checking process hence the collection
period remained high and stood at 207 days in FY21 vis-à-vis 139
days in FY20. Inventory holding period is 53 days in FY21
vis-à-vis 20 days in FY20. RA deals with government recognized
suppliers for raw material consumption and firm's existence in this
line of business for more than a decade it enjoys higher credit
period from its suppliers and stood at 184 days.

* Presence in competitive and fragmented industry: RA operates in a
highly competitive and fragmented civil construction industry,
wherein a large number of players are engaged into the said
activities on a sub-contract basis. Moreover, RA also faces
competition from other companies for tendering of contracts and
also takes sub-contracts from the large players who directly bid
for the government tenders and hence, any changes in current
policies of the government with regard to change in budget
allocation would impact the revenues considerably.

* Constitution of the entity as partnership firm: Being a
partnership firm, RA has inherent risk of withdrawal of partner's
capital at the time of personal contingency. Furthermore, it has
restricted access to external borrowings where net worth as well as
creditworthiness of the Partners are the key factors affecting
credit decision of the lenders.

Key Rating Strengths

* Moderate track record and experienced partners in the civil
construction industry: RA is a partnership firm established in the
year 2006 by Mr. Umang Kishor Ladhani, Mr. Mittain M. Panani and
Mr. Ramesh Surani. All Partners are qualified engineers into Civil
and IT domain and having an on average more than a decade into
civil construction business. The firm has established its presence
in the construction business through its twelve years of moderate
track record of operations in the civil construction activities.

* Healthy profit margins: PBILDT margin of the firm continued to
remain healthy at 13.09% in FY21. Further, the PAT margin of the
firm has also improved to 6.20% in FY21 (vis-à-vis 6.09% in FY20.)
Despite the reduction in PBILDT margins during FY21, PAT margins
have improved on account of lower interest cost during the year.

* Industry Prospects: Construction industry has a close linkage
with the economic growth of the country. Construction as a
percentage of GDP has been in the narrow range of 7.7-8.6% in the
past ten quarters (based on 2011-12 series). During the last few
years, the economic slowdown along-with the policy impediments,
high interest rates and liquidity concerns hampered overall
investment climate in the country. Amid the challenging economic
environment, new project announcements across infrastructure
segments witnessed a slowdown. Also, industrial capital expenditure
declined owing to lower demand and utilization rates. Further,
construction industry continued to face project execution problems
due to the delay in various approvals/clearances like land
acquisition and environment clearances.

Liquidity: Stretched

The liquidity position remained stretched marked by elongated
operating cycle. The company had minimal repayment obligation and
uses short-term loans to fund the working capital. The operating
cycle of the company has further deteriorated from 150 days in FY20
to 207 days in FY21 (Provisional). Free cash and bank balance
remained low at INR0.07 crore as on March 31, 2021. The current
ratio and quick ratio stood low at 1.23x and 1.17x respectively as
on March 31, 2021. However, the average working capital limit
utilization remained moderate at 51% during past 12 months ended
September-2021 providing some backup.

M/s Rishabh Associates (RA) is a partnership firm established in
the year 2006 by Mr. Umang Kishor Ladhani, Mr. Mittain M. Panani
and Mr. Ramesh Surani. RA is a sub-contractor and engaged into
construction of civil engineering projects such as in the field of
water supply, sewerage, road construction etc. It procures raw
materials (such as cement, steels, rods, bricks, bitumen, diesel
and other construction materials) from local suppliers authorized
by Municipal corporations only. RA operates from its registered
office located in Mumbai, Maharashtra.

SHILPI CABLE: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shilpi
Cable Technologies Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-convertible       27.00      [ICRA]D; ISSUER NOT
   debenture (NCD)                  COOPERATING; Rating continues  

   programme                        to remain under 'Issuer Not
                                    Cooperating' category

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

SCTL was established in July 2006 as Rosenberger Shilpi Cable
Technologies Limited, a 50:50 joint venture (JV) between Shilpi
Communications Private Limited and Rosenberger Hochfrequenztechnik
GmbH & Co. KG, Germany. The JV was formed to manufacture and sell
radio frequency (RF) feeder cables in the domestic market. The JV
set up a manufacturing facility at Chopanki, Rajasthan. The
facility commenced commercial production in early 2008, and during
the same year the stake of the German partner was bought by the
Indian promoters. Though initially SCTL was only into RF feeder
cables manufacturing, it has, over the years, added products such
as wiring harnesses and battery cables for automobiles, wiring
harness sets and power cords for white goods, and copper conductors
(magnet copper wires and bunched copper wires) to expand and
diversify its offerings. SCTL thus caters to automotive, telecom,
and consumer durables segments, among others. In addition, it sells
house wires, circuit breakers (MCCB and RCCB), and switches through
distributors under the 'SAFE' brand name. SCTL, headquartered in
Delhi, has five manufacturing units in Bhiwadi. Chopanki,
Bahadurgarh (owned by an associate – AGH Wires), Hosur, and Pune
(Bhiwadi and Chopanki plants are owned by the company, while the
remaining have been taken on lease), and has 13 sales offices
across India. SCTL also has subsidiaries and joint ventures in
Singapore and UAE, which trade in copper cables and other products.
The company is listed on Bombay Stock Exchange (BSE) and National
Stock Exchange (NSE) since 2011.

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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–         48.00        [ICRA]B+(Stable); ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

SVSVS Projects Private Limited (SPPL) is a Hyderabad-based
construction company engaged in executing construction of roads,
bridges, dams, buildings and irrigation works. The company is
currently executing projects on construction and maintenance of
roads for Road Construction Department of Bihar and Andhra Pradesh.


T.K. ENGINEERING: ICRA Withdraws D Rating on INR280cr Loans
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
T.K. Engineering Consortium Private Limited at the request of the
company and based on the No Objection Certificate received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       28.00       [ICRA]D; ISSUER NOT
   Cash Credit                   COOPERATING; Withdrawn

   Non-Fund Based   232.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Facilities–                   COOPERATING; Withdrawn
   Bank Guarantee   
                                 
   Unallocated       20.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Limits                        COOPERATING; Withdrawn

T.K. Engineering Consortium Private Limited (TKECPL) was
established in February, 2008 and is promoted by the Techi family
based in Arunachal Pradesh. The company started commercial
operations in June, 2012 and has primarily been involved in the
construction of roads and highways in Arunachal Pradesh and Assam.
The company is registered as a Class–1A contractor with the
Public Works Department (PWD), Assam. TKECPL operates through its
registered office in Nahar Lagun, Arunachal Pradesh.


TIRUPATI COTEX: ICRA Withdraws B+ Rating on INR7cr Loans
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Tirupati Cotex at the request of the company and based on the No
Objection Certificate received from its banker. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn. The previous detailed rating rationale is
available at the following link: Click here

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-        1.00         [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Fund Based-        6.00         [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

Incorporated in 2011, Tirupati Cotex (TC) is a partnership firm
engaged in the ginning and pressing of raw cotton. The firm
commenced commercial operations in February 2012 at its
manufacturing facility in Jamnagar, Gujarat. The facility is
equipped with 24 ginning machines and 1 pressing machine and has a
production capacity of 200 bales per day. The partners of Tirupati
Cotex have over a decade-long experience in cotton cultivation and
cotton ginning vide their association with other ginning firms.


URIHK PHARMACEUTICAL: ICRA Assigns B+ Rating to INR28cr Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Urihk
Pharmaceutical Private Limited as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/            28.00      [ICRA]B+ (Stable)/[ICRA]A4;
   Short-term                       Assigned
   Limits–
   Unallocated           
                                    
Rationale

The assigned ratings factor in the extensive experience of the
promoters of Urihk in the pharmaceuticals industry and the
need-based funding support provided by the promoters since its
inception.

ICRA expects the support from the promoters to continue in the near
to medium term, should the need arise. The assigned ratings also
consider the healthy demand for its key products based on
Ulinastatin.

In 5M FY2022, Urihk posted revenues of INR31.3 crore (against
INR15.3 crore in FY2021) and PBT of INR5.4 crore against a net loss
of INR6.4 crore in FY2021. This was primarily driven by higher
sales volume of Ulinastatin products that were used in the
treatment of Covid-19 (critical care).

The ratings, however, remain constrained by the company's nascent
stage of operations characterized by operating and net losses till
FY2021 and the stretched credit metrics and liquidity position. The
ratings also factor in the various regulatory risks associated with
the industry. Additionally, Urihk is 100% promoted by UREKA Hong
Kong Ltd. and is exposed to any geopolitical risks arising out of
the same. Urihk had also applied for permit for FDI from the Hong
Kong-based promoter entity. Going forward, the timely receipt of
the FDI permit remains a monitorable.

Given the recent improvement in scale and profit metrics, Urihk's
credit metrics improved in 5M FY2022 with gearing and TD/OPBDITA at
2.4 times and 1.1 times, respectively, as of August 31, 2021
(against gearing of 6.7 times and negative TD/OPBDITA as on March
31, 2021).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the company will continue to benefit from the experienced
track record of its promoters, need-based promoter support and
healthy demand for its products.

Key rating drivers and their description

Credit strengths

* Longstanding experience of the promoters: Urihk is 100% owned by
UREKA Hong Kong which began as a partnership of three companies:
Jiangsu Aidea Pharmaceutical Co. Ltd. (Aidea), Joint Force
Pharmaceutical Limited (JFPL), and Shenzhen Mellow Hope Pharm
Limited (Mellow Hope). The shareholding of Aidea, JFPL and Mellow
Hope in UREKA Hong Kong Ltd is in the ratio of 40:30:30,
respectively. The co-founders of the company, Dr. Tarun Gupta, Mr.
Yuan Shimin and Dr. Fu Heliang, have more than 20 years of
experience in the pharmaceutical industry and have founded JFPL,
Mellow Hope and Aidea, respectively. The company also enjoys
financial flexibility via need-based funding support from its
promoters.

* Healthy demand for key products in 5M FY2022 resulting in strong
revenue growth, healthy margins and improved credit metrics: In 5M
FY2022, Urihk posted revenues of INR31.3 crore (against INR15.3
crore in FY2021) and PBT of INR5.4 crore against a net loss of
INR6.4 crore in FY2021. This was primarily driven by higher sales
volume of Ulinastatin products used in the treatment of Covid-19
(critical care). The company witnessed OPM of 17.7% against
operating losses in the previous years, aided by an improved scale.
In 5M FY2022 and FY2021, the company derived majority of its
revenues from Ulinastatin-based products (Ulinastatin is a type of
glucoprotein extracted from human urine and acts as an inhibitor
against multiple enzymes, like the sugar and fat hydrolase —
trypsin, lipase, chymotrypsin). Given the improvement in scale and
profit metrics, Urihk's credit metrics improved in 5M FY2022 with
gearing and TD/OPBDITA at 2.4 times and 1.1 times, respectively as
on August 31, 2021 (against gearing of 6.7 times and negative
TD/OPBDITA as on March 31, 2021). Currently, Ulinastatin-based
products have a relatively lower market size. Going forward, the
company's ability to derive higher revenues from these products
along with the improvement in operating and credit metrics remain
key monitorables.

Credit challenges

* Nascent stage of operations: Urihk was incorporated in December
2017 and was incurring operating and net losses till FY2021 due to
the nascent stage of operations and its dependence on external
contract manufacturing for the commercialization of its products.
Urihk's financial profile is characterized by low scale of
operations (revenues of INR15.3 crore in FY2021), operating losses
and net losses till FY2021. Its credit metrics also remained
stretched with negative coverage indicators till FY2021. However,
in 5M FY2022, Urihk posted revenues of INR31.3 crore (against
INR15.3 crore in FY2021) and PBT of INR5.4 crore against a net loss
of INR6.4 crore in FY2021. The company is the midst of setting up
its API facility at INR4 crore and expected to commence operations
soon. Going forward, the company's efforts to improve its scale
while maintaining healthy profit margins remain a key monitorable.

* Regulatory and geopolitical risks: In line with the industry, the
company faces regulatory risks while operating in various markets.
However, an experienced promoter group with more than three decades
of experience in the industry supports operational efficiencies.
Urihk is 100% held by UREKA Hong Kong and had applied for permit
for FDI from the promoter entity located in Hong Kong. Going
forward, the timely receipt of the FDI permit remains a
monitorable.

Liquidity position: Stretched

The company's liquidity remains stretched on account of the cash
losses in the last three years. The working capital utilization
remained high with average utilization of 88.8% for the 12 months
ended March 2021. The limits sanctioned at Urihk is not dependent
on the drawing power, rather it is backed by the FD of the parent,
UREKA. As of September 30, 2021, the utilization of its credit
facilities has been 50% of the INR3.25-crore OD facilities. The
company does not have any repayment on its books. Going forward,
ICRA expects the company to meet its near-term requirements using
internal accruals and need-based promoter support.

Rating sensitivities

Positive factors – ICRA may upgrade the above ratings if the
company demonstrates sustained material improvement in its scale of
operations, leading to healthy operating and net profits margins
and sustained improvement in credit metrics.

Negative factors – Negative pressure on the ratings could arise
if the company sees a sharp decline in its revenues and its profit
margins deteriorate on a sustained basis. Negative pressure could
also arise if there is a significant deterioration in the company's
credit metrics or liquidity position.

Urihk, a subsidiary of UREKA Hong Kong Ltd, was incorporated in
December 2017. It is involved in the manufacturing, launching,
registering and distributing of drugs in the critical care and
neuro segments in India. Urihk is 100% owned by UREKA Hong Kong,
which began as a partnership of three companies: Jiangsu Aidea
Pharmaceutical Co. Ltd. (Aidea), Joint Force Pharmaceutical Limited
(JFPL), and Shenzhen Mellow Hope Pharm Limited (Mellow Hope). The
shareholding of Aidea, JFPL and Mellow Hope in UREKA Hong Kong Ltd
is in the ratio of 40:30:30, respectively. Urihk's API
manufacturing facility is underconstruction and is expected to
commence operations soon. At present, as Urihk does not have its
own facility yet, it is outsourcing the manufacturing of its
products on a loan-licence basis to other approved manufacturing
facilities.




=================
I N D O N E S I A
=================

TUNAS BARU: Moody's Puts B1 CFR Under Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed Tunas Baru Lampung Tbk
(P.T.)'s (TBLA) B1 corporate family rating on review for
downgrade.

Moody's has also placed on review for downgrade the B1 rating on
the backed senior unsecured bond issued by TBLA International Pte.
Ltd., a wholly owned subsidiary of TBLA.

At the same time, Moody's has changed the outlook to ratings under
review from stable.

"The rating review reflects the likelihood of a downgrade if TBLA
fails to refinance its large bond maturities due in the first
quarter of 2023 at least 12 months ahead of the scheduled
maturity," says Maisam Hasnain, a Moody's Vice President and Senior
Analyst.

"While we expect TBLA to raise new domestic bank loans to refinance
these bonds by December 2021, should there be any delay, the
company has limited alternate funding options to address the
looming maturities," adds Hasnain, who is also Moody's Lead Analyst
for TBLA.

The rating review will focus on TBLA's ability to alleviate
near-term refinancing risk with new bank loans, and any
countermeasures including back-up funding plans if the new loans
are not executed by December.

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

Moody's expects TBLA to raise new domestic bank loans by December
to refinance its $168 million bonds due in January 2023, and IDR1.3
trillion ($92 million) local currency bonds due in March 2023. The
company's ability to timely raise new debt will be critical to
addressing refinancing risk, especially since Moody's assesses the
company's liquidity as weak, with cash needs far exceeding cash
sources over the upcoming 18 months.

However, the timely execution of new loans is subject to market
conditions and credit approvals from banks. Any unforeseen delays
would necessitate the need for alternate fundraising plans that
could likely take more time and further exacerbate near-term
refinancing risk.

Since April, TBLA reduced its outstanding US dollar bonds by a
third, repaying $82 million of its original $250 million principal,
by raising new senior unsecured loans. Also, TBLA attempted to tap
the US dollar bond markets twice this year but cancelled the
transaction citing adverse market conditions.

Notwithstanding the positives of a timely refinancing, the
unsecured, bullet-maturing bonds will be replaced with amortizing
secured loans, somewhat weakening TBLA's financial flexibility.
This issue is pertinent, given large swings in working capital that
often dent operating cash flow generation, and the sizeable loan
amortizations will likely keep the company's liquidity persistently
weak.

TBLA's liquidity is weak, given its large debt maturities over the
next 12-15 months. While liquidity will somewhat improve once the
company raises new bank loans, intra year volatility in cash flow
generation will require the continued reliance on short-term
working capital facilities from its relationship banks to tide over
any temporary mismatches.

As of June 2021, TBLA's cash constituted 18% of its total
short-term debt (excluding the current portion of its long-term
debt), down from 91% as of December 2019. Persistent high levels of
short-term debt increase the company's susceptibility to liquidity
risk in the event of market stress or operational setbacks.

Pro-forma for the expected liability management exercise, to the
extent there is any residual of the US dollar bonds in TBLA's
capital structure, Moody's could notch down the rating on the
senior unsecured bonds from the CFR if secured bank debt were to
constitute a majority of the company's total debt on a sustained
basis.

The rating action is driven primarily by elevated refinancing risk.
Moody's expects TBLA's earnings and cash flow to improve over the
next 12 months, driven by solid underlying demand for palm oil and
sugar, and their high prevalent prices. The favorable long-term
domestic demand fundamentals of its dual commodities will continue
to support TBLA's earnings growth over the next two years.

Given the ratings are under review for downgrade, an upgrade is
unlikely over the coming 12 months. Moody's could confirm the
ratings if TBLA fully addresses its bond maturities while
maintaining enough internal cash sources to meet its cash needs
over the next 12-18 months.

Moody's could downgrade the ratings by at least two notches if TBLA
is unable to raise sufficient funds to eliminate refinancing risk
associated with its large bond maturities at least 12 months ahead
of scheduled maturity.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Headquartered in Jakarta and incorporated in 1973, Tunas Baru
Lampung Tbk (P.T.) (TBLA) is a producer of palm oil and sugar
products. As of June 30, 2021, TBLA was 28%-owned by Sungai Budi
(P.T.) and 27%-owned by Budi Delta Swakarya (P.T.). These two major
shareholders are equally owned by Mr. Widarto, who serves as
executive chairman of TBLA, and Mr. Santoso Winata, who is
president commissioner of TBLA.



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

CENTRAL SILO: Court to Hear Wind-Up Petition on March 14
--------------------------------------------------------
A petition to wind up the operations of Central Silo Systems
Limited will be heard before the High Court at Palmerston North on
March 14, 2022, at 10:00 a.m.

Todd Augers Ni Limited filed the petition against the company on
Feb. 5, 2021.

The Petitioner's solicitor is:

         Robert Joseph Moore
         37 Somme Parade
         Whanganui
         New Zealand


LIDDLE BUILDERS: Court to Hear Wind-Up Petition on Dec. 9
---------------------------------------------------------
A petition to wind up the operations of Liddle Builders &
Construction Limited will be heard before the High Court at Napier
on Dec. 9, 2021, at 2:15 p.m.

Jason Roebuck, Victoria Roebuck and the Trustees of the Tahi Trust
filed the petition against the company on Sept. 20, 2021.

The Petitioner's solicitor is:

         Jolyon Bates
         Brown & Bates Limited
         Level 1, 39 Tennyson Street
         Napier 4110
         New Zealand


MED GREEN: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------
Creditors of Med Green Pharmaceutical Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 7,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 9, 2021.

The company's liquidators are:

         Steven Khov
         Kieran Jones
         Khov Jones Limited
         PO Box 302261
         North Harbour, Auckland 0751
         New Zealand


ROBERT BELL: Creditors' Proofs of Debt Due Dec. 1
-------------------------------------------------
Creditors of Robert Bell Consultants Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 1,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 2, 2021.

The company's liquidator is:

         Victoria Toon
         Corporate Restructuring Limited
         PO Box 10100, Dominion Road
         Auckland 1446
         New Zealand




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

EAGLE HOSPITALITY: RMS Queen Mary Could Be Headed for Demolition
----------------------------------------------------------------
California News Times reports that the RMS Queen Mary has survived
rough seas, transcontinental railroads and even World War for 85
years since its first journey. The iconic ship has spent the last
50 years moored at Long Beach in Second Life, experiencing its
popularity as a hotspot for tourists. But the legendary ship is
about to embark on the most difficult journey ever.

According to a cache of court records and inspection reports issued
in 2021, the current state of the Queen Mary is the result of years
of negligence by a series of operators. The ship costs at least $23
million for quick repairs. If you do not deal with it promptly, the
ship may collapse. The Queen Mary is currently in a collapsed state
with rusty structural steel, a dilapidated bilge system, a weakened
hull, and numerous leaks and safety issues.

Urban Commons, a real estate investment group in Los Angeles,
launched in 2016 with goals and strategies. The company negotiated
a 66-year lease and launched the Eagle Hospitality Trust three
years later to raise $250 million in dubbed retail development of
Queen Mary Island around the ship. However, Trust and its
affiliates, which have debts in excess of $ 500 million, filed for
Chapter 11 Bankruptcy Protection in January 2021, along with a move
to auction ownership, including Queen Mary's land lease.

Long Beach residents and officials seem to have come to the same
conclusion: the ship must be preserved.  However, the Queen Mary
will be completely closed and dismantled due to lack of funds and
profits.

Unless the proposal is implemented immediately, the Queen Mary
appears destined for demolition and decades of forgotten memories.

                    About Eagle Hospitality Group

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

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

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

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


EMAS OFFSHORE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 1, 2021, to
wind up the operations of Emas Offshore Limited.

Goh Thien Phong and Chan Kheng Tek filed the petition against the
company.

The company's liquidators are:

         Goh Thien Phong
         GTP Advisory PAC
         7500A Beach Rd, #05-303/304, The Plaza
         Singapore 199591

         Chan Kheng Tek
         PricewaterhouseCoopers Advisory
         7 Straits View, Marina One East Tower, Level 12
         Singapore 018936


LEAP EDUCATION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 29, 2021, to
wind up the operations of Leap Education Group Pte. Ltd (formerly
known as Leap Schoolhouse Pte. Ltd.).

HCH Capital Pte. Ltd filed the petition against the company.

The company's liquidators are:

         Lai Seng Kwoon
         Ng Hoe Kiat Keith
         Reliance 3P Advisory Pte. Ltd.
         7500A Beach Road
         #05-303/304 The Plaza
         Singapore 199591


R.A INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 19
------------------------------------------------------------
A petition to wind up the operations of R.A International Pte Ltd
will be heard before the High Court of Singapore on Nov. 19, 2021,
at 10:00 a.m.

Kyna Overseas filed the petition against the company on Oct. 27,
2021.

The Petitioner's solicitors are:

         PDLegal LLC
         1 Coleman St
         #08-02, The Adelphi
         Singapore 179803



                           *********


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-
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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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