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

                     A S I A   P A C I F I C

          Wednesday, November 17, 2021, Vol. 24, No. 224

                           Headlines



A U S T R A L I A

BASSLINK GROUP: Placed Into Voluntary Administration
BASSLINK PTY: First Creditors' Meeting Set for Nov. 24
CECIL DEVELOPMENTS: First Creditors' Meeting Set for Nov. 24
ELITE PRIME: Second Creditors' Meeting Set for Nov. 24
METRO FINANCE 2020-1: Moody's Ups Rating on Class E Notes From Ba1

PARKROYAL INVESTMENTS: First Creditors' Meeting Set for Nov. 24
PEPPER SPARKZ 4: Fitch Assigns B(EXP) Rating on Class F Notes


C H I N A

CHINA EVERGRANDE: Founder Sells Luxury Assets to Pay Debts
JIANGSU ZHONGNAN: S&P Cuts ICR to 'B-' on Deteriorating Liquidity
KAISA GROUP: Has Yet to Pay Interest Due Last Week
YANCOAL INTERNATIONAL: Moody's Rates New USD Unsecured Notes 'Ba1'


I N D I A

CARGO SOLAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ETHELBARI TEA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GAJANAN FIBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
K.C. RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating

LEXICON CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
M&M FASTENERS: CRISIL Lowers Rating on INR5cr LT Loan to B
MAA JANKI: CRISIL Keeps B- Debt Ratings in Not Cooperating
MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
MN RAMESH: CRISIL Keeps B Debt Ratings in Not Cooperating

N. PRAKASH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NAKSHATRA BRANDS: NCLT Enters Liquidation Order
NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating
NATURO FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
P. RAMU: CRISIL Keeps B+ Debt Ratings in Not Cooperating

PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating
RIVERGROW VYAPAAR: CRISIL Keeps B Debt Rating in Not Cooperating
ROYAL SHELTER: CRISIL Keeps B Debt Ratings in Not Cooperating

S P JAISWAL: CRISIL Cuts Rating on INR7.28cr Term Loan to B
S.K. FARMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SAGAR AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
SAKTHI EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating

SHARDA HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
SIDDHARTHA SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating
SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating
SIVA FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating



I N D O N E S I A

GARUDA INDONESIA: Is "Technically Bankrupt", Official Says


M A L A Y S I A

IMPIANA HOTELS: Won't be Classified as PN17 Under Relief Measures
SERBA DINAMIK: Fitch Lowers LongTerm IDR to 'C'


N E W   Z E A L A N D

FENCE-IT SELWYN: Creditors' Proofs of Debt Due Jan. 22
QUENCH COLLECTIVE: Liberty Brewing Tries to Retrieve Beer Stock
VIA OTIUM: Commences Wind-Up Proceedings
YEE'S FIRST: Creditors' Proofs of Debt Due on Dec. 11


S I N G A P O R E

ARLEI SOFA: Court Enters Wind-Up Order
EHT US1 INC: Creditors to Get Paid From Sale Proceeds
GRAND PARK: Court to Hear Wind-Up Petition on Nov. 26
MULHACEN PTE: Fitch Affirms 'CC' LongTerm IDR
SR-KEN UNITED: Court to Hear Wind-Up Petition on Dec. 3


                           - - - - -


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

BASSLINK GROUP: Placed Into Voluntary Administration
----------------------------------------------------
The Guardian reports that the Singaporean owners of the Basslink
cable that links Tasmania's electricity grid to the mainland have
put the business into administration rather than pay at least AUD40
million it owes the state and Hydro Tasmania due to an outage in
2015.

In a statement to the Singapore stock exchange, Keppel
Infrastructure Trust said there was "no contractual recourse to KIT
under the financing arrangements currently in place for the
Basslink interconnector," The Guardian relays.

According to the report, an arbitrator ordered the companies in the
Basslink group to pay Tasmania $40 million in December last year
after finding in favor of the state and state-owned Hydro Tasmania
in a dispute over the cause of the 2015 outage, which lasted six
months and forced the government to ship in diesel generators.

The total claim against Basslink brought by the state and Hydro
Tasmania is at least AUD70 million, although KIT said Basslink
disputed "the basis and quantum" of AUD33.3 million of this figure,
the report says.

After the arbitration, the state and Hydro Tasmania agreed to pause
pursuing the debt while KIT attempted to refinance Basslink, but
the standstill agreement expired on October 27, according to the
report.

On the same day, a deal to sell the cable to infrastructure company
APA Group was reported to have fallen over.

The Guardian says Tasmania and Hydro Tasmania appear to have little
prospect of getting paid much of what they say they are owed
because their claims rank behind a syndicate of banks led by NAB
that is believed to be owed about AUD600 million.

Basslink appointed Adam Nikitins, Stewart McCallum and Colby
O'Brien, from accounting firm EY, as administrators on Nov. 12, The
Guardian discloses.

After this, the banking syndicate appointed Peter Gothard, Peter
McCluskey and Brendan Richards from KPMG as receivers and
managers.

The receivers have "day to day control of Basslink's operations,"
KPMG said in a statement.

"I want to reassure our stakeholders and the community that
Basslink's business will continue to operate as usual and there
will be no disruption to the operations of the interconnector or
communications as a result of this appointment," the report quotes
Mr. Gothard as saying.

"We look forward to working pro-actively with all stakeholders,
including the Tasmanian government and Hydro Tasmania, to establish
a pathway to restructure the business."

According to The Guardian, the Basslink chief executive said the
group "always worked in good faith to progress the implementation
of the arbitration awards and to progress the matters under the
standstill agreement, which included engaging the state and Hydro
Tasmania with several proposals for a resolution of issues and
proposed repayment plans".

"Regrettably, against the backdrop of many issues and having
exhausted options, Basslink needed to take proactive action to put
Basslink in the best possible position to navigate forward through
these challenges," he said.

The Guardian adds KIT said the collapse would have no effect on the
amount it paid unitholders.

"Given that there is no contractual recourse to KIT under the
financing arrangements currently in place for the Basslink
interconnector and KIT does not rely on Basslink's cash flows for
distributions, the abovementioned update is not expected to have
any material financial impact on the distribution per unit of KIT
for the financial year ending 31 December 2021," it said in its
statement to the SGX.

Basslink Group owns and operates the Basslink undersea power cable
between Tasmania and Victoria.


BASSLINK PTY: First Creditors' Meeting Set for Nov. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Basslink Pty Ltd;
    - Basslink Australia GP Pty Ltd;
    - Coral Holdings Australia Pty Ltd;
    - Nexus Investments Australia Pty Ltd;
    - Nexus Australia Management Pty Ltd; and
    - Basslink Telecoms Pty Ltd

will be held on Nov. 24, 2021, at 1:00 p.m. via Virtual (Microsoft
Teams).

Adams Pauls Nikitins, Colby O Brien and Stewart McCallum of Ernst &
Young were appointed as administrators of Basslink Pty et al. on
Nov. 12, 2021.


CECIL DEVELOPMENTS: First Creditors' Meeting Set for Nov. 24
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cecil
Developments Pty Limited formerly Trustee for Cecil Developments
Trust will be held on Nov. 24, 2021, at 3:00 p.m. via
teleconference.

Mitchell Warren Ball and Domenic Alessandra Calabretta of Mackay
Goodwin were appointed as administrators of Cecil Developments on
Nov. 12, 2021.


ELITE PRIME: Second Creditors' Meeting Set for Nov. 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Elite Prime Pty
Ltd has been set for Nov. 24, 2021, at 2:00 p.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. 23, 2021, at 5:00 p.m.

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Elite Prime on Oct. 20, 2021.


METRO FINANCE 2020-1: Moody's Ups Rating on Class E Notes From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Metro Finance 2020-1 Trust.

The affected ratings are as follows:

Issuer: Metro Finance 2020-1 Trust

Class B Notes, Upgraded to Aaa (sf); previously on May 10, 2021
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on May 10, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on May 10, 2021
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on May 10, 2021
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

Following the October 2021 payment date, the credit enhancement
available for the Class B, Class C, Class D and Class E Notes has
increased to 18.0%, 12.1%, 9.5% and 4.6% respectively, from 14.7%,
9.9%, 7.7% and 3.7% at the time of the last rating action for these
notes in May 2021.

The deal has also been performing well. As of September 2021, 0.2%
of the outstanding pool was 30-plus day delinquent and 0.1% was
90-plus day delinquent. The portfolio has incurred AUD136,738
losses (equivalent to 0.05% of original pool) to date, all of which
have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 2.5% as a
percentage of the current pool balance (equivalent to 1.7% as a
percentage of original pool balance) compared with 3.5% as of the
last rating action in May 2021.

Moody's has also lored the Aaa portfolio credit enhancement to 15%
from 18%.

Moody's analysis has also considered various stress scenarios of
higher mean default rates and backloading of losses to evaluate the
resiliency of the note ratings.

The transaction is a cash securitisation of auto loans and leases
originated by Metro Finance Pty Limited and extended to prime
commercial obligors located in Australia.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


PARKROYAL INVESTMENTS: First Creditors' Meeting Set for Nov. 24
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Parkroyal
Investments Pty Ltd will be held on Nov. 24, 2021, at 3:30 p.m. via
Teleconference.

Mitchell Warren Ball and Domenic Alessandra Calabretta of Mackay
Goodwin were appointed as administrators of Parkroyal Investments
on Nov. 12, 2021.


PEPPER SPARKZ 4: Fitch Assigns B(EXP) Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No.4's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive and equipment lease and
loan receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper). The notes will be
issued by BNY Trust Company of Australia Limited as trustee for
Pepper SPARKZ Trust No.4.

DEBT               RATING
----               ------
Pepper SPARKZ Trust No.4

A1-a    LT AAA(EXP)sf    Expected Rating
A1-x    LT AAA(EXP)sf    Expected Rating
B       LT AA(EXP)sf     Expected Rating
C       LT A(EXP)sf      Expected Rating
D       LT BBB(EXP)sf    Expected Rating
E       LT BB(EXP)sf     Expected Rating
F       LT B(EXP)sf      Expected Rating
G1      LT NR(EXP)sf     Expected Rating
G2      LT NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 30 September 2021 pool cut date
was sized at AUD600 million and consisted of 19,304 receivables
with a weighted-average (WA) remaining maturity of 67.0 months.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations as well as 'AAAsf' default multiples for each
risk-tier classification. Fitch's base-case gross-loss expectations
are 2.5%, 5.5% and 11.0% for tier A, B and C, respectively, and
'AAAsf' default multiples are 6.00x, 5.25x and 4.50x. The recovery
base case is 33.7%, with a 'AAAsf' recovery haircut of 42.2% across
all risk grades and credit was given to the government's SME
Guarantee Scheme, which covered 13% of the receivables. The WA
base-case default assumption and 'AAAsf' default multiple were 4.5%
and 5.6x, respectively.

The Stable Outlook is supported by Australia's management of the
Covid-19 pandemic, including the nationwide vaccine rollout that is
facilitating the removal of lockdown restrictions. Fitch expects
Australia's GDP to dip in 3Q21, cutting Fitch's 2021 forecast to
3.7%, with an unemployment rate of 5.2%. Fitch expects GDP growth
to accelerate in 2022, at 4.5%, and the unemployment rate to fall
to 4.4%.

Excess Spread Supports A1-x Note Issuance: The transaction includes
a class A1-x note to fund the purchase-price component related to
the unamortised commission paid to introducers for the origination
of the receivables. The note will not be collateralised, but will
amortise in line with an amortisation schedule. The note's
repayment limits the availability of excess spread to cover losses,
as it ranks senior in the interest waterfall; above the class B to
F notes. However, the rated notes still pass the cash flow analysis
at their respective rating levels.

Structural Risks Addressed: Potential counterparty risk is
mitigated by documented structural mechanisms that ensure remedial
actions take place should the ratings of the swap providers or
trust account bank fall below a certain level. The class A to F
notes will receive principal repayments pro rata upon satisfaction
of pro rata conditions. The percentage of credit enhancement (CE)
provided from the G note will thus increase as the class A to F
notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated back-up servicer is BNY Mellon. Fitch
undertook an operational and file review and found that the
operations of the originator and servicer were comparable with
those of other auto and equipment lenders.

RATING SENSITIVITIES

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

-- A longer pandemic than Fitch expects that leads to
    deterioration in macroeconomic fundamentals and consumers'
    financial positions in Australia beyond Fitch's baseline
    scenario could lead to a downgrade.

-- Unanticipated increases in the frequency of defaults and loss
    severity on defaulted receivables could produce loss levels
    higher than Fitch's base case, and are likely to result in a
    decline in CE and remaining loss-coverage levels available to
    the notes. Decreased CE may make certain note ratings
    susceptible to negative rating action, depending on the extent
    of the coverage decline. Hence, Fitch conducts sensitivity
    analysis by stressing a transaction's initial base-case
    assumptions.

Downgrade Sensitivity

Expected Rating Sensitivity to Increased Default Rates:

-- Note: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf:

-- Defaults increase 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
    BB-sf / below Bsf

-- Defaults increase 25%: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf /
    B+sf / below Bsf

-- Defaults increase 50%: AA+sf / AAAsf / A-sf / BBBsf / BBsf /
    below Bsf / below Bsf

Expected Rating Sensitivity to Reduced Recovery Rates:

-- Note: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf:

-- Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
    BBsf / below Bsf

-- Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / Asf / BBB-sf
    / BB-sf / below Bsf

-- Recoveries decrease 50%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf
    / B+sf / below Bsf

Expected Rating Sensitivity to Increased Defaults and Reduced
Recoveries:

-- Note: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf:

-- Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
    AA-sf / A-sf / BBB-sf / BB-sf / below Bsf

-- Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf /
    Asf / BBB+sf / BB+sf / Bsf / below Bsf

-- Defaults increase 50%/recoveries decrease 50%: AAsf / AAAsf /
    BBB+sf / BBB-sf / B+sf / below Bsf / below Bsf

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

-- An upgrade could result from macroeconomic conditions, loan
    performance and credit losses that are better than Fitch's
    baseline scenario or sufficient build-up of CE that would
    fully compensate for credit losses and cash flow stresses
    commensurate with higher rating scenarios, all else being
    equal.

Upgrade Sensitivity

The class A1-a and A1-x notes are at 'AAA(EXP)sf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded and
upgrade sensitivity stresses are not relevant. Sensitivity stress
results for the remaining rated notes are as follows:

Expected Rating Sensitivity to Reduced Defaults and Increased
Recoveries:

-- Note: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf:

-- Defaults decrease 10%/recoveries increase 10%: AA+sf / A+sf /
    BBB+sf / BB+sf / B+sf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was available for this
transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

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.




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

CHINA EVERGRANDE: Founder Sells Luxury Assets to Pay Debts
----------------------------------------------------------
Reuters reports that as developer China Evergrande Group scrambles
to meet its debt obligations, its founder is freeing up funds from
luxury assets including art, calligraphy and two high-end homes,
according to filings and a person with knowledge of the matter.

Chinese authorities have told Evergrande chairman Hui Ka Yan, 63,
to use some of his personal wealth to help pay bondholders, two
separate people with knowledge of the matter told Reuters last
month.

Evergrande's troubles in meeting bond repayments have rattled
markets and left many of its investors, creditors and suppliers in
financial chaos, Reuters says.

Guo Hui, whose cleaning business is owed more than CNY18 million
($2.8 million) by Evergrande, had to sell his Porsche Cayenne and
an apartment to raise cash and pay debts, according to Reuters.

"He should be selling his things," Guo told Reuters. "He had no
choice once the authorities made him."

Hui pledged one of his Hong Kong mansions of around 5,000 square
feet in The Peak, Hong Kong's most prestigous residential enclave,
for a loan from China Construction Bank in October, according to a
filing with Hong Kong's Land Registry, Reuters relays.

Around HK$300 million was raised to repay an overdue Evergrande
bond, local media reported.

The tycoon, ranked as Asia's wealthiest man in 2017, pledged a
second luxury house on The Peak to Orix Asia Capital Ltd on Nov 8.
for an undisclosed amount, according to the Land Registry.

With sweeping views over the city's gleaming skyscrapers, the
properties are worth around HK$800 million each, an estate agent
told Reuters.

Raised by his grandmother in a rural village, Hui founded
Evergrande in 1996 in southern Guangzhou city, supplying low-priced
homes and building a fortune.

He developed a passion for calligraphy, art and Koi carp - fish
seen as a symbol of good luck and fortune for which he paid tens of
millions of yuan, Reuters relates citing a source with direct
knowledge of the matter.

Under Hui's orders, Evergrande has been selling some art and
calligraphy to raise fresh capital, said the source. The source
declined to be named due to the sensitivity of the situation.

Reuters could not immediately determine how much had been raised by
selling the art pieces or what the money has been used for.

The source also said Evergrande sold two Gulfstream jets in recent
weeks, adds Reuters.

                        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-'.


JIANGSU ZHONGNAN: S&P Cuts ICR to 'B-' on Deteriorating Liquidity
-----------------------------------------------------------------
S&P Global Ratings, on Nov. 15, 2021, lowered its issuer credit
rating on China-based property developer Jiangsu Zhongnan
Construction Group Co. Ltd. (Zhongnan) to 'B-' from 'B'. S&P also
lowered its long-term issue rating on the U.S. dollar-denominated
notes that the company guarantees to 'CCC+' from 'B-'.

The negative outlook reflects the risk that Zhongnan's weak
liquidity may continue to deteriorate over the next 12 months due
to a further tightening of financing channels.

S&P lowered the ratings because Zhongnan's liquidity is weakening
due to a faster narrowing of its financing channels than it
previously expected. The company's offshore bonds are trading at a
deeper discount than they were a few months ago, signifying
heightened refinancing risk in the offshore bond market. Other
non-capital market channels are narrowing considerably as well.
This has manifested in Zhongnan's reported debt reducing by about
Chinese renminbi (RMB) 6.3 billion during the third quarter of
2021. This decline was equivalent to about 8% of the company's
reported debt as of June 30, 2021, after taking out the impact of
deconsolidation of a key subsidiary in this period. Zhongnan's cash
balance at the end of the third quarter also declined by RMB4
billion, or 15%, in the quarter. These factors raise questions on
Zhongnan's ability to manage an orderly debt reduction.

Zhongnan's access to its cash balance for debt servicing could be
highly uncertain. The mobility of the company's cash balance of
RMB23 billion as of Sept. 30, 2021, can become highly uncertain,
given strengthened supervision by local governments on pre-sale
funds and complications on upstreaming cash from project companies.
S&P estimates Zhongnan can upstream and utilize 30%-35% of the said
cash balance. However, the situation can change rapidly if
financial institutions and other parties prefer to let more cash
stay in the project companies amid Zhongnan's deteriorating credit
profile. Considering Zhongnan's extensive involvement in joint
ventures, it will need to negotiate with partners, in addition to
banks or trust companies. These entities could be extra cautious in
stressful times and may hinder Zhongnan's access to funds from the
joint ventures.

Relationships with creditors will be the key for Zhongnan to
sustain its liquidity. S&P believes Zhongnan's liquidity will ride
on the company's ability to manage its cash flow and deleverage in
an orderly manner. Zhongnan's liquidity could be put to test if the
funding access deteriorates over the next 12-18 months, with an
unanticipated increase in the upcoming maturity wall or early
repayment requests. In particular, Zhongnan has a RMB1 billion
onshore bond puttable in November 2021, a RMB0.8 billion bond
puttable in March 2022, and two onshore bonds totaling RMB3 billion
puttable in mid-2022. The company also has US$222.85 million of
offshore bonds and about RMB0.3 billion onshore bonds maturing in
12 months. Meanwhile, Zhongnan has about 30% of its borrowings from
nonbank entities as of June 30, 2021. These typically entail higher
risk of accelerated repayment compared with bank loans.

S&P said, "We still expect Zhongnan to be able to manage its
near-term maturities. We estimate the company's cash balance can
cover its short-term borrowings for the 12 months ending Sept. 30,
2022, although some of the cash is trapped at subsidiaries or joint
ventures." In addition, the recent policy finetuning, involving
some liquidity easing on greater mortgage availability, should
provide more room for Zhongnan to manage its liquidity.

The negative outlook reflects the increasing risk that Zhongnan's
funding access may continue to deteriorate given the tight credit
conditions. That may further weaken the company's liquidity
profile. However, S&P expects Zhongnan to be able to manage its
repayment obligations over the next year, including its offshore
maturities.

S&P said, "We may lower the rating if Zhongnan's weak liquidity
shows further signs of deterioration, or the company's funding
access further weakens, leading to its capital structure being
unsustainable. This could be possibly due to a significant slippage
in contracted sales, refinancing difficulties in any of the funding
channels, or any accelerated repayment of trust loan or other
borrowings. Material cash depletion or a sharp increase in funding
costs could signal such deterioration.

"We can also downgrade Zhongnan if the company delays payment of
commercial bills.

"We could revise the outlook to stable if Zhongnan's funding access
stabilizes. The company deleveraging in an orderly manner and
consistently demonstrating adequate liquidity would indicate such
improvement. Zhongnan having with sufficient cash on hand to cover
short-term maturities even after paying down offshore maturities
with cash would suggest stronger liquidity."


KAISA GROUP: Has Yet to Pay Interest Due Last Week
--------------------------------------------------
Bloomberg News reports that at least some of Chinese developer
Kaisa Group Holdings Ltd.'s creditors haven't received bond
interest that was due last week, according to people with knowledge
of the matter, starting the clock on a 30-day grace period before a
default.

As of 6 a.m. in New York on Nov. 15, investors in Kaisa's dollar
bonds had yet to receive their payments, said the people, who asked
not to be named discussing a private matter, Bloomberg relates. The
developer had coupon payments totaling $88.4 million due on Nov. 11
and Nov. 12.

Bloomberg says China's property sector has been grappling with a
clampdown on excessive leverage and liquidity woes at real estate
giant China Evergrande Group and other companies. Property firms
rebounded in the credit market in the past few days following
articles in state media signaling support measures that could ease
strains in the industry, but many still trade at distressed levels.


Kaisa scrapped its interim dividend amid a historic funding squeeze
for Chinese property developers, the report notes.  The company,
which gained global notoriety after becoming the first Chinese real
estate company to default on dollar bonds in 2015, has said it
faces "unprecedented pressure on its liquidity."

Cash-strapped Kaisa's notes plunged last month in the wake of
ratings downgrades and canceled investor meetings, Bloomberg
recalls. The company is trying to sell property assets with an
estimated value of $12.8 billion. Its slow progress on divestitures
has increased the likelihood it defaults on dollar-bond interest
payments at some point, according to Fitch Ratings.

Kaisa next month has $184.5 million of dollar-bond coupons due,
according to Bloomberg-compiled data, and a $400 million note that
matures on Dec. 7. The company became one of China's larger issuers
of such debt despite its 2015 default and subsequent
restructuring.

                           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.
15, 2021, Moody's Investors Service has downgraded the corporate
family rating of Kaisa Group Holdings Ltd to Ca from Caa1. At the
same time, Moody's has downgraded the senior unsecured rating on
the bonds issued by Kaisa to C from Caa2.  The outlook remains
negative.

The TCR-AP reported on Nov. 12, 2021, that S&P lowered its
long-term issuer credit rating on Kaisa Group Holdings Ltd. to
'CCC-' from 'CCC+'. The negative outlook reflects Kaisa's very high
nonpayment risk and high probability of debt restructuring.  S&P
subsequently withdrew its 'CCC-' long-term issuer credit rating on
Kaisa at the issuer's request.


YANCOAL INTERNATIONAL: Moody's Rates New USD Unsecured Notes 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the proposed
USD senior unsecured notes to be issued by Yancoal International
Resources Development Co., Limited, and guaranteed by Yanzhou Coal
Mining Company Limited (Yanzhou Coal, Ba1 stable).

The rating outlook is stable.

Yanzhou Coal plans to use the proceeds for general corporate and
refinancing purposes.

RATINGS RATIONALE

The Ba1 rating on the proposed notes reflects the irrevocable and
unconditional guarantee from Yanzhou Coal and the fact that the
notes will rank pari passu with Yanzhou Coal's other senior
unsecured obligations.

The proposed note issuance will not increase Yanzhou Coal's
leverage as the company will use the proceeds to refinance existing
debt.

Yanzhou Coal's Ba1 corporate family rating (CFR) incorporates its
standalone credit profile and a two-notch uplift based on likely
support from its parent Shandong Energy Group Company Limited
(Shandong Energy, Ba1 stable).

Moody's support assumption considers the importance of Yanzhou
Coal's mining assets to Shandong Energy and ultimately to the
Shandong provincial government, in terms of economic contributions
and employment.

Moody's also considers the credit profiles of Yanzhou Coal and
Shandong Energy as closely linked, given the fact that Yanzhou Coal
remains Shandong Energy's flagship subsidiary post the merger of
Yankuang Group Corporation Limited and the previous Shandong Energy
Group in 2020. The merger is part of the reform of state-owned
enterprises promoted by the Shandong government. Yanzhou Coal
contributes a substantial amount of Shandong Energy's businesses,
accounting for 41% and 37% of Shandong Energy's adjusted assets and
EBITDA in 2020, respectively. Moody's expects Yanzhou Coal to
continue playing an essential role for Shandong Energy in executing
its business strategy.

Yanzhou Coal's standalone credit profile is supported by (1) its
diversified coal mining assets and related infrastructure; (2) the
good quality of Australian coal under its subsidiary Yancoal
Australia, which has low financial leverage; (3) its low-cost
mining operations in Shandong Province; and (4) its good
liquidity.

At the same time, Yanzhou Coal's standalone credit profile is
constrained by (1) the company's moderately high debt leverage
relative to its rated global and regional peers' following years of
expansion and acquisitions; (2) carbon transition risk in the long
term; and (3) the exposure to coal price volatility as coal mining
continues to drive the majority of its earnings.

Yanzhou Coal's leverage for the 12 months to June 2021-- as
measured by adjusted debt/EBITDA -- improved to 4.8x from 5.9x in
2020 due to higher coal prices in the year to date. Moody's
forecasts the company's leverage will improve to around 4.2x to
4.9x over the next 12-18 months, mainly driven by an EBITDA
recovery with increased coal production, which will be offset
partially by softening coal prices. Such a leverage level supports
its standalone credit profile.

Yanzhou Coal has a good liquidity profile. Its cash on hand and
projected operating cash flow are more than sufficient to cover its
planned capital expenditure and debt maturities over the next 12
months.

Yanzhou Coal's CFR also takes into account the following
environmental, social and governance (ESG) considerations.

Yanzhou Coal faces elevated environmental risks associated with the
coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal-fired power. These
risks are partially tempered by Yanzhou Coal's geographically
diversified customer base across Japan, Korea, China, and
Australia. The company has also made total investments of RMB3.3
billion between 2018 and 2020 in environmental protection, focusing
on reducing air, water and dust pollution.

Yanzhou Coal is also exposed to social risks associated with the
coal mining industry, including health and safety and responsible
production. These risks are somewhat mitigated by the company's
"zero mine site accidents" goal, and by its sponsorship of
corporate social responsibility projects such as poverty
alleviation campaigns in Shandong Province.

With respect to governance, Yanzhou Coal's ownership is
concentrated in its parent Shandong Energy, which directly and
indirectly owned 55.76% of the company as of June 2021. However,
this risk is mitigated by Yanzhou Coal's listing on both the Hong
Kong and Shanghai stock exchanges, and by the Shandong government's
close supervision of Yanzhou Coal through Shandong Energy.

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

Yanzhou Coal's stable rating outlook mirrors the stable outlook on
Shandong Energy's rating, reflecting the close links between the
two companies' credit profiles. This stable outlook also reflects
Moody's expectation that there will be no material changes in the
company's overall business profile or its strategic importance to
Shandong Energy and ultimately to the Shandong provincial
government over the next one to two years.

Yanzhou Coal's rating would be upgraded if Shandong Energy's rating
is upgraded, which would reflect Shandong Energy's ability to
strengthen its financial profile without any adverse changes in
Moody's assumption of government support.

Yanzhou Coal's rating would be downgraded if Shandong Energy's
rating is downgraded, which would reflect a material deterioration
in the group's financial profile.

A weakening of government support for Shandong Energy or a
significant increase in its investments in non-coal-related
commercial businesses would also pressure Yanzhou Coal's rating.

The principal methodology used in this rating was Mining published
in October 2021.

Yanzhou Coal Mining Company Limited listed on the Shanghai and Hong
Kong stock exchanges in 1998. As of June 30, 2021, it was 55.76%
owned by Shandong Energy Group Company Limited, a state-owned
enterprise that is wholly owned by the Shandong Provincial
Government.

As of June 30, 2021, Yanzhou Coal owned and operated various coal
mines across China and Australia, including in Shandong and Shaanxi
provinces and the Inner Mongolia Autonomous Region in China, as
well as in the Australian states of Queensland, New South Wales and
Western Australia.




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

CARGO SOLAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cargo Solar
Power (Gujarat) Private Limited (CSP) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)   Ratings
   ----------          -----------   -------
   Proposed Long Term       166      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term         1      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan          120      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan           96      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan           27      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan           55      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan           50      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CSP for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Cargo Solar was incorporated in May 2010 as a special purpose
vehicle to set up a 25-megawatt CSP plant in Kutch, Gujarat. The
company is a part of the Ahmedabad, Gujarat-based Cargo group,
promoted by Mr. Jayant Nanda and his family members, and is a
subsidiary of Cargo Power & Infrastructure Pvt Ltd (CPIPL), which
is the holding company for the group's ventures in power and
infrastructure. CPIPL is a subsidiary of Cargo Motors Pvt Ltd
(CMPL), the group's flagship company. CMPL, set up in 1959, is
among the largest dealers of commercial vehicles of Tata Motors Ltd
('CRISIL AA-/Stable/CRISIL A1+') in Gujarat, with estimated revenue
of about INR1600 crore in fiscal 2017.

Cargo Solar's CSP project is the group's first venture in the power
sector. The estimated COD for the project has been revised to
December 2018. The cost of the project is estimated at INR793
crore, and is being funded in a debt-to-promoters'-contribution
ratio of 64:36. As of December 2017, the company had spent about
INR207 crore on the project, funded through promoters' contribution
of about INR192 crore and rest through credit from suppliers.


ETHELBARI TEA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ethelbari Tea
Co (1932) Limited (TETCL) continue to be 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.09      CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit-Stock      4.74      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.67      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with TETCL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TETCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TETCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TETCL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 1932, Kolkata-based TETCL is an integrated tea
player, engaged in cultivation of tea plantations and processing
and selling of tea. The company's management includes Mr. Shirish M
Mehta, Mr. Pritaben Patel, Mr. Hemang Patel, Mr. Niraj Kumar Bipin
Bhai Patel, Mr. Mahendra Kumar Patel.


GAJANAN FIBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Gajanan
Fiber Private Limited (SGFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Proposed Long Term      1.5      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SGFPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007, SGFPL is promoted by Mr. Ashok Chaudhari and
his family members. The company gins and presses cotton, and
commenced operations in 2009 at its unit in Nandurbar, Maharashtra.
The Chaudhari family has been engaged in the agricultural
commodities business for three decades through group entities.


K.C. RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of K.C. Rice
Mills continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KC for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KCR, based in Jalalabad (Punjab), is a partnership firm of Mr.
Raman Kumar and his brother, Mr. Anil Kumar.  It processes and
sells basmati rice, especially PUSA 1121 variety. Its units have a
milling and sorting capacity of 4 and 8 tonne per hour,
respectively. The firm also undertakes job-work for other firms.


KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamal
Suitings Private Limited (KSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit       0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Standby Letter         0.5       CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan              3.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KSPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr.
Kapil Maheshwari. The company manufactures and markets synthetics
blended suiting cloth, which it supplies to wholesalers all over
the country.


LEXICON CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lexicon
Ceramic Private Limited (LCPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.15      CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            4         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Medium Term Loan       3.49      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.94      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with LCPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LCPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

LCPL, incorporated in 2013, is promoted by the Morbi
(Gujarat)-based Mr. Narendra Patel, Mr. Sanjay Daka, and Mr. Jayesh
Santoki. Its manufacturing facility has an installed capacity of
10,000 boxes per day.


M&M FASTENERS: CRISIL Lowers Rating on INR5cr LT Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of M&M
Fasteners India (MMFI) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Open Cash Credit        3.25     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      1.75     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MMFI for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

M&M was incorporated in 2003 based out of Karnataka - Bengaluru.
The firm is engaged in the manufacture of turned parts, Fasteners
and Washer assemblies and has a capacity of 8 lacs pieces per
month. Operations of the firm are managed by Mr. Narasimha, Mr.
Sooga Reddy and Family.


MAA JANKI: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Janki
Toofan Agro Industries Private Limited (MJTAIPL) continue to be
'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.9       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Term Loan              4.75      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Working Capital        0.60      CRISIL B-/Stable (Issuer Not
   Loan                             Cooperating)

CRISIL Ratings has been consistently following up with MJTAIPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MJTAIPL has been set up by Mr. Bishwanath Choudhary, Ms Ram Daie
Devi, Ms Ranju Kumari, and Mr. Kundan Kumar Gautam for providing a
multipurpose cold storage facility in Begusarai, Bihar. The cold
storage has a total capacity of 10,000 tonne with three chambers,
and has been operational from fiscal 2016.


MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahalaxmi
Food Products (MFP) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Project Loan            3.75     CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan      0.8      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               7.45     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MFP for
obtaining information through letters and emails dated August 31,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MFP was set up as a partnership firm in 2004 at Ratnagiri. The firm
processes flour and spices. The partners of the firm are Mr. Yogesh
Sarpotdar and Mr. Anand Mulye.


MN RAMESH: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MN Ramesh
Engineers and Contractor (MNR) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         15        CRISIL A4 (Issuer Not
                                    Cooperating)

   Overdraft Facility      3.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Bank          14        CRISIL A4 (Issuer Not
   Guarantee                        Cooperating)

   Proposed Overdraft      2.5      CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with MNR for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MNR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MNR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MNR continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Established in 2004 as a proprietorship concern and reconstituted
as a partnership firm in fiscal 2017, MNR is engaged in civil
construction works for government departments, mainly KUWSDB. Its
main partner, Mr. M N Ramesh, takes care of daily activities along
with his family members.


N. PRAKASH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N. Prakash
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         2.15      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Overdraft Facility     1         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.85      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with N. Prakash
for obtaining information through letters and emails dated August
19, 2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2008, the firm operates a PG hostel for men in
Bengaluru, with around 201 rooms. It is managed by Mr. N.Prakash.


NAKSHATRA BRANDS: NCLT Enters Liquidation Order
-----------------------------------------------
The Economic Times of India reports that a Mumbai court has ordered
the liquidation of Nakshatra Brands owned by fugitive diamond
trader Mehul Choksi, who is charged with duping banks of thousands
of crores of rupees.

This would be another case where recoveries are likely to be less
than 5% of the total exposure, estimated at about Rs 1,500 crore,
ET says.

According to ET, the Mumbai Bench of National Company Law Tribunal
(NCLT) ordered the winding up of the entity, one of the group
companies promoted by Choksi.  The court appointed Santanu T Ray, a
senior partner of AAA Insolvency Professionals LLP, as liquidator
for this company. Prior to the liquidation order, Vijay Kumar Garg
was appointed as the resolution professional dealing with the
corporate insolvency resolution process, the report relates.

More than 70 percent lenders voted in favor of liquidation
promoting the RP to file for a liquidation application, ET notes.

"In view of the decision of the Committee of Creditors (CoC), we
are inclined . . . to initiate liquidation process against the
corporate debtor," the court said in the order.

ET says the ruling came on an insolvency petition, filed by ICICI
Bank in 2018 against the company, which was allegedly involved in a
money laundering case reported by the Punjab National Bank. The
insolvency petition filed against the parent company of Mehul
Choksi, Gitanjali Gems, is pending adjudication with the dedicated
insolvency court.

"We will make every endeavour to unlock the assets mortgaged to
Financial Creditors by using our experience of other companies in
expediting the de-attachment and sale of the assets for
distribution to stakeholders," ET quotes Anil Goel, founder of AAA
Insolvency Professionals LLP, as saying.


NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nancy Krafts
(NK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         3.5       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Letter of credit       1.1       CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

   Proposed Long Term     2.4       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with NK for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.



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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of NK and Nancy Krafts Pvt Ltd
(NKPL). This is because the two entities, together referred to as
the Nancy group, are in the same line of business, with a common
customer base, and shared promoters and management.

NK was set up in 1980 as a partnership. Nancy Krafts Private
Limited was established in 1988 as a private-limited company.

The two entities manufacture readymade garments, especially for
women and children, at their plants in New Delhi. The entities
cater to the export market and supply their products to retailers
and wholesalers in Latin America, Mexico, Spain, the US, and
Europe.


NATURO FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Naturo Food
and Fruit Products Private Limited (Naturo) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          1.35     CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.95     CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Naturo for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1987 and based in Bangalore, Naturo is promoted by
Mr. Vikram Reddy and family. The company is engaged in manufacture
and sale of fruit bars and fruit bites under its 'Naturo' brand.


P. RAMU: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. Ramu (PR)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      6        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with PR for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

P Ramu, proprietorship firm executes road projects in Tamil Nadu.


PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Professional
Educational Trust (PET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest         4        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Long Term Loan         21        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility      4        CRISIL D (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with PET for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and postgraduate
courses in engineering and management.


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

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     2.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             13         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              5.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PFIPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Protac Foods International Pvt Ltd was promoted by Mr. Tarun Kunzru
(managing director), Mr. Chethan MV and Mr. Abhishek Gowda M.N to
engage in chicken processing, with an integrated cold chain
preservative system and sales. The company was incorporated on
February 5, 2014. The company has commenced operations since June
2016.


RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ragam Metal
Products Private Limited (RMPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Working        8.75     CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

   Term Loan               1.25     CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RMPPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1988, RMPPL manufactures sheet metal components. The
company is promoted by Mr.C.Rammohan and Mrs.Beena Rammohan.


RIVERGROW VYAPAAR: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rivergrow
Vyapaar Private Limited (RVPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.4       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       8         CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.6       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with RVPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RVPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RVPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

RVPL is a Gandhidham (Gujarat)-based company that trades in and
saws timber. The company started commercial operations in February
2014. It deals in the pine variety of timber. Its operations are
managed by Mr. Ramesh Chinaria, who has about two decades of
experience in the timber trading industry.


ROYAL SHELTER: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royal Shelter
(RS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Long Term Loan          6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     10        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with INRfor
obtaining information through letters and emails dated August 31,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RS, set up in 2008 and based in Trichy, is a real estate developer.
The day-to-day operations of the firm are managed by Mr.
Ravichandran who is also the promoter.


S P JAISWAL: CRISIL Cuts Rating on INR7.28cr Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of S P
Jaiswal Estates Private Limited (SPJEPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility     2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              7.28      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SPJEPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1964, SPJEPL, owns and operates a chain of hotels
in Kolkata and Varanasi (Uttar Pradesh) under The Hotel Hindusthan
International brand.  Mr. Vinay Jaiswal, Mr. Dilip Kumar Jaiswal,
Mr. Vikram Jaiswal, and Mr. Pramod Kumar Jaiswal are the
promoters.


S.K. FARMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.K. Farms -
Namakkal (SKF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Key Cash Credit        2.3       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.08      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SKF for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Tiruchengode, SKF is a proprietorship, set up by Mr.
Subramaniam in 1981. The firm is engaged in the poultry and
hatchery business, and has a capacity of 160,000 egg-laying hens.


SAGAR AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sagar Agro
Inputs (SAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SAI for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1990 by Mr. Sanjay Kumar Jain and family, SAI
undertakes cleaning and grading of seeds such as soybean, wheat,
cotton, and gram. The firm has two manufacturing facilities in
Ratlam and Ujjain (both in Madhya Pradesh) with installed capacity
of 4 tonne per hour each.


SAKTHI EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sakthi
Educational Trust (SSET) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Overdraft Facility     1.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SSET for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSET was established as a registered trust in Salem (Tamil Nadu) in
1996 by Mrs. Leelavathi. The trust runs three colleges offering
under-graduate and post-graduate courses in engineering, arts and
sciences, and education and one higher secondary school in Salem.


SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Satsangi Saket Dham Ram Ashram (SSSDRA) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     2.66      CRISIL A4 (Issuer Not
                                    Cooperating)

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

   Rupee Term Loan        6.67      CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSSDRA for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSSDRA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSSDRA is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSSDRA continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and his
family. It operates KJ College of Pharmacy, KJ Institute of
Management, and KJ Institute of Engineering and Technology,
offering bachelors and masters courses in pharmacy, management, and
engineering.


SHARDA HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sharda Health
Care Private Limited (SHPL) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.37      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         7.36      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       1.27      CRISIL B-/Stable (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SHPL, is a Rajasthan-based company incorporated in 2016 by Mr.
Bhagat Singh, is involved in manufacture of medical equipment's.
The company has manufacturing facility based in Bhiwadi, Alwar.


SIDDHARTHA SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhartha
Super Spinning Mills Limited (SSML) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan           6       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          14       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSML for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1981 by Mr. Hemchand Jain, SSML manufactures synthetic
yarn from manmade fiber. The company was taken over by the current
management in 2005 and is listed on the Delhi Stock Exchange. Its
manufacturing facility is in Nalagarh, Himachal Pradesh; it is
currently being managed by Mr. R P Agarwal and Associates.


SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Singh Cycle &
Motor Co. (SCMC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1.50      CRISIL D (Issuer Not
                                    Cooperating)

   Inventory Funding      4.25      CRISIL D (Issuer Not
   Facility                         Cooperating)

   Term Loan              3.50      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCMC for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1955, Singh Cycle and Motor Co (SCMC) is promoted
by Mr. Palvinder singh Bedi based in Pune. The firm is having
automobile dealership of Chevrolet range of vehicles and Hero
Motorcorp Ltd. (HML) for two wheelers. The firm has two showroom of
HML, and two of Chevrolet and specialized workshop across Pune.


SIVA FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siva Foods
Impex Private Limited (SFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan           3.75    CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash            5       CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SFPL, promoted by Mr. G. Sivakumar had been set up as partnership
firm, Siva Traders, in 2005; this firm was reconstituted as a
private limited company with the current name and incorporated in
2014. The company, based in Tiruchirappalli, Tamil Nadu, and
processes raw cashew nuts.


VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venus
Garments India Limited (VGIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of credit      14.91      CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

   Proposed Long Term     3.17      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             73.83      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       69         CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with VGIL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1999 and promoted by Mr. Anil Jain, VGIL
manufactures and exports ready-made garments such as polo shirts,
T-shirts, jogging suits, sweatshirts, thermal wear, and sweaters.
The company mainly exports to the US, Europe, Mexico, Canada, and
other countries.




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

GARUDA INDONESIA: Is "Technically Bankrupt", Official Says
----------------------------------------------------------
Jakarta Globe reports that Garuda Indonesia has "technically" gone
bankrupt due to the fact of being insolvent and in negative equity
amid allegations of corruption and misappropriation, a senior
official said on Nov. 9.

According to the September 2021 financial reports, Garuda has
negative equity of $2.8 billion and the burden increases by
$100-150 million per month, said Kartiko Wirjoatmodjo, a deputy for
the state-owned enterprises minister, the report relays.

"Under the banking interpretation, such a condition means that
[Garuda] is technically bankrupt although it's not officially
declared so," Jakarta Globe quotes Kartiko as saying in a hearing
with a House of Representatives commission overseeing state-owned
companies.

"Garuda cannot repay nearly all of its debts and it's likely to
hold back employees' salaries."

He blamed poor management and past corruption for the financial
hardship in Garuda today, the report says.

"There were corruption problems ranging from burdensome
partnerships and inflated aircraft prices to bribery and money
laundering in 2011 and 2012," Kartiko said.

The Covid-19 pandemic has worsened Garuda's financial crisis as
revenues fell sharply due to global travel restrictions.

In late 2019, Garuda generated around $235 million in monthly
income but the figure dropped to as low as $27 million when the
devastating impact of the pandemic began to hit the airline the
following year, Jakarta Globe states.

"Whenever mobility restriction is imposed, it has a direct impact
on Garuda. In December 2020 the monthly revenue climbed to $100
million but then public mobility was restricted and revenues fell
again," Kartiko, as cited by Jakarta Globe, said.

"People often asked me: ‘What did really cause Garuda to suffer,
corruption or Covid-19?' My answer is both."

Jakarta Globe says the government is working out to get the best
solution to pull Garuda out of the crisis.

The most practical way is to scrap unprofitable flights and refocus
on lucrative routes, Kartiko said. The airline will fly 140 routes
next year, in comparison to 237 routes in 2019.

Consequently, the number of aircraft in Garuda and subsidiary
Citilink will be reduced to 134 from the combined fleets of 202
planes in 2019, the report notes.

The company is renegotiating rates with creditors and aircraft
lessors to restructure its debts and reduce debt loads, Kartiko
said.

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2021, Nikkei Asia said Garuda Indonesia posted a net loss of
$2.4 billion in 2020, with its auditor raising concerns over the
continuity of the Southeast Asian country's flagship airline.

The net loss is Garuda's biggest since at least 2005, the oldest
available data on Quick-Factset, and marks a staggering increase
from the $38.9 million loss it reported the previous year, Nikkei
Asia noted.




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

IMPIANA HOTELS: Won't be Classified as PN17 Under Relief Measures
-----------------------------------------------------------------
theedgemarkets.com reports that Impiana Hotels Bhd said it has
triggered the prescribed criteria of Practice Note 17 (PN17) under
the Main Market Listing Requirements but will not be classified as
a PN17 company, thanks to Bursa Malaysia's relief measures.

In a bourse filing, the hospitality operator said its external
auditor, Messrs Moore Stephens Associates PLT, has highlighted a
material uncertainty related to its going concern in the group's
audited financial statements for the financial year ended June 30,
2021, the report relates.

The auditor also highlighted that the group's shareholders' equity
deficit of MYR41.596 million as at June 30 is less than 50% of its
share capital of MYR456.23 million.

However, the group said it will not be classified as a PN17
company, in line with the measures announced by Bursa Malaysia in
April 2020, under which affected groups will be accorded relief
from complying with the PN17 obligations for a period of 18 months,
theedgemarkets.com relays.

"The company will re-assess its condition and announce whether it
continues to trigger any of the criteria upon the expiry of the 18
months from Oct. 29, 2021," said Impiana.

Impiana's net loss for the six months ended June 30, 2021 narrowed
to MYR10.75 million, from MYR56.6 million a year earlier, mainly
due to a gain on disposal of shares from Impiana Tioman Villa &
Residence, the report discloses.

Six-month revenue dropped 42.34% to MYR19.5 million, from MYR33.82
million, adds theedgemarkets.com.

Impiana Hotels Berhad, formerly Bio Osmo Berhad, is a
Malaysia-based company that owns and operates hotels and resorts.
The Company’s hotels include Impiana Private Villas Kata Noi,
Phuket, Impiana Resort Patong, Impiana Resort Chaweng Noi, Koh
Samui, Impiana KLCC Hotel, Impiana Hotel Ipoh, Impiana Hotel Senai,
Impiana, Private Villas Seminyak and Impiana Private Villas Cemagi.
The Company also provides spa services to the customer. Its hotels
and resorts are located in Malaysia and Thailand.


SERBA DINAMIK: Fitch Lowers LongTerm IDR to 'C'
-----------------------------------------------
Fitch Ratings has downgraded Malaysia-based energy-service provider
Serba Dinamik Holdings Berhad's (SDHB) Long-Term Issuer Default
Rating to 'C' from 'CCC-'. Fitch has also downgraded the ratings on
the senior unsecured sukuk due May 2022 and March 2025 to 'C', from
''CCC-', with the Recovery Rating remaining at 'RR4'.

The downgrade follows the confirmation from SDHB that it missed the
interest payment on its 2022 senior unsecured sukuk and entered a
30-day grace period. Failure to make the payment after the grace
period will constitute an event of default.

KEY RATING DRIVERS

Non-Payment of Bond Interest: SDHB was not able to meet its
semi-annual coupon payment due on 9 November 2021 for its US dollar
sukuk maturing in May 2022 and the company has entered the 30-day
grace period. SDHB says that it plans to pay the coupon within the
grace period with cash collected from customers.

DERIVATION SUMMARY

SDHB's ratings reflect the non-payment of the interest on the 2022
sukuk.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that SDHB would be reorganized
    as a going-concern in bankruptcy rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

-- The going-concern EBITDA estimate reflects Fitch's view of a
    sustainable, post-reorganisation EBITDA level upon which Fitch
    bases the enterprise valuation.

-- Fitch estimates EBITDA at MYR660 million, which considers
    EBITDA in 2018 to 2019, and factors in queries raised by KPMG
    over the earnings quality from certain customers, including
    inventory and receivables.

-- An enterprise value multiple of 4x EBITDA is applied to the
    going-concern EBITDA to calculate a post-reorganisation
    enterprise value. In determining the multiple, Fitch has taken
    into consideration SDHB's customer quality as well as revenue
    and cash flow history and outlook, although its high working
    capital and capex requirements will constrain free cash flow
    generation.

-- The going-concern enterprise value corresponds to a 'RR4'
    Recovery Rating for the senior unsecured notes after adjusting
    for administrative claims.

RATING SENSITIVITIES

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

-- Resolution of the interest non-payment within the grace
    period, ultimately without the use of a distressed debt
    exchange (DDE).

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

-- Payment default is uncured after the end of the grace period
    or the company commences a DDE;

-- Announcement that the issuer entered into bankruptcy filings,
    administration, receivership, liquidation or other formal
    winding-up procedure, or otherwise ceased business.

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

SDHB is a Malaysian oil-and-gas service and equipment provision
company, with operational facilities in Malaysia, Indonesia, United
Arab Emirates and the UK.

ESG CONSIDERATIONS

SDHB has an ESG Relevance Score of '4' for Management Strategy due
to an ongoing independent review requested by its auditors, on
certain aspects of its business, including clarity on suppliers,
customers, inventories and account receivables. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

SDHB has an ESG Relevance Score of '4' for Financial Transparency
due to a delay in the publication of its audited financial reports,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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




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

FENCE-IT SELWYN: Creditors' Proofs of Debt Due Jan. 22
------------------------------------------------------
Creditors of Fence-It Selwyn Limited, which is in liquidation, are
required to file their proofs of debt by Jan. 22, 2022, to be
included in the company's dividend distribution.

Geoff Brown and Lynda Smart of Rodgers Reidy (NZ) Limited were
appointed jointly and severally as liquidators of the company by
order of the High Court of New Zealand at Christchurch on
November 11, 2021.

The company's liquidators can be reached at:

          Geoff Brown
          Lynda Smart
          Rodgers Reidy (NZ) Limited
          PO Box 39090
          Harewood, Christchurch 8545
          New Zealand


QUENCH COLLECTIVE: Liberty Brewing Tries to Retrieve Beer Stock
---------------------------------------------------------------
Stuff.co.nz reports that an Auckland craft brewery is desperately
trying to retrieve stock from the liquidators of a drinks
distribution business to ensure compromised beer does not get into
the hands of customers.

Champion brewery Liberty Brewing is one of more than 70 business
left out-of-pocket by Quench Collective, which owes creditors more
NZD7.5 million after it went into liquidation in April.

Quench Collective, owned by collapsed Hawke's Bay winery Sacred
Hill, marketed and distributed premium wine, beer and cider brands
throughout New Zealand.

According to the report, Liberty Brewing owner Christina Wood said
Quench Collective had been its sole distributor, and owed the
Helensville brewer nearly NZD600,000.

In April, Quench Collective owner and director David Mason said he
was confident most creditors would be paid, Stuff recalls.

Stuff relates that Ms. Wood said she was shocked to recently find
out liquidators were selling about NZD80,000 worth of Liberty
Brewing beer stock held by Quench Collective at a Mainfreight
facility.

Before liquidators were appointed Liberty Brewing asked Quench
Collective and Mainfreight for the stock to be returned but was
unsuccessful, she said.

Liberty Brewing never received payment for the stock, she said.

Liquidators Colin Owens and David Webb of Deloitte were selling the
stock via a tender process which closed on Nov. 12, Stuff says.

Ms. Wood said liquidators invited Liberty to better an offer that
had been tendered.

Liberty Brewing was considering buying the stock back off the
liquidators itself so that it could be destroyed, she said.

"It does remain on the table, as heartbreaking as it is to spend
yet more money," the report quotes Ms. Wood as saying.

Drinks distribution business Quench Collective went into
liquidation in April 2021 owing unsecured creditors NZD3.16
million.


VIA OTIUM: Commences Wind-Up Proceedings
----------------------------------------
Members of Via Otium Limited, on Nov. 10, 2021, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany 2163 Auckland
          New Zealand


YEE'S FIRST: Creditors' Proofs of Debt Due on Dec. 11
-----------------------------------------------------
Creditors of Yee's First Enterprises Limited (trading as Little
River Diner), which is in liquidation, are required to file their
proofs of debt by Dec. 11, 2021, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 11, 2021.

The company's liquidator is:

          Brenton Hunt
          Insolvency Matters
          PO Box 13400
          City East, Christchurch 8141
          New Zealand
          Email: brenton@insolvencymatters.co.nz




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

ARLEI SOFA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 5, 2021, to
wind up the operations of Arlei Sofa Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


EHT US1 INC: Creditors to Get Paid From Sale Proceeds
-----------------------------------------------------
Eagle Hospitality Real Estate Investment Trust, a debtor affiliate
of EHT US1, Inc. and the other Liquidating Debtors, the official
committee of unsecured creditors, and Bank of America, N.A., filed
a Disclosure Statement in connection with the First Amended Joint
Plan of Liquidation.

Following the closing of the sale of the Debtor Propcos' 14 Hotel
Assets in June 2021, the Liquidating Debtors, the Committee, and
the Prepetition Agent engaged in discussions to formulate a chapter
11 plan of liquidation for the distribution of net sale proceeds to
the Debtors' creditors and other stakeholders.

The negotiations resulted in the Plans that incorporate the Plan
Settlement reflected in a Plan Support Agreement ("Plan Support
Agreement") among the Liquidating Debtors, the Committee, the
Prepetition Agent, certain members of the Committee (in their
individual capacities), and certain Holders of Prepetition Lender
Claims (collectively, the "PSA Parties").

The Plan Settlement reflects a good faith compromise and settlement
of numerous inter Debtor, Debtor-creditor, and intercreditor
issues, including issues regarding substantive consolidation, the
allocation of sale proceeds among the Liquidating Debtors, the
validity and enforceability of Intercompany Claims, the allocation
of Administrative Expense Claims, the funding of the wind-down of
the Singapore Debtors, and the treatment of Claims held by Entities
that do not have contractual privity with the Liquidating Debtors.

The Plan Settlement - which is conditioned upon the Plans going
effective on or before December 31, 2021 - provides for certain
guaranteed minimum distributions on the Effective Date to (i) the
Prepetition Agent on behalf of the Prepetition Lenders and (ii)
Holders of Other General Unsecured Claims and Convenience Claims
against the Debtor Propcos. There is the potential for additional
recoveries post-Effective Date as well.

In addition, as part of the Plan Settlement, the Plan provides,
among other things, that:

     * As part of the Plan Settlement, the Prepetition Lender
Claims will be Allowed in each Plan, on a joint and several basis
against each Liquidating Debtor, in an aggregate amount of no less
than $380,513,355 (which is calculated as the sum of principal,
accrued prepetition interest, prepetition charges, Swap obligations
(but not post-petition interest), gross-up obligations, agent
fees,and professional fees, after taking into account the reduction
of such amounts as a result of the exercise of the Lender Setoff
Rights);

     * On the Effective Date, the Prepetition Agent will receive,
on account of the Prepetition Lender Claims, (a) the Guaranteed
Prepetition Agent Distribution in the amount of $360.161 million on
account of the Prepetition Lender Claims, (b) beneficial interests
in the Liquidating Trust which entitle the Prepetition Agent, on
account of the Prepetition Lender Claims, to additional
Distributions on account of both Liquidating Trust Interests
(Propcos) and Liquidating Trust Interests (Non-Propcos) in
accordance with the Plans, including, but not limited to, the
Prepetition Agent Fee Payment in the amount of $2.64 million, and
(c) postpetition default interest and Postpetition Charges (to the
extent not included in the $380,513,355) to the extent entitled
thereto under applicable law and in accordance with the Plans;

     * Holders of Other General Unsecured Claims against the Debtor
Propcos will receive (a) their pro rata share of the Guaranteed
Other GUC Distribution in the amount of $15.083 million and (b)
beneficial interests in the Liquidating Trust that entitle such
Holders to additional Distributions from the Liquidating Trust
Propco Assets. In particular, the Distributions on account of
Liquidating Trust Propco Assets and the proceeds thereof shall be
allocated as follows: first, a one-time payment of $2.64 million to
the Prepetition Agent, on behalf of the Prepetition Lenders, on
account of the Prepetition Lender Claims; second, with respect to
the next $12.5 million of available cash, the Prepetition Agent, on
behalf of the Prepetition Lenders, will receive 75% of such cash
and Class 5 creditors will receive 25% of such cash; and third,
with respect to any further available cash (i.e., the Tier 2 Value
Range), the Prepetition Agent, on behalf of the Prepetition
Lenders, will receive 25% of such cash and Class 5 creditors will
receive 75% of such cash.

     * Holders of Convenience Claims against the Debtor Propcos
will receive a pro rata share of the Convenience Class Distribution
in the aggregate amount of $1.601 million.

Class 5 consists of Other General Unsecured Claims against
Propcos.

Each Holder of an Allowed Other General Unsecured Claim against a
Debtor Propco shall receive (i) its pro rata share of the
Guaranteed Other GUC Distribution and (ii) Liquidating Trust
Interests (Propco) which entitle such Holder to receive on account
of its Allowed and unpaid Other General Unsecured Claim, its pro
rata share of the Other GUC Trust Distribution until such Allowed
Other General Unsecured Claim is paid in full in each case subject
to the Plan Settlement. This Class has $31.1 million total amount
of claims and will receive a distribution of 55.7%.

Class 9 consists of Other General Unsecured Claims against
NonPropcos. After payment in full of all A/P/S Claims and Secured
Prepetition Lender Non-Propco Claims, any remaining Cash at each
Debtor Non-Propco shall be distributed on a pro rata basis to the
Prepetition Agent (on account of the Prepetition Lender Claims) and
Holders of Allowed Other General Unsecured Claims until such
Allowed Other General Unsecured Claim are paid in full. This Class
has $137.2 million amount of claims and will receive a distribution
of 0.0%.

The Plans will distribute beneficial interests in the Liquidating
Trust to creditors of the Debtor Non-Propcos (including the
Prepetition Lenders and, for the avoidance of doubt, creditors of
EH REIT) and equityholders of EH REIT, which will entitle such
creditors and equityholders to a Distribution to the extent there
is sufficient value available at the corresponding Debtor Non
Propco level. However, at this time, it is not anticipated that
Holders of Other General Unsecured Claims against the Debtor
Non-Propcos, EH REIT Equity Interests, or EH REIT Section 510(b)
Claims will receive a Distribution on account of such Claims or
Equity Interests.

Finally, the Plan Settlement resolves disputes among the Plan
Proponents concerning the funding request relating to the wind down
of the Singapore Debtors. Under the Plan Settlement, and in
accordance with the Plans, the Plan Proponents have agreed to make
available certain additional Cash to the Singapore Debtors to fund
the orderly wind-down of the Singapore Debtors under Singapore
law.

A full-text copy of the Disclosure Statement dated Nov. 8, 2021, is
available at https://bit.ly/3olA5nO from Donlin, Recano & Company,
Inc., claims agent.

Co-Counsel to the Debtors:

     PAUL HASTINGS LLP
     Luc A. Despins, Esq.
     G. Alexander Bongartz, Esq.
     Shlomo Maza, Esq.
     200 Park Avenue
     New York, New York 10166
     Telephone: (212) 318-6000
     Facsimile: (212) 319-4090
     E-mail: lucdespins@paulhastings.com     
             alexbongartz@paulhastings.com
             shlomomaza@paulhastings.com

     COLE SCHOTZ P.C.
     Seth Van Aalten, Esq.
     G. David Dean, Esq.
     500 Delaware Avenue, Suite 1410
     Wilmington, Delaware 19801
     Telephone: (302) 652-3131
     Facsimile: (302) 574-2103
     E-mail: svanaalten@coleschotz.com
             ddean@coleschotz.com

                     About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust 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 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 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as an investment banker.  Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 4, 2021.  The committee tapped Kramer
Levin Naftalis & Frankel, LLP as bankruptcy counsel, Morris James
LLP as Delaware counsel, and Province, LLC as financial advisor.
LVM Law Chambers LLC serves as the Debtor's Singapore law conflicts
counsel.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' Chapter 11 cases.  Thomas D. Bielli, Esq., at Bielli &
Klauder, LLC, is the fee examiner's legal counsel.


GRAND PARK: Court to Hear Wind-Up Petition on Nov. 26
-----------------------------------------------------
A petition to wind up the operations of Grand Park OR Pte Ltd will
be heard before the High Court of Singapore on Nov. 26, 2021, at
10:00 a.m.

New Park Property Pte Ltd filed the petition against the company on
Nov. 2, 2021.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard
          #28-00, Singapore 018989


MULHACEN PTE: Fitch Affirms 'CC' LongTerm IDR
---------------------------------------------
Fitch Ratings has affirmed Mulhacen Pte Ltd's (Mulhacen) Long-Term
Issuer Default Rating (IDR) and senior secured payment-in-kind
(PIK) toggle notes at 'CC'.

Mulhacen is a non-operating holding company set up by Värde
Partners to acquire WiZink Bank (WiZink, unrated), which is
Mulhacen's only significant asset. Mulhacen is not included in
WiZink's regulated banking group supervised by the Bank of Spain.

In its Bank Rating Criteria Exposure Draft (published 17 August
2021), Fitch proposes to no longer rate bank holding companies
whose credit risk is not closely linked with that of the bank they
own, as is the case for Mulhacen. Fitch therefore continues to rate
Mulhacen and its PIK toggle notes under its Non-Bank Financial
Institutions Rating Criteria, under which it already rates holding
company debt issued by owners of regulated entities including
licensed banks such as WiZink.

KEY RATING DRIVERS

IDR AND DEBT

Mulhacen's Long-Term IDR primarily reflects Fitch's view that it is
exposed to very high refinancing risks relating to its main
external liability, the PIK toggle notes maturing in August 2023,
as well as the structural subordination of Mulhacen's creditors to
all of WiZink's creditors. Mulhacen's 100% stake in WiZink is the
company's only revenue-generating asset. Its earnings-generation
capacity and ultimately the ability to upstream dividends remains
impaired by repercussions from an adverse ruling by Spain's Supreme
Court in March 2020 on revolving credit facilities.

Since September 2020, Mulhacen has paid the interest on the PIK
toggle notes in kind and Fitch believes that interest payments in
2022 will likely also be in kind. This would lead to an increase in
the bond's outstanding principal amount and further increase
refinancing risk. Fitch believes that Värde Partners might start
considering refinancing options for the PIK toggle notes in 2022.
In Fitch's view, this could include an exchange offer for the
existing bonds, which depending on the exact circumstances, Fitch
could classify as a distressed debt exchange (DDE). This is
reflected in Mulhacen's Long-Term IDR.

In Fitch's view, WiZink's credit profile continues to be negatively
affected by litigation risks and the need to adjust product pricing
in Spain related to the March 2020 supreme court ruling. This
negatively affects Fitch's assessment of WiZink bank being able to
distributes dividends in the medium term. The number of claims
linked to usury cases increased to around 7,375 in 2Q21 from around
2,644 in 3Q20 (when claims were however affected by court
closures). Outstanding claims at end-1H21 (net of settlements and
withdrawals awaiting court acceptance) stood at 9,206, for which
WiZink had usury provisions of around EUR150 million. To date,
WiZink has utilised around EUR142 million in provisions for
settlements and other payments related to the claims.

In Fitch's view, the evolution and cost of usury claims is
uncertain but Fitch notes that anticipated court rulings in Spain
and at the European Court of Justice could improve the
predictability of and possibly contain the number of future claims
in the short to medium term. This includes clarification on the
applicable statute of limitation and the applicable external price
reference when determining annual percentage rates.

In 1H21, WiZink's revenue base remained under pressure, largely due
to the repricing of the Spanish portfolio, average gross
receivables declining by close to 8% compared with 2020 as a result
of a subdued client borrowing appetite during the pandemic but also
a more prudent write-off policy (writing off all exposures after 15
months as opposed to 42 months past due). More positively, loan
impairment charges declined materially in 1H21, partly as a result
of the release of all management IFRS 9 overlays, highlighting
WiZink's structurally profitable business model (if litigation
charges are excluded). WiZink's impaired (stage 3) loan ratio, as
calculated by Fitch, was a high 10.2% at end-1H21 (up from 9.5% at
end-2019). WiZink's coverage ratio declined during 1H21 but
remained acceptable at 122% at end-1H21.

Fitch acknowledges the bank's record in successfully managing past
economic crises and the potential benefits from an expected
economic recovery in 2022. Fitch's financial projections do not yet
reflect any contribution from WiZink's plans to expand into new
businesses, such as point-of-sales, personal loans or auto loans,
since these are still in early stages of development.

At end-1H21, WiZink's phased-in and fully-loaded common equity Tier
1 ratios stood at 15.2% and 12.2%, respectively, down from 17.2%
and 13.0% at end-2020. During 3Q21, WiZink's total capital ratio
was supported by Värde Partners injecting Tier 2 capital but
WiZink's capital buffer above regulatory requirements are, in
Fitch's view, insufficiently strong to ensure dividend upstream in
2022.

The PIK notes' rating reflects Fitch's view that the debt is the
main reference liability of Mulhacen and Fitch would consider a
default of the instrument as a default of Mulhacen. Fitch does not
assign Recovery Ratings, given that there is still a wide range of
possible outcomes at this stage, as outlined in the ratings
sensitivities section, until the notes reach maturity in August
2023.

RATING SENSITIVITIES

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

-- A material improvement in WiZink's credit profile, resulting
    in Värde Partners' ability to refinance the PIK toggle notes
    either through a vanilla debt issue or if as part of an
    exchange offer, without imposing a material reduction in terms
    or to avoid bankruptcy, insolvency or a traditional payment
    default (and hence meet Fitch's definition of a DDE);

-- WiZink's ability to resume dividend upstreaming earlier than
    expected, leading to the resumption of cash interest payments
    on the PIK toggle notes and improving Värde Partners'
    prospects of refinancing the notes without triggering a DDE.
    This would likely result from lower-than-expected litigation
    charges or sharply higher revenue, improving WiZink's ability
    to absorb ongoing litigation expenses;

-- A more material buffer above regulatory requirements at
    WiZink, as of result of organic or inorganic developments,
    thereby allowing the resumption of dividend upstreaming and
    easing refinancing risks.

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

-- An announcement of a refinancing transaction that Fitch would
    classify as a DDE would lead to a downgrade of the Long-Term
    IDR and senior secured debt rating to 'C'. Once executed,
    Fitch would downgrade the ratings to RD (restricted default).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.


SR-KEN UNITED: Court to Hear Wind-Up Petition on Dec. 3
-------------------------------------------------------
A petition to wind up the operations of SR-Ken United Trading Pte
Ltd will be heard before the High Court of Singapore on Dec. 3,
2021, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 10, 2021.

The Petitioner's solicitors are:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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