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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 24, 2021, Vol. 24, No. 229

                           Headlines



A U S T R A L I A

BASSLINK PTY: APA Buys Debt Interest, Interested in Interconnector
GMS STAFFING: Second Creditors' Meeting Set for Dec. 1
SABO MACH: First Creditors' Meeting Set for Dec. 1


C H I N A

BRIGHT SCHOLAR: Fitch Puts 'BB-' LT IDR on Watch Negative
CBAK ENERGY: Starts Operation of Nanjing Lithium Battery Facility
CHINA AOYUAN: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative
CHINA HUARONG: S&P Lowers ICR to 'BB+', On Watch Developing
JINGRUI HOLDINGS: S&P Affirms 'B' ICR & Alters Outlook to Negative

KAISA GROUP: Offshore Bondholders Tap Moelis & Co as Adviser
SHANDONG ENERGY: Moody's Rates New USD Senior Unsecured Notes 'Ba1'
SHIMAO GROUP: Moody's Puts Ba1 CFR Under Review for Downgrade


I N D I A

BRIJNANDAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
DEWAN HOUSING: ICRA Withdraws D Rating on INR100cr Debt
DNP FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
GSR TEXTILES: ICRA Keeps D Ratings in Not Cooperating Category
GURUKRUPA COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating

JALANNAGAR DEVELOPMENT: ICRA Keeps C Ratings in Not Cooperating
JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating
KARTIKEY RESORTS: ICRA Keeps D Debt Ratings in Not Cooperating
LEONARD EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHADEV INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating

MINOX METAL: ICRA Keeps B+ Debt Rating in Not Cooperating
NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
P.K.M. PROJECT: ICRA Assigns B- Rating to INR28cr Term Loan
PARTAP COTEX: ICRA Lowers Rating on INR1.64cr Loan to B+
PARTAP SPINTEX: ICRA Lowers Rating on INR88.36cr Loan to B+

RAMA SPIN: ICRA Keeps B Debt Ratings in Not Cooperating Category
SIDDESHWAR MULTIPURPOSE: ICRA Keeps B+ Ratings in Not Cooperating
SIEWERT AND DHOLAKIA: ICRA Keeps B+ Rating in Not Cooperating
SRINIVASA EDUCATIONAL: ICRA Reaffirms D Rating on INR9.66cr Loan
SVARN TEX: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

TRISHAKTI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
URJA AUTOMOBILES: ICRA Keeps B Debt Ratings in Not Cooperating
VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
VENU INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
VERMA TRACTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating

VIJAY PULSE: ICRA Reaffirms B Rating on INR7.50cr Cash Loan


M A L A Y S I A

AIRASIA GROUP: Furloughed Staff to Return to Work Next Year
AIRASIA GROUP: Net Loss Widens to MYR887MM in Qtr Ended Sept. 30
KHEE SAN: Slips Into PN17 After Unit Put Under Judicial Management


N E W   Z E A L A N D

BLUESTONE NZ 2021-1: S&P Assigns Prelim. B Rating on F Notes
MSM HOLDINGS: Creditors' Proofs of Debt Due Jan. 15
PATEL INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 24
SK TRANSPORT: Court to Hear Wind-Up Petition on Dec. 3


S I N G A P O R E

COREFORM PTE: Court Enters Wind-Up Order
GENERATION X: Court Enters Wind-Up Order
HARTAMANIS (S): Court to Hear Wind-Up Petition on Dec. 10
TOOLBOX NETWORK: Court Enters Wind-Up Order


V I E T N A M

ANZ BANK: Fitch Affirms 'BB' Foreign Currency IDR
STANDARD CHARTERED: Fitch Affirms 'BB' Foreign Currency IDR

                           - - - - -


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A U S T R A L I A
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BASSLINK PTY: APA Buys Debt Interest, Interested in Interconnector
------------------------------------------------------------------
Renewables Now reports that Australian energy infrastructure
company APA Group on Nov. 22 said it has acquired a stake in the
debt of Basslink, the Tasmania-mainland Australia interconnector,
and is interested in buying the link.

Basslink Pty Ltd entered into voluntary administration and
receivership on November 12.  It owns and operates the 370-km (230
mile) high voltage direct current (HVDC) interconnector, which can
carry 500 MW of electricity both ways between Tasmania and
Australia’s National Electricity Market.  APA said the link is
critical to exporting Tasmanian renewable energy to the Australian
mainland.

According to the report, APA has purchased an interest in the debt
of Nexus Australia Management Pty Ltd, the borrowing entity for
Basslink. The energy infrastructure group said the face value of
the debt is about AUD99 million and it has acquired a stake of
unspecified size in it at a discount.

APA stated an interest in buying Basslink from the receivers and
managers, the report relays. Should it manage to do so, APA plans
to work with stakeholders, including Hydro Tasmania, the state of
Tasmania and the Australian Energy Regulator to convert Basslink to
a regulated asset.

"The potential acquisition of Basslink is consistent with our
strategy to expand our electricity transmission footprint and
invest in renewable energy sources," Renewables Now quotes APA
chief executive and managing director Rob Wheals as saying.

Basslink had attributed the administration decision to ongoing
disputes with its customer Hydro Tasmania related to a failure of
the Basslink cable in 2015 and an unsuccessful sale process with
APA, the report states. APA previously held discussions to acquire
the link with Basslink’s owner Keppel Infrastructure Trust.

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


GMS STAFFING: Second Creditors' Meeting Set for Dec. 1
------------------------------------------------------
A second meeting of creditors in the proceedings of GMS Staffing
Pty Ltd and GMS Staffing Services Pty Ltd has been set for Dec. 1,
2021, at 12:30 p.m. via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2021, at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of GMS Staffing on Oct. 27, 2021.


SABO MACH: First Creditors' Meeting Set for Dec. 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of Sabo Mach B
Pty Ltd will be held on Dec. 1, 2021, at 10:00 a.m. via virtual
meeting.

Bruce Gleeson of Jones Partners was appointed as administrator of
Sabo Mach B Pty Ltd on Nov. 23, 2021.




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C H I N A
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BRIGHT SCHOLAR: Fitch Puts 'BB-' LT IDR on Watch Negative
---------------------------------------------------------
Fitch Ratings has placed Bright Scholar Education Holdings
Limited's 'BB-' Long-Term Issuer Default Rating (IDR) and senior
unsecured rating on Rating Watch Negative following a proposed
asset disposal. The 'BB-' rating on its outstanding USD300 million
7.45% senior notes due 2022 has also been placed on Rating Watch
Negative.

Bright Scholar announced on November 15, 2021 it plans to dispose
of its international and bilingual schools and not-for-profit
kindergartens to a charitable organisation to comply fully with
China's Implementation Rules of the Law for Promoting Private
Education, effective 1 September 2021. These rules ban any social
organisation and individuals from conducting related-party
transactions with schools providing compulsory education and
control of these schools and not-for-profit kindergartens via
contractual agreements. The disposal is subject to shareholders'
approval on 10 December 2021.

The Rating Watch Negative reflects the potential weakening of the
company's business profile upon the completion of the disposal due
to loss of recurring and stable cash flow from its school
operations and uncertainty over a service-fee arrangement. The
Rating Watch Negative will be resolved once Fitch has full clarity
on the actual scope of the entities to be disposed of and the
service-fee arrangement upon further disclosure by the company
after the completion of the disposal.

KEY RATING DRIVERS

Disposal to Weaken Business Profile: Fitch expects Bright Scholar
to lose a significant portion of recurring revenue from tuition
fees, which will weaken its business profile. Its current ratings
are supported by high revenue and cash flow visibility as a result
of limited price sensitivity and high switching costs despite its
small scale.

Its remaining businesses, which comprise 27 kindergartens, eight
overseas schools and complementary education services, are more
volatile and less profitable. Fitch expects the company to continue
to earn service fees from provision of management services to the
affected schools, but the visibility and stability of the cash flow
will be lower as the contracts may have shorter terms.

Financial Impact Uncertain: The revenue of the affected schools was
around CNY2.2 billion for the year ended 31 August 2021 (FY21),
accounting for more than 60% of total revenue by Fitch's estimate.
Fitch expects revenue to drop significantly from FY22, but EBIT may
be less affected, depending on any service-fee arrangements.

However, there remains a risk that the company may not be able to
continue cooperating with the affected schools, leading to
significant changes in its cash flow from Fitch's base-case
scenario. The definitive financial impact will be based on the
actual scope of schools to be disposed of with the possibility
kindergartens will be excluded from the sale list and the final
form of any service-fee arrangement.

Sufficient Liquidity: The company's adjusted readily available cash
as of May 2021 of CNY3.5 billion is sufficient to cover its
short-term loan of CNY1.1 billion and US dollar bond due July 2022
equivalent to CNY1.9 billion. Most of the cash is within its wholly
owned subsidiaries rather than the contractually controlled
entities, mitigating the risk of the company not being able to
access the cash flow of onshore schools upon their disposal.

Rising Regulatory Risks: The regulatory risks for the
private-education sector in China, especially K-9 schools, is
increasing due to more stringent scrutiny by the authorities. The
recent actions announced by some offshore listed K-12 school
operators, including Bright Scholar, indicate that the variable
interest entity structure is no longer allowed for existing
schools. Fitch expects domestic K-12 school operators to take the
necessary action to comply with the latest law. However, the
progress may vary as local governments implement the measures at a
different pace.

DERIVATION SUMMARY

Bright Scholar's peers in K-12 education include Wisdom Education
International Holdings Company Limited (BB-/Negative).

Bright Scholar has slightly smaller EBITDAR scale and weaker
profitability than Chinese private-school operator Wisdom
Education. Bright Scholar is more diversified than Wisdom Education
in terms of school locations and education formats, but its
overseas operations have been disrupted by the coronavirus and
weighs on its cash flow generation. Bright Scholar has stronger
free cash flow (FCF) generation due to its asset-light model,
supporting its deleveraging path after the pandemic, while Wisdom
Education's leverage is likely to stay high due to negative FCF.

The Rating Watch Negative on Bright Scholar's ratings considers its
proposed disposal plan while the Negative Outlook on Wisdom
Education reflects the increasing regulatory risks for China's K-12
school operators.

KEY ASSUMPTIONS

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

-- Revenue growth of 7% in FY21 and dropping significantly from
    FY22 following the completion of the disposal;

-- EBITDA margin of 14%-15% in FY21 due to the impact of the
    coronavirus pandemic;

-- Capex of CNY200 million in FY21;

-- Dividend payout of CNY90 million in FY21.

RATING SENSITIVITIES

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

-- The Rating Watch Negative will be resolved upon full clarity
    on the actual scope of entities to be disposed of and the
    service fee arrangement.

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

-- Completion of the disposal, resulting in deterioration of the
    business profile;

-- Loss of cash flow from schools as a result of inability to
    continue providing management services to them may result in a
    multi-notch downgrade;

-- Evidence of greater government, regulatory or legal
    intervention that disrupts the company's operations.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: The company's adjusted readily available cash
as of May 2021 was CNY3.5 billion, sufficient to cover its
short-term loan of CNY1.1 billion and bond payable of CNY1.9
billion.

ISSUER PROFILE

Bright Scholar is a K-12 school operator in China, which has
diversified its businesses into overseas schools and complementary
education services.

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.


CBAK ENERGY: Starts Operation of Nanjing Lithium Battery Facility
-----------------------------------------------------------------
CBAK Energy Technology, Inc. had begun operations at its lithium
battery manufacturing plant in the city of Nanjing in China's
Jiangsu province.

The plant is equipped with an initial annual capacity of 0.7 GWh
for the Company's new 32140 battery model that target the light
electric vehicle and electric vehicle sectors.  These batteries are
being gradually delivered to customers as the plant's output is
progressively expanding to full production capacity.  Additionally,
CBAK Energy is on track to complete the first construction phase
for its Nanjing facility by the end of 2022 when the total capacity
of the first phase is expected to be expanded to 2 GWh per year.
Meanwhile, the Company raised the planned capacity for the second
phase of the Project to 18 GWh per year from the original 6 GWh per
year to meet growing customer demands.  CBAK Energy plans to
commence construction of the second phase by the end of this year.

CBAK has also started operating a new production line at its Dalian
facility to make an annual 0.4 GWh of its new 26700 battery model,
an upgrade from its original 26650 battery model, for the LEV and
energy storage sectors.  Output from this new production line was
ramped up in earlier November, and production in Dalian facility
will last until the second quarter of 2022 to fulfill the number of
orders already received.  However, due to the COVID-19 pandemic
containment measures recently adopted in Dalian by the local
government, operations of this new production line, along with
CBAK's existing production lines in the city, have been suspended
and may continue to be suspended for additional time.  The Company
is closely monitoring the situation and will resume production once
the local containment measures ease.

Mr. Yunfei Li, chief executive officer of CBAK Energy, commented,
"We are very delighted about our progress in expansion.  The new
capacity of these batteries enables us to capitalize on emerging
opportunities in a broader market and development space.  Along
with the development of electric vehicles, we will continue to
enhance our production and supply capabilities to address the
robust demands for cylindrical lithium batteries."

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company had
$190.71 million in total assets, $68.51 million in total
liabilities, and $122.20 million in total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020.  All these factors raise substantial
doubt about its ability to continue as a going concern.


CHINA AOYUAN: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of China Aoyuan Group Limited to Caa2 from B2. At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by China Aoyuan to Caa3 from B3.

The outlook is changed to negative from ratings under review.

This concludes the review for downgrade on China Aoyuan's ratings
initiated on October 18, 2021. The ratings were downgraded and
placed for further review on November 5, 2021 .

"The downgrade reflects China Aoyuan's elevated liquidity and
refinancing risks given its weakened funding access and sizable
maturing debt over the next 6-12 months," says Celine Yang, a
Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainties around China
Aoyuan's ability to repay all of its debt maturities over the next
6-12 months," adds Yang.

RATINGS RATIONALE

China Aoyuan has sizable debt maturing before the end of December
2022 -- including but not limited to USD686 million of offshore
bonds maturing in January 2022, USD200 million bonds becoming
puttable in June 2022 and USD249 million of bonds maturing in
September 2022.

The company had RMB52.4 billion of unrestricted cash as of the end
of June 2021, but it remains uncertain if it could use all of such
cash resources for debt repayment. In addition, the company has
significant exposures to joint ventures, which could limit its
ability to control its cash.

Moody's expects that China Aoyuan will face difficulties in raising
new funds at reasonable costs from onshore and offshore channels to
address its refinancing needs, given the tight credit environment
and its weak bond prices.

As such, China Aoyuan will have to use its internal cash to repay
some of its maturing debt, but this will reduce its operational and
financial flexibility. In addition, its operating cash flow will
likely weaken due to an expected decline in contracted sales given
the challenging operating conditions.

The company has sold some of its overseas projects and has plans
for more asset disposals to address its debt maturities. However,
Moody's estimates that the cash proceeds received so far are
inadequate to cover China Aoyuan's upcoming maturities. In
addition, the timing and amount of future asset disposals remain
uncertain given the weak market sentiment.

China Aoyuan's Caa3 senior unsecured debt rating is one notch lower
than the company's Caa2 CFR due to structural subordination risk.
The subordination risk reflects the fact that the majority of China
Aoyuan's claims are at its operating subsidiaries and, in the event
of a bankruptcy, have priority over claims at the holding company.
In addition, the holding company lacks significant mitigating
factors for structural subordination. Consequently, the expected
recovery rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership by its key shareholders, Guo Zi Wen and Guo Zi Ning, who
held a total 55.3% stake in the company as of June 30, 2021.

Moody's has also considered the presence of internal governance
structures and disclosure standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. China Aoyuan has three special committees, namely an
audit committee, remuneration committee and nomination committee.
All three committees are either chaired or dominated by independent
nonexecutive directors and exercise supervision over the company.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if China Aoyuan
improves its access to funding, and strengthens its operating cash
flow and liquidity.

On the other hand, Moody's could downgrade the ratings if China
Aoyuan's access to funding and liquidity deteriorate further.

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


CHINA HUARONG: S&P Lowers ICR to 'BB+', On Watch Developing
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China Huarong Financial Leasing Co. Ltd. (HRFL) to 'BB+' from
'BBB-'. In addition, S&P lowered its short-term issuer credit
rating on the company to 'B' from 'A-3'.

S&P said, "The developing CreditWatch reflects the possibility that
we could affirm, raise, or lower the ratings on HRFL, depending on:
1) the success of the proposed sale; 2) the credit profile of the
new shareholders; and 3) the strategic importance of HRFL to the
new shareholders.

"We revised our assessment of HRFL's status for the CHAMC group to
moderately strategic from highly strategic. This followed CHAMC's
announcement that it plans to sell all its holdings in HRFL, in
line with the parent's efforts to refocus on its core business, and
regulatory instructions. Our current rating assessment factors in
one notch of support uplift to reflect the China Banking and
Insurance Regulatory Commission rules mandating the largest
shareholder to provide its financial leasing subsidiary with
liquidity and capital support when needed.

"We continue to assess our stand-alone credit profile (SACP) on
HRFL as 'bb', based on its adequate business position, risk
position, capital leverage, and earnings, as well as funding and
liquidity. HRFL is prudentially regulated. The fundamental credit
risk metrics of HRFL remain largely stable, with its pre-provision
operating profit up 4.6% on a yearly basis in the first half of
2021. As of June 30, 2021, the nonperforming loan ratio and
provision coverage ratio of HRFL stood at 1.6% and 182.7%,
respectively.

"The outlook revision to CreditWatch with developing implications,
from negative, reflects the uncertainty regarding the future
ownership of HRFL. This could result in a positive, negative, or
neutral assessment of the company's overall credit profile. We look
to resolve the CreditWatch placement once we have greater clarity
on the new shareholders, their creditworthiness and HRFL's
strategic importance to the new group."

CreditWatch

The developing CreditWatch reflects the uncertainty surrounding the
ownership of HRFL, which could result in a positive, negative, or
neutral assessment of its overall creditworthiness.

Downside scenario

S&P could lower the ratings on HRFL if: 1) the credit it does not
see HRFL being an insulated subsidiary; 2) there is no support
scenario under the new shareholder; or 3) if CHAMC is downgraded by
two notches or more before the transfer of ownership.

S&P could also downgrade the company if it lowers the SACP on
HRFL.

Upside scenario

S&P could upgrade HRFL if: 1) the credit profile on the new
shareholders is stronger than that for CHAMC and it being at least
a strategically important subsidiary; or 2) CHAMC no longer plans
to sell its stake in HRFL and the synergies between the two parties
continue to increase.

Affirm

S&P may affirm the ratings if: 1) the overall credit profile of
HRFL remains the same after factoring in the creditworthiness of
the new strategic investors as well as HRFL's group status to the
new parent company; or 2) CHAMC no longer plans to sell its stake
in HRFL and the synergies between the two parties remain largely
stable.


JINGRUI HOLDINGS: S&P Affirms 'B' ICR & Alters Outlook to Negative
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Jingrui Holdings
Ltd. to negative from stable. At the same time, S&P affirmed its
issuer credit rating on the company at 'B' and its long-term issue
rating on its outstanding U.S. dollar senior notes at 'B-'.

The negative outlook reflects S&P's view that Jingrui's leverage
will remain elevated over the next one to two years amid
operational headwinds.

S&P said, "We revised the outlook to negative because Jingrui's
sales prospects could weaken given its lean saleable resources and
declining property demand in China.Over the past few years, the
company has been relying on acquiring new projects that can be
launched quickly to support its sales. However, in our view,
Jingrui may find it difficult to maintain such a business model,
given the company will likely need to divert resources away from
land replenishment to preserve liquidity. Furthermore, weakening
property demand in China will weigh on sales and asset churn. While
Jingrui's contracted sales in January to October 2021 grew 33% year
on year, its sales over the past four months fell considerably by
43% year on year, limiting the company's ability to generate cash
for expansion.

"We estimate Jingrui's saleable resources of Chinese renminbi (RMB)
34.1 billion as of Sept. 30, 2021, are only sufficient for one to
two years of development. Before funding conditions become more
supportive, we anticipate the company may strategically slow its
contracted sales to a more sustainable level of RMB22 billion-RMB23
billion in 2022 and RMB21 billion-RMB22 billion in 2023.

Operational headwinds will likely translate into an erosion of
Jingrui's leverage headroom. The company may not be able to sustain
its consolidated debt-to-EBITDA ratio at below 8x over the next one
to two years, compared with 7.7x in 2020. This will be mainly due
to weaker EBITDA generation from slowing sales and revenue booking,
coupled with continued margin squeeze owing to price caps imposed
on Jingrui's projects located in higher-tier cities. At the same
time, S&P believes the company's high average funding costs of over
8% will likely restrain its EBITDA interest coverage at 1.4x-1.5x
over the next one to two years. That said, the pressure on
Jingrui's credit metrics will be partly offset by a moderate
decline in its total debt as the company trims its land spending.

Jingrui could face challenges in refinancing its offshore
maturities. U.S. dollar bonds account for 36% of the company's
reported debt as of June 30, 2021, albeit lower than 49% as of
end-2019. Although Jingrui was able to issue U.S. dollar bonds in
August and September, the company may find it tough to refinance at
reasonable costs. S&P believes Jingrui will likely need to repay
its maturities due 2022, across March, July and September 2022,
totaling US$600 million (about RMB3.8 billion), with internal
resources.

S&P said, "In our view, Jingrui should be able to manage its
short-term maturities. We estimate the company holds RMB5
billion-RMB6 billion of unrestricted cash, excluding cash at
project company levels, that are accessible for debt repayment as
of Oct. 31, 2021. This is sufficient to cover its three offshore
maturities due 2022. However, repaying such maturities with cash on
hand rather than through refinancing will undermine Jingrui
business prospects and liquidity, in our view.

"We believe Jingrui will maintain a low exposure to nonbank
financing. As of June 30, 2021, trust financing accounted for 10%
of the company's total reported debt, a level lower than many of
the 'B' rated peers. We attribute this to Jingrui's continued good
access to bank financing, given most of the company's projects are
located in tier-one and tier-two cities, which account for 84% of
its land bank. We continue to reflect this strength in our positive
comparable rating analysis, resulting in a one-notch uplift.

"The negative outlook reflects our view that Jingrui's leverage
will remain elevated over the next one to two years as a result of
slowing sales and revenue amid operational headwinds. We also
expect the company to manage its short-term maturities over the
next year, including its offshore maturities. However, continual
repayment of maturities with internal resources will likely hamper
its business prospects and liquidity."

S&P could lower the rating if:

-- Jingrui's liquidity shows sign of material deterioration, which
could be indicated by a depletion in cash balances or difficulties
in maintaining access to its funding channels; or

-- The company's debt-to-EBITDA ratio deteriorates substantially
to stay above 8x on a consolidated basis or a look-through basis
(which proportionately consolidates off-balance sheet joint venture
projects), or its consolidated EBITDA interest coverage stays below
1.5x without signs of improvement. This could happen if Jingrui's
sales or revenue are significantly lower than our forecast,
signifying further weakening of operations.

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

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

-- The company stabilizes its operational performance,
demonstrated by maintaining stable contracted sales and adequate
land bank; and

-- Jingrui maintains its consolidated and look-through
debt-to-EBITDA ratios below 8x on a sustainable basis while its
EBITDA interest coverage stays consistently above 1.5x.


KAISA GROUP: Offshore Bondholders Tap Moelis & Co as Adviser
------------------------------------------------------------
Reuters reports that some offshore bondholders of Kaisa Group who
did not receive coupon payments this month have tapped investment
bank Moelis & Co to advise them on the matter, a source with direct
knowledge told Reuters on Nov. 23.

Reuters relates that Kaisa, which has the most offshore debt of any
Chinese developer after China Evergrande Group, has not paid
coupons totalling over $59 million due on Nov. 11 and 12, with
30-day grace periods for both.

Bloomberg reported earlier on Nov. 23 that an ad hoc group of
offshore bondholders is also seeking advice from lawyers at
Kirkland & Ellis, besides Moelis, Reuters relays.

According to Reuters, Kaisa has been scrambling to raise capital by
divesting some of its assets including some land developments and
the Hong Kong-listed property management unit. Reuters reported
last month that Kaisa was seeking buyers for two residential sites
in Hong Kong.

A separate source with direct knowledge of the matter told Reuters
that Kaisa recently sold the Hong Kong land parcel in Tuen Mun for
HK$3.78 billion ($485.09 million) to local investor Francis Choi, a
friend of Kaisa's chairman Kwok Ying Shing.

After repaying the loans for the land which Kaisa bought for HK$3.5
billion early last year, the Chinese developer will be able to book
a profit of HK$1.3 billion, the source said.

CITIC and Bank of East Asia will provide a total of HK$4 billion
financing to Choi, while Huatai Financial will lead a $150 million
mezzanine loan, the report relays.

According to Reuters, the Shenzhen-based developer, which was
downgraded by Fitch last week to "C" from "CCC-" on the missed
coupon payments, has another big test coming up - a $400 million
maturity on a 6.5% dollar bond due on Dec. 7.

Kaisa has also missed some payments on its wealth management
products onshore, and this month it pleaded for help from creditors
and said it will not pay interim dividends, Reuters adds.

                         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.


SHANDONG ENERGY: Moody's Rates New USD Senior Unsecured Notes 'Ba1'
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the proposed
USD senior unsecured notes to be issued by Yankuang Group (Cayman)
Limited and guaranteed by Shandong Energy Group Company Limited
(Ba1 stable).

The rating outlook is stable.

RATINGS RATIONALE

The Ba1 rating on the proposed notes reflects the guarantee from
Shandong Energy and the fact that the notes will rank pari passu
with all other senior unsecured obligations of Shandong Energy.

Shandong Energy will use the net proceeds to refinance its existing
offshore debt. Therefore, the proposed bond issuance will not
materially increase Shandong Energy's debt leverage.

Shandong Energy's Ba1 corporate family rating (CFR) incorporates
its Baseline Credit Assessment (BCA) of b1 and a three-notch
uplift, reflecting Moody's assessment of a strong likelihood of
support from and a high dependency on the Shandong provincial
government and ultimately the Government of China (A1 stable), in
times of stress.

Moody's assumption of strong support in time of need reflects (1)
Shandong Energy's 100% ownership by the Shandong government; (2)
the continued support that the company receives from the
government; (3) the importance of Shandong Energy's mining assets
to Shandong province in terms of economic contribution and
employment.

This support assessment is also based on the Chinese government's
strong ability to provide such support, as evidenced by its A1
sovereign rating.

Moody's high dependency assumption reflects the fact that Shandong
Energy and the central government are exposed to common political
and economic event risks.

Shandong Energy's b1 BCA primarily reflects the company's large
scale and diversified coal mining assets, and its low-cost mining
operations in Shandong province and Australia.

At the same time, Shandong Energy's BCA is constrained by (1) the
company's exposure to long-term carbon transition risks; (2)
volatility in coal prices, particularly outside China; (3) its high
exposure to the trading segment; and (4) its weak debt leverage.

Yankuang Group Company Limited merged with the old Shandong Energy
Group in 2020, and the combined group was renamed Shandong Energy
Group Company Limited. The merger reinforced the company's
strategic importance to the Shandong government. After the merger,
Shandong Energy became the third-largest coal mining company in
China in terms of raw coal production, responsible for the
province's energy security. In 2020, the company's raw coal
production reached 270 million tons.

Shandong Energy has benefited from higher coal prices in 2021. Its
leverage, as measured by Moody's adjusted debt/EBITDA, improved to
5.9x for the 12 months ended June 2021 from 6.4x in 2020. Moody's
expects the company's leverage to modestly improve to 5.3x-5.6x in
the next 12-18 months, driven largely by a recovery in EBITDA --
led by increased coal production and synergies from the merger --
that is offset partially by softening coal prices. Such metrics
remain appropriate for the company's b1 BCA.

The bond rating is not affected by the structural subordination to
claims at Shandong Energy's operating companies. This is because,
despite its status as a holding company, Moody's expects that
support from the Chinese government to Shandong Energy will flow
through the holding company to operating companies, thereby
mitigating any potential differences in expected loss that could
result from structural subordination.

Shandong Energy's Ba1 CFR also considers the following
environmental, social and governance (ESG) risks.

Shandong Energy faces elevated environmental risks associated with
the coal mining industry, including carbon transition risks, as
countries reduce their reliance on coal power. These risks are
partially mitigated by the company's (1) geographically diversified
customer base across Japan (A1 stable), Korea (Aa2 stable), China
and Australia (Aaa stable); and (2) sizeable investment of RMB3.3
billion between 2018 and 2020 in environmental protection at its
key subsidiary, Yanzhou Coal Mining Company Limited (Yanzhou Coal,
Ba1 stable), focusing on reducing air, water and dust pollution.

Shandong Energy is exposed to social risks associated with the coal
mining industry, including health and safety and responsible
production. It will need to improve the safe production track
record of the combined group in the near term.

With respect to governance, Shandong Energy has limited information
transparency on its investment strategy and financial policy at the
holding company level. It also needs to manage integration
challenges arising from the merger. These concerns are mitigated by
the company's ownership and close monitoring by the Shandong
provincial government. In addition, its major subsidiary, Yanzhou
Coal, is listed on both the Hong Kong and Shanghai stock exchanges
and provides a high degree of transparency.

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

The stable rating outlook reflects Moody's expectation that, over
the next 12-18 months, Shandong Energy's credit metrics will stay
appropriate for its b1 BCA; there will be no drastic decline in
coal prices in China; the company will be prudent in acquiring coal
assets and investing in non-coal businesses; and the Chinese
government's ability to provide support will remain intact.

Moody's could upgrade the rating on the senior unsecured notes if
Shandong Energy's rating is upgraded.

Moody's could upgrade Shandong Energy's CFR if the company's credit
metrics further improve, without any adverse changes in government
support. Credit metrics indicative of upward rating pressure
include adjusted debt/EBITDA below 3.0x-3.5x on a sustained basis.

Moody's could downgrade the rating on the senior unsecured notes if
Shandong Energy's rating is downgraded.

Moody's could downgrade Shandong Energy's CFR if Shandong Energy's
business or financial profile materially deteriorates. Credit
metrics indicative of downward rating pressure include adjusted
debt/EBITDA above 6.0x-6.5x over a prolonged period.

Evidence of weakening government support or a significant
investment in non-coal-related commercial businesses by Shandong
Energy will pressure the support assumption and rating.

The methodologies used in this rating were Mining published in
October 2021.

Shandong Energy Group Company Limited is the largest coal mining
group in Shandong province and the third-largest coal mining group
in China in terms of coal production volume in 2020. The company is
also involved in other businesses, including high-end coal
chemical, logistics and trading, power generation, machinery
manufacturing, and others.

Shandong Energy is ultimately owned by the Shandong government; it
is directly held by the Shandong State-owned Assets Supervision and
Administration (SASAC) with a 70% holding share. Shandong Guohui
Investment Co., Ltd. (Baa2 stable) and the Shandong Caixin Asset
Management Co., LTD hold the remaining 20% and 10% stake in the
company, respectively.

In 2020, Shandong Energy produced 270 million tons of raw coal,
reported revenue of RMB675 billion and assets of RMB685 billion.


SHIMAO GROUP: Moody's Puts Ba1 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba1 corporate family rating of Shimao Group Holdings Limited.

The outlook prior to the review for downgrade was stable.

"The review for downgrade reflects our expectation that Shimao's
contracted sales will fall over the next 6-12 months. It also
reflects the uncertainty over the company's ability to secure new
funding at reasonable cost to address its sizable onshore and
offshore maturities amid the tight funding environment and weak
market sentiment," says Celine Yang, a Moody's Vice President and
Senior Analyst.

Moody's expects Shimao will have sufficient internal cash to repay
its near-term maturing debt, but the repayment will reduce its
liquidity buffer and funding available for its operations over the
same period.

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

As of June 30, 2021, Shimao had unrestricted cash of RMB74.8
billion, compared with reported short-term debt of RMB44.4 billion.
However, Moody's expects part of the company's unrestricted cash is
kept at the project level and cannot be mobilized immediately for
debt repayment. Its debt maturities include USD bonds of USD1.7
billion and onshore bonds of RMB8.9 billion that are becoming due
or puttable in 2022, in addition to bank and other borrowings.

Moody's forecasts that Shimao's contracted sales will decline over
the next 6-12 months, driven by weaker homebuyer confidence amid
tight funding conditions and diminishing saleable resources driven
by its slowdown in land acquisitions. In October 2021, Shimao's
contracted sales dropped by 32% from October 2020 to RMB20.3
billion, following a 24% decline in 3Q 2021 compared to the same
period last year. The slowdown in contracted sales will also weaken
the company's operating cash flow and in turn its liquidity.

Moody's expects Shimao's interest coverage, as measured by
EBIT/interest, will decline to 3.5x-4.0x over the next 12-18
months, driven in part by an expected decline in profit margins,
compared to 4.0x for the 12 months ended June 2021. Meanwhile,
Moody's expects the company's leverage, measured by revenue/debt,
will remain largely stable at around 85% over the same period.
These key financial metrics are weak for its Ba1 rating.

Moody's review will focus on (1) Shimao's liquidity and funding
access, specifically its ability to raise new funds to address its
maturing debt (including puttable bonds); and (2) the company's
ability to achieve stable sales and operating cash flow.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership by its
key shareholder, Mr. Hui Wing Mau, who held a 65% stake as of June
30, 2021.

Moody's has also considered the company's established internal
governance structures and standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. In particular, the company has three independent
non-executive directors (INEDs) on its eight-member board, and its
board has established three committees with specific written terms
of reference to oversee particular aspects of the company's
affairs. All three committees are composed of INEDs only.

Moody's could confirm the rating if Shimao strengthens its funding
access, liquidity and credit metrics, and improves its operating
cash flow.

On the other hand, Moody's could downgrade Shimao's rating if the
company's liquidity and refinancing risks heighten; its access to
onshore or offshore funding weakens; or if it experiences a
material decline in operating cash flow due to a decline in
property sales or construction expenses.

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

Shimao Group Holdings Limited is a Chinese property developer that
listed on the Hong Kong Stock Exchange in July 2006. It develops
residential properties and owns a portfolio of investment
properties, including hotels. As of the end of June 2021, the
company, together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co., Ltd, held an attributable land
bank of 44.2 million square meters (sqm) in China. Shanghai Shimao
mainly develops commercial properties.




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

BRIJNANDAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Brijnandan
Industries Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         9.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–         2.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

BIPL was an authorised dealer of Renault for the sale of passenger
cars, servicing and sale of spares in Bihar. However, its
automobile dealership business has been discontinued.

DEWAN HOUSING: ICRA Withdraws D Rating on INR100cr Debt
-------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Dewan
Housing Finance Corporation Limited (DHFL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Commercial paper
   programme            100.00       [ICRA]D; withdrawn

Rationale

The outstanding rating on the INR100-crore commercial paper
programme of Dewan Housing Finance Corporation Limited (DHFL) was
withdrawn in accordance with ICRA's policy on the withdrawal of
credit ratings and as requested by the company.

On September 29, 2021, Piramal Enterprise Limited (PEL) had
informed the stock exchanges that its subsidiary Piramal Capital &
Housing Finance Limited (PCHFL) has discharged the consideration to
the creditors of DHFL pursuant to the resolution plan as approved
by National Company Law Tribunal (NCLT). The trustee has confirmed
that the payment (cash and non-convertible debenture) was made to
National Bank for Agriculture and Rural Development (NABARD)
against the commercial paper program under the resolution plan.
Accordingly, the rating outstanding stands withdrawn.

Further, on October 1, 2021, PEL informed the stock exchanges that
pursuant to the resolution plan, PCHFL has merged into DHFL with
effect from September 30, 2021 pursuant to a reverse merger as
contemplated under the scheme of arrangement provided under the
resolution plan (Reverse Merger).

The key rating drivers, liquidity position and rating sensitivities
have not been captured as the related instrument is being
withdrawn.  

Dewan Housing Finance Corporation Limited was incorporated as Dewan
Housing and Leasing Company Limited in 1984 with a focus on the
housing finance business catering to the low-and-middle-income
borrower segment. Its name was changed to Dewan Housing Development
Finance Limited in 1984 and subsequently to Dewan Housing Finance
Corporation Limited in 1992. With the merger of First Blue Home
Finance Limited with DHFL in FY2013, DHFL extended its offerings to
the higher ticket size segment of more than INR10 lakh. Now as per
the approved resolution, PCHFL has been merged into DHFL and DHFL
has issued equity shares to PEL. Accordingly, DHFL has become a
wholly-owned subsidiary of PEL.


DNP FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of DNP Foods
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short Term-       16.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based-                   Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Incorporated in September 2006 as a public limited company, DNP
Foods Limited is engaged in processing and exporting seeds and
spices, mainly guar gum splits. The company has set up a 12,000
metric tonnes per annum (MTPA) processing plant at Umbergam,
Gujarat, which commenced operations in April 2010. The plant,
equipped with fully automatic machinery, is capable of processing
seeds and spices of up to 99.99% purity. The process involves
sifting, de-stoning, removing metal
particles, sorting as per colour and size, and packaging the
processed guar gum splits. Prior to the commercialisation of the
plant in April 2010, DNP was engaged in the trading of seeds and
spices. Mr. Devji N Palani, the promoter of the company, has more
than five decades of experience in the field of seeds and spice
exports, mainly guar gum exports. He started his career
by acting as a commission agent for guar gum exports through his
proprietorship firm, Maharashtra Traders. The company is closely
held by the Palani family and is not listed on any of the stock
exchanges in India.


GSR TEXTILES: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of GSR
Textiles Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         5.77       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         1.35       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         4.22       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Incorporated in December 2005, GSR Textiles Private Limited is
primarily engaged in production of cotton yarn. The company has a
spinning mill located in Nandimpalem village in Guntur district
with an installed capacity of 15,072 spindles per annum. The
company's production facility can produce cotton and bended yarn in
counts ranging from 30s to 60s. The company commenced its
production in December 2006.


GURUKRUPA COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gurukrupa
Cotton & Oil Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Gurukrupa Cotton & Oil Industries (GCOI) was incorporated in 2008
and is engaged in cotton ginning, pressing and crushing business.
The firm has 24 ginning machines, 1 pressing machine and 5
expellers. The management of the firm is handled by Mr. Rajesh,
Mr.Kailash, Mr.Samji and Mr.Amrut along with three other promoters.
The firm's manufacturing facility is located in Tankara (Dist.
Rajkot).


JALANNAGAR DEVELOPMENT: ICRA Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Jalannagar
Development Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based–       6.46        [ICRA]C ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category
   
   Fund-based–       1.55        [ICRA]C ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated       1.99        [ICRA]C ISSUER NOT COOPERATING;
   Limit                         Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Jalannagar Development Private Limited (JDPL), incorporated in
April 1950, has two tea estates – Chota Tingrai Tea Estate and
Tingamira Tea Estate – located in Tinsukia and Doomdooma
districts of Assam, respectively. The tea estates cover an area of
around 421 hectares under cultivation. JDPL primarily produces CTC
variety of black tea, which accounted for 94% of the company's
total tea production of 5.85 lakh kg in FY2020. In July 2016, JDPL
commenced production of green tea. The
production of green tea stood at around 0.34 lakh kg in FY2020
(0.36 lakh kg in FY2019) and the same contributed only 6% to the
company's total tea production in the said year.

JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jalaram
Cotton Ginning and Pressing Factory in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1993, Jalaram Cotton Ginning and Pressing factory is
a partnership firm engaged in the business of ginning and pressing
of raw cotton to produce cotton bales and cottonseeds. The
manufacturing facility of the firm is located near Vadodra,
Gujarat. The plant is equipped with 25 ginning machines having
capacity to produce 120 bales per day (24 hours operation). The
firm is owned and managed by Mr. Hitesh Thakkar and Mr Nilesh
Patel.


KARTIKEY RESORTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kartikey
Resorts and Hospitality (P) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-       12.50       [ICRA] D; ISSUER NOT COOPERATING;
   Fund Based-                  Rating Continues to remain under
   Term Loan                    issuer not cooperating category

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

Kartikey Resorts and Hospitality Private Limited (KRHPL) was
incorporated in September 2006 and currently runs 22 room hotels,
namely Hotel Rajhans in Manali. KRHPL was also operating a hotel at
Kausauli however it's been closed since January 2015.


LEONARD EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Leonard
Exports in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/[ICRA] A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.75        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based      1.00        [ICRA]A4; ISSUER NOT
   Packing credit/                 COOPERATING; Rating continues
   FBP/FBD                         To remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based      0.20        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Untied Limits       2.05        [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Leonard Exports (LE) was established in 2001 as a partnership firm
by Mr. P.K.Darolia (holding 70% stake) along with three other
partners. The firm trades in fly ash, which it procures from
various thermal power plants and sells primarily to cement
manufacturing units. Besides, the firm also provides ancillary
services, like handling and transportation of fly ash. The firm
operates through four branches-Farakka, Suri, Titagarh in West
Bengal and Kahalgaon in Bihar.


MAHADEV INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahadev
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable)/A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         22.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-         5.00        [ICRA]A4; ISSUER NOT
   Inventory                       COOPERATING; Rating Continues
   Funding                         To remain under issuer not
                                   cooperating category

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

Mahadev Industries was established in the year 2000 with Mr. Kapil
Kumar, Mr. Kulbhusan Lal, Mr. Chaand Dhawan, and Mr. Kunal Dhawan
and Mr. Vikas Kumar as its partners. It has an installed milling
capacity of 4 metric tonnes per hour and sorting capacity of 4
metric tones per hour. It is into rice milling of both, basmati and
non-basmati rice while 75% of the revenue derived from basmati and
rest from non-basmati rice.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          45.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         20.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2005, MMPL (formerly Mysore Steel Suppliers, a
proprietorship firm) is involved in processing and trading of
stainless steel sheets and coils in all major grades, sizes and
finishes including high-end architecture finishes, color etched,
embossed and mirror which are primarily used in elevators and
escalators. The company has two stainles ssteel processing units in
Bangalore with facilities for slitting, cut-to-length and sheet
polishing. The current combined capacity of the processing plant is
27,000 MTPA (Metric Tons Per Annum). The company's stocking and
selling units are located at Bangalore, Ahmadabad, and Chennai. In
FY2017, the company has forayed into trading of stainless-steel
pipes which find its application in architecture, furniture and
kitchen appliances. However, revenue contribution from this segment
remains minimal.

NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Nissan
Syntex Private Limited (NSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based
   Cash Credit          9.00        [ICRA]B+ (Stable); reaffirmed

   Fund-based
   Term Loan            2.93        [ICRA]B+ (Stable); reaffirmed

   Non-fund based      (4.00)       [ICRA]A4; reaffirmed
   PC/PCFC/FBP/FBD/
   FCBP /FCBD-
   sublimit to
   cash credit         

   Non-fund based       (0.25)       [ICRA]A4; reaffirmed
   Bank Guarantee-
   sublimit to cash
   credit              

   Unallocated           0.57        [ICRA]B+(Stable)/[ICRA]A4;
   limits                            reaffirmed

Rationale

The rating reaffirmation continues to reflect the extensive
experience of the promoters in the textile industry and NSPL's
established relationship with its reputed clientele. The ratings,
however, remain constrained by NSPL's weak financial risk profile,
characterized by small-scale operations, stretched capital
structure, weak debt coverage metrics and high working capital
intensity. The company reported losses in FY2021 (on a provisional
basis) due to the Covid19 pandemic-related disruption, driven by a
sharp drop in top line and subsequent losses owing to
under-absorption of costs.

The ratings further note the intense competition in the industry,
which restricts the pricing flexibility and exerts pressure on the
margins. Moreover, the company's operations and margins are
susceptible to adverse fluctuations in the raw material prices. The
ratings are constrained by the high customer concentration, with
the top five customers contributing more than ~80% of the revenue
during the last two years, along with NSPL's exposure to any
adverse regulatory changes across markets.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that NSPL will continue to benefit from the promoter's extensive
experience in the textile industry, along with financial support
whenever needed.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in textile business: NSPL's
promoters have over two decades of experience in the textile
industry, which has helped the company garner new orders from
clients as well as repeat orders.

* Reputed clientele: The company supplies bottom wears to various
reputed textile players such as Life Style International Pvt. Ltd.,
Aditya Birla Fashion & Retail Ltd., Reliance Retail, etc.

Credit challenges

* Small scale of operations: The company's scale of operations
remains small. It reported an operating income (OI) of INR16.19
crore in FY2021 (provisional), which declined by ~32%, on a YoY
basis, due to the Covid-19 pandemic. NSPL has achieved a top line
of around ~INR14.0 crore in H1 FY2022. However, on an absolute
basis, its scale of operations is expected to remain small over the
near term. Its margin decreased to 6.98% in FY2021 (provisional)
from 9.15% in FY2020.

* Losses reported in FY2021, due to Covid-19 related disruption,
leading to weakening of the financial profile: The company was
impacted by the ongoing pandemic, which led to loss of sales in
FY2021. In FY2021, on a provisional basis, NSPL reported a revenue
decline of ~32% year on year. Consequently, the profitability at
the operating and net level too got impacted. The company NSPL's
operating profitability declined to INR1.13 crore in FY2021 (on a
provisional basis), with a net loss of INR0.52 crore in FY2021 (on
a provisional basis). The gearing and debt coverage indicators were
also impacted with Total Debt/TNW at 2.77 times, Total Debt/OPBDITA
at 14.36 times, interest coverage of 0.94 times and DSCR of 0.73
times in FY2021.

* High customer concentration risk: The top five customers
contributed to more than 80% of the revenues during the last two
years including exports to Gulf nations. Thus, NSPL's revenues and
earnings remain linked to the performance of its key customers,
along with other external factors such as changes in regulations
and duty structures across markets. However, the company's
established relationship with its customer and history of repeat
orders provide some comfort.

* Profitability exposed to fluctuations in input prices and stiff
competition: The company's profitability remains vulnerable to
adverse fluctuations in raw material prices and its ability to
fully pass on the same to end customers against the back drop of
stiff competition and fragmented industry structure.

Liquidity position: Stretched

NSPL's liquidity is stretched due to losses reported in FY2021,
coupled with limited cash and cash equivalents of INR0.12 crore as
on March 31, 2021 (provisional). The working capital utilisation
stood at an average of ~62% of the sanctioned limits over the last
12 months that ended on September 30, 2021. The same stood at ~56%
(as percentage of drawing power) as on September 30, 2021, leaving
a buffer in bank lines of INR2.89 crore (to the extent of
sanctioned cash credit limits of INR7.0 crore). The liquidity
profile is supported by infusion of unsecured loan by promoters as
demonstrated in the past including FY2021.

Rating sensitivities

Positive factors – ICRA could upgrade NSPL's ratings if the
company demonstrates significant scale up of operations, aided by
an increase in capacity utilisation and improvement in
profitability, leading to higher-than-expected cash accruals on a
sustained basis. Higher accruals along with improvement in net
worth and the liquidity position may strengthen the overall
financial risk profile.

Negative factors – Negative pressure on NSPL's ratings could
arise if a substantial decline in revenues and profitability, along
with any major debt-funded capital expenditure or stretch in
working capital cycle, deteriorates the capital structure and the
liquidity.

Incorporated in 1982, Nissan Syntex Private Limited (NSPL) is a
private limited company, promoted by Mr. Harkishandas P. Parekh.
NSPL commenced its operations as a trading unit and gradually
forayed into garment manufacturing from its unit at GIDC in Naroda,
Ahmedabad. It is involved in two businesses - processing/trading of
fabrics and garment manufacturing (bottom wear). The company's
current garment manufacturing capacity is 75,000 pieces per month.


P.K.M. PROJECT: ICRA Assigns B- Rating to INR28cr Term Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of P.K.M. Project's
(PKM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund-
   based–Term Loan       28.00       [ICRA]B- (Stable); Assigned

Rationale

The assigned rating takes into account the favorable location of
PKM's upcoming hotel property and presence of hotel management
agreement (HMA) with a well-recognized international brand.
Moreover, the rating factors in the sanction of one-time
restructuring of PKM's term loans under the Reserve Bank of India's
(RBI) resolution framework for Covid19 related stress. The
reduction in the repayment obligations due to the sanctioned
moratorium period of 23 months is expected to provide cushion
during the initial ramp-up phase of operations.

The rating, however, is constrained by the significant delay in
commencement of commercial operations at the hotel property
partially on account of the adverse impact of the pandemic. This
has resulted in inadequate cash flows, thus leading to delayed debt
servicing of the term loans availed for acquisition of a hotel
property in Goa. Given the absence of current operational cash
flows, ICRA also notes the entity's high dependence on infusion of
unsecured loans from promoters.

The Stable outlook assigned to the company reflects ICRA's
expectation that PKM would benefit from the strong brand reputation
of the Hyatt and favorable location of the hotel property.

Key rating drivers and their description

Credit strengths

* Favourable location of the project: The property is strategically
located within 200 metres of the beachfront in the prime
entertainment hub in North Goa. The location is near to Candolim,
Calangute and Sinquerin beaches and is in vicinity to some of the
leading hotel chains such as Taj Fort Aguada Heritage, Taj Holiday
Village and Kingfisher Villa.

* HMA agreement with Hyatt Group: In January 2021, PKM signed a
hotel management agreement with Hyatt Group for its hotel property.
With the civil construction and mechanical, electrical, and
plumbing (MEP) services already complete for the hotel property,
the management expects the hotel to be operational from January
2022. Post commencement of operations, strong brand value of Hyatt
is likely to benefit the company.

Credit challenges

* Past delays in debt servicing; however, restructuring provide
cushion to cash flows: Execution delays, further exacerbated by the
onset of the Covid-19 pandemic, severely impacted the company's
cash flows. Because of these factors, there were instances of
delays in debt servicing by the entity till May 2021. However,
sanction of 23-months moratorium on the principal repayments for
the term loan and conversion of interest of FY2022 into a term loan
is expected to provide cushion to PKM's operational cash flows
during the initial gestation phase. The restructuring proposal is
applicable from June 2021.

* Leveraged financial profile with dependence on promoter funding:
In absence of any significant operational revenue generation, the
entity remains excessively dependent on the infusion of funds from
promoters. PKM's financial risk profile is characterized by high
operating and financial leverage. While the sanctioned moratorium
on the restructured term loan provides comfort in the near term,
the debt coverage indicators are likely to remain stretched over
the medium term owing
to lower occupancies in the initial period of operations.

Liquidity position: Stretched

PKM's liquidity remains stretched, characterized by past delays in
the term loan repayment obligations and high dependence on the
promoter funding in absence of revenue generation through
operations.

Rating sensitivities

Positive factors – The rating could be upgraded once the entity
demonstrates timely completion of the hotel property and healthy
ramp-up in operations thereby supporting an improvement in its
financial performance.

Negative factors – Negative pressure on PKM's rating could arise
in case of any further delays in the commencement of hotel
operations or lack of envisaged funding support from the promoters
in term of unsecured loans during the initial phase of operations.

Incorporated in 2006, PKM is a part of Mahesh Mehta Group, founded
by Mr. Mahesh Mehta. The promoters have more than two decades of
experience in real estate and hotel industry. The Group has
presence in industries like Katha production, real estate and
hospitality business through its group entities. In 2015, PKM
acquired a three-star hotel property constructed on the freehold
land admeasuring approximately 6,850 sq. meters, in Candolim, Goa.
The company has tied-up O&M agreement with Hyatt Group for 97 rooms
spread across area of 6,650 sq. ft and is expected to achieve full
COD in January 2022.


PARTAP COTEX: ICRA Lowers Rating on INR1.64cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Partap
Cotex Private Limited (PCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          1.64        [ICRA]B+ (Stable)/[ICRA]A4
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based                      Rating downgraded from
   Cash Credit                     [ICRA]BB+(Stable)/[ICRA]A4+
                                   And rating continues to
                                   Remain under 'Issuer Not
                                   Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding PCPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Partap Cotex Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information Please refer to the following link for the previous
detailed rationale that captures Key rating drivers and their
description, Liquidity position, Rating sensitivities.

Incorporated in the year 2003, PCPL commenced its operations in
FY2017 with trading of denim fabric from its group concern PSPL and
selling through various distributors located throughout India.
Subsequently, the company set up its manufacturing facilities for
cotton denim yarn, beginning commercially operational since
September 2017 with manufacturing of denim yarn
with a total capacity of 6400 metric tonnes per annum (MTPA) at its
manufacturing facility located at Dholka Distt. (Ahmedabad)
catering to the yarn requirement of PSPL's Ahmedabad denim unit.

PARTAP SPINTEX: ICRA Lowers Rating on INR88.36cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Partap
Spintex Private Limited (PSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/         88.36        [ICRA]B+ (Stable)/[ICRA]A4
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based                      Rating downgraded from
   Cash Credit                     [ICRA]BB+(Stable)/[ICRA]A4+
                                   And rating continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.64        [ICRA]B+ (Stable)/[ICRA]A4
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating downgraded from
                                   [ICRA]BB+(Stable)/[ICRA]A4+
                                   And rating continues to
                                   Remain under 'Issuer Not
                                   Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding PSPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Partap Spintex Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

PSPL was incorporated in the year 1989 to undertake the edible oil
processing activities. Later in the year 2006, PSPL entered into
the textile industry with its first spinning unit in Maur Mandi
(Punjab). Further, PSPL has undertaken a step towards forward
integration in the supply-chain and commenced a denim fabric
manufacturing unit in Mohra, Ambala (Haryana) in the year 2010. The
plant was initially setup with a total manufacture capacity of 10
MMPA which was increased to 30 MSMPA in the year 2014. The company
is utilizing almost entire spinning capacity for its captive
consumption. Later, PSPL expanded its denim manufacturing capacity
to 70 MMPA. The company's denim plants are located at Mohra, Ambala
(Haryana) and Dholka, Ahmadabad (Gujarat) while its spinning plant
is situated at Maur Mandi (Punjab). PSPL has an installed capacity
of producing 6,400 MT of yarn per annum. Denim fabrics manufactured
are either made up of 100% cotton yarn or mixed with Lycra,
Polyester, etc in weft depending upon the market requirement. The
main raw materials required for operations of the company are
cotton, cotton yarn and colour chemicals (Indigo-Dyestuff). Most of
the company's cotton requirement is sourced directly from ginners
in Punjab, Gujarat and Haryana. The indigo dyes are imported from
suppliers in China and indigenously.


RAMA SPIN: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri Rama
Spin Cot in the 'Issuer Not Cooperating' category. The ratings are
denoted as [[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.90        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.37        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.04        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.03        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Rama Spin Cot was established in November 2015 and has
commenced cotton ginning & pressing unit and trading in cotton
related products since December 2015. The firm has installed 24
ginning machines with ginning capacity of 66000 Qtls of cotton per
annum.


SIDDESHWAR MULTIPURPOSE: ICRA Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Siddeshwar
Multipurpose Heemghar Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA] A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          2.79        [ICRA]B (Stable) ISSUER NOT
   Limits Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          4.91        [ICRA]B+ (Stable) ISSUER NOT
   Limits Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          1.02        [ICRA]B+ (Stable) ISSUER NOT
   Limits–Working                  COOPERATING; Rating continues
   Capital Loan                    to remain under 'Issuer Not
                                   Cooperating' category

    Non Fund           0.12        [ICRA]A4; ISSUER NOT
    Based Limits–                  COOPERATING; Rating continues
    Bank Guarantee                 To remain under 'Issuer Not
                                   Cooperating' category

    Unallocated        1.16        [ICRA]B (Stable)/[ICRA]A4;
    Limits                         ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Incorporated in May 2010, Siddeshwar Multipurpose Heemghar Private
Limited (SMHPL) is promoted by the West Bengalbased Ghosh family.
The company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,200 metric
tonnes (MT). The cold storage unit is located at Jhankra, in
Paschim Midnapore, West Bengal.

SIEWERT AND DHOLAKIA: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Siewert
and Dholakia Overseas Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
[[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.24        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.20        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Siewert and Dholakia Overseas Private Limited (SDOPL) traces its
origin to Siewert and Dholakia Private Limited, founded in 1948 by
the Dholakia family and Mr. J.G. Siewert. Subsequently, in 1960s,
the company's trading operations were taken over by Dholakia family
and in 2006, the company was renamed to its current name. At
present, the company is involved in export of tea, which it
procures from auction centres in Cochin, Coonoor and Coimbatore
(for South Indian tea) and Kolkata (for North Indian tea). The
company has warehousing facilities in Cochin (~23,000 sq. ft.) and
Kolkata (~8,000 sq. ft.), where the tea is blended and packed using
manual procedure. The company sells processed tea to large tea
traders and manufacturers in Eastern Europe and Asian countries.

SRINIVASA EDUCATIONAL: ICRA Reaffirms D Rating on INR9.66cr Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Srinivasa
Educational Trust (SET), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loan            9.66        [ICRA]D; reaffirmed

   Unallocated
   facility             0.59        [ICRA]D; reaffirmed

Rationale

The rating reaffirmation of SET factors in the entity's poor
liquidity position on the back of delays in fee collection from
students, resulting in inadequate cash accruals and continued
delays in debt servicing. The recent implementation of the
resolution plan by the lenders providing moratorium on principal
repayments till June 2022, coupled with the likely improvement in
fee collections in the coming months with the opening of the
college campuses from Q3 FY2022 would be critical to improve SET's
liquidity position. SET's performance also remains exposed to
uneven pattern of fee collections, giving rise to risks of cash
flow mismatches and intense competition owing to lack of
geographical diversification.

ICRA notes the established presence of SET in the education sector
for around three decades.

Key rating drivers and their description

Credit strengths

* Established presence: SET benefits from being a part of the
established Adhiyaman Group, which with a steady academic track
record across its institutes, supported the occupancy levels of SET
over the years. SET runs four educational institutions, two schools
and two colleges, with the average occupancy levels of the
institutes improving to 91% in the academic year 2021-22 from
around 74% in the preceding year (which was impacted because of the
pandemic).

Credit challenges

* Weak financial profile: SET's financial profile remains weak,
characterized by stretched capitalization levels and tight
liquidity position, severely impacted because of a sharp decline in
revenues and earnings in the recent past. Inadequate cash accruals
have resulted in weak coverage metrics and strained liquidity
position, and consequent delays in debt servicing.

* Intense competition from other educational institutes and lack of
geographical diversification: The four institutions under the trust
are located in Uthangarai, Tamil Nadu, leading to high geographical
concentration risk. Moreover, these institutions face stiff
competition from other reputed institutions in the vicinity.
Further, SET collects fees on a half-yearly basis against monthly
servicing of debt, resulting in risks of cash flow mismatches.
Also, the trust has an ongoing debt-funded capital expenditure
towards expansion of the CBSE school, which is likely to put
pressure on the cash flows and credit metrics in the near term.

Liquidity position: Poor

SET's liquidity remains poor given the continued delays in fee
collections, resulting in weak earnings from operations.

Rating sensitivities

Positive factors – The ratings may be upgraded if the trust can
regularise its debt servicing obligations on a sustained basis.

Established in 1992, SET is one of the established educational
institutions offering primary, secondary and higher education in
Krishnagiri, Tamil Nadu. It was established by Dr. S.
Thirumalmurugan and the trust runs four educational institutions
located in Uthangiri, Krishnagiri, at present. In the academic year
(AY) 2020-2021, SET had a total student strength of about 5,862
students against 6,680 students in AY2019-2020.

SVARN TEX: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Svarn Tex
Prints Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.25        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         7.00        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-          7.45        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

STPL was incorporated in 2008 and is engaged in processing of
fabrics in its facility based in Kosi, Uttar Pradesh. The company
is a part of the Svarn Group, promoted by Mr. Sadhu Ram Gupta, Mr.
Vijay Gupta, Mr. Ajay Gupta and Mr. Suresh Singhal. The group has a
presence in the manufacturing of passive telecom infrastructure
components as well as processing of fabric.


TRISHAKTI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Trishakti
Agro Foods in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Unallocated        13.17      [ICRA]B+ (Stable)/[ICRA]A4;
   limit                         ISSUER NOT COOPERATING;
                                 Rating continues to remain
                                 Under 'Issuer Not Cooperating'
                                 Category

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

Established in September 2019, Trishakti Agro Foods is in the
process of setting up a rice mill at Dhenkanal, Odisha with an
installed capacity of 28,800 MT to produce parboiled rice. The
commercial operation at the proposed plant is scheduled to commence
from October 2020.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         1.00        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   e-DFS               5.00        [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.50        [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in February 2013, Urja Automobiles Private Limited
(UAPL) is an authorised dealer for sale of passenger vehicles of
Nissan Motors India Private Limited (NMIPL) in Bihar. UAPL operates
one 3S (Sales, Spares, Service) facility in Patna and four sales
outlets in Muzaffarpur, Purnia, Begusarai and Bhojpur districts in
Bihar.


VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of Sri Venkateswara Rice
Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        70.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         0.30       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         4.70       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Founded in the year 2005, as a partnership firm Sri Venkateswara
Rice Industries (SVRI) is engaged in the milling of paddy and
produces raw & boiled rice. In September 2015, company has been
reconstituted as private limited company and has been renamed as
Sri Venkateswara Rice Industries Private Limited (SVRIPL). The
milling unit is located at Kodada village of Nalgonda district,
Telangana with milling capacity of 24 tons per hour (TPH).

VENU INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Venu Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

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

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

Venu Industries is involved in the milling of paddy and produces
raw and boiled rice. The rice mill is situated in Nizamabad
district of Telangana. It has an installed production capacity of
67,200 metric tonne per annum. The firm is managed by Mr. Srinivas,
Mr. Sai Rahul, Mr Venugopal and Mr. Balaji, who belong to the same
family. It sells rice under the brand name, Healthy Rice.


VERMA TRACTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Verma
Tractors in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          7.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Fund Based–CC                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Verma Tractors (VT) established in 2004 is an authorized dealer of
Escorts Tractors in the city of Barabanki , U.P. The firm operates
in the city through its four outlets. The outlets are in Barabanki
city and blocks of Kaiserganj, Fatehpur and Ramnagar. The operation
of the firm is being managed by three partners Mrs Daya Rani Verma,
Mrs Archana Verma and Mr Suresh Chandra Verma.


VIJAY PULSE: ICRA Reaffirms B Rating on INR7.50cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Vijay
Pulse Pvt. Ltd. (VPPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based
   Cash Credit        7.50       [ICRA]B(Stable); reaffirmed

   Unallocated
   Limits             0.17       [ICRA]B(Stable); reaffirmed

Rationale

The rating reaffirmation remains constrained by the weak financial
risk profile of VPPL, characterized by its small scale of
operations, stretched capital structure, weak debt coverage metrics
and high working capital intensity. The rating further considers
the intensely competitive industry structure, which restricts the
pricing and exerts pressure on the margins. Moreover, the company's
operations and margins are susceptible to the prevailing
agro-climatic conditions and changes in Government policies.

The rating, however, continues to favorably factor in the extensive
experience of the promoters in the gram processing industry.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that VPPL will continue to maintain its position in the flour
processing business.

Key rating drivers and their description

Credit strengths

* Experience of promoters in flour mills business: VPPL's promoters
have long experience in the gram flour processing industry,
spanning over two decades.

Credit challenges

* Weak financial risk profile and fluctuation in sales: The
company's scale of operations is relatively small and has witnessed
wide fluctuations over the last five years. The operating income
declined to INR17.93 crore in FY2021 from INR27.90 crore in FY2020
largely on account of a decline in trading sales during the
pandemic. Its operating margin too has remained low and volatile
over the years because of its low value addition in the business
and stiff competition due to the fragmented and unorganized market.
The capital structure remained leveraged, although the gearing
levels declined to 2.80 times as on March 31, 2021 on account of
low working capital utilization. The debt coverage indicators also
remained weak owing to low profitability with the Total
Debt/OPBDITA at 8.09 times, TOL/TNW of 3.60 times, NCA/TD of 5% and
an interest coverage of 1.46 times as of FY2021-end.

* Intense industry competition: The company faces intense
competition from other established and unorganized players in the
agro-processing industry, restricting pricing flexibility and
exerting pressure on margins.

* Exposure to agro-climatic risks and changes in Government
regulations: Given its operations in the agro-based industry, VPPL
remains exposed to agro-climatic risks such as availability of
quality raw materials and pricing. Moreover, any change in
Government regulations such as changes in MSP, adverse development
on import policies, and export ban from overseas markets can also
have a bearing on the performance of all industry players,
including VPPL.

Liquidity position: Stretched

The overall liquidity position is stretched, with high working
capital requirement and absence of cushion in the cash credit
limits. Also, timely support from promoters through equity
infusion/ unsecured loans remains crucial in case of any cash flow
mismatch.

Rating sensitivities

Positive factors – ICRA could upgrade VPPL's rating if the
company demonstrates a significant scale-up of operations, aided by
an increase in capacity utilization and profitability along with a
substantial equity infusion, leading to an improvement in the
capital structure and liquidity position.

Negative factors – Pressure on VPPL's rating could arise if there
is a substantial decline in revenues and profitability, which along
with any major debt-funded capital expenditure or a stretch in the
working capital cycle, leads to a further deterioration in the
capital structure and liquidity.

The company was established under the name, Shiv Pulse, in early
1995 as a milling unit for processing pigeon peas (tuver dal).
Later in 2002, the entity started processing gram flour under the
name, Vijay Pulse Pvt. Ltd. (VPPL). The company is managed by Mr.
Uday Vikani and two other directors. The company's manufacturing
facility is at Veraval, in Shapar (Rajkot), Gujarat and has an
installed annual capacity of producing 10,500 MTPA of gram flour.



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

AIRASIA GROUP: Furloughed Staff to Return to Work Next Year
-----------------------------------------------------------
The Sun Daily reports that AirAsia Group Bhd's 2,000 furloughed
employees will return to work next year and salaries will be
reinstated to their normal rates next month, said CEO Tan Sri Tony
Fernandes.

"If everything (economy and international borders) is open I can
rehire everyone in three months," he told reporters at a press
conference to announce the appointment of former Adidas executive
Colin Currie as the group’s chief commercial officer on Nov. 10.

In June 2020, the group cut its workforce by up to 30%, and reduced
salaries by up to 75% in an attempt to save the airline as it
struggled to cope with the Covid-19 pandemic, the report recalls.

Mr. Fernandes lamented the government’s decision to keep
international borders closed, Sun Daily says.

"If borders are open tomorrow, AirAsia’s business will be back to
normal in three months. My guess is it will take six to nine months
(for AirAsia’s business) to get back to pre-Covid levels," the
report quotes Mr. Fernandes as saying.

Mr. Currie is tasked with developing a consumer-centric strategy
using data to optimise growth and meet the financial objectives
across AirAsia’s airlines and digital units. He will drive 50% of
the group’s revenue from digital businesses by 2025.

Asked if the group no longer relies on its airline operation to
generate revenue, Mr. Currie said aviation is the core business and
it will continue to grow, according to Sun Daily.

"Other lifestyle offerings such as e-hailing, e-commerce, and
finance will grow at a faster rate because they are smaller. The
vision is how we can build a travel and lifestyle business rather
than just a core airline.

"I hope we can achieve some quick wins in the six months. The first
thing is I want to assimilate to the culture here and get to know
the key stakeholders and understand others to navigate in the
company. I hope in the first 100 days after people get to know me,
I can articulate my roadmap to the CEO and individual units," Mr.
Currie said.

He said he will enhance the overall brand and sales performance,
especially in the new digital enterprises. "I am confident of
accelerating and solidifying AirAsia’s success as a leading
digital tech and lifestyle company in Asean," Sun Daily relays.

Mr. Currie's key performance indicators include elevating AirAsia
to be the world's leading travel and lifestyle brand.

                          About AirAsia X

Headquartered in Kuala Lumpur, Malaysia, the AirAsia X Group is the
entity controlling the AirAsia Group's long-haul, low-cost
operations.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
2, 2021, Bloomberg News said AirAsia X was officially categorized
as a financially distressed company, giving the company a year to
restructure its finances or risk losing its Malaysian listing.

AirAsia X's external auditor Ernst & Young issued a disclaimer of
opinion on the airline's audited financial statements for the
18-month period ended June 2021, the company said in a stock
exchange filing on Oct. 29, Bloomberg related. There are threats
that may cast "significant doubt" on AirAsia X continuing as a
going concern, Ernst & Young said. "The company is taking the
necessary steps to address its PN17 (Practice Note 17) status,"
AirAsia X said in a separate filing, adding that it has one year to
regularise its financial condition, failing which it will be
delisted from the stock exchange.


AIRASIA GROUP: Net Loss Widens to MYR887MM in Qtr Ended Sept. 30
----------------------------------------------------------------
Reuters reports that Malaysian budget airline AirAsia Group Bhd
reported a wider quarterly net loss on Nov. 22, as pandemic
restrictions on travel in two of three of its operating markets
weighed on revenue, while it logged a foreign exchange loss.

It said enhanced lockdowns and travel restrictions in Malaysia and
Indonesia impacted its aviation revenue, although its Philippines
unit had a strong quarter, Reuters relates.

According to Reuters, the group said in bourse filings it recorded
a net loss of MYR887 million ($212 million) for the July-September
quarter, 4.1% more compared with a loss of MYR851.8 million a year
earlier.

Revenue for the period dropped 37% to MYR295.9 million. However,
its logistics business Teleport tripled its revenue, contributing
53% to the group total revenue.

AirAsia's income statement filed to the stock exchange showed that
a foreign exchange loss of MYR216.9 million further dragged its
financial performance during the period, Reuters says.

Reuters relates that the group said investments in technology,
talent and network for its digital businesses and in Teleport also
added to its losses.

The airline carried 351,971 passengers in the third quarter, 82%
less than 1.9 million a year ago, while the load factor - which
measures how full planes are - was little changed at 67%.

Reuters adds that AirAsia said it has seen "an upward trajectory of
sales with the gradual recovery of travel" since domestic travel
reopened in the region.

"We expect the current sales momentum and reduced cashburn trend to
continue into (the following quarter) as the Group is well
positioned to serve the pent up leisure travel demand," it said.

It has also completed two rounds of renegotiation with lessors for
lower lease rental in the future and expects to complete the
renegotiations with all lessors by the end of the year, the report
relays.

AirAsia maintained that it will have sufficient liquidity to
sustain the business operations throughout 2021 and 2022, Reuters
notes.

Earlier this month, the airline won shareholder approval for a
rights issue to raise MYR1 billion.

                          About AirAsia X

Headquartered in Kuala Lumpur, Malaysia, the AirAsia X Group is the
entity controlling the AirAsia Group's long-haul, low-cost
operations.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
2, 2021, Bloomberg News said AirAsia X was officially categorized
as a financially distressed company, giving the company a year to
restructure its finances or risk losing its Malaysian listing.

AirAsia X's external auditor Ernst & Young issued a disclaimer of
opinion on the airline's audited financial statements for the
18-month period ended June 2021, the company said in a stock
exchange filing on Oct. 29, Bloomberg related. There are threats
that may cast "significant doubt" on AirAsia X continuing as a
going concern, Ernst & Young said. "The company is taking the
necessary steps to address its PN17 (Practice Note 17) status,"
AirAsia X said in a separate filing, adding that it has one year to
regularise its financial condition, failing which it will be
delisted from the stock exchange.


KHEE SAN: Slips Into PN17 After Unit Put Under Judicial Management
------------------------------------------------------------------
Seah Eu Hen at theedgemarkets.com reports that Candies and sweets
manufacturer Khee San Bhd is now a Practice Note 17 (PN17) company
after its wholly-owned subsidiary was placed under judicial
management.

In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd,
via its solicitor Messrs Shook Lin & Bok, had filed an application
to place its unit Khee San Food Industries Sdn Bhd under the
court-supervised restructuring, theedgemarkets.com discloses.

According to theedgemarkets.com, Khee San said the assets of its
unit accounted for over half of the total assets employed of the
company on a consolidated basis.

Datuk Adam Primus Varghese Abdullah of Messrs ADAMPRIMUS has been
appointed as the interim judicial manager of Khee San Food
Industries, according to the filing.

theedgemarkets.com relates that Khee San said it is taking the
necessary steps to formulate a regularisation plan and will make
the necessary announcements on the plan in due course.

The group risks trading suspension or delisting from the local
bourse if it fails to comply with its obligations to regularise its
conditions within the time frame permitted by Bursa Malaysia, the
report adds.

Khee San Berhad is a Malaysia-based investment holding company. The
Company's segments include Investment, and Manufacturing and
trading. The main categories of products for the Company are the
Sweets and Candies, and the Wafers. The Company offers Sweet and
Candies under the categories, such as Chewy, which is marketed
under the Fruitplus, Choco Plus and Milk Plus brands; Deposited,
which is marketed under the Victory brand; Hard, which is marketed
under the Torrone brand; Tablet, which is marketed under the Bento
brand; Chewing Gum, which is marketed under the Victory brand, and
Bubble Gum, which is marketed under the 88 Super Bubble Gum brand.
The Company offers wafers under categories, such as Wafers Bars,
which is marketed under the Torrone, Lovin and Tip Top brands, and
Wafer Cubes, which is marketed under the Snackie brand. The
Company's production operations are based out of the production
plant located in Seri Kembangan (SK), which produces the candies
and the wafers.




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

BLUESTONE NZ 2021-1: S&P Assigns Prelim. B Rating on F Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by The New Zealand Guardian Trust Company as trustee of
Bluestone NZ Prime 2021-1 Trust. Bluestone NZ Prime 2021-1 Trust is
a securitization of prime residential mortgages originated by
Bluestone Mortgages NZ Ltd.

The preliminary ratings we have assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

Our ratings also consider the counterparty exposure to ASB Bank
Ltd. as bank account provider, Westpac New Zealand Ltd. as the
liquidity facility provider, and Bank of New Zealand and Westpac
Banking Corp. as interest-rate hedge providers. The transaction
documents for the swaps and facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

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

  Preliminary Ratings Assigned

  Bluestone NZ Prime 2021-1 Trust

  Class A1, A$175.00 million: AAA (sf)
  Class A2, A$55.00 million: AAA (sf)
  Class B, A$5.875 million: AA (sf)
  Class C, A$5.25 million: A (sf)
  Class D, A$3.625 million: BBB (sf)
  Class E, A$2.25 million: BB (sf)
  Class F, A$1.625 million: B (sf)
  Class G1, A$0.6875 million: Not rated
  Class G2, A$0.6875 million: Not rated


MSM HOLDINGS: Creditors' Proofs of Debt Due Jan. 15
---------------------------------------------------
Creditors of MSM Holdings NZ Limited and MSUT Holdings NZ Limited,
which is in liquidation, are required to file their proofs of debt
by Jan. 15, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 15, 2021.

The company's liquidators are:

          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15543)
          Tauranga 3144
          New Zealand


PATEL INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 24
-----------------------------------------------------------
Creditors of Patel Investments Limited Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2022, to be included in the company's dividend distribution.

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

The company's liquidators are:

          Patel & Co
          344 Great South Road
          Papatoetoe, Auckland 2215
          New Zealand


SK TRANSPORT: Court to Hear Wind-Up Petition on Dec. 3
------------------------------------------------------
A petition to wind up the operations of SK Transport Limited will
be heard before the High Court at Auckland on Dec. 3, 2021, at
10:00 a.m.

Advent Insurance Management Pty Limited filed the petition against
the company on Sept. 30, 2021.

The Petitioner's solicitors are:

          Merran Keil
          Level 4
          68 Shortland Street
          Auckland
          New Zealand




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

COREFORM PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 12, 2021, to
wind up the operations of Coreform Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


GENERATION X: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 12, 2021, to
wind up the operations of Generation X Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


HARTAMANIS (S): Court to Hear Wind-Up Petition on Dec. 10
---------------------------------------------------------
A petition to wind up the operations of Hartamanis (S) Pte Ltd will
be heard before the High Court of Singapore on Dec. 10, 2021, at
10:00 a.m.

Export-Import Bank Of Malaysia Berhad filed the petition against
the company on Nov. 12, 2021.

The Petitioner's solicitors are:

         Genesis Law Corporation
         1 Coleman Street
         #07-02 The Adelphi
         Singapore 179803


TOOLBOX NETWORK: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Nov. 12, 2021, to
wind up the operations of Toolbox Network Pte. Ltd.

KDDI Summit Global Myanmar Co. Ltd. filed the petition against the
company.

The company's liquidators are:

         Seah Chee Wei
         c/o Rock Stevenson Pte. Ltd.
         60 Paya Lebar Road
         #08-05 Paya Lebar Square
         Singapore 409051




=============
V I E T N A M
=============

ANZ BANK: Fitch Affirms 'BB' Foreign Currency IDR
-------------------------------------------------
Fitch Ratings has affirmed ANZ Bank (Vietnam) Limited's (ANZV)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' and
Long-Term Local-Currency IDR at 'BBB-'. The Outlook is Positive.

Rating Withdrawals

Fitch is withdrawing ANZV's Support Rating as it is no longer
relevant to the agency's coverage following the publication of
Fitch's updated Bank Rating Criteria on 12 November 2021. In line
with the updated criteria, Fitch has assigned ANZV a Shareholder
Support Rating (SSR) of 'bb'.

KEY RATING DRIVERS

IDRS, SHAREHOLDER SUPPORT RATING

ANZV's ratings reflect Fitch's view of a moderate likelihood of
extraordinary support from its 100% shareholder, Australia and New
Zealand Banking Group Limited (ANZ, A+/Stable/a+), in times of
need. The rating balances the bank's modest size relative to ANZ's
strong ability to support the entity with Fitch's assessment of
heightened transfer and convertibility risks in Vietnam, reflected
in Vietnam's Country Ceiling of 'BB', which could be a significant
constraint on ANZV's ability to receive support from its
Australia-based parent. ANZV's Long-Term Foreign-Currency IDR is
therefore capped at the Vietnamese Country Ceiling.

Key Rating Driver 1

The Positive Outlook on the rating is in line with that of
Vietnam's sovereign rating, reflecting a potentially higher Country
Ceiling if the sovereign is upgraded.

ANZV's Long-Term Local-Currency IDR is rated two notches above
Vietnam's sovereign rating, as Fitch believes the risks of
sovereign restrictions on local-currency repayments are lower than
that of foreign-currency restrictions, and its parent's propensity
to support the bank is likely to remain strong under a sovereign
stress scenario.

Our assessment of ANZ's propensity to provide support to ANZV is
based on the parent's 100% ownership, the growing but still modest
role that ANZV plays in ANZ's group strategy, and the potential
reputational risks to the parent should the subsidiary default.
ANZV's benefits from its strong linkages to its parent include
client referrals, access to the parent's banking network and
technical expertise, funding support and shared corporate
services.

Fitch does not assign a Viability Rating to ANZV as Fitch believes
its standalone franchise is largely integrated with and contingent
on its parent, which is evident from the strong operational and
management linkages between the two.

The bank's Short-Term IDRs are derived from its Long-Term IDRs, in
line with criteria.

RATING SENSITIVITIES

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

-- A downgrade in the sovereign rating is likely to lead to a
    similar revision in the bank's SSR and IDRs, given the Country
    Ceiling constraints.

-- Fitch may also take negative rating action if Fitch sees
    changes in ANZ's propensity to extend ordinary support in a
    timely manner. This could occur if Fitch sees a significant
    reduction in the parent's stake in the bank, which Fitch
    believes is unlikely to occur in the near term.

-- ANZ's ratings will have to fall by multiple notches before
    there is any impact on Fitch's assessment of its ability to
    support ANZV in light of the large gap between the Long-Term
    IDRs of ANZ and Vietnam. Fitch considers this unlikely within
    the next 12 months.

-- A downgrade in Long-Term IDRs may result in similar downward
    revision in its Short-Term IDRs.

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

-- An upward revision in Vietnam's sovereign IDR and Country
    Ceiling is likely to lead to a similar revision in the bank's
    SSR and Long-Term IDRs, provided the parent's ability and
    propensity to support the bank remain unchanged. An upgrade in
    the Long-Term IDRs may result in similar upward revision in
    its Short-Term IDRs.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ANZV's IDR is linked to ANZ's ratings and Vietnam's Country
Ceiling.

ESG CONSIDERATIONS

Fitch has revised ANZV's ESG Relevance Score for Exposure to Social
Impact to '2' from '3' as Fitch believes the issues related to
social impact at the parent level are mostly contained in Australia
and irrelevant to ANZV's rating.

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.


STANDARD CHARTERED: Fitch Affirms 'BB' Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Standard Chartered Bank (Vietnam)
Limited's (SCBVL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BB' and Long-Term Local-Currency IDR at 'BBB-'. The
Outlook is Positive.

Fitch is withdrawing SCBVL's Support Rating as it is no longer
relevant to the agency's coverage following the publication of
Fitch's updated Bank Rating Criteria on 12 November 2021. In line
with the updated criteria, Fitch has assigned SCBVL a Shareholder
Support Rating (SSR) of 'bb'.

KEY RATING DRIVERS

IDRS, SHAREHOLDER SUPPORT RATING

SCBVL's ratings are underpinned by institutional support from its
100% shareholder, Standard Chartered Bank (SCB, A+/Negative/a), in
times of need. Vietnam's (BB/Positive) Country Ceiling of 'BB',
which reflects heightened transfer and convertibility risks,
continues to be the constraining factor for SCBVL's Long-Term
Foreign-Currency IDR. Fitch expects SCBVL to play an important role
in the group's broader South-East Asia strategy. Fitch believes SCB
has a strong ability to support SCBVL, whose assets accounted for
only about 0.5% of SCB's assets as of end-2020.

Subject to regulatory approval, Fitch expects SCB to transfer SCBVL
into a wholly owned subsidiary of Standard Chartered Bank
(Singapore) Limited (SCBS, A+/Stable/a), which is a wholly owned
indirect subsidiary of SCB. The reorganisation is not likely to
affect SCBVL's ratings, as Fitch believes SCBS has similar
propensity as SCB to support SCBVL, if needed, and both SCB and
SCBS's Viability Ratings (VRs) are six notches above Vietnam's
Country Ceiling.

The Positive Outlook mirrors that of the sovereign, reflecting a
potentially higher Country Ceiling should the sovereign rating be
upgraded.

Fitch uses the parent's VR instead of the Long-Term IDR as the
anchor rating for institutional support because of the uncertainty
over whether SCBVL would benefit from a significant buffer of
qualifying junior debt that raises the parent's Long-Term IDR above
its VR.

Fitch views the risk of sovereign restrictions on local-currency
repayments as lower than that of foreign-currency restrictions.
Hence, SCBVL's Long-Term Local-Currency IDR is rated two notches
above Vietnam's sovereign rating, reflecting the parent's robust
ability to support SCBVL.

Fitch has not assigned a VR to SCBVL given the high operational
linkages with that of its parent that would render standalone
assessment not meaningful. SCBVL's market share in Vietnam is
modest, with around 0.5% of banking system assets as of end-2020.

The bank's Short-Term IDRs are derived from its Long-Term IDRs, in
line with the criteria.

RATING SENSITIVITIES

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

-- Any downgrade in Vietnam's sovereign rating will likely lead
    to a lower SSR and IDRs for SCBVL.

-- SCBS's VR is six notches above Vietnam's Country Ceiling.
    There will need to be a very substantial reduction in our
    assessment of SCB's ability or propensity to support SCBVL
    before the subsidiary's support-driven rating is affected.
    Fitch sees this as unlikely in the next 12 months.

-- A downgrade of the Long-Term IDRs may result in similar
    downward revision of its Short-Term IDRs.

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

-- An upward revision in the sovereign rating and Country Ceiling
    would be likely to lead to a corresponding revision in the
    bank's SSR and IDRs, assuming that the parent's ability and
    propensity to support the bank remain intact.

-- An upgrade of the Long-Term IDRs may result in similar upward
    revision of its Short-Term IDRs.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

SCBVL's ratings are linked to Vietnam's Country Ceiling and SCB's
ratings.

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.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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