/raid1/www/Hosts/bankrupt/TCRAP_Public/211129.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 29, 2021, Vol. 24, No. 232

                           Headlines



A U S T R A L I A

ACUITAS INVESTIRE: First Creditors' Meeting Set for Dec. 6
KIKKI.K PTY: Second Creditors' Meeting Set for Dec. 2
MYSTATE LTD: Moody's Withdraws Ba1(hyb) Rating on Sub. Notes
PEAK INVEST: First Creditors' Meeting Set for Dec. 6
PEPPER RESIDENTIAL 23: S&P Raises Class F Notes Rating to BB+

SANTANDER M1: First Creditors' Meeting Set for Dec. 6
SAPPHIRE XXV 2021-1: S&P Assign Prelim. B+ Rating on F Notes
TANBILL HOMES: First Creditors' Meeting Set for Dec. 6
TRITON TRUST NO. 8 2019-1: S&P Affirms 'BB+' Rating on Cl. E Notes


C H I N A

CHINA EVERGRANDE: Soccer Stadium Taken Over by China Government
FANTASIA HOLDINGS: Unit Faces Winding Up Petition
KWG GROUP: S&P Alters Outlook to Negative & Affirms 'B+' LT ICR
XINJIANG LA CHAPELLE: Vows to Fight Bid for Company's Liquidation


I N D I A

AGARWAL CHEM: ICRA Keeps B Debt Ratings in Not Cooperating
ANANTHA PVC: ICRA Keeps B Debt Rating in Not Cooperating Category
BHAIRAVNATH SUGAR: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
ENRICH RD: ICRA Keeps C+ Debt Rating in Not Cooperating Category
GRIPWELL FORGING: ICRA Keeps B+ Debt Rating in Not Cooperating

HARIHAR ALLOYS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
IL & FS Financial: Ind-Ra Affirms 'D' Long-Term Issuer Rating
INFRASTRUCTURE LEASING: Ind-Ra Affirms 'D' LT/ST Issuer Rating
JALANDHAR AMRITSAR: Ind-Ra Affirms 'D' Bank Loan Rating

JAY PALGHAR: ICRA Keeps B Ratings in Not Cooperating Category
KSP INC: Ind-Ra Keeps BB Long-Term Issuer Rating in Non-Cooperating
LODZ DENIM: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Positive
LOTUS OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHESH ELECTRICAL: ICRA Keeps B+ Debt Rating in Not Cooperating

MANISHA CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
MARIGOLD PAINTS: ICRA Keeps B+ Debt Rating in Not Cooperating
MERCURY INDUSTRIES: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
NAIK ENVIRONMENTAL: ICRA Keeps B Debt Rating in Not Cooperating
NANDI IRRIGATION: ICRA Keeps B Debt Rating in Not Cooperating

NOMAX ELECTRICAL: ICRA Keeps C Debt Ratings in Not Cooperating
ONE 97 COMMUNICATIONS: Net Loss Widens to INR4.7BB at 2021 3Q
PATEL AGRI: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
RAJA BAHADUR: Ind-Ra Gives BB- LT Issuer Rating, Outlook Stable

RICON INDUSTRIES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SALASAR PLYWOOD: CRISIL Keeps B Debt Rating in Not Cooperating
SEJAL PROPERTIES: Ind-Ra Assigns 'B' Non-Convertible Debts Rating
SHESHRAO WANKHEDE: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating

SIDDAPUR DISTILLERIES: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
SIDDHBALI AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SUDHIR AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
SUMMIT ONLINE: CRISIL Lowers Rating on INR20cr Bank Debt to B

SURAT WOVENSACKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SURENDRA STEELS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
SURINDER KUMAR: CRISIL Lowers Rating on INR25cr Cash Loan to B
T & U SYSTEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ULTRA TRUST: CRISIL Keeps D Debt Rating in Not Cooperating

VIJAYA ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
ZEBION INFOTECH: Ind-Ra Gives BB- Issuer Rating, Outlook Stable


N E W   Z E A L A N D

AIRCRAFT AND MARINE: Court to Hear Wind-Up Petition on Dec. 9
IRONCLAD HOMES: Creditors' Proofs of Debt Due on Jan. 20
TCD 2015: Court to Hear Wind-Up Petition on Dec. 6


S I N G A P O R E

HEVILIFT LOGISTICS: Creditors' Proofs of Debt Due on Dec. 24
PACIFIC INT'L: Creditors to Receive US$1 Billion Repayment
REDWOOD ASSET: Creditors' Proofs of Debt Due on Dec. 24

                           - - - - -


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

ACUITAS INVESTIRE: First Creditors' Meeting Set for Dec. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Acuitas
Investire Pty Limited will be held on Dec. 6, 2021, at 12:30 p.m.
via Zoom facilities.

Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of Acuitas Investire on
Nov. 24, 2021.


KIKKI.K PTY: Second Creditors' Meeting Set for Dec. 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of Kikki.K Pty Ltd
has been set for Dec. 2, 2021, at 11:00 a.m. via virtual meeting
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 1, 2021, at 10:00 a.m.

Liam Healey and Quentin Olde of Ankura were appointed as
administrators of Kikki.K Pty on Aug. 26, 2021.


MYSTATE LTD: Moody's Withdraws Ba1(hyb) Rating on Sub. Notes
------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 (hyb) floating rate
subordinated medium term notes rating of MyState Limited.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Headquartered in Hobart, MyState Limited reported assets of AUD6.5
billion (approximately USD4.9 billion) as of June 30, 2021.


PEAK INVEST: First Creditors' Meeting Set for Dec. 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of:

         - Peak Invest Pty Ltd;
         - Five Islands Invest Pty Ltd;
         - Surry Hills Pub Invest Pty Ltd; and
         - Four By Four Investments Pty Ltd

will be held on Dec. 6, 2021, at 10:00 a.m. via virtual meeting.

Andrew McCabe and Joseph Hayes of Wexted Advisors were appointed as
administrators of Peak Invest on Nov. 24, 2021.


PEPPER RESIDENTIAL 23: S&P Raises Class F Notes Rating to BB+
-------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of
nonconforming residential mortgage-backed securities (RMBS) notes
issued by Permanent Custodians Ltd. as trustee for Pepper
Residential Securities Trust No. 23 (PRS 23) and Pepper Residential
Securities Trust No. 24 (PRS 24). At the same time, S&P affirmed
its ratings on eight classes of notes issued out of the same
trusts.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolios, which have been amortizing
in line with our expectations. Current loan-to-value (LTV) ratios
across the pool have generally declined, decreasing our expectation
of loss for the pool." The portfolios' weighted-average LTV ratios
have declined to 68.5% for PRS 23 and 67.1% for PRS 24. The
weighted-average seasoning has increased to 36.9 and 33.4 months,
respectively, as of Sept. 30, 2021. Loans greater than 30 days in
arrears represent 4.02% for PRS 23, of which 2.23% are more than 90
days in arrears, and 3.07% for PRS 24, of which 0.91% are more than
90 days in arrears.

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transactions. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

For the class B note in PRS 23, as well as the class C, class D,
and class E notes in both transactions, although there has been a
significant buildup of credit enhancement, S&P's cash-flow modeling
indicates some sensitivity under stresses commensurate with higher
rating levels. These have been observed under scenarios in which
defaults are back ended and under a pro rata payment structure. The
degree to which the sensitivities are observed for the more
subordinated rated notes is less because these notes benefit from
reverse turbo mechanisms when available.

S&P said, "We have considered that under the pro rata payment
structure, the class G allocated principal will continue to be paid
to the class F notes until the class F notes are fully repaid,
followed by the remaining subordinated notes once the class F notes
have fully repaid. Therefore, the class F notes have and will
continue to benefit from an increase in the percentage of credit
support provided as the pool amortizes under a pro rata structure,
while for the remaining rated notes the percentage of credit
support will remain static.

"Given the characteristics of the portfolio, which include
borrowers with adverse credit history, low-documentation loans, and
self-employed borrowers, we expect arrears levels to fluctuate over
time. A limiting factor in the degree of upgrade to the class F
note in PRS 24 is the sensitivity of this note to movements in
arrears."

The rating actions also reflect various structural mechanisms that
support the transactions, including a yield enhancement reserve
available to support senior expenses and interest shortfalls on the
senior notes, and the retention mechanism, where excess spread is
trapped in a retention reserve and will be paid as a principal
payment to the most subordinated notes at that time, excluding the
unrated class G notes. The retention mechanism increases the ratio
of assets versus liabilities, creating overcollateralization for
the transaction where losses are allocated initially before being
allocated to the rated notes.

The transactions benefit from cross-currency swaps to hedge the
mismatch between the Australian dollar receipts from the underlying
assets and the U.S. dollar payments on the class A1-u notes and the
euro payments on the class A1-GE notes.

  Ratings Raised

  Pepper Residential Securities Trust No.23

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB+(sf) from B (sf)

  Pepper Residential Securities Trust No.24

  Class B: to AAA (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BBB+ (sf) from BB (sf)
  Class F: to BB+(sf) from B (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No.23

  Class A1-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A1-GE: AAA (sf)
  Class A2: AAA (sf)

  Pepper Residential Securities Trust No.24

  Class A1-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A1-GE: AAA (sf)
  Class A2: AAA (sf)


SANTANDER M1: First Creditors' Meeting Set for Dec. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Santander M1
Pty Ltd, trading as Century 21 ResiComm, will be held on Dec. 6,
2021, at 10:30 a.m. via virtual meeting technology.

Mervyn Kitay of Worrells Solvency & Forensic Accountants was
appointed as administrator of Santander M1 on Nov. 25, 2021.


SAPPHIRE XXV 2021-1: S&P Assign Prelim. B+ Rating on F Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Sapphire XXV Series 2021-1 Trust. Sapphire XXV Series
2021-1 Trust is a securitization of nonconforming and prime
residential mortgages originated by Bluestone Group Pty Ltd. and
Bluestone Mortgages Pty Ltd. (collectively Bluestone).

The preliminary ratings S&P has assigned to the floating-rate RMBS
to be issued by Permanent Custodians Ltd. as trustee for Sapphire
XXV Series 2021-1 Trust 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, the yield reserve,
retention amount built from excess spread, 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.

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider, and
National Australia Bank Ltd. as the liquidity facility provider.
The transaction documents for the facilities include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"In 2020, we updated our outlook assumptions for Australian RMBS in
response to changing macroeconomic conditions as a result of the
COVID-19 outbreak. As of Nov. 22, 2021, there are no borrowers with
COVID-19-related hardship arrangements present within the pool."

  Preliminary Ratings Assigned

  Sapphire XXV Series 2021-1 Trust

  Class A1S, A$115.00 million: AAA (sf)
  Class A1L, A$260.00 million: AAA (sf)
  Class A2, A$67.00 million: AAA (sf)
  Class B, A$22.50 million: AA (sf)
  Class C, A$13.00 million: A (sf)
  Class D, A$9.50 million: BBB (sf)
  Class E, A$4.00 million: BB+ (sf)
  Class F, A$4.50 million: B+ (sf)
  Class G1, A$2.00 million: Not rated
  Class G2, A$2.50 million: Not rated


TANBILL HOMES: First Creditors' Meeting Set for Dec. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tanbill
Homes Pty Ltd will be held on Dec. 6, 2021, at 2:00 p.m. via Zoom
facilities.

Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of Tanbill Homes on Nov.
24, 2021.


TRITON TRUST NO. 8 2019-1: S&P Affirms 'BB+' Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for Triton
Trust No. 8 Bond Series 2019-1. At the same time, S&P affirmed its
ratings on four classes of notes. The transaction is a
securitization of prime residential mortgages originated by
Columbus Capital Pty Ltd. (Columbus).

S&P said, "The rating actions reflect our view of the credit risk
of the pool, which has been amortizing in line with our
expectations. Credit support provided in percentage terms has
increased as the pool has paid down. This credit support comprises
note subordination for all rated notes as well as mortgage
insurance covering about 74% of the loans in the portfolio. Current
loan-to-value ratios across the pool have been declining,
decreasing our expectation of losses for the pool."

As of July 31, 2021, the pool has a balance of about A$226 million
and a pool factor of about 56%. The pool's weighted-average
loan-to-value ratio was 60% and weighted-average seasoning was 40
months.

Since close, arrears performance of the pool has been favorable
compared with the Standard & Poor's Performance Index (SPIN) for
prime loans. As of July 31, 2021, loans more than 30 days in
arrears make up 0.13% of the pool, and there were no loans more
than 60 days in arrears. There are no loans with COVID-19-related
hardship arrangements in the pool, and losses have been nil or
minimal to date.

S&P said, "Credit support provided in percentage terms has
increased as the pool has paid down due to the sequential pay
structure. However, we don't expect this buildup in credit support
to continue because we believe the transaction will meet the pro
rata triggers in the coming months. Once these performance triggers
are met, the transaction will commence a pro rata pay structure.
Under a pro rata payment structure, there will be no further
buildup in the percentage of credit support provided to the rated
notes.

"Our expectation is that the various mechanisms to support
liquidity within the transactions, including a loss reserve that
builds up from excess spread, principal draws, an amortizing
liquidity facility, and an extraordinary expense reserve are
sufficient under our cash flow stress assumptions to ensure timely
payment of interest."

National Australia Bank Ltd. provides a fixed- to floating-rate
interest-rate swap to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate notes.

For the class E notes, restraining factors on the rating are the
limited size of the subordinated unrated class F notes and
loan-size distributions relative to the absolute amount of credit
support. These qualitative factors constrain the rating beyond the
quantitative factors and are consistent with a 'BB' category
rating.

  Ratings Raised

  Triton Trust No. 8 Bond Series 2019-1

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA (sf) from A+ (sf)
  Class D: to A+ (sf) from A- (sf)

  Ratings Affirmed

  Triton Trust No. 8 Bond Series 2019-1

  Class A1-AU: AAA (sf)
  Class A1-3Y: AAA (sf)
  Class AB: AAA (sf)
  Class E: BB+ (sf)




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C H I N A
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CHINA EVERGRANDE: Soccer Stadium Taken Over by China Government
---------------------------------------------------------------
Reuters reports that a government body has taken over China
Evergrande Group's soccer stadium with a view to selling it, a
source with direct knowledge of the matter told Reuters, as the
debt-laden property developer scrambles to meet liabilities.

Reuters relates that Evergrande, which has been struggling to meet
repayments on more than US$300 billion (US$410 billion) in debt, is
also considering selling money-losing Guangzhou Football Club, the
source said.

According to Reuters, construction on the CNY12 billion Guangzhou
Evergrande Football Stadium began in April last year for completion
by the end of next year, when it was set to be the world's largest
soccer venue by capacity.

However, Evergrande has halted construction due to lack of capital
and ceded control to the authorities, which plan to sell the
stadium, or - in the absence of buyers - acquire it via state-owned
Guangzhou City Construction Investment Group, the source said,
declining to be identified as the matter is not public, the report
says.

Another source said construction had stopped for at least three
months, Reuters relays.

In September, Evergrande said work on the stadium was proceeding
"as normal," the report recalls.

Evergrande was once China's top-selling property developer, but is
now struggling to repay creditors and suppliers. Local governments
across China are steering sales of some of its assets, sources have
told Reuters.

Reuters says Evergrande's troubles in meeting offshore bond
repayments rattled markets and upended the broader property sector
with a string of developer defaults and credit-rating downgrades.

It pulled back from the brink of default in the past month, leaving
investors on tenterhooks as they wait to see whether it can meet
obligations to pay an overdue coupon worth US$82.5 million before a
30-day grace period expires on Dec. 6, Reuters relates.

According to Reuters, Evergrande bought control of Guangzhou FC for
CNY100 million in 2010, and saw its value hover at CNY19 billion
before its delisting in March. However, the club has suffered
high-profile exits against the backdrop of its owner's financial
woes.

In September, the eight-times Chinese Super League champions said
head coach Fabio Cannavaro had left by mutual consent.

Brazil-born forward Ricardo Goulart, who took Chinese citizenship
to help China reach the World Cup, terminated his contract with the
club, Reuters reported this month.

Evergrande block trades show major holder sells at 20% discount

Since August, an Evergrande-owned soccer school has laid off more
than 100 staff due to liquidity constraints, said a source close to
the school and a lawyer representing some of those staff. Both
declined to be identified due to sensitivity of the matter.

Foreign coaches and translators have been asked to leave, the
lawyer also said.

It is unclear how many people the school employed before or after
the redundancies. A source close to Evergrande said the school was
operating as normal, the report adds.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.

S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.


FANTASIA HOLDINGS: Unit Faces Winding Up Petition
-------------------------------------------------
South China Morning Post reports that Fantasia Holdings Group said
a major subsidiary was facing a wind-up petition filed by its
creditors, which could force the debt-ridden Chinese developer into
insolvency.

The Post relates that the Shenzhen-based developer said in a stock
exchange filing on Nov. 25 that the petition was related to a
US$149 million loan of which Fantasia Investment Holdings was a
guarantor.

It is the first time that a wind-up petition related to offshore
debts has been filed against a mainland developer or its
subsidiaries, the report says.

"The company will seek legal advice to protect its legal rights and
interests and take all necessary measures including maintaining a
constructive dialogue with the petitioner to address the matter,"
Fantasia said in the filing to the Hong Kong stock exchange.
"Further announcement will be made by the Company as and when
appropriate."

It did not reveal the names of the creditors that filed the
petition, the Post notes.

A wind-up petition seeks to persuade the courts to force a debtor
to liquidate its assets for the repayment of loans and is usually a
last resort after other avenues have been exhausted.

"The case will fuel concerns about the developer's fate," the Post
quotes Wang Feng, chairman of Shanghai-based financial services
company Ye Lang Capital, as saying. "More importantly, it is a
fresh sign that international investors are increasingly worried
about mainland developers' asset quality and business prospects."

Fantasia, a builder of high-end residential projects and luxury
apartments in mainland cities like Beijing and Wuhan, was founded
in 1996 by Zeng Jie, the niece of former vice-president Zeng
Qinghong.

Last month, it failed to repay a US$205.7 million bond due on
October 4, and the company said there was no guarantee that it
would be able to meet its other financial obligations, the Post
recalls.

According to the report, Fantasia is one of at least six Chinese
developers struggling with vast debt that have either defaulted or
asked investors to wait longer for repayment.

The company is also grappling with a sharp fall in sales, the
report relates.

Last week, it said sales of housing contracts for October were down
62 per cent from a year ago at CNY2.11 billion, the Post
discloses.

The company reported a profit of CNY302.9 million for the first
half of 2021, up 9.5 per cent on the year.

As of June 30, it had current liabilities - those that have to be
repaid within a year - of nearly CNY50 billion, including CNY8.5
billion in borrowings and nearly CNY11 billion in senior notes and
bonds, the Post adds.

                      About Fantasia Holdings

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

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

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

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


KWG GROUP: S&P Alters Outlook to Negative & Affirms 'B+' LT ICR
---------------------------------------------------------------
S&P Global Ratings, on Nov. 25, 2021, revised its outlook on KWG
Group Holdings Ltd. to negative from stable. S&P affirmed its 'B+'
long-term issuer credit rating on KWG and 'B' long-term issue
rating on the company's senior unsecured notes.

S&P said, "The negative outlook on KWG reflects our view that the
company's liquidity could deteriorate more than we expect over the
next 12 months due to weak cash generation from sales, reducing
funding access, and the repayment of contingent liabilities. Also,
KWG's leverage could rise due to margin compression.

"We revised the outlook to negative from stable because we believe
KWG's previously undisclosed guarantee to private debt is reducing
its liquidity buffer. At the same time, risks have risen over the
company's transparency on debt obligations. KWG, along with other
peers in the sector, will also face multiple challenges over the
next 12 months. These include weakening sales prospects, margin
erosion, and uncertainty over the refinancing of onshore and
offshore maturities amid market volatility.

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

Repayment pressure on KWG's sizable bond maturities, including
previously undisclosed debt obligations, will increase over the
next 12 months amid market volatility.After repaying a Chinese
renminbi (RMB) 3 billion "panda bond" (or renminbi-denominated bond
from non-Chinese issuers) in early November, KWG still has about
RMB16 billion in bullet maturities or puttable bonds until the end
of 2022. Maturities coming due include U.S. dollar notes of US$250
million due in January 2022 and US$900 million due in September
2022.

Weaker market confidence in KWG and the property development sector
will limit the company's access to offshore capital markets. In
S&P's view, KWG will need to rely on internal cash flow and onshore
bank loans to meet its debt maturities.

S&P said, "We also believe KWG's weak disclosure and transparency
standards present risks around its contingent liabilities. The
company recently disclosed that it had provided guarantees to
US$520 million of private bonds. Of this, US$300 million will
mature in December 2021. Another US$220 million will mature in
April 2022. These were not disclosed in the company's interim and
annual reports as we understand, before being reported by recent
news articles. While these guarantees are used to support
cooperation in urban renewal developments, the counterparties
generally have weaker credit standing than KWG, in our view."
Potential honoring of these guarantee obligations will add to the
company's repayment burden. The guarantees have also raised
questions on whether there are further undisclosed debt
obligations.

KWG's slowing sales indicate weakening cash flow generation. S&P
estimates the company's unrestricted cash has fallen since the end
of June 2021. This is due to weakening sales, tightening mortgages,
and the repayment of debt maturities via internal resources. In the
first 10 months of 2021, KWG achieved RMB86 billion in contracted
sales, only 72% of its full-year target of RMB120 billion. KWG's
third-quarter sales were weak at only RMB20.6 billion.

S&P said, "In our opinion, sales conditions will remain
challenging. We expect the company to achieve RMB100 billion-RMB105
billion in contracted sales in 2021 and RMB95 billion-RMB100
billion in 2022, against RMB103 billion in 2020. That indicates a
lower sell-through ratio of 55%-58%, down from 60% in 2020.

"As such, we expect KWG to carry out more promotions to boost sales
and cash collections. This will bring gross margin down to 28% in
2021-2022 from 31.5% in 2020. Cash collection should remain at
about 80% in 2021 and 2022, in our view, which is flat against
2020.

"Near-term debt maturities are still manageable, due to KWG's
sizable cash balance, high quality overseas projects, and
controlled land spending. KWG had a sizable unrestricted cash
balance of RMB43 billion as of end-June 2021. We estimate about
half of that was held at the holding company level, which will be
available for debt repayment. We also expect KWG to conduct minimal
land acquisitions to help preserve liquidity.

"By our estimates, the company will generate operating cash flow
(after interest expenses) of RMB24 billion-RMB26 billion over the
next 12 months." This amount will include about HK$1.3 billion from
its Kai Tak residential project over the next one to two months
upon completion and delivery. On top of this, the company has
attributable saleable resources of about HK$3.5 billion in this
project with bank borrowings largely paid down.

KWG also has 50% interests in the Ap Lei Chau residential project
in Hong Kong, with attributable saleable resources of HK$15
billion-HK$17.5 billion. The company targets to launch this project
next year in the form of completed units.

S&P said, "The negative outlook on KWG reflects our view that the
company's liquidity could deteriorate over the next 12 months due
to weaker cash generation from sales than we expected, weakening
funding access, and the repayment of contingent liabilities.
Furthermore, the company's leverage could rise due to margin
compression.

"We could lower the rating on KWG if the company's liquidity and
cash position weaken from current levels due to cash depletion.
This could arise from contracted sales and cash collection that are
weaker than our base case assumptions.

"We could downgrade KWG if we believe the company's transparency
and financial control are weaker than what we expect, as indicated
by further undisclosed debt obligation and contingent liabilities.

"We could also lower the rating on KWG if the company's
proportional revenue growth and margins are weaker than our
expectation or if the company fails to control its debt growth due
to more aggressive expansion. Indicating this deterioration would
be an increase in its look-through debt-to-EBITDA ratio to above 7x
without signs of improvements, or the consolidated debt-to-EBITDA
ratio deteriorating from the current level.

"We could revise the rating outlook to stable if KWG can
significantly improve its funding access and cash position, such
that its ability to weather the industry down cycle and address
repayment pressure increases.

"A stable outlook would also be predicated on the company's
improvement in its financial management and transparency with no
further undisclosed debt obligations or contingent liabilities, at
the same time maintaining its look-through debt-to-EBITDA ratio
below 7x."

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

-- Transparency and reporting


XINJIANG LA CHAPELLE: Vows to Fight Bid for Company's Liquidation
-----------------------------------------------------------------
Caixin Global reports that the parent of troubled Chinese
fast-fashion brand La Chapelle vowed to fight court petitions by
three of its creditors seeking the company's liquidation, after it
failed repay millions in debt.

But the firm, which faces delisting from the Shanghai Stock
Exchange, admitted it has liquidity problems in a notice filed to
the bourse on Nov. 23, Caixin relays.

Three suppliers of Xinjiang La Chapelle Fashion Co. Ltd., which at
one time aimed to become the Chinese version of Spanish apparel
chain Zara, have filed court petitions for the company to be wound
up due to its inability to repay debts, according to the notice.




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

AGARWAL CHEM: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Agarwal
Chem Products (India) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          7.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          7.50        [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.

ACPL was incorporated in 2001 by Mr. Mohan Lal Agrawal, who is the
managing director. The promoter has an experience of more than 35
years in the industry- ranging from the manufacturing of pesticides
and chemical intermediaries to the trading of inorganic and
specialty chemicals. The company procures the chemicals from
national and international certified vendors, which are sold to
customers for use in textiles, dying and printing, detergents,
paints, varnishes, pharmaceuticals, fertilizers,  paper and
petrochemicals. In FY2018, the company reported a net profit of
INR0.4 crore on an operating income of INR149.8 crore, as compared
to a net profit of INR0.4 crore on an operating income of INR136.6
crore in the previous year.


ANANTHA PVC: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Anantha
Pvc Pipes Private Limited 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-          8.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   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 '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.

Anantha Pvc Pipes Private Limited was founded in 2002 as a
proprietorship concern which was converted to private limited
company in 2006. APPPL is a part of Nandi Group of companies,
promoted by Mr. Sajjala Sreedhar Reddy. The company is engaged in
the business of manufacturing of rigid PVC pipes and fittings with
installed capacity of 12,800 MTPA at its facilities located at
Hampapuram (Andhra Pradesh). The products are widely used in
irrigation, potable water supplies, construction industry, sewerage
and drainage etc. Nandi group, promoted by Shri S.P.Y Reddy, is a
South India-based industrial house having diversified business
interest such as cement, dairy, PVC pipes, construction etc.


BHAIRAVNATH SUGAR: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bhairavnath
Sugar Works Limited's (BSWL) Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING) from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best-available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR1,573.91 bil. (reduced from INR1.710 bil.) Long-term loans
     due on January 2025 downgraded with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR2.80 bil. (reduced from INR3.290 bil.) Fund-based limits
     (long-term) downgraded with IND D (ISSUER NOT COOPERATING)
     rating.

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

The downgrade reflects BSWL's delay in servicing the interest
portion of loans in October 2021 and its resultant categorization
into the special mention account-0 category.

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

BSWL was incorporated in 2000 and runs five fully-integrated sugar
manufacturing facilities in Maharashtra with a total crushing
capacity of 13,500tonnes of cane per day and cogeneration plants
with total capacity of 53.5MW.


ENRICH RD: ICRA Keeps C+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Enrich RD
Infraprojects Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        3.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short term–       7.00       [ICRA]A4; ISSUER NOT
COOPERATING;
   Non fund based               Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long Term/        5.00       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short Term-                  COOPERATING; Rating continues
   Unallocated                  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.

Enrich RD Infraprojects Private Limited (ERDIPL) was initially
established as a proprietorship firm - R D Electricals by Mr.
Dashrath Redekar in 1986 and converted to a private limited company
in 2007. The operations of the company are collectively managed by
the directors of the company- Mr. Sunil Agrawal and Mr. Deepak
Redekar. ERDIPL is engaged in executing turnkey projects involving
designing, supply, erection, testing and commissioning of the
overhead electrification1 for railways. The company is also engaged
in the trading of steel items such as MS Angles, plates, channels,
and electrical fittings like GPRS modules and others.

GRIPWELL FORGING: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gripwell
Forging & Tools 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 1948, Gripwell Forging and Tools, a proprietorship
concern, was started by Sardar Kesar Singh and is primarily
involved in the manufacturing and exporting of hand tools, having a
diversified product range under it. Mr. Gunit Singh Rana took over
the concern, acting as the executive director (also the proprietor)
along with Mr. Ajit Singh Rana, acting as the president. In 1998,
Gripwell Forgings & Tools obtained the ISO 9002 System & Procedures
certification. Subsequently, it upgraded to the ISO 9001:2008
Quality System with certifications from Intertek Group PLC.
Products such as Chrome Vanadium Steel Spanners and Steel Vices are
approved for safety and quality by TUV Rheinland-Germany and carry
the coveted GS mark. The concern has different products with
different SKUs under it, constituting primarily of vices, pliers,
pincers, wrenches, spanners, hammers, pipe tools, saw blades,
garden tools etc.


HARIHAR ALLOYS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Harihar Alloys Pvt
Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND B
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR93.10 mil. Term loan due on November 2024 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating;

-- INR260.00 mil. Fund-based facilities migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)/IND
     A4 (ISSUER NOT COOPERATING) rating; and

-- INR60.00 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Harihar Alloys manufactures high quality
castings and forgings in an array of classes and material grades
for various industries. Its head office is located at Trichy (Tamil
Nadu). Its casting and forgings units are located in the Trichy and
Pudukkottai districts in Tamil Nadu.


HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hydrobaths
Ramco Marketing Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.43       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short term–        2.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                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.

Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated in
2009, is involved in the trading of products like sanitary ware
(bathtubs, shower trays, Jacuzzis, shower panels, shower enclosure,
bathroom furniture, steam baths, spas), faucets, tiles and others
which are largely procured from international manufacturers from
countries like Thailand, Italy and China. The promoters were
initially involved in the manufacturing of bathtubs through a
proprietorship firm (set up in 1992). Later in 1999, another
proprietorship firm named Hydrobaths Ramco Marketing Company (HRMC)
was set up and in the year 2000, the firm started importing
products like sanitary ware and faucets. In 2009, Hydrobaths 2
Ramco Marketing Private Limited, was incorporated which took over
the business of HRMC. HRMPL procures products from international
manufacturers like Guangzhou Metal & Mineral Imp Exp Limited, SIAM
Cement Group, Ceramic Atlas Concorde Spa Italy and others and sell
in domestic market. HRMPL sells its through distributors, dealers,
own retail showroom and also project sales (sale to institutional
clients). The company has franchisee arrangement with its 3
distributors located in Mumbai, Bangalore and Kolkata though
distributors in cities like Hyderabad, Chennai, Cochin, Ahmadabad
and others operate their own showrooms. The company has its
exclusive showroom (around 35000 sqft) at Gurgaon.

IL & FS Financial: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IL&FS Financial
Services Ltd.'s (IFIN) Long-Term Issuer Rating and Short-Term
Issuer Ratings at 'IND D'.

The instrument-wise rating actions are:

-- INR49.85 bil. Non-convertible debentures* (NCDs) (Long-term)v

     affirmed with IND D rating;

-- INR11.0 bil. Subordinated debt* (Long-term) affirmed with IND
     D rating;

-- INR7,587.5 bil. Bank loans (Long-term) affirmed with IND D
     rating; and

-- INR7.0 bil. Short-term debt/commercial paper programme^
     (Short-term) affirmed with IND D rating.

^Unutilized

*Details in annexure

KEY RATING DRIVERS

The ratings continue to reflect IFIN's missed payments on
contractual debt obligations. The IL&FS group is functioning under
a resolution framework wherein payments are made mostly to meet
operational expenses to ensure the going concern status of the
company. The group remains in a cash conserving mode while making
efforts towards asset monetization. As per media reports, the group
has put on sale INR43 billion of non-performing loans of IFIN.

IFIN reported a profit of INR1.3 billion in 1HFY20 (FY19: loss of
INR132.7 billion) on the total assets of INR40 billion (INR38
billion).

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

IFIN is a non-banking finance company that provides credit and
other services such as debt syndication and corporate advisory.


INFRASTRUCTURE LEASING: Ind-Ra Affirms 'D' LT/ST Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Infrastructure
Leasing & Financial Services Limited's (IL&FS) Long-Term and
Short-term Issuer Ratings at 'IND D'.

The instrument-wise rating actions are given below:

-- INR93,600.8 bil. Long-term debt* (Long term) affirmed with
     IND D rating;

-- INR1.0 bil. Subordinated debt^ (Long term) affirmed with IND D

     rating;

-- INR12.250 bil. Short-term debt (Short term) affirmed with IND
     D rating; and

-- INR3.0 bil. Bank loans (Long term) affirmed with IND D rating.

^Unutilized

*Details in annexure

KEY RATING DRIVERS

The ratings continue to reflect the missed payments on contractual
debt obligations. The IL&FS group has been functioning under a
resolution framework, wherein payments are made mostly to meet
operational expenses to ensure the going concern status of the
company. IL&FS remains in a cash conserving mode while continuing
to make efforts towards asset monetization.

In the company's media release dated November 2, 2021, the new
board and management of IL&FS state that it has addressed debt of
INR522 billion across the group. The group estimates to resolve
around INR570 billion debt by March 2022.

The group has received National Company Law Tribunal approval for
launching phase I of Infrastructure Investment Trust (InvIT) in
which six road projects will be transferred. Also, the group has
addressed some portion of the debt from asset monetization
initiatives including: InvIT Phase 1; Terracis Technology
(erstwhile IL&FS Technologies); ONGC Tripura Gas based power
project; Warora Chandrapur Road project and IL&FS Prime Terminals
Fujairah.   

The group has also applied with tribunal seeking approval for the
transfer of five road projects under Phase II of the InvIT and has
launched the sale process of IFIN's external non-performing loan
portfolio. The selection and finalization of the highest bidder in
the sale process of IL&FS headquarters in Mumbai is also underway.


RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

IL&FS operates in India's infrastructure development space. The
company had restructured its business in FY08 and converted itself
into a holding company after demerging its lending and advisory
business to its subsidiary, IL&FS Financial Services Ltd ('IND D').
The company received a core investment company license in September
2012.


JALANDHAR AMRITSAR: Ind-Ra Affirms 'D' Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jalandhar Amritsar
Tollways Ltd.'s (JATL) bank loan rating at 'IND D.'

The detailed rating action is:

-- INR1.417 bil. Bank loan (Long-term) affirmed with IND D
     rating.

The company has been providing project-related information in a
timely manner for the current surveillance from October 28, 2021,
in line with regulatory compliance.

KEY RATING DRIVERS

The affirmation reflects JATL'S continued delays in debt servicing
in FY22 due to a tight liquidity position, resulting from the
termination of the project by the National Highways Authority of
India (NHAI; 'IND AAA'/Stable) dated November 5, 2020.

Accordingly, the project's termination process is underway  and the
lenders are yet to receive the final termination payment from the
NHAI.

The project has been placed under the sub- standard category with
its lenders.  

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

JATL is a special purpose company that was set up to widen,
operate, and maintain a 49km road stretch on the National Highway 1
between Jalandhar and Amritsar in Punjab. The NHAI has awarded the
project to JATL under a 20-year concession. JATL is wholly owned by
IVRCL Limited ('IND D (ISSUER NOT COOPERATING)'). The project
stretch is maintained by IVRCL, which has over two decades of
experience in operating toll roads.


JAY PALGHAR: ICRA Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jay
Palghar Net Co. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          0.75        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.25        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       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 January 2015, Jay Palghar Net Co. (JPNC) is into
manufacturing of Fishing Nets, Sports Nets and Safety Nets with its
production facilities located in Porbandar, Gujarat with a total
installed manufacturing capacity of 2000 kgs per day. The
commercial production of the firm started from February 2016. The
firm was started by Mr. Suresh Lodhari along with his son Mr. Jay
Lodhari. Mr. Suresh Lodhari has a long experience in this line of
business.

KSP INC: Ind-Ra Keeps BB Long-Term Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained KSP Inc.'s
Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR150 mil. Fund-based export-related limits* maintained in
     non-cooperating category and withdrawn;

*Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to its full-year financial performance for FY21,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Founded in 1977, KSP is engaged in the manufacturing and trading of
lawn and garden decorative items such as garden products, wrought
iron furniture, garden arches, garden fences, bird feeders,
furniture, among others. The firm exports these items to Europe,
the UK and North America. The company is promoted by Puneet Berry
and his family.


LODZ DENIM: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lodz Denim Pvt Ltd
(LDPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based limits assigned with IND BB+/Positive
     rating;

-- INR75 mil. Non-fund-based limits assigned with IND A4+ rating;

     and

-- INR965 mil. Term loan due on March 2027 assigned with
     IND BB+/Positive rating.

The ratings reflect LDPL's medium scale of operations, modest
EBITDA margin and credit metrics, and stretched liquidity position.


The Positive Outlook reflects a likely improvement in LDPL's
revenue and profitability in FY22 backed by a healthy revenue in
H1FY21 and strong order book, leading to an improvement in the
overall credit metrics.

KEY RATING DRIVERS

The ratings reflect LDPL's medium scale of operations as indicated
by revenue of INR1,537 million in FY21 (FY20: INR1,630 million).
The decline in revenue was due to lower sales volume primarily on
account of the COVID-19-led disruptions in 1HFY21. Till September
2021, the company achieved revenue of INR1249 million and had an
order book of INR6,000 million, to be executed by end-December
2021. Ind-Ra expect LDPL to achieve revenue of above INR2,500
million in FY22 owing to the recovery in demand.

The ratings also factor in LDPL's modest EBITDA margin of 12.56% in
FY21 (FY20: 10.91%) with a return on capital employed was 8% (7%).
Despite the decline in revenue, the margin improved on account of
decline in operational costs and subsidy income of INR30.04 million
in FY21 (FY20: INR45.98 million). Ind-Ra expects the margins to
continue to improve gradually with the rise in revenue but will
remain modest over the medium term.

Liquidity Indicator – Stretched: LDPL's average utilization of
the fund-based limits was 88% over the 12 months ended September
2021. The company's cash and cash equivalents stood at INR2.05
million at FYE21(FYE20: INR2.46 million). The net cash conversion
cycle elongated to 71 days in FY21 (FY20: 9 days) on account of an
increase in the inventory holding period to 79 days (49 days) and
collection period to 79 days (49 days). The cash flow from
operations deteriorated to negative INR164 million in FY21 (FY20:
negative INR14.23 million) due to high working capital requirement.
The company has scheduled repayments of INR124.18 million in FY22,
which is likely to be met from internal accruals.

The ratings also reflect LDPL's moderate credit metrics as
indicated by the interest coverage (operating EBITDA/gross interest
expenses) of 1.72x in FY21 (FY20: 1.47x) and the net leverage
(adjusted net debt/operating EBITDA) of 5.8x (6.1x). The
improvement is driven by the increase in the absolute EBITDA to
INR192 million in FY21 (FY20: INR177 million). Ind-Ra expects the
credit metrics to improve further in FY22 backed by a  likely
growth in the absolute EBITDA and repayment of debt.

The rating is also supported by the promoters' close to a decade's
experience in the textile industry.  

RATING SENSITIVITIES

Positive: Any significant growth in the revenue while maintaining
the EBITDA margin, leading to an improvement in the liquidity
position and the net leverage reducing below 3x, all on a sustained
basis, will lead to a positive rating action.

Negative: Any significant decline in the revenue and/or EBITDA
margin, resulting in a stretch in the liquidity position and/or the
net leverage remaining above 4.0x, all on a sustained basis, would
lead to a negative rating action.

COMPANY PROFILE

LDPL, incorporated in December 2011 as M/s Groove Vincom Pvt Ltd,
manufactures denim fabric in Surat. The company commenced
operations in December 2018.  


LOTUS OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lotus
Overseas in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

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

   Fund Based          1.15        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in May 2017, Lotus Overseas (LO) is a partnership firm
promoted and managed by Mr. Manish Pipaliya and Mr. Chhagan
Pipaliya. The firm is involved in processing and trading in
agro-commodities such as groundnuts, sesame and cumin. The firm's
commercial operations commenced from October 2017. Its
manufacturing facility is located at Junagadh in Gujarat.  The
promoters have experience of more than a decade in the
agro-commodity sector.


MAHESH ELECTRICAL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahesh
Electrical & Telecom 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-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         3.50        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Established in year 2006, Mahesh Electrical & Telecom (MET or the
Firm) is a turnkey service provider for private players in setting
up telecom tower assemblies as well as a contractor for
construction of electrical infrastructure for government bodies in
the states of Maharashtra and Karnataka. The firm is promoted by
proprietor Mr. Shankar Kagne who initially worked in the telecom
sector and then entered construction line for electrical
infrastructure for state electricity bodies. The firm has its
registered office in Pune, Maharashtra. Providing turnkey solutions
for telecom players and construction of electrical infrastructure
are the two major revenue contributors of MET. The firm sets up and
commissions mobile tower assemblies for telecom players and
undertakes electrical construction works for government bodies in
Maharashtra and Karnataka.


MANISHA CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Manisha
Construction Co. 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-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Limit                           to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        15.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         1.50        [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.

Manisha Construction Co. is a partnership firm established in 1985
and is engaged in civil construction work which comprises of
construction of petty roads such as stone pavement, cement concrete
pavement, paver blocks and asphalt road. The firm also undertakes
other civil works such as construction of sewerage lines, compound
wall and repairs of road, government buildings, culverts, trenches
and other mass earthwork from BMC (Brihanmumbai Municipal
Corporation), MCGM (Municipal  Corporation of Greater Mumbai) and
PWD (Public Work Department), Maharashtra. As per the management
sewerage construction works accounts for more than 50% of the total
turnover. The job work comprises of income through sub-contract
work and income through leasing of machinery and labor.


MARIGOLD PAINTS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Marigold
Paints Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/A4; ISSUER NOT
COOPERATING".

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

   Short Term–         1.00        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term         (0.50)       [ICRA]A4; ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Bank Guarantee                  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 April 1987, Marigold Paints Pvt. Ltd. (MPPL) is
engaged in manufacture of industrial paints as well as ancillary
products such as primer, resin, putty, thinner etc. It has also
integrated backwards to manufacture resins, such as alkyd, amino,
poly vinyl butyral resins, which are consumed captively for
manufacture of paints as well as sold to other players. The company
was erstwhile managed by Mr. Bhanu Patel from whom Mr. Davinder
Mittal took over in 2001. In April 2015, Snowcem Paints Private
Limited acquired 51% stake in the company and became a majority
stakeholder.


MERCURY INDUSTRIES: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mercury Industries
Limited's Long-Term Issuer Rating to the non cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR120 mil. Fund based working capital migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR42.8 mil. Term loan due on July 2028 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR1.5 mil. Non-Fund based facility migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 7, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1985, Mercury Industries manufactures paint cans,
metal containers, packaging tins, metal gift boxes and others and
supplies them to companies that primarily operate in the paint
industry globally. It has an installed capacity of 15.9 million
cans per annum.


NAIK ENVIRONMENTAL: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Naik
Environmental Engineers 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
   ----------      -----------     -------
   Long Term-          4.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.50        [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.

Naik Environmental Engineers Private Limited (NEEPL) is a private
limited company incorporated in the year 1990. The company is an
environmental engineering company providing solutions for
wastewater recycling. Dr. Shirish Naik, Mrs. Veena Naik, Dr. Ms.
Kartiki Naik, and Ms. Gauravi Naik are the directors of the company
where except for Mr. Shirish Naik all the directors are inactive in
the business. Mr. Shirish Naik – a PhD from IIT Bombay and former
Professor looks after the overall  management of the business. The
management of the company consists of highly experienced
professionals supported by qualified technicians, engineers, and
chemists.

NANDI IRRIGATION: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nandi
Irrigation Systems Limited 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-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          3.00        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     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.

Nandi Irrigation Systems Limited (NISL) was incorporated in 2007
and is promoted by Mr. Sajjala Sreedhar Reddy. The company is
engaged in the manufacturing of Polyvinyl-Chloride (PVC) pipes,
lateral pipes and sprinklers used in irrigation. NISL has its plant
located in Nandyal, Kurnool district of Andhra Pradesh and is a
part of the Nandi group of Industries based out of Andhra Pradesh.
The group is having diversified business interest such as cement,
dairy, PVC pipes, construction etc.


NOMAX ELECTRICAL: ICRA Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nomax
Electrical Steel 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-       17.33       [ICRA]C; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-        0.46       [ICRA]C; ISSUER NOT COOPERATING;
   Untied Limits                 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.

Promoted by Md. Moinuddin Mondal, the company was initially
established in 1981 as a proprietorship firm in the name of
'Eastern Electricals'. It was converted into a private limited
company in 2007 and was renamed Nomax Electrical Steel Private
Limited. The company manufactures Cold Rolled Grain Oriented (CRGO)
steel laminations, which are primarily used in making
transformers, stabilisers, etc. The company carries out its
operations from its two units located at Dakhin Hathiara, Kolkata.



ONE 97 COMMUNICATIONS: Net Loss Widens to INR4.7BB at 2021 3Q
-------------------------------------------------------------
The Business Times reports that One 97 Communications, the parent
of fintech firm Paytm, said on Nov. 27 its net loss for the 3
months through September widened by 8.4 per cent as expenses rose.

Paytm, reporting its earnings publicly for the first time since
listing this month, reported a consolidated net loss of INR4.74
billion compared with INR4.37 billion in the same period a year
earlier.

Revenue rose 49.7 per cent to INR11.35 billion, BT discloses.

"We have maintained the growth momentum in our payments services
business, expanded our financial services business aggressively and
are on our way to pre-Covid volumes for Commerce and Cloud
services," Paytm's management said in a statement, adding that the
company was well funded, BT relays.

Paytm counts China's Ant Group and Japan's SoftBank Group among its
backers. It raised US$2.5 billion in what was India's biggest
initial public offering (IPO) this month, but made a dismal debut
on the stock exchanges last week, according to BT.

The stock has recouped some of its initial losses but remains 17%
below its issue price, the report notes.

One97 Communications, or Paytm, engages in the financial services
business, focusing primarily on digital transactions. The company
also lends to customers and merchants through lender partners, and
also retails insurance, mutual funds and gold investments through
tie-ups.


PATEL AGRI: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Patel Agri
Industries Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR120.05 mil. Fund-based working capital limit* maintained in

     non-cooperating category and withdrawn; and

-- INR222.57 mil. Term loan* due on November 30, 2025 maintained
     in non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category as
the company did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Ind-Ra is no
longer required to maintain the ratings, as the agency has received
no-objection certificates from all the lenders. This is consistent
with the Securities and Exchange Board of India's circular dated
March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Bihar-based Patel Agri Industries is engaged in rice milling
business and is managed by Dilip Kumar and his family.


PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pragatej
Builders & Developers Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        20.00       [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.

Established in 1996, Pragatej Builders & Developers Private Limited
(PBDPL) is engaged in the execution of its first project under the
Slum Rehabilitation Scheme (SRS). The promoters of the company have
previously executed a rehabilitation project under PBDPL's group
concern.The ongoing project - 'Vishnuchandra Sky' is located at
Wadala which is a centralized location connecting parts of Mumbai
and Navi Mumbai. The project site is located at a distance of 0.7
kms from Wadala station, 1.2 kms from Dadar railway station and 4
kms from the Bhakti Park Monorail station. The project is being
undertaken under the Slum Rehabilitation Scheme and is being
constructed on land owned by the Municipal Corporation of Greater
Mumbai (MCGM). It encompasses the construction of a slum
rehabilitation building, a club house and 22 storey residential
building for sale.


RAJA BAHADUR: Ind-Ra Gives BB- LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raja Bahadur
International Limited (RBIL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:  

-- INR2.0 bil. Proposed term loan assigned with IND BB-/Stable
     rating.

KEY RATING DRIVERS

The ratings reflect RBIL's high execution and funding risk in its
ongoing Raja Bahadur 101 project. Of the total project cost of
INR2,895 million, the company has incurred only INR424 million.

The project is to be funded by promoters' fund of INR895.7 million
and a bank loan of INR2,000 million. The promoters have infused
INR424.5 million until June 2021, while the company has to achieve
a financial closure with banks.

The ratings are also constrained by high concentration risk as RBIL
has a single ongoing project.

However, the ratings are supported by the project's strategic
location in the main Pune City with proximity to the railway
Station and airport. Moreover, the company's promoters have an
experience of more the 15 years in the real estate industry. Since
inception, RBIL has developed more than 1 million sf of commercial
and residential space.      

Liquidity Indicator – Adequate: As of March 31, 2021, the company
had a cash and bank balance of INR101.4 million. It has scheduled
debt repayments of INR8.8 million for FY22, which are to be met
through rental income.

RATING SENSITIVITIES

Negative: Any delay in project execution or cost overrun, resulting
in a higher-than-expected debt requirement will be negative for the
ratings.     

Positive:  Successful project completion and sale or a significant
increase in sales realization, leading to strong cash flow
visibility would lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1926, RBIL is engaged in real estate development.
The company's project is situated in Sangamwadi, Pune. It is listed
on BSE Ltd.  


RICON INDUSTRIES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ricon Industries a
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR225 mil. Fund-based working capital limits assigned with   

     IND BB/Stable/IND A4+ rating;

-- INR34.2 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating; and

-- INR566.90 mil. Term loan due on February 2027 assigned with
     IND BB/Stable rating.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The average maximum utilization of
Ricon's fund-based limits was 64% during the 12 months ended
September 2021. The cash flow from operations turned negative
INR82.42 million in FY21 (FY20: INR198.40 million) due to a
stretched working capital cycle and reduced EBITDA. The net cash
conversion cycle elongated to 136 days in FY21 (FY20: 72 days), due
to an increase in debtor days to 82 (40). The free cash flow turned
negative INR215.7 million in FY21 (FY20: INR195.7 million), on
account of the capex incurred during the year. The firm does not
have any capital market exposure and relies on banks to meet its
funding requirements.

The ratings reflect Ricon's modest credit metrics with the gross
interest coverage (operating EBITDA/gross interest expense) of
4.29x in FY21 (FY20: 2.18x) and net leverage (adjusted net
debt/operating EBITDAR) of 6.56x (3.29x). The yoy improvement in
the interest coverage in FY21 was mainly on account of an interest
subsidy of INR34 million received by the company during the year.
The deterioration in the net leverage was due to an increase in the
total debt to INR790.79 million in FY21 (FY20: INR542.67 million)
as the firm availed a fresh loan for its windmill and solar power
plant. Ind-Ra expects the credit metrics to improve over FY22-FY23
on account of an increase in the operating EBITDA and the scheduled
repayment of term loans.

The ratings are constrained by the partnership nature of the
business.

The ratings factor in Ricon's medium scale of operations. In FY21,
the revenue fell 18.43% yoy to INR1,254.53 million in FY21 due to
COVID-19-related disruptions. During 1HFY22, the company's revenue
was INR1,310 million. Ind-Ra expects the revenue to improve in FY22
based on an increase in the number of orders received from existing
and new customers.

The firm's EBITDA margins declined to 9.47% in FY21 (FY20: 10.52%)
due to an increase in the employee cost and other variable
overheads. During 1HFY22, the company's EBITDA was INR120 million.
Ind-Ra expects the EBITDA to improve in FY22 due to a reduction in
the power cost. Ricon is incurring capex of INR229.84 million over
FY21-FY22 (INR133 million incurred in FY21) for setting up a 2.7MW
windmill (commissioned in September 2021) and a 1.3MW rooftop solar
plant that will be commissioned by end-December 2021.This is likely
to cut the firm's power cost by around 25% (considering part year
of operations) in FY22 and by around 70% in FY23 on a full-year
basis.

The ratings, however, are supported by Ricon being a part of R&B
Denims Limited (IND BBB-/Stable), a listed and the flagship company
of the R&B Denims group. R&B Denims is promoted by the Dalmia
family and Borana family and operates in the cotton yarn segment.
The promoters have been in this business for almost three decades.


RATING SENSITIVITIES

Positive: An improvement in the scale of operations, the net
leverage falling below 3.5x and an improvement in liquidity
position will be positive for the ratings.

Negative: A significant decline in the scale of operations, the net
leverage remaining above 5.5x, along with a deteriorated liquidity
position will be negative for the ratings.

COMPANY PROFILE

Ricon is one of the group companies under R&B Denims and
manufactures a variety of cotton yarns. It had an installed
capacity of 2,208 open end rotors and 11,520 ring spindles at
end-October 2021.


SALASAR PLYWOOD: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Salasar
Plywood Private Limited (SPPL; part of the Purbanchal group {PG})
continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             0.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit        8        CRISIL A4 (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of Purbanchal Laminates Pvt
Ltd, Purbanchal Lumbers Private Limited (PLPL), Purbanchal Veneers
(PV), SPPL, Landmark Veneers Pvt Ltd (LVPL) and Amul Boards Pvt Ltd
(ABPL). The six companies, together referred to as the Purbanchal
group (PG), are in the same line of business, and have common
promoters and management.

PG is promoted by Mr. Rakesh Agarwal, Mr. Mukesh Agarwal and Mr.
Omprakash Agarwal, The group is engaged across the value chain of
timber processing-i.e. trading to further manufacturing of
plywood/laminates at its facilities located at Gandhidham,
Gujarat.


SEJAL PROPERTIES: Ind-Ra Assigns 'B' Non-Convertible Debts Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Sejal Properties
Private Limited's (SPPL) proposed non-convertible debentures (NCDs)
as follows:

-- INR1.450 bil. Proposed NCDs* assigned with Provisional IND
     B/Stable rating.

*The rating is provisional on account of the impending transfer of
a 40.5 acres land parcel from a group company Srishti
Infrastructure Development Corporation Limited (SIDCL) to SPPL for
its yet-to-be launched residential project. SPPL will take over
Phase II of the project Srishtinagar township in Guwahati from its
sister concern SIDCL (admeasuring 40.5 acres) and develop it. The
final rating will be assigned on the receipt of the necessary
authority approvals and executed documents, signifying completion
of the transfer.

ANALYTICAL APPROACH

Ind-Ra has taken a standalone view of SPPL's financial profile, as
the company intends to utilize all sales proceeds from the project
only to repay its debt, after meeting the construction costs. Cash
flows from the project are ring fenced from the cash flows of other
group entities.

KEY RATING DRIVERS

The rating is constrained by the recent financial difficulties
faced by some of group entities (including SIDCL).

The rating is also constrained by the small scale of SPPL's
operations. It has a total asset size of roughly INR1 million. The
company's ability to pay back the rated NCDs is a function of cash
inflows from Phase II of the project, which is not yet launched.

The company has obtained majority regulatory permissions and its
management expects to launch Phase II of the project in April 2022.
Ind-Ra expects SPPL to get the ownership of 40.5 acres of
residential land in a larger 250-acre Shristinagar township in
Guwahati, Assam as it takes over INR1,450 million NCDs from SIDCL.
The township has reported annual sales of roughly INR500 million in
Phase I under SIDCL.

According to a valuation exercise by Jones Lang LaSalle (JLL)
Property Consultants (India), the land has a market value of
INR2,196 million, as against the proposed NCDs of INR1,450 million.
Other than this, SPPL does not have any debt.

Liquidity Indicator – Poor: As at FYE21, SPPL had cash and cash
equivalents of INR1.3 million and no undrawn fund-based limits are
available for the entity.

However, the company benefits from the proven location and sales
track record of Phase I of the project.

RATING SENSITIVITIES

Positive: Successful launch of the project with realizations of
significant cash flows to comfortably service the proposed debt
could result in a rating upgrade.

Negative: Substantial delays in project commencement and/or a
sustained poor liquidity position could result in a downgrade.

COMPANY PROFILE

Established in 1995, SPPL is a Kolkata-based Kanoria Foundation
Limited real estate company.


SHESHRAO WANKHEDE: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni Limited's (BSW) Long-Term
Issuer Rating in the non-cooperating category and has
simultaneously withdrawn the same.

The instrument-wise rating actions are:

-- INR21.40 mil. Bank loans maintained in non-cooperating
     category and withdrawn; and

-- INR200 mil. Fund-based working capital limit maintained in
     non-cooperating category and withdrawn.

*Maintained at 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The rating has been maintained in the non-cooperating category as
BSW did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.  

Ind-Ra is no longer required to maintain the rating, as it has
received a no objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Established in 1989 and operational since 2004, BSW  is a
cooperative entity registered under Cooperative Societies Act of
Maharashtra, 1960. It manufactures 100% cotton yarn.


SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shiv
Shakti Enterprise in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [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.

Established as a partnership firm in February 2014, Shiv Shakti
Enterprise commenced the development of its first residential real
estate project viz. Siddhi Vinayak Heights in April 2014. The
project is one with 152 two BHK flats, with saleable area in the
range of 1138sq.ft to 1186sq.ft. Located in the Pal-Adajan area of
Surat, the management is targeting the people employed in companies
located in the Hazira industrial belt as prospective buyers. The
management had rescheduled the project completion from September
2016 to July 2017.

SIDDAPUR DISTILLERIES: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Siddapur
Distilleries Limited's Long-Term Issuer Rating to the
non-cooperating category. The Outlook was Negative. The issuer did
not participate in the rating exercise despite continuous requests
and follow ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR168.4 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)  
     rating;

-- INR171.6 mil. Fund-based facilities migrated to non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60.0 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 27, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Siddapur Distilleries is a public limited company that was
incorporated in 2003. It is based in the Siddapur village, Bagalkot
District, Karnataka. The company is involved in the production and
sale of rectified spirit, ethanol and neutral spirit, as well as
by-products such as biogas and organic manure. Jagadeesh S
Gudaganti is the chairman/managing director of the company.


SIDDHBALI AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Siddhbali Agro 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-          5.81        [ICRA]B (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.19        [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.

SSAI was established in 2015 as a partnership firm. It grades and
processes wheat and paddy seeds at its facility in Kashipur, which
has an installed capacity of 2 tonne per hour. The company is
managed by Mr. Rahul Agarwal.


STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Organic
Foods Inc (SOFI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill           3         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Letter of Credit       1         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         1.85      CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         5         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.15      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Star Organic Foods Inc. (SOFI) is a partnership firm incorporated
in 2011 and engaged in exports of shrimps, providing cold storage
facilities for the group entities and shrimp pre-processing in
addition to sale to local traders for shrimp exports. The entity
was initially involved in trading of organic fruits in addition to
shrimps till April 2011. The firm is located in Nellore, Andhra
Pradesh (AP).


SUDHIR AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sudhir
Agro Oils Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/D; ISSUER NOT COOPERATING".

                       Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   LT-Fund Based/CC     4.00     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   ST-Fund Based/CC    16.00     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   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 1993, SAOPL is engaged in the trading of edible
oils. It trades primarily in Crude Palm Oil, Mustard Oil, Cotton
Seed Oil, Sunflower Oil and Soya Oil. The company does not have any
warehousing facility for storage of traded products. The promoter
Mr. Prem Kumar's family has been involved in the edible oil trading
business for three generations.


SUMMIT ONLINE: CRISIL Lowers Rating on INR20cr Bank Debt to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Summit
Online Trade Solutions Private Limited (SOTPL) revised to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          35       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Overdraft Facility      20       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

SOTPL was set up in 2008, to distribute various online lottery
schemes organized by seven states - Goa, Sikkim, Maharashtra,
Punjab, Mizoram, Arunachal Pradesh and West Bengal. The company is
owned and managed by Mr Sugalchand Jain and their family members.


SURAT WOVENSACKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Surat
Wovensacks Industries LLP in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

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

   Fund Based          8.60        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       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 October 2015, Surat Wovensacks Industries LLP
(SWIL), manufactures high-density polyethylene and polypropylene
(HDPE & PP) woven fabrics (laminated and non-laminated). The firm
started its commercial operations in August 2016 from its
manufacturing facility at Magrol, in Surat, with an installed
capacity to manufacture 3960 Metric Tonnes (MT) fabrics. The firm
is managed by Mr. Anil Pugliya and Mr. Harjeet Singh Chhabra In
FY2017, the company on a provisional basis reported a net loss of
INR0.70 crore on an operating income of INR10.96 crore.


SURENDRA STEELS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Surendra Steels
Private Limited's (SSPL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR36.1 mil. Term Loan* is
     withdrawn;

-- The 'IND BB+' rating on the INR172.5 mil. Fund-based working
     capital limit* is withdrawn; and

-- INR237.5 mil. Fund-based working capital limit** maintained in

     non-cooperating category and withdrawn.

*Loan closed with the bank

**Maintained in 'IND BB+ (ISSUER NOT COOPERATING) before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise
despite requests by the agency and has not provided information
pertaining to the full-year financial performance for FY21,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1989, SSPL is an authorized dealer for JSW Steel
Limited ('IND AA'/Stable) in Guwahati, Assam.


SURINDER KUMAR: CRISIL Lowers Rating on INR25cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Surinder Kumar and Company (SKC; part of Surinder Kumar and Group)
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of JREPL and Surinder Kumar
and Company (SKC), together referred to as Surinder Kumar and
group. This is because the entities are in similar businesses and
have common promoters. Unsecured loans of INR9.75 crore extended by
the promoters and their family and friends as on March 31, 2019,
have been treated as neither debt nor equity. This is because the
loans are expected to remain in the business over the medium term.

Surinder Kumar and group processes paddy into basmati rice, rice
bran, broken rice, and husk. Mr Kulwant Rai Bajaj and Mr Surinder
Kumar Bajaj are the promoters and manage the daily operations.

T & U SYSTEMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T & U Systems
Automobiles Private Limited (TUSAPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

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

   Cash Credit             5.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     13.5      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Incorporated in September 2009, TUSAPL is an authorized dealer of
New Holland for tractors, harvesting machines, and other farm
vehicles. The company currently has eight outlets situated in
districts of the Vidarbha region of Maharashtra.


ULTRA TRUST: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ultra Trust
(UT) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan                5       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

UT was set up by Mr K R Arumugam in 1981. Based in Madurai, Tamil
Nadu, it offers undergraduate, post-graduate, and diploma courses
in pharmacy, nursing, physiotherapy, and engineering.


VIJAYA ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya Energy
Plus Private Limited (VEPPL continue to be 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            7.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

VEPPL was incorporated in 2005 by Mr K Vishwanath and his family.
The company undertakes electrification (low- and high-tension)
contracts for real estate projects, sub-station works, railways and
government bodies.

ZEBION INFOTECH: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Zebion Infotech
Private Limited (ZIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR201 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limits assigned with
     IND A4+ rating; and

-- INR18.6 mil. Term loan due on February 2026 assigned with
     IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect ZIPL's small scale of operations, as indicated
by revenue of INR805.8 million in FY21 (FY20: INR612.7 million).
The significant increase in revenue in FY21 was due to an increase
in demand of information technology and electronic products. In
1HFY22, ZIPL achieved revenue of around INR491.65 million. Ind-Ra
expects the revenue to be marginally higher in FY22 than FY21,
owing to the high demand for electronic products. FY21 financials
are provisional.

The ratings also factor in ZIPL's average EBITDA margin of 5.48% in
FY21 (FY20: 6.3%) with a return on capital employed of 14% (14%).
The decline in margin was on account of increase in operating
expenses. During 1HFY22, ZIPL achieved EBITDA margin of 4.96%.
Ind-Ra expects the margin to marginally improve in FY22 due to
normalization of business operations.

The ratings are also constrained by ZIPL's weak credit metrics with
the gross interest coverage (operating EBITDA/gross interest
expense) of 1.34x in FY21 (FY20: 1.25x) and the net leverage
(adjusted net debt/operating EBITDAR) of 6.4x (6.13x). The interest
coverage improved marginally in FY21 due to an increase in absolute
EBITDA, while the net leverage marginally deteriorated on account
of an increase in total debt due to higher utilization of the
fund-based limits. In 1HFY22, the gross interest coverage was
1.26x. Ind-Ra expects the credit metrics to marginally improve in
FY22 on account of a likely increase in absolute EBITDA and
scheduled loan repayments.

Liquidity Indicator - Stretched: The company's average maximum
utilization of the fund-based facilities was around 87.69% over the
12 months ended October 2021, while the non-fund-based limits were
fully utilized. The cash flow from operations turned negative to
INR45.86 million in FY21 (FY20: INR16.5 million) due to unfavorable
changes in working capital. ZIPL borrows funds from the promoters'
families and friends to meet its growing working capital demand to
sustain the growth in operations. ZIPL has a low cash and cash
equivalents of INR1.66 million at FYE21 (FYE20: INR0.2 million).
The working capital cycle is elongated; it improved to 162 days in
FY21 (FY20: 180 days) due to a decline in the inventory holding
period to 92 days (109 days).

However, the ratings are supported by ZIPL's promoters' over a
decade of experience in the computer peripherals and accessories
industry, leading to established relationships with customers and
suppliers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics with the gross interest coverage
increasing above 1.8x and an improvement in the liquidity position,
all on a sustained basis, will be positive for the ratings.

Negative: Any decline in the scale of operations, leading to
deterioration in the credit metrics or the liquidity position, will
be negative for the ratings.

COMPANY PROFILE

Established in 2010, Pune-headquartered ZIPL is engaged in the
trading of information technology products, including closed
circuit television, computer peripherals and accessories. The
company imports products mainly from China and Taiwan on contract
manufacturing basis and sells it under the Zebion brand. Abhishek
Lodha, Abhinandan Dagale and Yogesh Dagale are the promoters.




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

AIRCRAFT AND MARINE: Court to Hear Wind-Up Petition on Dec. 9
-------------------------------------------------------------
A petition to wind up the operations of Aircraft And Marine Limited
will be heard before the High Court at Invercargill on Dec. 9,
2021, at 11:45 a.m.

Neil Samuel Ross filed the petition against the company on Oct. 26,
2021.

The Petitioner's solicitors are:

          James Christopher Dexter Guest
          Solomons Solicitors
          Level 3 Solomons House, 1 Bond St
          Dunedin
          New Zealand


IRONCLAD HOMES: Creditors' Proofs of Debt Due on Jan. 20
--------------------------------------------------------
Creditors of Ironclad Homes NZ Limited (formerly Ironclad Homes
Limited), and Wide Span Sheds Taranaki Limited, are required to
file their proofs of debt by Jan. 20, 2022, to be included in the
company's dividend distribution.

Tony Leonard Maginness and Jared Waiata Booth were appointed joint
and several liquidators of the company on Nov. 18, 2021.

The company's liquidators can be reached at:

          Baker Tilly Staples Rodway
          PO Box 3899, Auckland
          New Zealand


TCD 2015: Court to Hear Wind-Up Petition on Dec. 6
--------------------------------------------------
A petition to wind up the operations of TCD 2015 Limited will be
heard before the High Court at Tauranga on Dec. 6, 2021, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 3, 2021.

The Petitioner's solicitors are:

          T. Saunders
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton
          New Zealand




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

HEVILIFT LOGISTICS: Creditors' Proofs of Debt Due on Dec. 24
------------------------------------------------------------
Creditors of Hevilift Logistics Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 24,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2021.

The company's liquidator is:

         Lee Ying Ying
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


PACIFIC INT'L: Creditors to Receive US$1 Billion Repayment
----------------------------------------------------------
The Business Times reports that Pacific International Lines (PIL)
is making an earlier-than-expected full repayment of US$1 billion
in scheme debts by Dec. 30, 2021, the boxship operator announced on
Nov. 26.

According to BT, the creditors PIL intends to repay by Dec. 30 are
reinstated senior debt creditors comprising mainly financial
institutions, as well as holders of issued option A and option B
securities.

Upon redemption, option A securityholders will receive the
principal amount together with accrued distributions.

Thanking holders of option B securities for voluntarily undertaking
a 50 per cent haircut as part of PIL's scheme of arrangement, the
company said it will redeem the securities with each holder
receiving 200 per cent of the principal amount in total, BT
relays.

This is inclusive of any distributions accrued to the date of
redemption - and "above and beyond" PIL's contractual obligations
to the option B securityholders, said the company.

BT relates that PIL said that going forward, it will "be a
well-capitalised company with a solid financial structure and
resilience to address and mitigate the cyclical nature of the
industry".

It added that the company has benefited from a positive upturn in
shipping following its restructuring in Q1 of 2021, which saw the
implementation of various businesses, financial and operational
initiatives.

"The global shipping industry, including PIL, has generally
benefitted since 2021 from strengthening freight rates due to
restricted supply: Covid-related disruptions to supply chains and
port operations have resulted in a shortage of containers and
vessel delays which reduced available shipping capacity," noted
PIL, BT relays.

Increased pandemic-related consumption of physical goods have also
led to a rise in demand, according to PIL.

According to the report, executive chairman Teo Siong Seng said the
company has undergone a "most dramatic" turnaround in financial
position over the past 8 months since restructuring began.

"In addition to the market recovery, our strong business
fundamentals, ongoing restructuring initiatives and the hard work
of our employees have improved our overall position. With our
healthy cashflow situation, we decided that it was only right that
we reciprocate the support shown to us by our creditors and
partners, and repay the debts owed to all our Scheme creditors,
ahead of schedule. We believe that they would benefit from the
certainty of having cash returned to them earlier than
anticipated," the report quotes Teo as saying.

"By satisfying the terms of the scheme fully with the repayment and
continued financial prudence, PIL will be able to enjoy a strong
standing with financial institutions, customers and suppliers. This
will enable PIL to strive ahead to grow a strong business built on
a sustainable capital structure."

News of the company's early repayment plans comes after PIL earlier
this year commenced its debt restructuring process on March 30, the
report notes.

Under the debt restructuring scheme, Temasek Holdings' wholly-owned
Heliconia Capital Management became the majority shareholder in PIL
while pumping some SGD600 million to rescue the embattled company,
the report says.

PIL had also issued US$128 million in aggregate principal amount of
option A securities, and US$27.5 million in aggregate principal
amount of option B securities, BT adds.

Pacific International Lines (Private) Limited (PIL) provides marine
support services.  The Company offers liner container, 3rd party
logistics, port, and tracking services.  PIL serves customers
worldwide.


REDWOOD ASSET: Creditors' Proofs of Debt Due on Dec. 24
-------------------------------------------------------
Creditors of Redwood Asset Investments Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Dec. 24, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 16, 2021.

The company's liquidators are:

         Goh Tiong Hong
         c/o 519 Balestier Road #02-05
         Le Shantier
         Singapore 329852



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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