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

                     A S I A   P A C I F I C

          Wednesday, December 1, 2021, Vol. 24, No. 234

                           Headlines



A U S T R A L I A

COURTENAY HOUSE: ASIC Files Criminal Case Against Former Director
DK HEAVY: First Creditors' Meeting Set for Dec. 8
MAROOCHY URBAN: First Creditors' Meeting Set for Dec. 9
MULTI TRADE: First Creditors' Meeting Set for Dec. 8
YUXUAN GROUP: Bubble Tea Chain Goes Into Liquidation



C H I N A

CHENGDU JINGKAI: Moody's Assigns Ba2 Rating to Proposed USD Bonds
CHINA EVERGRANDE: Chairman Sells Stake for US$344 Million
CHINA HUARONG: Strategic Investors Set Up Private Equity Firm


I N D I A

ABHIRAMA STEELS: Insolvency Resolution Process Case Summary
AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating
AGRO FRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
AMBEY LABORATORIES: Insolvency Resolution Process Case Summary
ANI TECHNOLOGIES: Moody's Assigns First Time B3 Corp Family Rating

ANI TECHNOLOGIES: S&P Assigns Preliminary 'B-' LongTerm ICR
ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ASIAN HOTELS: CRISIL Lowers Rating on INR241.41cr LT Loan to C
AXIS BANK: Fitch Affirms 'BB+' LT IDR, Outlook Negative
CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating

CPR LABORATORIES: Insolvency Resolution Process Case Summary
DULICHAND AUTO: Insolvency Resolution Process Case Summary
DURGA SEEDS: CRISIL Lowers Rating on INR6cr Cash Loan to B
ESM TEXTILES: CRISIL Moves B+ Debt Ratings to Not Cooperating
EURO VISTAA: CRISIL Lowers Rating on Long Term Debt to D

GHO AGRO PRIVATE: Insolvency Resolution Process Case Summary
GUPTA METAL: CRISIL Lowers Rating on INR75cr Demand Loan to D
ICICI BANK: Fitch Affirms 'BB+' LT IDR, Outlook Negative
INDRESHWAR SUGAR: CRISIL Withdraws D Rating on INR50cr Loans
INKAL VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating

ISOPLETH NICKEL: CRISIL Moves B Debt Rating to Not Cooperating
JAGDAMBAY RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
KADAMBRI HEALTHCARE: CRISIL Keeps D Rating in Not Cooperating
KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHARANA PRATAP: CRISIL Keeps D Debt Ratings in Not Cooperating

MALABAR IMPEX: CRISIL Moves B+ Debt Ratings to Not Cooperating
NU-WAY HEATRANSFER: CRISIL Withdraws B+ Rating on INR7cr LT Loan
NUCLEUS PREMIUM: Insolvency Resolution Process Case Summary
PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRIME HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating

REHAN WINE: CRISIL Moves B- Debt Rating to Not Cooperating
RELIANCE CAPITAL: RBI Supersedes Board & Appoints Administrators
SIX SIX: CRISIL Assigns B+ Rating to INR16.96cr LT Loan
SPERRY INTERNATIONAL: CRISIL Withdraws D Rating on INR12cr Loan
SPERRY PLAST: CRISIL Withdraws D Rating on INR150cr LT Loan

SRK MULTIMODAL: Insolvency Resolution Process Case Summary
SUN ARK: CRISIL Keeps D Debt Ratings in Not Cooperating Category
THREE SEASONS: CRISIL Moves B Debt Rating to Not Cooperating
VIJAYASREE FOODS: CRISIL Withdraws B+ Rating on INR5cr Cash Loan


N E W   Z E A L A N D

HAUS PROS: Creditors' Proofs of Debt Due on Jan. 19
RALEIGH BULK: Creditors' Proofs of Debt Due on Jan. 10
SLAVERING TUSK: Court to Hear Wind-Up Petition on Dec. 6
THRIVE HOMES: Goes Into Liquidation, Owes NZD170,000


P H I L I P P I N E S

MASANTOL RURAL: Placed Under Receivership


S I N G A P O R E

BESTLINK VEHICLE: Court to Hear Wind-Up Petition on Dec. 10
DESIGN STUDIO: Court Enters Wind-Up Order
DSV AIR: Creditors' Proofs of Debt Due on Dec. 31
THAIOIL MARINE: Creditors' Proofs of Debt Due on Dec. 28

                           - - - - -


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

COURTENAY HOUSE: ASIC Files Criminal Case Against Former Director
-----------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) brings
criminal charges against former Courtenay House director and
contractor for alleged Ponzi scheme.

Tony Iervasi of Tweed Heads and Athan Papoulias of Brighton Le
Sands, NSW, on Nov. 30 appeared in the Downing Centre Local Court
charged with criminal offences for their actions relating to an
alleged Ponzi scheme.

Mr. Iervasi is facing nine criminal charges of dishonest conduct
and one charge of carrying on a financial services business without
a licence.

Mr. Papoulias is facing one charge of dealing in the proceeds of
crime worth AUD1 million or more, and one charge of aiding and
abetting Mr. Iervasi in carrying on a financial services business
without a licence.

The charges relate to around 590 investors who paid over $196
million into the Ponzi scheme.

Mr. Iervasi was the sole director and shareholder of Courtenay
House Pty Ltd (in liquidation) and Courtenay House Capital Trading
Group Pty Ltd (in liquidation).  Mr. Papoulias was a contractor
engaged by Courtenay House Capital Trading Group to promote the
Courtenay House business.

It is alleged that, between October 2010 and April 21, 2017:

   * Mr. Iervasi and the Courtenay House companies represented to
     investors that their funds would be traded in the Forex and
     Futures markets when only a small proportion of funds were
     traded;

   * Mr. Iervasi personally, and through the Courtenay House
     companies, acquired investor funds and did not invest them
     for the intended purpose;

   * Mr. Iervasi went on to pay monthly amounts to investors
     representing they were returns from trading, when little to
     no trading had occurred;

   * Mr. Iervasi was operating an unlicensed financial services
     business;

   * Mr. Papoulias continued to promote the Courtenay House
     business and receive commissions despite becoming aware
     that Mr Iervasi was operating an unlicensed financial
     services business;

   * Mr. Papoulias dealt with money or other property which is,
     or he believed to be, the proceeds of crime.

ASIC alleges the conduct occurred to allow a Ponzi scheme to
operate and grow.

The matter is being prosecuted by the CDPP after an investigation
and referral by ASIC.

The matter is listed for first mention in the Downing Centre Local
Court in Sydney on Feb. 22, 2022.

The maximum penalty for dishonest conduct during the relevant time
ranges between five and 10 years imprisonment, a fine between
AUD22,000 and AUD810,000 or both. For dealing with the proceeds of
crime, the maximum penalty is 25 years imprisonment, a fine of
AUD270,000 or both. For operating without a financial services
licence, the maximum penalty is two years imprisonment, a fine of
between AUD22,000 and AUD36,000 or both.

The Courtenay House companies appointed liquidators on May 16,
2017.

On the application of ASIC, the Supreme Court of NSW made interim
orders on May 1, 2017 against the following parties by consent:

   - Courtenay House Trading Group;
   - Courtenay House;
   - Tony Iervasi;
   - David Sipina;
   - Athan Papoulias;
   - Proactive Property Services Pty Ltd;
   - Sipina Enterprises Pty Ltd; and
   - TheNowGroup.com.au Pty Ltd.

These orders prevented all parties from carrying on a financial
services business and limited the extent to which they could deal
with their cash and other assets. ASIC sought these orders to
preserve funds that might be available for the benefit of investors
in the Courtenay House companies and to prevent these companies
from accepting further funds from investors.


DK HEAVY: First Creditors' Meeting Set for Dec. 8
-------------------------------------------------
A first meeting of the creditors in the proceedings of DK Heavy
Plant Services Pty Ltd will be held on Dec. 8, 2021, at 10:00 a.m.
via virtual meeting technology.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of DK Heavy on Nov. 29, 2021.


MAROOCHY URBAN: First Creditors' Meeting Set for Dec. 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Maroochy
Urban Renewal Pty. Ltd will be held on Dec. 9, 2021, at 10:00 a.m.
via virtual meeting technology.

Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Maroochy Urban on Nov. 29, 2021.


MULTI TRADE: First Creditors' Meeting Set for Dec. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Multi Trade
Building Solutions NSW Pty Limited will be held on Dec. 8, 2021, at
10:00 a.m. via virtual meeting technology.

Graeme Beattie of Worrells Solvency and Forensic Accountants was
appointed as administrator of Multi Trade on Nov. 26, 2021.


YUXUAN GROUP: Bubble Tea Chain Goes Into Liquidation
----------------------------------------------------
The Guardian Australia reports that the Adelaide bubble tea bar
where two women were assaulted after one complained to her boss
about unpaid wages has gone into liquidation, allegedly owing
AUD186,000 to 20 workers.

A notice posted to the Australian Securities and Investments
Commission (ASIC) announced FunTea, known as the Yuxuan Group Pty
Ltd, went into liquidation on Nov. 19, 2021 with Mark Lieberenz
appointed as liquidator.

During the winding up process, the company's remaining assets will
be sold to cover outstanding costs like unpaid wages, the report
says.  Workers are treated as priority creditors in this scenario
but the sale of assets only raises enough to repay a portion of
what's allegedly owed - if anything at all.

According to The Guardian, the move comes two months after the Fair
Work Ombudsman (FWO) launched action against the company, and could
effectively prevent recovery of alleged unpaid wages from the
company's owners.

Allegations of underpayment at the chain first became public in
February when video of a man slapping a female employee during a
dispute about alleged unpaid wages went viral. The man, who was
later convicted of assault, was not her boss or employed by the tea
bar.

The Guardian, citing documents filed in the federal court by FWO,
says the ombudsman alleged 20 workers, including the woman in the
video, were paid as little as AUD10 an hour. The Guardian
understands that the claim is being defended.

Jacky Chen, an organiser with the SA Labour Info Hub, said the
workers were "extremely frustrated" as they "had been waiting for a
year now," the report relays.  "The workers are extremely
frustrated as they've fought so hard but still earned nothing,"
Chen said.

According to the report, Edward Cavanough, director of policy with
the McKell Institute, a progressive thinktank, said the situation
was "predictable" and it was "another example of the scales being
tipped to business instead of the worker".

"This is the risk with all wage theft cases," the report quotes Mr.
Cavanough as saying.  "The business that is [allegedly] culpable
and responsible for doing the wrong thing has all of these options
at their disposal to avoid their responsibilities.  But the workers
at the end of the day can't get what they're owed."




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

CHENGDU JINGKAI: Moody's Assigns Ba2 Rating to Proposed USD Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured rating of
Ba2 to the proposed USD bonds to be issued by ChengDu JingKai
GuoTou Inv Grp Co.,Ltd. (Chengdu Jingkai, Ba2 stable).

The outlook is stable.

Chengdu Jingkai plans to use the net proceeds to refinance its
existing indebtedness.

RATINGS RATIONALE

Chengdu Jingkai's Ba2 corporate family rating (CFR) is based on (1)
Chengdu's Governmental Capacity to Support (GCS) score of a3 and
(2) Moody's assessment of how the company's characteristics affect
the Chengdu government's propensity to support, resulting in a
five-notch downward adjustment.

Moody's assessment of Chengdu city government's GCS score reflects
(1) the city's status as a provincial capital, one of the higher
administrative levels in Moody's assessment of the hierarchy of
regional and local governments (RLGs) in China (A1 stable) and (2)
the city's relatively high contingent liability risks from
state-owned enterprises (SOEs), although these risks are offset by
its large and diverse economy.

The rating reflects the Chengdu government's propensity to support
Chengdu Jingkai because of the company's 100% ownership by the
Administration Committee of Chengdu Eco & Tech Development Zone
(CEDZ) under the Chengdu government, and important role in
developing and operating the CEDZ.

However, the five-notch downward adjustment from Chengdu's GCS
score reflects Chengdu Jingkai's (1) niche role in Chengdu city
given its limited geographic coverage, (2) relatively high reliance
on nonstandard funding channels and (3) high exposure to contingent
risks.

Chengdu Jingkai is mandated by the local government to build
affordable housing within the CEDZ. It also undertakes other key
public infrastructure projects, including primary land development,
construction of schools and hospitals. CEDZ is a national economic
and technology development zone located in the Longquanyi district
of Chengdu city. As of the end of 2020, the company had constructed
over 90% of affordable housing and around half of entrusted
infrastructure in the area.

The government has made cash injections in various forms into
Chengdu Jingkai to support its operations, debt repayment and
interest expenses. Between 2017 and 2020, the company received a
total of RMB13.5 billion in cash support from the government for
its public policy activities such as primary land development,
affordable housing and entrusted infrastructure development. Since
2019, local government has allocated more government bond proceeds
to support the public infrastructure projects within the CEDZ.

Nevertheless, most of these payments still have a close link with
local land sales conditions, which could be volatile. Therefore,
the company will still need to rely more on external financing to
meet occasional funding gaps. Moody's expects government payments
in next 12-18 moths to cover around 40%-50% of the company's
investment and working capital needs.

The rating also considers the following environmental, social and
governance (ESG) factors.

Governance considerations are material to the ratings, as Chengdu
Jingkai is subject to oversight and reporting requirements to its
owner RLG, reflecting its public-policy role and status as a
government-owned entity.

Chengdu Jinkai also bears high social risks because it implements
public-policy initiatives by building public infrastructure in
Chengdu city. Demographic changes, public awareness and social
priorities shape Chengdu Jingkai's development targets and
ultimately affect Chengdu city government's propensity to support
the company.

Environmental risks are low for Chengdu Jingkai.

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

The stable outlook on Chengdu Jingkai's rating reflects the stable
outlook on China's A1 sovereign rating and Moody's expectation that
Chengdu's GCS score will remain stable; and Chengdu Jingkai's
business profile and integration with Chengdu government, and
Moody's view that the control and oversight provided by the Chengdu
government will remain largely unchanged over the next 12-18
months.

Moody's could upgrade the rating on the proposed notes if Chengdu
Jingkai's CFR is upgraded.

Chengdu Jingkai's CFR could be upgraded if:

(1) China's sovereign rating is upgraded or the Chengdu
government's GCS strengthens, which could be a result of a
significant strengthening of Chengdu city's economic or financial
profile, or the government's ability to coordinate timely support;

(2) Chengdu Jingkai's characteristics change in a way that
strengthens the Chengdu government's propensity to support, such as
through:

The company becoming more strategically important to Chengdu
government, including a significant increase in coverage of
public-policy projects in Chengdu;

Increase in government payments and improvement in the
predictability of government payment mechanisms, whereby dedicated
fiscal budget allocations and transfers from higher-tier
governments can consistently cover a large share of their
operational and debt-servicing needs;


Improvement in access to bank loans and the bond market, along
with a reduction in high-cost debt borrowed from nonstandard
financing channels; or

Significant reduction in loans, guarantees or other credit
exposures to external parties, compared with its equity base.

On the other hand, Moody's could downgrade the rating on the
proposed notes if Chengdu Jingkai's CFR is downgraded.

Chengdu Jingkai's CFR could be downgraded if:

(1) China's sovereign rating is downgraded or the Chengdu
government's GCS weakens, which could be a result of a significant
weakening of Chengdu's economic or financial profile, or the
government's ability to coordinate timely support; or

(2) There are changes in the Chinese government policies that
prohibit the Chengdu government from providing financial support to
Chengdu Jingkai; or

(3) Chengdu Jingkai's characteristics change in a way that weakens
the Chengdu government's propensity to support, such as through:

Significant changes in its core business with substantial
expansion of commercial activities at the cost of its public
service functionalities, or substantial losses in its commercial
activities;

Rapid increases in its debt and leverage, with less corresponding
government payments, increasing its reliance on high-cost
financing, including borrowing from nonstandard channels; or

Substantial credit losses from its guarantees and loans to
external parties.

The principal methodology used in this rating was Local Government
Financing Vehicles in China Methodology published in July 2020.

Chengdu Jingkai is 100% owned by the Administration Committee of
Chengdu Eco & Tech Development Zone (CEDZ) under the Chengdu
government, and plays an important role in developing and operating
the CEDZ. The company was established in 2005 by the State-owned
Assets and Government Offices Administration Bureau of Longquanyi
District of Chengdu. On July 7, 2020, the ownership of Chengdu
Jingkai was transferred to the Committee of CEDZ, a designated
management committee of Chengdu government.

Chengdu Jingkai is mainly engaged in affordable housing
development, primary land development and urban construction on
behalf of the Administration Committee of Chengdu Eco & Tech
Development Zone (the Committee of CEDZ). Chengdu Jingkai also
carries out some commercial activities, including property
management and commercial property rental. As of the end of 2020,
Chengdu Jingkai reported revenue of RMB2.6 billion and total assets
of RMB88.8 billion.


CHINA EVERGRANDE: Chairman Sells Stake for US$344 Million
---------------------------------------------------------
Bloomberg News reports that China Evergrande Group Chairman Hui Ka
Yan cut his stake in the company for the first time since it went
public in 2009, the latest sign he's liquidating personal assets to
help stave off a default by the world's most indebted developer.

Mr. Hui sold 1.2 billion Evergrande shares for the equivalent of
$344 million on Nov. 25, according to a filing to the Hong Kong
Stock Exchange, Bloomberg relays.  That pares his stake together
with that of his wife to 67.87% from 76.96%, the filing showed on
Nov. 26.

According to Bloomberg, Chinese regulators have urged Mr. Hui to
use his own wealth to help shore up the finances of his distressed
property empire, which has liabilities exceeding $300 billion.  He
has injected more than $1 billion into Evergrande since July,
mainly by disposing of personal assets and pledging shares, China
Business News reported last week.

Mr. Hui sold the shares at an average HK$2.23 each, the filing
showed.  That was a 20% discount to the closing price on Nov. 24.
The document didn't identify the buyers, Bloomberg notes.  

Bloomberg says the disclosure helps shed some light on a series of
large Evergrande share transfers in Hong Kong's Central Clearing
and Settlement System that had piqued traders' interest over the
past week.  The emergence of a 2.8 billion share position in the
clearing system on Nov. 26 had fueled speculation that Hui might be
preparing to transfer ownership or pledge the stake as collateral
for loans.  It now appears that Mr. Hui sold 1.2 billion of those
shares, though it's unclear what might happen to the remainder of
the stake.

Despite several last-minute payments on dollar debt in recent
weeks, Evergrande's bonds are trading at deep discounts to par
value as investors brace for what could be one of China's
largest-ever debt restructurings. The company's dollar note due
March 2022 was trading around 33 cents on the dollar on Nov. 26.

                       About China Evergrande

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

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

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


CHINA HUARONG: Strategic Investors Set Up Private Equity Firm
-------------------------------------------------------------
Caixin Global reports that China Huarong Asset Management Co.'s 18
strategic investors jointly formed a private equity firm to inject
funds to the troubled bad-debt manager.

Zhongbaorongxin Private Equity Fund Co. Ltd. has registered capital
of CNY14.8 billion (US$2.32 billion), Caixin discloses, citing
business registration database Tianyancha. Jia Biao, president of
China Insurance Investment Co. Ltd., is listed as representative of
the company.

China Life Insurance (Group) Co. is the largest shareholder of the
new company with 19.61%.  Additionally, the state-owned insurer
acquired 1.96 billion of Huarong's newly issued Hong Kong-traded
shares, the report says.

                       About China Huarong

China Huarong Asset Management Co Ltd is a China-based company
mainly engaged in asset management business. The Company operates
through three segments. The Distressed Asset Management Operations
segment is engaged in distressed asset management, debt equity swap
asset management, the management of non-performing assets carried
out by subsidiaries distressed asset management business conducted
by its subsidiaries, distressed asset-based special situations
investments business and distressed asset-based property
development business. The Financial Services segment mainly
includes securities and futures business, financial leasing
business, banking services business and consumer finance business.
The Asset Management and Investment Operations segment is mainly
engaged in trust business, private equity funds business, financial
investments business, international business, and other
businesses.




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

ABHIRAMA STEELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Abhirama Steels Limited
        Sy. No. 272/1
        Chityal Village Pargi Mandal
        Vikarabad Dist., Hyderabad
        Rangareddy TG 501501
        IN

Insolvency Commencement Date: November 16, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 20, 2022

Insolvency professional: Mr. Maruti Venkata Subba Rao Poluri

Interim Resolution
Professional:            Mr. Maruti Venkata Subba Rao Poluri
                         1-7-12, Flat No. 408
                         Chippendale Apartments
                         Golkonda X Roads
                         Musheerabad, Back Side
                         N B K Estate, Hyderabad
                         TG 500020
                         E-mail: cssubbarao@gmail.com

                            - and -

                         Flat No. 301
                         Chapa's Prashanthi Niketan
                         Street No. 4, H.No. 1-10-17
                         Ashok Nagar Circle
                         Ashok Nagar, Hyderabad 500020
                         E-mail: ip.abhiramasteels@gmail.com

Last date for
submission of claims:    December 5, 2021


AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AG Conveying
Systems Private Limited (AGCSPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.85      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.80      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        2.85      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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


AGRO FRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Agro
Fresh Ulo Cold Storage (SAFUCS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     0.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              8.75      CRISIL D (Issuer Not
                                    Cooperating)

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

SAFUCS was set up in June 2014 by Mrs Sadhana Maloo, Mr. S K Singh,
Mr. Dineshchandra Maheshwari, and Mr. Narendrakumar Sharma. The
firm has a cold storage facility at Hallol, Gujarat.


AMBEY LABORATORIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ambey Laboratories Limited
        G-2, Vikas Apartment
        34/1 East Punjabi Bagh
        New Delhi 110026

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 22, 2022
                               (180 days from commencement)

Insolvency professional: Vijay Kumar Gupta

Interim Resolution
Professional:            Vijay Kumar Gupta
                         408 New Delhi House
                         27 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: vkgupta2004@yahoo.co.in
                                 cirp.ambeylab@gmail.com

Last date for
submission of claims:    December 8, 2021


ANI TECHNOLOGIES: Moody's Assigns First Time B3 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B3 corporate
family rating to ANI Technologies Pvt Ltd (Ola).

At the same time, Moody's has assigned a B3 rating to the company's
proposed senior secured term loan. Ola's wholly owned subsidiaries
-- Ola Netherlands B.V. and Ola USA Inc. -- are the borrowers. The
loan is guaranteed by Ola and its subsidiaries engaged in
ride-hailing services.

The outlook is stable.

The proceeds from the term loan will be used for general corporate
purposes.

RATINGS RATIONALE

"Ola's B3 CFR reflects its loss-making operations and high
execution risks associated with its international expansion plans
as well as its venture into India's competitive and fragmented food
delivery and vehicle commerce sectors," says Stephanie Cheong, a
Moody's Assistant Vice President and Analyst.

Ola, a leading ride-hailing company based in India, has ambitions
of expanding its presence in UK, Australia and New Zealand, where
it currently has small market shares. In these markets, the company
competes against ride-hailing incumbents Uber and Didi, who have
much larger scale and stronger balance sheets. Given these factors,
Moody's views the payoff from such expansion to be uncertain and
the company's intention to fund its evolving business partially
with debt as aggressive.

Moody's expects a high level of spending will be required to
support Ola's growth plans, such that the company's annual cash
burn (cash flow from operations less capital expenditures) will
double to $140 million for at least the next two years, from $73
million in the year ending March 31, 2021 (fiscal 2021).

Moreover, Ola's cash and cash equivalents of $279 million as of
March 31, 2021 will just cover the company's expected cash burn and
scheduled debt maturities through December 2022.

"As a result, the B3 rating is also premised on the successful
completion of Ola's term loan transaction as planned, which will
provide the required liquidity to sustain its operations beyond the
next 12 months, as well as execute its growth plans," says Cheong,
who is Moody's Lead Analyst for Ola.

On the other hand, the ratings will likely face downward pressure
if the proposed transaction is delayed or if the funds raised are
lower than the company's target of $500 million, in the absence of
any alternative funding that shores up liquidity by year end.
Additional acquisitions or investment plans that further deplete
liquidity would also add negative ratings pressure.

The company is currently in the midst of completing a pre-IPO
funding round to raise equity from new and existing investors, and
also targets to complete a public listing by the first half of
2022. However, the execution of its plans is subject to market
conditions and as such remains uncertain.

Somewhat offsetting these risks is Ola's leading share of above 50%
in India's ride-hailing market and good long-term growth prospects
for the technology-driven sector. Moreover, the company has
generated consistent earnings from its Indian ride-hailing
business, which should continue to improve with increased mobility
as economies open up, and higher adoption of digital services
accelerated by the pandemic. However, operating profits from this
segment will only partially fund its various growth plans.

In addition, Ola has tax-related contingent liabilities in India
amounting to $160 million as of March 31, 2021. Given the
uncertainty of outcomes at this time, Moody's has not adjusted the
financial statements to reflect any potential liability. However,
Ola's liquidity would quickly deplete should these liabilities
crystalize.

Moody's also incorporates high governance risk given the unusually
high turnover at Ola's management level over the past few years,
which raises concerns around management credibility and its track
record. Governance risk is also high because of Ola's status as a
privately owned company and the company's ownership by a consortium
of financial investors, who are likely to employ financial
strategies that largely favor shareholders over creditors.

Moody's has also considered social risks arising from the societal
impact of Ola's disruptive technology. These include controversies
related to pushback from traditional taxi companies, worker strikes
and personal data breaches, which could increase regulatory
scrutiny on the sector, and overall, affect Ola's reputation and
disrupt its business.

The proposed loan will constitute majority of Ola's debt and is
therefore rated in line with the CFR of B3.

The stable outlook reflects Moody's expectation that although Ola's
cash burn will remain high over the next two years, it will have
sufficient cash, pro forma for loan proceeds, to fund operating
losses and cash investments for at least the next 2-3 years.

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

A rating upgrade is unlikely over the next 12-18 months given the
company's loss-making operations and aggressive growth strategy.

Over time, the rating may be upgraded if Ola 1) successfully
executes its growth plans, gaining greater scale and business and
geographic diversity to better weather economic challenges or
competitive threats; and 2) materially and sustainably improves
profitability; 3) and maintains robust liquidity with sufficient
cash or alternative liquidity to cover its short- to medium-term
debt and commitments.

The rating could be downgraded if Ola's proposed term loan
transaction is delayed or if the funds raised are lower than the
company's target of $500 million, in the absence of any alternative
funding that shores up liquidity by year end.

Moody's could also downgrade the ratings if (1) Ola's cash balance
falls toward $200 million; (2) the company has insufficient
liquidity to fund its operations and investments over at least the
next three years; (3) its cash burn increases beyond the rating
agency's current expectations; (4) increased competition or changes
in regulations, taxation or government policy weaken the company's
market position, cost profile or cash flow relative to the rating
agency's current expectations.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

ANI Technologies Pvt Ltd (Ola) is a ride-hailing company based in
India. Ola operates predominantly in India, but has expanded its
ride-hailing operations to the United Kingdom, Australia and New
Zealand since 2018. In addition, the company has food delivery,
vehicle commerce and financial services businesses in India, which
are significantly smaller than the ride-hailing segment, but
complement and leverage Ola's ride-hailing user base.

Ola was co-founded by Bhavish Aggarwal in December 2010, and has
raised more than $2.6 billion from investors. Its top shareholders
include SIMI Pacific Pte Ltd, a subsidiary of Softbank, Tiger
Global Management and Tencent.


ANI TECHNOLOGIES: S&P Assigns Preliminary 'B-' LongTerm ICR
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' long-term issuer
credit rating to ANI Technologies Private Limited and its
preliminary 'B-' issue rating to the proposed senior secured loan
issued by wholly owned subsidiary Ola Netherlands B.V.

The stable outlook reflects S&P's view that ANI Tech should have
adequate liquidity buffer to withstand operating losses amid
uncertain operating conditions due to the ongoing pandemic and its
growth aspirations in international markets over the next two to
three years.

The preliminary rating is conditional upon the successful issuance
of ANI Tech's proposed US$500 million senior secured term loan B.
At the same time, the rating on the secured loan is subject to
S&P's review of the final issuance documentation.

S&P said, "The rating reflects our expectation that ANI Tech's
liquidity will cover the company's loss-making operations until at
least fiscal 2024 (ending March 31, 2024). ANI Tech's operations
should gradually strengthen and turn EBITDA positive by fiscal
2024. We estimate the company's annual EBITDA losses to be at least
Indian rupee (INR) 5 billion over the next two years." Together
with planned investments in its business, the company is likely to
report negative annual free operating cash flow of about INR14
billion over the same period.

As of March 31, 2021, ANI Tech had INR22.3 billion in cash and cash
equivalents, which its planned US$500 million term loan B will
bolster. After its completion of the proposed issuance, the company
should have sufficient liquidity to withstand cash burn until it
turns profitable by fiscal 2024. According to S&P's base case, it
forecasts the company will maintain a cash balance in excess of
INR17 billion before it generates positive EBITDA in fiscal 2024.
This does not assume any fundraising other than the US$500 million
term loan B.

ANI Tech's record of strong support from investors and periodic
capital raising supports its liquidity position. The company's
ample cash balance reflects ongoing support from institutional
investors over the past decade, from which it has raised almost
US$2.6 billion. This is despite the company's cash burn over the
same period. Moreover, ANI Tech is in the midst of closing a
pre-IPO round of capital raising, which signals investors'
confidence in, and backing of, its eventual operational turnaround.
The company also plans its IPO in the first half of fiscal 2023,
which if successful, could raise additional cash funding.

S&P said, "ANI Tech has heavily relied on funding from investors in
the form of compulsorily convertible preference shares (CCPS),
which we consider as debt-like. While a successful IPO will result
in CCPS being converted into equities, CCPS accounts for almost all
of the company's adjusted debt, which we estimate at INR185 billion
as of the end of fiscal 2021. We treat the CCPS as debt in our
financial ratios due to the lack of permanence, given the presence
of investor exit rights in the absence of an IPO, even though we
view the economic incentive to do so as limited. However, our
treatment of CCPS as debt does not have an impact on the rating,
which at this level is driven by the company's liquidity position,
rather than balance sheet leverage."

ANI Tech has a dominant market position in India's ride-hailing
industry, which underpins its earnings potential. The company is
the top ride-hailing platform operator in India, with a 60% market
share (by number of rides booked; according to Frost & Sullivan) in
calendar 2020. It offers various modes of transport services on its
platform, which encourages higher user stickiness. S&P expects ANI
Tech's India mobility segment to be the key driver for the company
to attain profitability. Despite the mobility restrictions in
fiscal 2021, the segment reported a modest growth in EBITDA (before
corporate expenses) to INR2.1 billion, 18% higher than in fiscal
2020. Due to the nationwide lockdown between April–July 2020, the
company's gross merchandise value shrunk to 0%-20% of pre-pandemic
levels (February 2020) over the same period, which highlights the
risk of further movement restrictions from the pandemic.

S&P said, "In our view, the company benefits from a growing middle
class in India, the still-developing infrastructure in several
Indian cities, and potential changes in consumer preferences due to
safety concerns stemming from the COVID-19 pandemic. That said, the
business remains exposed to evolving regulations and continued
risks of potential restrictions due to the pandemic over the next
12–18 months. While competition is intense, we believe its
nearest competitor Uber Technologies Inc., like OLA, is focusing on
profitability and shareholder returns. This will likely lead to
rational pricing unless disrupted by a new entrant.

"Having said that, we view Uber as a key competitor of ANI Tech
within the Indian mobility segment and overseas operations. Besides
being a close contender in market position domestically, Uber also
has a dominant market share in overseas markets where ANI Tech
intends to grow its presence. As a result, ANI Tech may have to
increase marketing and advertising spending, should Uber also do
so, resulting in intensifying competition. However, we view the
likelihood of increased spending to be low because Uber has shifted
its focus to attaining profitability, while ANI Tech's target is
toward attaining positive EBITDA by fiscal 2023.

"We expect ANI Tech's growth aspirations in overseas mobility
markets and adjacent verticals to drag on profitability even as the
Indian mobility segment turns profitable.The company intends to
increase its presence in international markets such as the U.K.,
Australia, and New Zealand, where Uber is the dominant player
within the ride-hailing industry. We believe the company's strategy
of achieving 20%-40% market share would require increased levels of
marketing, discounts, and incentive spending to boost brand
awareness and platform user adoption rate. Furthermore, ANI Tech
intends to organically grow India's non-mobility segment, which
currently centers around the sale of food via cloud kitchens in
tier-1 cities, vehicle commerce operations, and digital financial
services. Cumulatively, we estimate this would consume about INR23
billion of cash over the next two to three years. Nonetheless,
rising profitability from the India mobility segment will tip the
company into consolidated profitability in fiscal 2024, according
to our base case."

In S&P's view, regulatory risk continues to pose uncertainty for
ANI Tech, given the industry's infancy. The company's disruptive
business model, particularly to the taxi industry is subject to
increased regulations, which could constrain the company's
profitability. These include recent restrictions imposed in India
that limit the company's gross take rate (GTR) of ride bookings to
a cap of 20% and restrict driver partners from working beyond 12
hours in a day with a ride-hailing app operator. ANI Tech's India
mobility segment had a GTR of 19.3% in fiscal 2021, which compares
with an average GTR of 22% over the prior two years. In more mature
markets for ride-hailing services outside India, operators face a
regulatory push to recognize its driver partners as employees,
instead of contractors. Although this is not an imminent risk in
India, a shift in regulatory stance to recognize the driver
partners as employees could result in increased compliance costs
and put pressure on ANI Tech's cost structure.

ANI Tech will face currency risk from its proposed transaction
until its overseas operations generate sufficient foreign currency
cash flow. S&P said, "We see some risk in ANI Tech's capital
structure stemming from unhedged currency risk. The bulk of its
earnings stream is denominated in Indian rupees while most of the
interest-bearing debt after the proposed issuance will be
denominated in U.S. dollars. While the company's projected growth
in the international market could potentially diversify and provide
some natural hedge, we believe this is unlikely over the next two
years, given the company's relatively nascent international
operations."

S&P said, "We equalize the rating on the proposed term loan with
our issuer credit rating on ANI Tech.In our opinion, the issuer Ola
Netherlands B.V. is an integral part of India-based ANI Tech. The
parent will use Ola Netherlands as a vehicle to augment its
international mobility growth aspirations. We believe this is in
line with ANI Tech's strategy to achieve economies of scale and
geographically diversified streams of revenue. We therefore believe
the Netherlands subsidiary will continue to play an important role
in ANI Tech's growth strategy. While the rating on the secured loan
is not derived directly from the guarantee, we view the guarantee
as a strong signal of support from the guarantor group, which
encompasses ANI Tech.

"The stable outlook reflects our expectation that ANI Tech will
have sufficient liquidity over the next 24 months to support its
business improvement and growth strategies to achieve positive
profitability by fiscal 2024. The outlook also incorporates our
view that a potential failure to go public will not result in CCPS
holders exiting."

Downside scenario

S&P may lower the rating if ANI Tech's cash balance falls below its
expected cash burn without a plan to raise more capital or if the
path toward profitability by fiscal 2024 is delayed, which could
raise risks around the sustainability of its capital structure over
the next 24 months. This could happen if the company is unable to
improve its operational performance and its cash burn is faster and
more protracted than it expects.

Upside scenario

An upgrade is unlikely over the next 12 to 24 months because of
challenging operating conditions and ANI Tech's weak credit
measures. However, S&P would consider raising the rating if the
company's operating performance is significantly better than it
expects. Increased recurring active users, higher average
transaction values, and lower merchant and driver incentives that
result in stronger competitive positioning and earnings could
indicate such an assessment.

A higher rating would be reliant on a permanent improvement in ANI
Tech's capital structure, improved currency risk management, and
ample liquidity, with EBITDA interest coverage well above 2x.


ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arpora
Projects Private Limited (APPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Short Term       2        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                10.5      CRISIL D (Issuer Not
                                      Cooperating)

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

APPL was incorporated by Mr. Pawan Yadav and Mr. Bhupendra Yadav in
2014. The company manages a holiday resort, Aromiaa, comprising 15
villas, at Arapora in Goa.


ASIAN HOTELS: CRISIL Lowers Rating on INR241.41cr LT Loan to C
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Asian Hotels (North) Limited (AHNL) to 'CRISIL C'
from 'CRISIL B-/Negative'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            13        CRISIL C (Downgraded from
                                    'CRISIL B-/Negative')

   Long Term Loan        241.41     CRISIL C (Downgraded from
                                    'CRISIL B-/Negative')

   Proposed Fund-        155.59     CRISIL C (Downgraded from
   Based Bank Limits                'CRISIL B-/Negative')

The downgrade reflects defaulted payment on debt obligation
facility availed with one of the banks, which is not rated by
CRISIL Ratings.

The financial risk profile weakened in fiscal 2021 owing to the
impact of the Covid-19 pandemic on operating performance. Operating
performance remained weak in the first half of fiscal 2022 with
earnings before interest, tax, depreciation and amortisation
(Ebitda) of negative INR2.98 crore.

Analytical Approach

CRISIL Ratings has taken a standalone approach, and not
consolidated the business and financial risk profiles of other
group entities and subsidiaries, as the management has articulated
that the company will not provide funding support to the
subsidiaries in the future. Furthermore, AHNL has not extended any
corporate guarantee or security for the loans availed by its
subsidiaries.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak capital structure and debt protection metrics: In fiscal
2021, operating revenue declined to INR72.58 crore from INR252.39
crore in fiscal 2020 owing to Covid-19 led disruptions. The company
has reported revenue of INR47.73 crore and Ebitda of negative
INR2.98 crore in the first half of the current fiscal. The company
has availed of the one-time restructuring (OTR) scheme of Reserve
Bank of India (RBI), which was implemented in June 2021.

* High debt on the books for the company has led to high gearing
and weak interest coverage ratio. As a result, cash flows from the
hotel have also remained just sufficient to service debt
obligations over the last few years. Though company sold off real
estate assets to service and prepaid debt obligations in previous
years, financial risk profile has remained weak over the years.

* High geographic concentration, and susceptibility to economic
downturns: The company generates its entire revenue from its hotel
in New Delhi. Dependence on a single asset makes the company
vulnerable to adverse demand-supply scenarios and events. For
instance, the company had contracted debt in fiscal 2009 to fund a
property in Mumbai through a subsidiary, aided by operating profit
before depreciation, interest and tax (OPBDIT) of INR130 crore in
fiscal 2008. Subsequently, market conditions deteriorated and
Ebitda started to decline, leading to lower cash accrual. As a
result, the company delayed repayment of debt during January 2015
to May 2016. Moreover, the hospitality industry is susceptible to
downturns in the economy.

Strengths:

* Established market position, and association with the brand,
Hyatt: AHNL was incorporated in 1980, and has been in the
hospitality business since inception. The company has an
established position in the hospitality industry, driven by
extensive experience of the promoters, large network, global
marketing strategies and continued association with the brand
Hyatt. This, in turn, leads to strong visibility and healthy
revenue from the food and beverage (F&B) segment.

* Advantageous location of the hotel: The company operates a
five-star deluxe hotel in Delhi, named Hyatt Regency Delhi. The
hotel is located in close proximity to government offices,
Diplomatic Enclave and major landmarks of Delhi.

Liquidity: Poor

Liquidity is constrained by the negative operating profit, and will
remain weak over the medium term. The company had applied for
one-time debt restructuring announced by the RBI through circular
dated August 6, 2020, on account of the pandemic. The restructuring
was implemented in June 2021.

Rating sensitivity factors

Upward factors

Timely servicing of debt for atleast 90 days
Increase in revenue and profitability leading to higher cash
accrual

Downward factors

* Further decline in revenue or profitability, deteriorating the
liquidity

* Large, debt-funded capital expenditure, weakening the financial
risk profile and liquidity   

AHNL introduced the brand, Hyatt, in India in early 1980. The
company owns a five-star deluxe hotel, Hyatt Regency Delhi.

The company was incorporated in 1980 as Asian Hotels Ltd. It is
promoted by Mr. R S Saraf, Mr. R K Jatia, Mr. Chaman Lal Gupta, and
three non-resident Indians, with Mr. Sushil Gupta and Mr. Shiv
Jatia, their Indian associates. The hotel started commercial
operations in 1983. The company is listed on Bombay Stock Exchange
and National Stock Exchange.

AHNL reported operating income of INR47.73 crore and profit after
tax (PAT) of negative INR62.48 crore in the first six months of
fiscal 2022, against operating income and PAT of INR19.08 crore and
negative INR66.34 crore, respectively, for the corresponding period
of the previous fiscal.


AXIS BANK: Fitch Affirms 'BB+' LT IDR, Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed Axis Bank Limited's Long-Term Issuer
Default Rating (IDR) at 'BB+'. The Outlook is Negative. The agency
has also affirmed the bank's Viability Rating (VR) at 'bb'. In line
with the updated Bank Rating Criteria, Fitch has assigned Axis a
Government Support Rating (GSR) of 'bb+'.

Fitch recently revised the outlook on the operating environment
(OE) for Indian banks to stable from negative, reflecting a better
recovery than Fitch expected in business and economic activity
following a second wave of Covid-19 infections. The 'bb' OE score
is higher than the implied score of 'b', reflecting Fitch's view
that India's economy will generate sustainable business growth
opportunities.

Economic growth and regulatory measures should support modest
improvements in Indian banks' financial profiles over the next
12-24 months, even though challenges remain.

Fitch is withdrawing Axis' Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of Fitch's updated Bank Rating Criteria on 12
November 2021.

KEY RATING DRIVERS

IDRS AND GOVERNMENT SUPPORT RATING

Axis' Long-Term IDR of 'BB+' is support driven and linked to
India's sovereign rating (BBB-/Negative). It is driven by its GSR
of 'bb+', which is higher than the VR. The GSR is one notch below
the sovereign, and reflects Fitch's expectation that there is a
moderate likelihood of extraordinary state support to Axis, if
required. It is due to its size and systemic importance, which
stems from its large and growing market share (5.1% of system
assets and 4.6% of deposits at end-March 2020) and a sizeable
retail deposit franchise. However, Fitch regards the likelihood of
support for Axis to be lower than for large state banks that have
GSRs of 'bbb-' due to its private ownership, but to be similar to
that of other large private banks.

Nevertheless, Axis is a systemically important bank in Fitch's
view, and the state has a record of supporting such banks, although
Axis has not required support in the past. The March 2020 rescue of
Yes Bank Ltd, a mid-sized private-sector bank, reinforces Fitch's
view.

The Negative Outlook on the Long-Term IDR mirrors the Outlook on
the Indian sovereign IDR; see Fitch Affirms India at 'BBB-';
Outlook Negative, published on 16 November 2021.

SENIOR DEBT

Axis' senior debt rating is at the same level as the Long-Term IDR,
as the debt represents the bank's unsecured and unsubordinated
obligations.

VIABILITY RATING

Axis' VR is the same as Fitch's implied VR. Fitch views the VR to
be stable as it incorporates some risk of deterioration in
financial metrics (not Fitch's base case over the next two years),
particularly asset quality beyond the financial year ending March
2023 (FY23). However, Fitch expects Axis' loss-absorption buffers
to be able to withstand moderate shocks.

The VR also factors in Axis' business profile, which is scored
'bbb-', and its risk profile (bb). It reflects Fitch's view that
Axis' wide reach, its diversified business model and
well-capitalised balance sheet should enable the bank to further
expand its strong domestic franchise, supporting profitable
business and market share gains through the cycle.

Axis' capitalisation and leverage factor score is unchanged at
'bb', and the outlook is stable. It reflects Fitch's expectation
that the bank's common equity Tier 1 (CET1) ratio would remain
above 12% in the next two years, supported by improving internal
accruals.

Axis' CET1 ratio of 15% is comparable with that of large private
banks, with buffer of nearly 700bp over the regulatory minimum of
8%, as of end-1HFY22. The bank has good flexibility in accessing
equity capital markets, although it does not enjoy the same capital
fungibility as some of its peers. Nonetheless, fresh equity and
improving loan-loss cover (1HFY22: 70%) have eased capital risks
with net impaired loans/CET1 ratio dropping to 7.4% in end-1HFY22,
compared with 26.9% at FYE18.

The full extent of Axis' exposure to special-mention loans and the
non-guaranteed portion of emergency loans is less clear, but Fitch
does not expect capital buffers to fall below 12% under Fitch's
base scenario, provided loan growth and risks from the vulnerable
loan pool manifest as per Fitch's expectations.

The bank's asset-quality factor score is maintained at 'bb-', and
the outlook is revised to stable from negative, to reflect Fitch's
expectation that the four-year average core metric will trend below
5% within the next two years, supported by a stable operating
environment and regulatory forbearance. Fitch believes that the
bank's risk profile remains instrumental to financial performance,
and particularly asset quality, over the medium to long term.

The impaired-loan ratio declined to 3.8% by end-1HFY22 from 4% at
FYE21. It was accompanied by a drop in loan impairment
charges/gross loans to 1.6% in 1HFY22, which was its lowest in
several years but still well above the levels reported prior to
FY16. Fitch expects the impaired-loan ratio and loan impairment
charges to decrease further in the near term as a reduction in bad
loans (1HFY22: 1.9% of loans) continues to outpace fresh additions
(1.8%). Asset quality and credit costs could face renewed pressures
after FY23 when regulatory relief meaningfully unwinds, although
the four-year average impaired-loan ratio will likely be
commensurate with the factor score.

Axis' earnings and profitability factor score is maintained at
'bb', with a stable outlook to reflect Fitch's expectations that
the four-year average operating profit/risk-weighted assets
(OP/RWA) ratio will reach Fitch's 'bb' threshold of 1.25% by FY22
and remain above that level. Axis' OP/RWA improved to 2.2% in
1HFY22 from 1.4% in FY21. Fitch does not see significant risks to
earnings in the next one to two years, but believe that
loan-impairment costs will be instrumental in driving OP/RWA,
particularly when the forbearance unwinds.

Like other large banks in India, Axis' deposit franchise has proven
resilient through difficult operating conditions, including the
failure of Yes Bank in 2020. The bank's stable funding and
liquidity profile benefits from its retail-oriented and
local-currency dominated deposit franchise and wide reach. The
bank's gross loans/customer deposits ratio of 87% has been trending
down since FY15, but that could change in the near term as loan
growth gains momentum. The bank's low-cost deposit ratio of 44% at
end-1HFY22 compares well with that of peers while its stable
liquidity position is reflected in its liquidity coverage ratio of
121% at end-1HFY22. Fitch expects both variables to somewhat
normalise over the medium term.

RATING SENSITIVITIES

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

IDRS, GOVERNMENT SUPPORT RATING AND SENIOR DEBT

-- Fitch would downgrade the GSR, and, in turn, the bank's Long-
    Term IDR if Fitch believes that the sovereign's ability to
    support the bank has weakened, which could be the case if the
    sovereign rating was downgraded. The IDR could also come under
    pressure if Fitch believes the state's propensity to support
    the bank has weakened, even if India's sovereign rating
    remains unchanged, although this is not Fitch's base case.

-- There is limited downside risk to the IDR in the event of a VR
    downgrade, so long as the GSR remains unchanged, which would
    imply that Fitch's assessment of the sovereign's ability and
    propensity to support the bank remains intact.

-- The senior debt ratings would be downgraded if the bank's
    Long-Term IDR was downgraded.

VIABILITY RATING

Axis' VR represents a moderate degree of financial strength. It
should be reasonably stable in the near term, but could be
downgraded if significant deterioration in the OE or a heightened
risk profile were to become a more binding constraint on the bank's
loss-absorption buffers.

This could manifest through a combination of weaker key financial
metrics, assuming Fitch's assessment of the business profile
remains unchanged:

-- drop in Axis' CET1 ratio to well below 12%, irrespective of
    its better capital flexibility, without a credible plan to
    restore it to closer to 12%; alongside

-- four-year average impaired loans ratio sustained well above
    5%; and

-- four-year average OP /RWA ratio sustained below 1.25%.

-- A lower business profile score for Axis - though not Fitch's
    base case - could also lead to a VR downgrade if it is also
    accompanied by the above-mentioned financial metrics being
    hit.

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

IDRS, GOVERNMENT SUPPORT RATING AND SENIOR DEBT

-- A revision of the sovereign rating Outlook to Stable would
    lead to a corresponding revision on the Outlook on Axis' Long-
    Term IDR, provided the sovereign's propensity to support the
    bank remains unchanged. An upgrade to Axis' GSR is possible in
    the event of a sovereign upgrade if it coincided with a
    strengthening of the sovereign's ability and, more
    importantly, propensity to support the bank. However, an
    upgrade of the sovereign rating appears less likely in the
    near term, considering the Negative Outlook.

-- An improvement in Axis' VR beyond its GSR would also lead to
    its IDR being aligned with the VR. However, such an upgrade
    will likely coincide with a higher OE score, implying that the
    OE is less of a binding constraint on the bank's financial
    profile.

VIABILITY RATING

Fitch views Axis' VR as stable. However, an upgrade could still
occur if the bank continues to improve upon its key core metrics on
a sustained basis, provided this is accompanied by a significant
improvement in the operating environment. It could manifest through
a combination of stronger key financial metrics, such as:

-- four-year average impaired loans ratio sustained well below
    5%; alongside

-- four-year OP /RWA ratio well exceeding 3%; and

-- CET1 ratio maintained at or above current levels.

VR ADJUSTMENTS

The OE score of 'bb' has been assigned above the implied category
of 'b' for the following adjustment reasons: Economic Performance,
and Size and Structure of the Economy (positive).

The asset quality score of 'bb-' has been assigned above the
implied category of 'b' for the following adjustment reason:
Concentrations (positive).

The earnings & profitability score of 'bb' has been assigned above
the implied category of 'b' for the following adjustment reason:
Historical and Future metrics (positive).

The funding & liquidity score of 'bbb-' has been assigned above the
implied category of 'bb' for the following reason: deposit
structure (positive).

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Axis Bank Limited has an ESG Relevance Score of '4' for Financial
Transparency. It reflects Fitch's assessment of the quality and
frequency of financial reporting and the auditing process, which
has a moderate but negative influence on the credit profile, and is
relevant to the rating in conjunction with other factors.

Occurrences of material divergence in asset-quality measures
reported by the bank and regulators have reduced in recent years,
but government and regulatory pandemic-related relief measures pose
risk for the transparent recognition of impaired loans, even though
Fitch expects Axis to be reasonably better placed among peers.
Still, financial transparency is viewed as pivotal for general
business and depositor confidence and can lead to significant
reputational risk if not managed well.

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


CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Centenary
Arcades Private Limited (CAPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Lease Rental          25.55      CRISIL D (Issuer Not
   Discounting Loan                 Cooperating)

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

CAPL is promoted by Mr. N L Nagendra. It has commercial space in
Mysore which has been occupied by Big Bazaar since 2008; CAPL has
signed a 15-year agreement with Big Bazaar.


CPR LABORATORIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: CPR Laboratories Private Limited
        10-01-118/2, Mehar Nagar
        Near Mophan School
        Old Gajuwaka, Visakhapatnam
        AP 530026
        IN

Insolvency Commencement Date: November 11, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 10, 2022

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         #302, 3-6-140/A, 3rd Floor
                         City Centre, Himayat Nagar
                         Hyderbad 500029
                         E-mail: ippavankankani@gmail.com
                                 cirp.cpr@gmail.com

Last date for
submission of claims:    November 26, 2021


DULICHAND AUTO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dulichand Auto Sales Private Limited
        53, Nalini Ranjan Avenue
        371, Block G
        New Alipore
        Kolkata 700053
        West Bengal

Insolvency Commencement Date: November 18, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 17, 2022

Insolvency professional: Mr. Jai Narayan Gupta

Interim Resolution
Professional:            Mr. Jai Narayan Gupta
                         Intelligent IP Managaement Solutions
                         Private Limited
                         YMCA Building, 2nd Floor
                         25 Jawaharlal Nehru Road
                         Kolkata 700087
                         E-mail: cajainarayangupta@gmail.com
                                 insolvency.dulichand@gmail.com

Last date for
submission of claims:    December 2, 2021


DURGA SEEDS: CRISIL Lowers Rating on INR6cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Durga
Seeds Farm (Regd.) (DSF) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

DSF was set up by Mr. Subhash Mahajan in Chandigarh in 1969. The
firm has an extensive track record in research and development,
production, processing, and marketing high-performing
open-pollinated and hybrid vegetable seeds. It pioneered the
production of the cauliflower snowball-16 seed in India.

ESM TEXTILES: CRISIL Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of ESM
Textiles (ESMT) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.2       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ESMT for
obtaining information through letters and emails dated September
29, 2021 and October 29, 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 ESMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ESMT
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of ESMT to 'CRISIL B+/Stable Issuer not
cooperating'.

Established as a partnership firm in 1965, ESMT manufactures
readymade garments, primarily for women. Mr. Erulappan and Ms E
Rajeshwari are the partners. The firm is based in Virudhunagar,
Tamil Nadu.


EURO VISTAA: CRISIL Lowers Rating on Long Term Debt to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Euro Vistaa India Limited (EVIL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.  The downgrade reflects delays of
more than 30 days in servicing of the post ship credit facility
availed by the Company.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Short Term Rating      -         CRISIL D (Downgraded from
                                   'CRISIL A4')

The ratings also continue to reflect exposure to intense
competition in yarn trading along with fluctuation in forex rates
and average financial risk profile. These rating weaknesses are
partially offset by its extensive industry experience of the
promoters in the yarn trading segment.

Analytical Approach:

Unsecured loans from promoters of INR3.00 crores are treated as
Neither debt nor equity (NDNE) due to track record of
non-withdrawal.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There were delays of more
than 30 days in servicing of the post ship credit facilities
availed by the Company. These bills were to be serviced by payments
from a single counterparty, wherein there were delays in receipts
as the shipments to the said counterparty were delayed.
Accordingly, the bills were crystallized by the bank and cleared by
the company in rupees, albeit with a delay of over 30 days from the
bill due dates.

* Exposure to intense competition in the yarn trading industry
along with fluctuation in forex rates: The industry is highly
regulated in terms of cotton prices, export/import policies etc.
Along with presence of multiple small and large players which
affects the operating performance of the company. Moreover, most of
the revenue is generated from exports thus business remains
vulnerable to fluctuations in forex rates.

* Average financial risk profile: Financial risk profile is average
represented by high total outside liabilities to tangible net worth
ratio of 2.07 times on a net worth base of INR9.76 crore as on
March 31, 2021. Debt protection metrics were weak with Net Cash
Accruals to Adjusted Debt ratio of around 0.02 times in FY 21.

Strengths:

* Extensive experience of promoters in yarn industry: Over
three-decade-long experience of the promoters in the yarn industry,
and their longstanding relationships with customers and suppliers,
have helped the company navigate business cycles over the years.

Liquidity: Poor

There have been delays of more than 30 days in servicing of post
shipment credit facilities availed by the Company, reflecting poor
liquidity. Moreover, bank limit utilization has also been high at
around 98 percent for the past twelve months ended Aug 21, along
with instances of full utilization. However, cash accruals are
expected to be around INR1.3-1.8 crores over the medium term, which
should be able to meet term debt repayment obligation of
INR0.4-1.35 crores over the same period. Current ratio is moderate
at 1.06 times on March 31, 2021.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Improvement in operating performance along with improvement in
working capital cycle, resulting in improvement in liquidity
position

Euro Vistaa (India) Limited, established in 1987 at Mumbai, is a
government-recognized two-star export house and a merchant exporter
of textile yarn. Mr. Punkajj Lath and family are the promoters.

GHO AGRO PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Gho Agro Private Limited
        New No. 10, Old 122
        Second Floor P S Sivasamy Salai
        St. Ebbas Avenue, Mylapore
        Chennai 600004

Insolvency Commencement Date: November 1, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 30, 2022

Insolvency professional: L K Sivaramakrishnan

Interim Resolution
Professional:            L K Sivaramakrishnan
                         "Rajparis Trimeni Towers"
                         First Floor, 147
                         G N Chetty Road
                         Chennai 600017
                         India
                         E-mail: lks@rvkassociates.com
                                 ghoagro.cirp@rvkassociates.com

Last date for
submission of claims:    November 15, 2021


GUPTA METAL: CRISIL Lowers Rating on INR75cr Demand Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Gupta Metal Sheets Limited (GMSL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        57.75      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit &         75.00      CRISIL D (ISSUER NOT
   Working Capital                  COOPERATING; Downgraded from
   Demand Loan                      'CRISIL A4 ISSUER NOT
                                    COOPERATING*')

CRISIL Ratings has been consistently following up with GMSL through
letters and dated March 26, 2021 and September 14, 2021 among
others,, apart from telephonic communication, for obtaining
information. However, the issuer has remained non cooperative.

Investors, lenders and all other market participants should
exercise due caution with reference to 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 entity. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. Ratings with 'ISSUER NOT COOPERATING'
suffix lack a forward looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has not received any information on either the financial
performance or strategic intent of GMSL, which restricts the
ability of CRISIL Ratings to take a forward looking view on the
company's credit quality. The rating action on GMSL is consistent
with the CRISIL Ratings policy detailed in 'Assessing Information
Adequacy Risk'.

Based on the publicly available information, CRISIL Ratings has
downgraded the ratings on the bank facilities of GMSL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

GMSL manufactures non-ferrous rolled semis, mainly copper-based
alloys, strips and sheets. Its manufacturing plant is in Rewari,
Haryana. The company started operations in 1988 and is promoted by
Mr. Radhey Shyam Gupta and his brothers.


ICICI BANK: Fitch Affirms 'BB+' LT IDR, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed ICICI Bank Limited's (ICICI) Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Outlook is Negative. The
agency has also affirmed the bank's Viability Rating (VR) at 'bb'.
In line with the updated Bank Rating Criteria, Fitch has assigned
ICICI a Government Support Rating (GSR) of 'bb+'.

The operating environment (OE) outlook of Indian banks was recently
revised to stable from negative, reflecting a better recovery than
Fitch expected in business and economic activity following the
Covid-19 pandemic's second wave. The 'bb' OE score is higher than
the implied score of 'b', reflecting Fitch's view that India's
economy will generate sustainable business growth opportunities.
Economic momentum and regulatory measures should support modest
improvements in Indian banks' financial profiles over the next
12-24 months, even though challenges remain.

Fitch is withdrawing ICICI's Support Rating and Support Rating
Floor as they are no longer relevant to the agency's coverage
following the publication of Fitch's updated Bank Rating Criteria
on 12 November 2021.

KEY RATING DRIVERS

IDR AND GOVERNMENT SUPPORT RATING

ICICI's Long-Term IDR of 'BB+' is support driven and linked to
India's sovereign rating (BBB-/Negative). It is driven by its GSR
of 'bb+', which is higher than the VR. The GSR is one notch below
the sovereign, reflecting Fitch's expectation there is a moderate
likelihood of extraordinary state support to ICICI, if required.
This is due to its size and systemic importance, which stem from
its large and growing market share (6.1% of system assets and 5.5%
of deposits in the financial year ended March 2020 (FY20)) and a
sizeable retail deposit franchise. However, Fitch regards the
likelihood of support for ICICI to be lower than for large state
banks that have GSRs of 'bbb-' due to ICICI's private ownership,
but to be similar to that of other large private banks.

Nevertheless, ICICI is a systemically important bank and the state
has a record of supporting such banks, although ICICI has not
required support to date. The March 2020 rescue of Yes Bank Ltd, a
mid-sized private-sector bank, reinforces Fitch's view.

The Negative Outlook on the Long-Term IDR mirrors the Outlook on
the Indian sovereign IDR; see Fitch Affirms India at 'BBB-';
Outlook Negative, published November 2021.

SENIOR DEBT

ICICI's senior debt rating is at the same level as the Long-Term
IDR, as the debt represents the bank's unsecured and unsubordinated
obligations.

VIABILITY RATING

ICICI's VR is one notch below Fitch's implied VR of 'bb+' due to
its risk profile, which serves as a negative adjustment. In Fitch's
view, the bank's risk profile has a stronger impact than the OE on
the assigned VR than what the weighting would suggest. The bank's
appetite for risk, even though it is lower than before the
pandemic, has weighed on its financial metrics in the past several
years, particularly in terms of asset quality and earnings. The VR
incorporates some risk of deterioration in financial metrics (not
Fitch's base case over the next two years) - particularly asset
quality beyond FY23, although Fitch expects ICICI's loss-absorption
buffers to reasonably withstand moderate shocks.

The VR also factors in ICICI's business profile, which is scored at
'bbb-'. It reflects Fitch's view that ICICI's wide reach, its
diversified business model and well-capitalised balance sheet
should enable the bank to further expand its strong domestic
franchise, supporting profitable business and market-share gains
through the cycle.

ICICI's capitalisation and leverage factor score is unchanged at
'bb+' with a stable outlook. It reflects Fitch's expectation that
the bank's common equity Tier 1 (CET1) ratio would remain well
above 12% in the next two years, supported by improving internal
accruals.

ICICI's CET1 ratio of 16.2% is comparable with that of large
private banks, with a buffer of nearly 800bp over a regulatory
minimum of 8.2% applicable for ICICI, which is a designated
domestic systemically important bank. The bank has good flexibility
in accessing equity capital markets as well as good capital
fungibility through its well-established profitable subsidiaries.
Fresh equity and improving loan-loss cover (1HFY22: 80%) have also
eased capital risks with the net impaired loan/CET1 ratio dropping
to 6.1% in 1HFY22, from 30.5% in FY18.

The full extent of ICICI's exposure to special-mention loans and
the non-guaranteed portion of emergency loans is less clear, but
Fitch does not expect capital buffers to fall below 12% under
Fitch's base scenario, provided risks from the vulnerable loan pool
manifest as per Fitch's expectations.

The bank's asset-quality factor score benefits from good
diversification of credit exposures, including its more granular
retail portfolio. The score is maintained at 'bb-', with a negative
outlook due to Fitch's view that the four-year average
impaired-loan ratio could face pressure and may not be sustained
below Fitch's 'bb' threshold of 5% once regulatory forbearance
wears off, even though Fitch expects the core metric to improve in
the near term, supported by a stable OE and relief measures. It
reflects Fitch's belief that the bank's risk profile will have a
stronger influence on its asset quality over the medium-to-longer
term.

The impaired-loan ratio declined by 10bp to 5.2% in 1HFY22 from
FY21, accompanied by a drop in loan impairment charges/gross loans
to 1.4% in 1HFY22, its lowest in many years. It is still some
distance away from the sub-1% levels before FY16 but Fitch expects
loan impairment charges/gross loans to further improve in the near
term, supported by a declining impaired-loan ratio as reduction in
bad loans (1HFY22: 0.8% of loans) continues to outpace additions
(0.6%). Asset quality and credit costs could face renewed pressure
after FY23 when regulatory relief unwinds meaningfully.

ICICI's earnings and profitability factor score is maintained at
'bb' with a stable outlook to reflect Fitch's expectations that the
four-year average operating profit/risk-weighted asset (OP/RWA)
ratio will achieve Fitch's 'bb' threshold of 1.25% by FY22 and be
sustained above that level. ICICI's OP/RWA improved to 3.2% in
1HFY22 from 2.1% in FY21. Fitch does not see significant risks to
earnings in the next one-to-two years but believe loan impairment
costs will remain instrumental in driving OP/RWA, particularly as
and when the forbearance unwinds.

Like other large banks in India, ICICI's deposit franchise has
proven resilient through difficult operating conditions, including
the failure of Yes Bank in 2020. ICICI's stable funding and
liquidity profile benefits from its retail-oriented and local
currency-dominated deposit franchise with a wide reach. The bank's
gross loan/customer deposit ratio of 82% has been falling since
FY15 but that could change in the near term with more momentum
around loan growth. The bank's low-cost deposit ratio of 46% in
1HFY22 is comfortably placed relative to peers while its stable
liquidity position is reflected in its liquidity-coverage ratio of
129% as of 1HFY22. Fitch expects both variables to somewhat
normalise over the medium term.

RATING SENSITIVITIES

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

IDRS, GOVERNMENT SUPPORT RATING AND SENIOR DEBT

-- Fitch would downgrade the GSR, and, in turn, the bank's IDR if
    Fitch believes that the sovereign's ability to support the
    bank has weakened, which could be the case if the sovereign
    rating were to be downgraded. The IDR could also come under
    pressure if Fitch believes the state's propensity to support
    the bank has weakened, even if India's sovereign rating
    remains unchanged, although this is not Fitch's base case.
    There is limited downside risk to the IDR in the event of a VR
    downgrade, so long as the GSR remains unchanged, which would
    imply that Fitch's assessment of the sovereign's ability and
    propensity to support the bank remains intact.

-- The senior debt ratings would be downgraded if ICICI's Long
    Term IDR is downgraded.

VIABILITY RATING

ICICI's VR represents a moderate degree of financial strength. It
should be reasonably stable in the near term but could be
downgraded if significant deterioration in the OE, or a heightened
risk profile, were to become a more binding constraint on the
bank's loss-absorption buffers.

This could manifest through a combination of weaker key financial
metrics, assuming Fitch's assessment of its business profile
remains unchanged:

-- a drop in ICICI's CET1 ratio to well below 12%, irrespective
    of its better capital flexibility, without a credible plan to
    restore it to closer to 12%; alongside

-- a reversal in the asset-quality trend with the four-year
    average impaired-loan ratio approaching 10%; and

-- four-year average OP/RWA ratio sustained below 1.25%.

A lower business profile score for ICICI - though not Fitch's base
case - could also lead to a VR downgrade if it is also accompanied
by the above-mentioned financial metrics being hit.

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

IDRS, GOVERNMENT SUPPORT RATING AND SENIOR DEBT

-- A revision of the sovereign rating Outlook to Stable would
    lead to a corresponding revision on the Outlook on ICICI's
    Long-Term IDR, provided the sovereign's propensity to support
    remains unchanged.

-- An upgrade to ICICI's GSR is possible in the event of a
    sovereign upgrade if it coincides with a strengthening of the
    sovereign's ability and, more importantly, propensity to
    support the bank. However, an upgrade of the sovereign rating
    appears less likely in the near term, considering the Negative
    Outlook.

-- An improvement in ICICI's VR beyond its GSR would also lead to
    its IDR being aligned with the VR. However, such an upgrade is
    not envisaged in the near term and will likely coincide with a
    higher OE score.

VIABILITY RATING

ICICI's VR is regarded as constrained by its risk profile with a
challenging OE also being a factor. However, an upgrade is possible
in the case of a higher OE, if it is coupled with sustained
improvements in ICICI's key core metrics, which could point at a
more moderating risk profile. The financial improvements could
manifest through a combination of stronger key financial metrics,
such as:

-- four-year average impaired-loan ratio sustained well below 5%;
    alongside

-- four-year OP/RWA ratio well exceeding 3%; and

-- CET1 ratio sustained at or above current levels.

VR ADJUSTMENTS

The OE score of 'bb' has been assigned above the implied category
of 'b' for the following adjustment reasons: economic performance,
and size and structure of the economy (positive).

The asset quality score of 'bb-' has been assigned above the
implied category of 'b' for the following adjustment reason:
concentrations (positive).

The funding and liquidity score of 'bbb-' has been assigned above
the implied category of 'bb' for the following adjustment reason:
deposit structure (positive).

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

ICICI has an ESG Relevance Score of '4' for Financial Transparency.
It reflects Fitch's assessment of the quality and frequency of
financial reporting and the auditing process, which has a moderate
but negative influence on the credit profile, and is relevant to
the rating in conjunction with other factors.

Occurrences of material asset-quality divergence have been minimal
in recent years while the bank has also managed to successfully
isolate itself from whistle-blower allegations in 2018.
Nonetheless, government and regulatory pandemic-related relief
measures pose a risk to transparent recognition of impaired loans,
even though Fitch expects ICICI to be reasonably placed among
peers. Still, financial transparency is considered pivotal for
general business and depositor confidence and can lead to
significant reputational risk if not managed well.

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


INDRESHWAR SUGAR: CRISIL Withdraws D Rating on INR50cr Loans
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Indreshwar Sugar Mills
Limited (ISML) to 'CRISIL D/Issuer not cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of ISML following a
request from the company and on receipt of a 'no dues certificate'
from the banker.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Rupee Term Loan        15        CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Rupee Term Loan        35        CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Consequently, CRISIL Ratings is migrating the ratings on bank
facilities of ISML from 'CRISIL D/Issuer Not Cooperating to 'CRISIL
D'. The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

ISML was established in 2010 by Pune (Maharashtra)-based Patil
family and commenced operations in November 2011. The company
manufactures sugar, with cane-crushing capacity of 2500 tonnes per
day. It also generates power through a 12-megawatt co-generation
plant.


INKAL VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Inkal
Ventures Private Limited (IVPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4.5      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            10.5      CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2008, and based at Cochin, IVPL is a part of
Arabcal group of companies in the Middle East. The company has
diversified business streams, which include execution of
(Engineering, Procurement, and Construction) EPC projects, local
distributorship for global industrial machinery companies and food
processing (specifically dairy products). Mr. Prasad Balakrishnan
Nair manages the daily operations.


ISOPLETH NICKEL: CRISIL Moves B Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Isopleth Nickel Powders Private Limited (INPPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      9.9      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with INPPL for
obtaining information through letters and emails dated September
27, 2021 and October 16, 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 INPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on INPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of INPPL to 'CRISIL B/Stable Issuer not
cooperating'.

INPPL was incorporated in March 2020 by  Lakshmi Sunkara & Srinivas
Mudragada. INPPL is setting up a unit to manufacture nickel powders
& allied at Old Bowenpally, Hyderabad. The plant is expected to be
commissioned in Dec-2020.


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

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Established in 1992 as a partnership firm, JRM mills and processes
basmati and non-basmati rice and sells mainly in the domestic
market through its brands Golden Rath, Doha, and Goric. Its
production facilities are in Amritsar, Punjab. Mr. Punit Gujral and
his family members are the partners.

KADAMBRI HEALTHCARE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kadambri
Healthcare Private Limited (KHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        13.05      CRISIL D (Issuer Not
                                    Cooperating)

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

KHPL, incorporated in 2015, is managed by Dr Nishant Tyagi and Dr
Ashok Gupta. The company has set up a 50-bed, mother-and-child
hospital at Ghaziabad, specializing in gynecology and pediatrics.


KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khukhrain
Cold Storage & Ice Factory (KCS) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.5       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1.05      CRISIL D (Issuer Not
                                    Cooperating)

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

Chandigarh-based KCS is a partnership firm promoted by the Sahni
family. The firm provides warehousing and logistics services for
dairy products, frozen meat products and vegetables, and beverages
through a cold storage and a fleet of refrigerated vehicles.

MAHARANA PRATAP: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharana
Pratap Education Centre (MPEC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     3.5       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    10.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank          1         CRISIL D (Issuer Not
   Guarantee                        Cooperating)

   Proposed Term Loan    26.2       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              4         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              4.8       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             22         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              8         CRISIL D (Issuer Not
                                    Cooperating)

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

MPEC was established in 1995 by Mr. Ram Singh Bhadauria. It
operates institutes providing technical, management, and medical
courses in Kanpur and Lucknow (Uttar Pradesh). It also operates
three schools named MPEC School, eight higher-education colleges,
and Pratap University in Jaipur.

MALABAR IMPEX: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Malabar Impex Solutions (MIS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital        4.5       CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MIS for
obtaining information through letters and emails dated September
29, 2021 and October 16, 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 MIS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MIS to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2018 as a partnership firm by Mr. Moosa Kunnath and Mr.
Mohammed Kunnath, MIS is setting up a plant in Malappuram, Kerala,
to process frozen seafood products, food grains, and spices.


NU-WAY HEATRANSFER: CRISIL Withdraws B+ Rating on INR7cr LT Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Nu-Way Heatransfer Private
Limited (NHTPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of NHTPL following a request from the company and on
receipt of a 'no dues certificate' from the banker.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Fund Based             7.0       CRISIL B+/Stable (Migrated
   Facilities-LT                    from 'CRISIL B+/Stable'
                                    ISSUER NOT COOPERATING';
                                    Rating Withdrawn)

   Non-Fund Based         1.0       CRISIL A4 (Migrated from
   Facilities-ST                    'CRISIL A4' ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Consequently, CRISIL Ratings is migrating the ratings on bank
facilities of NHTPL from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL B+/Stable/CRISIL A4'. The rating action is
in line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

NHTPL, incorporated in 2005, manufactures air cooled heat
exchangers, and finned tubes used in heat exchangers in heavy
engineering industrial units. The company is promoted by Mr. E V
Prasad and Mr. K Kannan.


NUCLEUS PREMIUM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nucleus Premium Properties Private Limited
        34/239 C, Near Mariya Park
        Pipe Line Road Padivattom
        Edapally Ernakulam 682024

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: May 22, 2022

Insolvency professional: Mr. K P Dileep

Interim Resolution
Professional:            Mr. K P Dileep
                         Veluthedath House
                         Ponnurunni, Vytilla
                         P.O. Kochi 682019
                         Kerala
                         Mobile: 9947357200
                         E-mail: kpdileep57@gmail.com

                            - and -

                         Flat No. 8A
                         Paradiso Apartments
                         Paradise Road
                         Vytilla P.O.
                         Kochi 682019
                         Mobile: 9947357200
                         E-mail: nucleusirp@gmail.com

Classes of creditors:    Allottees of residential/commercial units
                         under Real Estate Project
                    

Insolvency
Professionals
Representative of
Creditors in a class:    Sri Mohanan TS
                         Mobile: 9946424003

                         Sri Amier Hamsa Ali Abbas Rawther
                         Mobile: 9930846070

                         Sri Mathew Tharakan T.T.
                         Mobile: 9908664090

Last date for
submission of claims:    December 7, 2021


PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Peteresa
Realtors (PR) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    21.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Established in 2008, PR is partnership firm which is engaged in
residential real estate activities.  PR is undertaking a
residential real estate project in Borivali, Mumbai and is managed
by Mr. Robert Dsouza.

PRIME HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prime Hitech
Engineering Limited (PHEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Bank Guarantee          5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             7.2      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        4        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       10        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              45        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              28.3      CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in April 2010 as a joint venture by Prime Chemfert
Industries Pvt. Ltd. (PCI) (51%), Keliburg Holding Ltd (Russian
company, 30%), and the promoters of PCI (19%), PHEL carries out
fabrication work for transformers and also manufactures turbine
parts and drill bits used in oil exploration and mining operations.

REHAN WINE: CRISIL Moves B- Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rehan
Wine (REW) to 'CRISIL B-/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with REW for
obtaining information through letters and emails dated September
29, 2021 and October 16, 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 REW, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on REW
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of REW to 'CRISIL B-/Stable Issuer not
cooperating'.

REW was set in 2015 by the proprietor, Mr. Sumit Doda. The firm is
a wholesale distributor for beer, Indian-made foreign liquor,
country liquor, and wine products in Abohar, Punjab.

RELIANCE CAPITAL: RBI Supersedes Board & Appoints Administrators
----------------------------------------------------------------
The Economic Times of India reports that the Reserve Bank of India
(RBI) has superseded the board of Reliance Capital (RCL) and
appointed former Bank of Maharashtra executive director Y Nageswar
Rao as an administrator of the company.

The action by the central bank was taken "in view of the defaults
by RCL in meeting the various payment obligations to its creditors
and serious governance concerns which the board has not been able
to address effectively," RBI said in a press release.

ET relates that the Reserve Bank will shortly initiate the process
of resolution of the company under the Insolvency and Liquidation
Proceedings of Financial Service Providers and Application to
Adjudicating Authority Rules, 2019, which gives the central bank
the power to refer these cases to bankruptcy proceedings.

RCL is the holding company for majority stakes held in insurance
firms, an asset reconstruction company, a brokerage firm and a
partial stake in a commodity exchange, the report says.

It controls a 100% stake in Reliance General Insurance, its broking
arm Reliance Securities and RBI-registered NBFC Reliance Financial
Limited which is engaged in capital market-linked financing
activities.

Also a 51% stake in Reliance Nippon Life Insurance and a 49% stake
in Reliance Asset Reconstruction Ltd and a 20% stake in Indian
Commodity Exchange, a commodity derivatives exchange.

According to ET, RCL owes its creditors INR19,805 crore, a majority
of it through bonds under the trustee Vistra ITCL India Ltd.

This is the second NBFC taken to the bankruptcy court by the RBI
within two months, the report notes. Last month the central bank
had allowed proceedings against Kolkata based Srei Group.

ET says the RBI will now apply to the NCLT, Mumbai for appointing
the administrator as the insolvency resolution professional for
RCL.

                    About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.


SIX SIX: CRISIL Assigns B+ Rating to INR16.96cr LT Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Six Six Sigma Medicare And Research
Limited (SSMRL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.50      CRISIL B+/Stable (Assigned)
   Long Term Loan        16.96      CRISIL B+/Stable (Assigned)
   Overdraft Facility     1.72      CRISIL B+/Stable (Assigned)
   Proposed Fund-
   Based Bank Limits      0.82      CRISIL B+/Stable (Assigned)

The rating reflects the company's exposure to intense competition
and geographical concentration risk and its below-average financial
risk profile on account of a leveraged capital structure. These
weaknesses are partially offset by the extensive experience of the
promoters in the hospital industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to competition and geographical concentration in
revenue: Operations are limited to Nashik and Malegaon in
Maharashtra, with patients primarily from around these regions,
exposing the company to geographical concentration risk. Also, the
company's hospital faces competition from other government and
private hospitals in its area of operations, which has led to its
modest scale and muted revenue growth.

* Below-average financial risk profile: The financial risk profile
of the company is below average, as reflected in high gearing and
total outside liabilities to tangible networth ratio of 7.18 times
and 9.73 times, respectively, as of March 31, 2021, with modest
networth of INR2.98 crore and increased dependence on external
debt. The capital structure is expected to improve gradually in the
absence of any debt-funded capital expenditure (capex) over the
medium term along with steady accretion to reserve. Debt protection
metrics were moderate, indicated by interest coverage and net cash
accrual to adjusted networth ratios of 2.47 times and 0.18 time,
respectively, in fiscal 2021. The metrics have been average in the
past few years, with interest coverage ratio of 1.8 times or
lower.

Strength

* Extensive experience of the promoters: Dr Anuj Bhasin and Dr
Abhay Bhorse bring their technical expertise to the running of the
hospital. Mr. Sandeep Khivansara is a leading infrastructure
developer. The promoters' combined experience should continue to
benefit the company.

Liquidity: Stretched

Net cash accrual is expected at a modest INR2.0 crore per annum,
but it will sufficiently cover yearly debt obligation of INR0.7-1
crore over the medium term. Bank limit utilization averaged 69%
over the 12 months through August 2021. Efficient realization of
receivables led to better liquidity in fiscal 2021. Nonetheless,
receivables need to be managed effectively on a sustained basis for
maintaining liquidity. Current ratio was low at 0.91 time as of
March 31, 2021.

The company had applied for one-time debt restructuring (OTR) under
the Reserve Bank of India's 'Resolution Framework 1.0 –
Resolution of Covid-19-related stress of Micro, Small and Medium
Enterprises', which was approved by the bank in October 2020. As
per the OTR proposal, the company had received additional six
months' moratorium on its ongoing term loans until March 2021, and
the repayment schedule was revised with ballooning repayments. The
company's account with the lender was standard during the
restructuring process.

Outlook: Stable

SSMRL will continue to benefit from the promoters' experience.

Rating Sensitivity Factors

Upward factors

* Sustenance of the operating performance and stable operating
margin leading to higher cash accrual
* Improvement in the capital structure, with gearing of less than
3.5 times

Downward factors

* Significant drop in revenue or operating margin leading to cash
accrual of less than INR1.25 crore
* Any large, debt-funded capex or stretch in the working capital
cycle further weakening the financial risk profile

Incorporated in 2012, SSMRL manages a multi-speciality hospital in
Nashik and Malegaon, with a combined capacity of around 150 beds.
Dr Anuj Bhasin, Dr Abhay Bhorse, Mr. Sandeep Khivansara, Ms Sneha
Kulkarni, Mr. Swapnil Parekh and Ms Sonika Bhasin are the promoters
of the company.


SPERRY INTERNATIONAL: CRISIL Withdraws D Rating on INR12cr Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sperry International Private
Limited (SIPL) to CRISIL D/Issuer Not Cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of SIPL following a
request from the company and on receipt of a 'no dues certificate'
from the banker.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Comfort       12       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

As per the letter received from the bank dated 29 Sept 2019, SPIL
had entered into one-time settlement with the bank and repaid the
bank facility. There are no dues against the rated facility as per
the NDC and banker feedback.

Consequently, CRISIL Ratings is migrating the ratings on the bank
facilities of SIPL from 'CRISIL D/Issuer Not cooperating' to
'CRISIL D and has withdrawn the same. The rating action is in-line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

Incorporated in December 2004, SIPL is a subsidiary of SPL (holding
80.03% stake) which has invested in Sperry Wictor SRL, Italy (100%
subsidiary of SIPL - which is into manufacturing of adhesives).
SIPL is promoted by Mr. Vikram Jain.


SPERRY PLAST: CRISIL Withdraws D Rating on INR150cr LT Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sperry Plast Limited (SPL)
to CRISIL D/CRISIL D/Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of SPL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of SPL from 'CRISIL D/CRISIL D/Issuer Not
Cooperating to 'CRISIL D/CRISIL D'. The rating action is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Fund Based            150.0      CRISIL B+/Stable (Migrated
   Facilities-LT                    from 'CRISIL B+/Stable'
                                    ISSUER NOT COOPERATING';
                                    Rating Withdrawn)

   Non-Fund Based         25.0      CRISIL A4 (Migrated from
   Facilities-ST                    'CRISIL A4' ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Incorporated in April 1992, SPL is a closely held company promoted
by Mr. Vikram Jain and his family. It manufactures thermoplastic
rubber compound, plastic-moulded components, and expanded
polystyrene foam. The company has four manufacturing facilities:
two in Greater Noida, and one each in Chennai and Jammu.


SRK MULTIMODAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SRK Multimodal Solutions Private Limited
        Plot No. 315, War12/B
        Deepak Complex, First Floor
        Office No. 2
        Gandhidham 370201
        Gujarat

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 22, 2022

Insolvency professional: Krunal Ramanbhal Tanna

Interim Resolution
Professional:            Krunal Ramanbhal Tanna
                         315, Super Mall
                         Nr. Lal Bungalow
                         C G Road, Navrangpura
                         Ahmedabad 380006
                         E-mail: krunaltanna.ip@yahoo.com

                            - and -

                         603, Fortune Business Hub
                         Nr. Shell Petrol Pump
                         Science City Road
                         Sola, Ahmedabad 380060
                         E-mail: cirp.srkmulti@gmail.com

Last date for
submission of claims:    December 9, 2021


SUN ARK: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sun Ark
Aluminium Industries Private Limited (SAIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        9        CRISIL D (Issuer Not
                                    Cooperating)

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

Established in 2007, Sun Ark Aluminium Industries Private Limited
(SAIPL) manufactures aluminum powder, which find its application in
manufacturing refractory molds and explosives. The operations are
currently being managed by Mr. Sivakumar.


THREE SEASONS: CRISIL Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Three
Seasons Aquatech Private Limited (TSAPL) to 'CRISIL B/Stable Issuer
not cooperating'.

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

CRISIL Ratings has been consistently following up with TSAPL for
obtaining information through letters and emails dated September
29, 2021 and October 16, 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 TSAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSAPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of TSAPL to 'CRISIL B/Stable Issuer not
cooperating'.

TSAPL, incorporated in fiscal 2012, is setting up a unit for
processing shrimp, which would be exported. The plant is in East
Godavari district, Andhra Pradesh. Operations are expected to
commence by April 2021.


VIJAYASREE FOODS: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Vijayasree Foods (VF) and subsequently withdrawn the ratings at the
company's request and on receipt of a no-objection certificate from
the bankers. The withdrawal is in line with CRISIL Ratings' policy
on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         10        CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Cash Credit             5        CRISIL B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Export Packing Credit   5        CRISIL B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the partners: Benefits from the partners'
experience of 15 years, their strong understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business.

* Moderate working capital cycle: Gross current assets were at
71.78-85.04 days over the three fiscals ended March 31, 2021. Its
moderate working capital management is reflected in its gross
current assets (GCA) of 71.78 days as on March 31, 2021.

Weakness:

* Susceptibility to fluctuation in paddy prices and to government
regulations: Since cost of procuring the raw material (paddy)
accounts for a bulk of the total production expense, even a slight
variation in price can drastically impact profitability. Further,
impact of any adverse change in government regulations may continue
to restrict the business. The operating margin has fluctuated at
2.5-5.0% for the past three years ended 2021.

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was moderate at INR93 crores in fiscal 2021, with networth low at
INR5.77 crore as on March 31, 2021.

* Weak financial profile: VF has average financial profile marked
by gearing of 2.40 times and total outside liabilities to adj
tangible networth (TOL/ANW) of 2.83 times for year ending on 31st
March 2021. VF's debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.34 times and 0.02 times for fiscal
2021. VF debt protection measures are expected to remain at similar
level with high debt levels

Liquidity: Stretched

Bank limit utilisation is high at around 97.94 percent for the past
thirteen months ended June 2021. Cash accrual are expected to be
over INR30-50 lakhs which are sufficient against term debt
obligation of INR40-45 lakhs over the medium term. In addition, it
will be act as cushion to the liquidity of the company.

Current ratio is moderate at 1.51 times on March 31, 2021. Low cash
and bank balance of around INR4.2 lakhs as of March 31, 2021.

Outlook - Stable

CRISIL Ratings believes VF will continue to benefit from the
extensive industry experience of its partners.

Rating Sensitivity factors

Upward factors

* Cash accruals above INR1 Cr and moderation in bank limit
utilization

* Improvement in financial risk profile

Downward factors

* Interest coverage below 1 time

* Stretch in working capital cycle

VF was set up in 2011 as a partnership between the families of Mr.
M K V Rami Reddy and Mr. M L G K Avathar Reddy. This Tenali (Andhra
Pradesh)-based firm mills and processes paddy into rice, and
generates byproducts such as broken rice, bran, and husk.




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

HAUS PROS: Creditors' Proofs of Debt Due on Jan. 19
---------------------------------------------------
Creditors of Haus Pros Limited, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 19, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 24, 2021.

The company's liquidator is:

         John Scutter
         Fervor Limited
         Level 1, 17-19 Seaview Road
         Paraparaumu Beach
         Paraparaumu 5255
         New Zealand
         Email: john@fervor.co.nz


RALEIGH BULK: Creditors' Proofs of Debt Due on Jan. 10
------------------------------------------------------
Creditors of Raleigh Bulk Haulage Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 10,
2022, to be included in the company's dividend distribution.

Wendy Somerville and Malcolm Hollis were appointed joint and
several liquidators of the company by the High Court at New
Plymouth on Nov. 19, 2021.

The company's liquidators can be reached at:

         PwC Wellington
         PO Box 243
         Wellington 6140
         New Zealand


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

The Commissioner of Inland Revenue filed the petition against the
company on July 19, 2021.

The Petitioner's solicitors are:

          Cloete Van der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104
          New Zealand


THRIVE HOMES: Goes Into Liquidation, Owes NZD170,000
----------------------------------------------------
Otago Daily Times reports that a Dunedin building company, which
operated for only 12 months, went into liquidation owing nearly
NZD170,000, a liquidator's report relays.

Thrive Homes Ltd was placed in liquidation by the High Court at
Dunedin in October following an application from unsecured creditor
Trademax NZ Ltd.

Trevor and Emma Laing, of Trevor Laing and Associates, were
appointed joint liquidators and the pair have released their first
six-monthly report, according to ODT.

Campbell David Romeril, of Port Chalmers, was listed on the
Companies Office website as the sole shareholder and director of
Thrive Homes.

The report found the company owed a total of NZD167,938, of which
NZD62,463 was owed to Inland Revenue and NZD101,358 to unsecured
creditors, ODT discloses.

The remaining amount was for petitioning creditor costs.

The company's total assets were yet to be established but there was
some plant and equipment stored in several locations, the report,
as cited by ODT, said.

Investigations into the value of those items and arrangement for
collection were continuing.

According to ODT, the liquidators had become aware of several
disputes relating to the company and its director's activities.

"It is clear from initial inquiries that further investigation is
required into transactions undertaken by the company," the report
said.

It was too early to predict if enough money would be available to
make a dividend payment to unsecured creditors. However, the level
of preferential debt and the assets available indicated that it was
unlikely, the report said, ODT relays.

Mr. Romeril was also a shareholder and the sole director of Seaview
Cottage Construction Ltd, which was also in liquidation.  According
to Seaview's six-monthly liquidator's report last month, it owed
NZD738,000 to creditors, ODT discloses.

The liquidation was expected to be completed within the next 12
months, adds ODT.




=====================
P H I L I P P I N E S
=====================

MASANTOL RURAL: Placed Under Receivership
-----------------------------------------
The Manila Times reports that a rural bank in Pampanga province has
been closed and placed under receivership by the Bangko Sentral ng
Pilipinas (BSP).

In a weekend bulletin, the Philippine Deposit Insurance Corp.
(PDIC) reported that the central bank's governing Monetary Board
had ordered the closure of Masantol Rural Bank Inc. in a decision
dated Nov. 25, the report relays.

"The same resolution directed Philippine Deposit Insurance Corp. as
receiver to proceed with the takeover and liquidation of the bank
in accordance with Section 12 of RA (Republic Act) No. 3591 as
amended (PDIC Charter)," according to the bulletin.

The Manila Times relates that the PDIC announced it took over the
bank and its branch, assets, records and affairs on Nov. 26, 2021.

It was the government-owned deposit insurer's 11th bank takeover
this year, the report notes. Depositors of PDIC-acquired banks were
eligible for compensation up to the maximum insurance coverage of
PHP500,000.

According to the report, the PDIC said a bank that has been placed
in liquidation will not be allowed to reopen or resume banking
operations as required by its charter or RA 3591.

"Furthermore, Section 12 thereof expressly provides that banks
closed by the Monetary Board shall no longer be rehabilitated," the
bulletin added.

The state-run insurer also informed the public that the bank's
directors, officials and stockholders lost their powers, functions,
and duties once the bank was placed under liquidation.

As a result, the bank's directors, officers, and investors were
barred from interfering in any way with the bank's assets, papers,
or affairs, the report says.

"Therefore, anyone in possession of any assets and/or records of
the closed Masantol Rural Bank Inc. is advised not to allow or
honor any transaction affecting the same without the consent of the
receiver and to immediately turn over the said assets and/or
records to the designated Deputy Receiver at the address provided
below," the PDIC, as cited by The Manila Times, said.

It further said that all of the bank's assets were assumed to be in
the receiver's custodia legis, meaning they were not subject to
attachment, garnishment, execution, levy or any other court
action.

The Monetary Board closed five banks in 2020 and 11 banks in 2019,
all of which were taken over by the PDIC.




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

BESTLINK VEHICLE: Court to Hear Wind-Up Petition on Dec. 10
-----------------------------------------------------------
A petition to wind up the operations of Bestlink Vehicle Pte Ltd
and Bestlink Auto Pte Ltd will be heard before the High Court of
Singapore on Dec. 10, 2021, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Nov. 19,
2021.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


DESIGN STUDIO: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 19, 2021, to
wind up the operations of Design Studio Group Ltd.

David Chew Hock Lin, Steven James Salo, Marwan Anthony Shehadeh,
Kevin Derek Lewis, and Adelle Maree Howse filed the petition
against the company.

The company's liquidators are:

         Jason Aleksander Kardachi
         Patrick Bance
         Borrelli Walsh Pte Limited (trading as Kroll)
         1 Raffles Place
         Tower 2 #10-62
         Singapore 048616


DSV AIR: Creditors' Proofs of Debt Due on Dec. 31
-------------------------------------------------
Creditors of Dsv Air & Sea Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 31,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 24, 2021.

The company's liquidators are:

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


THAIOIL MARINE: Creditors' Proofs of Debt Due on Dec. 28
--------------------------------------------------------
Creditors of Thaioil Marine International Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Dec. 28, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 19, 2021.

The company's liquidators are:

         Hamish Alexander Christie
         1 Raffles Place, #10-62
         One Raffles Place, Tower 2
         Singapore 048616



                           *********


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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Information contained herein is obtained from sources believed
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                *** End of Transmission ***