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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

          Thursday, December 16, 2021, Vol. 24, No. 245

                           Headlines



A U S T R A L I A

ATHENA TRUST 2021-2PP: Fitch Gives B(EXP) Rating on Class F Debt
EARTHMAC PTY: First Creditors' Meeting Set for Dec. 23
IRON MOUNTAIN AUSTRALIA: Moody's Affirms Ba3 on Secured Bank Loan
MINERAL RESOURCES: Fitch Affirms 'BB' LT IDR, Outlook Stable
P'NACHE PTY: Second Creditors' Meeting Set for Dec. 21

PRIVIUM GROUP: Administrators Recommend Group's Liquidation
PRIVIUM GROUP: Second Creditors' Meeting Set for Dec. 22
SABO MACH: Second Creditors' Meeting Set for Dec. 22
TAS GLOBAL: First Creditors' Meeting Set for Dec. 23


C H I N A

CHINA EVERGRANDE: State-Dispatched Risk Managers Arrive at HQ
FANTASIA HOLDINGS: S&P Withdraws 'SD' LT Issuer Credit Rating


H O N G   K O N G

NEXT DIGITAL: Hong Kong Court Enters Liquidation Order


I N D I A

AVONTARA SPA: CRISIL Keeps B Debt Rating in Not Cooperating
GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
GANGA FABRICS: CRISIL Keeps D Debt Rating in Not Cooperating
I-RETAILERS PRIVATE: Insolvency Resolution Process Case Summary
JAGANNATH TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating

KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
KIRTHIKA PIPES: CRISIL Keeps B+ Debt Rating in Not Cooperating
KTKP SARABARAHKARI: CRISIL Keeps D Ratings in Not Cooperating
LEE AND MUIRHEAD: CRISIL Keeps B+ Debt Rating in Not Cooperating
MARKS PRYOR: CRISIL Keeps D Debt Rating in Not Cooperating

METALS AND METAL: CRISIL Cuts Rating on INR13cr Cash Loan to B
MOTI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
OPUS INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating
RAMVIJAY COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating

RATTAN RICE: CRISIL Keeps B Debt Rating in Not Cooperating
RENEW POWER: Fitch Alters Outlook on 'BB-' LT IDR to Stable
S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating
SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating
SOMNATH CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating

TRIPURARI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating


N E W   Z E A L A N D

DA (2018) LIMITED: Creditors' Proofs of Debt Due Feb. 4
PLEXURE GROUP: Lays Off 55 Staff to Reduce Costs by NZD8MM
TRANSCON LIMITED: Court to Hear Wind-Up Petition on Feb. 10


S I N G A P O R E

BRIGHTYEAR CAPITAL: Commences Wind-Up Proceedings
JURONG POINT: Creditors' Proofs of Debt Due on Jan. 12


S O U T H   K O R E A

MOHEGAN GAMING: Posts $24.2MM Net Income in 4th Qtr Fiscal 2021

                           - - - - -


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

ATHENA TRUST 2021-2PP: Fitch Gives B(EXP) Rating on Class F Debt
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Athena 2021-2PP
Trust's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian prime residential full-documentation mortgage loans
originated by Athena Mortgage Pty Limited.

The notes are issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Athena 2021-2PP Trust. This is a separate
and distinct trust created under a master trust deed.

DEBT           RATING
----           ------
Athena 2021-2PP Trust

A    LT AAA(EXP)sf  Expected Rating
B    LT AA(EXP)sf   Expected Rating
C    LT A(EXP)sf    Expected Rating
D    LT BBB(EXP)sf  Expected Rating
E    LT BB(EXP)sf   Expected Rating
F    LT B(EXP)sf    Expected Rating
G    LT NR(EXP)sf   Expected Rating

KEY RATING DRIVERS

Credit Enhancement Provides Buffer Over Expected 'AAAsf' Losses:
The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 6.7%,
from 6.9% in Athena 2021-1PP Trust, is driven by the
weighted-average (WA) unindexed current loan/value ratio (LVR) of
54.3% and investment loans of 13.9%.

The 'AAAsf' WA recovery rate (WARR) of 40.6% is driven by the
portfolio's WA indexed scheduled LVR of 56.5%. The class A, B, C,
D, E and F notes benefit from credit enhancement of 6.0%, 3.2%,
1.93%, 1.1%, 0.6% and 0.2%, respectively.

Liquidity Risk Mitigated: Structural features include a liquidity
facility sized at 1.5% of the rated note balance, with a floor of
AUD450,000, which is sufficient to mitigate Fitch's payment
interruption risk. The rated notes can withstand all relevant Fitch
stresses applied in Fitch's cash flow analysis.

Originator Adjustment Applied Due to Limited Historical Performance
Data: Mortgages were originated by Athena in its ordinary course of
business. Athena is a non-bank mortgage lender established in 2017
with operations in Sydney, Australia. Fitch undertook an
operational review and found that the operations of the originator
and servicer were comparable with market standards. Fitch does not
expect the servicer's operations to be disrupted by the coronavirus
pandemic, as staff are able to work remotely and have access to the
office.

Fitch has applied a 5% increase to its base foreclosure frequency
due to limited originator-specific performance data.

Economic Growth Supports Outlook: Portfolio performance is
supported by Australia's management of the pandemic, including the
nationwide vaccine rollout that is facilitating the removal of
lockdown restrictions. Fitch forecasts Australia's GDP to grow at a
rate of 4.0% in 2022, with an unemployment rate of 4.4%. GDP growth
is expected to normalise to 2.8% in 2023 with an unemployment rate
of 4.6%.

RATING SENSITIVITIES

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

-- A longer pandemic than Fitch expects that leads to
    deterioration in macroeconomic fundamentals and consumers'
    financial positions in Australia beyond Fitch's baseline
    scenario. Available credit enhancement cannot compensate for
    higher credit losses and cash flow stresses, all else being
    equal.

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

Downgrade Sensitivity

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

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

-- Increase defaults by 15%: AAAsf / AA-sf / A-sf / BB+sf / B+sf
    / Bsf

-- Increase defaults by 30%: AAAsf / A+sf / BBB+sf / BB+sf / B+sf
    / below Bsf

-- Reduce recoveries by 15%: AAAsf / AA-sf / BBB+sf / BB+sf /
    B+sf / Bsf

-- Reduce recoveries by 30%: AAAsf / A+sf / BBBsf / BBsf / B+sf /
    below Bsf

-- Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
    A+sf / BBBsf / BBsf / B+sf / below Bsf

-- Increase defaults by 30% and reduce recoveries by 30%: AA+sf /
    Asf / BB+sf / B+sf / Bsf / below Bsf

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

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

-- The class A notes are at 'AAAsf', which is the highest level
    on Fitch's scale. The ratings cannot be upgraded.

-- The rating on the class F notes is constrained by the large
    obligor concentration test, which limits the rating at one
    notch below the model implied rating of 'B+sf'. Prepayments to
    the loans with the largest obligor exposure, which result in
    the notes passing Fitch's concentration test, could lead to
    positive rating action for this class of notes, all else being
    equal.

As the class A notes are at 'AAAsf', upgrade sensitivity stresses
for these notes are not relevant. However, results for the
remaining rated notes are as follows:

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

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

-- Decrease defaults by 15% and increase recoveries by 15%: AA+sf
    / A+sf / A-sf / BBB-sf / Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch reviewed a small targeted sample of Athena's origination
files and found the file information to be adequately consistent
with the originator's policies and practices and the other
information provided to the agency about the asset portfolio. Prior
to the transaction closing, Fitch sought to receive a third-party
assessment of the asset portfolio information, but none was
available for this transaction.

Overall, Fitch believes the asset pool information relied upon for
its rating analysis, according to its applicable rating
methodologies, is adequately reliable.

ESG CONSIDERATIONS

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


EARTHMAC PTY: First Creditors' Meeting Set for Dec. 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Earthmac Pty
Ltd will be held on Dec. 23, 2021, at 9:30 a.m. via virtual
technology.

Jerome Hall Mohen -- jerome.mohen@rsm.com.au -- and Gregory Bruce
Dudley -- greg.dudley@rsm.com.au -- of RSM Australia Partners were
appointed as administrators of Earthmac Pty on Dec. 13, 2021.


IRON MOUNTAIN AUSTRALIA: Moody's Affirms Ba3 on Secured Bank Loan
-----------------------------------------------------------------
Moody's Investors Service has affirmed Iron Mountain Incorporated's
Corporate Family Rating and existing senior unsecured debt ratings
at Ba3. The rating affirmation follows the REIT's announcement that
it has entered into an agreement to acquire ITRenew, a leading IT
asset disposition provider. The rating outlook is stable.

The ratings affirmation reflects the potential long-term strategic
benefits of the ITRenew transaction which include cash flow
diversification, cost synergies and direct accretive growth within
its global data center platform. The company's funding plan for the
transaction will include a meaningful combination of new debt and
borrowing capacity under its revolver and is expected to
temporarily increase leverage above its target range of 5x on a net
lease adjusted basis in the short-term, which demonstrates a more
aggressive financial policy and deteriorates cushion within the
current ratings and stable outlook.

The stable outlook assumes that financings associated with the
ITRenew transaction will represent a short-term peak in leverage at
above 6x on a Moody's adjusted Net Debt/EBITDA basis, which
includes adjustments for operating leases. The stable outlook also
reflects the expectation that the company successfully integrates
and generates income growth from the acquisition such that leverage
improves below the 6x level over the next 12-18 month period.

The following ratings were affirmed:

Issuer: Iron Mountain Incorporated

  - LT Corporate Family Rating, Affirmed Ba3

  - Senior Unsecured Regular Bond/Debentures, Affirmed Ba3

Issuer: Iron Mountain Information Management, LLC

  - Senior Secured Bank Credit Facility, Affirmed Ba3

Issuer: Iron Mountain (UK) PLC

  - Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Issuer: Iron Mountain Australia Group PTY. LTD.

  - Senior Secured Bank Credit Facility, Affirmed Ba3

Outlook Actions:

Issuer: Iron Mountain Incorporated

  - Rating Outlook, remains stable

Issuer: Iron Mountain Information Management, LLC

  - Rating Outlook, remains stable

Issuer: Iron Mountain (UK) PLC

  - Rating Outlook, remains stable

Issuer: Iron Mountain Australia Group PTY. LTD.

  - Rating Outlook, remains stable

RATINGS RATIONALE

Iron Mountain's Ba3 corporate family rating reflects the company's
leading market position in the North America storage and
information management market, a large base of recurring storage
and data center rental revenues, a growing and geographically
diversified footprint and solid, consistent credit metrics relative
to similarly rated companies. These strengths are offset by Iron
Mountain's historical reliance on debt to fund capital projects and
integration risk from its highly acquisitive growth strategy,
including the recently announced ITRenew transaction, that presents
execution risk and potential for higher leverage.

Iron Mountain's SGL-3 liquidity rating reflects an adequate
liquidity profile to fund upcoming obligations pro forma for the
transaction, supported by the availability of approximately $1.265
billion under its secured revolving credit facility, ~$150 million
of unrestricted cash, a manageable debt maturity profile, and a
solid unencumbered asset pool, totaling approximately 70% of gross
assets, after adjusting for goodwill and other intangibles.

Liquidity is constrained by the firm's sizeable capital investment
and acquisition pipeline and the historically high utilization of
its revolving credit facility.

Governance risk remains a key credit consideration, as the company
has historically relied on debt to fund capital requirements.
Moody's note however, that management remains committed to reducing
leverage to approximately 5x on a net total lease-adjusted basis.

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

Upward ratings movement is unlikely in the short-term and would be
predicated on the leverage neutral funding of new acquisitions,
establishing a track record of deleveraging, such that Moody's
adjusted net debt to EBITDA improves closer to 5x, and fixed charge
coverage improves closer to 4.5x, all on a sustained basis.

Downward ratings pressure would be predicated upon any material
deterioration in Iron Mountain's profitability or liquidity and
should its credit metrics not improve as projected, such that
Moody's adjusted net debt to EBITDA remains at or above 6x over the
next 12-18 month period and fixed charge coverage remains at or
below 3.5x over the same period. Additionally, any sizeable
acquisitions, capital expenditures, and/or integration challenges
that meaningfully cause the REIT to deviate from its expected
deleveraging plan would also lead to downward ratings pressure.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.

Iron Mountain (NYSE: IRM) is a global provider of information
storage and related services, organized and operating as a real
estate investment trust (REIT) effective January 1, 2014. Iron
Mountain is primarily engaged in the ownership, management,
development, and acquisition of secure storage and data center real
estate, consisting of more than 90 million square feet across more
than 1,450 facilities in approximately 50 countries. Iron Mountain
reported gross assets of approximately $18.1 billion as of
September 30, 2021.


MINERAL RESOURCES: Fitch Affirms 'BB' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Mineral Resources
Limited's (MIN) Long-Term Issuer Default Rating (IDR) at 'BB'. The
Outlook is Stable. The senior unsecured debt has also been affirmed
at 'BB'.

The notes are rated at the same level as the IDR as they are
unconditionally, jointly and severally guaranteed by MIN and its
subsidiaries, which represent more than 95% of group consolidated
total assets and net income.

The rating reflects MIN's strong credit metrics, stable cash flow
from mining services contracts, and increasing earnings
contribution from its lithium business, which has a competitive
cost position and long mine life when compared to its existing iron
ore business. The rating is balanced by its relatively weak iron
ore business and potential large investments associated with its
stated intention of developing mining hubs led by the Ashburton
project.

The company reported strong earnings in the financial year ended
June 2021 (FY21), benefitting from high iron-ore prices and an
increasing contribution from its mining-service business. The
company's credit metrics are strengthened by an improved cash flow
and AUD1.5 billion in cash at 30 June 2021.

KEY RATING DRIVERS

Lithium Business Increases Diversification: MIN is one of the
largest spodumene miners in the world by resource and its lithium
earnings will materially increase over the next three years. Thus,
MIN's credit profile will benefit from its competitive cost
position, partnership with leading players, long reserve life, and
favourable demand and supply dynamics. Fitch expects MIN's lithium
business to contribute more than 50% of EBITDA, which will
diversify its cash flow streams.

Unique Profit-Sharing Model: MIN acquires undeveloped resource
assets that can benefit from its mining infrastructure services. It
funds a mine's design and construction in return for equity and
secures a life-of-mine contract to provide pit-to-port services. It
monetises part of its stake over the medium-to-long term, and
reinvests the funds in its business. MIN's model eliminates the
risk of contract losses, allowing it to capture earnings from its
profit-sharing commodity operation and create steady cash flow.

Partnership Reduces Risk: MIN's joint venture with Albemarle
Corporation (ALB; BBB/Stable) and Jiangxi Ganfeng Lithium Co Ltd
reduces the execution and capital commitments associated with its
lithium hydroxide plants. As part of the transaction with ALB, MIN
has a 40% interest in two 25 kilotonne per annum lithium hydroxide
modules in Kemerton, Western Australia, and will sell most of its
hydroxide under long-term contracts. MIN also plans to sell
hydroxide through its share of spodumene at Mt Marion with
Ganfeng.

Owner Operator; Conservative Financial Policy: MIN has a
conservative capital structure and was in a net cash position in
seven of the last 10 years. Fitch believes MIN benefits from being
an owner operator that manages the business conservatively with a
long-term focus. Fitch expects MIN's leverage, measured by funds
from operations (FFO) net leverage, to remain below 1x (before
major capex), underpinned by its mining-service and lithium
businesses.

Ashburton Project: MIN plans to develop a new greenfield iron-ore
project over the next two-five years. The Ashburton project will
have production capacity of 30 million tonnes per annum with a cost
position that MIN expects to be competitive at around AUD30-35 per
tonne, excluding royalties. MIN plans to invite joint-venture
partners to co-develop and share the AUD2.4 billion-2.55 billion
total capital cost. The project, if completed as planned, will
improve MIN's scale and iron-ore cost, allowing the company to run
a more sustainable and profitable iron-ore operation in the
future.

Fitch notes that MIN has historically maintained a strong balance
sheet and has a record of developing iron-ore projects in Western
Australia. Fitch believes this will provide some buffer to
challenges, including weakening of iron ore prices or high
operating costs, that the project could face. Further, MIN's stated
policy is to target less than 2x gross debt to sustainable EBITDA,
and as it did with the investment in Wodgina, higher leverage will
be tolerated if MIN can rapidly see a route to deleverage.

Secured Debt in Capital Structure: Fitch expects MIN's capital
structure to include secured debt. However, this should stay below
1x EBITDA. The rating on MIN's senior unsecured debt could be
downgraded if the ratio of prior-ranking debt/consolidated
operating EBITDA rises to 3.5x or above, irrespective of any
movement in the issuer's IDR.

DERIVATION SUMMARY

MIN's rating reflects its stable cash flow from its mining-service
contracts and strong lithium assets. This compares well against its
peer, PT Adaro Indonesia (BBB-/Stable, Standalone Credit Profile
(SCP): bb+), which has less volatile cash flow due to its strong
cost position and integrated power plant business with its parent,
Adaro Energy. This results in Adaro Indonesia's one-notch uplift
from its SCP. Both companies have strong leverage metrics.

PT Indika Energy Tbk's (BB-/Negative) rating reflects Fitch's
expectation of a rise in medium-term leverage relative to its
rating and increased execution risks due to its proposed
investments, which are mostly greenfield and in sectors that Indika
has no previous exposure. Indika has weak leverage and mine life,
with concession renewal risk, compared with MIN.

KEY ASSUMPTIONS

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

-- Iron-ore price in line with the Fitch price deck, adjusted for
    impurity discount;

-- Commercial production of hydroxide to start from 2022;

-- Dividend payout ratio at around 50% of underlying net profit
    after tax.

RATING SENSITIVITIES

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

-- FFO net leverage remains below 2.0x for a sustained period.

-- Establishment of operational track record following commercial
    production of hydroxide.

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

-- FFO net leverage rising above 3.0x for a sustained period;

-- Material loss of mining-service contracts.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: MIN had net cash of around AUD600 million in
FY21. Fitch believes the company will generate positive free cash
flows from FY23. MIN is working on refinancing its secured
syndicated facility due June 2022.

ISSUER PROFILE

MIN is an integrated mining and mining-service company based in
Australia.

ESG CONSIDERATIONS

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


P'NACHE PTY: Second Creditors' Meeting Set for Dec. 21
------------------------------------------------------
A second meeting of creditors in the proceedings of P'Nache Pty Ltd
has been set for Dec. 21, 2021, at 10:00 a.m. at the offices of via
telephone conference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 20, 2021, at 4:00 p.m.

Andre Lakomy and Jason Tang of Cor Cordis were appointed as
administrators of P'Nache Pty on Nov. 23, 2021.


PRIVIUM GROUP: Administrators Recommend Group's Liquidation
-----------------------------------------------------------
SmartCompany reports that the administrators of Privium Group have
recommended it be liquidated, after finding that the construction
group likely traded insolvent between August and November.

SmartCompany relates that FTI Consulting issued a report on Dec.
14, detailing the administrators' findings about the transactions
the group made, at what point it became insolvent and the return
secured and unsecured creditors can expect to receive.

According to SmartCompany, the administrators' "preliminary view"
is that Privium's companies were likely insolvent from at least
August until the time of their appointment in mid-November.

"Based on the estimated date of insolvency and our current
understanding of the companies' financial affairs, the potential
claim for insolvent trading may be of the order of approximately
AUD2.5 million," the report, as cited by SmartCompany, stated.

According to the administrators, however, it's unclear whether the
director and former directors could meet a successful insolvent
trading claim, which is an action for a breach of a director's duty
to prevent insolvent trading from occurring, SmartCompany relays.

Prior to its collapse, Privium Group operated as the head company
of eight other entities, including the Privium Pty - formerly known
as Privium Homes - which was a housing developer operating in
Queensland, NSW and Victoria, SmartCompany notes.

SmartCompany relates that the administrators found that Privium Pty
has AUD24.6 million in total liabilities and estimated that secured
creditors could receive a highest possible return of 5 cents on the
dollar within six to 12 months. The administrators expect no return
for the unsecured creditors.

According to SmartCompany, the administrators' report said the
liquidation of Privium Group and its eight companies could result
in property or money being recovered for creditors, which is why
they recommend the group is liquidated.

The report followed the appointment of administrators John Park,
Joanne Dunn and Kelly-Anne Trenfield on November 17 who will hold a
second meeting of creditors on December 22, SmartCompany says.

More than 2,000 individual home-buying customers across Queensland,
Victoria and NSW were affected by the collapse of Privium last
month, along with hundreds of trades suppliers, contractors and
subcontractors.

Privium Group's director, Robert Harder, said the company collapsed
due to the effects of COVID-19 on operations, which blew out lead
times in the industry and resulted in restrictions on construction
sites in Victoria, SmartCompany reports.

SmartCompany says the administrators agreed with the director's
view on why the group collapsed, adding that the costs of
construction outpaced revenue growth.


PRIVIUM GROUP: Second Creditors' Meeting Set for Dec. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

         - Privium Group Pty Ltd
         - Privium Pty Ltd
         - Privium Investments Pty Ltd
         - Privium Assets Pty Ltd
         - Privium Civil Pty Ltd
         - Impact Specs Pty Ltd
         - Privium Developments Pty Ltd
         - Residences on Bass Pty Ltd
         - Impact Land Pty Ltd

has been set for Dec. 22, 2021, at 10:00 a.m. via Electronic
facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 21, 2021, at 10:00 a.m.

Joanne Dunn, John Park and Kelly-Anne Trenfield of FTI Consulting
were appointed as administrators of Privium Group on Nov. 17,
2021.


SABO MACH: Second Creditors' Meeting Set for Dec. 22
----------------------------------------------------
A second meeting of creditors in the proceedings of Sabo Mach B Pty
Ltd has been set for Dec. 22, 2021, at 10:00 a.m. via virtual
facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 21, 2021, at 4:00 p.m.

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


TAS GLOBAL: First Creditors' Meeting Set for Dec. 23
----------------------------------------------------
A first meeting of the creditors in the proceedings of TAS Global
(Holdings) Pty Ltd will be held on Dec. 23, 2021, at 9:30 a.m. via
virtual meeting technology.

Travis Pullen of B&T Advisory was appointed as administrator of TAS
Global on Dec. 14, 2021.




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

CHINA EVERGRANDE: State-Dispatched Risk Managers Arrive at HQ
-------------------------------------------------------------
Caixin Global reports that the Guangdong provincial government
dispatched a working team to China Evergrande Group's headquarters
in Guangzhou to study the company's financial condition and help
with risk disposal, people close to the matter said.

Evergrande management was told to report directly to the working
team, Caixin says. Evergrande's vice president and auto business
chief Xiao En is in charge of the company's daily operations.

According to Caixin, the provincial government is collecting
information about Evergrande executives' guarantees for the
company's debts. Caixin learned that many executives offered
personal guarantees for Evergrande obligations.

The government also ordered Evergrande to halt asset disposal
Dec.12 to assess the company's finances and assets. Urgent cases
must be reported and will be studied specifically, a company source
said, Caixin relays.

The Guangdong government said in early December it would send a
working team to the indebted developer to help defuse its debt
crisis, Caixin recalls. The move came shortly after Evergrande
warned of a default on a $260 million debt guarantee obligation and
marked a key step toward a restructuring of the debt-laden
conglomerate.

Days later, Evergrande said it set up a risk management committee
to assess the group's financial situation and come up with an asset
disposal plan for government approval, Caixin relays.

Caixin adds that China's central bank Governor Yi Gang Dec. 10
reiterated that Evergrande's crisis will be dealt with in a
market-oriented way, another signal that Beijing won't tolerate
massive debt buildups that threaten financial stability.

                       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 Dec.
13, 2021, Fitch Ratings has downgraded to 'RD' (Restricted
Default), from 'C', the Long-Term Foreign-Currency Issuer Default
Ratings (IDR) 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'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The
non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.


FANTASIA HOLDINGS: S&P Withdraws 'SD' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings has withdrawn its 'SD' (selective default)
long-term issuer credit rating on Fantasia Holdings Group Co. Ltd.
at the issuer's request.

S&P also withdrew the 'CC' long-term issue rating on its
outstanding senior unsecured notes, and the 'D' long-term issue
rating on the notes due Oct. 4, 2021.




=================
H O N G   K O N G
=================

NEXT DIGITAL: Hong Kong Court Enters Liquidation Order
------------------------------------------------------
Bloomberg News reports that a Hong Kong court ordered the winding
up of jailed media mogul Jimmy Lai's Next Digital Ltd., the parent
of defunct pro-democracy newspaper Apple Daily.

The pace by which the assets will be dissolved, including those of
Next Digital's still-functioning Taiwanese arm, will be up to the
provisional liquidators, Aaron Lam, senior government counsel, said
after the hearing on Dec. 15, Bloomberg relates. Next Digital sent
no representatives to the court.

Bloomberg says the decision marks yet another milestone in the
demise of what had been one of China's staunchest critics. Lai has
been in jail for months, his Hong Kong paper has stopped publishing
and the Taiwanese unit is said to be on course to run out of money
this month, the report states.

Taiwan will continue to closely monitor developments involving Next
Digital's liquidation, its Mainland Affairs Council said in a
statement, adds Bloomberg.

The Hong Kong government-appointed inspector filed to liquidate the
firm late September. The first provisional liquidators with a court
mandate from Ernst & Young resigned in just 26 days, succeeded by
local firm Kenny Tam & Co. CPA, Bloomberg has reported.

Next Digital Limited -- http://www.nextdigital.com.hk/investor/--
is a Hong Kong-based investment holding company principally engaged
in media and publishing businesses. The Company operates through
three segments. Digital segment is engaged in Internet advertising,
Internet subscription, content provision and the development of
mobile games and applications in Hong Kong, Taiwan and America.
Newspapers Publication and Printing segment is engaged in the sales
of newspapers and the provision of related newspapers printing and
advertising services in Hong Kong and Taiwan. Books and Magazines
Publication and Printing segment is engaged in the sales of books
and magazines, as well as the provision of books and magazines
printing and advertising services in Hong Kong, Taiwan, North
America, Europe and Oceania.




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

AVONTARA SPA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Avontara Spa
(AS) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan     13.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AS for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 AS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AS
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2012, Avontara Spa is a Pune-based proprietorship
firm of Mr. Vivek Jagtap. The firm operates a chain of spas under
the Avontara and Adeva brands. The firm has diversified into the
restaurant business and has applied for becoming a franchisee of
Bar Stock Exchange.

GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gagan Wine
Trade and Financers Limited (GWTFL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             17       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term       8       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with GWTFL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 GWTFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GWTFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GWTFL continue to be 'CRISIL D Issuer Not Cooperating'.

GWTFL is a closely-held public limited company, based in Delhi. It
was incorporated in 1996 by the promoter, Mr. Shiv Lala Doda, who
has experience of over two decades in the liquor distribution
business.

GANGA FABRICS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ganga Fabrics
(GF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GF for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 GF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GF
continue to be 'CRISIL D Issuer Not Cooperating'.

GF is a partnership firm that knits and processes yarn into fabric.
The firm was previously managed as a proprietorship concern and got
registered as a partnership firm in December 2011. The firm is
managed by its partners Mr. Ashok Kumar Ahuja and Mr. Abhay Kumar
Ahuja.

I-RETAILERS PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: I-Retailers Private Limited
        Khasra No. 15/3, Near Gali No. 9
        Main Shiv Mandir Road
        Near Swaroop Nagar Thana
        New Delhi 110042

Insolvency Commencement Date: November 30, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 29, 2022

Insolvency professional: Bipin Garg

Interim Resolution
Professional:            Bipin Garg
                         506, Mercantile House
                         15, Kasturba Gandhi Marg
                         Adjacent to British Council Building
                         New Delhi 110001
                         E-mail: bipin.garg@me.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         New Delhi 110048
                         E-mail: iretailers@aaainsolvency.com

Last date for
submission of claims:    December 20, 2021


JAGANNATH TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jagannath
Traders - Delhi (JT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JT for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 JT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JT
continue to be 'CRISIL D Issuer Not Cooperating'.

JT, based in Delhi, was established as a partnership firm between
Mr. Pawan Sharma and Mr. Jatin Sharma in 2014. It trades in dry
fruits, such as almonds, and herbs and spices, including cloves and
poppy seeds.


KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kakda Rolling
Mills (KRM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            13.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KRM for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 KRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KRM continue to be 'CRISIL D Issuer Not Cooperating'.

Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM was converted into a partnership by Mr.Narendra K Goel and his
three sons. The firm manufactures TMT bars and has a capacity of
150 tonnes per day (tpd) at Govindpura, Bhopal (MP).


KIRTHIKA PIPES: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Kirthika
Pipes Private Limited (SKPPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SKPPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 SKPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKPPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 1994, Chennai-based SKPPL trades in ductile iron
and polyvinyl chloride pipes and other construction materials.


KTKP SARABARAHKARI: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K T K P
Sarabarahkari and Babasayi Samitee Himghar Limited (KTKP) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.18      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.38      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.80      CRISIL D (Issuer Not
    Bank Loan Facility              Cooperating)

   Working Capital        0.65      CRISIL D (Issuer Not
   Loan                             Cooperating)

   Working Capital        0.39      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with KTKP for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 KTKP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTKP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTKP continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KTKP was incorporated in 1997 to provide cold storage facility to
potato farmers and traders. The company is promoted by Mr. Krishna
Gopal Jena and has a facility in Hooghly, West Bengal.


LEE AND MUIRHEAD: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lee and
Muirhead Private Limited (LNM) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan                8       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LNM for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 LNM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LNM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LNM continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

LNM, a part of the Lemuir Group, promoted by the Parikh family,
provides project logistics services, such as freight forwarding,
customs clearance, and transportation, and caters to companies in
the power, capital goods, and engineering sectors. Currently, Mr.
Arvind Parikh is the chairman and his son, Mr. Snehal Parikh, is
the managing director of the company.

MARKS PRYOR: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marks Pryor
Marking Technology Private Limited continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       1.0       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Marks Pryor
for obtaining information through letters and emails dated
September 15, 2021 and November 12, 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 Marks Pryor, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Marks Pryor is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Marks Pryor continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

Marks Pryor, established in 2005, is a JV between Mr. Dhiren Gupte
and Edward Pryor & Son Ltd, UK, a leading manufacturer of metal
indentation marking technology. The company provides customized
marking solutions to companies across industries, including
automobile, automobile ancillaries, oil and gas, engineering, and
capital goods. Its manufacturing facility is at Pune.


METALS AND METAL: CRISIL Cuts Rating on INR13cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Metals
And Metal Electric Private Limited (MMEPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             13       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')
  
CRISIL Ratings has been consistently following up with MMEPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 MMEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMEPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

MMEPL was set up as a partnership firm between Mr. Kantilal Jain
and his family members in 1988 and converted into a private limited
company in 1996. It trades in electrical products like wires and
cables.


MOTI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Moti Ram
Sunil Kumar (MRSK) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term     1.8       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.7       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MRSK for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 MRSK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MRSK continue to be 'CRISIL D Issuer Not Cooperating'.

Established in 2006 as a proprietorship firm by Mr. Sunil Kumar,
MRSK processes paddy at its unit in Karnal, Haryana, which has
total installed capacity of about 30,000 tonnes per annum.

NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Navbharat
Insulation and Engg. Co. (NIEC) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             1.95     CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        0.9      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital         2.0      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with NIEC for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 NIEC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NIEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NIEC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NIEC, set up by Mr. R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.

OPUS INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Opus
Industries Private Limited (OIPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Term Loan          27       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with OIPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 OIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OIPL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

OIPL was incorporated in 2012 in Hyderabad, to manufacture AAC
blocks and market them under its own brand - 'Aerobild'. The
manufacturing facility is located at Kodad in Nalgonda district of
Telangana. Operations are managed by Mr. V Raghuram and his wife,
Mrs V Amulya.

RAMVIJAY COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ramvijay
Cotton Mills Private Limited (RCMPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              9       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCMPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 RCMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCMPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in fiscal 2007 and promoted by Mr. Shaileshkumar
Sangani, RCMPL commenced production in 2008. The company gins and
presses raw cotton (kapas) to make cotton bales. In addition, RCMPL
has a seed-crushing unit where it extracts oil from cotton seeds.
It sells cotton bales to spinning mill owners and traders, and
cotton oil to dealers in its vicinity.


RATTAN RICE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rattan Rice
and General Mills (RRGM) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

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

CRISIL Ratings has been consistently following up with RRGM for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 RRGM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RRGM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RRGM, set up in 1994, mills many varieties of basmati rice. It is a
partnership concern established by Mr. Pankaj Bansal, Mr. Pankaj
Garg, Mr. Pradeep Anand, and Mr. Pradeep Kumar. Its manufacturing
facility is located in Nissing (Haryana).


RENEW POWER: Fitch Alters Outlook on 'BB-' LT IDR to Stable
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based ReNew Power
Private Limited's Long-Term Issuer Default Rating to Stable from
Positive and has affirmed the rating at 'BB-'. At the same time,
the agency has affirmed the ratings on ReNew's outstanding senior
secured US dollar notes at 'BB-'.

The Outlook revision to Stable reflects slower pace of deleveraging
for ReNew than Fitch previously expected, due to larger capex than
Fitch forecasts and a slower improvement in receivables. Fitch
previously expected ReNew's capex to be below the company's
estimates given the continuing challenges from the Covid-19
pandemic, including delays in signing new power-purchase agreements
(PPAs).

ReNew spent INR48.1 billion in first half of the financial year
ending March 2022 (1HFY22), up sharply from INR7.4 billion a year
earlier and about 70% of Fitch's previous estimate of INR67 billion
for the full year. The rapid rise in capex is likely to keep
ReNew's net leverage, measured as net debt / EBITDA, over next
12-18 months above 4.8x , the level below which Fitch may consider
positive rating action.

The affirmation reflects ReNew's increasing scale and diversified
portfolio. It is one of India's leading renewable-energy
independent power producers with total operating capacity of 7GW
and another 3.3GW of capacity under construction.

KEY RATING DRIVERS

Capex to Slow Deleveraging Pace: Fitch revised up its forecast for
capex to an average of INR87 billion in FY22 and FY23, which will
push Fitch's estimate for ReNew's net leverage to around 5.5x by
FYE23. This compared with Fitch's previous estimate of leverage of
4.8x and capex of INR60 billion. Fitch expects ReNew to continue
deleveraging from historical levels of around 6.9x (average of FY19
to FY21), but improvement to around 4.8x will be delayed to 12 to
18 months after FY23, subject to its investment plans and
expectations of improvement in receivables.

The increase in capex is within the company's expectations and
driven by the signing of PPAs in 1HFY22 for projects that were
awarded more than a year ago. ReNew's FY22 net leverage is also
affected by pay-outs for its acquisition of 360 MW of solar and
hydro assets during FY22, which should augment its operating
cashflows.

Receivables Build-Up to Reverse: Fitch expects ReNew's receivable
days to improve to 167 in FY22, assisted by ReNew's increasing
exposure to sovereign-owned entities, a rise in receipt of payments
from certain utilities since September 2021, and lower monthly
billing after the high-wind season from June to September.
Receivable days rose to 257 in 1HFY21 (FY21:254, FY20: 198) due to
continued payment delays by the utilities amid the Covid-19
pandemic and slow disbursements from the government's liquidity
support package.

ReNew's key counterparties - state-owned power-distribution
utilities - which account for about 47% of total capacity,
including projects under development, have weak credit profiles.
The remaining capacity is directed at sovereign-backed entities
(47%) and direct sales (6%), which have more timely payment
records.

Restricted Groups' Contribution: Fitch deconsolidated ReNew RG II's
(US dollar notes: BB/Stable) EBITDA and debt to calculate ReNew's
credit metrics, but its EBITDA includes Fitch's forecast of net
cash received from ReNew RG II. Fitch does not exclude the EBITDA
and debt of ReNew's other three restricted groups, India Green
Power Holdings (US dollar notes: BB-/Stable), India Green Energy
Holdings (US dollar notes: BB-/Positive), ReNew Power Restricted
Group 4 (US dollar notes: BB-/Positive), as ReNew provides
full-tenor guarantees to their debt and their standalone profiles
are weaker or on par with that of ReNew.

Public Listing Improves Financial Access: ReNew's offshore parent,
ReNew Energy Global PLC, was listed on Nasdaq in August 2021 and
Fitch expects this to improve ReNew's financial access. ReNew
Energy Global raised a primary equity amount of USD610 million as
part of its listing, which will help meet the equity funding
requirements of its pipeline that is under construction.

Leading Producer; Diversified Portfolio: ReNew's large size and
diversified renewable-asset portfolio provide economies of scale
and operating leverage, mitigating concentration risk. The power
projects, including its pipeline under construction, are
diversified by source - wind (50% of capacity), solar (49%) and
hydro (1%) - and geography, which mitigate risks from adverse
climatic conditions. Fitch expects ReNew's wind-based generation to
return to average historical levels in FY22 after falling in FY21
due to a weaker wind season, in line with other Indian wind
projects.

Price Certainty, Volume Risk: Fitch believes the long-term PPAs for
the group's operating assets offer price certainty and long-term
cash-flow visibility. More than 90% of group capacity are under
PPAs with tenors of 20-25 years and the weighted-average operating
life of the group's assets is around four years. However,
production volume can still vary under the long-term PPAs as it is
based on resource availability, which is affected by seasonal and
climatic patterns.

Debt-Service Coverage Improves: Fitch monitors the cash flow from
operations (CFO)-based debt-service coverage ratio (CFO+ interest
expense/scheduled project debt amortisations + interest expense) at
the holding company and unrestricted projects to analyse liquidity
and the unrestricted portfolio. Fitch expects the ratio to rise to
around 1.5x in FY22 (FY21: 1.1x) with an increase in cash from
larger operational capacity and lower debt amortisation after
refinancing of part of project-level borrowings with non-amortising
US dollar notes.

Currency Risk: ReNew's earnings are in Indian rupees, but its notes
are in US dollars, resulting in exposure to foreign-exchange risk.
ReNew has mitigated this risk by substantially hedging the notes'
coupon and principal.

DERIVATION SUMMARY

Fitch sees Greenko Energy Holdings (BB-/Stable) and Concord New
Energy Group Limited (CNE, BB-/Stable) as ReNew's closest peers.
Greenko, like ReNew, is one of India's leading power producers,
with a focus on renewable energy. Both have total operating
capacity in excess of 5GW, although Greenko's is lower than
ReNew's.

ReNew's resource risk is lower, with higher exposure of 49% to
solar-based projects (Greenko: 28% solar and 9.5% hydro). Its
counterparty risk is also lower, with 47% of capacity contracted
with sovereign-owned entities and the balance with state-owned
distribution companies and direct sales. Greenko's better credit
assessment than ReNew is driven by its stronger financial access,
which is driven by support from its key shareholder GIC, which
enables the company to rely on fresh equity for investments and
acquisitions, while utilising cash generated from operations to
deleverage.

CNE has an attributable wind capacity of 2,277MW across multiple
projects in China. CNE's feed-in tariffs are stable and its
counterparty risk is significantly lower than that of ReNew, as its
revenue stream is mostly reliant on State Grid Corporation of China
(A+/Stable) and China's Renewable Energy Subsidy Fund. In
comparison, ReNew has a larger size - allowing for diversity and
granularity across multiple projects - and improved financial
access after its parent's Nasdaq listing. Both have similar
financial profiles resulting in same overall rating assessment for
them.

KEY ASSUMPTIONS

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

-- Plant-load factors to revert to average historical performance
    or resource assessment studies after the dip in FY21 due to
    the weak performance of wind assets;

-- Plant-wise tariff in accordance with respective PPAs;

-- Average receivable days to reduce to around 167 in FY22 (FY21:
    254);

-- EBITDA margins of 80%-93% for all assets, in line with
    historical performance or management guidance;

-- Capex to average around INR87 billion per annum from FY23 to
    FY24 (FY21: INR24 billion);

-- No dividend payout in the medium term.

RATING SENSITIVITIES

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

-- Net debt/EBITDA below 4.8x on a sustained basis, provided that
    there is no significant increase in ReNew's overall business
    risk profile.

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

-- Operating EBITDA/net interest expense at below 1.5x for a
    sustained period;

-- CFO-based debt service coverage ratio at the holding company
    and unrestricted projects at below 1x for a sustained period;

-- Significant and prolonged deterioration of the receivable
    position;

-- Failure to adequately mitigate foreign-exchange risk.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Supported by Market Access: ReNew had cash and cash
equivalents of INR63.2 billion as of end-1HFY22, against debt
maturities over the following 12 months of around INR67.1 billion,
which include short-term borrowings of INR28.6 billion. Fitch
expects the company to generate negative free cash flow in the
near-to-medium term due to ongoing capacity additions. However,
ReNew has a policy and record of raising equity in advance for its
projects and it has adequate access to the domestic bank-loan
market.

The USD610 million primary equity raised as part of ReNew Energy
Global's listing on Nasdaq also highlights the group's record of
raising funds at regular intervals for its growth plans. ReNew has
staggered debt maturities, benefits from a sound mix of debt in the
form of amortising project-level loans, with tenors between 13 and
23 years, and six tranches of US dollar notes totalling USD2.7
billion maturing between 2022 and 2028.

ISSUER PROFILE

ReNew is one of India's leading renewable-energy companies with a
total capacity of about 10.3 GW. The projects are spread across 10
states, and comprise wind, solar and hydro projects.

ESG CONSIDERATIONS

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


S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.R. Cashews
(SRC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.5       CRISIL D (Issuer Not
Cooperating)
                                    
CRISIL Ratings has been consistently following up with SRC for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 SRC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRC continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2006 as a partnership firm, SRC processes raw cashew nuts
and sells cashew kernels. The firm is based in Kollam, Kerala and
is promoted by Mr. SR Sreekrishnan and his brother Mr. SR
Sreemurugan.


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

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL D (Issuer Not
                                    Cooperating)

   Drop Line               5        CRISIL D (Issuer Not
   Overdraft Facility               Cooperating)

   Inventory Funding      10        CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with SCMCPL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 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 SCMCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SCMCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SCMCPL continue to be 'CRISIL D Issuer Not
Cooperating'.

SCMCPL was incorporated in fiscal 2013, promoted by Mr. P S Bedi
and family. The company is the authorized dealer for HMIL's
passenger cars in Pune, Maharashtra. It commenced operations in
January 2016 and currently has one showroom and two workshops in
Pune.


SOMNATH CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Somnath
Ceramic (SOMCER) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          1.22     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      1.97     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SOMCER for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 SOMCER, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SOMCER is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SOMCER continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Somnath Ceramics (SOMCER) is a partnership firm incorporated in
2005, in the morbi district of Gujarat. SOMCER has set up a
manufacturing unit morbi of ceramic tiles. Its production capacity
is 4 Lakhs box per day.

TRIPURARI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tripurari
Agro Private Limited (TAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.5       CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Financing    3.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TAPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 TAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TAPL continue to be 'CRISIL D Issuer Not Cooperating'.

TAPL was established in June 2013 by Mr. S.P. Sharma and his
family. The company is engaged in processing and selling of basmati
rice. TAPL has its plant at Ludhiana, Punjab.


VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venkatadri
Spinning Mills Private Limited (VSMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.18      CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     4         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.92      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1.90      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VSMPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 VSMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSMPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).




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

DA (2018) LIMITED: Creditors' Proofs of Debt Due Feb. 4
-------------------------------------------------------
Creditors of D A (2018) Limited, which is in liquidation, are
required to file their proofs of debt by Feb. 4, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 13, 2021.

The company's liquidator can be reached at:

          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu Peninsula
          Auckland 0651
          New Zealand


PLEXURE GROUP: Lays Off 55 Staff to Reduce Costs by NZD8MM
----------------------------------------------------------
Radio New Zealand reports that marketing software company Plexure
has confirmed that 55 people will be made redundant in a cost
cutting exercise to save NZD8 million.

The company reported a first half loss of NZD8.5 million for the
six months ended September, RNZ discloses.

According to the report, the dual Australian and New Zealand listed
company merged with transaction platform provider Task for NZD127
in September, with Task chief executive Daniel Houden taking up the
chief executive role of Plexure Group.

Following the merger, Plexure reviewed its operations, finding its
previous strategy did not generate material sales, and began a
consultation process.

RNZ says the company told the share market on Dec. 14 the process
had finished and that it would cut 55 staff in non-engineering
roles.

RNZ relates that Mr. Houden said the restructure would enable
Plexure to take advantage of the combined benefits of the merger.

"The consultation process has been essential in making Plexure a
stronger business for the benefit of customers, shareholders and,
most importantly, current and future employees of the business.

"We look forward to now taking advantage of the joint businesses'
capabilities".

Plexure said mature Task capabilities had replaced the need for
Plexure's ongoing investment in similar areas, and customer growth
could be driven through Task's existing base and pipeline, RNZ
relays.

It said the reshaping of the business would allow it to focus on
improving its engagement platform, with increases in the joint
Plexure and Task software development staff base in Poland.

Plexure Group Limited develops software that monitors and analyzes
transactions for businesses.


TRANSCON LIMITED: Court to Hear Wind-Up Petition on Feb. 10
-----------------------------------------------------------
A petition to wind up the operations of Transcon Limited will be
heard before the High Court at Christchurch on Feb. 10, 2022, at
10:00 a.m.

New Zealand Transport Agency filed the petition against the company
on Nov. 18, 2021.

The Petitioner's solicitors are:

          M. D. Arthur
          Chapman Tripp
          Level 34, PwC Tower
          15 Customs Street West
          Auckland 1010
          New Zealand




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

BRIGHTYEAR CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Brightyear Capital Advisors Pte Ltd, on Dec. 3, 2021,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Farooq Ahmad Mann of M/s Mann &
Associates PAC.


JURONG POINT: Creditors' Proofs of Debt Due on Jan. 12
------------------------------------------------------
Creditors of Jurong Point Realty Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 12,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 10, 2021.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #21-06 Shaw Centre
          Singapore 228208




=====================
S O U T H   K O R E A
=====================

MOHEGAN GAMING: Posts $24.2MM Net Income in 4th Qtr Fiscal 2021
---------------------------------------------------------------
Mohegan Gaming & Entertainment reported net income of $24.19
million on $391.24 million of net revenues for the three months
ended Sept. 30, 2021, compared to net income of $18.52 million on
$294.01 million of net revenues for the three months ended Sept.
30, 2020.

For the fiscal year ended Sept. 30, 2021, the Company reported net
income of $7.35 million on $1.23 billion of net revenues compared
to a net loss of $162.02 million on $1.11 billion of net revenues
for the fiscal year ended Sept. 30, 2020.

"Our Consolidated Adjusted EBITDA of $110.2 million was the highest
in our 25-year history.  This is the second quarter this fiscal
year where we generated a top three Consolidated Adjusted EBITDA,
and only the fourth time in our history where we surpassed the $100
million mark.  This was due in large part to the hard work,
dedication and support of all our team members throughout the
organization," said Raymond Pineault, chief executive officer.  

"We also successfully launched our retail sportsbook at Mohegan Sun
on September 30th and our online sports betting and digital gaming
business in Connecticut in October, both of which will attract new
customers and diversify our revenue streams.  Subsequent to the end
of the quarter, MGE announced the completion of the financing for
INSPIRE Korea, which was a significant milestone for this
development project."

Carol Anderson, chief financial officer of the Company, also noted,
"These results continue to reflect our recovery from the COVID-19
pandemic, including the ongoing Adjusted EBITDA margin improvements
as part of the reimagining of our business in the post-COVID
environment.  At our flagship property Mohegan Sun, Adjusted EBITDA
was $76.6 million, 18.2% favorable to the fourth quarter of fiscal
2019, which is the closest pre-COVID comparable, and the Adjusted
EBITDA margin was up 580 basis points over the same period,
although net revenues were slightly below fourth quarter fiscal
2019 levels. Mohegan Sun Pocono, ilani in Washington State, Mohegan
Sun Las Vegas and Resorts also continue to perform well.  MGE
Niagara Resorts reopened to the public on July 23rd at limited
capacity and has been generating positive results."

As of Sept. 30, 2021, and Sept. 30, 2020, MGE held cash and cash
equivalents of $149.8 million and $112.7 million, respectively.
Inclusive of letters of credit, which reduce borrowing
availability, MGE had $213.7 million of borrowing capacity under
its senior secured credit facility and line of credit as of Sept.
30, 2021.  In addition, inclusive of letters of credit, which
reduce borrowing availability, MGE Niagara Resorts had $38.9
million of borrowing capacity under the MGE Niagara Resorts
revolving facility and line of credit as of Sept. 30, 2021 based on
limitations under the Niagara credit agreement in place at that
time due to the gaming capacity restrictions.

Recent Developments

On Nov. 29, 2021, MGE announced the completion of the financing for
INSPIRE Korea, which includes a 1.04 trillion Korean won project
finance loan (approximately $890.0 million U.S. dollar equivalent
based on an exchange rate of 1,170 Korean won per U.S. dollar), a
total of $575.0 million in equity, combining MGE's $300.0 million
prior investment and an additional $275.0 million raised through
private equity funding, and a commitment from the general
contractor for the project to make a subordinated investment in the
amount of 100.0 billion Korean won (approximately $85.5 million
U.S. dollar equivalent).

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

                       https://bit.ly/3s3hZua

                        About Mohegan Gaming

Mohegan Tribal Gaming Authority d/b/a Mohegan Gaming &
Entertainment is a master developer and operator of premier global
integrated entertainment resorts, including Mohegan Sun in
Uncasville, Connecticut, Inspire in Incheon, South Korea and
Niagara Casinos in Niagara, Canada.  MGE is owner, developer,
and/or manager of integrated entertainment resorts throughout the
United States, including Connecticut, New Jersey, Washington,
Pennsylvania, Louisiana, as well as Northern Asia and Niagara
Falls, Canada, and coming soon pending regulatory approval, Las
Vegas, Nevada.  MGE is owner and operator of Connecticut Sun, a
professional basketball team in the WNBA and New England Black
Wolves, a professional lacrosse team in the National Lacrosse
League.  For more information on MGE and its properties, visit
www.mohegangaming.com.

Mohegan Gaming reported a net loss of $162.02 million for the year
ended Sept. 30, 2020, compared to a net loss of $2.37 million for
the year ended Sept. 30, 2019.

                             *   *   *

As reported by the TCR on Feb. 4, 2021, Moody's Investors Service
upgraded Mohegan Tribal Gaming Authority's ("MTGA") Corporate
Family Rating to Caa1 from Caa2 and Probability of Default Rating
to Caa1-PD from Caa2-PD.  The upgrade considers that on January 26,
MTGA closed on a refinancing that had a meaningful positive impact
on the company's liquidity.



                           *********


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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