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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

          Friday, December 3, 2021, Vol. 24, No. 236

                           Headlines



A U S T R A L I A

CRYSTAL FACILITY: Second Creditors' Meeting Set for Dec. 10
MESOBLAST LTD: Enters Into Refinancing With Oaktree Capital
MESOBLAST LTD: Incurs US$22.65-Mil. Net Loss in Sept. Quarter
SUPERANNUATION AND INVESTMENTS: S&P Assigns 'BB/B' ICRs
THINK TANK 2021-2: S&P Assigns B Rating on Class F Notes



C H I N A

HNA GROUP: Aviation Unit Plans to Raise US$7.9BB Via Stock Sale
KAISA GROUP: To Meet Offshore Bondholders Over Repayment Options
RADIANCE GROUP: Fitch Alters Outlook on 'B+' LT IDR to Stable
SEAZEN GROUP: Fitch Affirms 'BB+' LT IDRs, Outlook Stable


I N D I A

A N ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category
ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
FLOURISH PAPER: CARE Keeps D Debt Ratings in Not Cooperating
GOPISH PHARMA: CARE Keeps D Debt Ratings in Not Cooperating

GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating
HARSO STEELS: CARE Keeps D Debt Ratings in Not Cooperating
HYQUIP TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
JMJ SWITCH: CARE Keeps D Debt Ratings in Not Cooperating
KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category

LANCO BABANDH: CARE Keeps D Debt Ratings in Not Cooperating
LANCO VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
MCNALLY SAYAJI: NCLAT Rejects Kotak Bid to Set Aside Insolvency
METTU CHINNA: CARE Keeps D Debt Ratings in Not Cooperating
MUNIVEER SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating

NAVAYUGA JAHNAVI: CARE Keeps D Debt Rating in Not Cooperating
NEOGEM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
P PADMA: CARE Keeps D Debt Rating in Not Cooperating Category
PM GRANITE: ICRA Keeps C+ Debt Ratings in Not Cooperating
RELIANCE POWER: Defaults on Interest Payment to IDBI and DBS Banks

REMEDY MEDICAL: ICRA Keeps B Debt Ratings in Not Cooperating
SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SIDDHRAJ INFRABUILD: ICRA Keeps B Debt Ratings in Not Cooperating
SUNPAUL PROPERTIES: CARE Lowers Rating on INR9.0cr LT Loan to C

TIL LIMITED: CARE Lowers Rating on INR190cr Long Term Loan to D
VARDHMAN BUILDPROP: CARE Keeps D Debt Rating in Not Cooperating
VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating


M A L A Y S I A

TH HEAVY: Bursa Rejects Bid for Extension to Submit Revamp Plan


N E W   Z E A L A N D

BAKKER MOTELS: Creditors' Proofs of Debt Due on Jan. 17
CLASSIC FLIGHTS: Liquidators Yet to Contact Shareholders
HISPEC HOMES: Court to Hear Wind-Up Petition on Dec. 9
MORGAN & HOLMES: Creditors' Proofs of Debt Due on Dec. 29
ROSS BEACH: Rodewald Consulting Appointed as Receivers

WRIGHT BROTHERS: BDO Tauranga Appointed as Liquidators


S I N G A P O R E

DIONEX SINGAPORE: Creditors' Proofs of Debt Due on Dec. 30
ELEMENT PERFECTION: Technic Appointed as Provisional Liquidators
NO SIGNBOARD: Annual Loss Narrows to SGD6.4MM, Revenue Down 42%
S-COOL AIR: Creditors' Meeting Set for Dec. 13
SIN TUNG: Court to Hear Wind-Up Petition on Dec. 17


                           - - - - -


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

CRYSTAL FACILITY: Second Creditors' Meeting Set for Dec. 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Crystal
Facility Services Pty. Ltd. has been set for Dec. 10, 2021, at  
11:00 a.m. via virtual meeting technology.

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. 9, 2021, at 4:00 p.m.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of Crystal Facility on Nov. 12, 2021.


MESOBLAST LTD: Enters Into Refinancing With Oaktree Capital
-----------------------------------------------------------
Mesoblast Limited has successfully refinanced its existing senior
debt facility with a new US$90 million five year facility provided
by funds managed by Oaktree Capital Management, L.P.

Mesoblast drew the first tranche of US$60 million on closing, with
proceeds being used to repay the outstanding balance of the
existing senior debt facility with Hercules Capital, Inc.  Up to an
additional US$30 million may be drawn on or before Dec. 31, 2022,
subject to certain milestones.  The facility has a three-year
interest only period, at a rate of 9.75% per annum, after which
time 40% of the principal amortizes over two years and a final
payment due November 2026.  Oaktree will also receive warrants to
purchase 1,769,669 American Depositary Shares (ADSs) at US$7.26 per
ADS, a 15% premium to the 30-day VWAP.  The warrants may be
exercised within 7 years of issuance.

"We are pleased to have leading global investment management firm
Oaktree as our new financing partner as we focus on bringing our
first product to the US market.  Oaktree has a demonstrated
partnership approach to innovative companies, making it an
excellent fit to support Mesoblast's commercial growth strategy
over the next five years," said Silviu Itescu, chief executive of
Mesoblast.

Aman Kumar, co-portfolio manager of Life Sciences Lending at
Oaktree said, "We are delighted to partner with Mesoblast at this
point in its development.  We recognize the quality of the
portfolio and the significant near-term milestones that could help
the company successfully commercialize its first product in the
US."

Cantor Fitzgerald & Co. acted as exclusive arranger and financial
advisor to Mesoblast in this transaction.

                          About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions.  The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process.  Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, compared to a net loss of US$77.94 million for
the year ended June 30, 2020.  As of June 30, 2021, the Company had
US$744.72 million in total assets, US$163.32 million in total
liabilities, and US$581.40 million in total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2021, citing that additional cash inflows
will be required over the next twelve months in order to meet
forecast expenditure, including repayment of the Hercules debt
facility, that raises substantial doubt about its ability to
continue as a going concern.


MESOBLAST LTD: Incurs US$22.65-Mil. Net Loss in Sept. Quarter
-------------------------------------------------------------
Mesoblast Limited reported a net loss of US$22.65 million on
US$3.59 million of revenue for the three months ended Sept. 30,
2021, compared to a net loss of US$24.54 million on US$1.31 million
of revenue for the three months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had US$721.82 million in total
assets, US$162.07 million in total liabilities, and US$559.75
million in total equity.

"We are pleased to have entered into a strategic financing
partnership with leading global investment management firm Oaktree
Capital as we focus on bringing our first product to the US market
and in line with our commercial growth strategy over the next five
years," said Silviu Itescu, chief executive of Mesoblast.

The Company held total cash reserves of $116.0 million as of Sept.
30, 2021.  On Nov. 19, 2021, the Company entered into a refinancing
and expansion of its senior debt facility.  Its existing senior
debt facility has been refinanced with a new $90.0 million
five-year facility provided by Oaktree.  The Oaktree transaction
provides for up to $90.0 million in borrowings, the first tranche
of $60.0 million was drawn on closing. $55.4 million of these
proceeds have been used to discharge our obligations under the
Hercules loan. The facility has a three-year interest only period,
at a rate of 9.75% per annum, after which time 40% of the principal
is payable over two years and a final payment due no later than
November 2026.

Management and the directors believe that the Company's existing
cash reserves are sufficient to meet its ongoing operations during
the next twelve months, and that the cash runway will be extended
beyond twelve months by accessing up to $40.0 million available to
be drawn from its existing loan arrangements, subject to certain
milestones, and/or by completing one or more strategic
partnerships.

A full-text copy of the Form 6-K as filed with the Securities and
Exchange Commission is available for free at:

                      https://bit.ly/3xRmTLr

                          About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions.  The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process.  Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, compared to a net loss of US$77.94 million for
the year ended June 30, 2020.  As of June 30, 2021, the Company had
US$744.72 million in total assets, US$163.32 million in total
liabilities, and US$581.40 million in total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2021, citing that additional cash inflows
will be required over the next twelve months in order to meet
forecast expenditure, including repayment of the Hercules debt
facility, that raises substantial doubt about its ability to
continue as a going concern.


SUPERANNUATION AND INVESTMENTS: S&P Assigns 'BB/B' ICRs
-------------------------------------------------------
On Dec. 2, 2021, S&P Global Ratings assigned its 'BB/B' long- and
short-term issuer credit ratings to Superannuation and Investments
FinCo Pty Ltd. (SIF). The outlook on its long-term rating is
stable. S&P's issue rating on the company's proposed A$1.5 billion
equivalent first-lien term loan and A$150 million delayed drawdown
term loan is 'BB'. The recovery rating on the first-lien facility
is '3', reflecting its expectation for a meaningful (65%) recovery
in the event of a payment default.

SIF is a non-operating holding company of the newly formed
Australia-based Superannuation and Investment Group (SI Group).

The SI Group was formed following KKR's proposed acquisition of 55%
of Colonial First State (CFS) from Commonwealth Bank of Australia
(CBA).

SI Group was formed following KKR & Co. Inc.'s (KKR; A/Stable/--)
proposed acquisition of 55% of CFS from CBA (AA-/Stable/A-1+). SIF
operates as a funding vehicle for the SI Group's operating
subsidiaries, which include Colonial First State Investments Ltd.
(CFSIL) and Avanteos Investments Ltd. (AIL).

CFS is one of Australia's leading for-profit wealth managers with
about A$143 billion of funds under administration across both its
Master Trust and Wrap platforms as of May 31, 2021, on a pro forma
basis.

CFSIL and AIL (the main operating subsidiaries of the SI Group)
provide superannuation, investment, and retirement products to
customers either directly, via a financial advisor, or through
their employers nationally. They also act as an operator and
administrator of their investment platforms. Within these platforms
there are multiple product offerings, used by individual
independent financial advisors and direct channels. In S&P's view,
channel source and geography is diversified, supported by
individual financial advisors.

S&P said, "We believe SIF's investment in cloud-based technologies
will improve its operating efficiency and support its business risk
profile. The investments will reduce manual operations and
streamline customer service, providing greater customer interaction
and support stronger growth.

"We assess SIF's financial risk profile as aggressive with debt to
leverage between 4x and 5x over the next 12 months. The
shareholders' proposed funding structure of the SI Group will add
significant debt to SIF's balance sheet, including a proposed A$1.5
billion term-loan facility.

"CBA's continued ownership of 45% of the SI Group is supportive of
SIF's financial risk policy settings, in our view. CBA is
Australia's largest domestic bank, making it more sensitive to
reputational risk. As a key partner in the newly formed SI Group,
we believe CBA will support a lower risk tolerance than would
normally be the case for a private equity firm like KKR. Further,
we believe there are sufficient policies in place that enable CBA
to assert influence on key decision making, including the
appointment of one-third of board members and the ability to impact
executive appointments.

"The stable outlook on SIF reflects our expectation that the
company will operate with leverage, as calculated by S&P Global
Ratings, in the 4x-5x range during the next 12 months and improve
its operating efficiency as it invests in its technology platform.

"We could lower our ratings if SIF operates with debt to adjusted
EBITDA above 5.0x or if its business operations and market share
deteriorates significantly.

"In our view, an upside scenario is remote as we are unlikely to
raise the rating if KKR remains a majority shareholder even if
leverage decreases below 4x."


THINK TANK 2021-2: S&P Assigns B Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the nine
classes of small-ticket commercial mortgage-backed, floating rate,
pass-through notes issued by BNY Trust Co. of Australia Ltd. as
trustee of Think Tank Commercial Series 2021-2 Trust.

Think Tank Commercial Series 2021-2 Trust is a securitization of
loans to commercial borrowers, secured by first-registered
mortgages over Australian commercial or residential properties
originated by Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses S&P applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 3.0% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$250,000, funded from day
one by Think Tank, available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- That as of Nov. 26, 2021, there are two loans in the portfolio
under COVID-19-related hardship arrangements.

  Ratings Assigned

  Think Tank Commercial Series 2021-2 Trust

  Class A1, A$450.00 million: AAA (sf)
  Class A2, A$124.50 million: AAA (sf)
  Class B, A$48.75 million: AA (sf)
  Class C, A$48.75 million: A (sf)
  Class D, A$33.75 million: BBB (sf)
  Class E, A$18.00 million: BB (sf)
  Class F, A$12.75 million: B (sf)
  Class G, A$6.00 million: Not rated
  Class H, A$7.50 million: Not rated




=========
C H I N A
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HNA GROUP: Aviation Unit Plans to Raise US$7.9BB Via Stock Sale
---------------------------------------------------------------
South China Morning Post reports that Hainan Airlines Holding plans
to sell new shares to raise around US$7.9 billion, the majority of
which will be used to reduce financial obligations as the
struggling carrier inches ahead with its restructuring plan.

The Post relates that the aviation unit of China's debt-laden
conglomerate HNA Group expects to issue 16.4 billion new shares, of
which 4.4 billion will be sold to strategic investors for 2.8 yuan
apiece, according to an exchange filing on Nov. 30. The remaining
12 billion shares will be gifted to creditors at 3.18 yuan each to
help eliminate debt.

The stock issue is the latest step in China's efforts to unravel
HNA's US$309 billion of debt after the group's rapid
borrowing-fueled expansion, the report says.

Founded by flamboyant businessman Chen Feng, HNA spent more than
US$40 billion in the early 2010s acquiring luxury properties and
major stakes in firms from Deutsche Bank AG to Hilton Worldwide
Holdings. Those assets were then offloaded in an aggressive
deleveraging campaign after China tightened credit lines to curb
capital outflows, the Post states.

The Post says HNA's effort to refocus on its core aviation business
has suffered a blow with Covid-19. The pandemic triggered a
de-facto state takeover with the government of Hainan -- where HNA
is based -- sending officials to take charge of the company's
management and embark on a restructuring process. The
reorganisation plan was approved by a Chinese court in late
October.

The Post relates that the restructuring also saw HNA bring in
strategic investors, including Liaoning Fangda Group Industrial for
the airline business and Hainan Development Holdings for the
airport unit. The group and 320 related units will become six
operations, under airlines, airports, ship manufacturing, hotel,
financial services and others. Those units will be held by a parent
company that will be managed via a trust with creditors as
beneficiaries.

Hainan Airlines reported a third-quarter net loss of 2.56 billion
yuan (US$402 million) in October, narrower than a 3.8 billion yuan
shortfall the same period a year earlier, the Post discloses.
Revenue rose 10 per cent.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.

On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.

HNA Group was designated as administrator of the merger, according
to a statement issued March 15 by the Hainan High People's Court.
The 320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.


KAISA GROUP: To Meet Offshore Bondholders Over Repayment Options
----------------------------------------------------------------
South China Morning Post reports that Kaisa Group Holdings has
agreed to meet its offshore bondholders and discuss ways of
repaying loans, including selling convertible bonds that can be
exchanged for shares of Hong Kong's Sing Tao News Corporation.

According to the Post, the Shenzhen-based developer will meet New
Money Consortium, a group of bondholders, after they on Nov. 30
rejected its appeal to exchange US$400 million in notes due in a
week with a new 18-month bond, said people familiar with the
matter.

The group, which says it owns more than 50 per cent of the US$400
million bond, has offered about US$2 billion in new funds to
finance Kaisa through seven options, according to a presentation
seen by the Post.

Most bondholders were keen to help Kaisa power through its current
liquidity crisis, as a possible liquidation would be a bad result
for both the investors and the company, the people familiar said,
the Post relays.

Among the options presented by the bondholders was an offer to buy
new bonds by Kaisa that could be exchanged with equity in some of
the developer's listed units. These include Kaisa Prosperity, the
company's property management unit, and Sing Tao News Corporation,
which runs Hong Kong's oldest Chinese language newspaper, according
to the Post.

Kwok Hiu-ting, the 26-year-old daughter of Kaisa Group founder and
chairman Kwok Ying-shing, paid HK$369.8 million (US$47.45 million)
in February this year for a 28 per cent stake in the media company,
the report notes.

Alternatively, the bondholders could finance third-party buyers
with loans up to US$1.6 billion for 18 of Kaisa's property projects
currently on sale in Shenzhen, mainland China's most expensive city
to buy a home in.

Other options on the table for Kaisa include an injection of up to
US$2 billion directly into Kaisa's urban renewal projects, or up to
US$1 billion in project loans with a coupon rate of 12.5 per cent,
among others, the Post adds.

The Post relates that the bondholders' offer was presented to Kaisa
last week, but it did not provide any feedback. The developer then
countered with its exchange offer on Nov. 24, which required the
approval of 95 per cent of the bondholders. If they did not agree
to the exchange, Kaisa said in a statement the same day that it
might not be able to repay the offshore notes at maturity, and may
consider an "alternative debt restructuring exercise".

This counter offer was turned down on Nov. 30 in a letter sent by
Lazard, the financial advisory firm that has been hired by the
bondholders, the Post relates. The letter said the 18-month swap
was "unacceptable and illustrated an unwillingness on the part of
the company to consider more appropriate and holistic ways".

"The [bondholders are] willing to discuss providing a forbearance
arrangement for a reasonable period of time to help facilitate
further negotiations around a more fulsome solution for the
company," the letter said.

Kaisa got back to the investors for further talks after receiving
the letter, the people familiar said. A date had been fixed, they
said without providing further details.

The Post says the bondholders were still willing to give Kaisa more
time, but only if the company takes action to adopt some of the
options they have listed, or if it rolls out other feasible plans
as soon as possible to raise money and repay its creditors.

Kaisa's dollar bond maturing on December 7 was down by more than 54
per cent since October and was trading at about 44 cents to the
dollar on Dec. 1, the Post discloses. Additional interest payments
on other bonds will come due this month and in January, while
Kaisa's nearest maturities in 2022 include a US$550 million note in
April and US$1.15 billion note in June.

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to Ca from Caa1.  At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Kaisa to C from Caa2.  The outlook remains
negative.

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


RADIANCE GROUP: Fitch Alters Outlook on 'B+' LT IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based homebuilder
Radiance Group Co., Ltd. to Stable from Positive and affirmed its
Long-Term Issuer Default Rating (IDR) at 'B+'. The senior unsecured
rating has also been affirmed at 'B+' with a Recovery Rating of
'RR4'.

Fitch has removed all the ratings from Under Criteria Observation
(UCO), which they were placed on 20 October 2021, following the
publication of the agency's updated Corporate Rating Criteria.

The revision of the rating Outlook reflects Radiance's slowdown in
contracted sales and weakened financial flexibility amid
capital-market volatility. Radiance's sales have fallen sharply
since August 2021 and Fitch expects sales to remain weak for the
rest of the year and next year. The Stable Outlook reflects
Radiance's sufficient available cash and operational cash inflow to
cover short-term debt maturities. In addition, it was able to
access capital market by issuing onshore bonds, offshore senior
notes, CMBS and ABS as well as M&A loans in 2H21.

KEY RATING DRIVERS

Sales to Decrease: Fitch expects Radiance's total contracted sales
to fall by 5% in 2021, based on Fitch's assumption of monthly sales
of around CNY6 billion for November and December. Radiance's
average sales per month from July to October fell to CNY6.2
billion, from CNY8.2 billion a year earlier and CNY9.3 billion in
1H21. Fitch expects another 10% drop in sales in 2022, in line with
Fitch's view for the sector. Fitch expects homebuyers' wait-and-see
attitude to continue, despite some loosening in policies on
mortgage loans recently.

Radiance started to see single-digit decreases in sales from June,
similar as the overall industry trend. The yoy decline widened to
10% in August, 64% in September and 23% in October.

Repayment Risk Manageable: Recent capital-market volatility has
weakened the company's financial flexibility. However, Fitch thinks
the repayment risk is limited despite its large short-term
maturities. Radiance had unrestricted cash balance of CNY18.7
billion as of end-1H21. Fitch also expects Radiance to generate net
operating cash inflow of around CNY1 billion per month, assuming no
land acquisition.

Radiance has CNY8.8 billion of capital-market maturities up to
end-2022, including USD300 million of offshore senior notes due in
January and USD250 million of bonds turning puttable in June. The
company's available cash/short-term capital-market debt ratio is
lower than most peers rated 'BB-' and 'B+', as the average tenor of
Radiance's capital-market debt is shorter. All of Radiance's senior
notes outstanding and 61% of its domestic bonds as of end-1H21 were
due in one year.

New Borrowings Raised: Apart from cash on hand and internal cash
generation, Radiance issued CNY850 million of domestic bonds,
CNY348 million of asset-back securities and CNY1.7 billion of CMBS
in July; CNY3.6 billion of CMBS and USD300 million of 2.5-year
offshore senior notes in September; as well as CNY500 million of
M&A loans for the acquisition of a hotel in Shanghai in November.
These new borrowings cover 54% of the short-term capital market
maturities as of end-1H21.

Low Reliance on Trust Loans: Radiance has limited exposure to trust
loans, which together with other loans formed 4.8% of its total
debt at end-1H21 (2020: 13.5%). The company also confirmed that it
does not have any off-balance sheet debt, including private bonds
and wealth management products. Fitch believes the possibility of a
credit crunch for Radiance is lower than peers that have
off-balance sheet debt and large borrowings from non-bank financial
institutions.

Leverage May Decline: Radiance's net debt/net development-property
(DP) assets remained healthy at below 45% by end-June 2021. Fitch
expect its leverage to drop to around 40% by end-2022, as the
company does not plan to resume buying land unless it sees obvious
signs of policy loosening. Land bank life, however, is likely to
stay above three years as Fitch also expects sales to decrease.

Weak Return Efficiency: Fitch expects Radiance's return efficiency
to remain at around 7% over the next two years, which is at the
lower end for 'B+' rated peers. Fitch believes it will be difficult
to improve the metric because the company's land bank is
concentrated in second-tier cities, which normally have thinner
margin than lower-tier cities. However, Fitch thinks the
profitability metrics of Chinese property developers are typically
of lower importance than their leverage and liquidity.

DERIVATION SUMMARY

Radiance's business profile is comparable with that of Times China
Holdings Limited (BB-/Negative). The two have similar attributable
sales scale but Times China's implied cash collection is lower due
to higher JV exposure and thus lower consolidation rate. Radiance's
leverage of below 45% is better than that of Times China, which was
above 45%.

In addition, Times China's exposure to non-controlling interests
(NCIs), measured by NCI net claims / net DP assets, of 35% is one
of the highest among rated Chinese homebuilders (18% for Radiance
in 2020). The difference in rating is primarily due to Times
China's stronger financial flexibility, as suggested by the fact
that Radiance's available cash/short-term capital market debt ratio
of 1.9x as of end-1H21 was lower than Times China's 4.2x. Fitch
places more emphasis on financial flexibility under the current
industry environment.

China SCE Group Holdings Limited (B+/Stable) is Radiance's closest
peer. The two have similar scale in terms of attributable
contracted sales and implied cash collection. China SCE and
Radiance also have comparable leverage, but the former has weaker
financial transparency with lower implied cash collection rate and
higher JV and NCI exposure. Fitch thinks China SCE's consolidated
leverage may not fully reflect the financial positions of its JVs,
and there could be cash leakage to minority interests.

China SCE has a slightly better return efficiency while the two had
similar available cash/short-term debt ratio as of end-1H21.
Radiance has larger capital-market debt maturities in the short
term, but the liquidity risk is mitigated by lower reliance on
trust loans and better capital-market access, as reflected in more
issuance during 2H21.

Zhenro Properties Group Limited (B+/Stable) has larger attributable
scale than Radiance, but its leverage is around 5pp higher.
Zhenro's return efficiency is weaker and its land bank life is
shorter at 2 years, which Fitch believes will limit the company's
flexibility in land acquisitions and ability to deleverage.
However, Zhenro has better available cash/ short-term
capital-market debt ratio than Radiance, mainly because Zhenro has
less capital-market debt due in the short term. Both companies were
able to issue new bonds onshore and offshore in 2H21.

Similar to Zhenro, Zhongliang Holdings Group Company Limited
(B+/Negative) has larger attributable scale than Radiance, but its
leverage is around 5pp higher. Zhongliang's return efficiency is
better thanks to its fast-churn model. Zhongliang also has large
capital-market maturities due in one year. In addition, Zhongliang
has higher reliance on NCI and trust loans, which Fitch believes
will limit company's access to project-level cash and thus raises
its liquidity risk above that of Radiance and justifies the
Negative Outlook on Zhongliang.

Central China Real Estate Limited's (CCRE, B+/Negative)
attributable scale is smaller than Radiance, and Fitch believes
CCRE faces higher uncertainties on sales and sales collection amid
a slowdown in the property market as it is concentrated in one
province - Henan. CCRE's next capital-market maturity is the USD500
million senior notes due in August 2022, which is smaller and
further away than Radiance's next maturity. However, CCRE is highly
reliant on the offshore bond market (65% of total debt as of 1H21
was from offshore bonds) and Fitch believes it will face higher
liquidity pressure if capital markets remain shut.

KEY ASSUMPTIONS

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

-- Total contracted sales to decrease by 5% in 2021 (10M21:
    increase of 19%) and fall by 10% in 2022;

-- Sales collection rate of 80%-82% in 2021 and 2022 (2020: 86%);

-- Attributable land premium to represent 30%-35% of sales
    receipts in 2021 and 2022 (2020: 32%) and 40% thereafter;

-- Funding costs at 7.5% for new borrowings.

KEY RECOVERY RATING ASSUMPTIONS

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

Fitch has assumed a 10% administrative claim.

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

-- Cash balance is adjusted such that only cash in excess of the
    higher of accounts payables and three months of contracted
    sales is factored in, at 60% advance rate;

-- 30% haircut to net inventory in light of Radiance's EBITDA
    margin (adding back capitalised interest) of 20%-25%;

-- Regulated presale proceeds are given a 30% haircut, same as
    inventory, as these will be used to pay construction cost,
    which will in turn be booked as inventory.

-- 55% haircut to investment properties after considering rental
    yield of Radiance's investment property assets and location of
    those assets;

-- 40% haircut on buildings under property, plant and equipment
   (PPE), as these are property assets that can be sold to repay
    debt when needed. This treatment is in line with other Chinese
    developers;

-- 30% haircut to accounts receivables. This treatment is in line
    with other Chinese developers.

Fitch estimates the recovery rate of Radiance's offshore senior
unsecured debt to be within the 'RR2' recovery range, based on
Fitch's calculation of the adjusted liquidation value after
administrative claims. However, the recovery is capped at 'RR4'
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria. This is because China falls into Group D of creditor
friendliness, and the Recovery Ratings on instruments of issuers
with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- Leverage, measured by net debt/net property assets, sustained
    below 45%;

-- Improvement in liquidity or capital-market debt maturity
    profile;

-- Contracted sales remains in line with those of 'BB-' peers.

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

-- Leverage, measured by net debt/net property assets, sustained
    above 55%;

-- Deterioration in liquidity or funding access;

-- Significant decline in contracted sales or cash collection.

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 Risk Manageable: Radiance had available cash of CNY18.7
billion, excluding restricted security deposits of CNY6.8 billion.
This is sufficient to cover its CNY17.2 billion of debt maturing or
puttable from July 2021 to June 2022. The short-term debt included
CNY6.7 billion of bank loans, CNY763 million of trust and other
loans, CNY5.1 billion of senior notes and CNY4.7 billion of
domestic bonds. Fitch thinks the default risk for bank and other
loans is limited, as these are mostly secured with projects and
normally can be extended.

ISSUER PROFILE

Radiance, established in 1996, is a multi-regional property
developer in China. Its attributable contracted sales ranks among
the 40 largest in China. Radiance's holding company, Radiance
Holdings (Group) Company Limited, was listed on the Hong Kong Stock
Exchange in October 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of net property assets includes: properties
under development, completed properties for sale, investment
properties, land and buildings, investment in joint ventures (JVs)
and associates, amounts due from JVs and associates,
project-related restricted cash, less contract liabilities adjusted
by its gross profit margin, payables and amounts due to JVs and
associates. Fitch includes the guarantees to JVs and associates and
related parties in net debt and net property assets.

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.


SEAZEN GROUP: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Seazen Group
Limited's (SGL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) and the Long-Term Foreign-Currency IDR of
SGL's 67%-owned subsidiary, Seazen Holdings Co., Ltd. (SHCL), at
'BB+'. The Outlooks are Stable. Fitch has also affirmed the senior
unsecured rating and the rating on all of the two companies'
outstanding bonds at 'BB+'.

Fitch uses a consolidated approach to rate SHCL, based on Fitch's
Parent and Subsidiary Linkage Rating Criteria. The ratings are
supported by SGL's large attributable sales scale of CNY160
billion-170 billion in 2020-2021, comparable with that of low
investment-grade peers, its sufficient land bank, and Fitch's
expectation that it will be able to keep its leverage at around
40%.

The Stable Outlook reflects Fitch's belief that SGL has sufficient
liquidity at the holding company (holdco) level to repay capital
market maturities, if necessary, amid market volatility, and still
have access to the onshore market to refinance a portion of its
large maturities in 2022. In addition, Fitch believes SGL's strong
recurring rental income from the group's shopping mall portfolio
will provide an additional liquidity buffer and support its
business stability.

The publication of Fitch's Exposure Draft: Parent and Subsidiary
Linkage Rating Criteria on 15 October 2021 has no immediate impact
on the ratings. Once the criteria are updated, SGL and SHCL will be
rated at their own IDRs.

KEY RATING DRIVERS

Increasing Leverage Within Expectation: Fitch expects SGL's
leverage to fall below 40% by end-2021, in line with a 'BB+'
financial structure. SGL's leverage, measured by net debt +
guarantees/net property assets + guarantees, increased to 41% by
end-1H21 from 36% in 2020 due to its continued land-bank
acquisitions and capex on Wuyue Plaza in 2020 and 1H21. Fitch
estimates that SGL's leverage was relatively stable at
end-September 2021 as SHCL's leverage only increased by 1pp from
1H21.

SGL's attributable land premium spent was CNY47 billion in
January-October 2021, or 47% of the sales proceeds collected, in
comparison with 60% a year earlier. Fitch expects the full-year
land premium to be 40% of sales proceeds after SGL stopped
acquiring land in October amid the market uncertainty.

Diversified, Sufficient Land Bank: SGL's land bank totalled 116
million sq m at end-1H21. Fitch estimates the available-for-sale
portion is around 100 million sq m to support sales for three
years. The group will continue to focus on the Yangtze River Delta
(YRD) but has been increasing its land bank outside the region to
provide a buffer in case of regional market uncertainties. YRD
accounted for 60% of contracted sales in 1H21 from 80% in 2017 and
84% in 2015. Central and western China made up 24% of total sales
in 1H21, while Bohai Rim and Greater Bay Area accounted for 14% and
2%.

Substantial Recurring Income: Fitch expects SGL's recurring rental
and management fee income to rise to around CNY7.5 billion in 2021
and CNY10 billion in 2022, bolstering the holdco's liquidity
directly. Fitch believes strong shopping-mall operations will be
crucial in helping SGL diversify away from the volatile
property-development market. SHCL's total rental revenue rose 66%
yoy to CNY5.7 billion before tax in 3Q21. SGL plans to add more
than 30 asset-heavy Wuyue Plazas in 2021 after adding 30 in 2020
and will slow mall openings to around 20 in 2022.

Limited Liquidity Risk: Fitch believes SGL has sufficient funds to
repay its CNY13 billion bond maturities in 1H22, including its
USD400 million bond due in June, and SHCL's USD200 million bond due
in March and USD300 million bond due in May. SHCL redeemed its
USD350 million bond in mid-November before it was due in December
2021, signalling its strong liquidity position.

SGL has a concentrated CNY7 billion in maturities in March 2022 but
Fitch believes it will be able to refinance a portion of the
maturities even in the difficult market environment. Fitch believes
SGL still has access to onshore bonds given its stable onshore bond
prices and minimal negative market news. SGL is contemplating
around CNY3 billion in capital-market instrument issuance in
December 2021-January 2022 and has secured material subscriptions
from investors.

Large Scale: SGL remains one of the top-20 Chinese developers this
year, with January-October 2021 total contracted sales of CNY194
billion, little changed from 2020. Fitch believes it will be able
to achieve around CNY240 billion in total sales and CNY160 billion
in attributable sales in 2021, assuming CNY20 billion in monthly
sales in November-December, or a 30%-35% drop yoy. SGL's October
monthly sales fell 20% yoy, in line with the market's 20%-30% yoy
decline.

Sales Pressure Manageable: Fitch thinks SGL may be under some sales
pressure in 2022 as lower-tier cities face more challenges in a
declining market than higher-tier cities due to less robust demand.
However, Fitch believes SGL's focus on the wealthy YRD and niche
market in developing projects around its Wuyue Plaza shopping malls
may temper the pressure from lower-tier cities. SGL's September and
October average selling price dropped by 15% and 13%, respectively,
as more sales were contributed by Tier 3-4 cities.

Strong Parent-Subsidiary Linkage: Fitch assesses the linkage
between SGL and SHCL as 'Strong', reflecting 'Weak' legal ties and
'Strong ' operational ties, under Fitch's "Path A - Strong
Subsidiary, Weak Parent" in Fitch's Parent and Subsidiary Linkage
Rating Criteria.

DERIVATION SUMMARY

Fitch's consolidated approach to rating SGL and SHCL takes into
account their strong strategic and operational ties, reflected by
SGL representing SHCL's entire exposure to the China homebuilding
business, while SGL raises offshore capital to fund the group's
business expansion. The two entities share the same chairman.

SGL's quick sales churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's attributable sales of CNY170 billion in
2020 are similar to Shimao Group Holdings Limited's (BBB-/Stable)
CNY180 billion, and larger than that of CIFI Holdings (Group) Co.
Ltd. (BB/Stable, Under Criteria Observation (UCO)) and Logan Group
Company Limited (BB/Positive, UCO), both at CNY120 billion.

SGL's leverage of around 40% in 1H21 is commensurate with a 'BB+'
rating. The leverage is similar to Country Garden's 41% in 1H21 and
lower than Logan's 44% at end-2020.

SGL has also rapidly expanded its investment properties, which are
valued at above CNY100 billion and will generate around CNY8
billion in recurring income in 2021. This will provide additional
financial flexibility compared with its peers.

KEY ASSUMPTIONS

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

-- Total contracted sales to drop by 5% in 2021-2022;

-- Land premium to make up 40% and 30% of implied cash collection
    in 2021 and 2022, respectively;

-- Property development and Wuyue Plaza construction costs to
    account for 40% of cash collection in 2021-2022;

-- Investment-property revenue to reach CNY7 billion and CNY9
    billion in 2021 and 2022, respectively, with a stable gross
    profit margin of 71%;

-- Overall EBITDA margins of around 12% in 2021-2022;

-- SGL maintaining a controlling shareholding in SHCL and no
    weakening in the operational ties between the two entities.

RATING SENSITIVITIES

For both SGL and SHCL:

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

-- Leverage, measured by net debt/net property assets, sustained
    above 40%;

-- Sustained neutral-to-positive cash flow from operations;

-- Longer track record of operational and financial stability
    comparable with investment-grade peers;

-- Full restoration of capital-market access.

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

-- Deterioration in liquidity or further weakening in bond market
    access;

-- Sustained deterioration in sales proceeds;

-- Leverage, measured by net debt/net property assets, sustained
   above 45%;

-- Separately for SGL, a weakening of the linkage between SGL and
    SHCL may lead to negative rating action.

(All the ratios mentioned above are based on parent SGL's
consolidated financial data)

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: SGL had an unrestricted cash balance of CNY41
billion at end-1H20, which was sufficient to cover short-term
borrowings of CNY33.4 billion. SHCL also had sufficient liquidity
at end-September 2021, with CNY30.5 billion in available cash to
cover around CNY22.5 billion in short-term debt. The group's
funding cost was 6.5% in 1H21.

Sufficient Holdco Liquidity: Fitch believes SHCL's holdco has
sufficient liquidity to cover its own CNY10 billion maturities in
1H22 and CNY5 billion in 2H22. SHCL has CNY12.5 billion in cash
currently at the holdco level onshore, according to management, and
has consistently been able to receive CNY3 billion-4 billion from
its projects per month in September-October 2021. SHCL also has
strong annual recurring rental revenue of CNY8 billion-10 billion
flowing directly to the holdco. This is in contrast with other
developers whose cash is mostly regulated on the project level,
making the cash portion available for debt repayment harder to
estimate.

SGL's holdco has CNY2.5 billion cash offshore currently, according
to management. It has already issued new US dollar bonds in
September 2021 to cover about USD100 million of the principal on
the USD400 million bond that is due June 2022. SGL expects to
refinance the rest with new issuance in May-June 2022. SGL will
also be able to pledge SHCL's shares to obtain liquidity.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

ISSUER PROFILE

SGL, a property developer focused on China's YRD region, is listed
on the Hong Kong stock exchange. It ranked among the top-20
property developers by sales value in China in 2020.

SHCL is the key subsidiary of SGL that operates all of the parent's
property-development and investment-property businesses in China.
SHCL is listed on the Shanghai stock exchange.

SUMMARY OF FINANCIAL ADJUSTMENTS

SGL's CNY40.7 billion available cash in 1H21 was calculated from
CNY53.1 billion reported available cash less CNY12.4 billion
regulated pre-sale funds. SHCL's CNY30.5 billion available cash at
end-September 2021 was calculated from CNY40.5 billion reported
available cash less CNY10 billion regulated pre-sale funds.

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.




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

A N ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of A N
Associates in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Short Term-        30.00        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in July 2015, A N Associates (the firm/ANA) is a local
EPC (Engineering, Procurement and Construction) contractor
undertaking construction of civil infrastructure projects in
various parts of Tamil Nadu.


BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Beam Cox
Constructions Private Limited (BCCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 9, 2020, placed the
rating(s) of BCCPL under the 'issuer non-cooperating' category as
BCCPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BCCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 25, 2021, October 5, 2021, October 15, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

BCCPL was incorporated in the year 1994 by Mr. Y Ravinder Reddy and
other three directors. The company is registered as Class-I
contractor with Andhra Pradesh government and is into execution of
civil works and construction contracts for government entities.
Major works of the company include construction of school
buildings, school and college hostel buildings, laying of cement
roads, laying of water pipelines, etc.

ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar
Agrotech Limited (EAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.65      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 13, 2020, placed
the rating(s) of EAL under the 'issuer non-cooperating' category as
EAL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. EAL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 29, 2021, October 9, 2021, October 19, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

EAL was incorporated in April 1993 and is engaged in farming of
flowers, plants and vegetables and trading of milk. EAL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types of roses) and exotic vegetables. Currently, EAL
is producing roses, vegetables, mango, plants and plugs in five
sites which include Lonavala, Kamshet, Ooty, Jategaon and Jamnagar.

FLOURISH PAPER: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Flourish
Paper & Chemicals Limited (FPCL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 26, 2020, placed
the rating(s) of FPCL under the 'issuer non-cooperating' category
as FPCL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. FPCL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 12, 2021, October 22, 2021 and November 1, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Flourish Paper and Chemicals Limited (FPCL), incorporated on June
7, 1995, is being managed by Mr. Atul Mehra, Mrs. Sangeeta Mehra
and Mr. Sanjay Mahajan. The company is engaged in manufacturing of
AKD Emulsion and other allied chemicals used in the paper and
textile industry at its manufacturing facility located in
Derabassi, Punjab. In addition to this, FPCL has logistic business
of chemical distribution. UP Alums Private Limited (UAP), the group
entity of FPCL, was incorporated in January 1992, however,
commenced its commercial operations in July 1998.


GOPISH PHARMA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gopish
Pharma Limited (GPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           0.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 25, 2020, placed
the rating(s) of GPL under the 'issuer non-cooperating' category as
GPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 11, 2021, October 21, 2021, October 31, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

GPL is a closely held public limited company incorporated in 1995.
The company was originally incorporated as a private limited
company and its constitution was changed in 1996. The present
directors of the company include Mr. Ravi Prakash Goyal, Mr. Ratish
Goyal and Ms. Santosh Goyal. GPL is engaged in manufacturing of
generic drugs at its manufacturing facility located in Solan,
Himachal Pradesh. The main raw material of the company includes
chemicals and packing material which are procured from various
domestic manufacturers and traders. The group companies of GPL
include Gopish Foils and Gopish Pharma which are engaged into the
business of specialised packaging products and manufacturing of
injections respectively.

GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Greeneries
Agro Private Limited (GAPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 7, 2020, placed the
rating(s) of GAPL under the 'issuer non-cooperating' category as
GAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 23, 2021, November 2, 2021, November 12, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Incorporated in April 2015, Greeneries Agro Private Limited (GAPL);
started its operations in agriculture retailing business under the
leadership of Mr. Sachin Chavan and its engaged into bulk
purchasing of farm produce of fruits and vegetables (namely Onion,
Potato, Garlic) directly from farmers and does the value addition
to its like quality control checks, packing, grading, labeling etc.
and selling it to retail business and thereby acting as channel
between farmers and retailers. It procures 52% of goods directly
from domestic farmers and 48% imports from USA, Itali, Chilly,
Iran, South Africa etc. In April 2015, GAPL was converted into
private Limited company. Prior to it was partnership firm of "M/s
Sachin's Suppliers" was established in the year 2011 and later in
February 2016 it has took over Proprietorship firm of its one of
the director of Mr. Sachin Chavan of "M/s Sachin Fresh". GAPL has
its registered office located at Vashi, Navi Mumbai and seven more
branches at New Delhi, Pune, Hubali, Bengaluru, Kochi, Hyderabad
and Chennai out of which at four places has its own cold storage
and rest three are on rental basis. Being a perishable nature of
products and to avoid risk of damaging of goods, GAPL have
specifically designed warehouses, own logistics, in-house sourcing,
and sorting.


HARSO STEELS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Harso
Steels Private Limited (HSPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.82      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      11.18      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of HSPL under the 'issuer non-cooperating' category
as HSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 26, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Harso Steels Private Limited (HSPL) was incorporated in 1986 and
started its commercial operation in 1993. The company is currently
being managed by Mr. Rakesh Kumar Bansal, Mr. Vikas Bansal and Mr.
Adesh Tyagi. The company is engaged in manufacturing of steel
tubes. PVC pipes, steel structure and bottom lid. The main raw
material is steel which the company procures solely from Steel
Authority of India Limited (SAIL). HSPL sells its products
domestically to wholesalers and construction companies. The company
has an associate concern named Rama Steel Tubes Limited which is
engaged in manufacturing and exporting of steel pipes, steel tubes,
steel pipes fittings, steel tubes fittings, PVC pipes, PVC tubes,
steel pipes etc.

HYQUIP TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hyquip
Technologies Limited (HTL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.14      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 5, 2020, placed the
rating(s) of HTL under the 'issuer non-cooperating' category as HTL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 21, 2021, October 1, 2021, October 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The company was incorporated in the year 2003 under the name Hyquip
Exports Limited as a part of the Hyquip group, primarily
established for exporting municipal solid waste management
processing equipments manufactured by the associate concerns. Later
in 2006, the company changed the name of the company to Hyquip
Technologies Limited (HTL). HTL developed clean and green
technologies for recycling of Municipal Solid Waste (MSW),
conversion of MSW into compost, Refused Derived Fuel Facility
(RDF), power from waste and also generation of power from biomass.


In FY16, HTL had incurred net loss of INR2.02 crore on a total
operating income of INR3.47 crore as against net loss of INR2.69
crore and total operating income of INR1.03 crore in FY15
respectively.

JMJ SWITCH: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jmj Switch
Gears Private Limited (JSGPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.12      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.72      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 3, 2020, placed the
rating(s) of JSGPL under the 'issuer non-cooperating' category as
JSGPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JSGPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2021, September 29, 2021 and October 9, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

JMJ Switch Gears Private Limited (JMJ) incorporated in August 2013
is promoted by Mr. Adaikalasamy along with his friend Mr. Philip
Kumar. The company started its commercial operation in January
2014. It has been engaged in the business of manufacturing of
electrical products like power control panels, low-tension &
high-tension panels, compact substations with its sole
manufacturing facility located at Bommasandra Industrial Area,
Bangalore. These panels provide backup protection to the power
transformers, generation, capacitor banks and power distribution.

KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KLN Motors
Agencies Private Limited (KMAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.14      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 4, 2020, placed the
rating(s) of KMAPL under the 'issuer non-cooperating' category as
KMAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KMAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 20, 2021, September 30, 2021 and October 10, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

KLN, incorporated in 2007 belongs to KTC group of companies. KLN
was an authorized dealer of General Motors India Limited (GM) since
inception. The company was a service provider of GM, after the exit
of GM in May 2017 it has taken up the dealership of passenger cars
of Tata Motors Limited (TM) from August 2017. KLN has one showroom
at Ekkattuthangal for sale of cars & spares and service of TM and
GM cars. KTC group has diversified line of business including
automobile dealership (Two wheelers, Four Wheelers), chemicals
trading business which includes engineering and plastic chemicals.


LANCO BABANDH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lanco
Babandh Power Limited (LBPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     8,344.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           750.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 5, 2020, placed the
rating(s) of LBPL under the 'issuer non-cooperating' category as
LBPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 21, 2021, August 31, 2021, September 10, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Lanco Babandh Power Private Limited was incorporated as a private
limited company on 30th May, 2007. The company was converted into a
limited company and its name was changed to Lanco Babandh Power
Limited (LBPL) on 3rd February, 2010. The company is promoted by
Lanco Group, to construct, operate and maintain a 1320 MW (2 X
660MW) coal-based power project in Dhenkanal District, Orissa. The
flagship company of the Lanco Group is Lanco Infratech Ltd. The
project was envisaged at a cost INR 10,430 crore to be funded in
the debt of INR8,344 crore and promoters contribution of INR2,086
crore.


LANCO VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lanco
Vidarbha Thermal Power Limited (LVTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     9,614.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 5, 2020, placed the
rating(s) of LVTPL under the 'issuer non-cooperating' category as
LVTPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LVTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 21, 2021, August 31, 2021, September 10, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Lanco Vidarbha Thermal Power Limited (LVTPL) is promoted by Lanco
Group and was incorporated on 23rd February 2005. The company was
initially incorporated as a 'Private limited' company and later
converted into a 'Public Limited' company on May 10, 2010. LVTPL is
promoted to develop, construct, own and operate a 1,320 MW (2x660
MW) thermal power plant based on domestic coal. The project is
being implemented on super critical technology by way of a turnkey
Engineering, Procurement & Construction (EPC) contract with an
initial estimated project cost of Rs 10,433 crore, to be financed
at a debt to equity ratio of 4:1, The debt portion of Rs,5,549
crore was tied up with the lenders.


MCNALLY SAYAJI: NCLAT Rejects Kotak Bid to Set Aside Insolvency
---------------------------------------------------------------
The Economic Times of India reports that the National Company Law
Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak
Mahindra Bank along with a director of debt-ridden McNally Sayaji
Engineering Ltd (MSEL) to set aside insolvency proceedings against
the manufacturer of mineral processing equipment.

A two-member NCLAT bench upheld the orders of the Kolkata bench of
the National Company Law Tribunal (NCLT), which had on February 11,
2021, admitted a plea by ICICI Bank and directed to initiate
insolvency proceedings against MSEL, ET relates.

The NCLT order was challenged by Kotak Mahindra Bank and a director
of the suspended board of MSEL before the appellate insolvency
tribunal NCLAT.

According to ET, Kotak Mahindra Bank had contended that besides it,
four other banks -- ICICI Bank, DBS, IDBI and SBI -- had advanced
loans to MSEL and NCLT had failed to appreciate that more than 50
per cent members of the lenders' consortium had opposed initiation
of corporate insolvency resolution process (CIRP), as they were
considering restructuring of loan outside the IBC.

Restructuring of loans is more beneficial to the creditors as they
will not have to take a haircut, Kotak Mahindra Bank had submitted,
ET relays.

In the eventuality of a resolution plan being implemented or
liquidation process being initiated, financial creditors, including
Kotak Mahindra Bank, will have to take a haircut, it added.

Moreover, the appellant contended that the case was not
maintainable as it was filed after the permissible period of three
years after the default.

However, ICICI Bank opposed both the petitions, ET notes.

It said the account of MSEL was classified as NPA on March 31, 2019
and loan recall notice was issued on January 3, 2020 -- thus the
application was filed within three years from the date of
acknowledgement.

ET relates that ICICI Bank further said Kotak Mahindra Bank's
appeal was not maintainable and filed at the behest of MSEL.

Moreover, Kotak Mahindra Bank has not raised any challenge to the
existence of debt, default and completeness of the application
filed by ICICI Bank. The CIRP is not adversarial to the interest of
the corporate debtor or its creditors, it said.
The Insolvency and Bankruptcy Code (IBC) is a beneficial
legislation for equal treatment to the creditors and to revive
MSEL, submitted ICICI Bank, ET relays.

Rejecting the submissions of the appellant, the NCLAT said the
Supreme Court has already held that the date on which a bank
declares an account of corporate debtor as NPA is the date of
default. In the present case, the MSEL account was classified as
NPA on March 31, 2019, ET notes.

According to ET, NCLAT said Kotak Mahindra Bank has no valid ground
to challenge the NCLT order and it was "convinced with the argument
of Counsel for the Respondent No 1 (ICICI Bank) and hold that the
Appellant has no locus standi" to file this appeal.

The appellant has "failed to point out any legal or factual flaw in
the impugned order", it added.

"With the aforesaid discussion, we are of the view that no
interference is called for in the impugned order. Thus, the Appeals
are dismissed," NCLAT, as cited by ET, said.

On Kotak, Mahindra Bank's plea to consider restructuring of debt
outside the purview of IBC, the appellate tribunal said NCLT was
aware of the proposal but the lenders' consortium has not filed any
application for deferment of the proceedings before it.

"There is no duty cast on the NCLT that no sooner NCLT gets
information that outside the purview of IBC any restructuring
proposal is under consideration before the consortium of lenders
then . . . (it) should defer the proceedings for initiation of
CIRP," it said.

In the present case, MSEL has committed default and the application
is complete, therefore, NCLT has no option except to admit the plea
to initiate the insolvency process, it said, adds ET.


METTU CHINNA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mettu
Chinna Mallareddy Godowns (MCMG) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 9, 2020, placed the
rating(s) of MCMG under the 'issuer non-cooperating' category as
MCMG had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MCMG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 25, 2021, October 5, 2021, October 15, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Andhra Pradesh based, Mettu Chinna Mallareddy Godowns(MCMG) was
established as a partnership firm in the year 2011 and promoted by
Mr. Ch. Venkata Krishna Rao and Mrs. Ch. Lakshmi. The firm is
engaged in providing ware house for lease rental purpose to Andhra
Pradesh State Warehousing Corporation. The property is built on
total land area of 18 acres comprising of nine godowns having
storage capacity for food crops like paddy around 45000 MT and each
godown having storage capacity of 5000MT.


MUNIVEER SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Muniveer Spinning Mills in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.29        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         1.06        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Shri Muniveer Spinning Mills is a Surat-based spinning mill engaged
in production and marketing of polyester yarn. The firm also
produces cotton and fancy yarn albeit on a smaller scale. The firm
was established in 2010 with 13,000 spindles in its fleet in its
manufacturing facility in Surat. The firm subsequently went for
capacity expansion, thereby adding another 5,500 spindles in the
fleet in year 2014. SMSM currently has capacity of producing ~9-10
MT of yarn every day.

In FY2017, the company reported a net profit of INR1.1 crore on an
operating income of INR39.5 crore, as compared to a net loss of
INR0.7 crore on an operating income of INR36.7 crore in the
previous year.

NAVAYUGA JAHNAVI: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navayuga
Jahnavi Toll Bridge Private Limited (NJTBPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      720.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 3, 2020, placed the
rating(s) of NJTBPL under the 'issuer non-cooperating' category as
NJTBPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NJTBPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2021, September 29, 2021, and October 9, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Navayuga Jahnavi Toll bridge Pvt Ltd is a special purpose vehicle
(SPV) incorporated for development of Greenfield Bridge across
river Ganges and its approaches connecting Bhaktiyarpur Bypass of
NH-31, near village Karjan & NH28 at Tajpur in the state of Bihar
on DBFOT (Toll Basis). The project involves construction of
Four-Lane Greenfield Bridge across river Ganges for a length of
5.55 km long and 45.393 km length for approach road. The concession
was awarded by Bihar State Road Development Corporation Limited
(BSRDCL) for a period of 30 years including construction period of
1642 days. The concession agreement was signed on October 8, 2010
and the SPV received appointed date on November 30, 2011.


NEOGEM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Neogem
India Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         15.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
                                 Cooperating' Category

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

NIL was set up in September 1991, by Mr. Mahindra Doshi to
manufacture and export gold and studded jewellery. The company came
out with its public issue in April 1993 to fund its jewellery
manufacturing unit located in SEEPZ Andheri, Mumbai. The unit is
spread over a total space of around 7,000 square feet and the
company employs around 240 employees including the  administrative
staff. The company exports its jewellery products to USA, Europe,
Middle East, etc., and recently the company has received the status
as a 'Two Star Export House'. Apart from this, the company is also
engaged in trading activities, where it imports cut and polished
diamonds and rough diamonds and exports the same to UAE, Hong Kong,
Europe, etc. either directly or through merchant exporters.

P PADMA: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P Padma
Rural Godowns (PPRG) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.79       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 2, 2020, placed the
rating(s) of PPRG under the 'issuer non-cooperating' category as
PPRG had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PPRG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2021, September 28, 2021, and October 8, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Andhra Pradesh based, P Padma Rural Godowns (PRG) was established
as a proprietorship firm in the year 2013 and promoted by Mrs.
Padma Pachimatla. The firm is engaged in providing ware house on
lease rental to Telangana State Civil Supplies Corporation Limited
(TSCSCL), Food Corporation of India (FCI) and Cotton Corporation of
India (CCI). The property is built on total land area of 8 acres
and comprises of 8 godowns, with aggregate storage capacity of
around 23000MT, for food crops like rice, wheat, cotton etc
respectively.

PM GRANITE: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of PM Granite
Exports Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]C+/A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        0.75       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based/CC                Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–        1.72       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based/TL                Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short Term-       5.00       [ICRA]A4 ISSUER NOT
   Fund Based                   COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Long Term/        2.93       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short Term-                  COOPERATING; Rating continues
   Unallocated                  to remain under 'Issuer Not
                                Cooperating' category

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

PM Granites Export Private Limited (PMGEPL) is engaged in
processing of granite stone blocks and export of granite blocks,
slabs, tiles and other related products. PMGEPL was originally set
up in 2001 as PM Rocks Private Limited by Mr. M Babanna.
Subsequently, the firm was renamed as PM Granites Export Private
Limited in 2004. The company largely exports granite slabs & tiles.
In addition, PMGEPL also has an operational windmill of a capacity
of 1.25MW. PMGEPL has 79,784 metric ton (MT) per annum installed
manufacturing capacity at its manufacturing facility located at
Hosur, Tamil Nadu. The company is currently being managed by Mr. M
Babanna who has over one decade of experience in the granite
industry.


RELIANCE POWER: Defaults on Interest Payment to IDBI and DBS Banks
------------------------------------------------------------------
Business Standard reports that Reliance Power (RPower) has
defaulted on payment of interest worth INR1.17 crore to DBS Bank
India and INR44 lakh to IDBI Bank.  It failed to pay up interest on
October 30, 2021.  The firm, part of the Anil Ambani-promoted
Reliance group, in filing with BSE, said it has term loans and
working capital arrangements with three lenders - YES Bank, IDBI
Bank and DBS.  

About exposure of YES Bank, there is a 'standstill' applicable till
December 26, 2021, the report says. IDBI Bank extended working
capital facility and total principal amount is INR42 crore.  The
credit is secured with an interest rate of 12.5 per cent.  DBS
exposure is in the nature of a secured term loan of INR113 crore
with a tenure of eight years.  It carries an interest rate of 13
per cent.

Total outstanding borrowings from banks/financial institutions are
INR1,194 crore. It includes accrued interest on loans.  Total
financial indebtedness of the listed entity, including short-term
and long-term debt, was INR1,440 crore, Business Standard
discloses.  The company has a portfolio of power projects based on
coal, gas, hydro and renewable energy, with an operating portfolio
of 5,945 megawatts (Mw).

On November 30, ICRA said RPower's debentures, long and short term
loans carry a 'D' rating.

Based in Mumbai, India, Reliance Power Limited, together with its
subsidiaries, engages in the generation of power in India. Its
portfolio of power projects is based on coal, gas, hydro, wind, and
solar energy. The company has an operational power generation
capacity of 5,945 megawatts (MW). It owns and operates 1,200 MW
Rosa power plant in Uttar Pradesh; Sasan ultra mega power plant
with capacity of 3,960 MW in Madhya Pradesh; Vashpet power plant
with capacity of 45 MW in Maharashtra; Dhursar solar power plant
with capacity of 40 MW in Rajasthan; Solar CSP power plant 100 MW
in Rajasthan; and Butibori power plant with capacity of 600 MW in
Maharashtra. The company also develops and constructs coal mines in
India and Indonesia. In addition, it has an interest in four coal
bed methane blocks.


REMEDY MEDICAL: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Remedy
Medical Services Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/ [ICRA]A4:
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.20        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          3.30        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Established in 1999, Remedy Medical Services Private Limited
(RMSPL) commenced operations as a diagnostic centre in November
2001. In 2004, it had set up a multi-specialty hospital in Kolkata
with a total capacity of 49 beds. The capacity was enhanced in
Q3FY2016 to 56 beds.

SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Samruddha
Resources Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit       25.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1997 and formerly known as Samruddha Overseas
Limited), SRL is involved in the mining and trading of iron ore
fines. The group is promoted by Mr Vinay Rohidas Patil, son of the
Mr Namdar DajiSaheb Rohidas Patil (former Minister of Agriculture
Maharashtra State and belonging to Dhule district of Maharashtra).
Prior to 1997, the promoters were engaged in the textile business.


SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saraya
Industries Limited (SIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       44.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.60      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 10, 2020, placed
the rating(s) of SIL under the 'issuer non-cooperating' category as
SIL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SIL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 26, 2021, October 6, 2021, October 16, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Saraya Industries Ltd. (SIL), promoted by the Majithia family was
originally incorporated as a partnership firm in 1949 which was
subsequently converted into a private limited company and later on
into limited company in 1989. SIL is engaged in the business of
manufacturing, sugar, country liquor, Indian Made Foreign Liquor
(IMFL), industrial alcohol and co-generation of power. SIL owns and
operates a biogas & rice husk-based power plant of 2.0 MW
generation capacity. The company had acquired the sugar unit
(earlier named Saraya Sugar Mills Ltd.) pursuant to order of Board
for Financial Reconstruction (BIFR) from its promoter group company
and merged it into its main business in December 2007.


SIDDHRAJ INFRABUILD: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Siddhraj
Infrabuild Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          2.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          3.00        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund based      1.32        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in July 2012, Siddhraj Infrabuild Pvt. Ltd. (SIPL) is
promoted and managed by Mr. Raju Odedara. The company is involved
in earthwork-related activities, which include excavation work,
supply of sand and laying pipelines. The company has been awarded
"Class B" category contractor status. Earlier in 2003, a
partnership firm was established in the name of "Raj
Construction" wherein the business related to material handling as
well as earth work-related activities were carried out. However,
later in 2012 this partnership firm was merged in the newly
incorporated company i.e. SIPL. The company is based out of Ranavav
in the Porbandar district of Gujarat. The promoter i.e. Mr. Raju
Odedara has over 20 years of experience in this line of business
through his association with three other group concerns - namely
Raj Transport, Krishna Service and Jayraj Enterprise which are also
involved in earthwork-related business. All of these are
partnership firms wherein Mr. Raju Odedara is a partner.

SUNPAUL PROPERTIES: CARE Lowers Rating on INR9.0cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunpaul Properties Private Limited (SPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 3, 2020, placed the
rating(s) of SPPL under the 'issuer non-cooperating' category as
SPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2021, September 29, 2021 and October 9, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of SPPL have been
revised on account of non-availability of requisite information

Sunpaul Properties Private Limited (SPPL) was incorporated on June
18, 2012 and the operation commenced in October 2013. The key
promoter is Mr. Sunny Paul. SPPL belongs to Sunpaul Group of
Companies which has interest in construction and real estate
businesses. Associate concerns Dezira Projects & Realtors Pvt. Ltd.
(DPR) and Sunpaul Dezira Projects Pvt. Ltd (SDP) are property
developers in the Kerala. Mr. Sunny Paul is the Managing director
of the group companies as well. SPPL is engaged in civil
construction of residential and commercial business buildings for
developers. SPPL is a regional player in Kerala state. The company
is also engaged in property development.


TIL LIMITED: CARE Lowers Rating on INR190cr Long Term Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of TIL
Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      190.00      CARE D; Revised from CARE B+;
   Facilities                      Negative

   Long Term/          148.25      CARE D/CARE D; Revised from
   Short Term                      CARE B+; Negative/CARE A4
   Bank Facilities                

Detailed Rationale and Key Rating Drivers

The revision in rating assigned to the bank facilities of TIL
Limited takes into account ongoing delays in debt servicing due to
stretched liquidity position.

Rating Sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade

* Delays/defaults free track record of 90 days.
* Infusion of equity/unsecured loans or timely monetization of
assets leading to improvement in liquidity position of the
company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing of bank facilities.

* Sharp deterioration in performance in H1FY22: TIL reported a loss
of INR68.58 crore on total income of INR46.54 crore in H1FY22 as
against loss INR35.76 crore on total income of INR131.16 crore in
H1FY21 mainly due to closure of production division for major part
of Q1FY22 because of many Covid-19 cases at the plant premises and
covid related restrictions set forth by Government. This apart the
company also could not execute orders due to paucity of adequate
working capital. TIL's operating income witnessed a decline of
about 16% on a standalone basis in FY21 as compared to FY20. Sales
have been lower during the year mainly due to the impact on demand
and execution due to outbreak of Covid-19 and consequent lockdowns.
Also, there has been a disruption in supply chain. The company
incurred net loss of INR67 crore in FY21 with lower operating
profitability on account of under-absorption of overheads, lower
margin sales and significant provisioning on
receivables (about INR36 crore). Finance cost also increased due to
higher borrowings to support increase in working capital intensity
further impacting profitability.

* Deterioration in debt coverage indicators: Interest coverage
ratio continued to remain negative in H1FY22 as the company
continued to incur cash loss and there was further increase in
finance cost. With inadequate cash flows from operations, the
company has been relying on unsecured loans from promoters to meet
its debt obligations.

* Increased working capital intensity of operations: TIL requires
high level of working capital to support and maintain its large
inventory of raw materials, finished goods as well as stores &
spare parts. The inventory level has continued to remain high as on
Sep 30, 2021. Although, trade receivables have declined in H1FY22
but remained at elevated level vis-à-vis total operating income.
The fund-based working capital limits remained almost fully
utilized in the 12 months ended in June 2021.

* Exposure to foreign exchange risk: The major raw materials/inputs
required by TIL are high quality steel, engines, chassis for
automobiles, valves, axle, hoist units, hydraulic ram and cylinder
etc. A large part of the material requirement is met through
imports (about 50% of the total raw material is imported). This
exposes the company to risk of foreign exchange fluctuation.

Liquidity: Poor

Delay in sale of other non-core assets, slow execution of orders
and subdued debtors' collection led to poor liquidity resulting in
lower accruals vis-à-vis debt repayment obligation. This had
constrained the ability of the company to repay its debt obligation
on timely basis.

Key Rating Strengths

* Long track record of operations: TIL is an established player in
providing technology-intensive equipment for the infrastructure
sector. The company, over the last seven decades, has consistently
introduced new products in the material handling and construction
equipment. The current promoter, Mr. Sumit Mazumder, possesses long
experience in the industry and is supported by a team of qualified
personnel.

* Manufacturing and technical collaborations with leading
international players: TIL, over the years, has entered into long
term manufacturing and technical alliances with leading equipment
manufacturers across the globe to offer superior products to its
customers.

* Moderate order book position with reputed clientele and wide
service network: The order book of the company remained moderate
and stood at about INR300 crore as on August 18, 2021 as against
INR346 crore as on March 10, 2021. The orderbook also includes
defence equipment orders worth Rs 200 crore.

* Consistent source of revenue from maintenance & repair contracts
and sale of component & spare parts: TIL, while selling its
products, also enters into long-term maintenance and repair
contracts with various customers thereby providing stable and
consistent source of future income.

TIL, incorporated in 1944, has been in operation for more than
seven-decade and is engaged in manufacturing and marketing of
equipment for material handling, lifting, port & road building
solutions. It provides integrated customer support and aftersale
services through a well-connected network of offices and product
support centres in India along with a subsidiary in Singapore. The
manufacturing facilities are located at Kamarhatty (near Kolkata)
and Kharagpur in West Bengal. The company operates under two
strategic business units (SBUs): Material Handling Solutions (MHS)
for manufacturing of material handling equipment (MHE) and
Equipment & Project Solutions (EPS) for manufacturing crushing &
screening equipment and handling equipment for ports & road
building solutions.

VARDHMAN BUILDPROP: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vardhman Buildprop Private Limited (SVBPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      35.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 4, 2020; placed the
rating(s) of SVBPL under the 'issuer non-cooperating' category as
SVBPL had failed to provide information for monitoring of the
rating. SVBPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 20, 2021; October 30, 2021 and November 9, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Shree Vardhman Buildprop Private Limited (SVBPL), incorporated in
2010 is engaged in development of real estate through construction
of residential and commercial property in the Delhi/ NCR region.
SVBPL a part of 'Shree Vardhman group', is currently involved in
execution of a residential cum commercial project 'Mantra', with
the total saleable area of 9.95 lsf, located at Sector-67, Gurgaon.

VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vardhman Infraheights Private Limited (SVIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     140.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 4, 2020; placed the
rating of SVIPL under the 'issuer non-cooperating' category as
SVIPL had failed to provide information for monitoring of the
rating. SVIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 20, 2021, October 30, 2021 and November 9, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Shree Vardhman Infraheights Pvt Ltd is a real estate development
company, incorporated in 2011. It belongs to 'Shree Vardhman group'
and is incorporated for the residential project 'Victoria' located
in Gurgaon, having total saleable are of 13.42 lsf (SVIPL's share
of 11.73 lsf). The company was founded by Mr. Sandeep Jain & Mr.
Sachin Jain, who have experience in the real estate industry.




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

TH HEAVY: Bursa Rejects Bid for Extension to Submit Revamp Plan
---------------------------------------------------------------
theedgemarkets.com reports that trading in TH Heavy Engineering Bhd
(THHE) securities will be suspended on Dec. 9, as its appeal for an
additional six months up to April 22 next year to submit its
regularisation plan to the regulatory authorities has been rejected
by Bursa Securities.

According to the report, Bursa Securities said it informed THHE of
the rejection on Dec. 1, as the company "has not demonstrated to
the satisfaction of Bursa Securities, any material development
since the last extension of time granted towards the finalisation
and submission of the regularisation plan".

In a statement, Bursa Securities added that trading in the
securities of the Practice Note 17 (PN17) company will be suspended
from Dec. 9 onwards, and the company will be delisted on Dec. 13,
unless it submits an appeal by Dec. 8.

"In the event the company submits an appeal to Bursa Securities
within the appeal timeframe, the delisting of the securities of the
company from the official list of Bursa Securities on Dec 13 will
be deferred, pending the decision on the company's appeal. However,
Bursa Securities shall proceed to suspend the trading of the
company's securities on Dec 9, even though the decision of the
company's appeal is still pending," the regulator said,
theedgemarkets.com relays.

In the event that THHE is delisted, it will still exist but as an
unlisted entity. Its shareholders may opt to withdraw their
securities from their Central Depository System (CDS) accounts
maintained with Bursa Depository Sdn Bhd at any time after the
company's securities have been delisted by submitting an
application to Bursa Depository, according to the report.

Alternatively, shareholders are able to continue to hold shares of
the company but those shares will no longer be quoted and traded on
the local bourse, said Bursa Securities, the report relays.

According to theedgemarkets.com, TTHE had received multiple
extensions to submit its regularisation plan since it fell into
PN17 status in April 2017, after its auditors expressed a
disclaimer opinion on its audited financial statements for its
financial year ended Dec 31, 2016.

Shares of THHE rose 0.5 sen or 8.3% to close at 6.5 sen on Dec. 1,
giving the PN17-status company a market capitalisation of RM144.37
million, the report discloses.

                           About TH Heavy

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel structures
and the provision of other related offshore oil and gas engineering
services in Malaysia.

TH Heavy slipped into Practice Note 17 (PN17) status in April 2017
after the company's independent auditors expressed a disclaimer
opinion on its accounts for the financial year ended Dec. 31,
2016.

The company is currently formulating a regularisation plan that
includes a scheme that would demonstrate the company's ability to
generate adequate cashflow from operations.




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

BAKKER MOTELS: Creditors' Proofs of Debt Due on Jan. 17
-------------------------------------------------------
Creditors of Bakker Motels Limited are required to file their
proofs of debt by Jan. 17, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 23, 2021.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011
          New Zealand


CLASSIC FLIGHTS: Liquidators Yet to Contact Shareholders
--------------------------------------------------------
Riley Kennedy at Otago Daily Times reports that liquidators of a
Wanaka aviation company have not been able to track down two of its
shareholders who owe nearly NZD95,000, the first liquidator's
report said.

Classic Flights Ltd was placed in liquidation in the High Court at
Invercargill in October following an application from unsecured
creditor AV Lease Ltd, ODT says.

A report from joint liquidators Trevor and Emma Laing, of Trevor
Laing and Associates, found the company owed a total of NZD94,364,
of which NZD90,000 was owed to unsecured creditors. The remaining
amount was for petitioning creditor costs, according to ODT.

Grey District Council, Dunedin Airport and the Bank of New Zealand
were among a list of 11 unsecured creditors.

It was not known how much secured debt the company had or whether
it owed money to Inland Revenue.

The company's operations had ceased by July 2021 with all assets
being disposed of and funds distributed, leaving the bank account
with a small overdraft and some creditors unpaid, the report, as
cited by ODT, said.

To date, the liquidators have not been in contact with the two
shareholders in China but had made contact with the minor
shareholder who remained in New Zealand.

The new occupant claimed damage was caused in the removal of assets
that it wished to claim for, the report said.

ODT says the liquidators had not located any company records other
than copies of the company's bank statements.

"An initial analysis of these documents has raised some issues that
will require further inquiry," the report said.

It was too early to predict if sufficient funds would be available
to make a dividend payment to unsecured creditors.

The liquidation was expected to be completed in the next 12 months,
ODT notes.

Classic Flights was based at Wanaka Airport and operated as a
tourism business.  Hong Cheng and Yan Wang, both of China, were the
majority shareholders with Junjie Li, of Auckland, owning 10%.


HISPEC HOMES: Court to Hear Wind-Up Petition on Dec. 9
------------------------------------------------------
A petition to wind up the operations of Hispec Homes NZ Limited
will be heard before the High Court at Christchurch on Dec. 9,
2021, at 10:00 a.m.

McVicar Building Supplies Limited filed the petition against the
company on Jan. 28, 2021.

The Petitioner's solicitors are:

          Cavell Leitch Solicitors
          BNZ Centre, Level 3
          111 Cashel Mall
          Christchurch 8011
          New Zealand


MORGAN & HOLMES: Creditors' Proofs of Debt Due on Dec. 29
---------------------------------------------------------
Creditors of Morgan & Holmes Security Limited are required to file
their proofs of debt by Dec. 29, 2021, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 29, 2021.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751
          New Zealand


ROSS BEACH: Rodewald Consulting Appointed as Receivers
------------------------------------------------------
Thomas Lee Rodewald and Kenneth Peter Brown of Rodewald Consulting
Limited were appointed as receivers and managers of Ross Beach
Mining Limited and Xiaoguang (Terry) Song on Dec. 1, 2021.

Porter Finance Limited appointed receivers and managers pursuant to
an Account Application Form dated July 10, 2017 and three Finance
Agreements all dated May 5, 2020 which property consists of all
present and after-acquired property of the debtor and all of the
debtor's present and future interests and rights in any land and
any other property or asset, other than any personal property to
which Personal Property Securities Act 1999 applies.

The Receivers can be reached at:

          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3144
          New Zealand


WRIGHT BROTHERS: BDO Tauranga Appointed as Liquidators
------------------------------------------------------
Paul Thomas Manning and Kenneth Peter Brown of BDO Tauranga were
appointed joint and several liquidators of Wright Brothers
Contracting (2018) Limited on Nov. 29, 2021.

The liquidators may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15660)
          Tauranga 3144
          New Zealand




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

DIONEX SINGAPORE: Creditors' Proofs of Debt Due on Dec. 30
----------------------------------------------------------
Creditors of Dionex Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 30,
2021, to be included in the company's dividend distribution.

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

The company's liquidators are:

         Mr. Tee Wey Lih
         Acres Advisory Private Limited
         531A Upper Cross Street
         #03-128, Hong Lim Complex
         Singapore 051531


ELEMENT PERFECTION: Technic Appointed as Provisional Liquidators
----------------------------------------------------------------
Lau Chin Huat and Yeo Boon Keong of Technic Inter-Asia Pte Ltd were
appointed as provisional liquidators of Element Perfection Pte.
Limited on Nov. 23, 2021.

The Provisional Liquidators can be reached at:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


NO SIGNBOARD: Annual Loss Narrows to SGD6.4MM, Revenue Down 42%
---------------------------------------------------------------
The Business Times reports that seafood restaurant operator
No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept 30, narrowing from SGD9.8 million a year ago.

This translates to a net loss per share of 1.37 cents, compared
with 2.13 cents a year ago.

Still, total revenue tumbled 42 per cent year on year to SGD7.9
million in FY2021 amid the prolonged pandemic, BT discloses.

Since February 2020, the group's topline has been impacted by the
decline in number of customers when Singapore implemented travel
entry restrictions on short-term visitors, according to BT.

Till the end of FY2021, revenue continues to be impacted by travel
restrictions and safe distancing regulations which resulted in
outlets not able to operate on the same level as in pre-Covid
times, said No Signboard in a bourse filing on Nov. 29, BT relates.


According to BT, the seafood restaurants sales accounted for 31.5
per cent of total revenue for FY2021, down from 58.1 per cent a
year ago.

Meanwhile, hotpot sales and quick-serve restaurants respectively
contributed to about 33.6 per cent and 29.1 per cent of total
revenue, up from 19.8 per cent and 9.5 per cent a year ago.

Beer business was significantly impacted during the year as most of
the outlets where beer is distributed have been closed during the
circuit-breaker period and remained closed as at end-September
2021.

There was a decline in total assets from SGD18.2 million in FY2020
to SGD11.8 million in FY2021, mainly due to a fall in cash and bank
balances of SGD6.6 million.

Total liabilities increased from SGD9.3 million to SGD9.6 million
due to an increase in lease liabilities of SGD700,000 and bank
borrowings of SGD1 million which is offset by the decrease in trade
and other payables of SGD900,000 due to lower revenue.

As there is no certainty on the severity and the duration relating
to the global business recovery, the group said its current
priority is to preserve cash to support working capital
requirements, continue to keep operating costs low and to ensure
that it has sufficient resources to tide through this period,
including exploring additional fund-raising activities and options,
BT relays.

It will also continue to explore suitable opportunities to
strengthen its competitive edge in its existing business and expand
its food and beverage business both in Singapore and overseas.

There are plans to open more casual, quick-serve dining outlets at
locations with high traffic, adds BT.

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.


S-COOL AIR: Creditors' Meeting Set for Dec. 13
----------------------------------------------
Creditors of S-Cool Air Systems Pte Ltd and Element Perfection Pte
Limited will hold their meeting on Dec. 13, 2021, at 11:30 a.m. and
2:00 p.m., respectively, by way of video conference via Zoom.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to nominate Liquidator(s) or confirm members' nomination of
      Liquidator; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company.

The Provisional Liquidators can be reached at:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


SIN TUNG: Court to Hear Wind-Up Petition on Dec. 17
---------------------------------------------------
A petition to wind up the operations of Sin Tung Resources Pte Ltd
(formerly known as Sin Tung Investment Pte Ltd) will be heard
before the High Court of Singapore on Dec. 17, 2021, at 10:00 a.m.


Tan Wei Leong and Tan Wan Fen filed the petition against the
company on Nov. 24, 2021.

The Petitioner's solicitors are:

         Shook Lin & Bok LLP
         1 Robinson Road
         #18-00, AIA Tower
         Singapore 048542



                           *********


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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