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

                     A S I A   P A C I F I C

          Wednesday, September 15, 2021, Vol. 24, No. 179

                           Headlines



A U S T R A L I A

AXL FINANCIAL: Second Creditors' Meeting Set for Sept. 22
IN2FOOD AUSTRALIA: Owes More Than AUD53 Million to Creditors
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba1
SUPERANNUATION & INVESTMENTS: Moody's Assigns 'Ba2' CFR
SUPERANNUATION AND INVESTMENTS: S&P Assigns Prelim 'BB/B' ICRs



C H I N A

CHINA EVERGRANDE: Crisis Escalates as Protests Break Out in China
CHINA EVERGRANDE: Warns of Growing Default Risks
GUANGZHOU R&F: Fitch Affirms 'B+' LT IDRs, Alters Outlook to Neg
HNA GROUP: Secures Investors for Airline, Airport Businesses
HYTERA COMMUNICATIONS: Appeals $543.7 Mil. Motorola Court Judgment

NANJING PUKOU: Fitch Cuts IDR Rating to 'BB-' Then Withdraws Rating
RADIANCE HOLDINGS: Moody's Assigns B2 Rating to Proposed USD Notes
RADIANCE HOLDINGS: S&P Rates New USD Sr. Unsec. Notes 'B'
REDSUN PROPERTIES: Moody's Assigns B3 Rating to Proposed USD Notes
TD HOLDINGS: Receives Noncompliance Notice From Nasdaq



I N D I A

AGRAWAL STRUCTURE: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
BAALAJI MILK: CARE Keeps D Debt Ratings in Not Cooperating
BISHNUPRIYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
BUDDHA GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
CHHABRA ISPAT: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'

DIAMOND SOLVEX: CARE Keeps D Debt Rating in Not Cooperating
DIVYARATNA AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
FOUNTAIN IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating
GODHANI IMPEX: CARE Keeps B- Debt Rating in Not Cooperating

JALAN TRANSOLUTIONS: CARE Keeps D Debt Rating in Not Cooperating
KARAN RICE: CARE Keeps B- Debt Rating in Not Cooperating
KISSAN SOLVEX: CARE Keeps B+ Debt Rating in Not Cooperating
MAHABIR INDUSTRIES: CARE Lowers Rating on INR9cr LT Loan to B-
MAHARAJA AGROFOODS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating

MARUTI FERTOCHEM: CARE Keeps D Debt Ratings in Not Cooperating
MONEYPLUS FINANCIAL: Ind-Ra Affirms 'BB' Bank Loan Rating
NASIM AHSAN: CARE Lowers Rating on INR30cr LT Loan to B+
NOBLE EDUCATIONAL: Ind-Ra Hikes Bank Loan Rating to 'BB-'
PAC BIO: CARE Keeps D Debt Rating in Not Cooperating Category

PARADISE POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
PARAS SEEDS: CARE Keeps B- Debt Rating in Not Cooperating
PASCHAL FORMWORK: CARE Lowers Rating on INR4.25cr Loan to B+
PIONEER FOOD: CARE Keeps D Debt Rating in Not Cooperating
PRATIBHA KRUSHI: CARE Keeps D Debt Ratings in Not Cooperating

PRATIBHA MILK: CARE Keeps D Debt Rating in Not Cooperating
RADHA-RUKMAN PACKAGES: CARE Cuts Rating on INR21.72cr Loan to D
RAHUL COMMERCE: CARE Keeps C Debt Ratings in Not Cooperating
RAMESHWAR PRASAD: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating

RHL PROFILES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
SAMRAT PLASTIC: CARE Keeps B Debt Rating in Not Cooperating
SATHYA LIFESTYLES: CARE Keeps D Debt Rating in Not Cooperating
VANTAGE MACHINE: CARE Lowers Rating on INR15cr Loan to C
VERSANT ONLINE: CARE Keeps B- Debt Ratings in Not Cooperating

VIBRANT FAB: CARE Lowers Rating on INR12.50cr LT/ST Loan to D
VODAFONE IDEA: Banks Call on India Government to Ease Pressure
[*] INDIA: Insolvency Matters Must Be Decided in 330 Days, SC Says


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms 'BB-' LT IDR, Outlook Stable


N E W   Z E A L A N D

EXPERIENCE WELLINGTON: Facing NZD477,000 Deficit


P H I L I P P I N E S

PHILIPPINE AIRLINES: Bankruptcy Court Approves First Day Motions
PHILIPPINE AIRLINES: Has Interim OK to Tap $20MM DIP Loan


S I N G A P O R E

BOOTLE'S PTE: KordaMentha Appointed as Liquidators
EAGLE HOSPITALITY: Crowne Plaza Scheduled for Sept. 13-15 Auction
MARBLE II PTE: Moody's Withdraws Ba2 Corporate Family Rating
TEMASEK FOUNDATION: Creditors' Proofs of Debt Due on Oct. 11
WESTPAC SINGAPORE: Creditors' Proofs of Debt Due on Oct. 11

WISE AUTO: Creditors' Proofs of Debt Due on Sept. 30


V I E T N A M

VIETNAM ELECTRICITY: Fitch Affirms 'BB' LT FC IDR, Outlook Pos.

                           - - - - -


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A U S T R A L I A
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AXL FINANCIAL: Second Creditors' Meeting Set for Sept. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of AXL Financial
Pty Limited has been set for Sept. 22, 2021, at 11:30 a.m. via
teleconference.

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 Sept. 21, 2021, at 4:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of AXL Financial on Aug. 18, 2021.


IN2FOOD AUSTRALIA: Owes More Than AUD53 Million to Creditors
------------------------------------------------------------
SmartCompany reports that food wholesaler In2Food is advertising
for new franchisees to join the business, as documents filed with
the corporate regulator showed the business owes more than AUD53
million to creditors, including small businesses.  

In2Food collapsed into administration in mid-August, citing the
ongoing disruptions caused by lockdowns; however, the business is
still trading as a sale process continues, SmartCompany says.

The business was formed in 2018 through a merger of seven other
food businesses and also trades as Yarra Valley Farms Australia. It
supplies fresh produce - which it purchases from small farms and
producers - to supermarkets, cafes, restaurants, aged care
facilities and schools.

The business has 17 'territory managers' or franchisees, according
to a post from an employee on LinkedIn, and is currently
advertising eight new franchise opportunities on AnyBusiness.com.
The cost of buying a franchise is listed at AUD7,500, SmartCompany
discloses.

In a video on Facebook in November 2020, In2Food chief executive
Bill Kollatos said the company was seeking new franchisees across
all Australian states and territories, and franchises would suit
"entrepreneurial" people who had worked in hospitality or food
service and wanted to "stay connected" to the industry after a
challenging 2020, recalls SmartCompany.

However, those challenges continued well into 2021, with Mr.
Kollatos telling staff in August the company needed to enter
voluntary administration due to "the disruption of snap lockdowns
in multiple states, in combination with the problematic retail
journey within the Ready To Eat meals category".

Deloitte administrators Jason Tracy and Salvatore Algeri were
appointed to oversee the administration process on August 13, with
FTI Consulting subsequently appointed as receivers over the
business.

According to a report from receivers submitted to the Australian
Securities and Investments Commission and published here, the
company and its related entities owe AUD53 million to creditors.

The biggest creditor is the Commonwealth Bank, which is owed
AUD24.4 million, and its South African parent company says it is
owed AUD12.5 million, SmartCompany discloses.

However, many of the creditors are small farming and produce
businesses, some of which are owed tens of thousands of dollars.

In the report, receiver Kathryn Evans from FTI Consulting, said the
business had "significant property, plant and equipment and
intangible assets", however, the value of such assets could not be
disclosed as it may affect ongoing sale negotiations.

According to SmartCompany, the report stated that the company is
owed close to AUD10 million, but the source of that debt has not
been disclosed.

According to the Herald Sun, the business has been able to keep
staff on during the administration, but hours have been reduced.

SmartCompany contacted Deloitte for comment, but was directed to
FTI Consulting, which declined to comment on the receivership.


LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 13 classes of
notes issued by three Liberty Series residential mortgage-backed
securities (RMBS) transactions.

The affected ratings are as follows:

Issuer: Liberty Series 2019-1

Class B Notes, Upgraded to Aaa (sf); previously on Dec 17, 2019
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jan 18, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Jan 18, 2021
Upgraded to A3 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Jan 18, 2021
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Jan 18, 2021
Upgraded to Ba1 (sf)

Issuer: Liberty Series 2020-1

Class C Notes, Upgraded to Aa2 (sf); previously on Mar 15, 2021
Upgraded to A1 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Mar 15, 2021
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on May 15, 2020
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on May 15, 2020
Definitive Rating Assigned B1 (sf)

Issuer: Liberty Series 2020-2

Class C Notes, Upgraded to Aa1 (sf); previously on Mar 15, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Mar 15, 2021
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Mar 15, 2021
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Mar 15, 2021
Upgraded to B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the better-than-expected
collateral performance to date, with a moderate level of loans in
arrears and no losses incurred as of July 2021.

Liberty Series 2019-1

Following the July 2021 payment date, note subordination for Class
B Notes has increased to 9.7% from 8.3% at the time of the last
rating action for these notes in December 2019. The note
subordination available for the Class C, Class D, Class E and Class
F Notes has increased to 7.2%, 5.4%, 3.5% and 3.1% respectively,
from 6.3%, 4.6%, 2.7% and 2.3% at the time of the last rating
action for these notes in January 2021.

As of July 2021, 3.0% of the outstanding pool was 30-plus days
delinquent, and 1.9% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 1.7% of the
outstanding pool (equivalent to 0.7% of the original pool balance),
compared with 1.9% of the outstanding pool at the time of the last
rating action.

Moody's has decreased its MILAN CE assumption to 7.2% from 8.0%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2020-1

Following the July 2021 payment date, the note subordination
available for the Class C and Class D Notes has increased to 6.5%
and 4.9% respectively, from 6.0% and 4.4% at the time of the last
rating action for these notes in March 2021. Note subordination
available for Class E and Class F Notes has increased to 3.1% and
2.7 % respectively, from 2.2% and 1.8% at closing.

As of July 2021, 1.7% of the outstanding pool was 30-plus days
delinquent, and 1.0% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 1.2% of the
outstanding pool (equivalent to 0.8% of the original pool balance),
compared with 1.9% of the outstanding pool at the time of the last
rating action.

Moody's has decreased its MILAN CE assumption to 6.4% from 7.2%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2020-2

Following the July 2021 payment date, the note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 6.6%, 4.8%, 3.2% and 2.6%, respectively, from 5.3%,
3.9%, 2.5% and 2.0% at the time of the last rating action for these
notes in March 2021.

As of July 2021, 0.8% of the outstanding pool was 30-plus days
delinquent, and 0.1% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 1.3% of the
outstanding pool (equivalent to 0.8% of the original pool balance),
compared with 1.9% of the outstanding pool at the time of the last
rating action.

Moody's has decreased its MILAN CE assumption to 6.5% from 7.2%
since the last rating action, based on the current portfolio
characteristics.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, an Australian non-bank lender. A small portion
of the portfolios consists of loans extended to borrowers with
impaired credit histories or loans made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include: (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.


SUPERANNUATION & INVESTMENTS: Moody's Assigns 'Ba2' CFR
-------------------------------------------------------
Moody's Investors Service has assigned a Ba2 Corporate Family
Rating to Superannuation and Investments Finco Pty Limited
("SIFPL"). The rating outlook is stable.

At the same time, Moody's has assigned Ba2 local and foreign
currency senior secured ratings to SIFPL's proposed AUD1.5 billion
equivalent first lien senior secured term loans and Ba2 local
currency rating AUD150 million first lien senior secured delayed
draw term loan.

RATINGS RATIONALE

SIFPL's Ba2 rating reflects its solid revenue scale, good market
position and the strong resilience of the group's funds under
administration. The group's profitability is strong in terms of its
pre-tax income margin. The rating also considers the expected very
high levels of financial leverage that will constrain SIFPL's
ratings post the completion of its proposed debt raising.

The debt raising follows on from the proposed sale 55% of the
Colonial First State group of companies, including SIFPL, from the
Commonwealth Bank of Australia (CBA, Aa3/Aa3 stable, a2) to KKR
(not rated). The sale is expected to be completed in the fourth
quarter of 2021.

SIFPL's market position is good and is one of the leading players
in the retail superannuation and investments market in Australia,
with AUD143 billion in funds under administration as at May 2021.
Moody's expects SIFPL's market position will be maintained post
sale to KKR and could be enhanced with further investment aimed at
improving the group's technological capabilities .This scale
provides the group with a large and relatively stable asset base,
which supports its revenue base. The group's profitability has been
strong with high pre-tax margins, with little reliance on
performance fees, which makes the group's revenue base relatively
resilient.

However, the group's financial flexibility will remain constrained
given the expected very high levels of financial leverage,
following the proposed debt raising that will, in part, fund the
new ownership structure post sale to KKR. Based on historical
performance, Moody's estimates debt-to-EBITDA would be above 6x
following the company's debt raising, which includes both the
proposed AUD1.5 billion equivalent Term Loans and AUD150 million
Delayed Draw Term Loan. Whilst there is an expectation that debt
will reduce gradually over time, financial flexibility is likely to
remain a rating constraint.

The stable outlook on SIFPL's ratings reflects Moody's expectation
that the group will be able to maintain its strong profit margins
while continuing on a path of gradual debt reduction over time.

The rating assignment incorporates governance considerations under
Moody's environmental, social, and governance (ESG) framework,
including financial strategy and risk management risks. The new
ownership structure will introduce a more aggressive financial
strategy, resulting in very high levels of leverage. Furthermore
the new management structure and technology investment carry
execution risks for the group.

The term loan ratings are at Ba2, the same level as the CFR because
Moody's expect the term loans will represent the majority of the
group's debt, with negative pledge clauses restricting the ability
of operating companies to incur other indebtedness.

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

SIFPL's CFR and term loan ratings could be upgraded if (1)
debt-to-Adjusted EBITDA reduces to below 4x, or (2) stronger
business performance with a substantial increase in inflows leading
to a replacement rate consistently above 100%.

Conversely, the CFR and term loan ratings could be downgraded if
(1) there is a deterioration in fund outflows leading to a
retention rate of less than 70%, or (2) there is a reduction in
pre-tax income margin of less than 30%.

The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.

Superannuation and Investments Finco Pty Limited is an
Australian-based asset and wealth manager. The company's main
operations managed and administered approximately AUD143 billion of
assets as at May 31, 2021.


SUPERANNUATION AND INVESTMENTS: S&P Assigns Prelim 'BB/B' ICRs
--------------------------------------------------------------
On Sept. 13, 2021, S&P Global Ratings assigned its preliminary
'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 preliminary 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 preliminary
recovery rating on the first-lien facility is '3', reflecting its
expectation for a meaningful (65%) recovery in the event of a
payment default.

Superannuation and Investments FinCo Pty Ltd. (SIF) is a
nonoperating holding company of the newly formed Australia-based
Superannuation and Investment Group (SI Group).

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."

S&P's Base-Case Scenario

In S&P's base case, it makes the following assumptions:

-- Revenue growth to rebound in 2022 and then stabilize at around
2%-3% following a higher overall level of funds under
administration.

-- Adjusted EBITDA margins to remain between 20% and 25% over the
next 12-24 months.

-- Capital expenditure (capex) to increase over the next three
years as SIF updates core operating technologies, moving toward
cloud-based networks.

-- SIF will use excess cash from its operating entities, above
minimum buffers, to repay debt.

-- SIF will not pay any dividends in the next two to three years.

-- S&P weight 2021, 2022, and 2023 fiscal year forecasts as 35%,
35%, and 30%, respectively, for the calculation of the leverage and
coverage ratios.

Liquidity

S&P views liquidity as exceptional due to regulatory cash
requirements in SIF's operating subsidiaries. S&P expects excess
liquidity in the operating entities will be streamed up to SIF.

Principal liquidity sources

Principal liquidity sources include cash on the balance sheet, the
unused portion of the revolving credit facility, and cash flow from
operations.

Principal liquidity uses

Principal liquidity uses will be for tax distributions, separation
costs, capex, and term-loan amortization.

S&P said, "Our recovery analysis for SIF contemplates a
hypothetical simulated default in 2026. The recovery rating of '3'
and issue rating of 'BB' on the senior secured first-lien term loan
facilities reflect our expectations for meaningful recovery of
about 65% in the event of a default.

"Our recovery analysis includes the company's A$1,500 million
equivalent first-lien term loan and A$150 million delayed drawdown
term loan.

"We apply a 5.0x multiple for all wealth managers because we
believe this represents an average multiple for asset managers
emerging from a default scenario."

S&P's simulated default scenario includes substantial market
depreciation, leading to a reduction in EBITDA sufficient to
trigger a payment default.

-- Emergence EBITDA: A$185 million
-- Multiple: 5.0x
-- Gross recovery value: $925 million
-- Net recovery value for waterfall after administrative expenses
(5%) (and pensions, if applicable): A$879 million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated priority claims (ABL or other): None
-- Remaining recovery value: A$879 million
-- Estimated first-lien claim: A$1.2 billion
-- Value available for first-lien claim: A$879 million
-- Recovery range: 65%




=========
C H I N A
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CHINA EVERGRANDE: Crisis Escalates as Protests Break Out in China
-----------------------------------------------------------------
Bloomberg News reports that China Evergrande Group is facing
mounting protests by homebuyers, retail investors and even its own
employees, raising the stakes for authorities in Beijing as they
try to prevent the property giant's debt crisis from sparking
social unrest.

Police descended on Evergrande's Shenzhen headquarters late on
Sept. 13 after dozens of people gathered to demand repayments on
overdue wealth management products. Protesters numbered in the
hundreds on Sept. 12, Caixin reported, Bloomberg relays.

Evergrande told employees at its office in Shenyang, near the
border with North Korea, to work from home after staffers who
bought the company's WMPs staged a protest over the weekend, a
person familiar with the matter said. In Guangzhou, angry
homebuyers surrounded a local housing bureau last week to demand
Evergrande restart stalled construction.

Unconfirmed videos of protests against the developer in other parts
of China were being shared widely on Weibo, the country's popular
microblogging platform. There's no indication that any of them have
turned violent, Bloomberg relates.

In a statement late on Sept. 13, Evergrande said rumors that it
will go bankrupt are not true. While the developer is facing
unprecedented difficulties, it is firmly fulfilling its
responsibilities and is doing everything possible to restore normal
operations and protect the legitimate rights and interests of
customers, according to the statement on its website. The company
didn't comment on the protests, Bloomberg notes.

According to Bloomberg, the latest uproar follows Evergrande's
proposal late last week to impose lengthy repayment delays on
holders of WMPs, the lightly regulated investment vehicles that
have become a key source of funding for the developer. While
Evergrande tweaked its plan on Sept. 13 in an attempt to mitigate
the backlash, retail and institutional investors will still face
delays unless they accept repayment in the form of
Evergrande-developed properties.

Small-scale protests over troubled investment products aren't
unheard of in China, but they're rare enough to attract attention
from authorities who put a premium on social stability and have
little tolerance for unsanctioned gatherings.

Whether they prompt Xi Jinping's government to change tack on
Evergrande remains to be seen, the report says. China's top
financial regulator signed off on the developer's plan to
renegotiate payment deadlines with banks and other creditors in
August, a person familiar with the matter said last week. It's
unclear if officials had given explicit guidance on WMPs.

With more than $300 billion in liabilities, the developer has
become one of the most systemically important companies in China.
On top of its obligations to WMP investors and bondholders, it owes
about $147 billion in trade and other payables to suppliers and
received down payments on yet-to-be-completed properties from more
than 1.5 million home buyers as of December, Bloomberg discloses.

Evergrande's bonds are pricing in a near-certain likelihood of
default, with its dollar note due 2022 falling by about 2 cents to
31 cents on Sept. 13, Bloomberg states.

The developer has said it's exploring the sale of interests in its
listed electric vehicle and property services units, as well as
other assets, and seeking to bring in new investors and renew
borrowings, Bloomberg recalls. It's also discounting properties
aggressively to boost sales, with mixed success. Contracted sales,
including those to suppliers and contractors to offset payments,
tumbled 26% last month from a year ago.

Evergrande said in August it was forced to suspend work on some
projects due to overdue payables. The company's billionaire
founder, Hui Ka Yan, pledged to complete projects this month,
issuing what he called a "military order" to ensure property
construction and delivery.

According to Bloomberg, Evergrande proposed three repayment options
for WMPs on Sept. 13, according to two investors who were informed
by their product managers and asked not to be identified. They
included repayment through cash installments, properties or
investors' payables on residential units they have already
purchased, the people said.

Retail investors can choose to be repaid 10% of their principal and
interest every quarter, starting the final working day of the month
due.

The new proposal treats all investors equally, in contrast to an
interim plan released late last week that prioritized smaller
investors, Bloomberg relates citing people familiar with the
matter.

When Evergrande stopped repaying some investors on Sept. 9, those
holding less than CNY100,000 ($15,488) were to be paid in full and
those with exactly CNY100,000 were to get half back, according to
two investors briefed earlier. Those holding more than CNY100,000
were to see payments extended by two to four years and amortized,
Bloomberg discloses.

Apart from the cash option, the new plan allows investors to
purchase Evergrande's residential units, offices, stores and
parking units at deeper discounts to offset wealth products due,
Bloomberg relays. If investors have bought Evergrande's residential
units by Sept. 12, they can also request to use the money they're
owed to offset payments. Details are still pending for the second
and third option, Bloomberg says.

Evergrande doesn't disclose details of its WMP issuance, making it
difficult to gauge the size of its outstanding products, adds
Bloomberg.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific in on
early August 2021, S&P Global Ratings, downgraded China Evergrande
Group and its subsidiaries Hengda Real Estate Group Co. Ltd. and
Tianji Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji to 'CCC-' from 'CCC+'. The
negative outlook reflects Evergrande's increasing strained
liquidity and nonpayment risk. It also reflects S&P's view that its
asset disposal plan, though potentially substantial, lacks
visibility or certainty.


CHINA EVERGRANDE: Warns of Growing Default Risks
------------------------------------------------
Reuters reports that China Evergrande Group said on Sept. 14 it has
engaged advisers to examine its financial options and warned of
default risks amid plunging property sales, sending its stock and
bond prices sharply lower.

Reuters relates that the real estate giant has been scrambling to
raise funds it needs to pay lenders and suppliers, with regulators
and financial markets worried that any crisis could ripple through
China's banking system and potentially trigger wider social
unrest.

In the latest development, Evergrande said two of its subsidiaries
had failed to uphold guarantee obligations for CNY934 million ($145
million) worth of wealth management products issued by third
parties, Reuters discloses.

That could "lead to cross-default", which would "would have a
material adverse effect on the group's business, prospects,
financial condition and results of operations," it said in a
statement to the Hong Kong stock exchange, without providing
further details on the products, Reuters relays.

The company's shares slumped to a six-year low in Hong Kong on
Sept. 14 and the Shanghai bourse halted trading of its listed bonds
amid wild swings in its price.

According to Reuters, Evergrande said it has appointed Houlihan
Lokey and Admiralty Harbour Capital as joint financial advisers,
the clearest indication yet that it is looking at restructuring
options, analysts said.

Reuters says the two firms will assess the group's capital
structure, evaluate its liquidity, explore solutions to ease the
current liquidity stress and reach an optimal solution for all
stakeholders as soon as possible.

"Evergrande's announcement flags the first step of a restructuring,
which usually involves either delay in interest payment, no
interest payment or delay together with haircuts," Reuters quotes
James Shi, distressed debt analyst at credit analytics provider
Reorg, as saying.

He added liquidation would only happen if the restructuring
failed.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific in on
early August 2021, S&P Global Ratings, downgraded China Evergrande
Group and its subsidiaries Hengda Real Estate Group Co. Ltd. and
Tianji Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji to 'CCC-' from 'CCC+'. The
negative outlook reflects Evergrande's increasing strained
liquidity and nonpayment risk. It also reflects S&P's view that its
asset disposal plan, though potentially substantial, lacks
visibility or certainty.


GUANGZHOU R&F: Fitch Affirms 'B+' LT IDRs, Alters Outlook to Neg
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Long-Term Foreign Currency
Issuer Default Ratings (IDRs) of China-based Guangzhou R&F
Properties Co. Ltd. and subsidiary R&F Properties (HK) Company
Limited (RFHK) to Negative from Stable, and affirmed the IDRs at
'B+'. Fitch has also affirmed Guangzhou R&F's and RFHK's senior
unsecured rating at 'B+', with a Recovery Rating of 'RR4'.

The Negative Outlook reflects Guangzhou R&F's limited access to
funding amid ongoing refinancing needs in the coming 12 months.
Fitch believes that the company has a number of options to address
these upcoming debt maturities, with CNY782 billion of total
saleable resources and continued strong contracted sales in 1H21.
The company is also in discussions for a number of asset disposals,
which could bring in additional liquidity. However, these plans are
subject to execution risk and may leave the company with limited
liquidity buffer.

KEY RATING DRIVERS

Significant Upcoming Maturities: Guangzhou R&F has CNY12 billion of
capital-market debt maturing or becoming puttable in the next 12
months: CNY3.0 billion in 2H21, and CNY9.0 billion in 1H22. By
comparison, the company's cash balance (including restricted cash)
was CNY29 billion at end-June 2021.

The company plans to maintain cash at similar levels for normal
operations. It also plans to address the debt maturities through
cash generated from operations (that is, contracted sales net of
expenses) and asset disposals but these are subject to execution
risks.

Refinancing Hinges on Contracted Sales: Guangzhou R&F expects to
generate substantial cash flow from operations by reaching its
full-year sales target of CNY150 billion, according to its
refinancing plan. Management remains confident of reaching the
target, as there is sufficient saleable resources for 2H21 and
sales in 2H21 are usually stronger than 1H21. Contracted sales were
CNY83 billion in 8M21, an increase of 5% yoy.

Asset Disposals to Deleverage: The company's 1H21 asset sales were
around CNY 5.6 billion, including logistic parks as well as
residential, office and retail buildings. The company is open for
discussion on other disposals to help it deleverage and meet debt
maturities. Guangzhou R&F can monetise its large portfolio of
investment properties, which totalled CNY34 billion at end-2020, as
well as hotels with a market value of about CNY55 billion. However,
Fitch believes asset disposals are subject to execution risk.

Reduced Access to Capital Markets: Guangzhou R&F's access to
onshore and offshore bond markets appears limited, although the
company issued US dollar bonds in February 2021. Fitch expects
access to offshore bond markets will remain limited. It may be
challenging for the company to issue or extend puttable onshore
bonds and offshore bonds under current market conditions, in
Fitch's view.

Ongoing Reduction in Leverage: Leverage, measured by net
debt/adjusted inventory, fell to 46% in 2020 from 55% in 2019, and
remained at similar levels at end-June 2021. The company will
continue to limit spending on land acquisition to preserve
liquidity. Guangzhou R&F spent 10% of contracted sales on land
acquisition in 2020 and 4% in 1H21.

Off-Balance-Sheet Debt Appears Low: The company's non-controlling
interest (NCI) position remained low at only 3% of equity at
end-June 2021. As a result, Fitch believes its risk from
off-balance-sheet debt is much lower than that of peers. It also
means that the company has more flexibility to dispose of stakes in
development projects compared with developers that have high NCI.

DERIVATION SUMMARY

Guangzhou R&F's CNY139 billion in attributable contracted sales in
2020 was much larger than the CNY50 billion-105 billion of 'BB-'
rated peers. It was also larger than most 'B+' peers and at a
similar level to that of Yango Group Co., Ltd. (B+/Stable). Yango
has a faster churn rate, but Guangzhou R&F's revenue was higher and
its land bank size is almost twice as large, providing Guangzhou
R&F with more flexibility on land acquisitions to control
leverage.

Guangzhou R&F has a long land-bank life compared with peers and its
geographical diversification is comparable with that of 'BB+' and
'BB' rated peers. Its operation, which is spread across more than
100 cities, is more geographically diversified than that of CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) more than 50 cities. The
geographical spread of both companies' operations should mitigate
risk from local policy intervention and economic volatility, but
Guangzhou R&F has a tighter liquidity position than 'BB-' and 'B+'
category peers.

Guangzhou R&F's attributable contracted sales are nearly double
that of Zhenro Properties Group Limited (B+/Positive). Zhenro's
average selling price is 30% higher than that of Guangzhou R&F with
a faster churn rate. However, Zhenro has a shorter land-bank life
of around two years, which limits its control over land acquisition
costs. Zhenro's 2020 leverage was 5pp lower than that of Guangzhou
R&F, but Zhenro has a larger NCI position.

RFHK's ratings are supported by the strong linkage with its parent,
Guangzhou R&F. RFHK is positioned as its parent's main offshore
financing platform, in a similar way to Vanke Real Estate (Hong
Kong) Company Ltd (BBB+/Stable), a subsidiary of China Vanke Co.,
Ltd. (BBB+/Stable).

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for Guangzhou R&F:

-- Attributable contracted sales of CNY141 billion a year in
    2021-2023;

-- EBITDA margin, excluding capitalised interest from cost of
    sales, at around 25% in 2021-2023;

-- CNY14 billion-21 billion a year for land acquisition in 2021
    2023;

-- CNY54 billion-56 billion a year for construction in 2021-2023;

-- 10%-12% of revenue for selling, general and administrative
    costs in 2021-2023.

KEY RECOVERY RATING ASSUMPTIONS

-- 4x EBITDA multiple to derive Guangzhou R&F's going-concern
    value;

-- Apply the liquidation value approach, as a liquidation of the
    assets results in a higher return to creditors;

-- 10% administration claim;

-- 70% advance rate to accounts receivable;

-- 70% advance rate to adjusted net inventory to reflect the
    above 20%-25% EBITDA margin;

-- 54% advance rate to Guangzhou R&F's investment properties;

-- 60% standard haircut to net property, plant and equipment;

-- 100% advance rate to restricted cash.

The resulting recovery rate corresponds to a Recovery Rating of
'RR2' for Guangzhou R&F. However, the Recovery Rating is capped at
'RR4' because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in the
group are subject to a soft cap at the issuer's IDR and a Recovery
Rating of 'RR4'.

RATING SENSITIVITIES

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

-- The rating Outlook will be revised to Stable if Guangzhou R&F
    is able to sustain improvement in its liquidity position, debt
    maturity profile, and if the company's bond market access is
    normalised.

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

-- Weakening of business profile due to poor funding access;

-- Continued interruption in bond market access;

-- No significant deterioration in leverage.

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

Weak Liquidity: The company had CNY29 billion of cash (including
CNY16 billion of restricted cash) as of 1H21, which was not enough
to cover CNY52 billion of short-term debt in the next 12 months.
The company has provided a refinancing plan, which includes
generating cash from operations and asset disposals, but these
depend on continued contracted sales or are subject execution
risks.

ISSUER PROFILE

Founded in 1994, Guangzhou R&F is a property developer focusing on
medium and higher-end property developments and targeting sales to
middle and upper-middle income residents. It also engages in hotel
development, commercial operation, property management and
architectural and engineering design.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY272 billion in adjusted inventory at
end-2020 includes the following: properties under development;
completed properties held for sale; land-use rights; prepayments
for the acquisition of land-use rights; buildings; properties under
construction; investment properties; amounts due from NCIs; and
investment in, and amounts due from, joint ventures and associates.
Customer deposits, amounts due to NCIs, and amounts due to joint
ventures and associates are deducted from the summation of items
mentioned previously. Fitch has adjusted the value of investment
properties based on the higher of 4% rental yield or cost.

Amounts due to major shareholders and entities controlled by them
are treated as other payables instead of Guangzhou R&F loans.

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.

HNA GROUP: Secures Investors for Airline, Airport Businesses
------------------------------------------------------------
Caixin Global reports that HNA Group Co. Ltd. has finally secured
strategic investors for its airline and airport businesses, seven
months after it formally began restructuring as part of bankruptcy
proceedings.

Liaoning Fangda Group Industrial Co. will take a stake in the
airline business, and Hainan Development Holdings Co. will snap up
a chunk of the airport unit, according to a notice released by HNA
on Sept. 12, Caixin relates. The deals cover two Shanghai-listed
companies - Hainan Airlines Holding Co. Ltd. and HNA Infrastructure
Investment Group Co. Ltd.

The state-controlled Fangda was founded in 2002, with businesses
focusing on steel making, pharmaceuticals, and finance. It owns the
Chinese mainland-listed companies Fangda Carbon New Material Co.
Ltd., Zhongxing Shenyang Commercial Building Group. Co. Ltd.,
Northeast Pharmaceutical Group Co. Ltd. and Fangda Special Steel
Technology Co. Ltd, Caixin discloses.

                          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, and
creditors will hold their first meeting June 4, 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.


HYTERA COMMUNICATIONS: Appeals $543.7 Mil. Motorola Court Judgment
------------------------------------------------------------------
Donny Jackson of Urgent Communications reports that Hytera
Communications filed its appeal of a U.S. district court's judgment
that the China-based LMR manufacturer should pay $543.7 million to
Motorola Solutions as compensation for the use of stolen DMR trade
secrets and copyrighted software, as well as numerous other rulings
in the case.

In its notice of appeal with the Illinois federal district court of
Judge Charles Norgle, Hytera stated that it is appealing to the
U.S. Court of Appeals for the Seventh Circuit -- the Chicago-based
appeals court serving Illinois, Wisconsin and Indiana -- "all
rulings, proceedings, orders, findings and decisions (whether oral
or written" associated with Norgle's March 5, 2020, judgment
against Hytera.

In the March 2020 judgment, Norgle affirmed a unanimous jury
finding that Hytera should pay $764.6 million for its use of DMR
trade secrets and copyrighted software developed by Motorola.

Norgle reduced this initial award amount to $543.7 million in
January 2021, noting that collecting $220.9 million of the original
ruling "would constitute a double recovery."

Hytera's appeal also contests other findings in the lengthy case,
including Norgle's ruling last month that Hytera must pay Motorola
Solutions $51.13 million in pre-judgment interest.  The appeal
contests some rulings that have not been quantified yet, including
a ruling that Hytera must pay Motorola Solutions post-judgment
interest payments and ongoing royalties on DMR sales that are still
to be determined.

Norgle already has issued rulings that Hytera should pay Motorola
Solutions more than $590 million in the case, but Motorola
Solutions attorneys have submitted multiple legal filings during
the past year that no payments toward the award amount have been
made to date and that Hytera attorneys have indicated that the
China-based LMR manufacturer does not intend to make any payments.

With this in mind, Motorola Solutions asked Norgle for a permanent
injunction that would have prevented Hytera from selling many of
its most profitable DMR offerings anywhere in the world. Norgle
denied the injunction request in December 2020, but that ruling
also required Hytera to compensate Motorola Solutions with a
"reasonable royalty."

Norgle initially ordered the companies to negotiate the terms of
royalty payments, but those talks failed to produce an agreement.
Norgle will decide what the ongoing royalty payments would be, but
that ruling has not been issued yet.

Although the royalty payment has not yet been determined, Hytera is
appealing Norgle's ruling that a royalty-payment scheme is
necessary, as well as a similar ruling regarding Hytera paying
Motorola Solutions' attorney fees in the case, which was first
filed in March 2017.

Many industry sources have been monitoring the royalty decision
closely, noting that high royalty payments to Motorola Solutions
could make it difficult for Hytera DMR products to compete in the
marketplace while still generating the kind of profit margins that
Hytera has enjoyed from such sales for roughly the past decade.

Meanwhile, it is unclear exactly how the district court can ensure
that the money Hytera owes via the court ruling would be paid to
Motorola Solutions. Hytera's U.S.-based entities that were subject
to the initial lawsuit Hytera America and Hytera Communications
America (West) filed for Chapter 11 bankruptcy in May 2020. The new
Hytera US entity established during the Chapter 11 bankruptcy is
not a party to the lawsuit and will not be responsible for royalty
payments.

As a result, both Hytera and Motorola Solutions agree that Hytera
Commmunications - the Hytera parent company based in China - will
be responsible for all royalty payments, when that payment scheme
is determined.

During the federal-court trial that began in November 2019, Hytera
attorneys acknowledged that three former Motorola (the company had
not yet changed its name to Motorola Solutions at the time)
employees Samuel Chia, Y.T. Kok and G.S. Kok accessed more than
7,000 Motorola documents prior to each of them leaving and joining
Hytera shortly in 2008. However, Hytera attorneys described the
three engineers as "bad apples" who did not share with anyone else
at Hytera that the DMR trade secrets and software were taken from
Motorola.

                   About Hytera Communications America

HCA West Inc., previously known as Hytera Communications America
(West), Inc. -- https://www.hytera.us/ -- is a global company in
the two-way radio communications industry. It has 10 international
R&D Innovation Centers and more than 90 regional organizations
around the world. Forty percent of Hytera employees are engaged in
engineering, research, and product design. Hytera has three
manufacturing centers in China and Spain.

On May 26, 2020, Hytera sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 20-11507). At the
time of the filing, the Debtor estimated assets of between $10
million and $50 million and liabilities of between $500 million and
$1 billion.

Judge Erithe A. Smith oversees the cases.

The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy
counsel; Steptoe & Johnson, LLP as corporate and special counsel;
Imperial Capital, LLC as financial advisor; and David Stapleton of
Stapleton Group as a chief restructuring officer.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 15, 2020.  The committee is represented by Levene
Neale Bender Yoo & Brill, LLP.


NANJING PUKOU: Fitch Cuts IDR Rating to 'BB-' Then Withdraws Rating
-------------------------------------------------------------------
Fitch Ratings has downgraded China-based Nanjing Pukou Economic
Development Co., Ltd.'s (NPKE) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) to 'BB-' from 'BB' and
removed them from Rating Watch Negative (RWN). The Outlook is
Stable. The ratings were simultaneously withdrawn for commercial
reasons.

Fitch placed the Long-Term Foreign- and Local-Currency IDRs of
NPKE, together with a number of Chinese government-related entities
(GRE), on RWN on 13 July 2021 following a portfolio review of
state-owned entities. The RWN reflected the potential reassessment
of the status, ownership and control, and the financial
implications of default attribute under Fitch's GRE Rating
Criteria.

Fitch has chosen to withdraw the ratings for commercial reasons and
will no longer provide analytical coverage of this company.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: Fitch lowered the attribute
assessment to 'Strong' from 'Very Strong' to reflect a partial
delegation of key control from the Pukou District government to the
Pukou Economic Development Zone Supervision and Administration
Committee (PESAC), which has direct oversight of NPKE's strategic
planning and finances. All major corporate events, including annual
budgets, investments, funding plans and M&A, require PESAC's
approval. As part of the oversight, NPKE is also subject to annual
government evaluations on both an operational and functional
basis.

'Strong' Support Record and Expectation: The attribute strength
factors in the government's record of financial support, including
financial subsidies and capital injections. All of NPKE's capital
has been seeded by the government. PESAC injected CNY1.5 billion
into the company in 2015, CNY8.8 billion in 2017 and CNY6.8 billion
in 2019, reducing the asset/liability ratio to below 70%. Fitch
also factors in its expectations for extraordinary support in light
of NPKE's policy role.

'Moderate' Socio-Political Implications of Default: NPKE has an
important role in carrying out the government's initiatives in the
Pukou Economic Development Zone (PKEDZ), including infrastructure
construction, public housing, primary land development and
industrial park management. Fitch believes NPKE could be
substituted, although this could still result in temporary
disruption to services. Other GREs may step in to fill the gap to
prevent a halt of key services if NPKE is unable to carry out its
functions.

'Strong' Financial Implications of Default: Fitch lowered the
attribute assessment from 'Very Strong', after factoring in market
perceptions that point towards a 'Strong' assessment. There have
been certain deteriorations in NPKE's onshore financing, as
evidenced by an increase in funding costs earlier in 2021 against
the same period last year. However, signs of a steady recovery have
emerged, and Fitch believes this and NPKE's long debt life and
strong market access mitigate the onshore financing risks.

NPKE's policy intensity remains high, although Pukou District has
more than one urban developer. NPKE is one of the largest GREs in
the district and the dedicated platform in the PKEDZ. NPKE's total
assets of 89.3 billion ranked second among the district's GREs at
end-2020, and its net debt is sizeable relative to the district's
obligations. Hence, Fitch believes the government has a strong
incentive to provide extraordinary support to NPKE, if needed.

DERIVATION SUMMARY

NPKE's ratings are assessed under Fitch's GRE Rating Criteria,
reflecting the entity's control and ownership by Pukou District,
the government's support record, Fitch's support expectations as
well as the socio-political and financial impact on the government
from a NPKE default.

NPKE's ratings were derived from the four factors under Fitch's GRE
Rating Criteria, while the Standalone Credit Profile of 'b' is
based on Fitch's Public Sector, Revenue-Supported Rating Criteria.

RATING SENSITIVITIES

Rating sensitivities do not apply as the ratings have been
withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

ISSUER PROFILE

NPKE is the key urban developer in Pukou District within Nanjing,
the capital of China's Jiangsu province, and the sole investment
and financing platform for the PKEDZ, which accounts for the
majority of Pukou District's gross regional product.

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.

Following the withdrawal of ratings for NPKE, Fitch will no longer
be providing the associated ESG Relevance Scores.

RADIANCE HOLDINGS: Moody's Assigns B2 Rating to Proposed USD Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to Radiance Holdings (Group) Co. Ltd.'s (B1 stable) proposed USD
notes.

Radiance plans to use the proceeds from the proposed notes to
refinance its offshore debt.

RATINGS RATIONALE

"Radiance's B1 corporate family rating reflects (1) the company's
strengthening sales execution, underpinned by its experience in
developing properties and its established brand in its key markets,
(2) its diversified geographic coverage with a focus on tier 2 and
major tier 3 cities in China, and (3) its established access to
onshore bank funding," says Kelly Chen, a Moody's Assistant Vice
President and Analyst.

The company also has good liquidity, although it has yet to
establish a record of sustaining this.

"On the other hand, the B1 CFR is constrained by Radiance's lower
profitability compared with its peers in the Chinese property
market, and its moderate financial metrics due to its long revenue
recognition cycle and debt-funded expansion model," adds Chen, who
is also Moody's lead analyst for Radiance.

The B1 CFR also considers the company's exposure to its joint
ventures, which lowers its transparency and increases its
contingent liabilities.

Radiance has 25 years of property development experience in China
with operations in tier 2 and strong tier 3 cities in China, such
as Xi'an, Chongqing, Hangzhou and Fuzhou. These cities generally
have better economic fundamentals and infrastructure connection,
which support housing demand and thereby the company's sales
growth.

Moody's expects Radiance's gross contracted sales growth to slow to
0%-6% annually in 2021, or about RMB100 billion, amid stricter
regulations on developers and a tightened credit environment.
Radiance has demonstrated good sales execution and strong
contracted sales growth of around 30% compound annual growth rate
in 2017-20. It has also maintained good cash collection over the
same period.

Radiance's B1 CFR rating also considers the company's good access
to onshore bond markets and banks. The company has also improved
its offshore funding channels by issuing its debut offshore senior
notes in 2019 and listing on the Hong Kong Stock Exchange in 2020.
These new funding sources have allowed the company to reduce its
reliance on high-cost trust loans in the past 1-2 years.

Moody's expects Radiance's revenue growth to decline to 5%-10% in
the next 1-2 years from 14% for the 12 months ended June 2021, as
tight funding conditions limit the company's project delivery pace
in the second half of 2021 and in 2022. Meanwhile, Moody's
forecasts the company will spend 40%-50% of pre-sales proceeds to
replenish its land bank in 2021 and 2022. As a result, its debt
leverage, as measured by revenue/adjusted debt, will weaken to
60%-65% over the next 1-2 years, compared with 70% for the 12
months ended June 2021.

Additionally, Moody's expects the company's gross margin to decline
slightly to 21% in the next 1-2 years from 22% in the 12 months
ended June 2021, a result of its need to replenish its land bank by
participating in the competitive public auction market.
Consequently, Moody's expects Radiance's adjusted EBIT/interest
coverage to slightly decline to 2.3x over the next 1-2 years from
2.5x in the 12 months ended June 2021. These credit metrics still
position the company appropriately at B1 CFR.

Radiance's liquidity is good. Its unrestricted cash balance of
RMB18.7 billion as of June 2021 covered 1.07x of its short-term
debt of RMB17.4 billion as of the same date. Moody's expects that
the company's cash holdings, together with its operating cash flow
as estimated by Moody's, will cover its maturing debt and committed
land and other payments over the next 12-18 months.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that most of the claims are at the operating subsidiary level and
have priority over claims at the holding company level in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, given
that its key shareholder, Mr. Lin, and his spouse ultimately held
an 84.05% stake in the company as of end of 2020.

Moody's has also considered (1) the presence of three independent
directors on Radiance's seven-member board; (2) the low level of
related-party transactions and dividend payouts; and (3) the
internal governance structures and standards that the company is
required by the Hong Kong Stock Exchange to adhere to; which
together mitigate the risks associated with the company's
concentrated ownership.

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

The stable rating outlook reflects Moody's expectation that
Radiance will maintain adequate liquidity and adopt a disciplined
approach to land acquisitions to control debt growth, while growing
its revenue size as planned.

Moody's could upgrade Radiance's rating if the company (1)
successfully executes its business plan and grows its contracted
sales and revenue; (2) strengthens its financial profile, such that
its revenue/adjusted debt exceeds 70% and its EBIT/interest rises
above 3.0x on a sustained basis; and (3) maintains adequate
liquidity, with its unrestricted cash balance consistently above
1.0x of short-term debt.

On the other hand, Moody's could downgrade the rating if (1) the
company's contracted sales weaken or revenue recognition slows
further; or (2) it adopts an aggressive approach to land
acquisitions, resulting in weakened financial metrics and
liquidity.

Financial metrics indicative of a rating downgrade include: (1)
EBIT/interest coverage below 1.5x-2.0x; (2) revenue/adjusted debt
below 50%-55%; or (3) unrestricted cash/short-term debt below 1.0x,
all on a sustained basis.

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

Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Beijing-based Chinese developer with 25 years of property
development experience. Its gross contracted sales reached RMB97.2
billion in 2020. As of June 2021, the company had a land bank of 33
million square meters across China. It was listed on the Hong Kong
Stock Exchange in October 2020.


RADIANCE HOLDINGS: S&P Rates New USD Sr. Unsec. Notes 'B'
---------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior notes by Radiance
Holdings (Group) Co. Ltd. (B+/Stable/--). The China-based developer
intends to use the net proceeds to refinance debt in accordance
with its green finance framework. The issue rating is subject to
its review of the final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Radiance Holdings to reflect the substantial structural
subordination risk. As of June 30, 2021, the company's capital
structure consisted of Chinese renminbi (RMB) 41.2 billion in
secured debt and RMB15.3 billion in unsecured debt (including
external guarantees). Its secured debt ratio is about 72.9%,
significantly above our 50% threshold for notching down the issue
rating."

Radiance Holdings' credit profile will continue to mirror that of
Radiance Group Co. Ltd., its onshore operating subsidiary. After
its IPO in October 2020, Radiance Holdings serves as the offshore
financing platform of the group.

S&P said, "We anticipate Radiance Holdings' revenue will steadily
accelerate in the next 12 months. The company's lower growth
appetite and land acquisitions will keep debt in check, and should
offset the impact of declining margin due to rising land costs and
its reliance on public auctions. We also believe Radiance Holdings'
satisfactory accessibility to bank borrowings and credit markets
will partly mitigate the refinancing risk amid market
volatilities."


REDSUN PROPERTIES: Moody's Assigns B3 Rating to Proposed USD Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the USD notes to be issued by Redsun Properties Group Limited
(B2 positive).

Redsun plans to use the proceeds from the proposed notes to
refinance its existing offshore debt due within one year.

RATINGS RATIONALE

"Redsun's B2 corporate family rating (CFR) reflects the company's
long operating history and strong market position in developing
mass residential properties in the Jiangsu province. It also
reflects its high-quality land bank, growing operating scale
underpinned by strong sales execution in the past two to three
years, and good liquidity," says Cedric Lai, a Moody's Vice
President and Senior Analyst.

"At the same time, the company's B2 rating is constrained by its
moderate, though improving, credit metrics, highly concentrated
geographic coverage and significant exposure to its joint venture
(JV) businesses, which weakens corporate transparency," adds Lai.

Redsun's B3 senior unsecured bond rating is one notch below its CFR
because of structural subordination risk. This subordination risk
reflects the fact that most of Redsun's claims are at the operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company is lower.

The proposed issuance will provide Redsun with additional liquidity
and lengthen its debt maturity profile without having a material
impact on its credit profile, because the company will use the
proceeds to refinance its maturing debt.

Moody's expects Redsun's debt leverage, as measured by
revenue/adjusted debt, to trend towards 60%-65% in the next 12-18
months from 58% in the last 12 months ended June 2021, underpinned
by its strong contracted sales growth over the past 1-2 years, as
well as its disciplined approach to pursuing growth and controlling
debt increase. Similarly, Moody's forecasts the company's
EBIT/interest coverage will remain stable at around 2.0x in the
next 12-18 months compared with 1.9x in the 12 months ended June
2021.

Redsun's gross contracted sales grew 29% to RMB62.0 billion in the
first eight months of 2021, up from RMB48.0 billion in the same
period last year. Moody's expects the company's annual sales will
grow slightly to around RMB90 billion in 2021 from RMB87 billion in
2020.

Redsun's liquidity is good. Its unrestricted cash balance of
RMB14.0 billion as of June 2021 according to the company, covered
1.3x of its short-term debt of RMB10.5 billion as of the same date.
Moody's also expects its cash holding and operating cash flow to be
sufficient to cover its maturing debt, committed land premiums and
dividend payments in the next 12-18 months.

In terms of environmental, social and governance (ESG)
considerations, Redsun's CFR considers the company's concentrated
ownership by its key shareholder, Zeng Huansha, who held a 72%
direct and indirect stake as of the end of August 2021. Moody's has
also considered (1) the presence of three independent nonexecutive
directors on Redsun's seven-member board of directors, (2) the fact
that independent nonexecutive directors chair both the audit and
remuneration committees; (3) Redsun's moderate 25%-30% dividend
payout ratio over the past three years; and (4) the presence of
other internal governance structures and standards as required
under the Corporate Governance Code for companies listed on the
Hong Kong Stock Exchange.

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

The positive outlook reflects Moody's expectation that Redsun will
continue to grow its operating scale, improve its credit metrics
and maintain good liquidity over the next 12-18 months.

Moody's could upgrade Redsun's rating if the company improves its
debt leverage and funding channels while maintaining strong
contracted sales growth.

Credit metrics indicative of a potential upgrade include (1)
revenue/adjusted debt rising above 55%, (2) EBIT/interest coverage
rising above 2.0x-2.25x, and (3) unrestricted cash/short-term debt
above 1.0x, all on a sustained basis.

Given the positive outlook, it is unlikely that Redsun's rating
will be downgraded in the near term. However, Moody's could revise
the outlook to stable if the company fails to improve its credit
metrics or maintain adequate liquidity over the next 12-18 months.

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

Founded in 1996, Redsun Properties Group Limited listed on the Hong
Kong Stock Exchange in July 2018. Its headquarters are in Shanghai
and Nanjing.

Redsun engages in real estate development, commercial properties
and hotel operations in China. As of the end of June 2021, the
company's total saleable resources comprised a gross floor area of
21 million square meters, with its footprint spread across over 60
cities in China.


TD HOLDINGS: Receives Noncompliance Notice From Nasdaq
------------------------------------------------------
TD Holdings, Inc. received a notification letter from the Nasdaq
Listing Qualifications Staff of The NASDAQ Stock Market LLC on
Sept. 1, 2021, notifying the company that the minimum bid price per
share for its common shares has been below $1.00 for a period of 30
consecutive business days and the company therefore no longer meets
the minimum bid price requirements set forth in Nasdaq Listing Rule
5550(a)(2).

The notification received has no immediate effect on the listing of
TD Holdings' common stock on Nasdaq.  Under the Nasdaq Listing
Rules, the company has until Feb. 28, 2022 to regain compliance.
If at any time during such 180-day period the closing bid price of
TD Holdings' common shares is at least $1 for a minimum of 10
consecutive business days, Nasdaq will provide the company written
confirmation of compliance.

If TD Holdings does not regain compliance during such 180-day
period, the company may be eligible for an additional 180 calendar
days, provided that the company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.  

TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $186.59
million in total assets, $37.33 million in total liabilities, and
$149.26 million in total equity.




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

AGRAWAL STRUCTURE: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Agrawal Structure
Mills Private Limited's (ASMPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR150 mil. (reduced from INR200 mil.) Fund-based working
     capital limits upgraded with IND BB+/Stable rating;

-- INR50 mil. (reduced from INR100 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating; and

-- INR41 mil. Term loan due on July 2025 assigned with IND
     BB+/Stable rating.

The upgrade reflects an improvement in ASMPL's EBITDA and credit
metrics in FY21 despite the company not being operational for three
months during the year due to COVID-19-led disruptions.

KEY RATING DRIVERS

The upgrade factors in a significant improvement in ASMPL's credit
metrics owing to an increase in its operating EBITDA. The company's
net adjusted leverage (total adjusted net debt/operating EBITDAR)
stood at 5.97x in FY21 (FY20: 7.70x) and the interest coverage
(operating EBITDA/gross interest expense) at 3.01x (1.99x) due to
an increase in the absolute EBITDA to INR54.04 million (INR51.10
million).  The agency expects the company's credit metrics to
improve marginally in the near term due to a likely improvement in
the absolute EBITDA and the absence of any capex plans. The figures
for FY21 are provisional in nature.

The ratings factor in ASMPL's modest margins, which expanded to
4.42% in FY21 (FY20: 3.55%) as it was able to secure increased
margins on the unsold stock of FY20. Its return on capital employed
stood at 4.4% in FY21 (FY20: 4.6%). Ind-Ra expects the EBITDA
margin to remain at similar levels in FY22.

The ratings also factor in the company's continued medium scale of
operations. The revenue declined to INR1,222.48 million in FY21
(FY20: INR1,440.85 million) as the company had to close its rolling
mill division for three months due to lack of demand, resulting
from the impact of the nationwide lockdown due to COVID-19. Ind-Ra
believes the company will see an improvement in the revenue in the
near term, in the absence of any further COVID-19 led operational
lockdowns. The management expects sales to continue to grow over
the medium term due to increasing demand in the market.

Liquidity Indicator - Stretched: ASMPL's average utilization of
fund-based limit was 54% for the 12 months ended July 2021. The
cash flow from operations turned positive at  INR0.71 million in
FY21 (FY20: negative INR12.93 million) due to favorable changes in
the working capital. ASMPL's working capital cycle remained
elongated and stretched to 147 days in FY21 (FY20: 136 days) due to
higher inventory days (FY21: 134 days; FY20: 164 days) and a
deterioration in the credit period (FY21: negative four days; FY20:
32 days). The company's cash and cash equivalents amounted to
INR0.14 million at FYE21 (FYE20: INR5.72 million). In FY21, ASMPL
had availed the COVID-19 emergency credit line of INR20 million and
working capital term loan limit of INR21 million.

The ratings are supported by ASMPL's promoters' over three decades
of experience in the steel manufacturing business.

RATING SENSITIVITIES

Positive: An increase in the scale of operations, leading to a
further improvement in the credit metrics, along with an
improvement in the liquidity position, all on a sustained basis,
could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to a
deterioration in the credit metrics, with the interest coverage
falling below 2x, along with the further weakening of the liquidity
position, all on a sustained basis, will lead to a negative rating
action.

COMPANY PROFILE

ASMPL was incorporated in November 1995 as a private limited
company. The registered office of the company is located in Raipur,
Chhattisgarh. ASMPL is engaged in the manufacturing and trading of
mild steel billets and steel structural in Urla Industrial Area,
Raipur.

BAALAJI MILK: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Baalaji Milk and Milk Products (SBMMP) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.29      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 August 3, 2020, placed the
rating(s) of SBMMP under the 'issuer non-cooperating' category as
SBMMP 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. SBMMP continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2021, June 29, 2021, July 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.

Analytical approach: Combined

CARE has taken a combined view of Pratibha Krushi Prakriya Limited
(PKPL), Dhanvantari Milk Products Private Limited (DMPPL) (ratings
withdrawn vide press release dated February 01, 2021), Pratibha
Milk Industries (PMI) (CARE D; Issuer Not Cooperating) and Shree
Baalaji Milk and Milk Products (SBMMP) (CARE D; Issuer Not
Cooperating), herein referred to as Chavan Group. CARE has
considered combined view including business and financials of group
companies PKPL, DMPPL, PMI, SBMMP on account of having same
management, similar business operations and financial linkages.

SBMMP is a partnership firm of Mr. Satish Chavan and his wife Mrs.
Ashwini Chavan and is part of the Chavan Group. The firm started
with its commercial production from December 18, 2011. The group
has its presence in milk business since 2002, and has been majorly
engaged in trading of milk and milk products and government
contract business till 2009. The group consists of four entities
including PKPL, PMI, SBMMPL and DMPPL which are also engaged in the
same line of business of processing of milk and manufacturing of
milk products.


BISHNUPRIYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bishnupriya
Food Industries Private Limited (BFIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.76       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 24, 2020, placed
the rating(s) of BFIPL under the 'issuer non-cooperating' category
as BFIPL 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. BFIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2021, August 20, 2021, August 30, 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).

Bishnupriya Food Industries Private Limited (BPFIPL) was
incorporated as a Private Limited Company on January 11, 2017. The
company is engaged in setting up of a food processing unit in
Murshidabad, West Bengal with a proposed installed capacity of 200
tons per day. The company proposed to manufacture different flour
qualities like "Atta," "Maida," "bran," and "Suzi" etc. BPFIPL
proposes to procure wheat from wholesalers and commission agents
present in local grain markets and sell its products to wholesale
traders in the nearby states like West Bengal, Bihar, and Odisha.
Mr. Sunil Chowdhury (aged 46 years), having over two decades of
experience in food chain, liquor and restaurant business along with
Mr. Abdul Kader (aged 41 years), having a decade of experience in
electrical & civil contractor business is proposed to look after
the overall management of the company with adequate support from a
team of experienced personnel.

BUDDHA GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Buddha
Global Limited (BGL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    308.00       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 July 30, 2020, placed the
rating(s) of BGL under the 'issuer non-cooperating' category as BGL
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. BGL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 15, 2021, June 25, 2021, July 5, 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).

Buddha Global Limited (BGPL) was incorporated on February 12, 2011.
The constitution of the company changed from Private Limited
Company to Limited company in November 2017. Its commercial
operations commenced in November 2014. The company is being
currently managed by Mr. Tushar Jalan, Mr. Mool Chand Talreja, Mr
Anil Tekriwal and Mr. Deept Sarup Agarwal belonging to Buddha group
and Kamdhenu group. BGPL is primarily engaged in the trading of
rice, wheat, pulses and other related food products. The company
procures items from millers & wholesalers in Delhi, Uttar Pradesh,
Maharashtra, Chandigarh & Haryana. The company mainly sells its
products in Delhi and its nearby regions to wholesalers. The
company commenced sale of rice during FY16.


CHHABRA ISPAT: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chhabra Ispat
Pvt Ltd.'s (CIPL) Long-Term Issuer Rating to 'IND BB' from 'IND BB+
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR3.25 mil. Term loan due on June 2021 downgraded with IND BB

     /Stable rating;

-- INR200.00 mil. Fund-based working capital limit downgraded
     with IND BB/Stable rating; and

-- INR136.75 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects significant deterioration in CIPL's EBITDA
margin to 1.48% in FY21 (FY20:1.63%) from 2.6% in FY19, due to an
increase in raw material prices. The margins remain modest. The
return on capital employed also fell sharply to 3.0% in FY21 (FY20:
3.30%) from 9.20% in FY19. In FY22, Ind-Ra expects the EBITDA
margin to marginally improve on account of an improvement in the
business efficiency with the easing of the COVID-19 pandemic led
lockdown restrictions. FY21 numbers are provisional in nature.

The ratings further reflect CIPL's modest credit metrics in FY21
with the gross interest coverage (operating EBITDA/gross interest
expense) of 0.92x (FY20: 0.90x; FY19: 1.76x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 11.99x (9.93x;
4.18x). The severe deterioration in FY21 metrics from the FY19
levels was due to a decline in operating EBITDA on account of
fluctuations in commodity prices and a slowdown in executing orders
since 4QFY20. Also, the company availed guaranteed emergency credit
line facilities as per the regulatory norms.   

The ratings continue to be constrained by the medium scale of
operations. The revenue fell to INR1,600.75 million in FY21 (FY20:
INR1,493.88 million) from INR1,987.36 million in FY19 due to a
decline in the sales volume to 45,539.32MT in FY21 (FY20: 50,200MT)
from 52,517.89MT in FY19. In the medium term, Ind-Ra expects the
revenue likely to remain at a similar level. Although a lower
domestic demand led by increased commodity prices could impact the
quantity sold, the net revenue will be supported by increased
realization.  

Liquidity Indicator – Poor: CIPL's average maximum utilization of
the fund-based limits was 97.99% during the 12 months ended July
2021. The cash flow from operations deteriorated to negative
INR42.94million in FY21 (FY20: negative INR24.62 million) due to
increased working capital requirements and lower absolute EBITDA.
Furthermore, in absence of any significant capex, the free cash
flow remained similar to cash flow from operations at negative
INR42.81 million (FY20: negative INR24.62 million). In addition,
the cash and cash equivalents stood at INR0.78 million at FY21
(FY20: INR0.74 million).  The net working capital cycle remained
long at 90 days in FY21 (FY20: 91 days). CIPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings, however, continue to be supported by CIPL's promoters'
over one decade of experience in the manufacturing of MS billets
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Negative: Any decline in the scale of operations, resulting in
further deterioration in the credit metrics and liquidity position
of the company will be negative for the ratings.

Positive: An improvement in the scale of operations, leading to an
improvement in the overall credit metrics with interest coverage
ratio above 1.7x along with an improvement in the liquidity
position, on a sustained basis will be positive for ratings.

COMPANY PROFILE

Incorporated in 2005, CIPL is a Burdwan, West Bengal based MS
billets manufacturer. Billets are widely used by rolling mills to
manufacture TMT bars. The company's day-to-day operations are
managed by its director- Surendra Kumar Jain and Saurav Jain. The
company has an aggregate installed manufacturing capacity of
62,400MTPA.


DIAMOND SOLVEX: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Diamond
Solvex Private Limited (DSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.00      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 July 30, 2020, placed the
rating(s) of DSPL under the 'issuer non-cooperating' category as
DSPL 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. DSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 15, 2021, June 25, 2021 and July 5, 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).

Diamond Solvex Private Limited (DSPL) was incorporated in the year
1992. The company is a family-owned business, promoted by Mr. Atul
Jain and Mr. Raj Kumar Jain. The company is engaged in the
extraction of rice bran and sunflower oil and manufacturing of
de-oiled cakes.

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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      29.50      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 July 31, 2020, placed the
rating(s) of DAPL under the 'issuer non-cooperating' category as
DAPL 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. DAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021, July 6, 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).

Divyaratna Agrotech Private Limited (DAPL), incorporated in the
year 2000 was taken over in 2007 by Mr.Dilip Jindal and Mrs.
Rachana Jindal, directors of Desmo Exports Limited. DAPL is engaged
in the business of trading of industrial chemicals and solvents.
The company trades nearly 25 different varieties of products that
find its application in textile, food, dyes, rubber, paint,
ceramic, fertilizer, soap, printing ink, petroleum, metallurgy,
construction materials, pulp and paper industry, photographic and
adhesive industries. DAPL earns its entire revenue from the
domestic market. The major raw material import consists of Citric
Acid, Paraffin wax & Sodium sulphate from countries such as China,
Korea, and Thailand. The warehouse of the company is located in
Bhiwandi, Maharashtra.

FOUNTAIN IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fountain
Imports Private Limited (FIPL) continues 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       5.00      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 July 31, 2020, placed the
rating(s) of FIPL under the 'issuer non-cooperating' category as
FIPL 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. FIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021, July 6, 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).

Incorporated in November 2011, Fountain Imports Private Limited
(FIPL) by Mr. Bhawanji Jeram Mewawala. The company has commenced
operations in October 2012. FIPL is engaged in trading of dry
fruits and agricultural products (viz. coco, sugar and others).
FIPL is part of Fountain Group which was established in 1922 by
late Mr. Bhawanji Jeram Mewawala after whom Mr. Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company
namely, Fountain Dry Fruit Store Limited.

GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gaya
Railway Infra Private Limited (GRIPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 31, 2020, placed the
rating(s) of GRIPL under the 'issuer non-cooperating' category as
GRIPL 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. GRIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021 and July 6, 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).

Incorporated on November 19, 2014, GRIPL is a special purpose
vehicle (SPV) formed by SGR Ventures Private Limited (SGRVPL) for
construction and development of multi-functional complex at Gaya,
Bihar awarded by Rail Land Development Authority (RLDA) to be
operated on a build-operate-transfer (B-O-T).


GODHANI IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Godhani
Impex (GI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE B-; 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 August 24, 2020, placed the
rating(s) of GI under the 'issuer noncooperating' category as GI
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. GI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 10,
2021, July 20, 2021, July 30, 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).

Godhani Impex (GI) was established on March 11, 2005 as a
partnership firm by three brothers from the Odhavjibhai Godhani
family. The partners of GI were earlier partners in M/s Godhani
Gems (subsequently reconstituted to Godhani Gems Pvt Ltd; which was
managed jointly by Shri Virjibhai Godhani and Shri Odhavjibhai
Godhani. Due to certain differences, Shri Odhavjibhai Godhani left
GG and formed GI. All partners at GI have experience in the Gems
and Jewellery business for over a period of 27 years. The firm is
engaged into cutting and polishing of rough diamonds at its Surat
workshop and exports the polished diamonds to countries such as
Hong Kong, Belgium, UAE and other Middle Eastern counties. GI has
an associate concern-M/s Srediam BVBA Belgium which is managed by
Shri Babulal Godhani, a close relative of partners of GI.

JALAN TRANSOLUTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jalan
Transolutions (India) Limited (JTIL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       53.50      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 10, 2018, placed
the rating of JTIL under the 'issuer non-cooperating' category as
JTIL had failed to provide information for monitoring of the
rating. JTIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
04, 2021; July 14, 2021 and July 24, 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).

Detailed description of the key rating drivers

At the time of last rating on August 18, 2020 the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange):

The ratings take into consideration the delays in debt servicing on
its term liabilities and the stressed liquidity position of the
company.

JTIL company was formerly incorporated as Jalan Carriers Private
Limited in April 2003. Subsequently, the constitution of the
company changed to a Public Limited Company in January 30, 2008.
The company provides logistics services primarily to two-wheeler
companies. The headquarter of the company is situated in Delhi with
25 branches located in all major cities in India. JTIL has
developed pan India operations with owned fleet of over 400
single/multi axle carriers, providing a diverse range of logistic
services.

KARAN RICE: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Karan Rice
Mills (KRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated August 21, 2020, had placed the
ratings of KRM under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. KRM continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated July 7, 2021, July 17, 2021
and July 27, 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.

Karan Rice Mills (KRM) was established in 1997 as a partnership
firm and is currently being managed by Mr Harmesh Kumar, Mr Jiwal
Lal, Mr Raj Pal and Mr Hari Ram as its partners and they share
profit and loss equally. The firm is engaged in processing of paddy
and milling of rice at its manufacturing facility located at
Sangrur, Punjab having an installed capacity of 7200 metric tonne
of paddy per annum as of March 31, 2016. The firm is also engaged
in trading of rice. Besides KRM, the partners are also engaged in
managing another group concerns namely Krishan Chand Hari Ram and
KC Rice Mill. Krishan Chand Hari Ram is engaged in trading of
paddy, wheat and other seasonal crops since 1986 in Sangrur,
Punjab. KC Rice Mill is engaged in the processing of paddy since
1995 in Sangrur, Punjab.


KISSAN SOLVEX: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kissan
Solvex Private Limited (KSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated 31 July 2020, placed the
rating(s) of KSPL under the 'issuer non-cooperating' category as
KSPL 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. KSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021, July 6, 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).

Kissan Solvex Private Limited (KSP) was incorporated as a private
limited company in February 1988 and is currently being managed by
Mr. Inderjit Singh and Mr. Kirandeep Singh. The company is engaged
in the extraction of rice bran oil at its processing facility
located in Jalalabad, Punjab with an installed solvent extraction
capacity of 350 metric tonne of rice bran oil per day. The company
manufactures rice bran oil in semi-edible form for industrial use.
The company is also engaged in the trading of rice bran. Besides
KSP, one of the directors is also engaged in managing another group
concerns namely Kissan Industries. Kissan Industries is a
partnership firm engaged in processing of paddy since 1996.


MAHABIR INDUSTRIES: CARE Lowers Rating on INR9cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahabir Industries (MHI), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated August 20, 2020, had placed the
ratings of MHI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. MHI continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated July 6, 2021, July 16, 2021
and July 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.

The ratings have been revised on account of non-availability of
requisite information.

Mahabir Industries (MHI) is a partnership firm established in 1992
and is managed by Mr Daulat Ram Khurana and his sons, Mr Manoj
Kumar Khurana and Mr Naveen Khurana. The firm is engaged in
extraction of rice bran oil at its processing facility located in
Karnal, Haryana with an installed capacity to extract 150 tons of
rice bran oil per day.


MAHARAJA AGROFOODS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Maharaja
Agrofoods Private Limited's Long-Term Issuer Rating of 'IND D
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR70 mil. Fund-based limits is
     withdrawn; and

-- The 'IND D' rating on the INR80 mil. Term loan due on October
     2019 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies. Ind-Ra will no longer provide rating or analytical
coverage for Maharaja Agrofoods.

COMPANY PROFILE

Incorporated in 2011 by Sunder Singh and Bijendra Nagar, Maharaja
Agrofoods is engaged in the processing and packaging of milk for
Mother Dairy Fruits & Vegetables Pvt Ltd.


MARUTI FERTOCHEM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maruti
Fertochem Limited (MFL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.25      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 July 31, 2020, placed the
rating(s) of MFL under the 'issuer non-cooperating' category as MFL
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. MFL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021 and July 6, 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).

Incorporated in 1992, MFL is a part of Aurangabad-based R. J. Group
promoted by Mr Raghavendra S. Joshi. The group has its presence in
poultry farming, fertilizers, bio-technology, infrastructure and
education sectors. MFL commenced operations in 1994 and is engaged
in manufacturing of granular NPK (Nitrogen, Phosphorous and
Potassium) fertilizers. Apart from these products, MFL also offers
organic fertilizers/ soil conditioners and neem-based pesticides,
'Maruti- Max', which provides micronutrients to crops during growth
phase.

MONEYPLUS FINANCIAL: Ind-Ra Affirms 'BB' Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Moneyplus
Financial Services Private Limited's (MFSPL) bank loans' rating as
follows:

-- INR50 mil. Bank loans affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects MFSPL's continued small scale of
operations as indicated by loan book of INR524.6 million in 1QFY22
(FY21: INR806 million, FYE20: INR284 million). The company is
engaged in the financing of small ticket secured loans to micro,
small and medium enterprises and its product offerings include loan
against shares (LAS: 74.46% of loan book at 1QFY22) and loan
against property (LAP; 25.54%). The company has presence in Delhi
National Capital Region (73.43%) and Haryana (26.57%) for its LAP
portfolio. The loan book is concentrated with the top five accounts
comprising 74.46% of the book in 1QFY22. Ind Ra believes as the
company grows its loan book, it will be better positioned to reduce
its borrower and geographical concentration.

The rating is also constrained by low asset quality, which was
impacted by the Covid-19 outbreak. MFSPL's gross non-performing
assets (NPAs) increased to 4.5% at 1QEFY22 (FYE21: 2.5%, FYE20:
2.4%, FYE19: 0.34%) due to the impact of second wave of Covid-19
infections on borrower cash flows along with a decline in the loan
book. However, the gross NPAs reduced to 3.8% at end-July 2021. All
the delinquencies were from the LAP book (gross NPAs in July 2021:
16.4%, 1QFYE22: 17.6%, FYE21: 14.1%, FYE20: 3.82%). The company
maintained a provision cover ratio of 59% at FYE21 (FYE20: 86%).

The rating also reflects the company's limited funding flexibility
with borrowings primarily from non-bank financial companies. The
company was able to secure INR500 million of funding lines in FY21.
Its tangible net worth stood at INR206.6 million at FYE21 (FYE20:
INR162.23 million). However, the leverage increased to 3.1x at
1QFYE21 (FYE20: 1.50x) due to increased funding requirement towards
LAS book. As a policy, the company aims to maintain leverage below
4.0x and LAS book below 50%.

However, the rating benefits from MFSPL's adequate capitalization
levels (FY21 Tier 1: 24.7%, FY20: 39.3%) for medium-term growth
plans of the management.

Liquidity Indicator – Adequate:  At FYE21, the company maintained
a cumulative surplus of around 11% of its total assets in up to
one-year bucket. Despite stressing the inflows, the asset-liability
statement remains adequate to meet obligations of up to one year.
At FYE21, the company also had INR55 million of unutilized bank
lines. The company also holds cash and liquid investments of
INR17.2 million, sufficient to meet debt obligations of up to six
months.

The rating is also supported by MFSPL's promoter's experience of
over a decade in the LAS segment.

RATING SENSITIVITIES

Positive: A substantial increase in the loan book while reducing
borrower concentration, leverage sustaining below 4x and an
improvement in the asset quality performance on a sustained basis,
could lead to a positive rating action.

Negative: A significant deterioration in the asset quality and
profitability metrics leading to capital impairment, the leverage
increasing above 4x and inability to maintain adequate liquidity
would lead to a negative rating action.

COMPANY PROFILE

MFSPL is a Reserve Bank of India-registered non-bank financial
company focused in extending finance to micro,  small and medium
enterprises, and its product offerings include LAS and LAP. It
operates through five branches in Delhi National Capital Region and
Haryana.


NASIM AHSAN: CARE Lowers Rating on INR30cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nasim Ahsan Construction Private Limited (NACPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 10, 2020, placed the
rating(s) of NACPL under the 'issuer non-cooperating' category as
NACPL 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. NACPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2021, July 6, 2021, July 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).

The ratings have been revised on account of non-availability of
requisite information. The ratings also factored in decline in
scale of operations, profitability as well as debt coverage
indicators during FY20.

Nasim Ahsan Construction Pvt. Ltd. (NACPL) was initially promoted
as a partnership firm in April 1996 in the name of Nasim Ahsan &
Co. (NAC) to execute civil and mechanical engineering construction
projects in the state of Bihar. In February 2010, NAC was converted
into a Private Limited Company and rechristened as NACPL. The
company is engaged in providing services primarily to oil marketing
and refining companies for installation of pipeline and other
structural fabrication works. As of now, the single largest
customer for the company is Indian Oil Corporation Ltd. (IOCL).
Shri Nasim Ahsan, Managing Director, looks after the day-to-day
operations of the company with adequate support from other two
directors and a team of experienced professionals.


NOBLE EDUCATIONAL: Ind-Ra Hikes Bank Loan Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating of
Noble Educational Trust's (NET) bank facilities to 'IND BB-' from
'IND D'. The Outlook is Stable.

The detailed rating actions are:

-- INR60.17 mil. (reduced from INR69.28 mil.) Term loans due on
     March 31, 2025 upgraded with IND BB-/Stable rating; and

-- INR2.50 mil. Fund-based working capital upgraded with IND BB-
     /Stable rating.

The upgrade reflects NET's timely repayment of term debt for the
three months ended August 2021.

KEY RATING DRIVERS

Liquidity Indicator – Stretched: Although NET's available funds
(cash and unrestricted investments) increased marginally to INR3.22
million in FY21 (FY20: from INR1.49 million), it provided low
financial cushion to its total expenditure (FY21: 4.52%; FY20:
1.97%) and operating expenditure (9.56%; 1.75%). However, the
trust's nil collection period and average working capital
utilization of 12.67% during September 2020-August 2021 provided
cushion to its liquidity. The trust collected INR31.96 million fees
from students during April-August 2021 and had cash and bank
balance of INR6.23 million at end-August 2021. NET's debt-service
commitments stood at INR20.48 million (34% of the total income) in
FY21 (FY20: INR30.60 million; 26.08%), and the agency expects it to
amount to INR19.95 million in FY22. FY21 financials are provisional
in nature.

The rating reflects NET's continued small scale of operations. The
trust's total revenue declined to INR60.23 million in FY21 (FY20:
INR117.35 million) due to a fall in student headcount and delay in
the collection of fees from students on account of COVID-19 related
disruptions. The trust follows cash-basis accounting for recording
income and accrual basis accounting for expenses. Ind-Ra expects
the revenue to grow marginally in FY22 on account of an increase in
fee collection from students as the offline classes commenced for
9-12 standard students on September 1, 2021.

The ratings also reflect an increase in the trust's debt burden
(debt/current balance before interest and depreciation (CBBID)) to
2.69x in FY21 (FY20: 2.35x) due to 17.42% yoy fall in CBBID to
INR26.54 million. Ind-Ra expects the debt burden to reduce over the
near-to-medium term on account of the absence of any capex plans
and the likely growth in CBBID because of expected growth in
revenue.

The ratings also factor in a decline in NET's student headcount by
18.55% yoy to 1,888 in FY21 due to a fall in school enrolment. The
school students' headcount declined 25% yoy to 1,650 in FY21 due to
COVID-19 led disruptions, however, the college students' headcount
surged 101.69% to 238 on the back of increased enrolments. The
trust reported total student strength of 1,828 for academic year
2021-2022, comprising school student strength of 1,500 and college
student strength of 328. Ind-Ra expects the college students'
headcount to grow on the back of expected growth in college
enrolments.

The ratings reflect NET's moderate operating margin. The margin
expanded substantially to 44.02% in FY21 (FY20: 27.22%, FY19:
27.03%), as operating expenditure and operating income declined
60.46% and 48.60% yoy, respectively. Ind-Ra expects the margin to
remain above 40% in FY22 owing to the stable student headcount and
improvement in fee collection.

The ratings, however, are supported by the trust's comfortable
coverage ratios. The debt service coverage ratio (DSCR) improved to
1.30x in FY21 (FY20: 1.05x) mainly due to 33.08% yoy fall in debt
servicing to INR20.48 million while the CBBID declined by 17.42%
yoy. Its interest service coverage ratio (CBBID/interest expenses)
fell marginally to 3.38x in FY21 (FY20: 3.64x) due to a fall in
CBBID. Ind-Ra expects the DSCR to improve from the present levels
due to expected growth in operational income.

RATING SENSITIVITIES

Positive: Events that may collectively lead to a positive rating
action are:

- the operating margins sustaining above 35%,

- the debt burden reducing below 2x, and

- the DSCR exceeding 1.7x in the medium term.

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

- a fall in student headcount below 1,700,

- the operating margin reducing below 20%, and

- the debt burden exceeding 3x on a sustained basis.

COMPANY PROFILE

NET was established as Public Charitable Trust in 2002 by Dr. A S A
Jerald Gnanarathinam. The trust manages Noble Matriculation Higher
Secondary School in Aruppukottai (Tamil Nadu), which provides
education to K-12 students. NET also established a college - Noble
College of Arts & Science for Women in July 2018.


PAC BIO: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PBFPL to monitor the rating
vide email communications dated July 1, 2021, July 5, 2021, July 7,
2021, July 26, 2021 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which, however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on PBFPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of the last rating on July 30, 2020, the following were
the rating weaknesses.

Key Rating Weakness

* Delays in debt servicing: PBFPL had been irregular in servicing
of its debt obligations due to weak liquidity position of the
company. There were overdrawing in cash credit account for more
than 30 days during the last seven months period ended June 2020.

Surat-based (Gujarat) "Pac Bio Fungbact Private Limited" (PBFPL)
was incorporated on January 21, 2010; while the manufacturing
operations commenced from May 2012. PBFPL is promoted by Mr.
Babubhai Chhagandas Patel, Mr. Devendra Babulal Patel, Mrs. Ektaben
Devendra Patel and Mrs. Hemlata Babubhai Patel. PBFPL is mainly
into business of manufacturing of bio fertilizers, micro nutrients,
organic fertilizer, banana plants through tissue culture etc. which
finds application largely in agriculture industry. Further, it also
manufactures enzymes used in detergents. The overall operations are
being managed by Mr. Babubhai Chhagandas Patel and Mr. Devendra
Babulal Patel, who carry an extensive experience in the same line
of business. The raw materials used by PBFPL include mother culture
bacteria, PET bottles, chemical nutrients etc. Manufacturing
facilities of PBFPL is located at Bardoli, Surat (Gujarat) with an
installed capacity of 38,40,000 liters per annum of
Bio-fertilizers, 39,42,000 kg per annum of Bio Pesticides,
36,50,000 liters per annum of Micronutrients (liquid form),
36,50,000 Kg per annum of Micronutrients (powdered form),
1,00,00,000 Kg per annum of compost and 22,00,000 no. of plants per
annum of Banana plant through tissue culture.

PARADISE POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paradise
Polymers Limited (PPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           2.00       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 July 28, 2020, placed the
rating(s) of PPL under the 'issuer non-cooperating' category as PPL
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. PPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated June 13,
2021, June 23, 2021, July 3, 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 1988 by Mr. Randhirsingh Patil, Paradise Polymers
Limited (PPL) is engaged in manufacturing of various flexible
packaging material, viz., PVC lamination, PVC confectionery films,
PVC cling films and reprocessed rim, finding application in
packaging vegetables, fruits, various foodstuffs, frozen products,
candies, sweets & confectioneries, etc. PVC lamination films are
sold under the brand "Paradise", whereas PVC cling films are sold
through its associate concerns namely Simor-Tech Polymers Limited
under the brand "Tazza" and Solanki Polymers Private Limited under
the brand "Oxiwrap". The rest of the products are sold directly by
PPL. It has a wide dealer network of over 50 dealers across India.
The manufacturing facility of the company is located at MIDC in
Jalgaon, Maharashtra.


PARAS SEEDS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paras Seeds
Corporation (PSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B-; 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 August 24, 2020, placed the
rating(s) of PSC under the 'issuer non-cooperating' category as PSC
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. PSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 10,
2021, July 20, 2021, July 30, 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).

Idar (Gujarat) based Paras Seeds Corporation (PSC) was established
in April 2007 as a partnership firm by Mr. Niranjan Patel, Mr.
Bharat Patel, Mr. Dhaval Patel and Ms. Savita Patel. All partners
jointly look after day-to-day activities of PSC. PSC is into the
business of cotton ginning and pressing and seed processing. The
partners of PSC are also associated with Jaymala Spintex Limited
which is engaged in manufacturing of cotton yarn and Bhoomi Bio
Seeds Limited which is into packaging, trading, research and
production of seeds and other ancillary services.

PASCHAL FORMWORK: CARE Lowers Rating on INR4.25cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paschal Formwork India Private Limited (Paschal India), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.25      CARE B+; Stable; Revised from
   Facilities                      CARE BB-; Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Paschal India is on account of continuous losses reported by the
company which has significantly eroded the networth, due to weak
operational performance marked by lower demand for the formwork
products in the construction sector. The revision in rating also
factors the subdued financial performance of the company during
FY21 (refers to period from April 1 to March 31) and Q1FY22 due to
impact of Covid. CARE expects the recovery post impact of Covid and
complete localization of component manufacturing to improve
competitiveness is to be gradual and slow and hence outlook has
been revised from 'Negative' to 'Stable'.

The rating continues to remain constrained by small scale of
operations, higher utilization of working capital limits and
volatility in raw material costs due to high dependency on imports
with forex fluctuation. However, the rating derives the strength
from experienced promoters, support from parent companies and
localization of component production to improve the operating
profit margins.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Increase in scale of operations beyond Rs 15 crore with positive
cash generation on a sustained level.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Withdrawal of support from promoters.

* Any large debt-funded capex resulting in deterioration in credit
profile.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation with continuous loss reported in FY21:
Despite having operational track record of more than 10 years, the
scale of operation of the company is small due to lower demand for
its formwork products on account of many alternatives are available
in the market at a competitive price. The company achieved total
operating income of INR11.68 crore in FY21 as against INR6.70 crore
in FY19 at the back of improvement in work orders. Despite
improvement in turnover, due to high cost of production, the
company reported operational loss of INR0.33 crore in FY21 as
against operational loss of INR2.37 crore in FY20. The net
operating loss had reduced to INR2.44 crore in FY21 as against net
operating loss of INR4.69 crore in FY20 due to improvement in
turnover. The financial performance of the company remains subdued
in Q1FY22 with execution of order worth INR0.67 crore up to July
2021.

* Weak capital structure and debt coverage indicators: Due to
accumulated losses leading to erosion of the networth, the capital
structure of the company marked by the overall gearing deteriorated
to 1.79x as of March 31, 2021 as against 0.70x as of March 31,
2020. The debt profile of the company consists of only working
capital borrowings. The other debt coverage indicators remain weak
with operating cash losses reported for FY21.

* Weak operational performance marked by low capacity utilization:
Though the parent Paschal Germany has considerable experience in
the same line of business in various countries, reliance on
formwork technology continues to have lower penetration in Indian
market due to high cost of formwork products. Due to lower demand
for the product in the market due to availability of alternatives
at a lower price, the capacity utilization of the company is very
low at 5% for FY21.

* Higher utilization of working capital limits: Paschal India
operates in a business sector that demands high working capital
requirement for operations. To support the working capital
requirements, the parent company Paschal Germany is providing
support in the form of raw material supply at favorable credit
terms. The inventory days is high as the company stocks raw
material due to high lead time (approx. 90 days) associated with
import of raw materials from Germany. The average working capital
utilization has been high at 86.22% for preceding 12 months ended
July 2021.

* Volatility in raw material costs due to high imports with forex
fluctuation: The raw material costs form major portion of total
cost of sales for Paschal India forming about 60% of the cost of
sales in FY21. Besides, imports comprise 65% of the raw material
procured during FY21 as against 95% of the raw materials were
imported during FY20. Nevertheless, the company is expected to
reduce import of raw materials/components by localizing the
production of components from November 2021 onwards. The company is
exposed to forex risk since it is unhedged.

Key Rating Strengths

* Experienced promoters and support from promoter companies:
Paschal Werk G.Maier GmbH-Germany (Paschal Germany), one of the
promoters of Paschal India has been involved in the formwork
business for more than four decades whereas another promoter, NCC
Limited has more than three decades of experience in the
construction business. Paschal Germany supports Paschal India in
the form of raw material supply at favorable credit terms while NCC
Limited supports the company by providing business to Paschal India
in their projects.

* Complete localization of production: The company is expected to
commence complete localization of component production from
November 2021 onwards to reduce the cost of production. However,
the company's ability to localize production to improve operating
profit margins would be critical from a credit perspective.

Stable Industry outlook:

The Indian Construction and Real Estate Sector play a vital role in
the economic development of the country. The industry is already
witnessing downturn since last few years with the sluggish property
markets on the back of high unsold inventory, low demand and
stalled projects and the outbreak of COVID-19 has been latest
challenge to the sector. The Government of India has been
undertaking several steps for boosting the industry with a few
measures include relaxation of Foreign Direct Investment (FDI)
norms for the sector, infrastructure status accorded to affordable
housing and fund allocation for projects like development of 100
smart cities, Housing for all by 2022 and Atal Mission for Urban
Rejuvenation and Transformation (AMRUT).

Liquidity: Stretched

Stretched liquidity is marked by continuous loss reported for FY21
on account of higher cost of production, which has been funded by
way of cash surplus from sale proceeds of land in Vishakhapatnam
for INR90 lakh and favorable credit terms for the materials
supplied by the promoters. The average working capital utilization
of the company remained high at 86% for the past 12 months ending
on July 31, 2021. Further, the company has little head room to
raise any additional debt with overall gearing at 1.79x and free
cash of negligible amount of Rs 1.55 lakh as of March 31, 2021 to
meet any exigencies.

Paschal Formwork India Private Limited (Paschal India) was
incorporated in March 2008 and is a Joint Venture between Paschal
Werk G.Maier GmbH-Germany (Paschal Germany) and NCC Limited (NCC).
As on March 31, 2021, Paschal-Germany has a shareholding of 76.65%
while NCC has a shareholding of 23.35% in Paschal India. Paschal
India manufactures multipurpose modular formwork and e-decking
system for slabs. Formwork is the support structure or shuttering
(steel or wooden) used while concreting during construction. e-Deck
is a kind of slab formwork material used for ceilings in
residential and industrial buildings. At Present, the company has
installed capacity of 50,000 sqm (Modular Panels 40,000 sqm and
E-Deck Panels 10,000 sqm).


PIONEER FOOD: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pioneer
Food & Agro Industries Private Limited (PFAIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      30.00      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 July 28, 2020, placed the
rating(s) of PFAIPL under the 'issuer non-cooperating' category as
PFAIPL 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. PFAIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated June 13,
2021, June 23, 2021, July 3, 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.

Mumbai (Maharashtra) based Pioneer Food & Agro Industries Private
Limited (PFAIPL), initially established as a partnership firm in
2007 and later on in July 2014 was converted into private limited
company. PFAPL is engaged in the processing of the raw honey
wherein it procures raw honey through its network of traders &
collectors (from Punjab, Haryana, Uttarakhand, Uttar Pradesh, Bihar
and West Bengal) and decrystallize it (reduces the moisture
content) to improve the quality of honey and finally exports the
processed honey (export only to USA). The company has its sole
processing facility located at Mathura (Uttar Pradesh) with the
accreditation from ISO 22000, HACCP & USFDA.

PRATIBHA KRUSHI: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pratibha
Krushi Prakriya Limited (PKPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      202.78      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank        5.00     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 July 27, 2020, placed the
rating(s) of PKPL under the 'issuer non-cooperating' category as
PKPL 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. PKPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2021, June 22, 2021, July 2, 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.

Detailed description of the key rating drivers

Analytical approach: Combined.

CARE has taken a combined view of Pratibha Krushi Prakriya Limited
(PKPL), Dhanvantari Milk Products Private Limited (DMPPL) (ratings
withdrawn vide press release dated February 01, 2021), Pratibha
Milk Industries (PMI) (CARE D; Issuer Not Cooperating) and Shree
Baalaji Milk and Milk Products (SBMMP) (CARE D; Issuer Not
Cooperating), herein referred to as Chavan Group. CARE has
considered combined view including business and financials of group
companies PKPL, DMPPL, PMI, SBMMP on account of having same
management, similar business operations and financial linkages.

The Chavan Group has its presence in the milk business since 2002,
and was majorly engaged in trading of milk and milk products and
government contract business till 2009. PKPL started commercial
production from December 18, 2011. It is a closely held public
limited company incorporated in 2010 by Mr. Satish Chavan and his
wife Mrs. Ashwini Chavan, it is the flagship company of the group.
The company manufactures various milk-based products like Ultra
High Temperature (UHT) milk, lassi, cheese, yoghurt, paneer,
butter, ghee, Skimmed Milk Powder (SMP), etc. These products are
sold in the region of Maharashtra, Goa and parts of Karnataka. The
group consists of four entities including PKPL, PMI, SBMMPL and
DMPPL which are also engaged in the same line of business of
processing of milk and manufacturing of milk products.


PRATIBHA MILK: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pratibha
Milk Industries (PMI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       54.93      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 July 27, 2020, placed the
rating(s) of PMI under the 'issuer non-cooperating' category as PMI
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. PMI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2021, June 22, 2021, July 2, 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.

Detailed description of the key rating drivers

Analytical approach: Combined.

CARE has taken a combined view of Pratibha Krushi Prakriya Limited
(PKPL), Dhanvantari Milk Products Private Limited (DMPPL) (ratings
withdrawn vide press release dated February 01, 2021), Pratibha
Milk Industries (PMI) (CARE D; Issuer Not Cooperating) and Shree
Baalaji Milk and Milk Products (SBMMP) (CARE D; Issuer Not
Cooperating), herein referred to as Chavan Group. CARE has
considered combined view including business and financials of group
companies PKPL, DMPPL, PMI, SBMMP on account of having same
management, similar business operations and financial linkages.

PMI is a partnership firm of Mr. Satish Chavan and his wife Mrs.
Ashwini Chavan and is part of the Chavan Group. The group has its
presence in milk business since 2002, and has been majorly engaged
in trading of milk and milk products and government contract
business till 2009. The group consists of four entities including
PKPL, PMI, SBMMPL and DMPPL which are also engaged in the same line
of business of processing of milk and manufacturing of milk
products.


RADHA-RUKMAN PACKAGES: CARE Cuts Rating on INR21.72cr Loan to D
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Radha-Rukman Packages Private Limited (RPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.72      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C

   Short Term Bank       0.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2020, placed
the rating(s) of RPPL under the 'issuer non-cooperating' category
as RPPL 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. RPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2021, August 26, 2021, September 3, 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 RRPPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. Annual Report of FY20.

RPL was incorporated in August, 2008 and was promoted by Shri
Govardhan Lal Sikaria and his family members based out of Kolkata.
The company, after remaining dormant for three years, commenced
operation from January 2012. RPL is engaged in the manufacturing of
corrugated & duplex boxes and providing offset printing services.


RAHUL COMMERCE: CARE Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rahul
Commerce Private Limited (RCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.60      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       1.40      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 1, 2020, placed
the rating(s) of RCPL under the 'issuer non-cooperating' category
as RCPL 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. RCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 18, 2021, July 28, 2021, August 7, 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).

RCPL was incorporated in June 1975 and the company is currently
managed by Mr. Deven Shah, Mr. Vinay Joshi and Mr. Soumen Datta.
RCPL is a specialized IT service provider engaged in consultancy
services with regards to IT systems and solutions along with
supply, installation and maintenance of IT systems/solutions to
corporates. RCPL mainly supply computer hardware (like projector,
server, laptop, computer, monitor, printer and scanner, UPS etc.)
and related software systems with customized implementation and
provides regular maintenance services of the same.

RAMESHWAR PRASAD: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rameshwar Prasad
Sharma Contractor's (RPSC) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit Long-term rating
     downgraded; short-term rating affirmed with IND BB-
     /Stable/IND A4+ rating; and

-- INR100 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a dip in RPSC's revenue to INR84.39 million
in FY21 (FY20: INR681.91 million), due to the lower execution of
orders and no new orders in hand. The scale of operations remains
small. In FY22, however, the management expects the revenue to
improve as RPSC had an order book of INR349 million at end-August
2021, to be executed by March 2022. FY21 numbers are provisional.

The ratings continue to reflect RPSC's modest EBITDA margin, even
as it improved to 26.02% in FY21 (FY20: 10.04%), due to lower
administrative expenses. The return on capital employed
deteriorated to 1.2% in FY21 (FY20: 9.9%). In FY22, Ind-Ra expects
the EBITDA margin to decline due to an increase in the
administrative expenses.

The ratings further reflect RPSC's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 2.23x in FY21 (FY20: 3.42x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 2.75x (2.85x). The
coverage deteriorated in FY21 due to a decline in the absolute
EBITDA to INR21.96 million (FY20: INR68.47 million), while the
leverage improved due to a higher decline in the total debt to
INR63.82 million (INR197.85 million) than in EBITDA. In FY22,
Ind-Ra expects the credit metrics to deteriorate marginally due to
an increase in the total debt and interest expenses.

Liquidity Indicator – Stretched: The net working capital cycle
elongated to 229 days in FY21 (FY20: negative 50 days) due to a
stretched debtors and creditors cycle. The cash and cash
equivalents stood at INR3.35 million at FYE21 (FYE20: INR2.49
million). The average maximum utilization of RPSC's fund-based
limits was 63% over the 12 months ended July 2021. The cash flow
from operations improved to INR140.85 million in FY21 (FY20:
INR24.39 million) since the company received security deposits from
the government and used them for repaying creditors as well as the
unsecured debt availed from promoters and relatives. Furthermore,
the free cash flow improved to INR148.77 million in FY21 (FY20:
INR24.16 million) due to no  significant capex incurred. RPSC does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The
company did not avail the Reserve Bank of India-prescribed
moratorium in 2020.

The ratings, however, continue to be supported by the promoters'
three-decade-long experience in the infrastructure business. This
has facilitated the company in establishing strong relationships
with customers as well as suppliers.

RATING SENSITIVITIES

Negative: Further deterioration in the scale of operations, due to
a decline in the orderbook and the overall credit metrics and/or a
stretch in the liquidity position will be negative for the ratings.


Positive: An improvement in the scale of operations, revenue
visibility and an improvement in the credit metrics with the
interest coverage staying above 1.7x and improved liquidity
position, will be positive for the ratings.

COMPANY PROFILE

RPSC is an AA class road construction contractor for various
government authorities in Rajasthan. It is managed by Rameshwar
Prasad Sharma and other partners named Anil Sharma and  Geeta
Sharma.


RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ranchhod
Oil Mill Company (ROMC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.40       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 July 2, 2020, placed the
rating(s) of ROMC under the 'issuer non-cooperating' category as
ROMC 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. ROMC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 18,
2021, May 28, 2021, June 7, 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).

Established in 1997, Ranchhod Oil Mill Company (ROMC) is a
partnership firm formed by partners Mr. Jeram Gami and Mr. Bharat
Gami (with equal profit and loss sharing) for undertaking
processing and trading of agro-products like groundnut, cumin seed,
husk and sesame seed, etc. The firm generates majority of its
income from export to countries like the Philippines, China, Gulf
countries etc. ROMC's sole processing facility is located in Keshod
region of Gujarat. The firm operates with installed processing
capacity of 37000 metric tonnes per annum (MTPA).


RHL PROFILES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded RHL Profiles
Ltd.'s Long-Term Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)'
from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR80.0 mil. Non-fund-based working capital limits downgraded
     with IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating remaining non-cooperative with a rating agency for over six
months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect RHL's credit strength as the issuer has been
non-cooperative with the agency since January 4, 2021. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

Incorporated in 1987, RHL Profiles is promoted by R.K Somani and
his son K.K Somani. The company manufactures steel bars, wire rods
and thermo-mechanically treated bars. The company's 31,000 million
metric tons per annum manufacturing facility is located in Unnao,
near Kanpur (Uttar Pradesh). The company has three rolling mills
within the same premises.


SAMRAT PLASTIC: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samrat
Plastic Industries (SPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.11       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of SPI under the 'issuer non-cooperating' category as SPI
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. SPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021, June 28, 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).

Rajkot-based Samrat Plastic Limited (SPI) was established in 2006
as a partnership firm. Earlier the firm was engaged in the
manufacturing of rigid PVC pipes. During Q1FY16, the firm undertook
a diversification project to set up machinery for manufacturing of
uPVC and cPVC pipes and fittings which got completed in October,
2015. The installed capacity of the plant is 1500 Tonner Per Annum
(TPA) for uPVC pipes, 750 TPA for cPVC pipes and 700 TPA for uPVC
and cPVC fittings as on March 31, 2016. The plant is situated at
GIDC, Paddhari and is spread across an area of 3000 square meters.
The partners have an experience of over two decades in the
manufacturing of plastic and plastic products. The firm markets its
products under the brand name of 'KING' pipes and fittings. The
pipes and fittings manufactured by the firm find applications in
irrigation systems and construction industry.


SATHYA LIFESTYLES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sathya
Lifestyles Private Limited (SLPL) continues 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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2020, placed the
rating(s) of SLPL under the 'issuer non-cooperating' category as
SLPL 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. SLPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 15, 2021, June 25, 2021, July 5, 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).

Incorporated in 2011, Sathya Lifestyle Private Limited (SLPL) is
into developing of real estate properties. Currently, the company
is executing a residential-cum-commercial project named "Sathya
Lifestyles" at Palghar East, Thane.

VANTAGE MACHINE: CARE Lowers Rating on INR15cr Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vantage Machine Tools Private Limited (VMTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      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 July 20, 2020, placed the
rating(s) of VMTPL under the 'issuer non-cooperating' category as
VMTPL 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. VMTPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2021, June 15, 2021, and June 25, 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 VMTPL have been
revised on account of non-availability of requisite information.

Vantage Machine Tools Private Limited (VMTPL) was promoted by Shri
Potluru Mohana Murali Krishna in September 2013 for undertaking
manufacturing of Special Purpose Machines like CNC (Computer
Numerical Control) machines and Hydraulic machines. These machines
are widely used in Power plants, Ports, Steel plants, Sugar
industries, cement industries, heavy fabrication, chemical and
processing equipments of aerospace and defence sectors. The
manufacturing facility of the company is located at Gollapalli
village of Krishna District in the state of Andhra Pradesh with an
annual installed capacity of 360 numbers of Special Purpose
Machines.

VERSANT ONLINE: CARE Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Versant
Online Solutions Private Limited (VOSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.92       CARE B-; 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 July 20, 2020, placed the
rating(s) of VOSPL under the 'issuer non-cooperating' category as
VOSPL 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. VOSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated June 5,
2021, June 15, 2021, June 25, 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).

Versant Online Solutions Private Limited was incorporated on March
30, 2012 by Mr Darapaneni Naidu Chennapa and Ms Sailaja
Patharlapalli. The company provides e- booking services for events
(Professional, Sports, Trainings, Entertainment, and Spiritual) all
over India by web portal www.versantonlinesolutions.com.


VIBRANT FAB: CARE Lowers Rating on INR12.50cr LT/ST Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vibrant Fab Private Limited (VFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          12.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 6, 2021, placed
the rating(s) of VFPL under the 'issuer non-cooperating' category
as VFPL 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. VFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated September
7, 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 rating assigned to the bank facilities of VFPL have been
revised on account of delays in debt servicing recognized from
publicly available information.
  
Incorporated in August 2011, Vibrant Fab Private Limited (VFPL) is
engaged in manufacturing [since 2015] & wholesale trading [since
inception] of fabrics and garments. VFPL procures its raw material
(i.e. fabric, suits, salwar & sarees, dress materials) from Mumbai
and Surat and manufactures the same as per requirements of its
clients, the manufacturing activity is
outsourced to various manufacturers located in Surat.


VODAFONE IDEA: Banks Call on India Government to Ease Pressure
--------------------------------------------------------------
Reuters reports that banks led by State Bank of India (SBI) have
called on the Indian government to give debt-laden Vodafone Idea
more time to clear its tax dues and spectrum fees, two bankers and
a government official familiar with the matter said.

An Indian court last year ordered the mobile carrier, a joint
venture between the Indian unit of Britain's Vodafone Group and
Aditya Birla Group's Idea Cellular, to pay just over $8 billion to
the government to settle long-standing dues, Reuters recalls.
Vodafone has a stake of about 44% in the company and Aditya Birla
owns nearly 27%.

In June, Vodafone Idea's then non-executive chairman Kumar Mangalam
Birla warned that without a government reprieve the Indian mobile
carrier's "financial situation will drive its operations to an
irretrievable point of collapse," Reuters relates.

Vodafone Idea's gross debt as of June 30 was INR1.9 trillion,
comprising of deferred spectrum payment obligations of INR1.06
trillion and an adjusted gross revenue liability of INR621.8
billion, Reuters discloses citing the company's latest stock
exchange filing in June.

The adjusted gross revenue is the usage and licensing fee that
telecom operators are charged by the Indian government.

Reuters relates that the mobile operator also reported that it owes
INR234 billion ($3.18 billion) to financial institutions.

Senior SBI officials and representatives of the Indian Banks'
Association (IBA) met finance and telecom department officials this
month and proposed an immediate breather on the repayment of
spectrum dues, the two bankers and the government official, who
requested anonymity, told Reuters.

"We've had these discussions with the banks but the issue is the
finance ministry needs to be comfortable with the measures," the
government official said.

SBI, IBA, and the finance and telecom departments did not respond
to Reuters requests seeking comment.

The company is facing a repayment of INR5-10 billion of
non-convertible debentures around January, one of the bankers said,
add Reuters.

Vodafone Idea Limited operates as a telecom service provider. The
Company offers 2G, 3G, and 4G mobile services, as well as mobile
payments, advanced enterprise offerings, and entertainment.
Vodafone Idea serves customers in India.


[*] INDIA: Insolvency Matters Must Be Decided in 330 Days, SC Says
------------------------------------------------------------------
The Times of India reports that the Indian Supreme Court on Sept.
13 said that 330 days deadline for resolution plan has to be
strictly adhered to and NCLT and NCLAT must decide insolvency and
bankruptcy matters keeping in mind the sanctity of the deadline
provided by legislature.

A SC bench headed by Justice D Y Chandrachud said that earlier
bankruptcy code failed mainly because of long delays in litigation
in judicial forums and promised that the present IBC will not be
allowed to meet the same fate, TOI relates.

"Once the Committee of Creditors submits a resolution plan for
stressed assets under Insolvency and Bankruptcy Code, it cannot be
modified or withdrawn by resolution applicant," the SC said.

Meanwhile addressing a question on the high haircuts taken by banks
in resolution to some bankruptcy cases, RBI governor Shaktikanta
Das Las week said that the Insolvency and Bankruptcy Code (IBC)
process needs some improvement which will include some legislative
changes as well, according to the report.

"Yes, I agree that there is scope for the improvement in the
functioning of the IBC and framework. There is perhaps need to
certain legislative amendments also," TOI quotes Das as saying.

TOI relates that the RBI has certain suggestions which it has
flagged to the government, he said, citing an example of the time
taken before a case is admitted in a National Company Law Tribunal
(NCLT) and comes up for resolution through court-directed measures
and suggested that the same can be dealt with through legal
amendments.

He said the overall recoveries from the IBC process used to be at
45 per cent at the aggregate level four years ago and have come
down to 40 per cent in the pandemic year, and also acknowledged
that in some cases, lenders have had to take deep haircuts of up to
90 per cent.

"There is scope for some improvement and the time taken in the
entire process I entirely agree needs to be reduced by simplifying
certain procedures and wherever necessary by carrying out
legislative change," Das, as cited by TOI, said.




=================
I N D O N E S I A
=================

JAPFA COMFEED: Fitch Affirms 'BB-' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's
Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook. At the same time, Fitch Ratings Indonesia has affirmed
Japfa's National Long-Term Rating at 'A+(idn)' with a Stable
Outlook.

The affirmation reflects Fitch's expectation that Japfa's credit
metrics will remain within its rating sensitivities, with
proportionately consolidated net debt/EBITDA lower than 2.0x in
2021-2022. The Stable Outlook reflects Fitch's expectation of
steady domestic poultry demand and Japfa's ability to maintain its
EBITDA margin due to the company's leadership in the local
animal-feed market, which will allow it to gradually pass on
increased raw-material prices to its customers.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Demand Recovery; Stable Margins: Fitch expects Japfa's strong 1H21
to support a recovery in 2021. Fitch forecasts sales volume will
rise by 4%-10% in 2021 across its segments after 10%-20% yoy growth
in 1H21. Fitch expects demand to fall in 3Q21 due to emergency
movement restrictions from July-August 2021, but Fitch expects a
recovery in 4Q21 as restrictions are eased. The government's
mandatory culling in July and August would also help to restore the
supply-demand balance, resulting in the price recovery of day-old
chicks (DOC) and live birds in 4Q21.

High DOC and live-bird prices from late 2020 to June 2021 due to
the government's intervention will more than compensate for weak
animal-feed margins in 1H21. Therefore, Fitch expects Japfa's
EBITDA margin to improve to around 12% in 2021 (2019-2020: 11%)
before normalising at 11% from 2022. Fitch believes the government
will continue to play an active role to ensure poultry price
stability and the well-being of small-scale farmers, and will
intervene in the market if required, evident from its actions.

Temporary Feed Margin Compression: Fitch expects Japfa's animal
feed margin to recover gradually in line with lower raw-material
prices and its ability to pass on price increases. Its animal-feed
margin fell to 8.7% in 1H21 from around 12%-14% historically due to
the 40%-45% rise in corn and soybean meal prices from 1H20.
Raw-material prices have fallen from June 2021, which should help
its feed segment to recover. Its position as Indonesia's
second-largest poultry company also enables it to stock more raw
materials and adjust output to defend margins.

Capex Flexibility Contains Leverage: Japfa's leverage profile may
remain moderate for the next two-to-three years with net
debt/EBITDA of less than 2.0x on better financial performance and
flexible capex. Fitch expects capex to reach IDR1.7 trillion in
2021, similar to that in 2020, with spending of around IDR530
billion in 1H21. The company has a flexible expansionary capex plan
and can raise or lower capex if necessary.

Weak Linkages with Parent: Fitch assesses the linkage between Japfa
and its parent, Japfa Ltd. (JL), as weak under Fitch's Parent and
Subsidiary Linkage Rating Criteria, driven by weak legal and
operational ties. Fitch sees Japfa as the stronger entity and
believe JL's consolidated credit profile is mainly driven by
Japfa's due to the subsidiary's leadership in the Indonesian
poultry market. JL's other businesses are smaller with higher
leverage than Japfa, but they do not weigh on the consolidated
profile given their improved operations and JL's intention to
deleverage.

The weak linkage caps Japfa's rating at a maximum of two notches
above JL's consolidated profile. Moderate ring-fencing under
Japfa's US dollar bond documentation and stock-exchange regulations
that limit related-party transactions result in the weak legal
ties. There is some board management overlap, but the two companies
have separate funding and treasury management. A lower dividend
payout in 2020 when markets were weaker also implies JL does not
need to rely on Japfa's payments.

DERIVATION SUMMARY

Japfa's IDR can be compared with that of Marfrig Global Foods S.A.
(BB/Stable), Minerva S.A. (BB/Stable) and MHP SE (B+/Stable).

Marfrig's business and financial risk profiles have improved over
the past few years through lower exposure to Brazil, access to more
markets and a sustained decline in its net debt/EBITDA ratio to
around 2.0x by end-2020, from 3.0x in 2019 and 4.0x in 2018. Japfa
has similar leverage, but its Fitch-forecast EBITDA is lower at
around USD340 million compared with Marfrig's more than USD1
billion. As a result, Japfa is rated one notch below Marfrig.

Minerva's export-focused operation, with export sales accounting
for more than 65% of revenue, limits market concentration and
provides the company with diversified revenue sources. Japfa, on
the other hand, is a domestic-focused company and has little export
sales. These factors support Fitch's assessment of a higher rating
for Minerva despite a largely similar leverage profile and minor
EBITDA difference between the two entities.

MHP has lower Fitch-forecast revenue of about USD2 billion compared
with Japfa's USD3 billion but its profitability is better than
Japfa's, resulting in similar EBITDA. MHP's rating, however, is
constrained by covenant breaches of its Eurobond debt that Fitch
expects to continue over the next two years. MHP's rating is also
hampered by governance issues, with related-party loan outflows in
2019 and 2020. These reasons justify Japfa's one-notch higher
rating.

Japfa's National Rating is comparable with that of PT Sumber
Alfaria Trijaya Tbk (Alfamart, AA-(idn)/Stable) and PT Tunas Baru
Lampung Tbk (TBLA, A(idn)/Negative). Fitch believes the higher
EBITDA, lower commodity-price exposure and better financial profile
of Alfamart - one of Indonesia's largest mini-market operators -
warrant the one-notch difference with Japfa's rating.

Both TBLA and Japfa are exposed to commodity price movements as
TBLA is an integrated palm-oil company with a sugar-refining
business. TBLA has a less favourable leverage profile than Japfa
with net debt/EBITDA exceeding 3.3x. TBLA also has lower EBITDA of
about USD200 million, warranting a lower rating than Japfa on the
national scale.

KEY ASSUMPTIONS

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

-- Revenue growth of about 14% in 2021, supported by strong 1H21
    results from the feed and commercial farm business, before
    moderating to 3%-7% from 2022.

-- EBITDA margin of 12% in 2021 on higher feed, DOC and live-bird
    prices before normalising to around 11% from 2022.

-- Total capex of IDR1.7 trillion in 2021 and around IDR2.1
    trillion-2.3 trillion from 2022 with capex intensity of 4%-5%.

-- Dividend payout ratio of 45% in 2021 and 35% from 2022.

RATING SENSITIVITIES

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

-- Leverage, measured by net debt/ EBITDA that is proportionately
    consolidated by minority stakes in a number of subsidiaries,
    of below 1.5x on a sustained basis;

-- No significant weakening in industry fundamentals or Japfa's
    market position.

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

-- Leverage above 2.5x for a sustained period;

-- Significant reduction in the size of the animal-feed segment,
    demonstrated by the segment's share of total revenue falling
    to below 30%.

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

Ample Liquidity: Japfa's liquidity is supported by a cash balance
at end-June 2021 of around IDR1.1 trillion and committed undrawn
bank lines of around IDR3.3 trillion, against IDR1.5 trillion in
short-term loans, which can be rolled over. Japfa issued USD350
million in notes in early 2021 that have been used to make early
redemption of a USD250 million bond, which was initially due in
2022. The next sizeable maturity is in 2022 for its IDR1 trillion
domestic bond that the company plans to repay by using internal
cash and an available bank facility.

Fitch considers Japfa's refinancing risk manageable, supported by
the potential recovery of the poultry market in Indonesia, a
moderate financial profile and proven access to diverse funding
sources.

ISSUER PROFILE

Japfa is the second-largest poultry company in Indonesia, according
to management's estimate, with market share of around 21% in the
poultry-feed business and around 25% in the DOC market in 2020. Its
operations also include aquaculture. Japfa acquired PT So Good
Food, a processed-meat manufacturer, from JL in 2020, enhancing its
vertical integration in the poultry value chain.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch calculated the ratio for rating sensitivities by
proportionately consolidating Japfa's subsidiaries - PT Bumiasri
Lestari, PT Iroha Sidat Indonesia, PT Indojaya Agrinusa and PT
Sentra Satwatama Indonesia - to reflect their significant minority
interests.

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.



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

EXPERIENCE WELLINGTON: Facing NZD477,000 Deficit
------------------------------------------------
Stuff.co.nz reports that Experience Wellington staff said a recent
restructuring to help reduce a nearly NZD1 million deficit has left
them "bruised and unheard".

Stuff relates that Public Service Association organiser Maddy Drew
said union members who worked for Experience Wellington - about 17%
of the organisation's 147 staff - loved the work they did, and were
eager to share it.

Leadership at Experience Wellington needed to "focus on rebuilding
trust" with staff, and make sure staff were vocal, visible and
valued in decision-making processes as the recent restructuring had
left many feeling bruised and unheard, Ms. Drew said.

She questioned whether Experience Wellington was fit for purpose.

"Over the past several years there has been a slow encroachment of
Experience Wellington moving from a small corporate office that
supported the institutions with shared services, to a larger
bureaucracy that seeks to be a 'brand' that sits above the
institutions," the report quotes Ms. Drew as saying.

A finance report from March said Experience Wellington was looking
at a NZD900,000 deficit at the year's end, which included provision
for the restructuring. However, following funding from Wellington
City Council, that deficit was now NZD477,326, the organisation
confirmed on Sept. 13, Stuff discloses.

"Experience Wellington must eliminate our operating deficit and
return to a neutral operating budget by July 2022," an emailed
statement sent in May on behalf of chief executive Sarah Rusholme
said.

The proposed structure would enable better planning, procurement,
systems and processes while taking advantage of commercial
opportunities as tourism gradually returned, the statement by
Stuff, said.

"The structure alone would not deliver cost savings, however the
collaborative work resulting from the proposed structure, if
implemented, is expected to deliver cost benefits as opportunities
are realised," it said.

Stuff relates that the restructuring was "a terrible process", said
Catherine Marks, a special counsel from law firm Russell McVeagh,
which represents a group of patrons of City Gallery Wellington who
hold concerns about its future.

"This is the problem of having six institutions together - there's
no differentiation. . . . To say there's cost benefits overall
without looking at the devastating impacts on [future exhibitions]
is kind of incredible. The structure just isn't right for City
Gallery."

Stuff relates that Ms. Marks said legal teams were working to take
a case to the auditor-general for review. This was an example where
the law - particularly the Local Government Act - was broken, she
said.

Experience Wellington is a council-controlled umbrella organisation
which operates City Gallery Wellington, Space Place at Carter
Observatory, Nairn Street Cottage, Wellington Museum, Capital E and
the Cable Car Museum.



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

PHILIPPINE AIRLINES: Bankruptcy Court Approves First Day Motions
----------------------------------------------------------------
Philippine Airlines Inc. (PAL) on Sept. 10 disclosed that the
United States Chapter 11 court approved all "First Day" motions on
an interim or final basis for PAL's voluntary restructuring
following petitions filed on September 3, 2021.

These approvals mark an important step forward in PAL's recovery
plan, which will reduce the Company's debt by US$2.0 Billion and
help the Company recover from the impact of the global pandemic.

"This is a significant step in our recovery plan and supports our
ongoing operations to continue serving our valued customers and
connecting the Philippines with the world. The combination of our
substantial creditor support and the Court's approvals enables us
to progress toward an expedited emergence and full recovery. As
travel demand increases and restrictions ease, we continue to
increase domestic and international flights, while maintaining the
safety and health of our passengers and employees," said Gilbert F.
Santa Maria, PAL President & Chief Operating Officer.

The orders granted by the U.S. Bankruptcy Court for the Southern
District of New York allow PAL to operate in the normal course
ensuring that the Company can continue to serve customers as a
full-service airline and the flag carrier of the Philippines. PAL
received authorization to:

   -- Honor and maintain all customer programs, including valid
tickets and travel vouchers, Mabuhay Miles and benefits, and refund
obligations, subject to PAL's usual terms and conditions of use.
Mabuhay Miles members can expect to continue to accrue and redeem
Mabuhay Miles as usual.

   -- Pay ongoing suppliers and trade creditors in the ordinary
course for goods and services delivered throughout the Chapter 11
process.

   -- Continue to pay all employee wages, compensation and benefit
obligations, subject to the continuation of any temporary work
arrangements as necessary and maintain employee benefit programs in
the ordinary course of business throughout the Chapter 11 process.

   -- Access the first US$20 Million of its debtor-in-possession
financing totaling US$505 Million.

PAL will continue to operate flights in the normal course of
business in accordance with safety regulations, and the Company
expects to continue to meet all its current financial obligations
throughout the Chapter 11 process to employees, customers, the
government, and its lessors, lenders, suppliers, and other
creditors.

Filing Entities

Philippine Airlines Inc. is the only party included in the Chapter
11 filing; while PAL Holdings Inc., which is listed on the
Philippine Stock Exchange (PSE: PHI), and Air Philippines
Corporation, known as PAL Express, are not included in the Chapter
11 filing.

Additional Information

Additional resources for customers and other stakeholders, and
other information on PAL's filings, can be accessed by visiting the
Company's restructuring website at www.PALrecovery.com.

Court filings and other documents related to the Chapter 11 process
in the U.S. are available on a separate website administered by
PAL's claims agent, KCC, at www.kccllc.net/PAL. Information is also
available by calling (866) 967-0671 (U.S./Canada) or (310) 751-2671
(International).

Debevoise & Plimpton LLP, Norton Rose Fulbright US LLP and Angara
Abello Concepcion Regala & Cruz (ACCRA) are acting as legal
advisors and Seabury Securities LLC as financial advisor and
investment banker to the Company.

                     About Philippine Airlines

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world.

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569).

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines.  Kurtzman Carson Consultants LLC is the claims agent.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.


PHILIPPINE AIRLINES: Has Interim OK to Tap $20MM DIP Loan
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
authorized Philippine Airlines, Inc. to, among other things, borrow
under the DIP Loan Documents and the Interim Order up to an interim
aggregate principal amount of $20 million.

The Debtor previously requested the Court for authority to obtain
postpetition financing in an aggregate principal amount of up to
$505 million.

The DIP Facility consists of:

     * $250 million first lien secured Tranche A multi-draw term
loan facility

        Of this amount, $20 million will be available in a single
draw upon entry of the Interim DIP financing order.  The remainder
will be available in a single draw upon entry of the Final Order.
Buona Sorte Holdings, Inc. is the Initial Tranche A DIP Lender.

     * $255 million second lien secured Tranche B multi-draw term
loan facility

       The loan will be available in no more than two draws upon
entry of the Final Order, from PAL Holdings Inc., as Tranche B DIP
Lender.

Buona Sorte serves as administrative and collateral agent for the
DIP loans.  The Initial Tranche A DIP Lender directly owns
approximately 60% of the equity of non-Debtor Trustmark Holdings
Corporation, which in turn directly owns approximately 76.9% of the
equity of the Initial Tranche B DIP Lender, which in turn directly
owns approximately 98.57% of the equity of the Debtor. Buona Sorte
also served as prepetition Bridge Lender.

Buona Sorte provided term loans to the Debtor pursuant to Loan
Agreements, dated as of February 10, 2021 (the "First Bridge Loan
Agreement"), May 27, 2021 (the "Second Bridge Loan Agreement"), and
August 19, 2021 (the "Third Bridge Loan Agreement").  Pursuant to
the Bridge Loan Agreements, the Bridge Lender provided credit
facilities to the Debtor in an aggregate principal amount of $100
million, comprised of (a) $60 million pursuant to the First Bridge
Loan Agreement, (b) $25 million pursuant to the Second Bridge Loan
Agreement, and (c) $15 million pursuant to the Third Bridge Loan
Agreement. The Bridge Loan Facilities provided the Debtor with the
necessary liquidity and runway to prepare for an organized
bankruptcy filing and negotiate Restructuring Support Agreements
with numerous lenders and lessors regarding the Debtor's go-forward
aircraft leases, long-term loans, and optimized fleet leasing
strategy in accordance with the Debtor's revised business plan.

The Debtor granted to the Bridge Lender a first priority security
interest in and a continuing lien on each of the Aircraft, Engines,
and Spare Engines, subject only to any Permitted Liens. The Bridge
Loan Collateral includes all of the DIP Collateral, except the
Mabuhay Miles frequent flyer program.

As adequate protection for the Debtor's use of cash collateral, the
Bridge Lender is granted:

     a. Adequate Protection Liens, which are junior to Permitted
Senior Liens, the Tranche A DIP Liens, and the Bridge Loan Liens
and senior to the Tranche B DIP Liens;

     b. Adequate Protection Superpriority Claims, which are junior
to the Carve Out, the DIP Superpriority Claims arising under the
Tranche A DIP Facility, and the Bridge Loan Obligations and senior
to the DIP Superpriority Claims arising under the Tranche B DIP
Facility; and

     c. Adequate Protection Payments, consisting of periodic cash
interest and reasonable, out-of-pocket fees and expenses.

The DIP Lenders require the Borrower to meet these milestones:

     a. No more than 20 days after the Petition Date, the Borrower
will have filed a motion seeking entry of (A) the DIP Order and (B)
one or more final orders authorizing the Borrower to assume all
executed Restructuring Support Agreements, in each case, in form
and substance acceptable to the Lenders;

     b. No later than 60 days after the Petition Date, (A) the
Final DIP Order, and (B) the RSA Assumption Order each will have
been entered by the Bankruptcy Court;

     c. No later than 60 days after the Petition Date, the Borrower
will have filed a plan of reorganization materially consistent with
the Restructuring Support Agreements, a related disclosure
statement, and a motion for a hearing on the Acceptable Plan and
the Disclosure Statement, in each case reasonably acceptable to the
Lenders;

     d. No later than 120 days after the Petition Date,
solicitation on the Acceptable Plan will have been completed;

     e. No later than 150 days after the Petition Date, the
Bankruptcy Court will have entered a final order confirming the
Acceptable Plan and a final order approving the Disclosure
Statement, in each case in form and substance acceptable to the
Lenders; and

     f. No later than 180 days after the Petition Date, the
effective date of the confirmed Acceptable Plan will have
occurred.

The final hearing on the matter is scheduled for September 30, 2021
at 10:00 a.m.

A copy of the order and the Debtor's 14-week cash flow forecast
through the week of November 29, 2021, is available at
https://bit.ly/2VDLbKw from PacerMonitor.com.

The Debtor projects $23.54 million in total receipts and $23.70
million in total operating disbursements for the each of week of
September 3 and the week of September 13.

                     About Philippine Airlines

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world.

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569).

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines.  Kurtzman Carson Consultants LLC is the claims agent.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.




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

BOOTLE'S PTE: KordaMentha Appointed as Liquidators
--------------------------------------------------
Cameron Duncan and David Kim of KordaMentha on Sept. 8, 2021, were
appointed as provisional liquidators of Bootle's Pte Ltd.

The liquidators can be reached at:

         Cameron Duncan
         David Kim
         KordaMentha Pte Ltd
         16 Collyer Quay #30-01
         Singapore 049318


EAGLE HOSPITALITY: Crowne Plaza Scheduled for Sept. 13-15 Auction
-----------------------------------------------------------------
Bill Trotta of The Wolf reports that the Crowne Plaza, in Danbury,
Connecticut, is scheduled for bankruptcy auction starting on Sept.
13, 2021.

According to bizbuysell.com, the auction will take place September
13th through the 15th and bidding will start at $3 million, which
is a far cry from the venue's most recent appraisal of $10 million
dollars by the city of Danbury and its $13 million dollar appraisal
back in 2017.

It's been kind of a double whammy for the property, between the
pandemic and Governor Ned Lamont shutting down hotels statewide
last year, the Crowne Plaza has been struggling to stay above
water. Now the time has come to offer this hotel up to the highest
bidder.

The Crowne Plaza is one of 14 hotels put on the block this 2021 by
Eagle Hospitality Trust after the real estate investment trust
filed for chapter 11 bankruptcy protection.  Since its completion
in 1980, the hotel has gone through a number of different owners
and has changed names many times. From the Danbury Hilton, to the
Danbury Sheraton, to the Danbury Plaza, then back in 2012 the hotel
became the Crowne Plaza.

As far as the Danbury property is concerned, HREC Investment
Advisors is overseeing the auction and the bids for the Crowne
Plaza. One thing to remember is that just because it's been a hotel
since its inception, new owners would have many options including
residential multi-family units, or even a senior living facility.

                  About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker.  COLE SCHOTZ P.C. is the Delaware
counsel.  RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is
the claims agent.


MARBLE II PTE: Moody's Withdraws Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Marble II Pte. Ltd.'s Ba2
corporate family rating. The rating outlook prior to the withdrawal
was stable.

RATINGS RATIONALE

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

Marble II Pte. Ltd. was previously the holding company of Mphasis
Limited. Mphasis is an Indian outsourced IT solutions provider. The
company provides application maintenance and development, knowledge
process, infrastructure management, transaction processing, and
technical help desk services.


TEMASEK FOUNDATION: Creditors' Proofs of Debt Due on Oct. 11
------------------------------------------------------------
Creditors of Temasek Foundation Ecosperity Clg Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Oct. 11, 2021, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Aw Eng Hai
         24 Raffles Place
         #07-03 Clifford Centre
         Singapore 048621


WESTPAC SINGAPORE: Creditors' Proofs of Debt Due on Oct. 11
-----------------------------------------------------------
Creditors of Westpac Singapore Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 11,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Ho Lon Gee
         c/o 80 Robinson Road #02-00
         Singapore 068898


WISE AUTO: Creditors' Proofs of Debt Due on Sept. 30
----------------------------------------------------
Creditors of Wise Auto Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Sept. 30, 2021, to be
included in the company's dividend distribution.

The company's liquidator is:

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



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

VIETNAM ELECTRICITY: Fitch Affirms 'BB' LT FC IDR, Outlook Pos.
---------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term
Foreign-Currency Issuer Default Rating at 'BB' with a Positive
Outlook. The agency has also affirmed EVN's senior unsecured rating
of 'BB'.

EVN's ratings reflect its Standalone Credit Profile (SCP), which is
at the same level as that of the Vietnamese sovereign
(BB/Positive). Under Fitch's Government-Related Entities (GRE)
Rating Criteria, EVN's ratings will be equalised to that of the
sovereign in case of any weakening in the SCP, provided the
likelihood of support remain intact. The Positive Outlook reflects
that of the sovereign.

EVN's 'bb' SCP reflects its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
its 43% share of Vietnam's power generation capacity as of
end-2020. Fitch expects EVN's financial profile to be much stronger
than commensurate for its SCP assessment.

KEY RATING DRIVERS

Strong State Linkages: Fitch views EVN's status, ownership and
control by the Vietnamese sovereign as 'Very Strong'. The state
fully owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%.

The support record and Fitch's expectations of state support for
EVN are 'Strong', as EVN has received guarantees, step-down loans,
loans from state-owned banks at preferential rates, project
subsidies and tax incentives. Fitch expects support to be
available, if needed, even as the government intends to gradually
lower debt guarantees to state-owned enterprises.

Strong State Incentive to Support: Fitch believes the
socio-political implications of a potential EVN default are
'Strong', as a default by EVN would lead to service disruption in
light of the company's entrenched position across the
electricity-sector value chain. Fitch sees the financial
implications of a potential default by EVN as 'Very Strong', as
this would significantly affect the availability and cost of
domestic and foreign financing options for the state and GREs
because EVN is one of Vietnam's key borrowers.

Entrenched Market Position: EVN is a monopoly in Vietnam's
electricity transmission and distribution sector. It owns and
operates about 43% of the total installed generation capacity,
including large strategic hydropower assets to generate
electricity, control floods and for irrigation. EVN also operates
the national power-dispatch system, selling electricity to over 28
million customers country-wide. The group has steadily augmented
its transmission and distribution network to support the growing
generation capacity (partly from EVN) while cutting losses in the
past few years.

Sufficient Headroom Amid Tariff Discounts: The government directed
EVN to provide electricity tariff discounts in 2020 (VND12.3
trillion) and 2021 (VND4.7 trillion) over five phases to support
growth. Fitch estimates Vietnam's electricity demand will increase
by 5% in 2021 (1H21: 8% yoy), against 9% average growth in the
past, on restrictions to control a recent Covid-19 resurgence. Even
so, EVN's SCP has reasonable headroom to absorb the impact of the
lower electricity demand and reduced electricity tariffs, in
Fitch's view.

Strong Demand, Solid Collections: Fitch expects electricity demand
in Vietnam to continue to increase at an average rate of 8% a year
from 2022 onwards, underpinned by rising industrialisation,
urbanisation and affluence. Vietnam has a solid national
electrification ratio of about 99%, with the ratio reaching almost
100% in urban areas. Management has said all electricity consumers
are billed regularly and collection rates are between 99% and 100%
across EVN's five power-distribution companies.

Hydrology, Currency and Demand Risks: Hydropower accounts for about
30% of Vietnam's power-generation capacity; years with productive
hydropower generation lift EVN's profit margin, while lower
rainfall years force it to rely on expensive coal. About 50% of
EVN's borrowings are denominated in foreign currency, exposing it
to substantial currency risk. Significantly weaker electricity
sales volume can subject EVN to financial stress due to large capex
plans. However, Fitch expects EVN to have flexibility in adjusting
investments in the face of softer demand growth.

Pandemic to Delay Tariff Increases: Fitch expects delays in
implementing tariff increases to continue on account of the
pandemic impact to contain inflation and support economic growth.
Retail tariffs are likely to average at VND1,856/kWh in 2021 (2%
increase from 2020), mainly from lower discounts compared with the
previous year. The tariff framework allows increase in electricity
tariff every six months was introduced in August 2017 and automatic
adjustments are limited to 5%, above which require government
approval.

Capex to Increase: Fitch expects EVN's capex to increase to around
VND58 trillion in 2021 (2020: VND49 trillion) and VND70 trillion to
100 trillion a year from 2022. EVN invests to manage increases in
power demand, and ramp up grid infrastructure. According to draft
Power Development Plan 8 (PDP8), EVN will prioritise enhancing
transmission and distribution infrastructure to accommodate new
capacity additions from renewable segments.

Standalone Credit Profile of 'bb': Fitch expects the company to
generate more than VND70 trillion in operational cash flow a year
over 2021-2024. However, it is likely to generate low, if not
negative, free cash flow due to its high capex plans. The company
will fund the capex through a mix of internal accruals and
additional borrowings. Fitch estimates that EVN's funds from
operations (FFO) net leverage will stay around 2.0x to 2.5x from
2021 (2020: 2.5x), much stronger than required for its SCP.

An upward revision of EVN's SCP is contingent on consistent
application of electricity regulatory reforms, including a longer
record of tariff adjustments that reflect cost changes, while FFO
net leverage remains below 5.0x. In the absence of required
increase in power tariffs, EVN's financial profile can deteriorate
more rapidly than its peers because of its reliance on volatile
hydropower and high exposure to foreign-currency denominated debt.

DERIVATION SUMMARY

EVN's ratings will remain equalised to that of Vietnam even if its
SCP falls below the sovereign rating. EVN would be rated on a
top-down basis, one notch below Vietnam sovereign rating, only in
case EVN's SCP falls more than three notches below the sovereign
rating and there is weakening of likelihood of support from
sovereign to EVN, such that GRE score falls below 42.5, from the
current level of 45. Fitch considers this as a remote prospect in
the medium term.

Similarly to EVN, Vietnam Oil and Gas Group (PVN, BB/Positive) and
PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable) are
comparable in their linkages to sovereign.

The status, ownership and control, and the financial implications
of default, of EVN, PLN and PVN are assessed as 'Very Strong', as
these companies are wholly government-owned entities. However,
EVN's and PVN's support record and expectations are 'Strong',
against PLN's 'Very Strong', because the support from government
for EVN and PVN is not as consistent and significant due to their
better financial profiles. Vietnam's government also intends to
reduce support progressively by way of lower debt guarantees to
GREs. PLN relies on the government for subsidies and compensation
income to remain profitable.

EVN's socio-political impact of default is assessed as 'Strong'
compared with PVN's and PLN's 'Very Strong'. Fitch regards the
socio-political implications of a default as 'Very Strong' for PVN,
as any disruptions to PVN's operations will affect the entire
energy value chain in Vietnam. The 'Strong' assessment for EVN
reflects the presence of other state-owned entities that can step
in to produce power if EVN is in financial distress, and feedstock
for power generation is procured mostly from other state-owned
enterprises. PLN has monopoly in Indonesia's electricity
transmission and distribution sectors and owns and operates the
majority of installed power-generation capacity, therefore a
default would severely affect the country.

The financial implications of default for EVN, PVN and PLN are
'Very Strong', as it would significantly affect the availability
and cost of domestic and foreign financing options for the state
and GREs, given all three companies are their respective country's
key borrowers.

KEY ASSUMPTIONS

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

-- Installed generation capacity in Vietnam expected to increase
    to 80GW by end-2022, from 69GW in 2020, led by private
    enterprises;

-- Aggregate system plant load factors of around 44% (2020: 44%);

-- System losses of around 6.5% (2020: 6.4%);

-- Electricity sales volume to increase by 5.0% in 2021, 8.2% in
    2022 and then 8.3% (2020: 3.5%);

-- Average electricity tariffs to increase by 2% to VND1,856/kWh
    in 2021 and then remain almost flat;

-- Increase of 5% to 8% per year in per unit fuel and electricity
    purchase cost;

-- Capex of VND58 trillion in 2021 and then VND70 million to
    VND100 trillion a year (2020: VND49 trillion);

-- Dividend payout ratio is estimated at an average of 24% per
    year (2020: 19%).

RATING SENSITIVITIES

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

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

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in likelihood of support the state. Fitch sees this as a
    remote prospect in the medium term.

For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its rating action commentary of 1 April
2021:

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

-- Macroeconomic Policy and Performance: Sustained high growth
    that reduces the GDP per capita gap vis-à-vis Vietnam's peers
    while maintaining macroeconomic stability.

-- Public Finances: Further improvement in public finances, for
    example, through sustainable fiscal consolidation and debt
    stabilisation over the medium term, as well as a higher
    revenue base or a reduction in the risk of contingent
    liabilities.

-- Structural: A material reduction in risks posed to the
    sovereign balance sheet from weaknesses in the banking sector,
    for instance, through improvements in capitalisation,
    transparency regarding asset quality and the regulatory
    framework.

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

-- Macroeconomic: A deterioration in Vietnam's policy mix that
    creates risks for macroeconomic stability or leads to an
    increase in macroeconomic imbalances, for instance, resulting
    in a sustained decline in foreign-currency reserves.

-- Public Finances: Crystallisation of contingent liabilities on
    the sovereign's balance sheet, which leads to a failure to
    stabilise government debt over the medium term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: EVN had VND143 trillion of cash equivalents at
end-2020, against current debt maturities of VND47 trillion. Fitch
estimates EVN will generate more than VND70 trillion of operational
cash flow a year from 2021 (2020: VND83 trillion). Fitch expects
EVN's cash generation to be sufficient to manage its debt
maturities, which will not exceed VND50 trillion a year over the
next three years. EVN is likely to use a mix of internal funds and
external borrowings to fund its capex. Fitch believes the company
can secure adequate funding because of its close linkages to the
sovereign.

ISSUER PROFILE

EVN is a monopoly in the electricity transmission, distribution and
supply sectors, owning 43% of Vietnam's electricity generating
capacity. Its electricity transmission business is via fully owned
subsidiary National Power Transmission Corporation (BB/Positive,
SCP: bb+), and it distributes power via five wholly owned,
'BB'/Positive rated distributions companies with SCPs at the same
level as EVN.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of EVN are directly linked to the credit quality of its
parent, the sovereign. A change in Fitch's assessment of the credit
quality of the parent will result in a change in the rating on
EVN.

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.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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