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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

          Monday, September 20, 2021, Vol. 24, No. 182

                           Headlines



A U S T R A L I A

GRAHAM CARD: First Creditors' Meeting Set for Sept. 29
HEALTHPOINT DIGITAL: First Creditors' Meeting Set for Sept. 28
LJHART PTY: First Creditors' Meeting Set for Sept. 24
LUFRA INVESTMENTS: First Creditors' Meeting Set for Sept. 29
PERENTI GLOBAL: Fitch Affirms 'BB' LT IDR, Outlook Positive

PROSPAROUS TRUST 2021-1: Moody's Assigns B3 Rating to Cl. E Notes
SOCIETYONE PL 2021-1: Moody's Gives B2 Rating to AUD8.4MM F Notes
TRIIION HOLDINGS: First Creditors' Meeting Set for Sept. 30


C H I N A

CHINA EVERGRANDE: Requests 6 Execs to Return Redeemed Funds
FANTASIA HOLDINGS: Fitch Lowers LT FC IDR to 'B', Outlook Neg.
KUNMING INDUSTRIAL: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
RONSHINE CHINA: Moody's Lowers CFR to B2, Outlook Remains Stable
SANSHENG HOLDINGS: Moody's Assigns First Time 'B2' CFR

TD HOLDINGS: Signs Settlement Agreement With White Lion
ZENSUN ENTERPRISES: Moody's Assigns 'B3' Rating to New USD Notes


I N D I A

AAA VEHICLEADES: CARE Keeps D Debt Rating in Not Cooperating
AIR INDIA: Government May Select Successful Bidder in 3 Weeks
AL-DUA FOOD PROCESSING: Insolvency Resolution Process Case Summary
ALLIED ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating

ANJANEE CEMENT: CARE Reaffirms B Rating on INR8.53cr LT Loan
ARUNODAY SALES: CARE Keeps D Debt Rating in Not Cooperating
ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
ASHTAVINAYAK BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
BALAJI ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating

DORABJI AUTO: CARE Lowers Rating on INR7.0cr LT Loan to B+
DURGAPUR INSTITUTE: CARE Lowers Rating on INR50cr LT Loan to B
ENTALLY ASTHA: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
GOLDEN JUBILEE: CARE Keeps D Debt Ratings in Not Cooperating
HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating

JBM HOMES PRIVATE: Insolvency Resolution Process Case Summary
JBM SHELTERS PRIVATE: Insolvency Resolution Process Case Summary
LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
LEARNET SKILLS: Ind-Ra Moves 'BB' Bank Rating to Non-Cooperating
M.T. PATIL: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating

M/S AVIGNA: Ind-Ra Moves 'BB-' LT Issuer Rating to Non-Cooperating
M/S GMA: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Negative
MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating
MAHAVIR CASHEW: CARE Lowers Rating on INR20cr LT Loan to B
MAHENDRAKUMAR JAIN: CARE Lowers Rating on INR9.8cr Loan to C

MARYMATHA INFRASTRUCTURE: Ind-Ra Assigns 'BB-' LT Issuer Rating
MAX ALERT: Insolvency Resolution Process Case Summary
NILE OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
NSL COTTON: CARE Keeps D Debt Ratings in Not Cooperating
ORTEL COMMUNICATIONS: CARE Keeps D Debt Ratings in Not Cooperating

P RAMU: Ind-Ra Moves B+ Long-Term Issuer Rating to Non-Cooperating
PNL CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating
RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category
RAUNAQ CONSTRUCTION: CARE Assigns D Rating to INR10.10cr Loan

RWL HEALTHWORLD: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SAGAR PULSES: CARE Keeps B+ Debt Rating in Not Cooperating
SAPTARISHI HOTELS: CARE Keeps D Debt Ratings in Not Cooperating
SCHOOLNET INDIA: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SCSL AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable

SHIVAM HOSPITAL: CARE Lowers Rating on INR12.5cr LT Loan to B+
SONA OVERSEAS: CARE Lowers Rating on INR9.90cr LT Loan to B-
STARBIGBLOC BUILDING: Ind-Ra Moves BB- Rating to Non-Cooperating
UTTAM DOORS: CARE Keeps D Debt Rating in Not Cooperating
VAIDYA INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating

VAIDYA V: CARE Keeps B- Debt Rating in Not Cooperating Category
VAMA INDUSTRIES: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
VIBRANT FAB: CARE Lowers Rating on INR12.50cr Loan to D
VINTAGE HOME: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

QUALIFUND LIMITED: To be Shut Down After Tipoff to Authorities


P H I L I P P I N E S

PHILIPPINE AIRLINES: More Headaches Loom for PAL Post-Bankruptcy


S I N G A P O R E

EAGLE HOSPITALITY: Court Orders Investors to Return $2.4 Million
GEO ENERGY: Moody's Upgrades CFR to B3 Following Debt Redemption
KITCHEN CULTURE: Former CEO Serves Company With Writ of Summons
MIRACH ENERGY: To Delist from Singapore Exchange on Sept. 30


T A I W A N

WAN HAI: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable


V I E T N A M

DAT XANH GROUP: Fitch Rates Proposed USD Sr. Unsec. Notes 'B'
DAT XANH GROUP: Moody's Assigns 'B2' Rating to Proposed Bond


X X X X X X X X

A.K. SONI: CARE Keeps D Debt Rating in Not Cooperating Category

                           - - - - -


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A U S T R A L I A
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GRAHAM CARD: First Creditors' Meeting Set for Sept. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Graham Card
Builder Pty Ltd will be held on Sept. 29, 2021, at 9:00 a.m. via
telephone conference facilities.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Graham Card on Sept. 17, 2021.


HEALTHPOINT DIGITAL: First Creditors' Meeting Set for Sept. 28
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Healthpoint
Digital Pty Ltd will be held on Sept. 28, 2021, at 12:00 p.m. via
electronic facilities.

Jeremy Joseph Nipps of Clifford Stuart Rocke was appointed as
administrator of Healthpoint Digital on Sept. 15, 2021.



LJHART PTY: First Creditors' Meeting Set for Sept. 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ljhart Pty
ltd trading as 'Harts Takeaway', 'Junction Hotel Peterborough',
'Hart's Sweetopia' and 'Hart's Fusion Clothing' will be held on
Sept. 24, 2021, at 10:30 a.m. via zoom teleconferencing
facilities.

Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of Ljhart Pty on Sept. 14, 2021.


LUFRA INVESTMENTS: First Creditors' Meeting Set for Sept. 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lufra
Investments Pty Limited trading as Lufra Hotel, will be held on
Sept. 29, 2021, at 10:00 a.m. virtual meeting technology.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of Lufra Investments on Sept. 17,
2021.


PERENTI GLOBAL: Fitch Affirms 'BB' LT IDR, Outlook Positive
-----------------------------------------------------------
Fitch Ratings has affirmed Australia-based Perenti Global Limited's
Long-Term Issuer Default Rating at 'BB'. The Outlook is Positive.

The affirmation follows a review of the company's performance in
the financial year ended June 2021 (FY21). Its Fitch-adjusted
revenue increased by 2%, while Fitch-adjusted EBITDA dropped by
12%, with the EBITDA margin narrowing to around 17%. Nonetheless,
strong cash conversion led to debt reduction with leverage,
measured by funds from operations (FFO) to net debt, of 1.8x in
FY21.

The company's performance reflects Covid-19 disruptions, with
restrictions in international travel and site access dampening
productivity at its mining sites, tight labour market conditions in
Australia, which resulted in higher employee turnover and wage
growth, and a strong Australian dollar. Steady performance in the
underground mining division was offset by contraction in the
surface mining business.

KEY RATING DRIVERS

Improving Jurisdictional Risk Profile: The Positive Outlook is
supported by the company's higher exposure to stable mining
jurisdictions in FY21, resulting in 56% of revenue derived from
projects in Australia, North America and Botswana. The proportion
is heading towards Fitch's guideline for positive action, although
the ramp-up at several of the company's international projects was
slower than Fitch's expectations due to the pandemic.

Fitch expects Perenti's exposure to countries with weak sovereign
ratings to decline continuously as around 70% of its work-in-hand
and its pipeline are in countries with investment-grade sovereign
ratings, coupled with a strategy to continue diversifying into
stable regions.

Underground Mining's Stable Cash Flow: Perenti's underground mining
division made the largest contribution to EBITDA of around 85% in
FY21. Its stable cash flow through the cycle was evident from the
division's steady EBITDA contribution over the last decade,
especially compared with its surface mining and investment
divisions as well as competitors.

The stability is underpinned by the strong cost position of the
mines that Perenti serves, the focus on production-related
services, and the higher barriers to entry and lower capital
intensity than surface mining. The underground mining EBITDA
enhances the cash flow stability of Perenti and its ability to meet
interest payments, even during a commodity downturn.

Conservative Financial Policy: Perenti has a target leverage ratio
- defined by the company as net debt/EBITDA - of less than 2x and
has proved its willingness to maintain a strong balance sheet by
raising equity to fund growth capex and acquisitions. In addition,
its business model permits the company to reduce growth capex
during commodity downturns, allowing it to generate positive cash
flow after capex.

Perenti has kept leverage within its target by undertaking
capital-management initiatives, including reducing capex,
suspending dividends and divesting non-core assets. Fitch expects
leverage to improve to around 1.3x in FY25 from 1.8x in FY21, on
higher FFO.

DERIVATION SUMMARY

Perenti's rating reflects its stable cash flow from diversified
underground mining-service contracts and the competitive cost
position of the mines it serves. This compares favourably against
its peer, Indonesia-based PT Bukit Makmur Mandiri Utama
(BB-/Negative), which has a less-diversified business model with
concentrated and lower-quality counterparties. Perenti has better
scale and credit metrics, and diversified commodity exposure and
customer base, although these are countered by its exposure to
Africa. These factors underscore the one-notch rating differential
between the two companies.

Thiess Group Holdings Pty Ltd (BBB-/Stable) is the largest
mining-service company globally and has better scale and
diversified business operations, with no exposure to countries with
high sovereign risks compared with Perenti. However, these are
countered by Thiess' relatively volatile cash flow profile due to
its exposure to mines with a weaker cost position. Both companies
have similar leverage profiles. These factors underscore the
two-notch rating differential between two companies.

KEY ASSUMPTIONS

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

-- Steady revenue growth due to new contract wins and extension
    of existing contracts;

-- Fitch-adjusted group EBITDA margin to be around 18% over the
    next four years;

-- Net capex of around 12% of revenue over the next four years;

-- Dividend payout ratio at around 45% of underlying net profit
    after tax.

RATING SENSITIVITIES

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

-- Maintain FFO net leverage below 2x for a sustained period
    (FY21: 1.8x);

-- Derive at least 60% of revenue and work-in-hand from
    investment-grade rated countries on a sustained basis
    (FY21:56%).

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

-- Failure to achieve the upgrade sensitivities could result in a
    return to a Stable Outlook.

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: Perenti had cash and equivalents of AUD265
million at end-June 2021 and interest-bearing liabilities of AUD710
million, resulting in interest-bearing net debt of AUD445 million.
Its overall liquidity position was around AUD595 million in cash
and undrawn facilities, ensuring that the company is
well-positioned for growth and to withstand Covid-19 uncertainty.
The company's next debt maturity is its revolving credit facility
equivalent to AUD400 million due July 2023.

ISSUER PROFILE

Perenti, in operation since 1987, is the second-largest
mining-service company listed on the Australian Securities Exchange
by revenue. Its operations include underground and surface contract
mining and exploration, and providing development and
production-related services to its mining clients across Australia,
Africa and North America.

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.

PROSPAROUS TRUST 2021-1: Moody's Assigns B3 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes to be issued by PROSPArous Trust 2021-1.

Issuer: PROSPArous Trust 2021-1

AUD134.0 million Class A Note, Assigned Aa3 (sf)

AUD4.0 million Class B Notes, Assigned A3 (sf)

AUD23.0 million Class C Notes, Assigned Baa3 (sf)

AUD12.0 million Class D Notes, Assigned Ba3 (sf)

AUD11.0 million Class E Notes, Assigned B3 (sf)

The AUD6.0 million Class F Notes and the AUD10.0 million Seller
Notes are not rated by Moody's.

PROSPArous Trust 2021-1 is a securitisation of Australian small
business loans and line of credit facilities. All portfolio
receivables were originated by Prospa Advance Pty Limited (Prospa,
unrated). This is Prospa's first term securitisation.

Prospa is an Australian online small business lender offering
high-yielding, unsecured short-term loans, line of credit and
business-to-business payment solutions to small businesses in
Australia and New Zealand. Prospa started originating loans in
2012. As of June 2021, Prospa had originated over AUD2.1 billion of
loans and has 11,900 active customers.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.00% of the rated notes balance, the legal structure,
and the experience of Prospa as servicer.

Key transactional features are as follows:

A 12-month revolving period during which principal proceeds can be
used to fund additional line of credit facility draws or
re-invested in new small business loans subject to portfolio
parameters. Notably, principal proceeds cannot be re-invested in
new line of credit facilities. The revolving period is subject to
termination events which include any unreimbursed charge offs,
90-day arrears ratio exceeding 4% and failure of any portfolio
parameters.

An asset funding facility established to fund line of credit
facility draws in excess of available principal proceeds. The asset
funding facility will be repaid senior to the rated notes. Line of
credit facility draws in excess of available principal proceeds
will be funded by the asset funding facility in conjunction with
the issuance of Class L notes to Prospa. Class L notes will be
repaid subordinate to the rated notes post revolving period. The
utilisation of asset funding facility draws and Class L notes
issuance will be proportioned to maintain Class A notes credit
enhancement levels.

The utilisation of interest rate caps to hedge the interest rate
mismatch between the assets bearing a fixed rate of interest, and
floating rate liabilities. The notional balance of the interest
rate caps will be sized to ensure asset funding facility draws and
the rated notes are hedged at all times.

Excess Spread reserve: If the portfolio yield is lower than 23.92%
or the 90-day arrears rate is greater than 4%, excess spread will
be used to fund the excess spread reserve up to the excess spread
reserve target balance. The excess spread reserve target balance is
calculated as follows: 23.92% less the required payments expressed
as a percentage of the total outstanding principal balance of
receivables, multiplied by the aggregate invested amount of the
Class A, Class B, Class C, Class D and Class E notes. The excess
spread reserve can be utilised to cure portfolio losses and
unreimbursed charge offs.

Perpetual Corporate Trust Limited is the back-up servicer. If
Prospa is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Notable underlying portfolio features are as follows:

The portfolio obligors are micro-size companies and individual
entrepreneurs.

22.0% of the collateral pool are line of credit facilities with a
maximum redraw period of 24 months.

Granularity of the portfolio: The securitised portfolio is highly
granular, with the largest borrower representing 0.25% of the pool
and the 10 largest borrowers representing 2.24% of the pool. The
total number of borrowers is 4,822.

Short weighted average life of the portfolio: 78.0% of the
collateral pool are fully amortising term loans. The maximum loan
maturity is 36 months. The portfolio weighted average life is 10.3
months, calculated on the assumption that all line of credit
facilities are refinanced out of the portfolio on the expiry of
their redraw period.

High portfolio yield: The transaction benefits from the collateral
pool's high weighted average interest rate of 30.92%.

Portfolio concentration in certain industry sectors: Borrowers
active in the Construction Services and Other Store-Based Retailing
industries, as defined by the Australian and New Zealand Standard
Industrial Classification (ANZSIC), account for 21.0% and 15.4% of
the loan portfolio, respectively.

Unsecured loans: Loans in the portfolio are collateralised by
personal guarantees only, and recoveries on defaulted loans often
rely on the realization of this personal guarantee.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 5.86% for
the initial and subsequent portfolios over a weighted average life
(WAL) of 0.86 years (equivalent to a B2 proxy rating as per Moody's
Idealized Default Rates). This default assumption is based on: (1)
the available historical vintage data; (2) the performance of
previous warehouse transactions originated by the originator,
including Prospa Trust Series 2018-1; (3) the characteristics of
the loan-by-loan portfolio information; and (4) the revolving
period parameters. Moody's took also into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility and recovery rate: Moody's assumed a
coefficient of variation (i.e. the ratio of standard deviation over
the mean default rate explained) of 64.24%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's assumes a recovery rate of
10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2021.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.

SOCIETYONE PL 2021-1: Moody's Gives B2 Rating to AUD8.4MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited as
trustee of SocietyOne PL 2021-1 Trust.

Issuer: SocietyOne PL 2021-1 Trust

AUD118.0 million Class A Notes, Assigned Aaa (sf)

AUD17.7 million Class B Notes, Assigned Aa2 (sf)

AUD11.0 million Class C Notes, Assigned A2 (sf)

AUD10.0 million Class D Notes, Assigned Baa2 (sf)

AUD8.4 million Class E Notes, Assigned Ba2 (sf)

AUD8.4 million Class F Notes, Assigned B2 (sf)

The AUD8.5 million of Class G-1 and Class G-2 Notes (together, the
Class G Notes) are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured consumer personal loans originated by
SocietyOne Australia Pty Ltd (SocietyOne, unrated). This is
SocietyOne's inaugural term asset-backed securitisation (ABS)
transaction.

SocietyOne is an Australian non-bank lender providing consumer
loans, including unsecured personal loans and secured auto loans,
to prime borrowers in Australia. As of June 2021, its loan
portfolio amounted to around AUD357.4 million, consisting of over
23,000 receivables.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance, (2) evaluation of the capital structure and credit
enhancement provided to the notes, (3) availability of excess
spread over the transaction's life, (4) the liquidity facility in
the amount of 3.0% of the rated notes balance, subject to a floor
of AUD600,000, (5) the legal structure, and (6) SocietyOne's
experience as servicer.

Key transactional features are as follows:

The notes will be repaid on a sequential basis initially. Once
step down conditions are satisfied, all notes, excluding Class G
Notes, will receive their pro-rata share of principal. Step down
conditions include, among others, 45.0% subordination to the Class
A Notes and no unreimbursed charge offs. The repayment of principal
will revert to sequential on the call option date.

A swap provided by National Australia Bank Limited (NAB,
Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest and the
floating rate liabilities. The notional balance of the swap will
follow a schedule based on the amortisation of the assets assuming
a certain prepayment rate.

Perpetual Corporate Trust Limited (Perpetual, unrated) is the
back-up servicer. If SocietyOne is terminated as servicer,
Perpetual will take over the servicing role in accordance with the
standby servicing deed and back-up servicing plan.

According to Moody's, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables, granularity of the
portfolio and the largely fully-employed status of the obligors,
providing greater income stability. At the same time, Moody's notes
that the transaction features some credit weaknesses such as
limited historical data and low seasoning of the underlying
portfolio.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement (PCE) — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 40.0%. Moody's mean expected
default rate for this transaction is 9.0% and the assumed recovery
rate is 5.0%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.

Moody's analysis is based on limited historical performance data.
SocietyOne is a relatively new originator, with relevant historical
default data only available from the third quarter of 2016. As
such, the pool's performance could be subject to greater
variability than the currently available loss data indicates.
Moody's has incorporated an additional stress into its default
assumptions to account for the limited data, including the fact
that the performance history does not cover a full life cycle for
any one vintage. As such, the assumed default rate and PCE are
higher than for Australian consumer ABS, where the available
historical data cover a fuller economic cycle.

Key pool features are as follows:

As of the August 31, 2021 cut-off date, the securitised pool
consisted of 9,677 personal loans. The total outstanding balance of
the receivables was AUD181,152,562.

The weighted average interest rate of the portfolio is 12.6%.

83.6% of loans are to borrowers in full-time employment.

The weighted average Equifax credit score of the portfolio is
723.

The weighted average remaining term of the portfolio is 46.6
months. The weighted average seasoning of the portfolio is 7.1
months.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization, or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

TRIIION HOLDINGS: First Creditors' Meeting Set for Sept. 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Triiion
Holdings Pty Ltd will be held on Sept. 30, 2021, at 10:30 a.m. via
virtual meeting technology.

Richard Rohrt of Hamilton Murphy Advisory was appointed as
administrator of Triiion Holdings on Sept. 17, 2021.




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C H I N A
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CHINA EVERGRANDE: Requests 6 Execs to Return Redeemed Funds
-----------------------------------------------------------
Reuters reports that six executives of China Evergrande had
redeemed some of the company's investment products in advance
earlier this year, the property group said on Sept. 18.

Between May 1 and Sept. 7, the six executives made early
redemptions of 12 investment products, Evergrande said in a
statement on its website, without identifying the executives or
giving details on the nature of the products, Reuters relays.

"Regarding the early redemption of Evergrande wealth investment
products by some managers, the group company views the matter
seriously," the company said.

Reuters relates that Evergrande said it had requested that all the
funds redeemed by the six managers in advance be returned within a
certain time frame.

Severe penalties would also be imposed, it said.

Evergrande, with over $300 billion in liabilities, is in the throes
of a liquidity crisis that has left it racing to raise funds to pay
its many lenders and suppliers, Reuters notes.

Reuters says the company has epitomised China's freewheeling era of
borrowing and building. Uncertainty about its ability to meet
funding obligations - equal to 2% of China's gross domestic product
- has sent jitters through markets.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on
September 17 2021, S&P Global Ratings downgraded on September 15,
2021, China Evergrande Group (Evergrande) and its subsidiaries
Hengda Real Estate Group Co. Ltd. and Tianji Holding Ltd. to 'CC'
from 'CCC'. S&P also lowered its long-term issue rating on the U.S.
dollar notes issued by Evergrande and guaranteed by Tianji to 'C'
from 'CCC-'. The negative outlook reflects Evergrande's very high
nonpayment risk and probability of debt restructuring. S&P said it
downgraded Evergrande because the company's liquidity appears to be
depleted. As such, S&P believes nonpayment risk is extremely high
and could ultimately lead to debt restructuring--meaning a default
scenario is a virtual certainty.

FANTASIA HOLDINGS: Fitch Lowers LT FC IDR to 'B', Outlook Neg.
--------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Fantasia
Holdings Group Co., Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'B' from 'B+'. The Outlook is Negative.
Fitch has also downgraded the senior unsecured rating and the
rating on Fantasia's outstanding US-dollar senior notes' to 'B',
from 'B+', with a Recovery Rating of 'RR4'.

The downgrade and Negative Outlook reflect Fantasia's lower 1H21
implied cash collection than Fitch expected and uncertainty over
the refinancing of a significant amount of US-dollar bond
maturities through to 2022 in light of ongoing capital market
volatility. The low implied cash collection was partly due to a
higher contribution from joint-venture (JV) projects that are not
consolidated into Fantasia's financials. The cash flow at JV
projects may be less accessible than at consolidated projects.

KEY RATING DRIVERS

Low Implied Cash Collection: Fantasia's implied cash collection,
defined by revenue plus change in contract liabilities, was a low
11% of total contracted sales in 1H21. This was partly due to a
high contribution from off-balance-sheet projects, with only 41% of
contracted sales being consolidated. The performance of
off-balance-sheet projects is not fully reflected in the company's
financials.

In addition, Fantasia's JV investments and net amount due from JVs
increased to CNY10.5 billion in 2020, from CNY4.3 billion in 2019,
and compared with total development inventory of CNY32.7 billion.
Cash flow from JVs may be less accessible than for consolidated
projects and the high JV exposure reduces the company's flexibility
to reduce consolidated leverage by selling project stakes.

Weakened Funding Access: Capital market debt made up 67% of
Fantasia's total debt in 1H21 (2020: 76%), with US-dollar debt
accounting for 53% (2020: 64%). The company's capital-market access
appears to have deteriorated as its bonds are trading at a
significant discount. Fitch believes it may be challenging for
Fantasia to issue or extend its capital-market debt bonds under
current market conditions.

Fantasia has a large amount of capital-market debt maturities from
now till end-2022, including USD1.9 billion of maturing offshore
bonds and CNY6.4 billion of onshore bonds maturing or becoming
puttable. The company can repay these maturities with its CNY24
billion cash and is planning to boost liquidity through asset
sales. However, it has yet to fully repay the near-term offshore
bond maturities and the asset sales are subject to execution risk.
A large drop in its cash balance could also affect its ability to
replenish land bank, which may damage its business profile.

High Leverage: Fitch estimates that Fantasia's leverage, measured
by net debt/adjusted inventory, remained at close to 50% in 1H21,
which was high compared with 'B+' peers.

Adequate Land Bank: Fantasia has 7.5 million square metres of
attributable saleable land bank; Fitch estimates the sales value at
CNY120 billion. The overall quality is satisfactory, with 90% of
land located in tier one and two cities across five core economic
regions. However, some large projects are in less prime areas with
lower churn. For instance, projects in Qingdao, which make up 30%
of the land bank, generated only 6% of total contracted sales in
2020. This has led Fantasia to acquire high-turnover projects in
public auctions to drive contracted sales growth.

DERIVATION SUMMARY

Fantasia's ratings are constrained by high leverage, a low implied
cash collection rate and heavy reliance on US-dollar bonds.

Its attributable contracted sales of CNY35 billion in 2020 were
higher than Modern Land (China) Co., Limited's (B/Stable) CNY22
billion, but leverage of around 50% was also higher than Modern
Land's 40% as well as that of 'B+' peers, such as Hong Yang Group
Company Limited's (B+/Stable) 43%, Hopson Development Holdings
Limited's (B+/Stable) 45% and Redco Properties Group Ltd's
(B+/Stable) 25%. Fantasia's implied cash collection rate of 29% in
2020 and 11% in 1H21 was also lower than Modern Land's 37%,
Hopson's 61% and Redco's 51% in 2020.

In terms of debt structure, 53% of Fantasia's borrowings were
US-dollar bonds and only 21% were bank loans as at 1H21. In
contrast, around 33% of Hong Yang's borrowings were US-dollar bonds
and over 40% were bank loans and around 33% of Redco's borrowings
were US-dollar bonds and 67% were bank loans. Modern Land also
relies heavily on non-bank debt, with bank borrowings accounting
for only 19% of total debt, while trust loans and capital market
debt account for 44% and 36%, respectively.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to rise by 15% in 2021 and 5% in
    2022 (2020: 32%), due to higher average selling prices amid a
    greater contribution from recent land acquisitions in the
    Yangtze River Delta and urban renewal projects in the Greater
    Bay Area;

-- Cash collection rate of 85% in 2021 and 2022 (2020: 85%);

-- 33% of sales proceeds spent on land acquisitions in 2021 and
    2022 (2020: 40%);

-- 35% of sales proceeds spent on construction costs in 2021 and
    37% in 2022 (2020: 38%);

-- EBITDA margin, after adding back capitalised interest, of 26%
    27% in 2021 and 2022 (2020: 30%).

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Fantasia would be
    liquidated in bankruptcy.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach

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

-- 60% advance rate applied to excess cash; that is, available
    cash less three months of attributable contracted sales;

-- 100% advance rate applied to cash restricted for securing
    debt;

-- 70% advance rate applied to net inventory, based on our
    expectation of an EBITDA margin of around 20%;

-- 70% advance rate applied to trade receivables;

-- 60% advance rate applied to property, plant and equipment;

-- 40% advance rate applied to investment properties, based on a
    6.5% capitalisation rate on completed investment properties.

The above items exclude Fantasia's stake in Colour Life. The
recovery value of Fantasia's stake is based on a going concern
approach and was at a 24% discount to market value on 10 September
2021.

The allocation of value in the liability waterfall results in
recovery corresponding to a 'RR1' Recovery Rating for all secured
debt and onshore unsecured debt and 'RR2' for offshore unsecured
debt. However, the Recovery Rating for the senior unsecured debt 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 this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

The Outlook may be revised to Stable if:

-- Implied cash collection and cash interest paid/implied cash
    collection improve to be in line with peers;

-- There is a material improvement in the debt structure and
    funding access.

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

-- Inability to address upcoming maturities in a timely manner;

-- Continued weakness in implied cash collection and cash
    interest paid/implied cash collection;

-- Net debt/net property assets at above 60% for a sustained
    period.

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

High Refinancing Needs: Fantasia has around USD750 million of
offshore bonds maturing in late 2021 and USD1.2 billion 2022.
However, it had CNY24 billion of cash as at 1H21, excluding Colour
Life and restricted cash, of which around CNY10 billion was held at
the holding company level and is readily available for the
repayment of bonds, according to the company. Fitch estimates cash
at the holding company level is sufficient to cover the US-dollar
bond maturities up to and including July 2022.

ISSUER PROFILE

Fantasia is a mid-sized property developer in China. It has been
listed on the Hong Kong Stock Exchange since 2009 and is the
controlling shareholder of Hong Kong-listed Colour Life, one of
China's leading property management companies.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory used in the leverage
calculation includes: inventory, net deposits and prepayments for
projects, investment properties, property, plant and equipment
(land and buildings), land-use rights, investments in JVs, net
amounts due from JVs, and net amount due from non-controlling
interests, less contract deposits and deposits received. Fitch
adjusted the value of investment properties based on cost.

ESG CONSIDERATIONS

Fantasia has an ESG Relevance Score of '4' for Group Structure, as
it has a high proportion of sales from unconsolidated JVs and
associates. The performance of projects under these JVs and
associates are not fully captured in its financial statements,
which limits its financial transparency. This has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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.

KUNMING INDUSTRIAL: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Kunming Industrial Development &
Investment Co. Ltd.'s (KIDI) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB+'. The Outlook is Stable.

KIDI was established in 2005 and is majority owned by the
government of Kunming, the capital of China's Yunnan province. The
company is tasked with promoting domestic industry investment and
development and is mainly engaged in primary land and industrial
park development, industrial and financial investment, commodity
trading and civil-use explosives production.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: KIDI is a limited
liability company that is majority owned by the Kunming State-owned
Assets Supervision and Administration Commission (SASAC), a
department of the city government. Kunming SASAC has direct control
and oversight of the company's board and monitors its strategic
planning and finances. All major corporate events require
government approval. The company is required to report its
operational and financial results to the government regularly.

'Strong' Support Track Record: KIDI has received recurring support
from the government as the city's major government-related entity
(GRE) to promote domestic industry investment and development. KIDI
received capital and asset injections from the government during
the past five years to support the development of not-for-profit
infrastructure, operate investment funds and expand the company's
operating assets. Annual subsidies of CNY220 million, CNY206
million and CNY255 million in 2018, 2019 and 2020, respectively,
made up most of the company's pretax profit.

'Moderate' Socio-Political Implications of Default: Fitch believes
KIDI plays a key role in promoting industries and urban development
within the Kunming municipality. Hence, a default could disrupt the
city's economic development. However, Kunming has more than one
GRE, which means that the government can appoint another GRE or a
private company to provide some of KIDI's services in the
short-to-medium term, if necessary.

'Strong' Financial Implications of Default: Fitch believes a
default by KIDI would limit financing for the city's other GREs in
light of the company's asset size and close financial linkage with
the government. KIDI has funding from multilateral channels,
including banks, and is a regular domestic issuer with two bonds in
the international debt capital market. Thus, a failure by the
government to provide timely support, leading to a default by KIDI,
could damage the financing capability of the government and other
GREs.

'b' Standalone Credit Profile: Fitch's assessment of the company's
Standalone Credit Profile is driven by its weak financial profile,
with net debt/EBITDA of 31x by end-2020 and Fitch's expectation the
ratio will remain above 30x through 2025. Fitch regards KIDI's
revenue defensibility as 'Weaker' under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria because it is exposed to
the economic cycle and has low price-bargaining power. Fitch
considers KIDI's operating risk as 'Midrange' based on its
predictable costs.

DERIVATION SUMMARY

KIDI's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting the municipality's control and
ownership of the company, the government's support record, as well
as the socio-political and financial implications for the
government should KIDI default.

The Standalone Credit Profile of 'b' from Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria does not affect KIDI's
IDR.

RATING SENSITIVITIES

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

-- An upward revision in Fitch's credit view of Kunming
    municipality's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations would lead to a positive change in KIDI's ratings.

-- An increase in the incentive for Kunming municipality to
    provide support to KIDI, including stronger socio-political or
    financial implications of default or a stronger support record
    may trigger positive rating action.

-- A significant improvement in KIDI's Standalone Credit Profile.

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

-- A lowering of Fitch's credit view of Kunming municipality's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations would
    lead to a negative change in KIDI's ratings.

-- Weaker assessment of the socio-political and financial
    implications of default, a weaker support record or a dilution
    in the government's shareholding may trigger negative rating
    action.

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.

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.

RONSHINE CHINA: Moody's Lowers CFR to B2, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Ronshine China Holdings Limited, and to
B3 from B2 the senior unsecured ratings. The outlook remains
stable.

"The downgrade of Ronshine's ratings reflects our expectation that
the company's profitability and key credit metrics in the next
12-18 months will stay at weaker levels than that of its B1-rated
Chinese property peers, given its high land acquisition costs,"
says Kelly Chen, a Moody's Assistant Vice President.

"At the same time, we expect the company's liquidity buffer to
decline, driven by difficult operating conditions in China's
property market, as well as the likely settlement of its unpaid
land premium and some debt repayments in the next 6-12 months,"
adds Chen.

However, Moody's expects the company to maintain adequate liquidity
over the next 12-18 months, which underpins the stable outlook on
the ratings.

RATINGS RATIONALE

Ronshine's B2 CFR continues to reflect its track record and strong
market position in property development in the Yangtze River Delta
region and Fujian Province. The B2 CFR also takes into account the
company's adequate liquidity and diversified access to funding.

On the other hand, the rating is constrained by Ronshine's
aggressive expansion, resulting in low profitability and weakened
interest coverage; and its high exposure to joint ventures, which
lowers corporate transparency.

Moody's expects Ronshine's interest servicing ability, as measured
by EBIT interest coverage, to stay weak at around 1.5x over the
next 12-18 months, compared with 1.3x for the 12 months ended June
2021. This is because the company's gross margin is likely to stay
low at 10% over the next 12-18 months, because of likely high land
acquisition costs in major cities.

Moody's believes the company will have limited flexibility to
adjust selling prices given tight regulatory controls over property
selling prices in major cities. The average cost of the company's
land acquisitions in the first half (H1) of 2021 was at RMB11,132
per square meter (/sqm), significantly higher than the average cost
of its land bank of RMB7,902/sqm as of the end of 2020.

Meanwhile, Ronshine's debt leverage, as measured by
revenue/adjusted debt, will be around 60%-65%, versus 65% for the
12 months ended June 2021.

Ronshine replenished its land bank in 1H 2021, investing RMB21.7
billion in land acquisitions, which represent 59% of the company's
estimated contracted sales in the same period.

As of the end of June 2021, Ronshine had an unsold land bank of
around 20 million sqm, which can only support Ronshine's
development for 2-2.5 years. Moody's expects the company to balance
its land appetite and balance sheet liquidity over the next 12-18
months, which will constrain the company's sales growth.

Ronshine has a large amount of debt maturing or becoming puttable
from September 1, 2021 to December 31, 2022 -- namely USD1.5
billion of offshore bonds and RMB9.4 billion of onshore bonds
maturing or becoming puttable during the period.

However, Ronshine's liquidity will remain adequate. Moody's expects
the company's cash holding and operating cash flow over the next
12-18 months to be sufficient to cover its maturing debt, committed
land premiums, and dividend payments over the same period. Ronshine
had unrestricted cash of RMB27.3 billion as of the end of June
2021, which covered 109% of its short-term debt.

Ronshine's B3 senior unsecured rating is one notch lower than its
CFR to reflect the risk of structural subordination. This
subordination risk reflects the fact that the majority of
Ronshine's claims are at its 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 will be
lower.

With respect to environmental, social and governance (ESG) factors,
Ronshine's B2 CFR rating considers the company's ownership by its
chairman, Mr. Ou Zonghong, who owned 65% of Ronshine as of the end
of June 2021. It also considers the company's established
governance structures and standards as required by the relevant
code for companies listed on the Hong Kong Stock Exchange.
Furthermore, Ronshine has three special committees — an audit
committee, a remuneration committee and a nomination committee --
one of which is chaired and dominated by independent non-executive
directors.

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

Ronshine's ratings can be upgraded if the company exercises
discipline in its operational and financial management;
significantly improves its profitability; strengthens its financial
metrics, such that its revenue/adjusted debt exceeds 60%-65%, and
EBIT/interest is above 2.0x-2.5x on a sustained basis; and
maintains adequate liquidity, with unrestricted cash/short-term
debt consistently above 1.25x.

A material reduction in contingent liabilities associated with JVs
or lower risk of providing funding support to JVs could also be
positive for the ratings. This could be a result of reduced usage
of JVs or a material improvement in the financial strengths of its
JV projects.

The rating could be downgraded if Ronshine's contracted sales and
cash collection weaken; the company fails to increase its profit
margin; continues to pursue aggressive land acquisition that
undermines its liquidity, such that unrestricted cash/short-term
debt falls below 1.0x, or significantly increases its debt
leverage.

Credit metrics indicative of a rating downgrade include
EBIT/interest coverage failing to recover to 1.5x or adjusted
revenue/debt falling below 50% on a sustained basis.

Downward pressure could also increase if the company's contingent
liabilities associated with JVs or the need to provide funding
support to JVs increases significantly.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January.

Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016. As a property developer, it focuses on mid-to
high-end residential units in Fujian Province, the Yangtze River
Delta, the Pearl River Delta, Central China and the Bohai Sea
Region.

SANSHENG HOLDINGS: Moody's Assigns First Time 'B2' CFR
------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Sansheng Holdings (Group) Co. Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"Sansheng's B2 rating reflects the company's established market
presence in Fujian province, its key market," says Kelly Chen, a
Moody's Assistant Vice President and Analyst. "The rating also
considers the operational benefits from the company's diversified
methods for land acquisitions, as well as its adequate liquidity."

"On the other hand, the B2 rating is constrained by Sansheng's
small operating scale, high exposure to lower-tier cities, and
narrow funding channels with a large exposure to trust financing,"
adds Chen, who is also Moody's lead analyst for Sansheng.

The rating also considers the fast decline of the company's
attributable ratio of contracted sales over the past two years and
its significant minority interest holdings relative to its equity
base, which reflects its extensive use of joint ventures (JVs) that
leads to lower corporate transparency.

The Sansheng group has engaged in real estate development since
2001 and focuses on the development and sale of residential
properties in the Fujian and Yangtze River Delta regions.

Moody's forecasts Sansheng's gross contracted sales will rise by
around 35% and 3% in 2021 and 2022, respectively, from RMB17.5
billion in 2020, given sufficient saleable resources. The company
has achieved a compound annual growth rate of 72% between 2018 and
2020 in its gross sales. The sales increase will support Sansheng's
liquidity and revenue growth over the next 12-18 months.

Despite the ongoing industry consolidation among small and
medium-sized developers, Sansheng's diversified methods to
replenish its land bank will support its business expansion while
maintaining profitability over the next 1-2 years. Moody's expects
Sansheng's adjusted gross margin to stay at around 21%-25% over the
next 12-18 months, compared with 22.4% in H1 2021.

Moody's expects Sansheng to limit its land acquisition spending to
around 40% of contracted sales in 2021 and 2022, with moderate debt
growth. Its revenue/adjusted debt will likely be around 50%-60%
over the next 12-18 months, compared with 67% for the 12 months
ended June 2021, as project delivery pace and revenue growth slow
amid the challenging operating environment.

Moody's also projects that Sansheng's adjusted EBIT/interest
coverage will stay at 1.9x-2.0x over the next 1-2 years, declining
from 2.2x for the 12 months ended June 2021 due to margin
contraction. These projected ratios appropriately position
Sansheng's CFR at B2.

Sansheng's rating is constrained by its high exposure to lower-tier
cities, where housing demand is volatile. Lower-tier cities
accounted for around 60% of Sansheng's total land bank as of June
2021. Nevertheless, this risk is mitigated by the fact that the
company's exposure is limited to cities in the Yangtze River Delta
where housing demand is solid, and in Fujian province where the
company has deep market knowledge and a long track record of
property development.

Sansheng's rating is also constrained by its significant minority
interest, which reflects its extensive use of joint ventures that
leads to lower corporate transparency. Sansheng's attributable
ratio of its contracted sales declined to around 60% in H1 2021
from above 80% in 2018, due to the company's increased use of joint
ventures to expand into new cities. Moody's expects Sansheng's
attributable ratio to stay at around 60% over the next 12-18
months.

Sansheng funding primarily comes from bank loans and non-bank
financing, on which it relies heavily. As of June 30, 2021,
non-bank loans accounted for 38% of the company's reported debt.
Given the Chinese government's tight policy stance on shadow
banking activities, Sansheng's non-bank loan exposure will increase
its refinancing risk if it remains high.

Nevertheless, the company's adequate liquidity tempers this risk.
Its unrestricted cash balance of RMB8.1 billion as of the end of
June 2021 covered 1.7x its short-term debt of RMB4.8 billion as of
the same date. Moody's expects that the company's cash holdings,
along with its projected contracted sales proceeds, will be
sufficient to cover its short-term debt, committed land premiums
and dividend payments over the next 12 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Sansheng's concentrated ownership. Mr. Lin
Rongbin, Sansheng's largest shareholder, holds a 74.98% equity
stake in the company as of June 30, 2021. Moody's has also
considered (1) the presence of three independent nonexecutive
directors on the company's five-member board, (2) the presence of
other internal governance structures and standards as required by
the Hong Kong Stock Exchange (HKEX), and (3) the company's low
dividend policy compared with its similarly rated peers, paying out
10%-15% of its attributable net income.

In addition, Moody's has considered Sansheng's related-party
transactions, including loans and financial guarantees from related
parties, which are more material than those from many of its
similarly rated peers. These transactions are governed by the
Listings Rules of the HKEX and the Securities and Futures Ordinance
in Hong Kong.

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

The stable rating outlook reflects Moody's expectation that
Sansheng will maintain sufficient liquidity and a disciplined
approach to land acquisitions.

Moody's could upgrade Sansheng's rating if the company (1) executes
its business plan and grows its scale without sacrificing
profitability; (2) strengthens its financial profile, such that its
EBIT/interest stays consistently above 2.5x-3.0x and its
revenue/adjusted debt above 70%-75%, both on sustained basis; (3)
maintains sufficient liquidity, with its cash/short-term debt
consistently above 1.5x; and (4) improves funding channels and
significantly reduces its reliance on trust financing.

Moody's could downgrade the rating if (1) Sansheng's contracted
sales weaken; (2) the company accelerates land acquisitions beyond
the rating agency's expectations, weakening its financial metrics
and liquidity; or (3) it fails to improve its funding access and
capital structure.

Financial metrics indicative of a downgrade include (1)
EBIT/interest coverage below 1.5x-1.75x and revenue/adjusted debt
below 50%; and (2) cash/short-term debt below 1.0x on a sustained
basis, which reflects weaker liquidity and higher refinancing
risk.

Moody's could also downgrade the rating if Sansheng's contingent
liabilities associated with its JVs or its likelihood of providing
funding support to JVs increases materially. This could arise from
a material deterioration in the financial strength and liquidity of
the JV projects or a substantial increase in the company's
investments in new JV projects.

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

Sansheng is a Chinese property developer with over 20 years of
property development experience. Its gross contracted sales reached
RMB17.5 billion in 2020, and RMB14.9 billion in the first six month
of 2021. As of the end of June 2021, the company had 56 property
development projects with a land bank of 7.8 million square meters.

TD HOLDINGS: Signs Settlement Agreement With White Lion
-------------------------------------------------------
TD Holdings, Inc. entered into a Settlement and Mutual Release
Agreement with investor White Lion Capital, LLC, a Nevada limited
liability company.

As previously reported, in its Current Report on Form 8-K filed on
Jan. 20, 2021, TD Holdings disclosed that entered into a Common
Stock Purchase Agreement with White Lion Capital, LLC, which
provides that, upon the terms and subject to the conditions and
limitations set forth therein, the Investor is committed to
purchase up to 15,700,000 shares of the Company common stock, par
value $0.001 per share, with an aggregate of $40,000,000 from time
to time during a certain commitment period as defined in the
Purchase Agreement, at a purchase price of 90% of the lowest daily
volume-weighted average price of the Company's Common Stock during
a valuation period of three business days prior to the closing of
each purchase notice received by the Investor.

Pursuant to Settlement Agreement, the Company and the Investor
agreed that on any trading day selected by the Company, provided
that the closing price of its Common Stock on the date of purchase
notice is greater than or equal to $1.00 and there is an effective
registration statement for the resale by the Investor of the
Purchase Notice Shares, the Company has the right, but not the
obligation, to present Investor with a purchase notice, directing
the Investor to purchase up to certain amount shares of its Common
Stock.  The maximum number shares of Common Stock to be sold under
each purchase notice shall be determined by the lesser of 200% of
the average daily trading volume, or $1.0 million divided by the
highest closing price of the Company's Common Stock over the most
recent five business days including the date of the purchase
notice.

Notwithstanding the foregoing, the Investor may waive the limit on
the purchase notice as described above at any time to purchase
additional shares under a purchase notice, subject to the
conditions and limitations set forth in the Purchase Agreement.

According to the Settlement Agreement, the Commitment Period starts
on the date of the Purchase Agreement and shall terminate on the
earlier of (i) the date on which the Investor shall have purchased
shares equal to the Commitment Amount, (ii) Dec. 31, 2022, (iii)
the date on which the Investor shall have purchase 15,700,000
shares under the Purchase Agreement or (iv) written notice of
termination by the Company to the Investor upon a material breach
of the Settlement Agreement by Investor.

Furthermore, the Company agrees that between July 1, 2021 and July
31, 2022, it shall have provided Investor with purchase notices for
the sale to Investor of either (i) 10 million shares of Common
Stock or (ii) an aggregate purchase notice amount as set out in
such purchase notices of $10 million.  If the Company fails to
comply with this covenant, then it shall pay to Investor as
liquidated damages an amount of shares equal to the difference of
10 million shares of Common Stock less the amount of shares the
Company has sold to the Investor between July 1, 2021 and July 31,
2022.

                         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.


ZENSUN ENTERPRISES: Moody's Assigns 'B3' Rating to New USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 backed senior unsecured
debt rating to the proposed USD notes to be issued by Zensun
Enterprises Limited. The notes will be irrevocably and
unconditionally guaranteed by Zensun Group Limited (Zensun, B2
stable).

The outlook on the rating is stable.

Zensun plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

Zensun's B2 Corporate Family Rating (CFR) reflects the company's
established brand name and leading market position in Zhengzhou,
Henan province; and established track record of urban redevelopment
projects in the city, supporting its ability to acquire new
contracts for redevelopment projects in Zhengzhou.

However, Zensun's B2 CFR is constrained by the company's moderate
operating scale with high geographic concentration in Henan
province; increased execution risks associated with its expansion
outside of its home market; and its small land bank, which results
in higher requirements than peers to replenish its land bank to
support sales.

"The bond issuance, if executed as planned, will improve Zensun's
liquidity profile, while not meaningfully affecting the company's
credit metrics, because the proceeds are primarily used for debt
refinancing,", says Daniel Zhou, a Moody's Analyst.

Zensun's liquidity is adequate. Moody's expects the company's cash
holding and operating cash flow to be sufficient to cover its
maturing debt and committed land payments over the next 12-18
months.

Moody's expects the company's leverage, measured by
revenue/adjusted debt, to strengthen to 100%-110% in 2021-22 from
87% in 2020. This is supported by Zensun's recovery in revenue
bookings from a weak level in 2020, and mild debt growth with more
controlled expansion.

Meanwhile, Zensun's adjusted EBIT/interest coverage will moderate
to 2.3x-2.5x over the next one to two years from 2.6x in 2020, as
the above positive factors are offset by weaker profitability and
higher interest costs. Moody's projects Zensun's reported gross
margin will decline to 18%-20% over the next 12-18 months from 25%
in 2020, mainly attributable to rising land costs, as well as lower
selling prices for its policy-related housing projects.

Moody's forecasts Zensun's annual contracted sales will rise mildly
to RMB34 billion in 2021 from RMB33 billion in 2020. This is
supported by Zensun's improved sales execution in its home market,
as well as a low base in 2020. Zensun's gross contracted sales grew
by 45% year-over-year to RMB18 billion in the first six months of
2021, as market conditions recovered from the coronavirus pandemic
disruptions. The sales growth will support the company's liquidity
and revenue growth over the next 12-18 months.

The B3 senior unsecured bond rating is one notch lower than
Zensun's CFR because of structural subordination risk. Most of
Zensun's claims are at the subsidiary level 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.

In terms of environmental, governance and social (ESG) factors,
Moody's has considered the company's private company status and
concentrated ownership. Zensun has also undertaken a significant
amount of related-party transactions with its subsidiary Zhenyang
Construction (ZYC). However, Moody's expects Zensun's transactions
with ZYC, mainly conducted through its Hong Kong listed subsidiary
Zensun Enterprises Limited, to be subject to the regulatory
corporate governance standards of Hong Kong Exchange. In addition,
Zensun has not paid out dividends over the past three years.

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

The stable outlook reflects Moody's expectation that Zensun will
maintain adequate liquidity and access to various onshore and
offshore funding channels over the coming 12-18 months.

Moody's also expects Zensun to maintain its business scale and cash
collection over the same period.

Moody's could upgrade Zensun's ratings if it sustains growth in
contracted sales (excluding resettlement sales) and revenue without
sacrificing its profit margin significantly; improves its land bank
size and diversifies its geographic coverage; and strengthens its
liquidity position, with unrestricted cash/short-term debt
consistently above 1.0x-1.25x, while maintaining its credit
metrics.

On the other hand, Moody's could downgrade the ratings if Zensun
fails to execute its business plans and maintain a largely stable
operating scale; its liquidity deteriorates because of its
inability to improve its sales or cash collection, or it pursues an
aggressive land acquisition strategy; or its credit metrics weaken
materially.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 1.5x or unrestricted cash/short-term debt
failing to trend towards 0.75x-1.0x over the next 12-18 months.

Any signs of a weakening in access to funding or any disruptions to
its refinancing activities will also strain Zensun's ratings.

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

Zensun Group Limited is a residential developer based in Zhengzhou,
China. The company is 100% owned by Ms. Huang Yanping and Mr. Zhang
Jingguo. As of June 30, 2021, Zensun's land bank totaled 8.2
million square meters of saleable gross floor area (including
around 20% of underground floor area).



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

AAA VEHICLEADES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AAA
Vehicleades Private Limited (AVPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       94.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      17.00      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 AVPL to monitor the e-mail
communications/letters dated August 17, 2021, August 19, 2021,
August 23, 2021, August 25, 2021, August 31, 2021 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on AVPL's 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.

The ratings assigned to the bank facilities of AVPL have been
reaffirmed and migrated to ' Issuer Not Cooperating' category on
account of non-availability of requisite information due to
non-cooperation by AVPL with CARE's efforts to undertake a review
of the outstanding rating. CARE views information availability risk
as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on November, 4, 2020 the following were
the rating weaknesses (updated for the information available from
Registrar of Companies)

Key Rating Weaknesses

* Likelihood of default owing to the tight liquidity position:
There have been delays reported in the term debt obligations of the
company while there have also been instances of over drawls in the
cash credit limit (settled within 30 days). This indicates a tight
liquidity position of the company which increases the likelihood of
default in the working capital limits availed by the company.

AAA Vehicleades Private Limited was incorporated as a private
limited company in 2008. It is a part of the Vehicleades Group of
Jammu & Kashmir, promoted by Mr. Devender Rana and Mrs. Gunjan
Rana. AVPL is an authorized dealer for the sale of passenger
vehicles of Maruti Suzuki India Ltd. The company is engaged in the
sale of passenger vehicles, servicing of vehicles, sale of spare
parts and sale of pre-owned cars, having its showrooms across Delhi
region. The group concerns of the company include Pathankot
Vehicleades Private Limited, J&K Vehicleades Private Limited
(CRISIL B; Stable: Issuer not Cooperating/ CRISIL A4; Issuer not
Cooperating), Jamkash Vehicleades Private Limited (CARE BB+;
Stable: Issuer not Cooperating/CARE A4+: Issuer not Cooperating),
Jamkash Vehicleades (Kashmir) Private Limited and Kangra
Vehicleades all of which are engaged in the dealership of passenger
and commercial vehicles of MSIL.


AIR INDIA: Government May Select Successful Bidder in 3 Weeks
-------------------------------------------------------------
Business Standard reports that the Indian government will select
the winner in Air India's disinvestment in about three weeks and
two high-level committees will finalise the reserve price for the
national carrier within this period.  

According to Business Standard, the reserve price of the carrier
will be soon decided by the inter-ministerial group (IMG) headed by
the secretary, Department of Investment and Public Asset Management
(DIPAM), based on the inputs from government-appointed valuers.

The Indian finance ministry said on Sept. 15 that Air India has
received financial bids for its privatisation process, Reuters
reported.

"Financial bids for Air India disinvestment received by Transaction
Adviser," Tuhin Kanta Pandey, secretary, Department of Investment
and Public Asset Management, said in a tweet.  "Process now moves
to concluding stage," he said.

The government will soon announce the floor price for the sale of
Air India, a senior government source, who declined to be
identified, told Reuters.

According to Reuters, Tata Sons said it had submitted a bid for Air
India, while local media reported that SpiceJet also submitted a
bid.

Reuters notes that Prime Minister Narendra Modi's government has
renewed a push to sell its entire interest in the loss-making
airline, which has been kept aloft by a bailout since 2012.

The government loses nearly INR200 million every day to run the
national carrier, which has accumulated losses of over INR700
billion ($9.53 billion), officials said.

An effort to auction a majority stake almost three years ago drew
no bids, forcing the government to ease terms, Reuters says. It has
also extended the deadline multiple times due to COVID-19 and
further eased the terms to attract bidders.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

Since the 2011-12 financial year, the government of India has
pumped more than INR300 billion into the troubled airline, whose
net losses for the year ended March 2019 reached INR85 billion, its
biggest since the 2008 financial crisis and up 59% from losses of
INR53 billion a year earlier, according to the Nikkei Asia.


AL-DUA FOOD PROCESSING: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Al-Dua Food Processing Private Limited
        114 Baber Road
        New Delhi, North Delhi
        DL 110001
        IN

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, New Delhi Bench No. IV

Estimated date of closure of
insolvency resolution process: March 6, 2022

Insolvency professional: Mr. Nishant Gaurav Gupta

Interim Resolution
Professional:            Mr. Nishant Gaurav Gupta
                         "Siddhant Advocates"
                         Flat No. 542, 1st Floor
                         DDA SFS Flats, Sector 22
                         Pocket 1, Dwarka
                         New Delhi 110077
                         E-mail: nishantgaurav@outlook.in
                                 aldua.ibc@outlook.in

Last date for
submission of claims:    September 21, 2021


ALLIED ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Allied
Associates (AA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; 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 August 12, 2020, placed the
rating(s) of under the ' issuer noncooperating' category as AA 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. AA continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 28, 2021, July 8, 2021,
July 18, 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).

Agra-based (Uttar Pradesh) Allied Associates (ALA) is a partnership
firm. The firm has succeeded an erstwhile proprietorship firm
established in 2009 and the same was converted into a partnership
firm in 2015. The current partners are Mr Gaurav Lamba, Mr Bhushan
Lamba and Mr Saurabh Lamba sharing profit and losses in the ratio
40%, 30% and 30% respectively. ALA is an authorized distributor
(appointed in 2011) of motorcycle spare parts for Hero Moto Corp
Limited (HMCL). The firm sells spare parts mainly to dealers and
distributors located in western Uttar Pradesh covering districts
namely Agra, Aligarh, Mathura, Hathras, Etah, Kasganj, Firozabad &
Mainpuri.


AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit Iron
Private Limited (AIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      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 September 8, 2020, placed
the rating(s) of AIPL under the ' issuer non-cooperating' category
as AIPL 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. AIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 25, 2021, August 4, 2021, August 14, 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).

AIPL, incorporated in 2002, is promoted by Mr. Amit Agarwal
(Executive Promoter-Director). AIPL is the exclusive authorized
distributor of HR coil & CR coil of Tata Steel Ltd. in West Bengal.
AIPL was merged with S K Industrial Corporation (proprietorship
firm set up in 1974 by Late Mr S K Agarwal) in 2005, which was also
in the same line of business.


ANJANEE CEMENT: CARE Reaffirms B Rating on INR8.53cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Anjanee Cement Corporation (ACC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.53       CARE B; Stable Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACC continues to
remain constrained by its partnership nature of constitution, small
scale of operation, risk arising out of volatility in raw-material
prices, working capital intensive nature of operation, and
intensely competitive and cyclicity in the industry with exposure
to geographical concentration risk. The rating also factor
deterioration in capital structure on account of withdrawal of
capital in FY21 (refers to the period April 1 to March 31).  The
rating, however, continues to draw comfort from experienced
partners and the entity's wide dealer network.

Rating Sensitivities

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

* Significant improvement in scale of operations such that
operating income remains above INR50 crore on a sustained
basis.

* Significant improvement in capital structure with increase in
networth base.

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

* Any incremental external borrowing or withdrawal of partners'
capital leading to deterioration in overall gearing to
more than 4x.

* Further decline in operating income or profitability margins

Detailed description of the key rating drivers

Key Rating Weaknesses

* Partnership nature of constitution: ACC is a partnership firm and
the inherent risk of withdrawal of capital remains. Further,
partners had estimated to withdrawn capital of INR5.27 crore in
FY21 (Rs. 4.48 crore in FY20).

* Small scale of operations and high capital structure: ACC is a
small player in the cement industry with estimated total operating
income of INR13.08 crore with PBT of INR0.68 crore in FY21 (Prov)
as against INR16.19 crore with a PAT of INR1.08 crore in FY20. The
operating income of the firm has declined in FY21 due to the
effects of covid-19 outbreak. However, PBILDT margin remained
stable at 13.62% in FY21 (prov) as against 12.83% in FY20 despite
decreased of scale of operation. Further, the partner's capital is
estimated to be INR2.51 crore as of March 31, 2021 as against
INR7.09 crore as of March 31, 2020 due to withdrawal of capital to
the extent of transport subsidy received during the years. The
overall gearing of the firm estimated to deteriorate to 3.09x as of
March 31, 2021 as against 1.02x as of Mar 31, 2020 on account of
withdrawal of capital by partners. In 5MFY22, the firm generated
revenue of INR6.21 core.

* Susceptible to volatility of raw material prices: ACC is engaged
in manufacturing of cements and does not have its own clinker unit.
Hence, it has to procure it from other cement manufacturers. The
firm procures its major raw material i.e. clinker mainly from large
cement players. Furthermore, it does not have any long-term
agreement with its suppliers. The raw material cost continues to be
the major cost component of ACC. Any sharp movement of major raw
material may affect the profitability of the firm.

* Working capital intensive nature of business: The operation of
ACC is working capital intensive in nature which is reflected
through its high operating cycle. ACC maintains inventory of 45 to
60 days for smooth running of its production and provide open
credit of 30-90 days to its dealers/ distributor. Further,
operating cycle of the firm increased to 67 days in FY21 (prov) as
against 58 days in FY20. This is mainly on account of increase in
collection period and inventory period due to the disturbance in
operations and collections at the back of Covid-19 in FY21. The
average collection days increased to 91 days in FY21 as against 58
days in FY20. Out of total debtors of INR3.95 crore as of Mar 31,
2021, the firm received majority of its debtors by August 31, 2021.
As per management, the o/s debtors stood at INR2.36 crore as on Aug
31, 2021.

* Intensely competitive and cyclicity in the industry with exposure
to geographical concentration risk: ACC is operating in a
highly competitive market, dominated by the large cement
manufactures with wide brand acceptability. High competition
restricts the pricing flexibility of the industry participants and
has a negative bearing on the profitability. Furthermore, the
operations of the firm are confined in the state of Assam only.
Hence, presence in only a single state leads to geographical
concentration risk for the firm.  Further, cement demand is derived
from real estate, infrastructure & industrial sectors. The slowdown
in the real estate sector and delay in take-off of various
infrastructural projects took a toll on the cement demand.
Spiralling cost of capital, delays in execution of infrastructure
as well as industrial projects and the overall economic slowdown
adversely affected the off take of cement.

Key Rating Strengths

* Experienced partners: ACC is currently managed by Mr. Naba Kumar
Basumatary who has around two decades of experience in the cement
industry, looks after the day-to-day operations of the firm. He is
being duly supported by the other partners Mr. Debadib Das, Mr.
Apurba Talukdar, Mr. Debi Lal Choudhary, Mr. Harish Chandra
Tripathi, Mr. Mrinal Jyoti Das and Mr. Durgesh Chandra Choudhary
along with a team of experienced personnel.

* Wide dealer network: The firm has around 80 local dealers for the
distribution of its products in the state of Assam.

Liquidity: Stretched

The liquidity position remains stretched. The average utilization
of fund-based limits of the firm remained high at about 80% through
the past 12 months ended March 31, 2021. ACC had low cash and bank
balance of INR0.13 crore as of March 31, 2021. The current ratio
also estimated to be remained above unity on March 31, 2021. The
firm availed Guaranteed Emergency Credit Line (GECL) of INR0.60
crore as per the Covid-19 Regulatory Package and repayment of the
same had started from July 2021. In FY22, the firm debt repayment
obligation stood at INR0.15 crore which can be met through the cash
accrual. The firm does not have any capital expenditure plans in
the medium term.

ACC was established as a partnership firm in 2009 by Mr. Naba Kumar
Basumatary and Mr. Debadib Das for setting up a cement grinding
unit. The firm has been engaged in the business of manufacturing
cement at its plant located at Baksa, Assam with aggregate
installed capacity of 90000 metric ton per annum. The firm has
started commercial operations from June 2014 onwards. The cement
manufactured by the firm is marketed under the brand name of '
NEERMAAN' in the state of Assam.


ARUNODAY SALES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arunoday
Sales (AS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.00      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 August 3, 2020, placed the
rating(s) of AS under the 'issuer non-cooperating' category as AS
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. AS 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.

AS was incorporated as a partnership firm in March 2011 by Mr.
Pushpak Agrawal and his sons - Mr. Pankaj Agrawal and Mr. Pravin
Agrawal as partners sharing profit and loss in the ratio of
34:33:33. The firm is engaged in the business of trading of yarn.
The partners have been individually engaged in the yarn trading
business since last 16 years through proprietorship concerns namely
Kanchan Weaving Mills, Supreme Mills and Shriram Cottex
respectively. On commencement of Arunoday Sales from April 01,
2011, the other three entities were closed down. Arunoday commenced
commercial operations from FY12 (refers to the period of April 1 to
March 31).


ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arya Motors
(AM) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; 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 October 1, 2020, placed the
rating(s) of AM under the 'issuer noncooperating' category as AM
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. AM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 17, 2021, August 27, 2021, September 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).

Established in August 1994, Arya Motors (AM) is an authorized
dealer for TVS Motor Company and Tractors and Farm Equipment
Limited (TAFE) for two wheeler, tractors, spares & accessories in
Berhampur (Odisha). Currently, the firm has two showroom cum
workshop. AM is promoted by Mr. Ranjit Kumar Panda, Mr. Rajanikanta
Mohapatra, Mr. Sivaram Mohapatra and Mr. Ranjan Kumar Panda. Mr.
Sivaram Mohapatra (aged, 87 years), having around five decades of
experience in the automobile industry, looks after the day to day
operations of the firm. He is supported by other partner Mr. Ranjit
Kumar Panda, Mr. Rajanikanta Mohapatra, Mr. Ranjan Kumar Panda and
a team of experienced professionals.


ASHTAVINAYAK BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Ashtavinayak Builders & Developers (ABD) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE C; 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 10, 2020, placed the
rating(s) of ABD under the 'issuer non-cooperating' category as ABD
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. ABD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2021, June 5, 2021, June 15, 2021.

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

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

Surat-based (Gujarat) ABD was established as a partnership firm in
April 25, 2014. Partners of ABD through their associate concerns in
past have executed various projects regarding residential and
commercial projects. ABD is engaged in the real estate development
and is currently executing its residential project named ' River
Marvella' at Surat, Gujarat. It comprises 2 blocks i.e. block A and
block B which consists of 44 flats divided into two wings i.e. wing
A and wing B only. Wing A comprises 22 flats of 1700 sq feet. Wing
B comprises 22 flats of area 1545 sq feet.

BALAJI ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Engineering (BE) 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 has been seeking information from Balaji Engineering to
monitor the rating vide e-mail communications/letters dated July
12, 2021, August 30, 2021 among others and numerous phone calls.
However, despite our repeated requests, the firm has not provided
the requisite information for monitoring the ratings. 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. Further,
Balaji Engineering has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
Balaji Engineering 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(s).

Detailed description of the key rating drivers

At the time of last rating on July 20, 2020 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Delay in servicing of debt obligation: There have been continuous
delays in the repayment of term loan. The delays were on account of
insufficient cash inflows and delay in receiving payment from
receivables.

Established in 2003, Balaji Engineering (BE) is an Aurangabad,
Maharashtra based entity promoted by Mr. Santosh Lakhichand Runwal.
The firm is primarily engaged as an auto ancillary unit for
manufacturing of automobile components which include spare parts
and accessories for 2 wheelers, 3 wheelers and 4 wheelers.

DORABJI AUTO: CARE Lowers Rating on INR7.0cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dorabji Auto (DA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       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 September 29, 2020, placed
the rating(s) of DA under the 'issuer noncooperating' category as
DA 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. DA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 15, 2021, August 25, 2021, September 4, 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 DA have been revised
on account of non-availability of requisite Information.
  
Established in April 2004, M/s Dorabji Auto was promoted by Mr.
Javed Pheroz Lavangia, Mr. Kapil Deo Lal and Mr. Rajesh Kumar Lal
with an objective to set up a manufacturing unit for auto
components. Since its inception, the firm has been engaged in
manufacturing of different types of auto components. The
manufacturing unit of the firm is located at Adityapur, Jamshedpur.
The manufacturing facility has an ISO 9001:2009 and TS 16949:2002
certification which enables it in the wide acceptance of its
products. Liquidity Position: The liquidity position of the entity
seems to be moderate marked by its current ratio of 0.88x as of
March 31, 2018. The entity has generated gross cash accrual of
INR2.98 during FY18.


DURGAPUR INSTITUTE: CARE Lowers Rating on INR50cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Durgapur Institute Of Advanced Technology and Management (DIOATM)
under the 'issuer non-cooperating' category as DIOATM, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.00       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 its press release dated September 22, 2020, placed
the rating(s) of DIOATM under the 'issuer non-cooperating' category
as DIOATM 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. DIOATM continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 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).

Ratings assigned to the bank facilities of DIOATM have been revised
on account of non-availability of requisite information.

DIATM was promoted by Mr. Ranindra Nath Majumder in 2001 for
imparting educations in the fields of engineering, diploma, ITI,
LLB, Nursing, Teacher training and medical college & hospital in
Durgapur, West Bengal. Currently, DIOATM has a cumulative strength
of 1562 students with 71.83% occupancy rate and 286 faculty members
during the academic session 2016-17. It is the first educational
institute in Duragpur, West Bengal imparting engineering courses
commenced operations in the academic year 2002-2003 under the name
of "Durgapur Institute of Advanced Technology and Management".
Since then it has established six more educational institutes each
having a unique campus.


ENTALLY ASTHA: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Entally Astha's
term loan rating in the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating action is:

-- INR100 mil. Term loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
September 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Entally Astha, established in 2004-2005, was incorporated under the
Society Registration Act, 1961. Its head office is in Kolkata.
Since April 2010, it has been engaged in microfinance operations
through the self-help group model and various livelihood
programmes.


GOLDEN JUBILEE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Golden
Jubilee Hotels Private Limited (GJHPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      495.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           50.00      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 August 10, 2021, placed the
rating(s) of GJHPL under the 'issuer non-cooperating' category as
GJHPL 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. GJHPL 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 06, 2021, and 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).

Golden Jubilee Hotels Ltd. (GJHL) was incorporated as Golden
Jubilee Estates Ltd. in December 1996 and remained dormant till
2004. The name of the company was changed to current nomenclature
in December, 2006. GJHL is a special purpose vehicle (SPV) formed
for development of two five Star hotel properties under the name of
Trident and Oberoi at Hyderabad. The project work of Trident
(branded as Five Star Deluxe) has been completed and the hotel
commenced operation from September 1, 2013. However, there has been
change in plan with regard to construction of The Oberoi and the
same is being replaced with a five star business hotel cum service
apartment.

HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Himachal
Fibres Limited (HFL) continue 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       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 August 20, 2020, placed the
rating(s) of HFL under the 'issuer non-cooperating' category as HFL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. HFL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated August
12, 2021, August 16, 2021 and August 18, 2021, etc. 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. The ratings
on bank facilities of Himachal Fibres Limited will 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(s).

At the time of last rating on August 20, 2020 the following was the
rating weaknesses (updated for the information available from stock
exchange):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations of the company

Set up in 1980, Himachal Fibres Limited (HFL) was promoted by Mr.
BK Garodia in collaboration with Himachal Pradesh Minerals &
Industrial Development Corporation Limited. It was subsequently
acquired by the ' Shiva' group in 2010. The product profile of HFL
was also changed from cotton yarn to include polyester spun yarn,
acrylic yarn, blended yarns and knitted cloth. HFL operates from
its manufacturing facility in Baddi, Himachal Pradesh at an
installed capacity of 20,344 spindles and 504 rotors as on March
31, 2015. The debt of the company was restructured in March-2015
due to liquidity constraints.


JBM HOMES PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: JBM Homes Private Limited
        JBM Enclave
        No. 47 Bazaar Road
        Pallavaram
        Chennai 600043

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2022

Insolvency professional: Tharuvai Ramachandran Ravichandran

Interim Resolution
Professional:            Tharuvai Ramachandran Ravichandran
                         G3, Block II, Shivani Apartments
                         40 East Coast Road, Thiruvanmiyur
                         Chennai 600041
                         E-mail: trravichandran@yahoo.com

                            - and -

                         27, Third Floor, 15 Kasturibai Nagar
                         First Main Road, Adyar (above PNB)
                         Chennai 600020
                         E-mail: jbmhomescirp@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. S Sundar Raman
                         E-mail: ssundarraman004@gmail.com

                         Ms. Jayashree S Iyer
                         E-mail: jayashree2505@gmail.com

                         Mr. Vaidyanathan Ramachandran
                         E-mail: srvaidyan@gmail.com

Last date for
submission of claims:    Septemebr 25, 2021


JBM SHELTERS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: JBM Shelters Private Limited
        JBM Enclave
        No. 47 Bazaar Road
        Pallavaram
        Chennai 600043

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2022

Insolvency professional: Tharuvai Ramachandran Ravichandran

Interim Resolution
Professional:            Tharuvai Ramachandran Ravichandran
                         G3, Block II, Shivani Apartments
                         40 East Coast Road, Thiruvanmiyur
                         Chennai 600041
                         E-mail: trravichandran@yahoo.com

                            - and -

                         27, Third Floor, 15 Kasturibai Nagar
                         First Main Road, Adyar (above PNB)
                         Chennai 600020
                         E-mail: jbmshelterscirp@gmail.com

Last date for
submission of claims:    September 25, 2021


LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Enterprises (SLE) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.14      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 August 11, 2020, placed the
rating(s) of SLE under the 'issuer noncooperating' category as SLE
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. SLE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 27, 2021, July 7, 2021, and July 17, 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).

Sri Laxmi Enterprises (SLE) has been incorporated by Mr Om Prakash
Agarwal and his family members in the year 2003. The firm is
engaged in cotton ginning and pressing with installed capacity of
750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh and
Tamil Nadu.


LEARNET SKILLS: Ind-Ra Moves 'BB' Bank Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Learnet Skills
Limited's (Learnet) bank facilities to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR100 mil. Non-fund-based limit/fund-based limit* migrated to

     non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

*The limit is fungible

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of Learnet and its parent Schoolnet India
Limited ('IND BB (ISSUER NOT COOPERATING)'; holds 80.01% in
Learnet),  due to the strong operational and strategic linkages
between them.

KEY RATING DRIVERS

Learnet has also not provided the monthly no-default statement
since February 2021, despite follow-ups by the agency. This is in
line with Ind-Ra's "Guidelines on What Constitutes Non-Cooperation"
published in May 2021.

COMPANY PROFILE

Learnet is a joint venture between Schoolnet India and National
Skill Development Corporation (19.99%). The company addresses
training needs across government organizations, private companies,
international bodies and trainees themselves.


M.T. PATIL: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.T. Patil
Builders and Contractors Private Limited's Long-Term Issuer Rating
of 'IND BB+ (ISSUER NOT COOPERATING)' to the non-cooperating
category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facility (Long-term/Short-term)*
     migrated to non-cooperating category and withdrawn; and

-- INR150 mil. Non-fund-based facility (Short-term)** migrated to

     non-cooperating category and withdrawn.

*Migrated to 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

** Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has migrated the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY20, sanctioned
bank facilities and utilization, business plan and projections for
the next three years, information on corporate governance, and
management certificate.

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

COMPANY PROFILE

M.T. Patil Builders and Contractors was established in 1952 as a
proprietorship firm by M.T. Patil. It was reconstituted as a
private limited company under its current name in March 1997. The
company undertakes civil construction and infrastructure projects,
including construction of roads and highways, public utility
buildings and concrete structures. It is located at Nashik.

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

The instrument-wise rating action is:

-- INR700 mil. Term loan due on June 2022 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Avigna Properties undertakes real estate
projects. Its ongoing project comprises 415 apartments and 452
villas, spread across more than 1.2 million square feet.  


M/S GMA: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Negative
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/S GMA Pinnacle
Automotives Private Limited's (GMA) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Negative.

The instrument-wise rating action is:

-- INR150 mil. Fund-based limits affirmed with IND B+/Negative/
     IND A4 rating.

KEY RATING DRIVERS

The Negative Outlook reflects Ind-Ra's expectation of GMA's
continued poor liquidity in FY22 as well as intense competition in
the automobile industry.

The affirmation reflects GMA's continued small scale of operations.
The revenue declined to INR477 million in FY21 (FY20: INR659
million), due to fall in the sales volume on account the overall
slowdown in the auto industry and the impact of the ongoing
COVID-19-led lockdown in 1QFY21. Ind-Ra expects the revenue to
improve marginally over the medium term backed by the launch of a
new variant and servicing of cars sold in the last four years.
FY21financials are provisional.

The ratings also factor in GMA's continued modest credit metrics.
The interest coverage (operating EBITDAR/net interest expense +
rents) improved to 1.39x in FY21 (FY20: 0.45x) and the net leverage
(adjusted net debt/operating EBITDAR) to 9.04x (19.15x) due to an
increase in operating EBITDA. In FY22, Ind-Ra expects the credit
metrics to remain at similar level in the absence of any borrowing
or expansion plan.

The ratings continue to factor in the GMA's modest EBITDA margins
with a return on capital employed of 3.3% in FY21 (FY20: negative
7.0%). The EBITDA margins improved to 5.42% in FY21 (FY20: 2.22%),
due to increased revenue contribution from higher margin generating
after sales services and sale of spare parts. In FY22, Ind-Ra
expects the EBITDA margins to remain at a similar level due to the
dealership nature of the business.  

Liquidity Indicator - Poor: The average maximum utilization of the
fund-based limits for the 12 months ended June 2021 was 62.23%. The
cash flow from operations turned negative to INR30 million in FY21
(FY20: INR71 million), mainly due to unfavorable changes in working
capital. The working capital cycle elongated to 60 days in FY21
(FY20: 19 days), due to increased inventory holding period,
resulting from increased customer demand for Bharat Stage VI
vehicles. The company has an average debtor holding period of 5-10
days. GMA had cash and cash equivalents of INR4.54 million at FYE21
(FYE20: INR4.58 million) and unutilized working capital limits of
INR63 million.   

The ratings, however, remain supported by the promoter's experience
of almost a decade in the automobile industry.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue and
profitability margins, along with an improvement in the liquidity
position and credit metrics,  all on a sustained basis, would be
positive for the ratings.

Negative: A significant decline in the revenue and profitability
margins, leading to deterioration in the liquidity profile and
credit metrics, all on a sustained basis, would be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2016, GMA is an authorized dealers of Jeep. It is
engaged in selling of imported and domestically-manufactured cars,
spare parts-accessories and servicing.


MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maha
Associated Hotels Private Limited (MAHPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       70.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            5.00      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 August 10, 2020, placed the
rating(s) of MAHPL under the 'issuer non-cooperating' category as
MAHPL 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. MAHPL 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 06, 2021, and 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).

Maha Associated Hotels Private Limited (MAHPL), incorporated on
December 23, 2009, is engaged in development of a three star
mid-market hotel and a hotel training facility at New Industrial
Complex, Neemrana, Alwar District, and Rajasthan. The hotel is
being developed under the brand name of ' Hampton by Hilton'with
Hampton Inns International Franchise LLC (HIIL, subsidiary of
international hospitality major Hilton Worldwide LLC) as the
technical partner for the project. MAHPL has a franchise agreement
with HIIL, primarily for the use of brand name and also a program
fee agreement for marketing related activities of HIIL.


MAHAVIR CASHEW: CARE Lowers Rating on INR20cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahavir Cashew Industries (MCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       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 its press release dated August 21, 2020, placed the
rating(s) of MCI under the 'issuer non-cooperating' category as MCI
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. MCI continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 7, 2021, July 17, 2021, 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.

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

Mahavir Cashew Industries (MCI) was established in 2015, as a
partnership firm by Mr. Nilesh Savla, Mr. Piyush Gogri and Mrs.
Bharati Savla who have reasonable experience in cashew processing
and trading business. MCI is engaged in the processing of cashew.
It procures raw material i.e. raw cashew from domestic suppliers
and sells its products cashew wholesalers and retailers across
India. Firm has two processing units in Sawantwadi, Maharashtra and
1 unit in Belgaum, Karnataka and registered office located in
Vashi, Navi Mumbai.


MAHENDRAKUMAR JAIN: CARE Lowers Rating on INR9.8cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahendrakumar Jain and Others (MKJO), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.80       CARE C; 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 its press release dated August 17, 2020, placed the
rating(s) of MKJO under the 'issuer non-cooperating' category as
MKJO 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. MKJO continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 3, 2021, July 13, 2021 and July 23, 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 MKJO have been
revised on account of non-availability of requisite information.

Nelamangala Taluk (Karnataka) based Mahendrakumar Jain and Others
(MKJO) is promoted by Mr. Mahendra Kumar Jain along with Mr.
Krishabh Gala, Mr. Kamal U and Mr. Manoj V Shah as joint owners for
the project of setting up two rural godown facilities with the
storage capacity of 55671 Metric Ton in area of 158702 sq. feet at
Bavikere Village, Nelamangala Taluk.


MARYMATHA INFRASTRUCTURE: Ind-Ra Assigns 'BB-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Marymatha
Infrastructure Private Limited (MIPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR515 mil. Fund-based working capital limit assigned with
     IND BB-/Stable/IND A4+ rating;

-- INR1,451.1 bil. Non-fund-based working capital limit assigned
     with IND A4+ rating;

-- INR5 mil. Proposed fund-based working capital limit* assigned
     with IND BB-/Stable/IND A4+ rating; and

-- INR25 mil. Proposed non-fund-based working capital limit*   
     assigned with IND A4+ rating.

*Unallocated

KEY RATING DRIVERS

The ratings reflect MIPL's medium scale of operations. The revenue
in FY21 fell to INR1,504.6 million (FY20: INR1,768.4 million), on
account of almost no operations during 1HFY21 due to the COVID-19
lockdown and restrictions. The revenue achieved from April to June
30, 2021 was INR150 million, which was again low due to the second
covid wave led business restrictions, purchase issues, labor issues
and early monsoons. Ind-Ra however expects MIPL's revenue to
increase in FY22 on account of the orders in hand, stable business
operations and new orders to be received. As on 1 June 2021, MIPL
had an order book of INR6,424 million (3.6x of FY20 revenue), which
the management expects to execute till FY24. It has also applied
for tenders worth of INR3,040 million which are likely to be
awarded by end-September 2021. FY21 are provisional numbers.

Liquidity Indicator - Poor: There have been instances of
overutilization in the fund-based limits over the 12 months ended
July 2021. The limits were almost fully utilized over this period.
The non-fund-based limits were utilized at an average of 80.9% over
this period. The cash and cash equivalent was INR10.7 million in
FY21 (FY20: INR21.9 million). The cash flow from operations in FY21
increased to INR16.3 million (FY20: INR12.2 million) on account of
an improvement in the fund flow from operations. In FY21, the net
cash conversion cycle deteriorated to 273 days (FY20: 181 days)
because of an increase in debtor days to 190 (122) and inventory
days to 197 (151) on account of COVID-19 led delays in the receipt
of payments and slow order execution, respectively.

The ratings also factors in MIPL's average EBITDA margins on
account of high competition. In FY21, the EBITDA margins were 15.6%
(FY20: 14.1%) and return on capital employed was 13.7% (14.9%). In
FY21, the EBITDA margin increased, since almost no work was done in
1HFY21 and the major portion of revenue of FY21 included revenue
for the work completed in FY20. Ind-Ra expects MIPL's EBITDA margin
of around 12% in FY22, on account of normalization in the business
activities.

The ratings are constrained by MIPL's moderate credit metrics due
to high debt levels. In FY21, the interest coverage (operating
EBITDA/gross interest expense) was 2.6x (FY20: 2.6x) and net
leverage (adjusted net debt/operating EBITDAR) was 3.0x (FY20:
2.8x). The company incurred capex of INR35.24 million in FY21 and
will incur around INR33 million and INR23.6 million in FY22 and
FY23, respectively, for the construction of building and purchase
of machinery and equipment. Ind-Ra expects in FY22 the credit
metrics to remain moderate on account of the high utilization of
the fund based and non-fund based limits.

The ratings are supported by the company's promoter's experience of
more than three decades in civil construction work.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity position or any
decline in the revenue or EBITDA margin, leading to the interest
coverage falling below 1.8x, on a sustained basis, will be negative
for the ratings.

Positive: An improvement in the revenue and an increase in the
EBITDA margin, leading to an improvement in the credit metrics,
along with an improvement in the liquidity, on a sustained basis,
will be positive for the ratings.

COMPANY PROFILE

Incorporated in July 2019, MIPL is engaged in civil construction
work of roads, buildings, bridges, canals, sewage treatment plants,
metro rail, etc. The company is promoted by Sen Cherian and Sibu
Cherian.  


MAX ALERT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Max Alert Systems Limited
        502, 5th Floor, Timmy Arcade
        Makwana Road, Marol
        Andheri (East)
        Mumbai 400059

Insolvency Commencement Date: September 11, 2021

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Rakesh Kumar Tulsyan

Interim Resolution
Professional:            Rakesh Kumar Tulsyan
                         B-4, Vinay Tower
                         Kranti Nagar, Lokhandwala
                         Kandivali East, Mumbai 400101
                         E-mail: tulsyanrk@gmail.com
                                 rp.maxalert@gmail.com

Last date for
submission of claims:    September 25, 2021


NILE OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nile
Overseas (NO) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated August 27, 2020, had placed the
ratings of NO under the 'issuer Noncooperating' 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. NO continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated July 13, 2021, July 23, 2021
and August 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.

Panipat-based (Haryana) Nile Overseas (Nile) was established in
2014 as partnership firm by Mr Jasbir Singh and Mrs Jyoti Jaglan
sharing profit and losses in the ratio 5% and 95% respectively.
Nile is engaged in manufacturing of mink blankets like double bed,
single bed and baby blankets. Nile's manufacturing facility is
located at Panipat (Haryana) with an installed capacity to
manufacture 14 tons blankets per day as on December 31, 2017.

NSL COTTON: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of NSL Cotton
Corporation Private Limited (NCCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.16      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 11, 2020, placed the
rating(s) of NCCPL under the 'issuer non-cooperating' category as
NCCPL 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. NCCPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 27, 2021, July 7, 2021, and July 17, 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 2007, NSL Cotton Corporation Pvt Ltd (NCCL) is in
the trading of cotton bales, business of cotton ginning and
pressing, and trading of cotton seeds & cotton bales. Earlier, NCCL
was a wholly owned subsidiary of Nuziveedu Seeds Ltd (NSLrated CARE
A+; Stable), the flagship company of NSL Group. Post demerger of
the NSL Group (from April 1, 2010), the shares of NCCL has been
transferred to Mandava Holding Private Ltd., which is the holding
company of NSL Group. The NSL Group is diversified with business
interests in Hybrid Seeds, Power, IT Parks, Cotton Spinning, Sugar,
Ethanol, etc. NCCL has 11 subsidiary units with an aggregate
capacity of 370 gins. Of the 11 subsidiary companies, nine are 100%
subsidiary of NCCL and remaining two have 60% equity contribution
from NCCL and the balance 40% is contributed by the local
promoters. NCCL is primarily into trading of cotton bales.

ORTEL COMMUNICATIONS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ortel
Communications Limited (OCL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       39.98      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.00      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 June 15, 2020, continued the
ratings of OCL under the 'issuer non-cooperating' category as OCL
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. OCL continues to be
noncooperative despite repeated requests for submission of
information through phone calls and emails dated May 1, 2021 and
May 21, 2021, among others.

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 June 15, 2020 the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange fillings):

Key Rating Weaknesses

* Delays in debt servicing: There are delays in debt servicing by
OCL. The company is under Corporate Insolvency Resolution Process
(CIRP) and its affairs are being managed by the Resolution
Professional appointed by the National Company Law tribunal (NCLT).
It incurred loss of INR21.96 crore in FY21 (refers to the period
April 1 to March 31) and loss of INR9.31 crore in Q1FY22.

OCL was incorporated on June 2, 1995, promoted by the
Bhubaneswar-based Mr. Baijayant Panda and family. OCL is a regional
cable and broadband service provider. The company provides services
in the state of Odisha, Chhattisgarh, Andhra Pradesh, Telengana,
Madhya Pradesh and West Bengal.


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

The instrument-wise rating actions are:

-- INR4.4 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating;

-- INR60 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR13.5 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 19, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

P Ramu is engaged in the execution of road contracts.


PNL CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PNL
Constructions Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE C; 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 August 12, 2020, placed the
rating(s) of PCPL under the 'issuer non-cooperating' category as
PCPL 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. PCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 28, 2021, July 8, 2021, and July 18, 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).

PNL Constructions Private Limited (PCPL; erstwhile Mantena
Infratech Private Limited), incorporated in 2010, was promoted by
Mr. Mantena Srinivas Raju and his wife Mrs. Mantena Srujana. Later
during FY12, management of the company was taken over by Mr. PBSVS
Raju (Managing Director), a family member. PCPL is into business of
civil construction and commenced operation from December 2011. The
company also executes irrigation projects on sub contract basis.

POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Polymech
Components Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.43       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 August 6, 2020, placed the
rating(s) of PCPL under the 'issuer non-cooperating' category as
PCPL 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. PCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2021, July 2, 2021, July 12, 2021.

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

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

Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PMCPL) is engaged in the manufacturing of auto
components and construction hardware parts at its plant located at
Shahapu, Thane. PMCPL manufactures various products (such as hose
clamps, circlips, bearing pullers, washers, snap ring, spring steel
parts, sheet metal components, steel clamps, pipe clamps, sanitary
clamps) which find application in automobiles, construction and
engineering sector.


RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rahul Wire
Ropes (RWR) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.39       CARE C; 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 24, 2020, had placed the
ratings of RWR 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. RWR continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated July 10, 2021, July 20, 2021
and 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.

Bhiwadi, Rajasthan-based RWR is a partnership firm established in
2011. The firm was initially established as a proprietorship firm
"Rahul Wire Ropes" in 1999 and later on, the constitution was
changed to partnership in 2011, The partners of the firm are Mr
Krishan Kumar Gandhi and his son Mr Rahul Gandhi The firm
manufactures various types of automotive control cables such as
accelerator cables, clutch cable, gear cables, speedometer and
other cables for two-wheelers and four-wheelers. The firm is tier-2
vendor for various renowned automobile brands. The firm has its
manufacturing facility located at Bhiwadi, Rajasthan.


RAUNAQ CONSTRUCTION: CARE Assigns D Rating to INR10.10cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Raunaq
Construction (RC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.10      CARE D; Assigned
   Facilities          

   Long Term Bank       12.05      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING
                                   category and Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of RC have been revised
on account of delays in servicing of debt obligations.

Rating Sensitivities

Positive Factors

* Improvement in liquidity position of the company as marked by
timely servicing of its debt obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There had been instances of delays in
servicing of debt obligations as per banker feedback. The firm had
been delaying its repayment of its due EMIs since past 5-6 months
ending June 2021.

Liquidity analysis: Poor

The liquidity position of the firm stood poor as marked by delays
in repayment of term loans and servicing of interest obligations.
The client had been delaying its repayment of its due EMIs since
past 5-6 months ending June 2021. Further, the working capital
limits stood almost fully utilized for the past twelve months
period ended July 2021. The working capital cycle of the company
remained elongated at 846 days as on March 31, 2021. The client had
availed moratorium for some of its bank facilities for
March-August, 2020 as per RBI guidelines in wake of Covid-19
pandemic.
  
Delhi-based, Raunaq Construction (RC) was established in 1982 as a
proprietorship firm by Mr. Amarjit Singh Arora. The firm is engaged
in construction of roads, bridges, drainage system for government
departments. The raw materials namely tar, sand, cement, etc. are
procured by the firm from various domestic manufacturers and
wholesalers.


RWL HEALTHWORLD: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RWL Healthworld
Limited's bank facilities' ratings in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR1,287.5 bil. Long-term loans due on June 2021 maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR250 mil. Working capital demand loans (Long term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: The ratings were last reviewed on March 31, 2017. Ind-Ra is
unable to provide an update as the agency does not have adequate
information to review the ratings.

COMPANY PROFILE

RWL Healthworld is engaged in the retail business of buying and
selling pharmaceutical and wellness products.


SAGAR PULSES: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sagar
Pulses Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      34.15       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 August 21, 2020, placed the
rating(s) of SPPL under the 'issuer non-cooperating' category as
SPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 7,
2021, July 17, 2021, 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(s).

SPPL based out of Madhya Pardesh was incorporated in 2013 as a
private limited company by Malpani family. SPPL has a dall
processing mill with an installed capacity of 100 tonne per day and
is engaged in the processing and trading of various types of pulses
such as Chana, Yellow Peas, Urda, Soyabean. Further, the company
undertook a project for installation of Besan plant with an
installed capacity of 15 tonne per day and started its commercial
production from end of June 2018.


SAPTARISHI HOTELS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saptarishi
Hotels Private Limited (SHPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      220.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           20.00      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 August 10, 2020, placed the
rating(s) of SHPL under the 'issuer non-cooperating' category as
SHPL 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. SHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2021, July 6, 2021, and 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).

Saptarishi Hotels Private Limited (SHPL) was incorporated on
October 07, 2010. The company is a special purpose vehicle (SPV)
incorporated for the development of a 4-star serviced apartments
and convention hotel property in the name of 'Double Tree by
Hilton' at Gachibowli, Hyderabad.

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

The instrument-wise rating actions are:

-- INR698 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR530 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of Schoolnet and its 80.01%-owned
subsidiary Learnet Skills Limited (Learnet; 'IND BB (ISSUER NOT
COOPERATING)',  due to the strong operational and strategic
linkages between them.

KEY RATING DRIVERS

Schoolnet has also not provided the monthly no-default statement
since February 2021, despite follow-ups by the agency. This is in
line with Ind-Ra's Guidelines on What Constitutes Non-Cooperation
published in May 2021.

COMPANY PROFILE

Started in 1997, Schoolnet is active in the education technology
and skill training business segment, and provides solutions to
schools, colleges, vocational training institutes, state
governments and corporates. Lexington holds 99.82% in Schoolnet.


SCSL AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned SCSL Agro Private
Limited (SAPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR900 mil. Proposed term loan* assigned with IND B+/Stable
     rating; and

-- INR100 mil. Proposed fund-based facilities* assigned with
     IND B+/Stable/IND A4 rating.

*unallocated

KEY RATING DRIVERS

SAPL's ratings reflect the time and cost overrun risks associated
with its under-construction unit. SAPL is setting up a new 90 kilo
liter per day unit to manufacture ethanol in Hassan (Karnataka).
The total capex envisaged for the project is INR1,278.1 million
with an equity contribution of INR383.4 million (30%) and the
remaining INR894.7 million will be funded through debt. SAPL's
management has stated that it is confident of commercializing
operations 4QFY23 onwards as envisaged, where in the company has
acquired a land parcel for all the civil and plant construction.
The construction is in early stage and erection of machinery is
pending.

Liquidity indicator- Poor: SAPL is seeking a term loan of INR900
million and a working capital facility of INR100 million from
banks. It depends majorly on bank funds to complete its projects.
Hence, any delay in receiving funds may lead to project time and
cost overruns. As per the management, during the initial years of
operations, the promoter will infuse cash to repay interest and
debt obligations if any cashflow mismatch arises. Post operational
commencement, Ind-Ra expects the company's credit metrics to
normalize within two-to-three years, subjected to the timely
repayment of the term loan along with the yoy scale-up of the
operations.

The ratings factor in the modest off-take risk, which is mitigated
by a reasonable market demand for ethanol coupled with increased
consumption of ethanol for blending with petroleum products (up to
20%) by oil companies. Moreover, the company's raw material
requirement is partially met by its parent company Sri
Chamundeshwari Sugar Limited, which plans to help the plant to
operate at an optimal level during the early stage of commercial
operations.

The ratings also factor in the management expectation of moderate
revenue of INR540 million over FY23 based on the installed capacity
of the plant. The agency expects the company's scale of operations
to be medium once the operations have stabilized and to improve in
the long term in line with ethanol demand. Ind-Ra expects the
EBITDA margins to be modest at 8%-10% in FY23 with ROCE at 9%,
considering the additional costs incurred during the initial stages
of production. All the numbers are based on the project report.

The ratings, however, continue to be supported by the promoter's
three-decade-long experience in the sugar and distillery domain and
Indian government's continuous support to ethanol producers through
interest subvention schemes.

RATING SENSITIVITIES

Negative: Any delay in achieving stability in the operating
performance after the commencement of commercial operations,
affecting the debt serviceability capability of the company, could
be negative for the ratings.

Positive: Timely commencement operations and the subsequent
achievement of stable operating profitability will be positive for
the ratings.  

COMPANY PROFILE

Incorporated in 2019, SAPL is setting up a 90 kilo liter per day
ethanol manufacturing plant in Hassan (Karnataka) which is likely
to commence in July 2023.


SHIVAM HOSPITAL: CARE Lowers Rating on INR12.5cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shivam Hospital (SH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       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 July 31, 2020, placed the
rating(s) of SH under the 'issuer noncooperating' category as SH
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. SH 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).

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

Shivam Hospital, a partnership concern, was established in 2010
with Dr. Raj Kumar Vasal, Mr. Sunder Sham Arora, Mr. Sanjeev Kumar
Vasal and Mr. Shadi Lal as its partners sharing profit and losses
equally. The operations of the hospital commenced from April 2011.
It operates a multi-speciality hospital by the same name, located
in Hoshiarpur (Punjab) with capacity of 250 beds. The hospital
provides healthcare services in a wide range of areas such as
neurology, cardiology, general surgery, ortho, plastic surgery,
pediatrics, dialysis, x-ray, endoscopy, medicine, Ear-Nose-Throat
(ENT), gynaecology etc.


SONA OVERSEAS: CARE Lowers Rating on INR9.90cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sona
Overseas (SO), as:

                       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 and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated August 21, 2020, had placed the
ratings of SO 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. SO 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.

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

Delhi based Sona Overseas (SO) is a Partnership Firm and it was
incorporated on December 01, 1993. The firm is currently managed by
brothers, Mr. Raj Kumar Luthara and Mr. Neerja luthara. The
partners have a vast experience of more than 2 decades in the same
line of business. SO is engaged in manufacturing of Diamond studded
gold jewellery (anklets, toe rings, necklaces, earrings, rings, and
bangles) at its unit located in Mumbai. The Raw material used in
the Manufacturing of diamond jewellery is Gold, gems (ruby, panna),
Diamond which is being procured domestically from all over India.
The Gold is being purchased from Banks. The firm exports 99.9% of
its products in Middle East countries on the order basis.


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

The instrument-wise rating actions are:

-- INR117 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR35 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 5, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Starbigbloc Building Material manufactures autoclaved aerated
concrete blocks at its Ahmedabad facility, which has a total
capacity of 0.2 million cubic meters.


UTTAM DOORS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uttam Doors
Private Limited (UDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.20      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 UDPL under the 'issuer non-cooperating' category as
UDPL 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. UDPL 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.

Nagpur (Maharashtra) based Uttam Door Private Limited (UDPL) was
incorporated in 2012 by Mr. Gulab Patel. The company is engaged in
manufacturing and trading of plywood door, laminates and block
boards. Majority of the revenue is contributed by trading segment.
The manufacturing facility of the company is located at Nagpur
(Maharashtra). The company procures raw material from local
suppliers based in Nagpur and Uttar Pradesh and sell its products
in Maharashtra through dealers.


VAIDYA INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vaidya
Industries (VI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.88       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 VI under the 'issuer noncooperating' category as VI
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. VI 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.

Established in the year 1995, Vaidya Industries (VI) is engaged in
manufacturing and trading of wooden and steel furniture. The
manufacturing facility of the entity is located at Nagpur
(Maharashtra). The entity has a group company namely Vaidya V & I
Infrastructure Private Limited (VVIIPL). VVIIPL incorporated in the
year 2006 and is engaged in manufacturing and trading of modular
table, desk, bench and modular storage.


VAIDYA V: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vaidya V
And I Infrastructure Private Limited (VVIIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.10       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 VVIIPL under the 'issuer non-cooperating' category as
VVIIPL 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. VVIIPL 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.

Vaidya V and I Infrastructure Private Limited (VVIIPL) was
established in the year 2006. However, the company started
commercial operations from January 2013 and was engaged in
installation of grill and gate. Later on, the company changed the
line of business and started manufacturing of Modular Table, Desk,
Bench and Modular Storage from April 2014 onwards. The
manufacturing facility of the company is located at Nagpur with an
installed capacity of 42000(no's) per annum for modular storage.


VAMA INDUSTRIES: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vama Industries
Limited's Long-Term Issuer Rating to 'IND D' from 'IND B'. The
Outlook was Sta­ble.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits (Long-term/ Short

     term) downgraded with IND D rating;

-- INR170 mil. Non-fund-based working capital limit (Short term)
     downgraded with IND D rating; and

-- INR35 mil. Proposed fund-based working capital limits* is
     Withdrawn.

*Ind-Ra has withdrawn the provisional ratings on Vama's facilities
as the company did not proceed with the instruments as envisaged.

KEY RATING DRIVERS

The downgrade reflects Vama's delay in interest servicing of
guaranteed emergency credit line loan during the last three months
ended August 2021 due to weak liquidity profile and instances of
overutilization of fund-based limits over the same timeframe.

RATING SENSITIVITIES

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

COMPANY PROFILE

Vama was formed in 2003 and is engaged in providing facility
management services, IT infrastructure, data center engineering
build, system integration projects, and engineering design &
development services. Vama has 100% wholly-owned subsidiary company
in Singapore under the name of Vama Technologies Pte. Ltd, which
was incorporated in FY17.


VIBRANT FAB: CARE Lowers Rating on INR12.50cr 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.


VINTAGE HOME: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vintage
Home Fashions (VHF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated August 25, 2020, had placed the
ratings of VHF 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. VHF continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated July 11, 2021, July 21, 2021
and July 31, 2021.

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

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

VHF was established in April 1999 as a proprietorship firm by Mr
Puneet Chugh. The firm is engaged in the manufacturing of textile
home furnishing products which includes bed sheets, curtains,
quilts, blankets, carpets, etc, at its manufacturing unit located
in Panipat, Haryana. The firm has an installed capacity of 85 lakh
units per annum as on March 31, 2018. VHF procures its key raw
materials i.e. acrylic fabric, cotton fabric and polyester fabric
from companies as well as from various traders located in nearby
regions. VHF sells its finished products under its own brand name
'Blanc' to the online sales portals including Naaptol Online, Best
Deal TV, etc. and also to wholesalers. The firm has in house
facility of printing, dyeing and designing of furnishing products.




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

QUALIFUND LIMITED: To be Shut Down After Tipoff to Authorities
--------------------------------------------------------------
Stuff.co.nz reports that authorities are moving to shut down a
company that was claiming to make loans to people with poor credit
histories despite not being registered to deliver financial
services.

The Ministry of Business, Innovation and Employment (MBIE) Hikina
Whakatutuki and the Commerce Commission Te Komihana Tauhokohoko are
investigating Qualifund Limited, which was set up by convicted tax
cheat David Lawrence Marsters, Stuff says.

According to Stuff, the agencies had been tipped off by a member of
the public that Mr. Marsters had set up the company using the name
David Harding, and that neither Marsters or Qualifund were listed
on the Financial Services Providers Register of companies and
individuals approved to provide financial services to the public.

Mr. Marsters was extradited from the United States in the early
2000s to face 48 charges of using a document with the intent to
defraud, for which he was imprisoned for three years.

Stuff contacted Mr. Marsters, who declined to speak, but said by
email that Qualifund would be closed by the end of next month.

On Sept. 16, MBIE published a notice that it intended to remove
Qualifund from the Companies Office Register.

Qualifund was set up in July by a person using the name David
Alexander Harding, and is the sole director and shareholder, giving
the Companies Office an address in Papamoa Beach.

But after MBIE's intergrity and enforcement unit began
investigating in August, the person calling themselves David
Harding changed the name of the sole director to Lawrence Alexander
David Branson Marsters, who was listed as living at the same
Papamoa Beach address as David Harding, Stuff states.

It was then again changed to the hyphenated Lawrence Alexander
David Branson-Marsters.

The Companies Act requires people setting up companies to use their
real names, and addresses.

Stuff relates that an MBIE spokesman said the Registrar of
Companies had initiated the process of removing Qualifund Ltd and
H&D Developments and Investments Ltd on the grounds that the
director of the companies had intentionally provided inaccurate
information.

The review of information regarding Lawrence Branston-Marsters was
ongoing, Stuff says.

The complainant also informed the Financial Markets Authority,
which runs the Financial Services Providers' Register, which was
introduced as part of a raft of law change designed to protect the
public from fake financial services companies.

A FMA spokesman said it had referred the complaint regarding
Qualifund to the Commerce Commission which regulates credit
contracts, Stuff adds.




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

PHILIPPINE AIRLINES: More Headaches Loom for PAL Post-Bankruptcy
----------------------------------------------------------------
Richmond Mercurio at The Philippine Star reports that Philippine
Airlines' turbulent ride is expected to continue even if it emerges
from bankruptcy, aviation think tank CAPA-Center for Aviation
said.

According to the report, CAPA in its latest analysis said some of
PAL's pre-COVID headaches would remain despite streamlining.

PAL filed for a pre-arranged restructuring under the US Chapter 11
process in the Southern District of New York last Sept. 3 as it
seeks to recover from the blow brought by the pandemic on its
operations.

"The airline was facing some serious challenges before the
pandemic, particularly from strong LCC (low-cost carriers)
competitors in its domestic and international markets. It was
already planning a turnaround initiative, but like many other
airlines in the region it has been forced to take more drastic
action," CAPA said.

"Its post-bankruptcy headaches will include an uncertain demand
recovery timeline and undiminished pressure from LCCs," it said.

The Philippine Star relates that CAPA said PAL had to contend with
strong competition from LCC on short haul routes before the
pandemic arrived.

Data from CAPA showed that Cebu Pacific had a dominant share of
domestic capacity in January 2020 at 43.4 percent. PAL came second
with a market share of 28.8 percent, followed by AirAsia
Philippines with 19.3 percent, the report discloses.

On the international market, PAL was the leading player
pre-pandemic with 25.1 percent.

Cebu Pacific's international market share in January 2020 stood at
18.6 percent, while that of AirAsia Philippines was at 7.6
percent.

On top of strong competition from LCCs, CAPA said building up to a
revised network plan would still take time, as a large part of
PAL's network remains suspended due to COVID-19 travel
restrictions, The Philippine Star relays.

The airline earlier said it was only operating 21 percent of its
pre-pandemic flights.

The Philippine Star adds that CAPA said PAL would axe its three
longest routes to London, New York and Toronto, which were served
by the A350s before the pandemic.

It said some cuts would be made to medium haul routes, while there
would be relatively few reductions to short haul and domestic
services, which are aligned with expectations that short haul
markets will recover fastest and long haul will be slowest to
recover.

"Gaining agreement from its creditors and presumably a smooth
passage through bankruptcy court will be major steps for PAL. But
it is far from out of the woods yet, and it still has some tough
months ahead of it before any meaningful recovery takes hold,"
CAPA, as cited by The Philippine Star, said.

"But there is no question that a streamlined PAL will be better
placed to respond to what could be a protracted recovery in
international markets. It will also have options to expand its
widebody fleet again and perhaps resume some of its cancelled
routes when demand does eventually come back," it said.

The airline was able to secure the approval of the US bankruptcy
court for all of its "first day" motions on an interim or final
basis, marking an important step forward in its recovery plan.

PAL targets to exit from the Chapter 11 process before the year
ends, the report notes.

                      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
=================

EAGLE HOSPITALITY: Court Orders Investors to Return $2.4 Million
----------------------------------------------------------------
Vince Sullivan of Law360 reports that two investors of bankrupt
hotel owner Eagle Hospitality Group must return $2.4 million to the
debtor after a Delaware judge said the investors obtained the money
through a fraudulent transfer of assets from the debtor after
improperly applying for a loan under the federal Paycheck
Protection Program.

U.S. Bankruptcy Judge Christopher S. Sontchi granted Eagle's motion
for summary judgment Tuesday, September 14, 2021, in a Chapter 11
adversary proceeding against investors Taylor Woods and Howard Wu,
saying there were no material facts in dispute surrounding the
allegations that the investors engaged in a fraudulent transfer,
fraud and unjust enrichment.

                 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.


GEO ENERGY: Moody's Upgrades CFR to B3 Following Debt Redemption
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Geo Energy Resources Limited to B3 from Caa1.

In addition, Moody's has upgraded to B3 from Caa1 the senior
unsecured guaranteed notes issued by Geo Coal International Pte.
Ltd., a wholly owned subsidiary of Geo Energy.

The outlook remains stable.

"The ratings upgrade to B3 reflects the elimination of refinancing
risk following the redemption of its remaining outstanding notes
next month with cash on hand," says Maisam Hasnain, a Moody's Vice
President and Senior Analyst, "Although the company will be
effectively debt free, Geo Energy's credit profile remains
constrained by its small scale, declining coal reserves and
uncertainty over its diversification strategy."

RATINGS RATIONALE

On September 12, Geo Energy announced that it has exercised a call
option to redeem the remaining outstanding $59 million notes due
October 2022 at 102 cents on the dollar. Following the completion
of this transaction, Moody's estimates the company's reported debt
will consist of only around $2 million of finance leases, against
around $60 million of cash.

Amid rising coal prices this year, Geo Energy's earnings and cash
flow have increased considerably, driving its cash balance to $120
million as of September 5, 2021 from $53 million as of December 31,
2020.

Moody's also expects Geo Energy to generate record earnings this
year with a Moody's-adjusted EBITDA of around $190 million in 2021,
against around $40 million in 2020. Based on a Newcastle thermal
coal price assumption of around $85 per ton in 2022, Moody's
estimates Geo Energy's adjusted EBITDA will remain healthy at
around $90 million.

Despite its planned notes repayment with cash, Geo Energy will
maintain very good liquidity. Moody's estimates that Geo Energy
residual cash balance and projected operating cash flows will be
sufficient to cover its capital spending, dividends, and scheduled
finance lease repayments over the next 12-18 months.

Nonetheless, the company's operating performance remains
susceptible to slight changes in coal prices and production due to
its small scale. Also, Geo Energy's credit profile will weaken as
its coal reserves continue to decline.

With total proved and probable reserves of around 79 million tons
(MT) as of June 30, 2021, Geo Energy has a relatively short reserve
life of about seven years at its target production level of 11
MT-12 MT per annum.

The company's diversification strategy, which includes investing in
new businesses and divesting some of its coal assets, will also
raise execution risks as potential investments will likely be
unrelated to the company's core coal mining operations.

Moreover, the company has had a limited track of executing on its
stated growth plans. For example, although the majority of proceeds
from its $300 million notes issuance in September 2017 were
earmarked for coal mine acquisitions, the company did not complete
any acquisitions.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Geo Energy's ESG Credit Impact Score is highly negative (CIS-4).
The score reflects Geo Energy's very high exposure to environmental
risks and high exposure to social risks, and high exposure to
governance risks around its financial policies which have resulted
in large discounted notes buybacks in 2020, which Moody's
classified as a distressed exchange.

The company's exposure to environmental risk is very highly
negative (E-5 issuer profile score), driven by very high carbon
transition risks for thermal coal. While coal demand in Asia will
be stronger than in other regions, Asian coal miners are already
exposed to material credit implications, including reduced access
to funding. In addition, policies favoring renewables, the
declining costs of renewables and the development of disruptive
technologies will increase the long-term risk for coal miners.

Geo Energy's exposure to social risk is highly negative (S-4 issuer
profile score), driven primarily by coal mining's high exposure to
human capital, health and safety, responsible production and
demographic and societal trends. The company has implemented an
Environmental and Social Management System, which seeks to address
issues such as workplace health and safety procedures, and local
community development.

Geo Energy's exposure to governance risk is highly negative (G-4
issuer profile score). The score reflects Geo Energy's financial
strategy, which includes its willingness to use cash for discounted
notes repurchases, resulting in a loss of value for creditors
relative to the original obligation, and an inability to execute on
its stated acquisition plans since 2017.

OUTLOOK

The outlook is stable, reflecting Moody's expectation that Geo
Energy will maintain profitable and cash-generative thermal coal
mining operations, and sufficient cash sources to meet its cash
requirements over the next 12-18 months.

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

An upgrade is unlikely over the next 12-18 months given Geo
Energy's small scale, short reserve life and uncertainty over its
diversification strategy.

Nevertheless, prospects for an upgrade could arise over time if Geo
Energy executes a diversification strategy that improves its
business profile, while adhering to conservative financial policies
and maintaining a prudent approach toward investments and
shareholder distributions.

On the other hand, Moody's could downgrade the ratings if Geo
Energy undertakes large debt-funded investments that weaken its
credit quality, or if Geo Energy's cash generation declines, such
that its cash sources are insufficient to meet its needs over the
next 12-18 months.

Credit metrics indicative of a rating downgrade include adjusted
debt/EBITDA above 3.0x, or adjusted EBIT/interest below 2.0x on a
sustained basis.

The principal methodology used in these ratings was Mining
published in September 2018.

Established in 2008 and listed on the Singapore Stock Exchange in
2012, Geo Energy Resources Limited is a coal mining group with
mining concessions in South and East Kalimantan. Its promoter
shareholders, including Charles Antonny Melati and Huang She Thong,
own around 39% of the company.

KITCHEN CULTURE: Former CEO Serves Company With Writ of Summons
---------------------------------------------------------------
The Business Times reports that Kitchen Culture Holdings on Sept.
17 said it had been served with a writ of summons and a statement
of claim on Sept. 15 by its former chief executive officer (CEO)
Lim Wee Li.

Mr. Lim, who was also the executive director and a substantial
shareholder of the company, was earlier dismissed from his position
over "grave misconduct" affecting the company's business, BT
notes.

According to BT, the summons and claim alleges that the company
wrongfully terminated his appointment as CEO; breached its
obligation of mutual trust and confidence owed to him; and released
defamatory statements referring to him, and refused to retract and
apologise for the statements.

BT relates that the board of directors said it is "of the view that
Mr Lim's claims are without merit", with the exception of
independent director Yap Sze Hon. In July, the board revealed that
Mr Yap, who is a member of its nominating committee, had disagreed
with the board's decision to fire Mr. Lim.

Kitchen Culture, which is in the business of supplying kitchen
equipment, said it has engaged legal counsel and intends to defend
itself against the claims, the report relays.

BT says the company confirmed in July that Mr. Lim's dismissal was
based on findings in an interim report from Baker Tilly
Consultancy, which had uncovered potential breaches by officers and
employees of the company and certain failures of Mr. Lim.

Catalist-listed Kitchen Culture called for a trading halt on July
7, BT notes. Its shares last traded at SGD0.08.

                       About Kitchen Culture

Based in Singapore, Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.

Kitchen Culture reported three consecutive net losses of SGD4.22
million, SGD3.87 million, and SGD4.74 million for years ended June
30, 2018, 2019 and 2020, respectively.


MIRACH ENERGY: To Delist from Singapore Exchange on Sept. 30
------------------------------------------------------------
The Business Times reports that mainboard-listed Mirach Energy will
be delisted on Sept. 30, the company announced in a bourse filing
on Sept. 17.

Earlier in May, the company said it will be placed under creditors
voluntary winding-up after the directors evaluated options for the
group, BT recalls. This came after the company said in December
last year that it was taking steps to wind up as it was unable to
procure a reasonable exit offer.

As at end-March this year, Mirach Energy was left with limited cash
and cash equivalents of some US$66,000 and continues to be
loss-making despite efforts to streamline the group's operations,
according to BT.

BT relates that the directors said they were of the view that a
winding-up would allow a fair and orderly distribution of the
company's remaining assets to creditors and shareholders, in the
event there were surplus assets.

Mirach Energy shareholders had approved the creditors' voluntary
liquidation at an extraordinary general meeting on June 24, the
report notes.

Mirach Energy Ltd. explores for oil and natural gas, and offers
technical oilfield advice, enhanced oil recovery, project
management, and mud logging services.




===========
T A I W A N
===========

WAN HAI: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Taiwan-based container carrier Wan Hai Lines Ltd.

The rating outlook remains stable to reflect S&P's view that Wan
Hai's strong profitability could sustain the company's ratio of
funds from operations to debt well above 45% in 2021-2022, despite
Wan Hai's plan to increase capital expenditure sharply over the
period.

Prolonged disruption to seaborne traffic could support higher
freight rates for Wan Hai over the next three to four quarters.
Congestion at major international container ports could last into
2022, which along with rising demand for tangible goods could
support high freight rates over the next few quarters. Queues at
major ports in North America such as Los Angeles and Long Beach,
are the longest ever, with improvement unlikely for several months.
In addition, the inventory to sales ratio for global retailers
remains at a historical low with a long time remaining before
retailers can replenish their inventories. Therefore, S&P has
revised upward its growth projection for Wan Hai's average freight
rate to 120%-130% in 2021.

Freight rates surged significantly during the second half of 2020
and throughout the first half of 2021. The Shanghai Containerized
Freight Rate Index reached US$4,502 per twenty-foot equivalent unit
(TEU) at the beginning of September 2021, which is about 1.5x the
level at the beginning of 2021. Freight rates on Wan Hai's America
routes posted the strongest growth, with around 120% in the second
quarter of 2021 compared with the end of 2020, followed by around
100% growth for Middle East routes and 65% growth on intra-Asia
routes.

S&P factors in a 30%-40% decline in average freight rates for Wan
Hai in 2022 and a further 20%-25% decline in 2023, which mainly
reflects gradually normalizing freight rates once the pandemic is
contained, and supply chain disruptions are resolved. Nonetheless,
Wan Hai is likely to generate substantially higher operating cash
flow in 2022 and 2023 than in the years before 2020, given the
elevated base in 2021.

Wan Hai's increasing exposure to long-haul routes will benefit its
profitability during upcycles, but it could suffer more during
downturns because long-haul routes are inherently more volatile
than intra-Asia routes. The carrier took advantage of higher
freight rates on trans-Pacific routes and increased its service
frequency to U.S. west coast routes from March 2021. Wan Hai
further expanded routes to the U.S. east coast in June 2021.
Revenue from American routes increased to around 40% of the
carrier's total revenue in the first half of 2021, compared with
10%-20% historically, leading to an increase in the company's
EBITDA margin. However, Wan Hai could face intense competition from
other long-haul carriers on these routes once this industry upcycle
gradually ends. This would raise the volatility of Wan Hai's
profitability, especially if the carrier continues to aggressively
expand its long-haul services because the company has not joined
any of the three major shipping alliances and possesses a
relatively insignificant market share of global long-haul
services.

S&P said, "The carrier's aggressive vessel acquisition plans could
boost debt. Since our previous review in April, Wan Hai has
announced its plan to purchase four vessels with a capacity of
13,000 TEU each and twelve with 3,055 TEU, for a total investment
of NT$28 billion-NT$30.3 billion. We believe these incremental
vessel purchases, with deliveries scheduled for 2023-2024, are a
response to strong market demand and to meet the carrier's
expansion plans to its new U.S. East Coast service. Therefore, we
forecast Wan Hai's capital expenditure will increase significantly
to NT$35 billion-NT$37 billion in 2021, NT$21 billion-NT$23 billion
in 2022, and NT$33 billion-NT$35 billion in 2023." This compares
with around NT$19 billion in 2020. As a result, the carrier could
see its net cash position reverse in 2023.

Wan Hai's improving profitability could increase its financial
buffer to cushion against unexpected volatility over the next two
years; however, uncertainty over the time frame of this industry's
super upcycle and possibly higher debt leverage led by Wan Hai's
potential fleet expansion plan could constrain its credit
metrics.Despite Wan Hai's more aggressive fleet expansion, the
company's robust operating cash flow generation in 2021 and 2022
could still outpace its higher capital needs, supporting the
company's need to reduce its debt level over the next one to two
years, even after the container shipping industry gradually
normalize. In addition, S&P views that Wan Hai could remain
flexible in terms of dividend policy and is likely to reserve
sufficient cash for potential fleet expansion. Accordingly, Wan Hai
is likely to maintain at net cash position in 2021-2022, and
slightly leveraging up afterwards as freight rates progressively
shift back to normal in 2023.

Meanwhile, after this wave of strong global demand fades and port
and inland infrastructure operations gradually normalize, freight
rates will drop substantially. S&P said, "Our base case forecast is
for disruptions to the shipping industry to gradually resolve in
2022, and freight rates of all Wan Hai's major service lines will
start to decrease by 30%-40% in 2022 and a further 20%-25% in 2023,
from the abnormally high level in 2021. Nonetheless, we acknowledge
that there remains uncertainty over the timeline as the Delta
variant of the coronavirus is still raging around the world, and
the expectation for freight rates to plummet, especially when most
of the new containership capacity rolls out in 2023. In our view,
Wan Hai's financial metrics are highly exposed to the volatile
nature of the container shipping industry. Possible oversupply of
containerships, rising competition or soaring bunker prices could
lead to quick deterioration of Wan Hai's profitability and further
worsen its credit metrics."

S&P said, "The stable rating outlook reflects our view that Wan Hai
will improve its profitability significantly over the next two
years, underpinned by rising freight rates and growing lifting
volume, despite a possible increase in fuel cost. This is supported
by favorable market conditions led by the global economic recovery
and disciplined industry supply control. Through strengthened
operating cash flow and flexible shareholder friendly action, Wan
Hai could be in a net cash position in 2021-2022, despite the
company's heightened capital expenditure for fleet expansion over
the same period."

S&P may lower the long-term issuer credit rating if:

-- Wan Hai's profitability deteriorates materially amid possible
containership oversupply should the market become less disciplined,
or if rising competition from long-haul competitors erodes the
carrier's competitive advantage in intra-Asia; or

-- The company takes on more aggressive expansion and
substantially increases its debt leverage, such that its ratio of
funds from operations to debt falls to below 45% for an extended
period.

The likelihood of an upgrade is low over the next 12 months, given
Wan Hai's still-volatile financial metrics, continued competitive
pressure from larger long-haul players, and a more aggressive fleet
expansion plan.

However, S&P may raise the rating on Wan Hai if:

-- The company substantially enhances its competitive position in
the global container shipping market with significantly enlarged
scale and market share; and

-- At the same time Wan Hai keeps to a very conservative financial
policy that sustains its minimal financial leverage.




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

DAT XANH GROUP: Fitch Rates Proposed USD Sr. Unsec. Notes 'B'
-------------------------------------------------------------
Fitch Ratings has assigned Vietnam-based Dat Xanh Group Joint Stock
Company's (DXG; B/Stable) proposed US dollar senior unsecured notes
a long-term rating of 'B' with a Recovery Rating of 'RR4'. The
proposed notes will be issued by DXG and guaranteed by some of its
subsidiaries.

The proposed notes are rated at the same level as DXG's Issuer
Default Rating as they constitute direct senior unsecured
obligations of the issuer and guarantors. Proceeds from the new
issue will be used for financing and developing real-estate
projects. DXG's listed subsidiary, Dat Xanh Real Estate Services
(DXS), is excluded from the guarantor group. DXS's subsidiaries are
guarantors, such that the issuer and subsidiaries that are in the
guarantor group in aggregate constitute around 80% of DXG's
consolidated revenue, operating profit and assets.

DXG's rating reflects the company's expanding market position as a
residential property developer in southern Vietnam and its status
as the country's largest real-estate brokerage, counterbalanced by
its limited record in generating and sustaining contracted sales of
at least VND6 trillion. The Covid-19 pandemic and strict movement
restrictions have exacerbated the company's execution risk and
ability to sustain strong contracted sales growth in the next 12-18
months.

KEY RATING DRIVERS

Growth Phase, Execution Risk: Fitch believes DXG can achieve rapid
growth over the next three years, despite the lack of a consistent
record in delivering annual contracted sales of at least VND6.0
trillion, a key positive rating sensitivity. DXG's VND5.1 trillion
of contracted sales in 1H21 were significantly higher than the
VND3.4 trillion in 2020, led by strong demand for residential
property and land-bank accumulation since 2017. However, positive
rating action is dependent on steady performance as regional
lockdowns have raised execution risk.

DXS Excluded from Guarantor Group: DXS's exclusion has limited
impact on DXG's rating profile as around 80% of assets and
operating cash flows remain in the guarantor group. DXG manages the
group's treasury function centrally and therefore has access to
DXS's cash via intercompany loans, in addition to dividends. Fitch
believes DXG's real-estate development will continue to benefit
from the distribution reach of DXS.

DXS is Vietnam's largest primary real-estate brokerage, with an
estimated sales share of 29%, according to Savills. The
full-service broker distributes DXG's projects and provides
consultancy and sales management for more than 100 projects across
the country. However, this is counterbalanced by its significant
working-capital needs, which drain operating cash flow during
periods of fast growth. The broker pays a deposit to guarantee a
minimum portion of contracted sales for each project, which is
recovered after the contracted sales threshold is met.

Narrowing FCF Gap: DXG's rating is limited by its negative free
cash flow (FCF) due to land purchases for property development and
the working capital associated with its brokerage services. Fitch
expects FCF to narrow to -13% of gross debt in 2021, excluding land
purchases, from -17% in 2020, supported by higher contracted sales
and a moderation in the brokerage arm's working-capital needs.
Fitch expects DXG's bargaining power as a full-service broker to
improve with operating scale in the next two years, especially with
smaller developers, as the sector consolidates.

Strong Balance Sheet: Fitch expects DXG's net debt/adjusted
inventory to stay under 50% over the next three years. This
provides the company with leverage headroom to fund its growth
aspirations in real-estate development and counterbalances cash
flow risks. It also has discretion to temporarily slow land
purchases and the growth of its brokerage services if contracted
sales fail to meet its targets, as its land bank was sufficient for
seven years of contracted sales at end-June 2021.

DXG's moderate leverage, especially relative to international
peers, is also supported by public and preferential equity
issuance, which totalled VND3.9 trillion over 2016, 2019 and 2020.
The group also raised VND2 trillion via the listing of DXS in 1H21
and DXG's shareholders have approved the issuance of an additional
VND4.0 trillion in preferential equity in 4Q21. Fitch has factored
these amounts into Fitch's assumptions.

Robust Medium-Term Outlook: Fitch expects strong economic growth, a
rising middle class and urban migration to continue to drive
residential property demand in key cities such as Hanoi, Ho Chi
Minh City and their satellite towns. Fitch forecasts Vietnam's real
GDP to grow by 7.2% in 2022, benefiting from the resumption of
global trade and reshoring of foreign direct investments from
China. Fitch believes supply shortages in Ho Chi Minh City will
boost average selling prices and interest for new launches.

DERIVATION SUMMARY

DXG's rating can be compared with that of Vietnamese developer BIM
Land Joint Stock Company (BIML, B/Stable), as well as that of
Indonesian property developers PT Ciputra Development Tbk (CTRA,
B+/Stable) and PT Lippo Karawaci TBK (B-/Stable).

DXG's residential real-estate development provides greater cash
flow stability than BIML's tourism-led property portfolio. DXG's
brokerage business also offers more geographically diverse revenue
streams compared with BIML's exposure to two main townships in Ha
Long and Phu Quoc. However, this is offset by DXG's large
working-capital needs within its brokerage arm, which, together
with significant land acquisitions, will drain its cash flow from
operations (CFFO) in the next 12-18 months. In contrast, BIML has a
record of maintaining positive CFFO over the last three years,
stemming from its mostly pre-paid land bank. Both companies are
likely to maintain leverage (defined as net debt/adjusted
inventory) at around 30% in the next two years, although Fitch has
a slightly higher leverage tolerance for DXG due to its exposure to
less-cyclical cash flow from residential property sales.

CTRA's rating stems from its record of sustaining annual
attributable contracted sales of more than USD300 million and a
more neutral operating cash flow profile compared with DXG due to
its mostly pre-paid landbank. CTRA's higher rating is also
supported by its greater product and price-point diversity, with a
presence in the low-end-to-luxury residential space, as well as
exposure to non-development income from commercial properties such
as shopping malls, offices and hotels. CTRA has demonstrated its
ability to shift its product mix to cater to varying demand
patterns, helping it navigate residential property market
downturns.

Lippo's rating reflects its weaker business and financial profile
as its contracted sales scale is smaller than DXG's, at around
USD150 million. Both companies have reported negative FCF/gross
debt in the last few years, but Fitch expects the cash flow gap to
improve in the next 12-18 months. Nevertheless, Lippo's leverage is
likely to remain higher than that of DXG over the medium term, at
around 50%.

KEY ASSUMPTIONS

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

-- Contracted sales of VND6.6 trillion-9.2 trillion in 2021-2022;

-- EBITDA of VND2.8 trillion in 2021 and VND3.7 trillion in 2022
    (2020: VND849 billion);

-- FCF of -VND8.8 trillion in 2021 and -VND2.8 trillion in 2022
    (2020: -VND1.8 trillion);

-- Land banking amounting to VND7.4 trillion in 2021 and VND3.0
    trillion in 2022 (2020: VND461 billion);

-- 40% cash dividend payout at the DXS level.

KEY RECOVERY RATING ASSUMPTIONS

-- Fitch assumes DXG will be liquidated in a bankruptcy rather
    than continue as a going-concern, because it is an asset
    trading company.

-- Fitch deducts 10% of the liquidation value on account of
    administrative costs.

-- Fitch has removed assets and debt attributable to the non
    guarantor group when calculating recovery analysis.

-- Fitch assumes zero recovery value for cash and cash
    equivalents in arriving at the liquidation value, on the
    assumption that cash will dissipate as the company tends
    towards default.

-- To estimate the liquidation value, Fitch assumes a 75% advance
    rate against account receivables, in line with Fitch's
    assumption for south and south-east Asian property peers.
    Account receivables stem mainly from the development business
    as well as deposits placed with third-party developers'
    property projects undertaken by the brokerage business. The
    brokerage arm is refunded the deposits upon the successful
    sale of 60% - 70% of the project value, and in limited
    instances is able to take over the balance unsold inventory
    value of the project. Historical losses on account receivables
    are negligible.

-- Fitch has applied an advance rate of 50% against property
    inventories. Fitch has deducted the value of customer advances
    collected by the development-property business to exclude the
    portion of inventory that is deliverable against these
    advances.

-- All of DXG's domestic bank debt is secured and rank prior to
    unsecured debt in the liability waterfall. DXG has a limited
    value of undrawn lines of VND312.5 billion but the company
    does not pay commitment fees on these lines, which it says is
    in line with local practice. Fitch has not regarded these
    lines as committed and have not assumed they will be available
    as the company tends towards default.

-- DXG has VND211 billion in domestic bonds as of 31 December
    2020, which together with the proposed bonds of up to USD300
    million (around VND6.9 trillion), are subordinated to secured
    debt in the liability waterfall.

-- Fitch has assumed the bond proceeds will be invested in an
    equivalent amount of inventory at the time of default, in line
    with its use of proceeds, and Fitch applies an advance rate of
    50% to arrive at the recovery value of this inventory.

-- Based on the adjusted liquidation value after administrative
    claims, Fitch estimates the Recovery Rating of the proposed
    senior unsecured bonds at 48%, which corresponds to a Recovery
    Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Sustained attributable contracted sales, excluding bulk land
    sales and land sales for development of project amenities, of
    more than VND6 trillion;

-- Sustained neutral-to-positive FCF, excluding land purchases;

-- Net debt/adjusted inventory sustained below 40% (2020: 30%).

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

-- Net debt/adjusted inventory at above 50% for a sustained
    period.

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

Manageable Liquidity: DXG reported VND4.5 trillion in cash on its
balance sheet as of end-June 2021, sufficient to repay total
short-term debt of VND3.0 trillion due in the 12 months to end-June
2022, as well as fund negative FCF of around VND800 billion over
the same period before factoring in discretionary land purchases.

DXG will need to tap external funding sources, including proceeds
from its preferential equity issuance of VND4 trillion in 4Q21, to
fund planned land purchases in the next 12-18 months. Fitch
believes the company has flexibility to temporarily slow land
purchases and debt-funded working-capital growth should fund
raising be delayed, given its estimate that its land bank was
sufficient for around seven years of contracted sales as of
end-June 2021.

ISSUER PROFILE

DXG is a Vietnam-based property developer and property broker with
2,293 hectares of land bank at 30 June 2021, which is sufficient
for its project development plans for the next seven years.

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.

DAT XANH GROUP: Moody's Assigns 'B2' Rating to Proposed Bond
------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of B2 to the proposed bond to be issued by Dat Xanh Group
Joint Stock Company (DXG, B2 stable), which will be guaranteed by
most of DXG's subsidiaries.

The rating outlook is stable.

DXG plans to use net proceeds from the proposed bond issue to
finance development projects at its operating subsidiaries.

RATINGS RATIONALE

"DXG's senior unsecured rating on the proposed bonds is aligned
with its B2 Corporate Family Rating. Subordination risk is
mitigated because the proposed bond, which is unsecured, will
account for more than half of the company's total debt over the
next 12-18 months. The bonds will also be guaranteed by most of
DXG's subsidiaries," says Jacintha Poh, a Moody's Vice President
and Senior Credit Officer.

As of June 30, 2021, DXG's total debt comprised VND-denominated
bank loans and bonds, which are mostly secured. Moody's expects the
company to reduce its secured debt over the next 12-18 months
because maturing debt will be repaid instead of refinanced.
Consequently, the proposed US dollar bond will continue to account
for more than half of DXG's total debt over the same period.

The proposed bond will also be guaranteed by most of DXG's
subsidiaries. Moody's expects revenue contribution by the
non-guarantor subsidiaries to be small, accounting for less than
20% of DXG's total revenue over the next three years.

DXG's B2 rating reflects the company's integrated real estate
business model, in which it has a market leadership position in the
primary brokerage segment; and a large land bank that can support
its development business over the next decade.

The rating also reflects DXG's good execution track record and the
favorable fundamentals of Vietnam's residential real estate market,
which will drive strong revenue growth for the company over the
next three years. However, DXG is exposed to the cyclical nature of
the real estate market and the evolving regulatory environment in
Vietnam.

DXG's rating incorporates its aggressive land acquisition appetite,
which Moody's expects will lead to its credit metrics weakening in
2023, after improving in 2021 and 2022, because of an increase in
debt. Nonetheless, the company is committed to keeping its
debt/EBITDA at less than 3.75x.

The stable rating outlook reflects Moody's expectation that DXG's
earnings will increase significantly and the company will manage
its cash flow prudently such that liquidity will remain good over
the next 12-18 months.

With respect to environmental, social and governance risks, Moody's
considered the complex corporate structure at DXS, where it has
many subsidiaries with large minority interests; hence, there will
be dividend cash leakage to minority shareholders. Nonetheless,
many of DXS' key subsidiaries are guarantors of DXG's proposed US
dollar bond and are part of the restricted group covered by the
bond indenture.

Moody's also considered the founder and chairman, Luong Tri Thin's
40% ownership in DXG, and the company's board composition that has
only one independent director out of a five-member board including
the chairman.

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

DXG's rating is unlikely to be upgraded over the next 12-18 months
given the company's large land acquisition pipeline. However,
positive momentum could emerge if DXG generates strong operating
cash flows to fund its expansion plans, maintains good liquidity
and improves its credit metrics.

Metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 3.0x and adjusted homebuilding
EBIT/interest expense above 4.0x on a sustained basis.

Moody's could downgrade DXG's rating if the company fails to
implement its business plans; there is a deterioration in the
property market, leading to protracted weakness in the company's
operations and credit quality; or there is a weakening of DXG's
liquidity. Metrics indicative of a potential downgrade include
adjusted debt/homebuilding EBITDA above 4.0x and adjusted
homebuilding EBIT/ interest expense below 3.0x on a sustained
basis.

Moody's could also downgrade DXG's senior unsecured bond rating to
reflect legal subordination risk if the company increases secured
debt significantly, such that the proportion of secured debt stays
higher than unsecured debt on a sustained basis. The senior
unsecured bond rating could also be downgraded to reflect
structural subordination risk if subsidiaries that do not guarantee
the bond account for the majority of DXG's consolidated earnings.

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

Dat Xanh Group Joint Stock Company (DXG) is an integrated real
estate company in Vietnam, with core businesses across brokerage,
development, and construction. DXG was established in 2003,
focusing on real estate brokerage, but subsequently expanded into
real estate development in 2007 and construction in 2011. DXG was
listed on the Ho Chi Minh Stock Exchange in 2009. As of June 30,
2021, DXG is 40% owned by the founder and chairman, Luong Tri Thin
and his family.



===============
X X X X X X X X
===============

A.K. SONI: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A.K. Soni
Hosiery Mills Private Limited (AKS) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.96      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

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

A.K Soni Hosiery Mills Private Limited (AKS) incorporated in August
2004 is currently being managed by Mr. Anand Kumar Soni, Mrs.
Rajrani and Mr. Sanjeev Soni. Prior to AKS, the promoters-directors
were carrying out operations through a proprietorship firm ' A.K.
Soni Hosiery Mills' (operational since 1971) engaged in similar
business. The company is engaged in manufacturing of knitted
fabric.



                           *********


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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2021.  All rights reserved.  ISSN: 1520-9482.

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