/raid1/www/Hosts/bankrupt/TCRAP_Public/210922.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, September 22, 2021, Vol. 24, No. 184

                           Headlines



A U S T R A L I A

GRAND METAL: First Creditors' Meeting Set for Sept. 30
INGKERREKE COMMERCIAL: First Creditors' Meeting Set for Sept. 29
MATCON FORMWORK: Second Creditors' Meeting Set for Sept. 29
NORTH QUEENSLAND EXPORT: Fitch Affirms BB+ Rating, Outlook Now Neg.
PAMIMSA PTY: First Creditors' Meeting Set for Oct. 1

SACCO PTY: Second Creditors' Meeting Set for Sept. 29


C H I N A

CHINA EVERGRANDE: Bitcoin Tumbles on Property Developer's Woes
CHINA EVERGRANDE: Not 'Too Big to Fail', Global Times Editor Says
CHINA EVERGRANDE: One Court Will Handle Multitude of Debt Lawsuits
CHINA SCE: S&P Alters Outlook to Stable, Affirms 'B+' ICR
SINIC HOLDINGS: S&P Lowers ICR to 'CCC+', On CreditWatch Negative



I N D I A

ARCHON ENGICON: Insolvency Resolution Process Case Summary
BHAGWATI VINTRADE: CARE Keeps B+ Debt Rating in Not Cooperating
C. P. SPONGE: CARE Keeps D Debt Rating in Not Cooperating
ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating
ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating
GVK GAUTAMI: CARE Keeps D Debt Rating in Not Cooperating Category
GVK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
HETRO SPINNERS: CARE Keeps D Debt Ratings in Not Cooperating
HIMALAYAN HELI: CARE Keeps B+ Debt Rating in Not Cooperating

KERALA INFRASTRUCTURE: S&P Affirms 'BB-/B' ICR, Outlook Stable
KILBURN ENGINEERING: Ind-Ra Gives 'BB+' Long-Term Issuer Rating
KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating
M.A. ENTERPRISES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
MUMBAI INTERNATIONAL: Ind-Ra Withdraws 'D' Loan Rating

MYTRAH ENERGY: Ind-Ra Lowers Long-Term Issuer Rating to 'B-'
MYTRAH UJJVAL: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
N. C. FOODS: CARE Keeps B- Debt Rating in Not Cooperating
NANIBALA COLD: CARE Keeps D Debt Ratings in Not Cooperating
OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category

PACIFIC GLOBAL: CARE Keeps B- Debt Rating in Not Cooperating
PANDURANG SAHAKARI: CARE Keeps B+ Debt Rating in Not Cooperating
PEARL POLYMERS: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating
PRASAD EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
QUADRANT TELEVENTURES: CARE Keeps D Ratings in Not Cooperating

RAJARAMBAPU PATIL: CARE Cuts Rating on INR500cr Loan to B-
RAJYALAKSHMI HEALTHCARE: Ind-Ra Moves BB Rating to Non-Cooperating
RAKESH FUEL: CARE Keeps B+ Debt Rating in Not Cooperating
RMB EVENT MANAGEMENT: Insolvency Resolution Process Case Summary
S.M MUSTHAFA: CARE Keeps B- Debt Rating in Not Cooperating

SANDHU FARMS: CARE Keeps D Debt Rating in Not Cooperating
SARVEJANA HEALTHCARE: Ind-Ra Moves BB+ Rating to Non-Cooperating
SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
SHIVASHAKTI SUGARS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SOHANLAL SONS: CARE Lowers Rating on INR8cr LT Loan to B-

SPECK SYSTEMS: Insolvency Resolution Process Case Summary
SRIPATHI PAPER: CARE Assigns C Rating to INR258.08cr LT Loan
STATE OF KERALA: S&P Affirms 'BB-/B' ICR, Outlook Stable
SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
SWARUPA SEEDS: CARE Lowers Rating on INR8cr LT Loan to B-

THARUN CONSTRUCTION: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating
WARANA DAIRY: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
WHITEFIELD SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating
WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating



J A P A N

[*] JAPAN: COVID-19-Related Bankruptcies Reach 2,000 as of Sept. 3


P H I L I P P I N E S

PHILIPPINE AIRLINES: Pledges Older Aircraft to Obtain Loans


S I N G A P O R E

AEROCON E & T: Court Enters Wind-Up Order
ENDLESS PRECISION: Court Enters Wind-Up Order
KEPPEL LAND: Creditors' Proofs of Debt Due on Oct. 20
KT BUSINESS: Court to Hear Wind-Up Petition on Oct. 1

                           - - - - -


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

GRAND METAL: First Creditors' Meeting Set for Sept. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Grand Metal
Pty Ltd will be held on Sept. 30, 2021, at 11:00 a.m. via virtual
meeting by Microsoft Teams.

Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of Grand Metal on Sept. 20, 2021.


INGKERREKE COMMERCIAL: First Creditors' Meeting Set for Sept. 29
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ingkerreke
Commercial Pty Ltd ATF The Ingkerreke Operational Trust will be
held on Sept. 29, 2021, at 11:00 a.m. via teleconference.

James McPherson and Austin Taylor of Meertens were appointed as
administrators of Ingkerreke Commercial on Sept. 17, 2021.


MATCON FORMWORK: Second Creditors' Meeting Set for Sept. 29
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Matcon Formwork
Pty Ltd has been set for Sept. 29, 2021, at 11:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2021, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Matcon Formwork on Aug. 24, 2021.


NORTH QUEENSLAND EXPORT: Fitch Affirms BB+ Rating, Outlook Now Neg.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on the debt of North
Queensland Export Terminal Pty Ltd (NQXT) to Negative, from Stable,
and affirmed the terminal's senior secured rating at 'BB+'.

The Negative Outlook reflects the terminal's large refinancing
requirements in 2022 amid limited market access. Fitch understands
that NQXT is considering several financing options to manage its
December 2022 maturity; it refinanced its September 2021 maturity
by way of senior debt, but has relied on shareholder support to
address other maturities in FY21.

Fitch believes the company's financing options are limited, as
lenders are increasingly concerned about the environmental
considerations of coal-related assets. This compounds the
refinancing risk of NQXT's bullet debt maturities. Failure to
complete debt refinancing well in advance of scheduled maturities
could result in negative rating action.

RATING RATIONALE

The senior secured rating takes into account the stable cash flow
from the medium- to long-term take-or-pay contracts with port
users. NQXT is well-located to serve coal mines in Queensland's
northern and central Bowen Basin as well as the large mines under
development in central Queensland's Galilee Basin. The user
contracts allow full pass-through of the terminal's fixed and
variable operating expenses. The terminal is unregulated and resets
tariffs every five years, with the next reset in 2022. Users can
seek arbitration at the time of reset if they disagree with NQXT's
terminal infrastructure charge (TIC) determination.

There was a recent Court of Appeal judgement relating to litigation
between NQXT and four users concerning handling charges. The appeal
was successful in overturning the findings of the trial judge in
respect of alleged unconscionable conduct and in the demonstration
of reasonableness in terminal handling charges. NQXT has already
received net payments of about AUD 179 million from the four users
pursuant to this judgement. The port's reliance on coal limits the
senior secured rating, even though a majority of the coal that
passes through the port is metallurgical, which Fitch regards as
having less risky long-term demand than thermal coal. Australian
exporters are vulnerable to long-term changes in global coal-market
dynamics, but Fitch believes NQXT is resilient against low coal
prices.

Fitch's rating case forecasts net debt/EBITDA to average at 5.5x
over the five-year period from the financial year ending March 2022
(FY22), supported from FY23 by a contract with Bravus Mining and
Resources.

KEY RATING DRIVERS

Mainly Low-Cost Users: Volume Risk - Midrange

Fitch regards NQXT a secondary port, as it solely handles coal. The
port's users provide some diversity of product and sources, but
NQXT is highly concentrated, with approximately 60% in
metallurgical and 40% in thermal coal.

Production cash costs of the metallurgical mines are mainly in the
lower half of the curve and well below Fitch's long-term price
forecast of USD140/tonne. The thermal coal mines are grouped at the
high end of the cost curve, but benefit from producing profitable
metallurgical coal. Contracted capacity is less than the nominal
capacity of 50 million tonnes per annum (mtpa). Bravus Mining has
signed a contract for 9.3 mtpa beginning 1 July 2022 to service its
Carmichael coal mine, which is near completion in the Galilee
Basin, and has a short-term capacity contract for 4.6 mtpa starting
August 2021, of which 2.5 mtpa is on take-or-pay basis.

NQXT has strong rail transportation links with customers,
particularly those in the northern Bowen Basin; these represent 19
mtpa of contracts and are relatively close to the port. In addition
to this, the completion of the Carmichael Mine and Rail project by
end of 2021 will provide further 9.3 mtpa of contracted capacity,
which is expected to be exported through NQXT only. For the mines
further south, NQXT faces greater exposure to competition from the
lower-cost Dalrymple Bay Finance Pty Ltd (senior secured rating,
BBB-/Stable) about 200 km to the southeast. DBT is fully
contracted, limiting the near-term competitive impact. Mines under
development in central Queensland's Galilee Basin are planning rail
lines to link to Abbot Point, but the new port facilities are
likely to be substantially more expensive than those of NQXT
because of higher construction costs.

Medium-Term Ship-or-Pay Contracts: Price Risk - Midrange

NQXT benefits from a weighted-average contract life of more than
six years of ship-or-pay contracts, which total 38 mtpa of
capacity. NQXT is not regulated, although users pay a TIC that
allows NQXT to earn a market return on its depreciated asset value.
Fixed and variable operational and maintenance costs are passed
through to users. Payment is on a ship-or-pay basis, and no force
majeure waiver exists.

NQXT resets the TIC every five years based on an updated return
calculation and capex forecast to be incurred during the period.
The next price reset is due to occur on 1 July 2022. Users can
refer the calculation to arbitration to contest the price. The TIC
is increased for remaining users at the next price reset if any
user does not renew or defaults in order to maintain NQXT's return.
Fitch believes that in practice, the TIC is a negotiated outcome
between NQXT and its users, resulting in the charge generally
rising with inflation. As a result, Fitch assumes the TIC generally
increases with inflation, as has occurred historically.

Well-Funded Maintenance: Infrastructure Development and Renewal -
Midrange

The port's capacity is 50 mtpa and is fully operational. NQXT
incurred around AUD155 million of capex over the past six years,
including replacement of a stacker reclaimer. This was added to the
depreciated asset value used in the TIC calculation. Fitch
forecasts annual maintenance capex at around AUD10 million under
Fitch's rating case, which should be covered by cash flow from
operations.

Debt Structure - Midrange

The bullet-debt structure creates refinancing risk, which is
compounded by NQXT's exposure to the coal market and rising
environmental concerns about such assets by lenders.

Creditors benefit from a solid security package, including step-in
rights under a tripartite agreement with the government lessor, in
addition to a six-month debt-service reserve account and interest
and currency hedging requirements. The cash flow coverage ratio
covenants include distribution lock-up at 1.40x and default at
1.10x, which are weaker because no principal is currently being
amortised. A volume-weighted average mine life of NQXT's users of
below 16 years would trigger a 75% cash sweep to a senior debt
redemption account and a debt amortisation programme would be
incorporated in the next refinance structure. The cash sweep
increases up to 100% if NQXT deems it necessary.

Financial Profile

Fitch's rating case projects a 20-year project life cover ratio
(PLCR) of 1.6x, indicating a good ability to amortise debt over the
period, if required. Fitch has also developed a stress case that
incorporates a higher refinancing margin and lower contracted
volume, which results in a 20-year PLCR of 1.3x.

The five-year average net debt/EBITDA of 5.5x is moderate, and is
supported over the near-term as the Bravus Mining contract ramps
up. Fitch's breakeven analysis demonstrates that NQXT can sustain a
contracted level as low as 20.5 mtpa, or around 54% of current
contracted capacity, while still covering its interest costs.

ESG - Governance

NQXT has an ESG Relevance Score of '5' for Management Strategy. The
elevated score reflects the company's bullet-amortisation debt
structure which creates refinancing risk and is compounded by the
exposure to coal markets and lenders' increasing environmental
concerns about such assets. Management strategy is a key rating
driver that has a significant impact on the rating on an individual
basis.

PEER GROUP

NQXT's closest peer is Queensland-based Dalrymple Bay Finance, the
financing vehicle for the operator of DBT. Similarly to NQXT, DBT
is a single-purpose coal export terminal, but with a higher
capacity of 85 mtpa. DBT's users also have ship-or-pay contracts,
but with a weighted-average term of 8.5 years, compared with more
than six years at NQXT. Both terminals have a similar mix of users
without parent company guarantees, with some user concentration.
NQXT has more moderate leverage, with net debt/EBITDA reaching a
maximum of 5.7x in FY25 in Fitch's rating case and a five-year
average of 5.5x, while Fitch forecasts DBT's average net
debt/regulatory asset base at 76% over the next five years.

Newcastle Coal Infrastructure Group Pty Ltd (NCIG, senior secured
rating, BBB-/Stable), a New South Wales-based coal export terminal,
is also a close peer. NCIG has a stronger contractual structure
with rolling 10-year terms, although both terminals have
ship-or-pay contracts, and termination by an NCIG user essentially
requires a payout of the user's pro rata share of the capital cost
of the terminal. Both issuers use bullet-maturity debt instruments,
but NCIG incorporates partial amortisation and plans to fully repay
its senior debt by 2038. NQXT's throughput consists mainly of
metallurgical coal, which Fitch sees as less risky in terms of
long-term demand than thermal coal, which makes up the majority of
NCIG's throughput.

Port of Newcastle (issuing entity Port of Newcastle Investments
(Financing) Pty Ltd, BBB-/Stable) is the only export port with
efficient infrastructure and established connectivity that serves
the Hunter Valley mining region in Australia. It benefits from the
landlord operation model, under which 76% of its revenue is
contracted under long-term, fixed-price agreements. The port's
cargo is more diversified and in a stronger position in the supply
chain with minimal competition, however, NQXT benefits from
ship-or-pay contracts with users and operating cost pass-through.
Port of Newcastle has higher leverage than NQXT, with average net
debt/EBITDA of 8.2x over the next five years, and NQXT's lenders
benefit from a stronger covenant package, including a debt-service
reserve account.

RATING SENSITIVITIES

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

-- Failure to complete debt refinancing well in advance of
    scheduled maturities;

-- A decline in contracted capacity due to customer default or
    non-renewal of contract;

-- A projected five-year average net debt/EBITDA above 10.0x in
    Fitch's rating case.

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

-- A near-term upgrade is unlikely due to the risk associated
    with refinancing upcoming debt maturing in 2022.

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.

TRANSACTION SUMMARY

NQXT owns and operates a 50 mtpa coal export terminal under a
long-term lease from the Queensland state government that extends
to 2110. The terminal is located 25km north of Bowen in northern
Queensland, Australia.

CREDIT UPDATE

Actual coal throughput at NQXT was 28.9 million tonnes in FY21,
down from 32.0 million tonnes in the prior year. Revenue of AUD261
million was slightly below AUD267 million in FY20, although the
port continued to record additional revenue from short-term
contracts. EBITDA in FY21 was also down on the previous year, at
around AUD163 million, after adjusting for one-off items in
relation to the Supreme Court judgement amount payables to the
litigants. However, Fitch is aware that on 31 August 2021 a
unanimous judgment was handed down by the Court of Appeal of the
Supreme Court of Queensland in relation the ongoing matters. The
Court of Appeal ruled that NQXT did not engage in unconscionable
conduct and that NQXT has demonstrated that the handling charges as
agreed between it and the operator for the financial years
commencing 1 July 2017 and 1 July 2018 represent reasonable charges
having regard to the efficient operation of the terminal.

FINANCIAL ANALYSIS

Fitch Cases

Fitch's base case assumes average contracted capacity of 40.2 mtpa
in FY22-FY26, increasing in the later years as the Bravus Mining
contract begins. Fitch assumes initial refinancing rates increase
to 7.0% beyond FY22. The base case results in a maximum debt/EBITDA
of 5.7x in FY22 and minimum interest coverage ratio of 1.7x in
FY26. The PLCR calculated over 20 years is 1.8x.

Fitch's rating case also assumes average contracted capacity of
40.2 mtpa over the first five years, with higher stresses applied
to contracted volume at renewal. The post-2021 refinancing rates
are stressed to 8.0%. The rating case results in a five-year
average net debt/EBITDA of 5.5x and a minimum debt service coverage
ratio of 1.3x in FY31, based on management's planned amortisation.
The 20-year PLCR is 1.6x.

ESG CONSIDERATIONS

NQXT has an ESG Relevance Score of '5' for Management Strategy.
Management strategy is a key rating driver that has a significant
impact on the rating on an individual basis.

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.

PAMIMSA PTY: First Creditors' Meeting Set for Oct. 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Pamimsa Pty
Ltd will be held on Oct. 1, 2021, at 11:00 a.m. via
teleconference.

Stephen Glen James of BCR Advisory (SA) was appointed as
administrator of Pamimsa Pty on Sept. 21, 2021.


SACCO PTY: Second Creditors' Meeting Set for Sept. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Sacco Pty. Ltd,
trading as Rite Price Distributors, has been set for Sept. 29,
2021, at 10:00 a.m. via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2021, at 4:00 p.m.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of Sacco Pty on Aug. 24, 2021.




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

CHINA EVERGRANDE: Bitcoin Tumbles on Property Developer's Woes
--------------------------------------------------------------
TheStreet reports that cryptocurrency prices were sliding on Sept.
20 as China Evergrande Group's bond-payment problems rattled
international markers.

Bitcoin, the world's largest cryptocurrency, fell 7.4% to $43,780
at last check, according to CoinDesk. Ethereum was down 9.4% to
$3,034, and Dogecoin sank 11% to 21 cents, TheStreet discloses.

Evergrande, China's second-largest property developer, has more
than $310 billion in debt.

According to TheStreet, the company has held urgent talks with many
of its creditors in hopes of delaying payment on two separate bond
obligations due later this week.

Evergrande has been caught in a liquidity squeeze that could see it
both fail to meet bond obligations and fall into bankruptcy
proceedings. That in turn could trigger the forced sale of hundreds
of commercial properties.

James Edwards, cryptocurrency specialist at Finder, said "bitcoin
is like a very tightly coiled spring right now, but it's still
unclear whether it will shoot forward or buckle under the pressure,
TheStreet relays.

"Record amounts of bitcoin have been taken off exchanges, with
levels being at their lowest point in the past 12 months," he said.


As for the macro outlook, Mr. James said, "the reduction of bitcoin
held on exchanges suggests that there is very little appetite for
selling, with the market now focused on the next leg up before
another wave of profit-taking."

Unfortunately, the uncertainty surrounding Evergrande may spill out
into cryptocurrency markets, which could see bitcoin retest support
at $42,000 in the immediate future," he added.

On the regulatory front, Winston Ma, a former managing director and
head of North America at China Investment Corp., said China seemed
to be sticking to its original schedule to officially launch its
digital currency (e-CNY) at the Beijing 2022 Winter Olympics,"
TheStreet relays.

"Since [the] People's Bank of China issued its digital currency
white paper in July, China has accelerated the testing of e-CNY,"
said Ma, author of "The Digital War - How China's Tech Power Shapes
the Future of AI, Blockchain and Cyberspace."

                       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.


CHINA EVERGRANDE: Not 'Too Big to Fail', Global Times Editor Says
-----------------------------------------------------------------
Reuters reports that the editor-in-chief of state-backed Chinese
newspaper Global Times warned China Evergrande Group that it should
not bet on a government bailout on the assumption that it is "too
big to fail".

It was the first commentary to appear in state-backed media casting
doubt on a government bailout for the country's No.2 property
developer, whose shares fell on Sept. 17 for the fifth consecutive
day amid concerns it is heading for default, Reuters relates.

According to Reuters, Evergrande is scrambling to raise funds to
pay its many lenders and suppliers and investors, with regulators
warning its $305 billion of liabilities could spark broader risks
to the country's financial system if not stabilised.  

Global Times' editor-in-chief Hu Xijin said on his WeChat social
media account on Sept. 16 that Evergrande should turn to the market
for salvation, not the government, Reuters relays.

He said Evergrande's potential bankruptcy was unlikely to trigger a
systemic financial storm like the collapse of Lehman Brothers,
because it was a real estate business not a bank and downpayment
ratios on property in China were very high.

Global Times is a nationalistic tabloid published by the Communist
Party's People's Daily. Its views do not necessarily reflect the
official thinking of policymakers.

Reuters says policymakers are telling Evergrande's major lenders to
extend interest payments or rollover loans, and market watchers
increasingly think a direct bailout from the government is
unlikely.

A group of Evergrande's offshore bondholders has selected
investment bank Moelis & Co and law firm Kirkland & Ellis as
advisers on a potential restructuring of a tranche of bonds,
focusing on around $20 billion in outstanding dollar bonds in the
event of non-payment, sources told Reuters.

Evergrande is due to pay $83.5 million interest on Sept. 23 for its
March 2022 bond, Reuters notes. It has another $47.5 million
interest payment due on Sept. 29 for the March 2024 notes. The
bonds would default if Evergrande fails to pay the interest within
30 days.

According to Reuters, the debacle of Evergrande - which has more
than 1,300 real estate projects in over 280 cities - is dampening
the yuan and confidence in Chinese assets more broadly.

                       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.


CHINA EVERGRANDE: One Court Will Handle Multitude of Debt Lawsuits
------------------------------------------------------------------
Caixin Global reports that a Guangzhou court has been designated to
handle all the debt lawsuits involving cash-strapped China
Evergrande Group, sources with knowledge of the issue told Caixin,
as the property giant struggles with its creditors.

Caixin relates that the decision reflects the dire situation facing
the Hong Kong-listed developer as it has been sued by creditors and
suppliers across the country over missed payments.

The Supreme People's Court - China's top court - has directed all
the debt cases involving Evergrande and its related parties to be
moved to the Guangzhou Intermediate People's Court, a source at a
provincial-level court said, Caixin relays. Two lawyers confirmed
that the cases involving Evergrande that their firms are handling
will be transferred to the Guangzhou court.

                       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.


CHINA SCE: S&P Alters Outlook to Stable, Affirms 'B+' ICR
---------------------------------------------------------
On Sept. 20, 2021, S&P Global Ratings revised its rating outlook on
China SCE Group Holdings Ltd. (CSCE) to stable from negative. At
the same time, S&P affirmed its 'B+' long-term issuer credit
ratings on CSCE and its 'B' long-term issue rating on the company's
outstanding senior unsecured notes.

S&P said, "The stable outlook reflects our view that CSCE will
deleverage gradually as solid revenue recognition and sales
performance will offset higher expansion spending. The company will
also maintain adequate liquidity and good funding access.

"We revised the outlook to stable to reflect our view that CSCE's
steady sales execution and revenue growth will ease its leverage
pressure, despite continued heavy spending on new development
projects and investment properties." In addition, the company's
access to capital markets and bank borrowings will support its
healthy capital structure and credit profile.

Revenue growth will mitigate CSCE's rising debt and help control
its leverage. S&P said, "In our view, the company's revenue growth
of 22%-24% in 2021 will be sufficient to offset the higher debt.
CSCE recorded Chinese renminbi (RMB) 20.4 billion of revenue in the
first half of 2021, an increase of 35% from a year ago. Contract
liability growing to RMB48.3 billion has increased the visibility
of the company's revenue recognition in the coming 12-18 months.
For 2022, we project revenue growth of 15%-17%. We forecast CSCE's
gross margin will be stable, albeit low, at 21%-23% in 2021 and
2022, based on the margin of sold but undelivered sales."

As such, CSCE's leverage will likely be under control, with mild
improvement in 2021 before more meaningful lowering in 2022. S&P
anticipates the company's consolidated debt-to-EBITDA ratio will
improve to 7.1x-7.3x in 2021 and 6.5x-6.7x in 2022, from 7.3x in
2020.

Funding access will continue to enable CSCE to have a healthy
capital structure. The company's well-diversified funding channels
and debt maturity profile are underpinned by its access to capital
markets and banks, both onshore and offshore. As of end-June 2021,
bank borrowings, senior notes and domestic corporate bonds
contributed 47%, 33% and 8%, respectively, of its total debt. The
small exposure to alternative financing is also reflected in CSCE's
favorable average financing cost of 6.3% in the first half, and our
estimate of solid EBITDA interest coverage of 2.0x-2.2x in 2021.
With a weighted average debt maturity of 2.6 years, the company's
refinancing needs are manageable given that short-term debt
accounted for only 25% of its total debt.

CSCE's adequate liquidity tames refinancing risks. S&P does not see
major refinancing risks for the company over the next 12-18 months,
because its unrestricted cash of RMB15.2 billion as of end-June
2021 is sufficient to cover its short-term debt of RMB12.5 billion.
There is also only one bullet repayment of US$500 million in March
2022. With a satisfactory standing in the capital markets even
during turmoil over the past few months, refinancing through new
issuance is a viable option for CSCE, in S&P's view. The company
has about US$650 million issuance quota approved by the National
Development and Reform Commission.

Heavy spending on new land and investment properties will push up
debt. CSCE is likely to spend RMB33 billion-RMB 38 billion annually
on land acquisitions in 2021 and 2022, representing 60%-65% and
50%-55% of contracted sales proceeds in the respective years. The
high ratio is attributable to the company's strategy to acquire
mixed-use sites and retain the commercial property portion. It
plans to operate 100 shopping malls by 2025. In the first half of
2021, CSCE spent RMB31.4 billion on 19 sites, of which 14 will
include shopping malls or long-term rental apartments. The large
land spending increased gross debt by 9% to RMB50.5 billion as of
end-June 2021, from RMB46.6 billion as of end-2020.

S&P said, "We estimate CSCE will spend another RMB3 billion–RMB5
billion on investment properties annually. That's because as of
July 31, 2021, the company had only five shopping malls under
operation and 33 in the pipeline. We anticipate CSCE will have
ongoing funding needs and project its gross debt to increase by
13%-15% in 2021 and 9%-11% in 2022. That said, we believe the
company will adjust its capital expenditure on land and investment
properties accordingly if sales fall short of its expectation."

CSCE's contracted sales will stay steady in 2021. If the
industry-wide slowdown in sales since July does not materially
improve, the company's full-year contracted sales could fall short
of its original target of RMB120 billion in 2021. In the first
eight months, CSCE's year-on-year contracted sales grew 32% to
RMB75.1 billion, or 62.5% of its original target. Our sales growth
forecast of 0%-5% in 2021 implies a conservative sell-through of
about 40% in the second half, substantially lower than the
company's historical sell-through of 60%-70%.

With over RMB400 billion salable resources as of end-June 2021 and
active land replenishment, CSCE's sales growth should sustain at
13%-18% in 2022 and 2023 amid normalized market sentiment. The
company's cash collection in the first half was slightly weaker at
about 82% due to mortgage tightening polices, and is likely to
sustain at 80%-85% in the coming months.

S&P said, "The stable outlook reflects our view that CSCE's solid
revenue recognition and steady contracted sales will help control
the company's leverage over the next 12 months. We also expect CSCE
to maintain adequate liquidity and good funding access even as it
continues to spend on new land and investment properties.

"We could lower the rating if CSCE's consolidated and look-through
(proportionately consolidating JVs) debt-to-EBITDA ratios stay
above 7x sustainably without signs of improvement. This could
happen if: (1) the company's debt-funded expansion is more
aggressive than we expect; or (2) revenue booking and profitability
is lower than our expectation.

"We could also lower the rating if CSCE's liquidity and capital
market access weakens.

"We see limited rating upside for the next 12 months. However, we
may raise the rating if CSCE's consolidated and look-through
debt-to-EBITDA ratios stay below 5x on a sustainable basis." This
could happen if the company demonstrates strong control over debt
amid its expansion plan, in particular on investment properties,
while maintaining solid operations.

CSCE mainly develops residential properties in China. Starting in
Fujian province, the company has expanded into Yangtze River Delta,
Bohai Rim Economic Zone, Greater Bay Area, and Central Western
Region. The company also owns and operates a growing portfolio of
shopping malls and rental apartments. As of Dec. 31, 2020, CSCE had
over 150 residential projects and five managed shopping malls.

The company listed on the Hong Kong stock exchange in October 2009.
As of Dec. 31, 2020, Mr. Wong Chiu Yeung owns a 50.05% stake in
CSCE.


SINIC HOLDINGS: S&P Lowers ICR to 'CCC+', On CreditWatch Negative
-----------------------------------------------------------------
On Sept. 21, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Sinic Holdings (Group) Co. Ltd. to 'CCC+' from
'B'. S&P also placed the rating on CreditWatch with negative
implications.

The CreditWatch negative placement indicates the elevated risk that
Sinic may not implement a concrete repayment plan over the next
several weeks for the upcoming offshore maturity in October.

S&P said, "We downgraded Sinic because the company failed to
communicate a clear repayment plan. Sinic had previously prepared
to remit funds offshore to repay its US$246 million senior notes
due Oct. 18, 2021, with its unrestricted cash balance of over
Chinese renminbi 14 billion as of June 30, 2021. However, there
hasn't been any progress thus far and the timing of any remittance
is uncertain.

"We revised downward our management and governance assessment to
negative from fair. This is due to Sinic's lack of adequate risk
management and public communication to stakeholders around its
repayment plans, as well as deficient transparency in relaying its
current situation, in our view. The company has not provided any
material information since its equity and debt price plunged in the
last few trading days amid elevated investor concerns regarding its
ability to meet its debt maturities.

"We placed the rating on CreditWatch negative to reflect the
execution risks over Sinic's repayment plans. This is mainly due to
the lack of planning and the short timespan before the repayment is
due. Given the heightened yields on Sinic's outstanding senior
notes, we believe refinancing by issuing new notes will not be a
feasible option. Also, the company may not have sufficient time to
carry out asset sales to meet its offshore maturity.

"We believe Sinic could have very low accessibility to its cash
balance. Although the company had originally planned to mobilize
cash onshore, the visibility around the feasibility and execution
is low. This is due to Sinic's cash being trapped at project levels
by joint venture partners, trust companies or other creditors, in
our view. We also believe banks could also limit the transfer of
funds away from the company's projects as they increase focus on
ensuring project completion and repayment."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Strategy, execution, and monitoring
-- Risk management and internal controls
-- Transparency

CreditWatch

The CreditWatch reflects the heightened risk of a downgrade by one
or more notches to 'CCC' or below if Sinic fails to communicate,
and take solid actions to implement, a repayment plan for its
US$246 million senior notes.

S&P could also lower the rating to 'SD' (selective default) if the
company undertakes any exchange offer that it considers as
distressed.

S&P aims to resolve the CreditWatch over the next few weeks once it
has more information on Sinic's ability and willingness to repay
its offshore maturity.




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

ARCHON ENGICON: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Archon Engicon Limited
        A/1, Shivam Sundaram Complex
        Above ADC Bank
        Opp. Haresh Dudhiya Gurukul Road
        Memnagar, Ahmedabad 380052

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 13, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Parthiv Parikh

Interim Resolution
Professional:            Mr. Parthiv Parikh
                         9, Vinanti Apartments
                         Panchvati 2nd Lane
                         Ambawadi, Ahmedabad
                         Gujarat 380006
                         E-mail: parthiv.parikh25@gmail.com
                                 cirp.archonengicon@rbsa.in

Last date for
submission of claims:    September 28, 2021


BHAGWATI VINTRADE: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagwati
Vintrade Private Limited (BVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.27       CARE B+; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of BVPL under the 'issuer non-cooperating' category
as BVPL 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. BVPL continues to be
noncooperative 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).

Bhagwati Vintrade Pvt. Ltd. (BVPL) was incorporated in August, 2008
by Shri Vivek Kumar Agarwal and Shri Rohit Kumar Agarwal as an
investment company dealing in securities. In March 2010, BVPL was
acquired by Shri Sandip Kumar Goel, Shri Manoj Kumar Agarwal and
Shri Vivek Kumar Banka for setting up a rice processing unit and a
captive biomass power plant. The rice milling unit commenced
operation in June, 2011 with processing capacity of 48,000 metric
tonne per annum (MTPA), while 1.2 Mega Watt (MW) captive biomass
power plants was commissioned in June 2012. The company's milling
unit is located at Sandi, Ramgarh district of Jharkhand, which is
in the vicinity to a major paddy growing area, which enables easy
procurement of paddy.


C. P. SPONGE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C. P.
Sponge Iron Private Limited (CPSIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long 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 September 23, 2020, placed
the rating(s) of CPSIPL under the 'issuer non-cooperating' category
as CPSIPL 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. CPSIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2021, August 19, 2021, August 29, 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).

C.P. Sponge Iron Private Limited (CPSIPL) incorporated in the year
2002, was promoted by Chawla family belonging to West Bengal. The
company commenced operation since July, 2008. CPSIPL is engaged in
the manufacturing of sponge iron at its plant located at Durgapur,
West Bengal with a current installed capacity of 60,000 metric
tonne per annum (MTPA). All the three directors look after the day
to day activities of the business along with a team of experienced
professionals who are having long experience in similar line of
business.

ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco Denim
Private Limited (EDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      246.45      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          112.99      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      29.00      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 10, 2020, placed the
rating(s) of EDPL under the 'issuer non-cooperating' category as
EDPL 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. EDPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2021, July 6, 2021, July 16, 2021.

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

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

EDPL was established in the year 2005 by Mr Ramesh D Shah who is
the promoter of the company. The company is in the business of
spinning, yarn dyeing, denim fabric weaving and finishing. During
May 2013, EDPL made a capex for backward integration and
commissioned a plant for manufacturing denim from cotton bales. The
plant is located at Aliabad Industrial Area, Bijapur District,
Karnataka. The plant has a capacity of manufacturing 38.90 Mn
Metres of Denim per year. The company faced considerable strain on
liquidity mainly due to delay in completion of project and
commencement of loan repayments before ramp up of commercial
operations.


ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco
Industries Private Limited (EIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     140.56       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     12.00       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 10, 2020, placed the
rating(s) of EIPL under the 'issuer non-cooperating' category as
EIPL 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. EIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2021, July 6, 2021, July 16, 2021.

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

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

EIPL is engaged in the business of manufacturing cotton yarn. In
2004, EIPL (formerly known as ETCO Spinners Pvt. Ltd.) took over
cotton spinning unit situated at MIDC area Parbhani, Maharashtra,
from the liquidators of Sahakari Soot Girni Ltd at a cost of
Rs.4.30 crore. EIPL replaced the old equipment and modernised the
set up by importing state of the art Plant and Machinery from
Germany, Italy and China at a cost of Rs.40 crore (46% funded by
the promoters). The unit commenced its operations from January 1,
2007. EIPL's installed capacity stood at 41,328 spindles as on
March 31, 2016.


GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goraya
Straw Board Mills Private Limited (GSBMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.89      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.10      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 24, 2020, placed the
rating(s) of GSBMPL under the 'issuer non-cooperating' category as
GSBMPL 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. GSBMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021, July 30, 2021.

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

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

Goraya Straw Board Mills Pvt. Ltd. (GSBM) was originally formed on
December 23, 1976 as a partnership concern, Goraya Straw Card Board
Mills, by the Goraya family. Later on, it was reconstituted as a
private limited company on August 17, 1990. The company is engaged
in manufacturing of paper boards which finds its application in the
packaging industry. GSBM sells the products to companies involved
in the packing business.


GVK GAUTAMI: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVK Gautami
Power Ltd. (GGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,009.75     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 21, 2020, placed the
ratings of GGPL under the 'issuer non-cooperating' category as GGPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GGPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated
June 6, 2021, June 16, 2021 and June 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on July 21, 2020 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Stretched liquidity position with delay in debt servicing: The
liquidity position of the company continued to remain stretched on
an account of plant being non- operational since 2016 resulting in
delays in debt servicing.

Key Rating Strength

* Experience of group in power sector: GGPL is a part of the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited and its subsidiaries has substantial
ownership interest in power generating assets and is also engaged
in the building and developing of road projects, providing
infrastructure facilities, exploration of oil & natural gas,
operations, maintenance and development (OMD) of airport projects
and exploration of coal mines. The group has 15 assets in its
portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports.

GVK Gautami Power Ltd. is a subsidiary of GVK Energy Limited (GEL),
which in turn is the subsidiary of GVK Power & Infrastructure
Limited the flagship company of the GVK group. The company set up a
464 MW gas-based Combined Cycle Power Plant (CCPP), located in East
Godavari District of Andhra Pradesh, comprising two gas turbine
generators and one steam turbine generator.

GVK INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVK
Industries Ltd. (GIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      520.07      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      16.60      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
ratings of GIL under the 'issuer noncooperating' category as GIL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement.

GIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a email
dated June 6, 2021, June 16, 2021 and June 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on July 21, 2020, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Detailed description of the key rating drivers

Key Rating Weaknesses

* Stretched liquidity position with delay in debt servicing:
The liquidity position of the company continues to remain stretched
with delays in debt servicing since the company is reporting
continuous net losses and cash losses.

Key Rating Strength

* Experience of group in power sector: GGPL is a part of the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited and its subsidiaries has substantial
ownership interest in power generating assets and is also engaged
in the building and developing of road projects, providing
infrastructure facilities, exploration of oil & natural gas,
operations, maintenance and development (OMD) of airport projects
and exploration of coal mines. The group has 15 assets in its
portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports.

GVK Industries Limited (GIL) is a wholly-owned subsidiary of GVK
Energy Limited (GEL) incorporated in June 1992. Further, GEL is
also the subsidiary of GVK Power & Infrastructure Limited, the
flagship company of the GVK group. GIL is engaged in generation of
electricity at its mixed fuel combined cycle power plants situated
in Jegurupadu in Andhra Pradesh (AP). Total installed capacity of
the company is 437 MW, which was set up in two stages of 217 MW
(Phase I) and 220 MW (Phase II).


HETRO SPINNERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hetro
Spinners Private Limited (HSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.68      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.52      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 1, 2020, placed
the rating(s) of HSPL under the 'issuer non-cooperating' category
as HSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 18, 2021, July 28, 2021, and August 7, 2021.

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

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

Hetro Spinners Private Limited [erstwhile Sai Manasa Spintex
(India) Limited] was incorporated in the year 2009, however, the
commercial operations of the company started from the year 2010.
The company has changed its constitution from Hetro Spinners
Limited to Hetro Spinners Private Limited in August 2018. The
company was promoted by Mr K Gopala Reddy, his friends and
relatives. The company is engaged in manufacturing of cotton yarn
(20-47 count) and sale of cotton seeds. The company procures the
raw material (cotton lint) from the traders located in and around
Guntur. The company sells its products i.e. cotton yarn and cotton
seeds to the spinning millers and traders located at various places
like West Bengal, Tamil Nadu, Maharashtra and Telangana.


HIMALAYAN HELI: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Himalayan
Heli Services Private Limited (HHSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.67       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 26, 2020, placed the
rating(s) of HHSPL under the 'issuer non-cooperating' category as
HHSPL 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. HHSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2021, July 22, 2021, August 1, 2021.

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

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

Himalayan Heli Services Pvt Ltd (HHS) was incorporated in July 1998
and is engaged in the business of providing heli-tourism services.
HHS is promoted by Mr. Harsh Vardhan Sharma, Mr. T. Wangchuk
Shamshu and World Expeditions (India) Pvt. Ltd. (WEPL) which is
engaged in the business of promotion of inbound adventure tourism
and other allied tourism activities since 1987. The operations of
HHS includes primarily of charter services like pilgrimage services
flying, corporate charter, election flying, motion picture & film
shooting, emergency rescue operations, and adventure tourism
activities like Heliskiing, helitrekking, heli-biking, heli-safari
etc and. The company also provides O&M Services for helicopters to
other aviation companies. HHS generates its revenues majorly from
pilgrimage services which are awarded through tenders and are of
fixed tenor and renewed (through bidding) after the expiry of the
contract period depending on the quotation and services.


KERALA INFRASTRUCTURE: S&P Affirms 'BB-/B' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' ratings on Kerala
Infrastructure Investment Fund Board (KIIFB). The outlook is
stable. S&P also affirmed the 'BB-' issue rating on the company's
outstanding debt.

The stable outlook on KIIFB reflects the outlook on the government
of Kerala (BB-/Stable/B). It takes into account our view of KIIFB
as a strategic policy instrument of the government of Kerala to
promote infrastructure financing. S&P's outlook on KIIFB prevails
over the next 12-24 months at least.

S&P said, "We may lower the ratings on KIIFB if we see signs of a
change in the entity's policy role, a reduction in government
support, or a move to significantly lower the government's stake in
KIIFB. These could erode the government's obligation or incentive
to support the entity.

"We may also downgrade KIIFB if we lower the rating on the
government of Kerala.

"We may upgrade KIIFB if we raise the rating on Kerala and the
Board continues to perform the same level of service for the state
government.

"The rating reflects our expectation that the likelihood of support
to KIIFB from the government of Kerala is almost certain, given its
critical role and integral link to the state. We believe that KIIFB
executes strategic governmental policies and is a non-severable arm
of the Kerala state government. Thus the ratings on KIIFB mirror
those on Kerala. In addition, we do not believe the government
support is subject to transition risk."

The ratings on KIIFB are supported by the Board's position as the
sole agency for the state to implement strategic infrastructure
projects. The ratings benefit from the support KIIFB receives from
the government in several forms, including guarantees, capital
injections, tax revenue streams for funding, and escrow mechanism.

KIIFB was set up in 1999 as an agency to mobilize funds for capital
expenditure on behalf of the Kerala government. After being dormant
for more than a decade, the government amended the KIIF Act in 2016
to strengthen the oversight, guarantee structure, and controls,
with the government intending to use the vehicle in a major way for
its infrastructure plans.

S&P said, "We view KIIFB's role as critical given that it is the
nodal infrastructure-funding agency of the Kerala government,
focused on strategic projects that are crucial for the economy.
KIIFB's policy role and the terms of operations are spelt out
clearly in the KIIF Act. KIIFB has approved infrastructure projects
worth Indian rupee (INR) 643 billion till date, of which INR183
billion worth are under construction. We expect KIIFB's role in
supporting capital expenditure to become paramount given the strain
of COVID-19-related spending on the state government's budget."

There is no clear written line of separation for infrastructure
projects between the government of Kerala and KIIFB. The state has
made public its intentions to place all its strategic and
large-scale projects with KIIFB. The government's budget has
mandated KIIFB as the execution agency across various strategic
projects.

S&P said, "In our view, KIIFB is integrally linked to the state
through the government's tight supervisory control and support in
the shape of a statutory guarantee on the company's debt
obligations. KIIFB benefits from having all its debt obligations
guaranteed by the state under the KIIF Act. The support reflects
the government's commitment to expanding the entity's scale and
scope of operations. KIIFB has continued to receive its share of
revenues during the pandemic as well even though there has been a
strain on the state's finances in the face of revenue shortfall and
elevated spending needs.

"We believe KIIFB's board structure reflects the highest level of
commitment and tight link with the state government. The government
appoints KIIFB's chief executive officer and most of the board of
directors. KIIFB is the only state government-related entity (GRE)
that has the state's chief minister, finance minister, budget
secretary, finance secretary, and chief secretary present on the
board. The chief minister is the chairman of the board while the
minister of finance heads the executive committee. The presence of
top government officials heightens the reputational risk for the
government if KIIFB were to fail to meet its debt obligations. The
CEO is also the chief principal secretary to the chief minister."

The government has in place an escrow mechanism to ensure that tax
revenue due to KIIFB from the government is received in a timely
manner. KIIFB received INR22 billion from the government of Kerala
in shape of Motor Vehicle Tax and petroleum cess in the fiscal year
ended March 31, 2021. This is on top of ongoing support, mainly
through regular capital infusions and loan guarantees.

S&P said, "In our view, the safeguards and support mechanisms
deployed by Kerala for KIIFB are more than what we have generally
observed in state-level GREs in India." For example, the Fund
Trustee and Advisory Commission (FTAC) is an additional oversight
body, besides the usual supervision by the Bureau of Public
Enterprises, to ensure that investments of the fund are ring-fenced
in line with the intent of the Act and that there is no diversion
of funds. Notably, the three-person FTAC is headed by eminent
central officials--former comptroller and auditor-general of India,
former deputy governor of the Reserve Bank of India (RBI), and a
retired executive director of the RBI.

S&P said, "We believe the strength of government support for KIIFB
offsets the uncertainties relating to the company's financial
position. In our view, KIIFB's importance to the government of
Kerala, at least in the next few years, will translate into timely
funding support should the entity encounter difficulty in servicing
its debt obligations."


KILBURN ENGINEERING: Ind-Ra Gives 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kilburn
Engineering Ltd. (KEL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR650 mil. Term loan due on FY32 assigned with IND BB+/Stable

     rating;

-- INR200 mil. Fund-based limits assigned with IND BB+/Stable
     rating;

-- INR291.3 mil. Non-fund-based limits assigned with IND A4+
     rating;

-- INR50 mil. Proposed fund-based limits* assigned with IND BB+/
     Stable rating; and

-- INR458.7 mil. Proposed non-fund-based limits* assigned with
     IND A4+ rating.

* unallocated

KEY RATING DRIVERS

Implementation of Resolution Plan: KEL underwent debt restructuring
in FY21 on account of non-payment of its debt obligations to RBL
Bank Limited (RBL) from March 2020. On March 4, 2021, the company's
board approved the resolution plan (RP) sanctioned by RBL under the
guidelines of the Reserve Bank of India; the RP was implemented on
March 31, 2021. As per the RP, the outstanding principal loan of
INR950 million and interest of INR90 million due to RBL up to March
31, 2021 was to be restructured. As part of the debt restructuring,
i) INR650 million of sustainable debt was converted into long-term
loans payable over 12.5 years at 9% per annum, ii) equity shares
amounting to INR135 million were allotted to RBL, iii) and 0.01%
cumulative redeemable preference shares (CRPS) amounting to INR255
million were allotted to the new investor Firstview Trading Private
Company (FTPC). Furthermore, as part of the RP, there was a change
in KEL's management, along with a fresh equity infusion of INR200
million from FTPC in tranches, to be adjusted against the total
loan and CRPS.

FTPC, an investment company, is now the largest shareholder in KEL
with 29.07% stake at FYE21 (FYE20: nil), followed by Khaitan family
and group companies holding 28.38% (60.39%), RBL holding 23.93%
(nil) and public shareholding of 18.62% (39.61%). There was a
change in KEL's board constitution. Of the 10-member board, two are
appointed by FTPC, two by erstwhile promoters and five are
independent members, with the Chairman appointed by FTPC. Although,
the key management personnel remained unchanged.

In FY20, FTPC infused INR80 million in KEL in the form of
inter-corporate deposits (ICDs), which were fully repaid prior to
the RP implementation by way of partial recovery on ICDs given to
group companies by KEL.

Debt Restructuring to Reduce Initial Repayments: Post the
restructuring, KEL's debt (excluding CRPS) reduced to INR828
million at FYE21 (FYE20: INR1,219 million), comprising of
restructured term loan of INR643 million (nil) and short-term
borrowing of INR185 million (INR1,135 million). The restructured
loan of INR650 million is repayable over a period of 12.5 years in
46 stepped-up quarterly instalments after a moratorium of 12
months. Of the total CRPS of INR255 million issued under the RP,
INR100 million has been adjusted from equity proceeds, with
outstanding CRPS of INR155 million at FYE21, payable in two equal
instalments at the end of 14th and 15th year. The balance equity
infusion as per the RP was structured to be adjusted against the
INR650 million term loan over the next three years (INR20 million,
INR30 million and INR50 million in FY22, FY23 and FY24,
respectively), over and above the annual repayments of INR13
million and INR20 million in FY23 and FY24, respectively.

The company received INR164 million of upfront equity infusion from
FTPC in March 2021, of which INR38.6 million has been deployed in
the business, while the balance INR25.4 million has been earmarked
against the first year term loan prepayment. The balance equity
infusion of INR35 million would come in FY23 for term loan
prepayment. As per management, since the additional higher upfront
equity infusion has been deployed in business activities, the
prepayment requirement for FY24 would be met from internal cash
flows, unutilized working capital limits or additional promoter
funds, if required. Ind-Ra would monitor the usage and availability
of funds for meeting the pre-payment requirements as part of the
restructured term sheet and any shortfall in the same could be
negative for the ratings.

Medium Scale of Operations: KEL's revenue from operations declined
to INR869 million in FY21 (FY20: INR1,294 million), due to
suspension of factory operations in 1QFY21 on account of the
COVID-19-led lockdown. Although, the manufacturing and production
operations returned to normal from 2QFY21 with many of the
customers deferring capital purchases in view of the uncertainty
impacted the order book (FY21: INR890 million, FY20: INR979
million, FY19: INR1,631 million). The company derives revenue
majorly from two segments - design and construction of highly
customized drying equipment (FY21: INR302 million, FY20: INR268
million) and construction contracts (INR540 million, INR993
million).

KEL had a closing order book of INR779 million at 1QFYE22 (FYE21:
INR713 million; FYE20: INR692 million). The management expects the
order book to improve by FYE22 with the addition of deferred orders
from FY21, along with receipt of orders from customers in the
carbon black, soda ash, fertilizers and petrochemicals industries.
The management also plans to venture into new industries such as
ethanol production and central effluent treatment, which will
further aid the order book in the medium term. Despite lockdown
impacting the operations in 1QFY22, Ind-Ra estimates sales to
improve in FY22.

Decline in EBITDA: KEL's EBITDA declined to INR70 million in FY21
(FY20: INR91 million) due to lower sales. However, the EBITDA
margin improved to 7.9% in FY21 (FY20: 6.8%), led by increased
orders from higher margin segments and cost-cutting measures
undertaken by the company. Ind-Ra expects the EBITDA to increase to
INR90 million-100 million in FY22, given the order book in hand and
the cost rationalization measures taken. However, the overall scale
of operations continues to deter a material upside in the EBITDA
over the medium term. A lower-than-expected EBITDA generation could
be negative for the ratings.

KEL had offered ICDs to group companies over FY17-FY18 amounting to
INR1,082 million at FYE20. The company was able to recover a part
of the ICDs (INR995 million outstanding at end-December 2020).
However, in FY21, the management made a provision for the entire
outstanding amount of ICDs and had written-off the entire interest
accrued till FYE21 as exceptional loss amounting to INR1,269
million due to uncertainty to recover the outstanding amount on
account of stressed financial position of the group companies.

Weak Credit Metrics: KEL's net leverage (net debt/EBITDA) was high
at 10.6x in FY21 (FY20: 12.9x) on account of lower EBITDA
generation. Ind-Ra expects the net leverage to remain high over
FY22-FY23, and reduce thereafter on the back of term loan
repayments and prepayments, along with an improvement in the
EBITDA. The interest coverage (EBITDA/gross interest expense) was
low at 0.6x in FY21 (FY20: 0.5x). While the company's repayments as
per Ind-Ra are expected to be adequately met out of the equity
infusions and debt service reserve account created, given that it
has annual interest payments of around INR80 million, any
lower-than-expected EBITDA generation could result in weaker
interest coverage over the short-to-medium term and will remain a
key rating monitorable.

Liquidity Indicator - Adequate: KEL had a cash balance of INR70
million (including INR25.4 million to be adjusted against term
loan) at FYE21 (FYE20: INR40 million). It also has a debt service
reserve account of INR23.8 million, which could be adjusted against
the outstanding term loan in FY23. The company's average use of the
fund-based limits of INR200 million was 73% for the 12 months ended
June 2021. The company also has investment in listed group
companies (Eveready Industries India Limited; 'IND BBB+'/Stable),
Mcleod Russel India Limited, Mcnally Bharat Engineering Company
Limited) with a valuation of INR81 million at FYE21 (FYE20: INR15.8
million) with no restrictions on exiting those investments.

The free cash flow turned positive to INR9 million in FY21 (FY20:
negative INR116 million) despite the decrease in EBITDA, due to
lower net finance expense outflow of INR113 million (INR172
million). KEL manages its working capital cycle either through
customer advances or supply against issuance of letter of comfort.
The working capital cycle remained negative in FY21 due to high
customer advances (FY21: INR317 million; INR257 million). KEL's
annual capex requirement is likely to be around INR10 million in
the short term (FY21: INR2 million, FY20: INR2 million). As per the
financial covenants of the term loan, KEL cannot approve any
dividend in case of any overdue with any bank and extend loans and
advances to its group companies. Ind-Ra estimates the cash flow
from operations (FY21: INR50 million, FY20: INR112 million) to be
sufficient to service its debt obligations in FY22 with an
improvement in order execution.

RATING SENSITIVITIES

Positive:  A significant increase in the scale of operations, a
sustained increase in the EBITDA margin and the maintenance of
adequate liquidity could lead to a positive rating action.  

Negative:  Weaker-than-expected financial performance, leading to
the interest coverage ratio remaining below 1.0x from FY22 and/or
deterioration of the liquidity profile could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 1987, KEL is a part of Williamson Magor group which
has interests in tea, batteries and engineering sectors. KEL is
engaged in designing, manufacturing and commissioning of customized
equipment/systems for diverse applications in industries such as
chemical, petrochemical, oil & gas, refineries, power, steel,
cement, fertilizer, mining, sewage treatment, food, among others.
It also manufactures specially designed packages required for
various onshore and offshore applications. It has a manufacturing
and testing facility near Mumbai.


KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kishan Lal
Agrawal Contractor (KLAC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term           5.50       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of KLAC under the 'issuer non-cooperating' category
as KLAC 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. KLAC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021, August 31, 2021.

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

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

Kishan Lal Agrawal Contractors (KLAC) was constituted in May 1988as
a partnership firm and currently managed by Mr. Pankaj Agrawal and
Mr. Ashok Kumar Agrawal. Since its inception, the firm has been
engaged in civil construction business like laying of pipelines,
supplying and fixing C.I. Pipe Line, construction of water supply
system, construction of stadium building, residential quarters,
college, shopping complex, etc. KLAC participates in tenders and
executes orders for the various departments of Government of
Chhattisgarh. KLAC is classified as a 'Class A contractor' by the
Government of Chhattisgarh which enables it to participate in
higher value contracts.

M.A. ENTERPRISES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated  M.A.Enterprises'
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:

-- INR10.1 mil. Fund-based facilities migrated to non-cooperating

     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR770 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 28, 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 2015 in Savita Vihar, Delhi, M.A.Enterprises is a
partnership firm engaged in the importing and trading of edible oil
in India.


MUMBAI INTERNATIONAL: Ind-Ra Withdraws 'D' Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mumbai
International Airport Limited's (MIAL) bank facility ratings as
follows:

-- The 'IND D' rating on the INR61.410 bil. Long-term bank loans
     is withdrawn;

-- The 'IND D' rating on the INR21.55 bil. Long-term bank loan
     against airport development fee  receivables is withdrawn;

-- The 'IND D' rating on the INR3.50 bil. Term loans against real

     estate deposits due on May 2025 is withdrawn; and

-- The 'IND D' rating on the INR11.35 bil. Bank facilities* is
     Withdrawn.

*Details in Annexure

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificates from the rated facilities'
lenders.

COMPANY PROFILE

MIAL has the right to operate, maintain, develop, design,
construct, upgrade, modernize, finance and manage Chhatrapati
Shivaji Maharaj International Airport under a 30-year concession.
MIAL provides domestic and international airport services to the
Mumbai metropolitan area.


MYTRAH ENERGY: Ind-Ra Lowers Long-Term Issuer Rating to 'B-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mytrah Energy
(India) Private Limited's (MEIPL) Long-Term Issuer Rating to 'IND
B-' from 'IND BBB-' while resolving the Rating Watch Negative (RWN)
and has simultaneously migrated it to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the ratings.

The instrument-wise rating actions are:

-- INR1.45 bil. Fund-based limits downgraded; off RWN and
     migrated to non-cooperating category with IND B- (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR3.37 bil. Non-fund-based limits downgraded; off RWN and
     migrated to non-cooperating category with IND B- (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of MEIPL and its subsidiaries for its analysis given the strong
operational and strategic linkages among them and MEIPL's
dependence on the subsidiaries for its debt servicing.

KEY RATING DRIVERS

The rating action reflects MEIPL's subsidiary Mytrah Ujjval Power
Private Limited's missed payments on the NCDs, due on September 15,
2021, for which MEIPL has given an unconditional and irrevocable
corporate guarantee. The management has confirmed that the
corporate guarantee has not been invoked by the NCD holders.

The ratings have been migrated to non-cooperating category as the
company did not participate in the surveillance exercise and has
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

MEIPL is a holding-cum-operating company for various wind and solar
power projects. It is one of the leading independent power
producers of renewable energy in India. It implements and operates
various wind and solar power projects in India through its
subsidiaries and generates revenue from the EPC business.


MYTRAH UJJVAL: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mytrah Ujjval
Power Private Limited's (MUPPL) Long-Term Issuer Rating to 'IND D'
from 'IND BBB-' while resolving the Rating Watch Negative (RWN).

The instrument-wise rating action is:

-- INR8.20 bil. Non-convertible debentures (NCDs) ISIN
     INE572X07019 issued on September 15, 2017 coupon rate 0%-9%*
     due on September 2023-September 2024 downgraded with IND D
     rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of MUPPL, its associate company, Mytrah Energy (India) Private
Limited (MEIPL; 'IND B- (ISSUER NOT COOPERATING)), and MEIPL's
subsidiaries to arrive at the ratings.

KEY RATING DRIVERS

The rating action reflects MUPPL' missed payments on the rated
NCDs, scheduled on September 15, 2021. According to the terms of
the NCDs, coupon payments had to start from September 15, 2021
wherein 8% annual coupon was to be paid in the fourth and fifth
years and 9% annual coupon in the sixth and seventh years.

COMPANY PROFILE

MUPPL is 49% held by Bindu Vayu Mauritius Limited, which holds 100%
equity in MEIPL. MEIPL is a holding-cum-operating company for
various wind and solar power projects. It is a leading independent
renewable energy producer in India. It implements and operates
various wind and solar power projects in India through subsidiaries
and generates revenue from the engineering, procurement and
construction business.


N. C. FOODS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N. C. Foods
(NCF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.51       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 13, 2020, placed the
rating(s) of NCF under the 'issuer noncooperating' category as NCF
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. NCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 29, 2021, July 9, 2021, July 19, 2021.

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

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

N. C. Foods (NCF) was established as a proprietorship firm in 2003
by Mr Ghanshyam Das Mittal. The firm is engaged in processing of
basmati and non-basmati rice with an installed capacity of 30,000
metric ton per annum (MTPA) as of March 31, 2016. The firm normally
operates in two shifts of 8 hours each. The processing unit of the
firm is located in Rudrapur, Uttarakhand. NCF procures paddy from
local grain markets through dealers and agents mainly from the
states of Uttarakhand, Bihar, and Uttar Pradesh. NCF primarily
sells its product to wholesalers and traders located in the states
of Uttarakhand, Haryana, Himachal Pradesh, Delhi, Gujarat,
Rajasthan and Uttar Pradesh.


NANIBALA COLD: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nanibala
Cold Storage Private Limited (NCSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 1, 2020, placed the
rating(s) of NCSPL under the 'issuer non-cooperating' category as
NCSPL 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. NCSPL 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).

NCSPL was incorporated in March 1997 to set up a cold storage
facility with a storage capacity of 21,800 Metric Tonnes in Bankura
district of West Bengal. Since its inception, the company has been
engaged in the business of providing cold storage facility
primarily for potatoes to farmers along with trading of potatoes.
The company also provides interest bearing advances to farmers for
their agricultural activities against the receipts of potato
stored.


OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Yarn
Plus Private Limited (OYP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.01      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 14, 2020, placed the
rating(s) of OYP under the 'issuer non-cooperating' category as OYP
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. OYP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 30, 2021, July 10, 2021 and July 20, 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).

OYP was incorporated in the year 2002, by Mr Sanjiv Garg and Mr
Sanjay Talwar. The company is engaged in the manufacturing of
fabric for suiting, shirting and readymade garments for kids &
gents at its manufacturing facility located at Ludhiana, Punjab.
The company has an installed capacity of 3.5 million meter of
fabric per annum and 3 lacs pieces of readymade garments per annum.
The company supplies its products (fabrics as well as readymade
garments) mainly to reputed customers such as Westside, Sportking,
Blackberry, Monte Carlo, etc. Besides OYP, the group consists of
Hari Om Yarns Private Limited which is engaged in trading of cotton
yarn.


PACIFIC GLOBAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Global (PG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.50       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 27, 2020, placed the
rating(s) of PG under the 'issuer noncooperating' category as PG
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. PG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 13, 2021, July 23, 2021, 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(s).

Pacific Global was established in the year 2015 by Mr. Vikram Ashok
Rupani and other partners, Pacific Global has undertaken
manufacturing high quality dry pasta (Spaghetti, Penne, Fusilli
etc.) with total installed capacity of approx. 750 tonnes of pasta
production per month at its plant located at Pitampur Madhya
Pradesh. The key raw material namely Semolina (regular and duram
wheat) will be sourced from local suppliers and others and sales
will be done in domestic market as well exports to countries namely
Bangladesh, Nepal, West African countries, Japan, Korea, and
Australia.

PANDURANG SAHAKARI: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Pandurang Sahakari Sakhar Karkhana Limited (SPSSKL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      268.48      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 5, 2020, placed the
rating(s) of SPSSKL under the 'issuer non-cooperating' category as
SPSSKL 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. SPSSKL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2021, July 1, 2021, July 11, 2021.

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

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

SPSSKL was incorporated under Maharashtra Co-Operative Societies
Act 1960 in August 1988, to undertake sugar and sugar-related
production by Mr. Sudhakarrao Paricharak, former member of
legislative assembly (MLA), Pandhapur (Founder Chairman of SPSSKL).
The first crushing season of the sugar factory was conducted in
Sugar Season (SS) 1992-93 with an installed capacity of 1250 TCD.
SPSKL gradually expanded its capacity from 1250 TCD (with
co-generation unit of 9MW) during the year 1998 to its current
capacity of 4500 TCD (with an aggregate co-generation capacity of
19MW) and distillery unit of 45 Kilo Liters per Day (KLPD) as on
March 31, 2016.


PEARL POLYMERS: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pearl Polymers
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
B-(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR188 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating; and

-- INR97 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND B- (ISSUER NOT COOPERATING)

     /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 20, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Pearl Polymers Limited was established in 1971 and has been
manufacturing polyethylene terephthalate (PET) bottles and jars
since 1986. It has 80 machines across five locations: Mahad
(Maharashtra), Baddi (Himachal Pradesh), Jigani (Karnataka), Pant
Nagar (Uttarakhand) and Guwahati (Assam).  


PRASAD EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       43.82      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 14, 2020, placed the
rating(s) of PET under the 'issuer non-cooperating' category as PET
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. PET continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 30, 2021, July 10, 2021, July 20, 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).

Uttar Pradesh based PET was established in 1997 with an objective
to provide education services. The society is managed by Mr. B. P.
Singh (Chairman), Mrs. Anita Yadav (Trustee) and Mr Palash P Yadav
(Vice Chairman). PET provides undergraduate and post-graduate
courses in various fields of Engineering, Computers Science,
Management and Pharma. The college is affiliated to Uttar Pradesh
Technical University, Dr. Ram Manohar Lohia Avadh University and is
approved by the All India Council for Technical Education (AICTE).
The society also operates a CBSE school in the name of Prasad
International School providing primary and secondary education from
Nursery to class XIIth. The school is affiliated to Central Board
of Secondary Education (CBSE). PET has a total strength of 3720
students in college in the academic session (AS) 2016-17 and Prasad
International School has a total strength of 1179 students for the
academic session 2016-17.


QUADRANT TELEVENTURES: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadrant
Televentures Limited (QTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.22      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      24.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 16, 2020, placed the
rating(s) of QTL under the 'issuer non-cooperating' category as QTL
had failed to provide information for monitoring of the rating. QTL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated May
22, 2021, May 12, 2021 and May 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 ratings.

The rating takes into account non-availability of information due
to non-cooperation by Accord Communication Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information non-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 June 16, 2020, the following were the
rating weaknesses and strengths (Updated for the information
available from the stock exchange):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by the company on account of its
weak liquidity position. The company has been classified as
Non-Performing Asset (NPA) by the bank.

* Financial risk profile marked by losses at the net level: The
total operating income of the company declined to INR431.06 crore
in FY21 as against INR459.06 crore in FY20. However, due to high
operational expenses, the PBILDT margins declined to 2.50% in FY21
from 4.58% in FY20. The company continued to remain in losses at
the net level, with a net loss of INR296.15 crore in FY21 (net loss
of INR46.52 crore in FY20). Due to losses at the net level, the
networth of the company remained negative.

* History of CDR: The debt of the Company was restructured under
Corporate Debt Restructuring (CDR) mechanism in March 2004 and
subsequently in June 2005. However, due to continued losses and
liquidity problems (at the time of launch of GSM services), QTL
again approached its lenders for rework of the earlier sanctioned
restructuring package, which was approved by CDR Empowered Group in
Aug-09, with cut-off date as April 1, 2009. In-line with the last
approved CDR terms, Videocon group was inducted as the new
strategic investor and subsequently a new management team was
setup.

* Deterioration in the financial risk profile of Videocon group
from which QTL derives operational and financial support: After
taking over the reins of the business of QTL in 2009, the Videocon
group has regularly supported the company to fund its capex and
other operational needs. The Videocon group, through its flagship
company-Videocon Industries Limited (VIL), has presence in varied
business verticals such as oil & gas, consumer electronics and
telecommunications. However, the financial risk profile of VIL has
deteriorated lately, with the company reporting net loss of
INR6760.76 crore  on a total income of INR1062.61 crore in FY19 as
compared with net loss of INR5264.04 crore on a total income of
INR3350.12 crore in FY18, on a standalone basis.

Quadrant Televentures Limited (QTL) was incorporated in August 1946
by the name- The Investment Trust of India Limited (ITIL). The name
of the company was changed to HFCL Infotel Limited (HIL) in May
2003. In August 2009, the ownership of HIL was transferred to the
Videocon group, subsequent to which, the company was rechristened
as QTL. Currently, the Videocon group holds majority stake (49.47%)
in QTL through an entity promoted by it. QTL is a Unified Access
Services (UAS) Licensee in the Punjab Telecom Circle comprising of
the state of Punjab, Chandigarh and Panchkula. The company started
its operations as a fixed line service provider under the brand
name 'Connect' in the year 2000. It was later granted UAS License
in the Punjab Telecom Circle (including Chandigarh and Panchkula)
in 2003 subsequent to which it launched its CDMA based mobile
services under the brand name 'Ping' (from September 2007) and
GSM-based mobile services in March 2010. Currently, QTL is
providing Fixed Voice (Landline) services, DSL (Internet) services,
Leased Line services and CDMA Mobile Services in the Punjab Telecom
Circle (including Chandigarh and Panchkula). The company
discontinued its GSM business operations from February 15, 2017.


RAJARAMBAPU PATIL: CARE Cuts Rating on INR500cr Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajarambapu Patil Sahakari Sakhar Karkhana Limited (RPSSKL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      500.00      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 3, 2020, placed the
rating(s) of RPSSKL under the 'issuer non-cooperating' category as
RPSSKL 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. RPSSKL 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.

The rating assigned to the bank facilities of RPSSKL has been
revised on account of non-availability of requisite information to
carryout review.

RPSSKL was incorporated by Late Rajarambapu Patil in 1968 under
'The Maharashtra Co-operative Societies Act 1960' as 'Walwa Taluka
Sahakari Sakhar Karkhana Limited' to undertake sugar production in
Sangli (Maharashtra). The name was subsequently changed to
Rajarambapu Patil Sahakari Sakhar Karkhana Limited. RPSSKL is a
part of the Sangli-based 'Rajarambapu Group' whose diversified
business profile comprises operations in sugar production,
distillery, power generation, cooperative bank (Rajarambapu
Sahakari Bank Limited), co-operative spinning mills, milk
federation, soya bean extraction plant, educational institutes and
petrol pumps.


RAJYALAKSHMI HEALTHCARE: Ind-Ra Moves BB Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated  Rajyalakshmi
Healthcare 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:

-- INR462.187 mil. Long term loans due on February 2029 migrated
     to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 3, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rajyalakshmi Healthcare operates a 220-bed hospital in Gachibowli
and is a 100% subsidiary of Sarvejana Healthcare Private Limited.
The company is promoted by renowned orthopedic surgeon Dr. Gurava
Reddy.



RAKESH FUEL: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rakesh Fuel
Private Limited (RFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       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  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 21, 2020, placed the
rating(s) of RFPL under the 'issuer non-cooperating' category as
RFPL 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. RFPL 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(s).

Ghaziabad based, Rakesh Fuel Private Limited (RFPL) was established
on November 1, 1991 as a Private limited company by Mr. Harvilas
Gupta, Mr. Rakesh Mohan Gupta and Mr. Ravi Mohan Garg (HUF). RFPL
is engaged in manufacturing of non-woven fabric, medical non-woven
fabric, shopping bags which are being used in packaging etc. These
bags mainly find application in food industry (mainly for rice and
pulses) and also being used as normal shopping bags. The company
has two manufacturing facilities located at Sikandrabad and
Ghaziabad The installed capacity of both the plants are 9000 metric
tons per annum for fabric and 7332 shopping bags per day. The main
raw material is polypropylene and the same is procured domestically
mainly from Reliance industries Limited and Indian oil corporation
Limited. The company also procures the raw material from the local
dealers and distributors. RFPL sell its finished products to
traders and wholesale dealers in PAN India.

RMB EVENT MANAGEMENT: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: RMB Event Management Private Limited
        104, Bajaj Bhavan
        Nariman Point
        Mumbai 400021

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2022
                               (180 days from commencement)

Insolvency professional: Dilipkumar Natvarlal Jagad

Interim Resolution
Professional:            Dilipkumar Natvarlal Jagad
                         803/804 Ashok Heights
                         Opp. Saraswati Apartment
                         Old Nagardas X Road
                         Gundavali, Andheri East
                         Mumbai 400069
                         E-mail: dilipjagad@hotmail.com
                                 rmb.cirp@gmail.com

Last date for
submission of claims:    September 25, 2021


S.M MUSTHAFA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.M
Musthafa (SM) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 18, 2020, placed
the rating(s) of SM under the 'issuer noncooperating' category as
SM 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. SM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 4, 2021, August 14, 2021 and August 24, 2021.

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

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

S.M Musthafa (SMM) was established in the year 2011 promoted by Mr
Sajeepa Mohammed Musthafa. The firm is engaged in construction of
buildings for the Education Sector. The firm receives the work
orders directly from the customers for construction in various
segments like building hostels and college building.


SANDHU FARMS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sandhu
Farms Private Limited (SFP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.03      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 SFP under the 'issuer non-cooperating' category as SFP
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. SFP 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).

Sandhu Farms Private Limited (SFP) was incorporated in August-2013
and is promoted by Mr Manjit Singh Sandhu and Mrs Updesh Kaur. SFP
undertook a project pertaining to setting up a marriage palace
under the name of 'Fort Patiala' having 9 rooms and 2 banquet halls
at Rajpura Road, Patiala. The same is spread on a land area of 4
acres. The palace got operational from October, 2016 with
completion of capex. The company earns income from letting of
banquet halls (having accommodation facility of maximum 500 people)
and rooms on rent for the purpose of marriage, parties etc.

SARVEJANA HEALTHCARE: Ind-Ra Moves BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sarvejana
Healthcare 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:

-- INR280 mil. Fund-based facility migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR90.59 mil. Long-term loans due on June 2021 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 31, 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 2009, Sarvejana Healthcare operates two
multispecialty hospitals with a total bed capacity of 412 beds.


SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Savalia
Cotton Ginning and Pressing Private Limited (SCGPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      44.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       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 4, 2020, placed the
rating(s) of SCGPL under the 'issuer non-cooperating' category as
SCGPL 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. SCGPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated June
20, 2021, June 30, 2021, July 10, 2021.

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

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

Incorporated in November 1999, Rajkot-based, SCGPL is promoted by
Mr Utpal Savalia and Mr Jitendra Bhalara and is engaged in cotton
ginning & pressing and trading of cotton & cotton seeds. As of
March 31, 2015, SCGPL had an installed capacity of 13,000 Metric
Tonne Per Annum (MTPA) of cotton ginning at its processing unit
located at Shapar Industrial Area near Rajkot in Gujarat.


SHIVASHAKTI SUGARS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shivashakti Sugars
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:   

-- INR2.30 bil. Fund-based facilities migrated to non-cooperating

     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Term loan due on April 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 10, 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 1995 by Dr. Prabhakar B Kore, Shivashakti Sugars
limited operates a sugar unit with a crushing capacity of 10,000
tons of canes per day and a 37MW cogeneration plant.


SOHANLAL SONS: CARE Lowers Rating on INR8cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sohanlal Sons (SS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 5, 2020, placed the
rating(s) of Sohanlal Sons (SS) under the 'issuer noncooperating'
category as SS 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. SS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2021, July 1, 2021, July 11, 2021.

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

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

The rating assigned to the bank facilities of SS has been revised
on account of non-availability of requisite information to carryout
review.

SS, based out of Nagpur (Maharashtra) is a proprietorship entity of
Mr. Kapil Agarwal and commenced operation in June 2013. Since
inception, the entity has been engaged in trading of iron &steel
products such as Thermo Mechanically Treated (TMT) bars, MS Ingots,
MS Billets, angles, channels, etc. with TMT bars contributing
around 70% of the total revenue over the period FY16 (refers to
April 1, 2015, to March 31, 2016). The entity is also involved in
trading of textiles; however, the same contributes very less to the
total revenue.


SPECK SYSTEMS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Speck Systems Limited
        B-49, Electronics Complex
        Kushaiguda, Hyderabad
        Telangana 500062

Insolvency Commencement Date: September 2, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 1, 2022

Insolvency professional: Raghu Babu Gunturu

Interim Resolution
Professional:            Raghu Babu Gunturu
                         EzResolve LLP, 402B
                         4th Floor, Technopolis
                         Chikoti Gardens, Begumpet
                         Hyderabad 500016
                         E-mail: raghu@ezresolve.in
                                 specksystems@ezresolve.in

Last date for
submission of claims:    September 21, 2021


SRIPATHI PAPER: CARE Assigns C Rating to INR258.08cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sripathi
Paper And Boards Private Limited (SPB), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          258.08      CARE C; Stable Assigned

   Short Term Bank
   Facilities           85.50      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPB is primarily
constrained by the weak liquidity position with cash losses
reported during last two years, highly leveraged capital structure
and susceptibility of profitability margins to volatility in prices
of wastepaper and foreign exchange rate. The rating, however,
derives strength from the long experience of promoters in paper
industry, diversified product mix and favourable growth prospects
for the packaging industry driving the Kraft Paper and duplex board
demand.

Rating sensitivities

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

* Increase in scale operations with turnaround from loss to profit
and thereby generating sufficient cash accruals to meet out debt
obligations.

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

* Any delays in debt obligations going forward.

Detailed description of the key rating drivers

Key Rating weaknesses

* Weak financial profile along with cash losses reported during
last two years: The company had been incurring cash losses in the
last two years. The company had made capacity additions in the
duplex board division during the periods FY18-19 with term loan
fundings. By the time, the new capacity could stabilize, there was
a fire accident in kraft unit during month of January 2020, leading
to suspension of operations for two months followed by impact of
COVID-19 from March FY20. Further, the demand of newsprint paper
and writing and printing paper division was affected post outbreak
of Covid-19 due to closure of schools, colleges and offices. The
lower production in the kraft paper division, overhead costs for
the new capex without any major scaling up along with losses in the
newsprint & writing division resulted in cash loss of INR29.13
Crore as against INR16.50 Crore in FY20.

* Highly leveraged capital structure: The capital structure of the
company indicated by its overall gearing remained leveraged due to
high term loan borrowings and erosion in the networth base at the
back of losses reported during the years. The debt coverage
indicators also stood weak with below unity interest coverage
ratio.

* Susceptibility of profitability margins to volatility in prices
of wastepaper and foreign exchange rates: The main raw material is
waste paper which accounts for the majority of the total raw
material cost followed by chemicals used for treating and removing
impurities in the wastepaper. The prices of wastepaper have
remained very volatile in the past mainly on account of demand
supply dynamics. With the increase in prices for the major raw
material in the form of wastepaper, paper manufacturers are facing
high raw material costs and passing on the same to the end customer
would be crucial to maintain the profitability margins. The company
is also exposed to foreign currency fluctuations as it imports
around 40% of its raw material. The risk is to an extent covered by
the natural hedge in the form of exports and balance is
hedged through forward contract.

Key Rating strengths

* Long experience of promoters in paper industry: Mr. Krishnaswamy
R, the Chairman of the company, is a Chartered Accountant has
nearly two decades of experience in the paper industry. Mr.
Ravichandran K, is the managing director of the company and looks
after the production. The promoters' have been involved in managing
the day to day operations along with various support staff at
functional levels.

* Diversified product mix: The product profile of the SPB comprised
of kraft paper, duplex boards, writing and printing papers &
newsprint with major part of the revenue generated from the Duplex
Board division. The company books almost 70% of income from duplex
board business, followed by kraft paper(18%), and rest from writing
and printing papers(7%) & news print division(5%). The
manufacturing activities of the company are undertaken in two units
situated at Sathyamangalam & Sivakasi, Tamil Nadu. The installed
capacity in various divisions viz kraft paper, duplex boards,
writing and printing papers & news print division stood at 135MTPD,
406MTPD, 90MTPD & 45MTPD respectively as on March 31, 2021.
Domestic sales is carried out through distributors, in the southern
states of the country, and almost 80% of the revenue is generated
from Tamil Nadu, followed by Andhra Pradesh, Kerala, Karnataka &
Goa. The company also has export sales directly to its customers
based out of Vietnam, UAE, Sri Lanka & Singapore. Further, the
company is having around.

* Favorable growth prospects for the packaging industry driving the
Kraft Paper and duplex board demand: The Kraft Paper and duplex
board demand is mostly driven by the packaging sector. India has
been witnessing a surge in its ecommerce sector over the last 5-6
years propelled by an increase in internet and smartphone
penetration and the ongoing digital transformation in the country.
After India locked down in March this year, the e-commerce segment
witnessed a momentary decline for a few weeks; however, re-opening
of markets led to recovery and subsequently, an upsurge. The
post-lockdown scenario indicates a systemic shift in consumer
purchasing preferences from offline to online. This is largely
adding to the convenience of customers—in having everything
delivered to their doorstep and saving time, thereby enhancing the
need for packaging materials.

Liquidity analysis: Poor

SPB liquidity position remained stressed on account of cash losses
incurred during the last two years resulting into high reliance on
working capital borrowings with continued high average fund based
working capital limit utilization of more than 93% for the trailing
twelve months ended July 2021. There were delays and irregularities
in meeting its debt obligations during FY21. However, the company
raised external finance from a financial institution to the tune of
INR163 Crore during FY20 & FY21 and has settled its overdue debt
obligations. The funds raised is in the form of mezannine debt and
the interest and installment is payable only when demanded by the
financial institution on availability of sufficient accruals post
servicing of bank obligations. With the funds coming in, the debt
servicing has been regular for the past three months. The funding
support is also being provided for the current year towards the
term loan repayment obligations and working capital requirements.
Though there were few instances of overdrawals during recent past,
the same has been regularized within the stipulated time period.
The cash and bank balances as on March 31, 2021 stood at INR3.64
Crore. The generation of adequate accruals along with continuous
funding support would continue to remain a credit monitorable and
crucial to the company's prospects.

Sripathi Paper And Boards Private Limited (SPB), incorporated in
2002 by Mr. R. krishnaswamy, and the commercial productions were
commenced during January 2003. The company started with the
manufacture of kraft packaging paper and in 2007, it ventured into
the business of producing duplex boards which also finds
application in packaging industry. Further, to expand its business
boundary, the company started manufacturing writing and printing
papers during 2011 and newsprint division during 2016 The
manufacturing activities of the company are undertaken in two units
situated at Sathyamangalam & Sivakasi, Tamil Nadu.

STATE OF KERALA: S&P Affirms 'BB-/B' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term
issuer credit ratings on the Indian state of Kerala. The outlook on
the long-term rating remains stable.

Outlook

The stable outlook reflects S&P's view that Kerala will continue to
benefit from strong access to domestic capital markets and
liquidity support from the Indian central bank even as its funding
needs remain elevated during the pandemic.

Downside scenario

S&P said, "We may lower the ratings on Kerala if the state fails to
gradually consolidate its budget to achieve a projected
stabilization of its debt burden at 240%-250% of consolidated
operating revenues.

"Downward pressure would also occur if we view the Indian central
government to be less likely to provide the state a
credit-stability mechanism under a financial stress scenario. This
could arise if the central government or the RBI becomes more
selective in providing support to states."

Upside scenario

S&P said, "We could raise the rating if Kerala's economic growth
bounces back much faster than we expect and the state's credit
metrics improve materially from their current levels. The states'
deficit after capital account improving to below 25% of revenues
would indicate such improvement. This could result from a much
stronger recovery of the economy than we expect, and a combination
of stronger revenue streams under the new goods and services tax
(GST) regime, higher efficiency of GST collections, and
rationalization of expenditures."

Rationale

The ratings on Kerala are constrained by the state's large deficits
resulting from considerable spending on socio-economic programs.
The ongoing pandemic has necessitated fiscal measures to stabilize
the economy and support healthcare response. At the same time, the
state's revenue has been hit by subdued economic activity and
reduced tourism from the lockdown and the pandemic. S&P anticipates
these factors will continue to exacerbate Kerala's already-weak
budgetary performance indicators.

Kerala's satisfactory financial management tempers these
weaknesses. The state's long-term planning and level of
transparency and disclosure compares favorably with that of
domestic peers. Despite the large number of infections, Kerala has
managed the health impact of COVID-19 better than domestic peers
due to the healthcare infrastructure built over the years.

The ratings also benefit from Kerala's strong access to domestic
capital markets via the RBI's bond auction window. This mitigates
the state's lack of internal cash holdings to cover debt servicing.
S&P also expects state-specific support from the central government
in the event of financial emergency.

Strengths in financial management temper weak economic profile and
unbalanced intergovernmental system

The institutional framework of Indian states suffers from a chronic
mismatch in revenue and expenditure, and high local and regional
government (LRG) debt. That said, the intergovernmental structure
is mature with adequate transparency and accountability. The system
is founded on strong democratic institutions and policy stability.
The pace of intergovernmental reforms is slow. Nevertheless, there
is no history of significant policy flip-flops.

Kerala's creditworthiness is constrained by the poor, albeit
improving, productivity of the local economic base. S&P estimates
India's GDP per capita at US$2,188 in 2021. Kerala's economy is
wealthier, with per capita GDP of more than US$3,000. Kerala's more
educated workforce has raised its per capita productivity to more
than that of other states in the country. The state's traditionally
strong focus on social welfare programs has boosted its
development. This is reflected in Kerala's high placing on the
Human Development Index relative to many other Indian states.

S&P Global Ratings forecasts India's GDP will grow by 9.5% this
year. S&P said, "We expect Kerala to recover in line with the
sovereign. COVID-19 and uncertainties from resurgent waves have
been immense exogenous shocks for the state. As demand for domestic
tourism recovers, we expect Kerala's revenues to start to improve.
We expect the state's growth to take off in fiscal 2022 (fiscal
year ending March 31, 2022) as vaccination levels keep progressing
and the economy opens up."

S&P said, "We continue to assess Kerala's financial management as
satisfactory. Policymakers are generally in accord on key
development issues, as seen in their coordinated response to
COVID-19. Kerala sets and adheres to targets set in its five-year
plan, with focus on infrastructure development, and on improving
healthcare and educational standards."

The re-election of the incumbent government for a successive term
is an unprecedented event in the state's political history. S&P
believes this will provide continuity in areas of policy direction
such as commitment to deliver quality public services and economic
development. It also reflects a favorable public view regarding the
handling of the COVID-19 response, progress of vaccination, and
overall socio-economic development. Kerala is ahead of all Indian
states in its vaccination rate.

Like other Indian states, Kerala relies on strong liquidity support
from the RBI. The state's debt management is weaker than
international peers' but better than that of some domestic peers.
The bulk of Kerala's debt is also on-balance-sheet, with limited
off-budget exposure.

The results of Kerala's investment in healthcare are visible in the
state's response to COVID-19. Notwithstanding the large caseload,
the healthcare system has been able to respond better than domestic
peers', reflecting years of planning and investment.

Recovery in revenues will partially cushion large spending
requirements and indebtedness exacerbated by COVID-19.

S&P expects Kerala's budgetary performance to gradually improve,
albeit from a very large deficit that widened substantially during
the pandemic. Large COVID-19 related expenditures and revenue
shortfall due to the economic shutdown in 2020 have pushed up the
deficit to over 40% of total revenue in fiscal 2021.

Larger than usual transfers from the central government helped
temper the revenue shock for Kerala in the last fiscal year. S&P
said, "As the state's own revenues rise in tandem with economic
recovery, we expect operating deficits as a share of operating
revenues to gradually come down to average about 10.6% over fiscal
2020-2024. We forecast the after-capital-account deficit will
average about 34.1% of total adjusted revenue over the same period,
having spiked to 42.8% in fiscal 2021."

S&P said, "In our view, Kerala's underdeveloped infrastructure and
high demand for public services will continue to constrain the
government's ability to substantially improve its budgetary
performance to below 25% over the next two to three years.

"Kerala's capacity to self-finance is limited, leading to the state
to increase debt to deliver basic services. The state's fiscal
response to support economic recovery in fiscal 2021 led its
tax-supported debt to spike to 218% of consolidated operating
revenue. We expect continued need for spending to push up
tax-supported debt to 238.5% of consolidated operating revenue by
fiscal 2024. This will keep the state's interest burden elevated,
averaging 21% of operating revenues over fiscal 2020-2022. This
burden is significantly higher than that of international peers.

"We expect state-owned Kerala Infrastructure Investment Fund Board
(KIIFB) to continue to push the pedal on its project pipeline. This
will support the capital expenditure requirements of Kerala as the
state's own budget remains under strain. We assess Kerala's
government-related entities as mostly non-self-supporting because
the sector is loss-making. That said, the sector's indebtedness is
relatively low.

"We assess Kerala's liquidity as adequate. Given the large
deficits, the state is unable to accumulate cash reserves to
improve its internal liquidity. However, India's deep domestic
capital market is the state's main avenue for financing. The RBI
enhances external liquidity access for Indian states by conducting
bond auctions regularly on behalf of state governments.
Notwithstanding the volatility in capital markets, Indian states
(including Kerala) have been able to access the capital market in
recent months. States in India are not allowed to directly access
capital markets themselves. Bond issuances are done on a pooled
basis through the RBI, enhancing states' access to external
liquidity.

"Furthermore, the RBI concludes settlement on behalf of states in
case a state does not have sufficient funds to make payment on the
due date. This is a very strong liquidity support, in our view."

Kerala can rely on the RBI for short-term committed liquidity
facilities in the shape of ways and means of advances (WMAs),
overdraft, and special drawing facilities. In view of the market
volatility caused by COVID-19, the RBI increased the limit on WMAs
by 60% to support states' liquidity requirements. It also relaxed
conditions for utilizing overdraft facility. Furthermore, Indian
states, including Kerala, have benefitted from timely and
rule-based debt relief mechanisms from the central government via
the Finance Commission.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  KERALA (STATE OF)

  Issuer Credit Rating      BB-/Stable/B


SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sujala
Pipes Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      31.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     15.07       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 25, 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 a letter/email 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(s).

Sujala Pipes Private Limited (SPPL), belonging to Nandi group of
Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a
partnership concern and was reconstituted as a Private Limited
Company in February 1988. SPPL is engaged in manufacturing of
Polyvinyl Chloride (PVC) pipes & fittings used in irrigation
projects, water management, sewerage, & drainage industry, etc.
Nandi group, promoted by Mr. S.P.Y Reddy, is a South India-based
industrial house having diversified business interest. Apart from
manufacturing of PVC pipes, the group has presence in cement,
steel, dairy and construction segment.


SWARUPA SEEDS: CARE Lowers Rating on INR8cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Sai Swarupa Seeds Private Limited (SSSSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 10, 2020, placed the
rating(s) of SSSSPL under the 'issuer non-cooperating' category as
SSSSPL 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. SSSSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2021, July 6, 2021, 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).

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

Sri Sai Swarupa Seeds Private Limited (SSSSPL) incorporated in
February 2009 belongs to KPR group of companies promoted by Mr K
Papa Reddy. SSSSPL is engaged in processing Paddy, Cotton, Maize,
Sunflower, Pulses and Vegetable seeds at its seeds processing plant
located at Warangal, Andhra Pradesh. SSSSPL caters to Andhra
Pradesh and Telangana region through the well-established
distribution network of KPR Agrochem Limited, the holding company.

THARUN CONSTRUCTION: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
------------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded 'Tharun
Construction and Co's (TCC) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limit upgraded with IND BB-/Stable/IND
     A4+ rating;

-- INR50 mil. Proposed fund-based limit* assigned with IND BB-/  

     Stable/IND A4+ rating;

-- INR250 mil. Non-fund-based limit upgraded with IND A4+ rating;

     and

-- INR150 mil. Proposed non-fund-based limit* assigned with IND
     A4+ rating.

*Unallocated

KEY RATING DRIVERS

The upgrade reflects an improvement in TCC's already healthy
operating EBITDA margins to 14.7% in FY21 (FY20: 10.5%) with ROCE
at 34% (32%). The operating margins are supported by the execution
of high-margin contracts. However, the margins remain susceptible
to volatility in the cost of material consumed. Although the
company is able to pass on increases in input costs to its
customers, it happens with a lag of three months. FY21 figures are
provisional in nature.

The upgrade also reflects an improvement in TCC's order book
position to INR1.854 million in FY22 from INR1197 million in FY19.

However, the scale of operations of the firm remains small. The
revenues fell to INR539 million in FY21 (FY20: INR669 million) due
to the COVID-19 led business disruptions. During April 2021 till
August 2021 it booked a turnover of INR500 million, and has a
pending work order of INR1,854 million in hand (3x of FY21 revenue)
as of date which will be executed in the next nine to 10 months.
The revenue growth in FY22 will be on account of the spillover of
orders from the previous financial year. The firm is a civil
contractor participating in the tenders floated by Tamil Nadu
Public Works Department; hence, its ability to successfully bid for
tenders and win them, and maintain its orderbook consistently is a
key monitorable.

Moreover, TCC's credit metrics are moderate, with interest coverage
(operating EBITDA/gross interest expense) of 3.09x in FY21 (FY20:
3.9x) and net leverage (adjusted net debt/operating EBITDAR) of
1.38x (2.28x). The improvement in leverage was a result of lower
year-end working capital debt utilization. Ind-Ra expects credit
metrics to remain moderate in FY22, despite a rise in the revenue
and absolute EBITDA and absence of any major debt-led capex plans
for near term, because of higher utilization of the working capital
limits.

Liquidity Indicator - Stretched: Cash & equivalent was INR0.34
million in FY21 (FY20: INR0.60 million). The average maximum
utilization of the fund-based working capital limit was around 32%
and that of the non-fund based utilization was 77%% over the 12
months ended August 2021. The utilization will rise with the
increase in the revenues. The free cash flow has remained positive
was INR94.5 million in FY21 (FY20: INR75 million). The business is
working capital intensive in nature, leading to a continued long
working capital cycle of 106 days in FY21 (FY20: 101 days).

The ratings are also constrained by the geographical concentration
risks as TCC operates only in Tamil Nadu and the sales and thus
revenue could be impacted by adverse political events.

The ratings however are supported by the promoter's experience of
around two decades in the construction segment through associate
firms and established relationships with customers and suppliers.

The ratings are not constrained by the partnership structure of the
business since they only withdrew from the profits over and above
the capital during the past three years.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or EBITDA margin on
account of a lower numbers of orders received, leading to stressed
liquidity and/or deterioration in the credit metrics with interest
coverage falling below 1.5x, will be negative for the ratings.

Positive: Any substantial increase in the order book and scale of
operations along with absolute operating EBITDA while improving the
credit metrics will lead to a positive rating action.

COMPANY PROFILE

Established in 2016, TCC executes civil construction work (building
works) solely for the PWD, government of Tamil Nadu. Civil
constructions work is related to building of hospitals, official
quarters, hostels, colleges, schools, road works etc. The firm is a
class 1 contractor and is based out of Namakkal, Tamil Nadu. The
firm is managed by the partners T. Ishwarya and T. Tarani Sree.


VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Visakha
Foods Private Limited (VFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.84       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.64       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 27, 2020, 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 a letter/email 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(s).

Vizag based, Visakha Foods Private Limited (VFPL) was incorporated
in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad,
Mr. Ravi Avinash and Ms. Ravi Hemalatha. Presently, the company is
engaged in manufacturing of food products like Pasta and
Vermicelli.


WARANA DAIRY: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Warana Dairy and
Agro Industries Ltd.'s bank facilities 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 detailed rating actions are:

-- INR485.19 mil. Bank loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR80.00 mil. Fund-based working capital limit (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 17, 2020. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2008, Warana Dairy and Agro Industries is engaged in milk
processing and milk product manufacturing.


WHITEFIELD SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Whitefield
Spintex (India) Private Limited (WSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       26.68      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.35      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 24, 2020, placed the
rating(s) of WSPL under the 'issuer non-cooperating' category as
WSPL 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. WSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 10,
2021, July 20, 2021, July 30, 2021.

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

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

Rajkot-based (Gujarat), WSPL was incorporated in September 2013 as
a private limited company primarily by Mr. Minesh Jagani, Mr.
Alvish Jagani, Mr. Deep Kalaria. WSPL is engaged in the
manufacturing of cotton yarn (having 20 to 30 counts) from cotton
bales. The cotton bales and single cotton yarn will be purchased
locally, while the cotton yarn manufactured by WSPL will be sold in
various states of India as well as exported primarily to China,
Vietnam and Bangladesh. The associate concerns of WSPL; i.e. ORB
Ceramic Private Limited is engaged in ceramic industry, while SRV
Global Freight Private Limited is engaged in logistic industry.

WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Womens Next
Loungeries Limited (WNLL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       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 September 22, 2020, placed
the rating(s) of WNLL under the 'issuer non-cooperating' category
as WNLL had failed to provide information for monitoring of the
rating. WNLL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated August 8, 2021, August 18, 2021, August 24, 2021
and August 25, 2021.

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

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

Detailed description of the key rating drivers

At the time of the last rating on September 18, 2020, the following
were the rating strengths and weaknesses:

Key rating Weakness

* Delay in servicing of debt obligation: As per banker interaction,
there are overdues in cash credit account and account is classified
as NPA.

Incorporated in December 2010 as Shiv Lingeries Private Limited by
Mr Bhavesh Bhanushali, & Mrs Premila Bhanushali and subsequently
converted to public limited company in 2012 with its name changed
to Women's Next Loungeries Ltd. (WNLL) and listed with Bombay Stock
Exchange in 2014. WNLL is engaged in the business of manufacturing
of lingerie, loungerie, pajamas, t-shirts and night suits and
trading of fabric. The company sells ~70% of products to Ashapura
Intimates Fashion Ltd. (AIFL) under their brand name of 'Valentine'
and rest is sold to its other distributors through organized retail
chains and distributors under the own brand name of 'Women's Next'.
Further, the company procures 65% of its total raw materials viz.
grey fabric and elastic from Momai Apparels Ltd. (subsidiary of
AIFL) and rest of the raw materials viz. buttons, buckles, hooks,
etc. from domestic suppliers. WNLL has manufacturing unit which is
located at Bhiwandi, Thane.




=========
J A P A N
=========

[*] JAPAN: COVID-19-Related Bankruptcies Reach 2,000 as of Sept. 3
------------------------------------------------------------------
nippon.com reports that the number of bankruptcies in Japan
resulting from COVID-19 (including companies with liabilities of
less than JPY10 million and individually run businesses) reached
2,000 as of noon on Sept. 3, 2021, according to Teikoku Databank.
Liabilities from the bankruptcies totaled JPY620.6 billion, with
58.2% (1,163 bankruptcies) involving liabilities of less than
JPY100 million.

nippon.com relates that the first bankruptcy related to the
pandemic was confirmed on Feb. 26, 2020. Following that, 500
bankruptcies were confirmed as of Sept. 8 of that year; 1,000 as of
Feb. 5, 2021; 1,500 as of May 26; and 2,000 as of Sept. 3. This
shows that the pace of bankruptcies has been accelerating with the
passage of time.

According to nippon.com, the breakdown by month shows that the
highest number of bankruptcies was the 179 in July 2021, followed
by 175 in March, and 162 in April of the same year. There has been
a noticeable increase in bankruptcies since March this year due to
the state of emergency declared at the beginning of the year and
its subsequent extension. Nearly half of all bankruptcies have
occurred since then.

By prefecture, the highest number of bankruptcies was the 442 in
Tokyo, followed by 217 in Osaka, 113 in Kanagawa, 90 in Hyōgo, and
85 in Aichi, nippon.com discloses. Bankruptcies were concentrated
in heavily urbanized areas, with Tokyo and Osaka accounting for
33.0% of the total, and Tokyo and its surrounding three prefectures
accounting for 32.5%.

By industry, 336 of all bankruptcies, or 16.8%, involved restaurant
operators, of which 91 were izakaya (Japanese-style pubs) and 18
were bars or nightclubs, showing how hard businesses that serve
alcoholic beverages have been hit by the pandemic, nippon.com
relays.

nippon.com says the next hardest-hit sector was the construction
industry, which had 203 bankruptcies. The tourism-related sector,
which includes hotels and inns as well as travel agencies,
sightseeing bus operators, and souvenir stores, was also badly
affected, with a total of 199 bankruptcies.




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

PHILIPPINE AIRLINES: Pledges Older Aircraft to Obtain Loans
-----------------------------------------------------------
ch-aviation.com reports that Philippine Airlines has pledged 15
aircraft, replacement engines and frequent flyer miles as
collateral to secure loans needed as part of its ongoing
restructuring process.

This is according to a Sept. 17, 2021, notice of filings of
additional restructuring support agreements (RSA) between
Philippine Airlines and various counterparties with the U.S.
Bankruptcy Court in the Southern District of New York, where the
airline is in voluntary chapter 11 bankruptcy proceedings aimed at
paring off USD2.1 billion of its USD6 billion in debts, relates
ch-aviation.com.

This comes after it recently won approval from the court to draw up
to USD20 million from a USD505 million debtor-in-possession (DIP)
term loan facility covered by the controlling shareholder, Buona
Sorte Holdings Inc., owned by the family of tycoon Lucio Tan. The
DIP facility is to be split into two tranches of USD250 million
(Tranche A) and USD255 million (Tranche B) with an interest rate of
9.5% per annum, the term sheet shows.

ch-aviation.com relates that according to the RSA, Philippine
Airlines shall put up the following security package for the USD250
million Tranche A of the term loan facility:

    * eight mid-life A320-200s and related engines: RP-C8604 (msn
      3087), RP-C8606 (msn 3187), RP-C8609 (msn 3273), RP-C8611
      (msn 3455), RP-8612 (msn 4553), RP-C8613 (msn 3579), RP-
      C8614 (msn 3652), and RP-C8615 (msn 3731);

    * four company-owned mid-to-end-life DHC-8-300s and related
      engines: RP-C3016 (msn 653), RP-C3017 (msn 657), RP-C3018
      (msn 658), and RP-C3020 (msn 583);

    * three company-owned DHC-8-Q400s and related engines:
      RP-C3031 (msn 4069), RP-C3036 (msn 4023), plus one
      unidentified aircraft:

    * five additional spare engines; 1x General Electric, 1x
      Rolls-Royce, 1x International Aero Engines; and 2x CFM
      International powerplants;

    * Mabuhay Miles loyalty programme contracts and related
      assets.

Creditors include PK AirFinance, Cathay United Bank, BNP Paribas,
JA Mitsui Leasing, MUFG (Peak II), MUFG/JP Lease Products &
Services, DAE Capital, Deucalion Aviation, Haitong UniTrust,
Aircastle, Avolon, Goshawk, ORIX Aviation. TrueNoord, as well as
AMCK Aviation, VAH, Macquarie AirFinance, GECAS, SMBC Aviation
Capital, Castlelake, and EXIM Bank (United States of America),
ch-aviation.com discloses.

Interest on the Tranche A loan facility will only be charged for
the first 27 months with quarterly amortisation starting in month
28, the report says. Proceeds will be used to refinance
pre-petition bridge loans, for the payment for fees, costs, and
expenses of the DIP lenders, for working capital, administration
costs of the Chapter 11 case, and for general corporate purposes of
the company.

According to ch-aviation.com, the USD255 million multi-draw
commitment Tranche B of the DIP term loan facility will be secured
through junior/sub-ordinated lien on the residual value of the
Tranche A security package. It will be converted into 79.50% of the
equity of the reorganised company upon the effective date.

ch-aviation.com adds that Philippine Airlines may also use an
optional exit facility of USD125 million with an interest rate of
10.5% to support operations after the Chapter 11 process is
completed. This would be secured by the Tranche A security
package.

Secured bridge loans of USD60 million and USD25 million dating from
February and May 2021 are to be refinanced in full by the DIP term
loan facility. Secured debt, including aircraft secured debt, is to
be restructured.

As part of the overall restructuring of the company, Philippine
Airlines' fleet will be reduced from 91 as of 2019 to 70 aircraft,
the report notes.  General unsecured claims shall receive their
pro-rata portion (20.5%) of the equity of the reorganised company.
Ordinary course trade claims held by trade creditors, vendors,
suppliers, service providers, independent contractors or
professionals that will provide goods and services to the
reorganised company post-effective date shall be unimpaired and
paid in the ordinary course of business.

All existing equity interest of Philippine Airlines shall be
cancelled and holders of such interest shall receive no recovery.
All existing interest held by Philippine Airlines in any
subsidiaries shall be reinstated and remain in place,
ch-aviation.com relays.

Within 12 months post-emergence, Philippine Airlines shall launch
an exchange process of converting shares in the reorganised company
into shares in PAL Holdings, the publicly-listed parent of the
airline. The reorganised company's initial board shall consist of
directors to be designated by the DIP term loan facility Tranche B
lenders, ch-aviation.com discloses.

Prior to the Chapter 11 filing, Tan provided Philippine Airlines
with a total of USD100 million in bridging funding that, according
to the airline's attorneys, helped the airline continue operations
and “avoid a devastating free fall into bankruptcy,” adds
ch-aviation.com.

                      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 he 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
=================

AEROCON E & T: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 10, 2021, to
wind up the operations of Aerocon E & T Pte. Ltd.

Asia Piling Co Pte Ltd filed the petition against the company.

The company's liquidator is:

         Ong Shyue Wen
         Krys & Associates
         Singapore Pte Ltd
         60 Paya Lebar Road
         #11-37 Paya Lebar Square
         Singapore 409051


ENDLESS PRECISION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 10, 2021, to
wind up the operations of Endless Precision Management Pte. Ltd.

Sunil Dattani and Tejal Sunilbhai Dattani filed the petition
against the company.

The company's liquidators are:

         Mr. Aw Eng Hai of
         M/s Foo Kon Tan LLP
         24 Raffles Place
         #07-03 Clifford Centre
         Singapore 048621


KEPPEL LAND: Creditors' Proofs of Debt Due on Oct. 20
-----------------------------------------------------
Creditors of Keppel Land (Mayfair) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 20,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2021.

The company's liquidators are:

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


KT BUSINESS: Court to Hear Wind-Up Petition on Oct. 1
-----------------------------------------------------
A petition to wind up the operations of KT Business (R) Pte Ltd
will be heard before the High Court of Singapore on Oct. 1, 2021,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Sept. 10,
2021.

The Petitioner's solicitors are:

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



                           *********


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

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

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

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

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



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