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

                     A S I A   P A C I F I C

          Thursday, September 23, 2021, Vol. 24, No. 185

                           Headlines



A U S T R A L I A

AFG 2021-2: S&P Assigns Prelim BB (sf) Rating to Class E Notes
ARMADO PTY: First Creditors' Meeting Set for Sept. 30
ATROLO PTY: First Creditors' Meeting Set for Oct. 1
KARALEE FINE: First Creditors' Meeting Set for Sept. 30
LIVING IMAGE: First Creditors' Meeting Set for Sept. 30

MILLS GLASS: First Creditors' Meeting Set for Oct. 5
NOW TRUST 2019-1: Moody's Upgrades Rating on Class F Notes to Ba2
PEPPER I-PRIME 2018-2: S&P Raises Class F Notes Rating to B+ (sf)
PEPPER I-PRIME 2021-2: S&P Assigns B (sf) Rating to Class F Notes


C H I N A

CHINA EVERGRANDE: Misses Loan Payments to Banks as Deadlines Loom
CHINA SOUTH CITY: S&P Alters Outlook to Negative, Affirms 'B' ICR
CHINA: Utility Companies Face Bankruptcy as Coal Prices Skyrocket


I N D I A

BHAGWATI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BILASA MEDICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
BLUE DUCK: CRISIL Moves D Debt Ratings to Not Cooperating
CIBI EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
COROMANDEL ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating

EARTH INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
EVER HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
FRIENDLY MOTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
GODAWRI MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating
GROHEALTHY INDIA: Insolvency Resolution Process Case Summary

IMAGINATIVE FLEXIPACKS: CRISIL Cuts Rating on INR6.6cr Loans to B
MADAN GOPAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MARUTHI EDUCATION: CRISIL Keeps B Debt Rating in Not Cooperating
RAJEEV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating

S. N. POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANJAR PHARMA: CRISIL Keeps B- Debt Ratings in Not Cooperating
SAPPHIRE PAPERS: CRISIL Lowers Rating on INR9.85cr Loan to B
SHAHI FOOD: CRISIL Moves B Debt Rating to Not Cooperating
SHAKTI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating

SHIV GANGA: CRISIL Keeps B- Debt Ratings in Not Cooperating
SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
SONIGARA JEWELLERS: CRISIL Keeps B+ Rating in Not Cooperating
SWAMI HITECH: CRISIL Keeps B Debt Rating in Not Cooperating
TAURUS COMMERCIALS: CRISIL Lowers Rating on INR28cr Loan to B

TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating
TRISHA TRENDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
UDAY AUTOLINK: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED ENGINEERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
VENKATESWARA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating

VIDEOCON INDUSTRIES: Creditors' Committee Seeks Fresh Bids


N E W   Z E A L A N D

HALIFAX INVESTMENT: Omni Bridgeway Funds Appeal of 1,000 Investors


P H I L I P P I N E S

PHILIPPINE AIRLINES: Appeals for Easing of Air Travel Restrictions
PHILIPPINE AIRLINES: Seeks Recognition of Ch. 11 Rulings in Phils.


S I N G A P O R E

AYONDO LIMITED: Receives Delisting Notice from SGX
HARRIMOSA MATERIALS: Creditors' Proofs of Debt Due on Oct. 22
JGC VENTURES: Chapter 15 Case Summary
MODERNLAND OVERSEAS: Chapter 15 Case Summary
SUN ELECTRIC: Court Enters Judicial Management Order


                           - - - - -


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

AFG 2021-2: S&P Assigns Prelim BB (sf) Rating to Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2021-2 Trust in respect of Series 2021-2.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 18.0% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$350,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
bank account provider. The transaction documents for the bank
account include downgrade language consistent with S&P Global
Ratings' counterparty criteria.

  Preliminary Ratings Assigned

  AFG 2021-2 Trust in respect of Series 2021-2

  Class A1, A$315,000,000: AAA (sf)
  Class A2, A$21,000,000: AAA (sf)
  Class B, A$5,075,000: AA (sf)
  Class C, A$4,025,000: A (sf)
  Class D, A$2,100,000: BBB (sf)
  Class E, A$1,225,000: BB (sf)
  Class F, A$1,575,000: Not rated


ARMADO PTY: First Creditors' Meeting Set for Sept. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Armado Pty
Limited will be held on Sept. 30, 2021, at 11:00 a.m. via
teleconference facilities only.

Neil Cussen & Andre Lakomy of Cor Cordis were appointed as
administrators of Armado Pty on Sept. 20, 2021.


ATROLO PTY: First Creditors' Meeting Set for Oct. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Atrolo Pty
Ltd will be held on Oct. 1, 2021, at 10:00 a.m. via telephone or
video conferencing.

Brent Leigh Morgan and Christopher Stephen Bergin of Rodgers Reidy
were appointed as administrators of Atrolo Pty on Sept. 20, 2021.


KARALEE FINE: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Karalee Fine
Foods (Vic) Pty Ltd will be held on Sept. 30, 2021, at 11:00 a.m.
via telephone or video conferencing.

Brent Leigh Morgan and Christopher Stephen Bergin of Rodgers Reidy
were appointed as administrators of Karalee Fine on Sept. 18,
2021.


LIVING IMAGE: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Living Image
Media Pty Ltd will be held on Sept. 30, 2021, at 11:00 a.m. via
virtual meeting.

Adam Shepard of Setter Shepard was appointed as administrator of
Living Image on Sept. 20, 2021.


MILLS GLASS: First Creditors' Meeting Set for Oct. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mills Glass
Pty Ltd will be held on Oct. 5, 2021, at 1:30 p.m. via
teleconference facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Mills Glass on Sept. 22, 2021.


NOW TRUST 2019-1: Moody's Upgrades Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by NOW Trust 2019-1.

The affected ratings are as follows:

Issuer: NOW Trust 2019-1

Class C Notes, Upgraded to Aa2 (sf); previously on Mar 25, 2021
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Mar 25, 2021
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Mar 25, 2021
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Mar 25, 2021
Upgraded to B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the better-than-expected
performance of the underlying portfolio to date.

Following the September 2021 payment, note subordination available
for the Class C, Class D, Class E and Class F Notes has increased
to 21%, 17.5%, 8.3% and 5.2%, respectively, from 20%, 16.4%, 7.1%
and 4% at the time of the last rating action for these notes in
March 2021.

As of August 2021, 2.7% of the outstanding pool was 30-plus day
delinquent and 0.6% was 90-plus day delinquent. The deal has
incurred 4.6% of gross losses (as a percentage of original note
balance) to date, which have been covered by excess spread.

Based on the good performance to date and loan attributes, Moody's
has lowered its expected default assumption to 7.25% of the
outstanding portfolio balance (equivalent to 7.3% of original
balance) from 8.4% in March 2021. Considering NOW's longer track
record, which shows good and stable performance, Moody's has
lowered its portfolio credit enhancement assumption to 32% from 38%
at closing.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by Now
Finance Group Pty Ltd (NOW). NOW was established in 2013, with
significant origination growth beginning in 2017. Moody's has
almost two additional years of good and stable performance data for
NOW since the transaction closing date.

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

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

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

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

PEPPER I-PRIME 2018-2: S&P Raises Class F Notes Rating to B+ (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Permanent Custodians Ltd. as trustee for Pepper I-Prime
2018-2 Trust. At the same time, S&P affirmed its ratings on three
classes of notes.

The rating actions reflect our view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 42% as of July 31, 2021.
Loans more than 30 days in arrears make up 0.55% of the current
balance, of which 0.40% are more than 90 days in arrears. There are
relatively high levels of investment loans and interest-only loans,
making up 57.0% and 40.3% of the pool respectively. This could
create a payment shock to borrowers when they convert to amortizing
loans. However, the portfolio has strengthened, with a
weighted-average current loan-to-value ratio of 70.5% and
weighted-average seasoning of 37.6 months.

While the transaction is currently paying pro-rata, there has been
significant buildup of subordination, and the credit support
provided to each class of notes is commensurate with the ratings
assigned. Credit support is provided by subordination and excess
spread.

The various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 2.2% of the outstanding
balance of the notes, and principal draws, are sufficient under
S&P's stress assumptions to ensure timely payment of interest, in
its opinion.

  Ratings Raised

  Pepper I-Prime 2018-2 Trust

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA (sf) from A+ (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  Pepper I-Prime 2018-2 Trust

  Class AR-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A2: AAA (sf)


PEPPER I-PRIME 2021-2: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2021-2 Trust. Pepper
I-Prime 2021-2 Trust is a securitization of prime residential
mortgages originated by Pepper Homeloans Pty Ltd. (Pepper).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standards and centralized approval process of the seller, Pepper.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which will all be funded
by excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$150,000, funded by
Pepper Money Ltd. on or before closing, available to meet
extraordinary expenses. The reserve will be topped up via excess
spread if drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, and
principal draws, are sufficient under its stress assumptions to
ensure timely payment of interest.

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

  Ratings Assigned

  Pepper I-Prime 2021-2 Trust

  Class A1, A$722.50 million: AAA (sf)
  Class A2, A$79.10 million: AAA (sf)
  Class B, A$14.40 million: AA (sf)
  Class C, A$12.75 million: A (sf)
  Class D, A$8.50 million: BBB (sf)
  Class E, A$5.10 million: BB (sf)
  Class F, A$4.25 million: B (sf)
  Class G, A$3.40 million: Not rated




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C H I N A
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CHINA EVERGRANDE: Misses Loan Payments to Banks as Deadlines Loom
-----------------------------------------------------------------
Bloomberg News reports that China Evergrande Group missed interest
payments due Sept. 20 to at least two of its largest bank
creditors, taking the cash-strapped developer a step closer to one
of the nation's biggest debt restructurings.

Evergrande hadn't made the payments as of late Tuesday local time
[Sept. 21], people familiar with the matter said, asking not to be
identified discussing private information, Bloomberg relays. Banks
were expecting Evergrande to miss the deadline after China's
housing ministry told them the company would be unable to pay on
time.

It's unclear whether banks will formally declare Evergrande in
default, Bloomberg says. Some are waiting for the developer to
propose a loan extension plan before deciding on next steps, two
people said. Evergrande's next closely watched debt deadline is
today, Sept. 23, when it's due to pay interest on two bonds.

Bloomberg says the property giant's cash crunch has become a key
focus for global investors. Risky assets plunged around the world
on Sept. 20 amid fears that an Evergrande collapse might spark
financial contagion and curb growth in the world's second-largest
economy, according to Bloomberg.

While many China watchers predict Beijing will take steps to
contain any fallout from Evergrande's crisis, official silence on
the company's plight is unnerving investors, Bloomberg. Authorities
were expected to give some signals about their willingness to
reduce systemic stress yesterday, when the People's Bank of China
resumes daily open-market operations after a holiday break.

Evergrande has borrowed about CNY572 billion ($88.5 billion) from
banks and other financial institutions including trusts, with
nearly half due in less than a year, Bloomberg discloses citing
Evergrande's latest financial statements. China Minsheng Banking
Corp., Agricultural Bank of China Ltd. and Industrial & Commercial
Bank of China Ltd. were among the company's principal banks at the
end of last year.

                       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 SOUTH CITY: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
On Sept. 21, 2021, S&P Global Ratings revised its rating outlook on
China South City Holdings Ltd. (CSC) to negative from stable. At
the same time, S&P affirmed its issuer credit rating on the
China-focused company at 'B' and its long-term issue rating on its
outstanding U.S. dollar senior notes at 'B-'.

S&P said, "The negative outlook reflects the possibility that we
could lower the ratings if CSC fails to execute its plans in a
timely manner, such that its liquidity remains insufficient to meet
its debt maturities.

"The negative outlook reflects our view that CSC's financing
channels have narrowed with limited capital market access. Given
the recent volatility in the offshore capital markets and
heightened yields on CSC's existing senior notes, CSC may not be
able to refinance at reasonable costs and will likely need to repay
its offshore maturities with cash, hampering the company's
liquidity profile."

CSC faces a significant offshore maturity wall totaling US$970
million (about HK$7.5 billion) in calendar year 2022, which
accounts for about 20% of CSC's total debt as of March 2021.

S&P said, "We affirmed the rating because CSC should have
sufficient internal resources to manage its near-term maturities.
We estimate that Hong Kong-listed CSC has a similar level of
unrestricted and restricted cash available for debt repayment to
that reported as of March 2021, when it stood at HK$6.5 billion.
This highlights CSC's ability to preserve liquidity even after
repayment of its two maturities totaling about HK$4.0 billion in
August and September 2021, partly by drawing down new loans of
HK$4.9 billion since July 2021.

"We believe that a large portion of CSC's cash balance should be
accessible for debt repayment, given CSC fully owns its eight
project companies." This is in contrast to some peers whose cash
may be trapped at joint venture companies. CSC's own cash should
sufficiently cover its two near-term offshore maturities due in
February and June 2022, totaling about HK$5.4 billion.

CSC's proactive asset disposal plans can partly mitigate its debt
burden. Large asset sales are becoming more challenging as
potential buyers face tightening credit conditions, adding to
uncertainty over their timely execution and receipt of funds. While
disposals could bring in significant proceeds, they have not been
factored into S&P's base case given their uncommitted nature.

Nonetheless, S&P believes that CSC has made some progress over the
past few months with plans to monetize some of its non-property
development assets and commercial land bank. CSC's three
outstanding offshore maturities in February, June, and November
2022 are relatively spread out, which should allow the company to
have some leeway for asset disposals even if the offshore capital
markets remain volatile.

Access to domestic bank loans could alleviate CSC's reliance on
offshore funding. S&P believes CSC has further room to access
additional domestic bank financing by drawing down its approved but
undrawn banking credit lines of HK$3.3 billion as of mid-September
2021, or pledging its unencumbered investment properties valued at
about HK$17 billion for new bank lines. This could help the company
further replace some of its senior notes exposure, although such
substitution may be increasingly difficult under current China
regulatory limits on banks' exposure to real estate borrowers. Such
risk is partly mitigated by CSC's healthy net gearing ratio and
liability-to-asset ratio, which meet two of the three thresholds in
the so-called "three red lines" guidance.

CSC's business growth will be constrained over the next one to two
years. As it diverts resources away from land replenishment in
fiscal 2022, CSC's already thin residential land bank, which stands
at just 2.1 million square meters (sqm) as of March 2021, will be
further squeezed. Residential sales will likely decline,
constraining CSC's overall contracted sales growth over the next
12-24 months. Although CSC is planning to launch more saleable
resources of multipurpose commercial properties ("gongyu") to make
up for falling residential sales, toughening market conditions may
weigh on sell-through and cash collection rates, weakening the
company's cash flows.

CSC's credit metrics should continue to improve as it remains
committed to deleveraging. S&P expects CSC to continue to generate
positive operating cash flow available for debt repayment,
supported by steady contracted sales and recurring income inflow,
and stringently controlled land acquisitions and capital works. S&P
projects the company's leverage as measured by the debt-to-EBITDA
ratio to further edge down to 7.0x-7.5x in fiscals 2022 and 2023,
after falling to 7.8x in fiscal 2021 (fiscal 2020: 8.7x). The
company's fiscal year ends in March. CSC has consistently been
chipping away at its elevated leverage over the past few years,
with its debt-to-EBITDA ratio at 12.3x in fiscal 2018.

The negative outlook reflects S&P's view that CSC's refinancing
risk is rising for its upcoming offshore short-term maturities. The
company's liquidity headroom may diminish if it needs to repay
maturities without new issuance.

CSC's proposed repayment plans could help manage its short-term
maturities, however timely execution will be crucial. This may also
come at the expense of CSC's business growth prospects, as it
diverts resources toward debt repayment.

S&P could lower the rating if:

-- CSC fails to generate sufficient liquidity in a timely manner
to service its debt maturing in the next six-12 months. This could
happen if: (1) asset disposal plans progress slower than S&P
expects, or (2) the proceeds are less than sufficient for upcoming
maturities;

-- CSC's access to domestic bank financing deteriorates. A failure
to obtain additional financing or roll over existing financing
could be an indicator; or

-- CSC's liquidity sources to uses falls materially below 1.0x.

S&P could revise the outlook back to stable if:

-- CSC manages its repayment needs over the next six-12 months by
executing its repayment plans in a timely manner;

-- CSC's liquidity sources to uses remain comfortably above 1.0x
even after paying down offshore maturities; and

-- CSC's debt capital structure remains sustainable, with its
weighted average maturity (WAM) maintained above two years.


CHINA: Utility Companies Face Bankruptcy as Coal Prices Skyrocket
-----------------------------------------------------------------
OilPrice.com reports that China's energy industry is caught between
a rock and a hard place. As the world's second-largest economy has
surged back to life in the wake of the novel coronavirus pandemic,
energy demand has skyrocketed, leading to soaring fuel prices and
unprecedented decisions out of Beijing to compromise some of the
country's energy security in the interest of keeping the lights on
in the immediate term. What's more, all of this is taking place as
the Chinese economy enters a slowdown and inflation rates are on
the rise.

"Inflation is soaring, and the country's producer price index hit a
13-year high last month, driven by rising commodity prices," CNN
Business reported earlier this month, OilPrice.com recalls. "The
government has warned that high costs for raw materials such as
energy and petrochemical products will exacerbate growth and
employment challenges facing manufacturers - especially small and
medium-sized businesses."

It is against this worrying backdrop that Beijing made the historic
decision to sell off some of the oil that President Xi Jinping's
administration has been stockpiling for years in a strategic
reserve, OilPrice.com says. China, the world's biggest oil importer
and second-biggest oil consumer in the world, is heavily dependent
on foreign oil to keep the economy afloat. Correcting for this
glaring vulnerability has put energy security at the center of
China's energy policy for a long time now, but now Beijing's sole
focus seems to be damage control.

In fact, thanks to the skyrocketing demand for electricity, some
provinces are even experiencing the worst power shortages the
country has seen in a decade, relates OilPrice.com. And to make
things worse, coal prices have started to climb, and Chinese
electricity companies are facing the very real possibility of
bankruptcy.  Coal makes up more than 50 percent of China's energy
mix, and a recent row with Australia had already made Chinese coal
supplies particularly tight before the recent demand spike. In
fact, the unofficial embargo against Australian coal reportedly
caused its blackouts throughout China earlier this year,
OilPrice.com states.

Now, multiple groups of coal-fired power companies are petitioning
the Chinese government to charge Chinese residents more for
electricity in order to stay afloat, OilPrice.com notes. Even as
coal prices are shooting through the roof, Chinese coal-fired power
plants can legally only raise their prices by a maximum of 10
percent in response to rising operational costs. Making matters
worse, last year China's top economic planning agency, the National
Development and Reform Commission, barred rate rises entirely.

According to OilPrice.com, Chinese coal-fired power stations are
now crying out that something's gotta give. The Beijing Electric
Power Industry Association sent a letter to the Beijing Municipal
Commission of Urban Management petitioning for higher electricity
prices earlier this month. "Five member companies had incurred
losses in the first seven months of the year, ranging from CNY20
million (US$3.1 million) to CNY192 million," the South China
Morning Post reported last week, OilPrice.com relays. "The petition
echoed a letter sent by 11 coal-fired power companies within the
Beijing-Tianjin-Tangshan power grid last month, which said they
were losing money and were on the verge of bankruptcy due to steep
increases in coal prices." According to the letter, as of July coal
prices had risen by 65.3 percent compared to a year before.

OilPrice.com says the severity of the shortage and the potential
for prolonged economic fallout has many wondering how far Beijing
will have to bend to keep a lid on the potential looming crash. It
has been widely speculated that Xi Jinping will soon have to end
his unofficial moratorium on coal imports from Australia in order
to meet demand, OilPrice.com notes. It's also highly questionable
whether Beijing will be able to keep its climate commitments, which
largely hinge on cutting down the nation's dependence on coal, the
dirtiest fossil fuel in terms of carbon emissions. While Xi Jinping
has been making lofty promises to decarbonize by 2060, China and
India have been dually responsible for increasing demand and
raising global coal prices even as the global community makes a
push toward a green energy transition, adds OilPrice.com.



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I N D I A
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BHAGWATI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagwati
Cotton Company (BCC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            15        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BCC for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BCC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 1991 in Bhatinda as a proprietorship firm by Mr. Sohan
Lal, BCC trades in cotton bales and yarn.


BILASA MEDICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bilasa
Medicals Private Limited (BMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              15        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BMPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2009, BMPL runs a multi-specialty hospital, aaRBee
Institute of Medical Sciences, in Bilaspur, Chhattisgarh, with
total capacity of 450 beds. The hospital started operations from
December 2016. The company also runs a nursing college on the same
premises with total intake of 50 students. Fiscal 2018 was the
college's first year.


BLUE DUCK: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Blue
Duck Textiles Private Limited (BDTPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D ((ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               3        CRISIL D ((ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BDTPL for
obtaining information through letters and emails dated July 23,
2021 and August 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BDTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BDTPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BDTPL to 'CRISIL D Issuer not cooperating'.

BDTPL was incorporated in 2013 and is owned and managed by Shantanu
Kaul and Gitanjali Kaul. The company prints fabrics and other
related cloth material. Its manufacturing facility is located in
Uttar Pradesh.


CIBI EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cibi Exports
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Export Packing          4.5      CRISIL B+/Stable (Issuer Not
   Credit                           Cooperating)

   Foreign Bill            2.75     CRISIL B+/Stable (Issuer Not
   Purchase                         Cooperating)

   Term Loan               8.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Cibi for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Cibi, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Cibi
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Cibi continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Cibi, set up in 1993 and promoted by Mr. Anand and Ms. Jayashree
Priya, manufactures and exports readymade knitted garments.


COROMANDEL ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Coromandel
Enterprises (CE) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with CE for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of CE
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CE, set up in 2009, is promoted by Mr. Desu Venkata Seshagiri. The
firm trades in steel products such as thermo-mechanically treated
bars and coils. It is based in Ongole, Andhra Pradesh.


EARTH INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Earth
International Private Limited (EIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.5       CRISIL D (Issuer Not
                                    Cooperating)
   Packing Credit         2.5       CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Fund-
   Based Bank Limits      2.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EIPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

EIPL was incorporated in 1996 by Mr. B K Jain. EIPL is engaged in
the manufacturing of nanoclay, exothermic riser sleeves, bentonite,
quartz powder, feldspar powder, mica powder and hydrogel which find
applications in oil-well industries, foundries, civil construction,
ceramic sanitary wares and in agriculture. The company's
manufacturing facility is based in Gujarat and Neemrana
(Rajasthan).


EVER HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ever Health
Life Sciences Private Limited (EHLSPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.50       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        4.63       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash         1.87       CRISIL B-/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with EHLSPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EHLSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
EHLSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of EHLSPL continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

EHLSPL was incorporated in 2008, promoted by Mr. K V S Subba Raju
and Mr. Vinod Verma. Based in Vijayawada, Andhra Pradesh, it
manufactures bulk drugs.


FRIENDLY MOTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Friendly
Motors India Private Limited (FMIPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding      13.58      CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with FMIPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FMIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FMIPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

FMIPL, incorporated in 2006, is one of two authorized MSIL dealers
in Mysore, and the sole authorized MSIL dealer in Madikeri
(Karnataka). FMIPL is promoted and managed by Mr. Yashodhar G Nayak
and his son, Mr. Raghu Chaitanya Nayak.


GODAWRI MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Godawri
Motors Private Limited (GMPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GMPL for
obtaining information through letters and emails dated February 22,
2021 and August 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMPL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

GMPL, incorporated in 1998, is a dealer of HMIL's vehicles. The
company has showrooms in Ludhiana and Moga in Punjab. Mr. Asheem
Suri and Ms Divya Singh are the promoters.


GROHEALTHY INDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Grohealthy India Agrotech Private Limited
        30 & 31, 6th Floor, Andheri
        Monisha CHS Ltd.
        S.V. Road, Next to Devplaza
        Andheri Mumbai City
        MH 400058
        India

Insolvency Commencement Date: August 30, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 15, 2022

Insolvency professional: Sanjay Badrilal Punglia

Interim Resolution
Professional:            Sanjay Badrilal Punglia
                         501, Aalin Complex
                         Opp. Gujarat Vidhyapith
                         Ashram Road
                         Ahmedabad 380014
                         E-mail: capunglia@gmail.com
                                 grohealthyagro@gmail.com

Last date for
submission of claims:    September 30, 2021


IMAGINATIVE FLEXIPACKS: CRISIL Cuts Rating on INR6.6cr Loans to B
-----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Imaginative
Flexipacks Limited (IFL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-        0.1        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Rupee Term Loan       6.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with IFL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

IFL was incorporated in 1996. The company operates a plant to
manufacture paper packaging materials, cups, glasses and containers
at Ghaziabad, Uttar Pradesh. Operations are managed by the
promoter, Mr. Rakesh Bansal, and his family members.


MADAN GOPAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (MGB) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill            6        CRISIL D (Issuer Not
   Purchase                         Cooperating)

   Packing Credit          4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MGB for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MGB, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGB continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MGB, incorporated in 2006, is promoted by Mr. Rajesh Mall and is
based in Jaipur. It trades in and exports agricultural products,
such as spices, animal feeds, and herbs. It also trades in lac,
used in bangles and paints, in the domestic market. Its directors
are Mr. Rajesh Mall and Mrs. Kusum Mall.


MARUTHI EDUCATION: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sree Maruthi
Education Trust (SMET) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SMET for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMET continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2002, Sree Maruthi Education Trust(SMET) runs a school, a
degree college and training institute in Byrasettihalli (Karnataka)
SMET is currently headed by Mr. Gangaraju.


RAJEEV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajeev
Industries (RI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with RI for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RI is a proprietorship firm of Mr. Rajeev Juneja, established in
2010 and based in Sirmour, Himachal Pradesh. It undertakes contract
manufacturing of detergent cakes and dish wash bars.


RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richlook
Creations Private Limited (RCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term      6.37     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               4.13     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million meters of saris per annum and knitting
to the extent of 20 million meters per annum.


S. N. POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. N.
Polymers Private Limited (SNPPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.50      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       2.75      CRISIL A4 (Issuer Not
                                    Cooperating)

   Long Term Loan         0.40      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.35      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SNPPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SNPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNPPL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

SNPPL established in the year 1988, is primarily engaged in
manufacturing of UPVC pipes which are mainly used for agricultural
application. Gradually, over the years, the company has branched
out into manufacturing of flexible PVC hoses, fittings,
hydraulicram pumps, L.T. spacers, bore-well drilling using reverse
rotary & DTH/ODEX rigs.  The products manufactured are tested for
different quality parameters as per IS 4985:2000, IS 12818:2010, IS
10124:2009, IS 14182:1994.

Recently (for the last two fiscals; FY 16 & FY 17), the company has
ventured into execution of works contract services like tube well
drilling & solar-powered tube well for District Programme
Management Unit (DPMU), Public Health Engineering Ltd (PHED) and
Municipalities in and around North Bengal primarily Darjeeling,
Jalpaiguri, Malda, Coooch Behar and Balurghat.


SANJAR PHARMA: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanjar Pharma
LLP (SPLL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

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

   Long Term Loan          9        CRISIL B- (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SPLL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPLL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPLL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPLL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SPLL was set up by the promoter, Mr. Modasiya Mo. Moin Khalil Ahmed
and his family members in 2015. The firm started its operations in
August 2016.  The firm manufactures low-value pharmaceutical
products at its facility in Himatnagar, Gujarat.


SAPPHIRE PAPERS: CRISIL Lowers Rating on INR9.85cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Sapphire Papers Mill Private Limited (SPMPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          9.85     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term
   Bank Loan Facility      2.60     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SPMPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPMPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2004 and based in Siliguri, West Bengal, SPMPL
manufactures newsprint, and writing and printing paper by recycling
wastepaper with a total capacity of 50 tonnes per day. Mr. Sanjay
Golecha manages operations.


SHAHI FOOD: CRISIL Moves B Debt Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shahi
Food Industries (SFI) to 'CRISIL B/Stable Issuer not cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        6        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Rating
                                      Migrated

CRISIL Ratings has been consistently following up with SFI for
obtaining information through letters and emails dated July 23,
2021 and August 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SFI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SFI to 'CRISIL B/Stable Issuer not
cooperating'.

SFI is setting up a plant to manufacture wheat flour in Deoria with
installed capacity of 225 TPD. The plant is expected to be
commissioned in January 2021. Mr. Punit Kumar Shahi and Mr. Amit
Kumar Shahi are partners in the firm.


SHAKTI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shakti
Basmati Rice Private Limited (SBRPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            67        CRISIL D (Issuer Not
                                    Cooperating)
   Foreign Exchange
   Forward                 0.52     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               0.48     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SBRPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBRPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2011, SBRPL is promoted by Mr. Shyam Lal Gupta and
family. It mills, processes, and sells basmati rice in the domestic
and export markets.


SHIV GANGA: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Ganga
Store (SGS) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.55      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.65      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SGS for
obtaining information through letters and emails dated February 27,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGS continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SGS, based in Kolkata, trades in basmati rice. It is a sole
proprietorship firm managed by Mr. Mukesh Agarwal and his brothers
Mr. Alok Agarwal and Mr. Bunty Agarwal. The firm commenced
operations in 2009 and is one of the biggest basmati rice traders
in Kolkata in terms of revenue.


SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Snehal
Enterprises (SE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             34       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2007, SE is a Hindu Undivided Family business owned and
managed by Mr. Nitin Jain and his family members. The firm trades
in various agricultural commodities including rice, paddy, and
bardana in the local markets of Punjab and Delhi. It is based in
Amritsar, Punjab.


SONIGARA JEWELLERS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sonigara
Jewellers Private Limited (SJPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B+/Stable (Issuer Not
                                    Cooperating)             

CRISIL Ratings has been consistently following up with SJPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SJPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2006 and promoted by members of the Sonigara
family, SJPL manufactures and wholesales gold chains, bangles, and
rings in Pune. The company has a 5000-square foot workshop and four
retail showrooms.


SWAMI HITECH: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swami Hitech
Projects Limited (SHTPL) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SHTPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHTPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 1997 as Swami Infratrade Ltd, SHTPL got its present
name in 2008. It is a closely held public limited company, trading
in building materials such as thermo-mechanically treated (TMT)
bars and other steel products, and cement. Small proportion revenue
also comes from civil construction. Currently, operations are
managed by Mr. Anil Mittal. The company began operations by trading
in shares, which it continued till fiscal 2008. In fiscal 2011, it
discontinued securities trading and commenced trading in building
material.


TAURUS COMMERCIALS: CRISIL Lowers Rating on INR28cr Loan to B
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Taurus Commercials
Private Limited (TCPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            5        CRISIL B/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   facility                         'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer       2        CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from  
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer      28        CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer      13        CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer       5        CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer       6        CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Loan Against            2.5      CRISIL B/Stable (ISSUER NOT
   Property                         COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with TCPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TCPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated on August 5, 1993, and promoted by Mr. Sunilkumar
Kamalia and Ms Binita Kamalia, TCPL trades in steel products.


TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Techno Sat
Comm (India) Private Limited (TSCIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             14       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash            5       CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Proposed Non Fund        6.1     CRISIL D (Issuer Not
   based limits                     Cooperating)

   Proposed Term Loan      25       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TSCIPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSCIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TSCIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TSCIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Mumbai based TSCIPL, established in 2008, provides system
integration services such as networking and IT services, setting up
of surveillance, Wi-Fi solutions, Internet Protocol-based paging
systems, and interactive TV. The company has won a 10-year contract
from DMRC to provide free Wi-Fi on all its routes.


TRISHA TRENDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trisha Trends
Private Limited (TTPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term      4        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with TTPL for
obtaining information through letters and emails dated February 22,
2021 and August 23, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TTPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

TTPL was incorporated in 2011 to take over the business of Amrita
Creatives, a proprietorship firm set up in 2000. TTPL manufactures
and sells women's garments such as sarees, salwar suits, lehengas,
and wedding gowns, under the brand, Trisha; it has three retail
stores in Hyderabad. Ms Amrita Mishra and her sons, Mr. Mayank
Mishra and Mr. Manav Mishra, manage the business.


UDAY AUTOLINK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Uday Autolink
Private Limited (UAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Drop Line               8        CRISIL D (Issuer Not
   Overdraft Facility               Cooperating)

   Electronic Dealer       6        CRISIL D (Issuer Not
   Financing Scheme                 Cooperating)
   (e-DFS)                 
                                    
   Term Loan              24.8      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with UAPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UAPL continue to be 'CRISIL D Issuer Not Cooperating'.

UAPL set up in 2012, is an authorized dealer for Maruti Suzuki
India Ltd (MSIL). UAPL operates a 50,000-square-foot sales,
services and spares (3S) showroom in eastern Ahmedabad. The
operations are managed by the promoters, Mr. Uday Bhatt, his
brother, Mr. Nilesh Bhatt, and son, Mr. Hemant Bhatt.


UNITED ENGINEERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The United
Engineers (TUE) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Bank           6        CRISIL A4 (Issuer Not
   Guarantee                        Cooperating)

   Proposed Cash           4        CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with TUE for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TUE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TUE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TUE continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

TUE, which was formed in 1976, manufactures coated pressure
vessels, tanks, silos, hoppers, reactors, and boiler structures.
The company has a manufacturing facility at Madhyamgram, West
Bengal.


VENKATESWARA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Rice Mill -Palakol (SVRM) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit             2        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVRM for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVRM continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

SVRM was incorporated in 2015, it is located in Hyderabad. SVRM is
owned and managed by Mr. Satyanarayana Kothuru and his wife Mrs
Satyanarayana Neela. is engaged in manufacturer and processing of
rice and custom milling for Andhra Pradesh state civil supplies
corporation.


VIDEOCON INDUSTRIES: Creditors' Committee Seeks Fresh Bids
----------------------------------------------------------
BloombergQuint reports that the creditors' committee of Videocon
Industries Ltd. has decided to restart the insolvency process by
inviting a fresh round of bids.

According to BloombergQuint, the committee on Sept. 20 sought
permission from National Company Law Appellate Tribunal to once
again issue an expression of interest for the Videocon Group
entities that have presence in oil and gas, consumer electronics,
home appliances, telecom, real estate etc.

BloombergQuint relates that the decision is a consequence of the
criticism the successful resolution plan has drawn. The resolution
plan for 13 group entities had raised eyebrows as financial
creditors to Videocon Industries were set to recover only about
INR2,900 crore compared to INR61,000 crore in dues, the report
says.

According to BloombergQuint, 95.09% of CoC had approved this plan
by Twin Star Technologies Ltd. -- a wholly owned subsidiary of
U.K.-based Volcan Investments Ltd. Volcan is a parent company of
India's listed commodities major Vedanta Ltd. and owns other
interests of the Vedanta Resources group founded by Anil Agarwal.

In June, the Mumbai bench of the National Company Law Tribunal had
approved Twin Star's plan that entailed a 95% haircut for the
financial creditors, BloombergQuint recalls. The tribunal in its
order had also expressed surprise at the fact that Twin Star's bid
was so close to the liquidation value, which is meant to be
confidential.

In the order, the NCLT noted that the registered valuers had
arrived at a fair value of INR4,069 crore for the 13 companies. And
a liquidation value of INR2,568 crore.

Dissenting financial creditors, including Bank of Maharashtra and
IFCI Ltd., opposed the resolution plan in an appeal to the NCLAT,
which stayed its implementation, BloombergQuint relates.

In an affidavit before NCLAT, the creditors' committee has asked
for the case to be remanded back to it. Creditors, majority of whom
are public sector banks and financial institutions who are dealing
in public money, have to give due weightage and serious
consideration to the tribunal's observations.

BloombergQuint says the decision is to ensure that public money is
secured in the best possible manner, as per the affidavit.

The appellate tribunal has sought the response on the affidavit
filed by the creditors' committee. The case will next be taken up
for hearing on Sept. 27.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.




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

HALIFAX INVESTMENT: Omni Bridgeway Funds Appeal of 1,000 Investors
------------------------------------------------------------------
NZ Herald reports that more than 1,000 Halifax investors may
recover tens of millions of dollars more of their funds caught up
in the collapse of the stock-broking platform.

NZ Herald relates that Omni Bridgeway, a leading dispute resolution
finance company, said in a statement on Sept. 13 it has agreed to
fund appeals over recent Australian and NZ court judgments
regarding Halifax Investment Services Pty Ltd and Halifax New
Zealand Limited, which are both in liquidation.

The appeals are brought by Choo Boon Loo, a "category 1 investor",
for the benefit of all Halifax investors recognised as category 1,
who are investors whose investments will be higher if valued at a
date later than the administration date, NZ Herald says.

Danielle Funston, an insolvency specialist at Maddocks Lawyers,
will be acting in the appeals for the more than 1,000 category 1
investors, who held NZD82 million in investments when Halifax went
into administration in November 2018, according to NZ Herald.

NZ Herald relates that Omni Bridgeway's statement said the value of
the investors' investments has since substantially increased in
line with the performance of financial markets.

At June 30 last year 2020, the value of investments held by
category 1 investors had risen to about NZD138 million. By April 30
this year, the value was estimated at almost NZD170 million. The
value of investments by some other categories of investors in
Halifax has fallen since the administration date, NZ Herald
discloses.

According to NZ Herald, the liquidators of Halifax, Morgan Kelly
and John Quinlan of KPMG, have sought directions and advice on
several questions about the distribution of funds held on trust by
Halifax for its investors. The proceedings have been held
concurrently in the Federal Court of Australia and the High Court
of New Zealand.

In judgments in May, both courts concluded it was appropriate to
value investors' investments, including category 1 investors, as at
the administration date in November 2018, rather than a later date,
which would have taken into account changes in the value of
category 1 investors' investments, recalls NZ Herald.

NZ Herald says the appeals to the Full Court of the Federal Court
and the NZ Court of Appeal concern one discrete question: Whether
the courts were correct in concluding that the liquidators were
justified in valuing investors entitlements to the funds held on
trust as at the administration date?

Omni Bridgeway has also registered a managed investment scheme with
the Australian Securities and Investments Commission for the
purpose of funding the representative, the report adds.

Halifax was a AFSL provider that was placed in administration in
November 2018. It entered liquidation in March 2019. ASIC cancelled
Halifax's AFSL in January 2021.




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

PHILIPPINE AIRLINES: Appeals for Easing of Air Travel Restrictions
------------------------------------------------------------------
The Philippine Star reports that Philippine Airlines (PAL) is
appealing to the government to relax restrictions on air travel,
saying that airlines need to get back at least half of their
pre-pandemic revenues to break even following huge losses incurred
since last year.

"What we are asking for, is that some reasonable restrictions be
lifted and they'd be done in sync across the archipelago so all
carriers can fly," The Philippine Star quotes PAL president Gilbert
Santa Maria as saying in a virtual forum on Sept. 21.

"For the sake of our economy, I beg our decision-makers to listen
to our economy, look and see what's going on, and set up prudent
policies that are very supportive of our economy. There is no sense
in having lockdowns, zero COVID, if our economy is dead," he said.

PAL, together with other local carriers, has incurred huge losses
due to travel restrictions implemented since last year as a result
of the pandemic, the report says.

"What we are asking for is that the restrictions on travel of
people that are vaccinated within our islands, and from countries
like the US and Canada, as well as the Middle East, the quarantine
restrictions be eased to reflect scientific reality, as well as
maintain prudence," Mr. Santa Maria said.

Also sought to be relaxed is the daily quota imposed on
international passenger arrivals at the Ninoy Aquino International
Airport.

"We're only allowed to fly 2,000 people into Manila today. That is
for all airlines. PAL shares in that 2,000 entry allowance.
Pre-pandemic, it's 40,000 a day, so the reduction has been huge,"
Mr. Santa Maria said, adding that "from our perspective, it no
longer makes sense. The fire is already in the kitchen, but your
front door is still locked. It makes very little sense."

According to The Philippine Star, PAL has proposed piloting a new
health protocol to reduce risk and cost to passengers of
international flights. Under the proposal, passengers will be
tested 72 hours before departure and will undergo quarantine upon
arrival and take an RT-PCR test on the third day.

If the result is negative, they can go out of the quarantine
facility on the fifth day and continue home quarantine.

PAL said data showed testing before departure helps reduce
positivity rate and risk.

The Philippine Star relates that the proposal is expected to
provide passengers with savings of as much as P25,000 while also
enjoying a more comfortable quarantine in the comfort of their own
home.

According to the report, PAL senior vice president and chief
strategy and planning officer Dexter Lee said PAL and the other
local carriers still have a long way to go towards recovery.

"It will be dependent on specific airlines in terms of what their
cost structure and the way that their network is structures. But my
conservative average, we need to at least get back consistently 50
to 60 percent of our pre pandemic revenues in order for us to break
even, even with all of the cost savings measures that we've put
into place such as reducing our workforce and reducing our fixed
cost," the report quotes Mr. Lee as saying.

                      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.


PHILIPPINE AIRLINES: Seeks Recognition of Ch. 11 Rulings in Phils.
------------------------------------------------------------------
BusinessWorld reports that Philippine Airlines, Inc. (PAL) said on
Sept. 21 that it has filed a petition before a Pasay City court
seeking recognition of the proceedings and decisions of a U.S.
bankruptcy court hearing its chapter 11 case.

"The recognition petition filed by PAL before a local court is a
petition which aims to ensure that the Philippine legal system
recognizes all proceedings and decisions rendered by the foreign
court handling the Chapter 11 case," PAL Spokesperson Cielo C.
Villaluna said in a statement sent to BusinessWorld.

"This was filed before a Pasay City court yesterday, Sept. 20," she
added.

PAL has said that the bankruptcy protection filing will allow it to
"successfully restructure and reorganize its finances to navigate
the COVID-19 crisis and emerge as a leaner and better-capitalized
airline," BusinessWorld relays.

The "first day motions" hearing took place on Sept. 9. PAL won the
court's approval to access the first $20 million of its
debtor-in-possession financing totaling $505 million. The second
hearing has been set for Sept. 30.

The court also authorized the airline to pay "ongoing suppliers and
trade creditors in the ordinary course for goods and services
delivered throughout the Chapter 11 process," PAL said.

It likewise received authorization to "continue to pay all employee
wages, compensation and benefit obligations, subject to the
continuation of any temporary work arrangements as necessary and
maintain employee benefit programs in the ordinary course of
business throughout the Chapter 11 process."

BusinessWorld says the second hearing has been set for Sept. 30.
Eight motions pertaining to its customer programs, insurance,
taxes, derivative contracts, employee wages, cash management,
critical and foreign vendors, and financing will be heard "on a
final basis."

PAL's restructuring support agreements motions will also be heard
on Sept. 30.

According to BusinessWorld, PAL Chief Financial Officer Nilo
Thaddeus P. Rodriguez has said that the airline expects to exit its
recovery phase by 2022, with operating activities seen to "generate
more consistent positive monthly cash flow."

PAL expects an operating income of $220 million next year and $364
million in 2023, BusinessWorld discloses.

BusinessWorld says the airline plans to exit unprofitable markets
and selectively increase regional capacity in targeted growth
markets.

It intends to consolidate capacity in the West Coast gateways and
cancel certain ultra-long-haul flights.

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

AYONDO LIMITED: Receives Delisting Notice from SGX
--------------------------------------------------
The Business Times reports that Ayondo Limited on Sept. 20 said it
had received a notification of delisting from the Singapore
Exchange (SGX).

The company, which was thought to be the first pure-play fintech to
be listed on the SGX, had been suspended from trading since Feb. 1,
2019, BT notes.

According to BT, the company's shares will be delisted after an
exit offer is made to shareholders and other classes of listed
securities to be delisted. The company will make separate
announcements when there are further developments to the delisting
notification.

Prior to the delisting notice, Ayondo had been granted extensions
totalling 18 months to submit its resumption proposal, with the
latest extension lapsing on July 31 this year.

To secure the two-month extension from May 25, the company was
supposed to have met a number of deadlines, all of which it missed,
BT relays.

While the company had requested a further extension of three months
to Oct. 31, no reason was provided to SGX Regulation (SGX RegCo) to
grant it and the extension was rejected.

Earlier in May 25, the company had announced that it needed more
time to complete its acquisition of Rich Glory International
Investment in order to stay listed, BT recalls.

At the time, the company had until June 25 to complete the final
review of legal due diligence on Rich Glory. The company was also
supposed to complete an auditors' review of the company's
financials for FY2018, FY2019 and FY2020 and the first three months
of this year by then.

Furthermore, the company was to update the SGX on any material
issue and obtain internal clearance from the financial adviser and
full sponsor by July 19, BT states.

It was then supposed to submit a resumption proposal in the form of
a finalised reverse takeover circular to SGX by July 31, together
with a full sponsor statement that Rich Glory was suitable for
listing on July 31.

In the filing on Sept. 20, the company said that SGX RegCo is also
looking into potential Catalist rule breaches by the company, BT
notes.

This is on top of the investigation that the Monetary Authority of
Singapore has been conducting on the company since Oct. 1, 2020.
The company had been ordered to provide certain information and
documents in relation to an investigation into a possible offence
under the Securities and Futures Act.

The company noted that liability for any breaches of the Catalist
rules and the law will not be affected by the company's delisting,
BT adds.

Ayondo Ltd is a Singapore-based financial technology company. The
Company provides trading and investment solutions for retail and
institutional customers through its technology platforms.


HARRIMOSA MATERIALS: Creditors' Proofs of Debt Due on Oct. 22
-------------------------------------------------------------
Creditors of Harrimosa Materials Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 22,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2021.

The company's liquidators are:

         Chan Kwang Cheng
         Tee Lian Choy
         105 Cecil Street
         #15-02 The Octagon
         Singapore 069534


JGC VENTURES: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Debtor: JGC Ventures Pte. Ltd.
                   1 Marina Boulevard #28-00
                   Singapore, 018989

Foreign Proceeding: Proceeding before the High Court of Singapore,
                    Case No. HC/0S 733/2021

Chapter 15 Petition Date: September 17, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 21-11640

Foreign Representative: William Honoris
                        1 Marina Boulevard #28-00
                        Singapore, 018989

Foreign
Representative's
Counsel:                Matthew L. Brod, Esq.
                        Connor J. Haynes, Esq.
                        MILBANK LLP
                        55 Hudson Yards
                        New York, NY 10001
                        Tel: (212) 530-5000
                        Fax: (212) 530-5219
                        Email: mbrod@milbank.com

                           - and -

                        Andrew M. Leblanc, Esq.       
                        Samir L. Vora, Esq.
                        1850 K Street, NW,
                        Suite 1100
                        Washington, DC US 20006
                        Tel: (202) 835-7500
                        Fax: (202) 263-7586       

Estimated Assets: Unknown

Estimated Debt: Unknown

A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/X4JUJXQ/JGC_Ventures_Pte_Ltd_and_William__nysbke-21-11640__0001.0.pdf?mcid=tGE4TAMA


MODERNLAND OVERSEAS: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Debtor: Modernland Overseas Pte. Ltd.
                   1 Marina Boulevard #28-00
                   Singapore, 018989

Foreign Proceeding: Proceeding before the High Court of Singapore,
                    Case No. HC/OS 730/2021

Chapter 15 Petition Date: September 17, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 21-11641

Foreign Representative: William Honoris
                        1 Marina Boulevard #28-00
                        Singapore, 018989

Foreign
Representative's
Counsel:                Matthew L. Brod, Esq.
                        Connor J. Haynes, Esq.
                        MILBANK LLP
                        55 Hudson Yards
                        New York, NY 10001
                        Tel: (212) 530-5000
                        Fax: (212) 530-5219
                        Email: mbrod@milbank.com

                           - and -

                        Andrew M. Leblanc, Esq.
                        Samir L. Vora, Esq.
                        1850 K Street, NW, Suite 1100
                        Washington, DC US 20006
                        Tel: (202) 835-7500
                        Fax: (202) 263-7586             

Estimated Assets: Unknown

Estimated Debt: Unknown

A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/OXUU44Q/Modernland_Overseas_Pte_Ltd_and__nysbke-21-11641__0001.0.pdf?mcid=tGE4TAMA


SUN ELECTRIC: Court Enters Judicial Management Order
----------------------------------------------------
The High Court of Singapore on Sept. 16, 2021, entered an order to
place Sun Electric Energy Assets Pte. Ltd. under Judicial
Management.

The company's Judicial Managers are Abuthahir Abdul Gafoor and
Yessica Budiman of AAG Corporate Advisory.



                           *********


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.



                *** End of Transmission ***