/raid1/www/Hosts/bankrupt/TCRAP_Public/210924.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 24, 2021, Vol. 24, No. 186

                           Headlines



A U S T R A L I A

DUKRIL GROUP: Second Creditors' Meeting Set for Oct. 1
GRAHAM CARD: Second Creditors' Meeting Set for Oct. 22
GREENSILL CAPITAL: To Seek Plan Confirmation on Oct. 19
KIKKI.K PTY: Second Creditors' Meeting Set for Sept. 30
SIX SEASONS: Second Creditors' Meeting Set for Oct. 1

STAYSAFE PTY: Second Creditors' Meeting Set for Sept. 29
WARRIJA CONSTRUCTION: Second Creditors' Meeting Set for Sept. 30


C H I N A

CHINA EVERGRANDE: Bondholders in Limbo Over Debt Resolution
CHINA EVERGRANDE: Debt Deal Calms Immediate Contagion Concern
CHINA EVERGRANDE: Regulators Tell Firm to Avoid Dollar Bond Default
GUANGZHOU R&F: To Sell Services Unit to Rival to Repay Debt
IDEANOMICS INC: To Increase Stake in Energica Motor to 70%

JIAYUAN INT'L GROUP: Fitch Assigns B+ Rating to USD130MM Bonds
LUCKIN COFFEE: Inks Debt Restructuring Pact with Two Hedge Funds
LUCKIN COFFEE: Net Loss Widens to $866 Million in 2020
LUCKIN COFFEE: Settles Class Action Suit, Seeks Plan Approval
REMARK HOLDINGS: To Sell $50 Million Worth of Securities

SINIC HOLDINGS: Fitch Lowers LT IDR to 'CCC'
TD HOLDINGS: Two Directors Quit From Board
XINYUAN REAL ESTATE: S&P Downgrades ICR to 'CCC', Outlook Negative


F I J I

FIJI: S&P Lowers Sovereign Credit Rating to 'B+', Outlook Stable


I N D I A

ABHYUDAYA GREEN: ICRA Keeps B+ Debt Rating in Not Cooperating
AGRA OIL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
APM PROJECTS: ICRA Lowers Rating on INR12.75cr Term Loan to B+
AUTO HI-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
BANGALORE INSTITUTE: ICRA Keeps D Debt Ratings in Not Cooperating

BUDDHA SORTEX: ICRA Keeps B+ Debt Rating in Not Cooperating
DOOR SANCHAR: ICRA Keeps D Debt Ratings in Not Cooperating
HARANCHANDRA COLD: ICRA Keeps D Debt Ratings in Not Cooperating
INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
JAYA SURYA: ICRA Keeps B Debt Rating in Not Cooperating Category

KDH TEXTILES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
LAKSHMI STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
LAVISH POLYFAB: ICRA Withdraws B+ Rating on INR5.70cr Loans
MALWA AUTOMOBILE: ICRA Assigns B+ Rating to INR13.60cr LT Loan

MALWA AUTOMOTIVE: ICRA Reaffirms B+ Rating on INR18cr LT Loan
MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating
NETMATRIX CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
PADMABHUSHAN KRANTIVEER: Ind-Ra Moves B Rating to Non-Cooperating
PALANI ANDAVAR: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

PINAKIN GREEN: ICRA Lowers Rating on INR12.75cr Term Loan to B+
PRANEE INFRASTRUCTURE: ICRA Keeps D Debt Rating in Not Cooperating
RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
ROYAL TYRES: ICRA Keeps D Debt Ratings in Not Cooperating
SAHU HYDRO: ICRA Keeps B+ Debt Ratings in Not Cooperating

SANJOG SUGARS: ICRA Keeps B+ Debt Rating in Not Cooperating
SCR NIRMAN: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SHANTI GOPAL: ICRA Keeps B Debt Ratings in Not Cooperating
SIDDIRAMESHWAR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
SRINIVASA HAIR: ICRA Keeps B+ Debt Ratings in Not Cooperating

SWASTIK POWER: ICRA Withdraws D Rating on INR38cr Term Loan
VASAVI COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
VASU COCO: ICRA Keeps D Debt Rating in Not Cooperating Category
VENKATA UMASHANKAR: ICRA Keeps D Debt Rating in Not Cooperating
VIJAY ENGINEERING: ICRA Keeps B Debt Ratings in Not Cooperating

VSRK CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
Y.PANI AND COMPANY: Insolvency Resolution Process Case Summary


P H I L I P P I N E S

PHILIPPINE AIRLINES: Earmarks 20.5% of Newco Shares to Unsecureds
PHILIPPINE AIRLINES: Seeks to Hire 'Ordinary Course' Professionals
PHILIPPINE AIRLINES: Sept. 30 Hearing on Plan Support Deals


S I N G A P O R E

CENTRA JAYA: Court to Hear Wind-Up Petition on Oct. 15
JIN BANG: Creditors' Proofs of Debt Due on Oct. 13
MOTION ART: Court to Hear Wind-Up Petition on Oct. 1


X X X X X X X X

[*] ADB Cuts Economic Growth Outlook for Developing Asia to 7.1%
[*] More Southeast Asian Airlines May Seek Debt Restructuring

                           - - - - -


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

DUKRIL GROUP: Second Creditors' Meeting Set for Oct. 1
------------------------------------------------------
A second meeting of creditors in the proceedings of Dukril Group
Pty Ltd has been set for Oct. 1, 2021, at 11:00 a.m. via virtual
meeting facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 30, 2021, at 5:00 p.m.

Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin
were appointed as administrators of Dukril Group on Aug. 27, 2021.


GRAHAM CARD: Second Creditors' Meeting Set for Oct. 22
------------------------------------------------------
A second meeting of creditors in the proceedings of Graham Card
Builder Pty Ltd has been set for Oct. 22, 2021, at 9:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2021, at 4:00 p.m.

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


GREENSILL CAPITAL: To Seek Plan Confirmation on Oct. 19
-------------------------------------------------------
Judge Michael E. Wiles has entered an order conditionally approving
the Disclosure Statement of Greensill Capital Inc.

The deadline to vote to accept or reject the Plan will be on Oct.
8, 2021 at 5:00 p.m. (prevailing Eastern Time).

The deadline for objection to Disclosure Statement/Plan
confirmation will be on Oct. 12, 2021 at 4:00 p.m. (prevailing
Eastern Time).

The deadline for replies to objections to Disclosure Statement/Plan
confirmation will be on Oct. 17, 2021 at 12:00 p.m. (prevailing
Eastern Time).

The combined Disclosure Statement/Confirmation hearing will be on
Oct. 19, 2021 at 2:00 p.m. (prevailing Eastern Time).

                      About Greensill Capital

Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.

In the Chapter 11 case, the Debtor tapped Segal & Segal LLP as
bankruptcy counsel, Mayer Brown LLP as special counsel, and GLC
Advisors & Co., LLC and GLCA Securities, LLC as investment bankers
and financial advisors.  Matthew Tocks is the chief restructuring
officer of the Debtor.  The official committee of unsecured
creditors is represented by Arent Fox LLP.

Greensill Capital (UK) Limited filed a Chapter 15 petition (Bankr.
S.D.N.Y. Case No. 21-11473) to seek U.S. recognition of its UK
proceedings on Aug. 18, 2021. ALLEN & OVERY LLP, led by Laura R.
Hall, is the Debtor's counsel in the Chapter 15 case.


KIKKI.K PTY: Second Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of Kikki.K Pty Ltd
has been set for Sept. 30, 2021, at 11:00 a.m. via via
teleconference and virtually only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 29, 2021, at 10:00 a.m.


Liam Healey and Quentin Olde of Ankura were appointed as
administrators of Kikki.K Pty on Aug. 26, 2021.


SIX SEASONS: Second Creditors' Meeting Set for Oct. 1
-----------------------------------------------------
A second meeting of creditors in the proceedings of Six Seasons
Resources Pty Ltd, formerly trading as "SSR Cleaning", "SSR
Labour", and "SSR Security", has been set for Oct. 1, 2021, via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 30, 2021, at 5:00 p.m.

Mathieu Tribut of GTS Advisory were appointed as administrators of
Six Seasons Resources Pty Ltd on Aug. 25, 2021.

STAYSAFE PTY: Second Creditors' Meeting Set for Sept. 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of StaySafe Pty.
Ltd. and Find-Me Technologies Pty Ltd has been set for Sept. 29,
2021, at 10:00 a.m. virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 27, 2021, at 4:00 p.m.

Anthony Norman Connelly of McGrathNicol was appointed as
administrator of StaySafe Pty on Aug. 27, 2021.


WARRIJA CONSTRUCTION: Second Creditors' Meeting Set for Sept. 30
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Warrija
Construction and Civil Pty Ltd has been set for Sept. 30, 2021, via
teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 29, 2021, at 5:00 p.m.

Blair Pleash of Hall Chadwick was appointed as administrator of
Warrija Construction on Aug. 26, 2021.




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

CHINA EVERGRANDE: Bondholders in Limbo Over Debt Resolution
-----------------------------------------------------------
Reuters reports that China Evergrande slipped toward a kind of
limbo today (Sept. 24), as time ticked away on an interest payment
deadline which global markets are watching for signs of default,
leaving investors on tenterhooks over the embattled property
giant's fate.

According to the report, the company has run short of cash to fund
its $305 billion in debts and markets are worried that a collapse
could pose systemic risks to China’s financial system and
reverberate around the world.

Last week, Evergrande appointed financial advisers and warned of
default and world markets fell heavily on Monday (Sept. 20), though
they have since stabilized, recalls Reuters. At its offices,
furious small investors have protested to try and retrieve life
savings sunk into its properties and wealth-management products.

The report says Evergrande has promised to prioritize them and also
resolved one coupon payment on a domestic bond this week. But it
has said nothing about an $83.5 million offshore interest payment
that was due on Thursday (Sept. 23) or a $47.5 million payment due
next week.

Bondholders were losing hope and starting to think it might be a
month or so before things become clearer, says the report.

Reuters relates that as night fell in New York, there had been no
announcements about the payment. A company spokesperson did not
respond to requests for comment.

Failure to pay within 30 days of the deadlines would put the bonds
in default and stoke concern about a messy liquidation that drags
down China's vast property sector, notes Reuters.

"Current market pricing estimates that investors in Evergrande's
dollar bonds are likely to recover very little," the report quoted
said Jennifer James, a portfolio manager and lead emerging markets
analyst at Janus Henderson Investors, as saying. "The likeliest
outcome is that the company will engage with creditors to come up
with a restructuring agreement."

"How China handles Evergrande, and others, could be consequential.
If mismanaged, then the loss of confidence could have contagion
effects to other financial markets," she added, notes Reuters.

The report relates that bondholders should know soon whether any
overnight payments had arrived, a trader in Hong Kong said.

Bloomberg Law had reported that Chinese regulators had asked
Evergrande to avoid a near-term default, citing unnamed people
familiar with the matter. However, the Wall Street Journal
separately said, citing unnamed officials, that authorities had
asked local governments to prepare for Evergrande's downfall, notes
the report.

Global markets have begun a recovery following a sharp selloff,
trading on the basis that Evergrande's troubles can be contained,
the report relates.

Evergrande's assets are trading at distressed levels, with the
share price down more than 80% this year and the dollar bonds with
imminent payments due trading around 30 cents on the dollar,
Reuters relates.

                       About China Evergrande

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

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

CHINA EVERGRANDE: Debt Deal Calms Immediate Contagion Concern
-------------------------------------------------------------
Reuters reports that China Evergrande agreed to settle interest
payments on a domestic bond on Sept. 22, while the Chinese central
bank injected cash into the banking system, temporarily soothing
fears of imminent contagion from the debt-laden property
developer.

Evergrande, Asia's biggest junk-bond issuer, is so entangled with
China's broader economy that its fate has kept global stock and
bond markets on tenterhooks as late debt payments could trigger
so-called cross-defaults, Reuters says.

Many financial institutions have exposure to Evergrande through
direct loans and indirect holdings, while any defaults will also
trigger sell-offs in the high-yield credit market.

In an effort to reassure investors, the People's Bank of China's
injected CNY90 billion to the banking system, signalling support
for markets as they braced for what is expected to be one of
China's largest-ever debt restructurings, according to Reuters.

Reuters says Evergrande is scrambling to avoid defaulting on a
number of bonds with payments due this week and its main unit,
Hengda Real Estate Group, said on Sept. 22 it had "resolved" one
coupon payment due on Sept. 23 on its Shenzhen-traded 5.8%
September 2025 bond , via "private negotiations".

It did not specify how much interest would be paid or when, nor did
Hengda mention Evergrande's other pressing debts, leaving it
unclear what this means for $83.5 million in dollar bond interest
payments due on Sept. 23, Reuters relays.

But engagement with bondholders, a common way to avoid default, on
top of chairman Hui Ka Yuan's vow this week that Evergrande would
"walk out of its darkest moment," cheered investors and soothed
markets more broadly, says Reuters.

"These events seem to suggest that the company is taking control of
the situation and is trying its best to work out a solution with
creditors," Reuters quotes Singapore-based Dexter Tan, a senior
fixed income analyst at Bondsupermart.com, as saying.

Evergrande, which epitomised the borrow-to-build business model and
was once China's top-selling developer, also has a $47.5 million
dollar-bond interest payment due next week, Reuters notes.

"We do not have a clearer picture as how Evergrande settled its
onshore coupon," Singapore-based Chuanyi Zhou, a credit analyst at
Lucror Analytics, said.

"It doesn't look like a cash payment. It may still miss the coupon
on offshore bonds due tomorrow."

Evergrande's woes have seen its shares fall 85% this year, the
report notes. The concerns have reverberated throughout China's
property market.

                       About China Evergrande

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

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


CHINA EVERGRANDE: Regulators Tell Firm to Avoid Dollar Bond Default
-------------------------------------------------------------------
Bloomberg News reports that financial regulators in Beijing issued
a broad set of instructions to China Evergrande Group, encouraging
the embattled developer to take all measures possible to avoid a
near-term default on dollar bonds while focusing on completing
unfinished properties and repaying individual investors.

The report relays that in a recent meeting with Evergrande
representatives, regulators said the company should communicate
proactively with bondholders to avoid a default, but didn't give
more specific guidance, a person familiar with the matter said. The
developer had an $83.5 million coupon due Sept. 23 (Thursday), with
a 30-day grace period to make the payment.

According to Bloomberg News, there's no indication that regulators
offered financial support to Evergrande for the bond payment, and
it's unclear whether officials believe the company should
eventually impose losses on offshore creditors. Policy makers are
trying to learn more about who holds Evergrande's bonds, the person
said, asking not to be identified discussing sensitive information,
says the report.

Two holders of an Evergrande dollar bond with a coupon due
September 23 said they hadn't received payment as of 5 p.m. Hong
Kong time, the report adds.

Bloomberg says a lack of clear public communication from senior
Chinese leaders on Evergrande has left the company's fate shrouded
in uncertainty. Dow Jones reported on Sept. 23 that authorities
instructed local government agencies and state-owned enterprises to
step in only at the last minute should Evergrande fail to manage
its affairs in an orderly fashion. Authorities have signaled a
reluctance to bail out the developer, according to Dow Jones, which
cited officials familiar with the discussions.

According to Bloomberg, fears of an Evergrande failure have caused
a sharp rise in borrowing costs for other junk-rated Chinese
developers and cast doubt on the health of some smaller Chinese
banks. Individual investors, homebuyers and suppliers have staged
protests at Evergrande offices across the country, while markets
from Hong Kong to New York have convulsed this week as traders
weighed the prospect of financial contagion from the world's most
indebted developer.

Even though Evergrande's crisis can be traced in part to President
Xi Jinping's campaign to rein in over-leveraged property companies
and discourage moral hazard, his government is unlikely to welcome
a messy default that could threaten economic and social stability,
says the report. Large cash injections into the financial system by
the People's Bank of China in recent days suggest policy makers are
already focused on shoring up sentiment, the reports adds.

Speculation that Evergrande may avoid a worst-case scenario helped
lift its bonds and stock on Sept. 23. The company's 8.25% dollar
note due 2022 climbed 6.7 cents on the dollar to 31.9 cents as of
7:09 p.m. local time, hitting session highs after Bloomberg
reported regulators' instructions to Evergrande. The bonds pared
some of their gains after the Dow Jones report and are still
pricing in expectations of a deep haircut. Shares jumped 18% in
Hong Kong before the Bloomberg report, paring this year's loss to
82%. The rally was fueled in part by a vaguely worded statement
from Evergrande on Sept. 22, in which the company said an interest
payment on one of its yuan-denominated bonds had been "resolved via
negotiations off the clearing house." The developer likely struck a
deal with local bondholders to postpone the payment without having
to label the move a default, analysts said, notes Bloomberg News.

The report says it's unclear whether Evergrande would be able to
pull off something similar for its dollar bonds. While some of the
notes are likely owned by billionaire founder Hui Ka Yan and his
associates, holders also include global investment firms that might
be less willing to go along with opaque payment arrangements.

                       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.

GUANGZHOU R&F: To Sell Services Unit to Rival to Repay Debt
-----------------------------------------------------------
Caixin Global reports that Guangzhou R&F Properties Co. Ltd. is
selling its property management unit to a bigger rival as well as
raising funds from its two major shareholders in an attempt to find
cash from alternative sources to repay its debt.

CG Property Services HK - a unit of Country Garden Holdings Co.
Ltd., China's largest property developer by total sales - will
acquire Wealth Best Global from R&F Property Services for up to
CNY10 billion ($1.5 billion), Caixin discloses citing a filing to
the Hong Kong Stock Exchange after the close of the market on Sept.
20.  R&F Property Services, which submitted an IPO application in
Hong Kong in April for a listing in the third quarter, manages
R&F's various real estate projects.

In a separate statement filed to the bourse on the same day, R&F
said it will receive HK$8 billion (US$1 billion) in financing from
its two major shareholders, co-chairmen Li Sze Lim and Zhang Li,
over the next one to two months, adds Caixin.

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
16, 2021, Fitch Ratings has revised the Outlook on Long-Term
Foreign Currency Issuer Default Ratings (IDRs) of China-based
Guangzhou R&F Properties Co. Ltd. and subsidiary R&F Properties
(HK) Company Limited (RFHK) to Negative from Stable, and affirmed
the IDRs at 'B+'. Fitch has also affirmed Guangzhou R&F's and
RFHK's senior unsecured rating at 'B+', with a Recovery Rating of
'RR4'.

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


IDEANOMICS INC: To Increase Stake in Energica Motor to 70%
----------------------------------------------------------
Ideanomics has entered into an agreement to launch a voluntary
conditional tender offer in concert with the Founders of Energica
for shares of Energica Motor Company S.p.A. (Energica), a
manufacturer and distributor of 100% battery-powered electric
motorcycles, pursuant to which Ideanomics plans to increase its
investment in Energica to approximately 70%.  The Energica Founders
shall continue to own 29% of Energica.

Manufactured in the heart of the Italian Motor Valley in historic
Modena, Energica motorcycles are the ultimate expression of Italian
exclusivity, performance, and design.  With state-of-the-art,
race-derived technology, Energica owners experience the kind of
thrills evoked by the highest peak and sustained performance of any
homologated electric motorcycle available for road use.  On the
track or on the road, Energica motorcycles embody the evolution of
emissions-free excellence.

Energica nearly doubled their sales in 2020 and the first half of
2021 has been strong with the firm accepting its largest order to
date.  This performance is fueling a swift expansion in the
European market as well as in Asia, the Middle East and Africa
(AMEA).

The Energica lineup of high-performance electric motorcycles
includes:

   * Energica EGO, EGO+ and EGO+ RS: The Energica EGO series offers
riders the highest top speed and sustained performance of any
electric motorcycle on the market.  Coupled with surprisingly
nimble handling even at lower speeds, the bike sports immense
torque, blistering acceleration, sophisticated on-board technology,
and DC Fast Charging (DCFC) as standard - all with zero emissions.

   * Energica EVA Ribelle and EVA Ribelle RS: A true electric
e-fighter, Energica's EVA Ribelle is the naked version of the
Energica EGO, with the same torque, power, acceleration, and range,
with key differences being riding position and top speed.  Perfect
for aggressive riding with an urban mojo, or an
assertive-yet-upright riding position instead of the typical track
day crouch, the EVA Ribelle also easily transforms into a
long-distance sport touring bike with the simple addition of side
panniers, windshield, and tank bag.

   * Energica EVA EsseEsse9, EVA EsseEsse9+ and EVA EsseEsse9+ RS:
The Energica EVA EsseEsse9 shares the technology and sophistication
of both the EGO and the EVA Ribelle but is made more suitable for
casual riding without the demanding hyper-performance of the other
two models.  The EVA EsseEsse's classic bench seat and relaxed
riding position make it the ideal bike for two-up riding and the
preferred choice for long-distance electric wanderers around the
world.

With its investments in Energica, Ideanomics continues to expand
its global footprint in the electric vehicle (EV) industry,
especially in the high-growth two-wheeler market, complementing
Ideanomics' Treeletrik business, headquartered in Malaysia and
serving the ASEAN market.

"The two-wheeler electric market is poised for significant growth,
and we couldn't be more excited about the synergies between
Ideanomics and Energica that will allow us to be a prime player in
this space," said Shane McMahon, executive chairman of Ideanomics.
"This vibrant piece we are adding to the mobility business will not
only expand our market reach, but also add significant weight to
the mechanical expertise and technology innovation in the
two-wheeler space."

"We are grateful for Energica's continued interest in growing
synergistically alongside other brands within the Ideanomics
Mobility ecosystem," said Alf Poor, CEO of Ideanomics.  "With
exceptional management and leadership in place and a full range of
innovative zero-emissions products already in market, we believe
Energica has the opportunity to benefit strongly from Ideanomics
Capital's resources, transforming their growth trajectory and
positioning them as a global leader in the electric motorcycle
market."

The global high performance electric motorcycle market is expected
to grow at a CAGR of over 35% from 2019-2024.  With its
state-of-the-art battery technology development, Energica was
chosen by Dorna as a single manufacturer for the FIM Enel MotoE
World Cup.

"We are thrilled to further our relationship with Ideanomics as
they continue to expand their global footprint in the EV industry,
especially the promising two-wheeler market," said Livia Cevolini,
CEO of Energica Motor Company S.p.A.  "Ideanomics provides access
to a synergistic network of innovative companies addressing global
challenges within the zero-emission transportation segment.  We
look forward to continued growth, innovation and collaboration
within the Ideanomics ecosystem."

The transaction is subject to regulatory approval, and other
customary closing conditions.

Advisors

Ideanomics was assisted by Venable LLP and Greco Vitali e Associati
acting as Ideanomics' legal advisors, while Energica and the
founding members were assisted by Nctm.

                         About Ideanomics

Ideanomics is a diversified solutions provider for electric
mobility.  The company provides turn-key vehicle, finance and
leasing, and energy management services for commercial fleet
operators.  The Company is headquartered in New York, NY, with
operations in the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$698.05 million in total assets, $145.39 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.72 million in redeemable non-controlling interest, and
$543.68 million in total equity.


JIAYUAN INT'L GROUP: Fitch Assigns B+ Rating to USD130MM Bonds
--------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Jiayuan
International Group Limited's (B+/Stable) USD130 million 11% bonds
due 17 February 2024 a rating of 'B+', with a Recovery Rating of
'RR4'. The notes are rated at the same level as Jiayuan's senior
unsecured rating because they constitute its direct and senior
unsecured obligations.

Jiayuan plans to issue a tap of the 2024 notes and Fitch believes
this issuance will not affect the bond rating.

Jiayuan was upgraded on 7 September 2021 given its deleveraging and
expansion via organic growth and asset acquisitions from its
largest shareholder. The company's reliance on trust and other
loans also reduced to 13% of total debt by end-1H21 from 24% at
end-2020. In addition, Jiayuan's ratings are supported by its
strong presence in the Yangtze River Delta and high profitability.
The ratings are constrained by the company's smaller scale than
higher-rated peers.

KEY RATING DRIVERS

Leverage Improves: Fitch expects leverage, measured by net
debt/adjusted inventory for the combined Jiayuan and its sister
company Jiayuan Chuangsheng Holding Group Co., Ltd. to stay within
40%-45% over the next two years, based on Fitch's forecast of
30%-35% leverage for Jiayuan and expectation of stable leverage for
Jiayuan Chuangsheng. According to management, both companies will
stick to the guidance of spending no higher than 40% of sales on
land acquisitions and try to remain within the authorities' "three
red lines", or thresholds for leverage and liquidity measures.

Sister Company's Credit Profile: Fitch considers Jiayuan
Chuangsheng's credit profile and assesses the combined leverage to
reflect continued large related-party transactions between the two,
as well as Jiayuan Chuangsheng's weaker financial profile and
liquidity than Jiayuan. Jiayuan Chuangsheng's leverage of 45%-55%
over the past two years was higher than Jiayuan's 30%-35%. Jiayuan
Chuangsheng's liquidity, measured by available cash to short-term
debt, only improved to above 1x from end-2020 while Jiayuan's ratio
remained above 1x.

Related-Party Land Acquisitions: Jiayuan completed the acquisition
of four Shandong projects from its largest shareholder, Mr Shum Tin
Ching, in June 2021 for CNY6.1 billion, of which 15% was settled in
cash and the rest in equity and convertible bonds that can be
converted only to equity.

Jiayuan also acquired property projects from related parties at a
total enterprise value of CNY5.5 billion, accounting for 13% and
59% of Jiayuan's land acquisitions in 2018 and 2019 by value,
respectively. Fitch generally considers large related-party
transactions as credit constraints, although Jiayuan's risks are
mitigated by the Hong Kong Exchange's rules governing such
transactions.

Potential Acquisition from Zhongtian: Jiayuan Chuangsheng announced
on 1 September that it plans to fully acquire the property
subsidiary of Zhongtian Finance Group Company Limited at a
preliminary estimate of CNY18 billion. The target assets are mainly
development projects in Guiyang and Jiayuan Chuangsheng sees the
acquisition as a chance to secure low-cost land and expand. Fitch
estimates the combined leverage may rise above Fitch's negative
leverage threshold if Jiayuan Chuangsheng uses debt to fund the
deal. However, management said it will bring in other investors and
consider leverage and the "three red lines" in financing.

Focus in Yangtze River Delta: Jiayuan has operated for more than 20
years in the Yangtze River Delta (YRD), especially in Jiangsu. The
injection of development projects in 2018-2021 previously held by
Jiayuan Chuangsheng accelerated Jiayuan's expansion into Shanghai,
and the Anhui and Shandong provinces. Jiayuan also expanded into
Tier 2 and 3 cities in southern and western China from 2016. Fitch
expects the YRD to continue to make up the majority of sales in the
next one to two years, as nearly half of its land bank at end-1H21
was in the region, where demand remains robust.

Strong Profitability: Jiayuan's EBITDA margin (excluding
capitalised interest) has been high at above 30% due to its
penetration in the YRD and the cheap land acquired many years ago.
Its average land cost was low at CNY2,462 per sqm at end-1H21,
around 20% of the average selling price of its contracted sales of
CNY12,000/sq m. According to management, unrecognised contracted
sales amounted to CNY37.5 billion at end-1H21 and have an average
gross profit margin of 30%; new land acquired in 1H21 had lower,
but still healthy, gross profit margin of around 25%.

Fitch expects Jiayuan's gross profit margin to decrease over the
next two years but to a lesser extent than most peers, given its
sufficient low-cost land bank, which can support at least 3.5 years
of sales. Overall gross profit margin remained strong at 32% in
1H21 and Fitch estimates EBITDA margin (excluding capitalised
interest) at 37% in 1H21 (same as in 2020). Profitability is the
key criteria for Jiayuan's land acquisitions.

Scale Constrains Rating: Jiayuan's annual attributable sales,
including the Shandong projects, of CNY30 billion-35 billion are at
the low end for 'B+' rated peers and substantially lower than 'BB-'
peers' more than CNY55 billion. Fitch expects Jiayuan's sales to be
supported by robust demand in Tier 2-3 and satellite cities in the
YRD and Qingdao in the next two years. However, sales growth will
slow as it expands in lower-tier cities and less-developed regions,
where housing demand is less resilient. Land bank outside the YRD
made up more than 40% of the total at end-2020, from nil at
end-2016.

DERIVATION SUMMARY

Jiayuan's business and financial profile is comparable with that of
Chinese property developers rated at 'B+'. Jiayuan's attributable
contracted sales of CNY30 billion-35 billion are at the lower end
of 'B+' peers, which have sales of CNY40 billion-60 billion, except
for Hopson Development Holdings Limited's (B+/Stable) CNY30
billion, Fantasia Holdings Group Co., Limited's (B+/Negative) CNY35
billion and Redco Properties Group Ltd's (B+/Stable) CNY20
billion-25 billion.

However, Jiayuan's EBITDA margin (excluding capitalised interest)
of 30%-35% is wider than most 'B+' peers' 20%-30%. Furthermore,
Jiayuan did not sacrifice sales churn to achieve the stronger
profitability, with its contracted sales/total debt of 1.3x-1.4x
above the average of 'B+' peers. The company's reliance on JV and
non-controlling interest (NCI) is also at the lower end of 'B+'
peers. Jiayuan's combined leverage of 40%-45% is also comparable
with peers' 40%-50%.

Jiayuan and Hopson have similar attributable sales scale. Hopson
adopts a slow-churn high-margin strategy, with sales churn at only
0.3x-04x but EBITDA margin at around 45%. Hopson's leverage of over
45% is slightly higher than Jiayuan's combined 40%-45%. Both
companies have robust financial transparency and sufficient
liquidity. Hopson has very large land bank reserve that can support
around 10 years of future sales. However, it has large investment
in private and listed equities (HKD28 billion at end-Oct2020),
which Fitch views as negative for its credit profile, given
potential volatility and the company's limited record in such
investments.

Redco's margin and churn are weaker than those of Jiayuan, but
Redco's leverage was low at below 30% before 2020 and Fitch expects
leverage to stay healthy at around 35% in the future. Fitch thinks
Jiayuan's stronger business profile but higher leverage (combined)
justifies the same rating with Redco.

Jiayuan's scale is much larger than most 'B' rated peers' CNY15
billion-20 billion, except for Kaisa Group Holdings Limited, which
had attributable sales of over CNY100 billion. Kaisa's rating is
mainly constrained by its high leverage of more than 55% and high
reliance on offshore capital, with around 60% of total debt from
offshore notes.

Compared with peers rated at 'B', Jiayuan has higher churn and
margins. Jiayuan's combined leverage is lower than China South City
Holdings Limited's (B/Negative) 45%-50% and Beijing Hongkun Weiye
Real Estate Development Co., Ltd.'s (B/Negative) above 50%.
Jiayuan's liquidity profile is also stronger than the other two
developers, which had available cash/short-term debt of 0.4x at
end-2020.

KEY ASSUMPTIONS

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

-- Attributable sales to increase by 10% in 2021 and 3% per year
    thereafter;

-- Cash collection rate at 75% in 2021 given tighter mortgage
    policies in 2H21, and recover to 78% thereafter as sales
    growth slows;

-- Land premium to represent around 40% of sales in 2021- 2022,
    as guided by management;

-- Construction expenditure to represent 40% of sales receipts
    during 2021-2022;

-- Average funding cost of 9% during 2021-2022;

-- The potential acquisition of assets from Zhongtian has not
    been factored into Fitch's rating case as the deal is still at
    a preliminary stage.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Jiayuan would be liquidated in
bankruptcy because it is an asset-trading company.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

The 80% advance rate applied to adjusted inventory is supported by
Jiayuan's high profit products, which generate an EBITDA margin of
above 30%.

Advance rate of 70% applied to trade receivables.

Advance rate of 60% applied to property, plant and equipment, which
are buildings.

Advance rate of 40% applied to investment property portfolio,
considering the limited rental income of around CNY200 million and
low rental yield of 3%.

Advance rate of 60% applied to excess cash, which is defined as
available cash (CNY10.5 billion at end-1H21) after deducting three
months of contracted sales of around CNY8 billion.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR1' for the senior
unsecured debt. However, the Recovery Rating for senior unsecured
debt is capped at 'RR4' because under Fitch's Country-Specific
Treatment of Recovery Ratings Criteria, China falls into Group D of
creditor friendliness, and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's IDR
and Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Positive rating action will only be considered when
    attributable contracted sales expand to a level that is
    comparable with that of 'BB-' peers on a sustained basis.

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

-- Combined leverage, as measured by net debt/ net property
    assets, of Jiayuan and Jiayuan Chuangsheng sustained above
    55%;

-- Cash interest paid/ implied cash collection sustained above
    15% (1H21: 11%);

-- Significant deterioration in liquidity or funding access;

-- Sign of weaker corporate governance practices.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient liquidity: Jiayuan had CNY10.5 billion in unrestricted
cash as of end-1H21, which is sufficient to cover CN8.1 billion of
short-term debt. The company has USD246.9 million of notes turning
puttable in October 2021 and USD235.4 million of notes turning
puttable or due in 1H22. Management said that investors holding
USD100 million of the notes turning puttable in October have agreed
not to exercise their options, and the company will repay the
remainder of the notes with its available cash of USD122 million
offshore and potential new issuance. Jiayuan has offshore note
issuance quota of USD260 million. The company's overall cost for
new borrowings fell to 8.75% in 1H21 from 9.5% in 2020.

ISSUER PROFILE

Jiayuan is a small- to mid-sized property developer focusing on
China's Tier 2 and 3 cities as well as satellite cities in the YRD.
The company was listed on the Hong Kong Stock Exchange in 2016.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY44.7 billion of adjusted inventory used
in the leverage calculation at end-1H21 mainly includes: CNY50.9
billion of inventory, CNY778 million of deposits paid for
acquisitions, CNY1.3 billion of deposits paid for acquisitions of
land-use rights, CNY1.6 billion of prepaid land cost, CNY84 million
of property, plant and equipment, CNY5.1 billion of investment
properties, CNY600 million of restricted cash pledged for
acquisition of land-use rights, CNY1 billion of regulated pre-sale
proceeds, CNY255 million of consideration payable for acquisition
of subsidiaries, CNY227 million of other consideration payables,
CNY20.9 billion of pre-sale deposits received, CNY6.7 billion of
investments accounted for using the equity method, CNY1.5 billion
of advances due from JV and associates, CNY3 billion of advances
due to JV and associates, CNY1.3 billion of advances to NCI, and
CNY1.7 billion of advances from NCI.

ESG CONSIDERATIONS

Jiayuan has an ESG Relevance Score of '4' for Group Structure due
to large related-party transactions. Although the company settled
related-party transactions mainly with non-cash payments and they
appear fairly valued, there is potential for more such
transactions. This has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.

Jiayuan has an ESG Relevance Score of '4' for Governance Structure
due to its concentrated shareholding. The largest shareholder owns
74.93% of the company, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

LUCKIN COFFEE: Inks Debt Restructuring Pact with Two Hedge Funds
----------------------------------------------------------------
South China Morning Post reports that not many would have given
Luckin Coffee a chance to survive its accounting fraud, yet since
falling into provisional liquidation in July 2020, the firm has
opened more stores, is getting a capital injection to repay
creditors and is looking to exit chapter 15 bankruptcy protection.


On Sept. 21, the Chinese Starbucks wannabe set another milestone by
inking restructuring terms that could make bondholders almost whole
and settle U.S. class-action lawsuits, the Post says. Its two
pre-IPO financial backers are pumping in US$250 million to help the
firm move on to its next hurdles.

All that is happening as the coffee chain added 89 self-operated
stores in the first half of this year to 4,018, while its
partnership stores grew by 367, the Post relates. The firm saw
"substantial growth in net revenue," aided by a jump in customers,
its provisional liquidators said earlier this month. Last year,
sales grew 33 percent to US$618 million.

"Data and experience accumulated during the past few years'
business expansion, as well as its tech prowess, make Luckin Coffee
a company worth rescuing," the Post quotes Ivan Platonov, a
research manager at EqualOcean, a Beijing-based tech research firm,
as saying.  "That US$250 million is important but perhaps will not
be the last deal of this type."

Luckin Coffee imploded in April 2020, less than a year after its
Nasdaq listing, following revelations it inflated sales and
understated costs to boost its performance metrics. The scandal
wiped out more than US$12 billion in stock value and crashed its
bonds to as low as 20 cents on the dollar, prompting a slew of
lawsuits, according to the Post.

According to the Post, Hong Kong and US hedge funds, who have since
swept up 94 per cent of the US$460 million January 2025 convertible
bonds, from 59 per cent in March presumably at distressed levels,
are now rooting for Luckin Coffee's survival.

The Post relates that the funds include investment vehicles managed
by Linden Advisors, which is principally owned by Hong Kong and US
citizen Joe Wong Siu Min, Hong Kong-based Long Corridor Asset
Management, Oasis Capital Partners and the US$42 billion Davidson
Kempner Capital Management.

They are members of a committee of noteholders, who have now signed
a binding agreement to support Luckin Coffee's restructuring to
eventually take it out of US Chapter 15 bankruptcy protection, the
Post notes.

Luckin Coffee offered to issue a combination of new one-year and
five-year senior notes paying 9 per cent coupon annually to
noteholders, among some of the repayment options for the defaulted
bonds. The noteholders stand to get back as much as 96 per cent in
recovery, Luckin Coffee said in June.

The company's depositary shares, which now trade over the counter
since delisting in June 2020, jumped to US$15.05 after the
announcements on Sept. 21, the Post discloses. They have risen from
as low as US$5.69 in February. Its convertible bonds fetched about
91 cents on the dollar, reflecting near-certain repayment.

The Post says Centurium Capital and Joy Capital, who were among
Luckin Coffee's early investors before it went public in New York
in May 2019, are ploughing US$250 million of rescue capital to keep
the firm alive in exchange for more preferred or priority shares in
the coffee chain.

The Xiamen, Fujian-based coffee chain will certainly face more
hurdles, the Post notes. Much of its cash, about CNY4.8 billion
(US$740 million), is located in mainland China. Efforts to extract
the cash to fund its restructuring will not succeed without the nod
from the State Administration of Foreign Exchange, the gatekeeper
of capital flows.

Luckin Coffee, meanwhile, has been locking horns with US-based
funds over the April 2020 accounting fraud, and several
class-action lawsuits from shareholders are pending, according to
US court documents. The company has offered US$187.5 million to
settle the cases, according to Sept. 21 announcement, the Post
relays.

In the long run, the coffee chain may struggle to overcome the
stain caused by the accounting scandal. Its pool of investors has
narrowed since the delisting and another stock listing would be a
huge hurdle to surmount, the report states.

                        About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5 filed a
verified petition under chapter 15 of title 11 of the United States
Code with the United States Bankruptcy Court for the Southern
District of New York. The Chapter 15 Petition seeks, among other
things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.


LUCKIN COFFEE: Net Loss Widens to $866 Million in 2020
------------------------------------------------------
Caixin Global reports that Luckin Coffee Inc. has reported a net
loss of CNY5.6 billion ($866 million) for 2020, widening by 77%
from the company's CNY3.1 billion shortfall the year before.

Revenue jumped one-third to CNY4 billion, on the back of its
products' increased average prices, the company said in its 2020
annual results released on Sept. 21, Caixin discloses. The earnings
were delayed after the company had to redo earlier financial
results due to the accounting fraud scandal that rocked the Chinese
coffee chain last year along with broader confidence in Chinese
stocked listed in the U.S.

Caixin relates that Total operating expenses for the year reached
CNY6.6 billion, CNY475 million of which was related to the
investigation of fabricated transactions and restructuring, its
earnings showed.

                        About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5 filed a
verified petition under chapter 15 of title 11 of the United States
Code with the United States Bankruptcy Court for the Southern
District of New York. The Chapter 15 Petition seeks, among other
things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.


LUCKIN COFFEE: Settles Class Action Suit, Seeks Plan Approval
-------------------------------------------------------------
On September 21, 2021, Luckin Coffee Inc. (OTC: LKNCY) announced
that it has entered into a binding term sheet to settle its US
securities class action lawsuit with the lead plaintiffs.  The
coffeehouse chain also filed a petition and summons for directions
in the Grand Court of the Cayman Islands seeking to convene a
meeting with its creditors related to the mandated restructuring of
its outstanding senior notes.

These recent actions are still related to the ongoing liquidation
of the company after it had filed Chapter 15 bankruptcy in February
2021. The Chinese coffee company reportedly misrepresented its
financials in 2019, inflating its revenue by approximately US$310
million. In December 2020, the company settled the accounting fraud
case with US Securities and Exchange Commission for US$180 million
without admitting or denying the allegations.

The settlement of the provisionally certified class action is
connected to resolving current and future claims of holders of the
company's American depository shares holders between May 17, 2019
and July 15, 2020. The binding term sheet documents and seeks
approval from the Cayman court, which oversees the liquidation, and
the US court handling the US class action that the settlement
amount will be based on the global settlement amount of US$187.5
million. This will be reduced on a pro-rata basis based on the
valid opt-out notices that will be reported by the US court on
October 8, 2021.

"Upon final approval, this settlement will resolve a significant
contingent liability and enable Luckin Coffee to move forward with
a greater focus on our operations and the execution of our
strategic plan," said Luckin Coffee Chairman and CEO Dr. Jinyi Guo,
who took the helm in July 2020 after the former company chief
Charles Zhengyao Lu was removed by the shareholders.

On the same day, the company also launched an arrangement scheme to
restructure its outstanding US$460 million 0.75% convertible senior
notes due 2025. Per its filed petition with the Cayman court, the
company seeks to convene a single meeting with the creditors to
approve the scheme envisaged by the restructuring support
agreement. The approval is necessary under Cayman law since the
aggregate principal amount of the existing notes held by creditors
party to the agreement is above the 75% voting threshold required
to approve an arrangement scheme.

The Cayman court is expected to confirm the date of the hearing to
adjudicate the sought convening order with the company's creditors.
Dr. Guo added, "With this announcement, we are taking another
important step in our restructuring process."

While the coffeehouse chain still operates its Chinese locations,
the company has been delisted from the Nasdaq Stock Market since
June 2020.

Luckin Coffee last traded at US$14.55 on the OTC.

                          About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5 filed a
verified petition under chapter 15 of title 11 of the United States
Code with the United States Bankruptcy Court for the Southern
District of New York. The Chapter 15 Petition seeks, among other
things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.


REMARK HOLDINGS: To Sell $50 Million Worth of Securities
--------------------------------------------------------
Remark Holdings, Inc. filed a Form S-3 registration statement with
the Securities and Exchange Commission relating to the offer and
sale from time to time, in one or more offerings, of any
combination of common stock, preferred stock, warrants, debt
securities, and units, having an aggregate initial offering price
of up to $50,000,000.

The Company will provide specific terms of any offering in a
supplement to the prospectus.  Any prospectus supplement may also
add, update, or change information contained in the prospectus.

These securities may be sold directly by the Company, through
dealers or agents designated from time to time, to or through
underwriters or dealers or through a combination of these methods
on a continuous or delayed basis.  The names of any underwriters,
dealers, or agents involved in the sale of the Company's securities
and their compensation and the nature of its arrangements with them
will be described in a prospectus supplement.

The Company's common stock is traded on the Nasdaq Capital Market
under the symbol "MARK."  The last reported sales price of the
Company's common stock on the Nasdaq Capital Market on Sept. 14,
2021 was $1.19 per share.

A full-text copy of the prospectus is available for free at:

https://www.sec.gov/Archives/edgar/data/1368365/000136836521000059/forms3-shelfregistrationse.htm

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$13.73 million in total assets, $28.94 million in total
liabilities, and a total stockholders' deficit of $15.21 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


SINIC HOLDINGS: Fitch Lowers LT IDR to 'CCC'
--------------------------------------------
Fitch Ratings has downgraded Long-Term Issuer Default Rating on
China-based property developer Sinic Holdings (Group) Company
Limited to 'CCC' from 'B+'. At the same time, Fitch has also
downgraded Sinic's senior unsecured rating to 'CCC-', with a
Recovery Rating of 'RR5', from 'B+' and 'RR4'.

The downgrade reflects the diminishing likelihood of Sinic
refinancing its immediate maturity, a USD246 million bond due on 18
October 2021. The downgrade also reflects the decreasing
transparency about the company's refinancing plans, in particular
following recent negative new flows, as well as a significant
decrease in its equity and bond prices.

The downgrade of the senior unsecured rating to 'CCC-' reflects the
worsening liquidity and higher probability of default.

KEY RATING DRIVERS

High Refinancing Risks: There is increasing uncertainty about the
refinancing of the USD246 million bond maturing on 18 October 2021.
Sinic reported CNY14 billion (USD2.16 billion) of unrestricted cash
at end-June 2021, which excludes presales proceeds in regulatory
accounts. However, the company has not made any announcements
regarding any repatriation of funds to repay debt and it is unclear
whether the cash has been made available to repay the offshore
bond.

Sinic's access to offshore capital markets has significantly
weakened after sharp deterioration in the prices of its bonds and
shares over the last few days, and the stock was suspended from
trading on 20 September 2021.

Increasing Execution Risk: Fitch thinks Sinic's strategy execution
risk has increased. The company's financial flexibility to
replenish land will be reduced if it has to repay all bond
maturities. The company slowed land acquisitions in 1H21. Fitch
does not believe that Sinic can reduce land acquisitions for a
prolonged period due to its high-churn business model.

Weak Implied Cash Collection: Sinic's implied cash collection,
defined by the change in contract liabilities plus property sales
revenue booked during the period, amounted to CNY21 billion in 1H21
and CNY19 billion in 2020, representing 55% and 25% of its
asset-heavy contracted sales, respectively. This suggests that a
meaningful portion of its sales came from non-consolidated JVs and
associates, limiting balance-sheet transparency.

ESG - Governance: Sinic has ESG Relevance Scores of '5' for
Financial Transparency and '5' for Management Strategy due to the
company's lack of effective execution of and communication over its
repayment plans for its maturing capital-market debt, as well as
minimal information to investors following the significant decrease
in its bond and equity prices. This has a negative impact on the
credit profile, and is highly relevant to the rating, resulting in
the downgrade of its IDR by four notches.

DERIVATION SUMMARY

Sinic's rating reflect its high refinancing risk, particularly for
the USD246 million bond maturing on 18 October 2021.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY50 billion-60 billion a
    year in 2021-2023;

-- Land premium accounting for 25% of sales proceeds in 2021, and
    40% in 2022-2023 (2020: 39%);

-- Land bank life at 2.0 to 2.5 years during 2021-2023;

-- Construction expenses accounting for 45%-55% of sales proceeds
    during 2021-2023 (2020: 40%).

The recovery analysis assumes that Sinic would be liquidated in a
bankruptcy rather than operated as a going-concern, given the
asset-heavy nature of the homebuilding sector.

Fitch assumes a 10% administrative claim.

Liquidation Approach

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

-- 40% haircut to adjusted net inventory, as Fitch anticipates
    potential for lower recovery from inventory, given higher
    probability of default;

-- 93% haircut to investment properties, given low rental yield
    of less than 1%. Fitch estimates the value of Sinic's
    investment properties at CNY185 million based on a 6.5% rental
    yield assumption, or less than 10% of CNY2.8 billion book
    value at end-1H21;

-- 30% standard haircut to account receivables;

-- 40% standard haircut to buildings under net property, plant
    and equipment;

-- No haircut on restricted cash and a 0% advance rate for
    available cash because it is insufficient to cover minimum
    cash requirements or three months of attributable contracted
    sales (2021: around CNY13 billion).

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR5' Recovery Rating for the senior
unsecured debt.

RATING SENSITIVITIES

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

-- Successful refinancing of the bonds falling due in October
    2021 without significant deterioration in its liquidity
    position;

-- Consistent improvement in financial transparency and
    communication.

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

-- Inability to repay the bonds falling due in October 2021;

-- Evidence of further deterioration in funding access and/or
    liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Refinancing Critical: While Sinic has CNY14 billion of unrestricted
cash at end-1H21, there is increasing uncertainty about its ability
to use the cash to repay the USD246 million bond maturing on 18
October 2021.

ISSUER PROFILE

Shanghai-headquartered Sinic is the largest property developer in
Jiangxi province. It has expanded into the Yangtze River Delta
region and the Greater Bay Area, as well as core cities in central
and western China. Sinic is 83.19% owned by the trusts of the
founder.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY45.8 billion in adjusted inventory at
end-1H21 mainly includes: CNY24.6 billion in net inventory
(inventory - customer advances, in which inventory includes land
use rights, prepayments for acquisitions and excludes outstanding
consideration for acquisitions); CNY56 million in buildings under
property, plant and equipment; CNY2.1 billion in investment
properties at cost; CNY13 billion in net claims from JVs and
associates (investment in JVs/associates + due from JVs/associates
- due to JVs/associates), and CNY5.3 billion in restricted cash.

Fitch also included guarantees for JVs and associates (end-1H21:
CNY5.9 billion) in the net debt calculation.

ESG CONSIDERATIONS

Sinic has an ESG Relevance Score of '5' for Management Strategy
because its repayment plans for its maturing capital-market debt
have not been effectively executed. This has a negative impact on
the credit profile, and is highly relevant to the rating, resulting
the rating downgrade.

Sinic has an ESG Relevance Score of '5' for Financial Transparency
due to lack of communication over its repayment plans for its
capital-market debt and the sharp fall in its bond and equity
prices. This has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in the rating downgrade.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

TD HOLDINGS: Two Directors Quit From Board
------------------------------------------
Qun Xie resigned from his positions as the chief strategy officer
of TD Holdings, Inc., and as a director of the board of directors
of the company, effective Sept. 16, 2021.  

Kecen Liu also resigned from her positions as a director of the
board of directors of the company, the chairwoman of the
compensation committee of the Board, and as a member of the audit
committee and nominating and governance committee of the Board,
effective Sept. 16, 2021.

TD Holdings stated that the resignations are not as a result of any
disagreement with the company relating to its operations, policies
or practices.

                   Appointment of Donghong Xiong

On Sept. 16, 2021, the Board appointed Mr. Donghong Xiong, a
current independent director of the Board, to serve as the chairman
of the Compensation Committee and as a member of the Audit
Committee and Nominating Committee, filling in the vacancies
created by the resignation of Ms. Kecen Liu.

                         About TD Holdings

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

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


XINYUAN REAL ESTATE: S&P Downgrades ICR to 'CCC', Outlook Negative
------------------------------------------------------------------
On Sept. 23, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Xinyuan Real Estate Co. Ltd.'s (Xinyuan) to 'CCC'
from 'B-'. The outlook is negative. S&P also lowered the issue
rating on the company's outstanding U.S.-dollar-denominated debt to
'CCC-' from 'CCC+'.

S&P said, "The negative outlook reflects our view that Xinyuan's
thin liquidity could deplete further in the next six to 12 months,
given the heightened refinancing difficulty both offshore and
onshore due to a potential waning of confidence from lenders.

"We downgraded China-based Xinyuan primarily because of the delayed
release of its 2020 financial statement; the original due date was
April 30, 2021. The company also has not released its 2021
first-quarter and first-half results. In our view, the delay will
tarnish Xinyuan's financial transparency and governance standing."

Xinyuan will additionally face heightened refinancing difficulty
both offshore and onshore with lender confidence abating. This
eventually could cause Xinyuan's financing channels to
significantly narrow, hindering the sustainability of its capital
structure and liquidity position.

As a result, Xinyuan may need to explore whether it can repay its
offshore maturity of senior notes in October, totaling US$229
million, at least partly with its own cash. Given the company's
thin liquidity, that itself may not be viable.

Xinyuan's last reported cash balances was about RMB7 billion as of
Sept. 30, 2020. If S&P excludes the restricted cash balance and
cash at the listed property management arm, the remaining cash
balance is likely to fall short of covering its short-term debt
balance.

At the same time, S&P believes Xinyuan is facing a higher risk of
non-compliance with New York Stock Exchange's (NYSE) rules. With
only a six-month extension of filing granted by the NYSE from
mid-May, the company has less than two months (until Nov. 18) to
release its 2020 annual financial statements.

If there is any further delay, Xinyuan is likely to face greater
difficulty over funding access and refinancing. Banks will have a
higher restriction over its cash accessibility to secure sufficient
funding for completing construction of existing development
projects, causing higher nonpayment risk.

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

-- Transparency.
-- Risk management and internal controls.

S&P said, "The negative outlook reflects our expectation of
Xinyuan's thin liquidity depleting further, given the heightened
refinancing difficulty both offshore and onshore due to waning
confidence from lenders. We also expect execution risks in the
refinancing of its October offshore maturity, which may lead the
company to repay the notes with cash on hand, thus further
straining its thin liquidity.

"We could lower our ratings to 'SD' if Xinyuan fails to repay the
October offshore maturity or announces any exchange offer or
restructuring that we consider as distressed.

"We could also lower our ratings on Xinyuan if the company's
liquidity further worsens from sluggish sales, a decline in its
funding access, or considerable cash depletion due to repaying
imminently maturing debt. In such a case, its ability to tackle the
short-term maturity, including the offshore notes due in September
2022, should substantially weaken.

"We may raise the ratings on Xinyuan if the company successfully
refinances or repays its offshore maturity due October.

"At the same time, the company still needs to release all the
financial statements due within the extension period granted by
NYSE.

"We also expect Xinyuan to have sufficient liquidity or financing
options on hand to tackle all its short-term maturity due over the
next year."




=======
F I J I
=======

FIJI: S&P Lowers Sovereign Credit Rating to 'B+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its long-term foreign- and
local-currency sovereign credit ratings on Fiji to 'B+' from 'BB-'
and revised the outlook to stable. S&P affirmed the short-term
sovereign credit ratings at 'B'. It also revised down Fiji's
transfer and convertibility (T&C) assessment to 'B+'.

Outlook

The stable outlook reflects S&P's expectation of an economic
recovery in 2022, following a deep contraction over the preceding
two years. As vaccination rates rise and international travel
resumes, S&P expects the combination of renewed GDP growth and
higher tourism earnings to lead to narrower fiscal and current
account deficits and a stabilizing public debt burden.

Downside scenario

S&P said, "We could lower our ratings on Fiji if the pandemic and
related travel restrictions are significantly prolonged, inducing
further strain on tourism and related industries. Such a scenario
would most likely result in lower real GDP growth, consistently
larger fiscal deficits, and/or weaker external metrics than
currently projected. We could also lower our ratings in the event
of a large exogenous shock, such as a severe natural disaster."

Upside scenario

S&P said, "We could raise our ratings on Fiji if economic growth
and tourism receipts recover faster than currently projected. This
could result in stronger fiscal and external metrics. We could also
raise our ratings if we observe continued improvement in Fiji's
institutional and policy settings, providing greater support for
sustainable finances and balanced growth in the medium term, or if
Fiji's extensive foreign exchange restrictions are unwound without
detriment to its official reserves."

Rationale

The abrupt freeze in international travel since the onset of the
COVID-19 pandemic in early 2020 has hit Fiji's tourism-dependent
economy hard. S&P said, "We expect tax revenues to remain subdued
this fiscal year, resulting in a relatively large fiscal deficit
and growing government debt burden. GDP per capita has fallen
significantly and we do not anticipate a recovery to prepandemic
levels for several years. We consider the COVID-19 pandemic to be a
social (i.e., public health and safety) issue related to our
environmental, social, and governance (ESG) factors."

S&P said, "External metrics remain sound. Although we expect the
current account deficit to temporarily widen, official reserves
have strengthened and are boosted by the International Monetary
Fund's (IMF) recent general allocation of special drawing rights
(SDRs). Our ratings on Fiji remain constrained by its middle-income
economy, polarized political landscape, and limited monetary policy
flexibility."

Institutional and economic profile: Economy contracting sharply as
pandemic drags on

-- The virtual standstill in visitor arrivals is driving a severe
recession across 2020 and 2021.

-- An outbreak of the Delta variant of the coronavirus has caused
infections to soar since April 2021, but cases now appear to be
steadying.

-- Fiji's political landscape remains polarized, though
institutional settings and data quality are improving.

S&P said, "We expect Fiji's real GDP to contract by another 4% in
2021 before rebounding in future years. A severe 16% downturn in
2020 ended a decade-long run during which real GDP growth averaged
more than 3% per year. We estimate that GDP per capita in 2021 has
dipped to about US$5,200. The economic shock will have lasting
consequences for Fiji's development trajectory, and we don't
anticipate national income to recover to its prepandemic level for
several years."

An outbreak of the coronavirus in April 2021 led to a dramatic
recent surge in COVID-19 cases and will dampen economic activity in
the near term. Fiji's vaccination rollout has been impressive; the
government reports that about 95% of the adult population has
received one dose and over 65% are fully vaccinated. Fiji's borders
have been closed to most international travelers since early 2020.
This policy was successful in eliminating local cases of the virus
for most of the year through April 2021.

The government plans to reopen its borders from November 2021, and
S&P's base case assumes a gradual return of visitors over 2022.
Fiji's economic base is somewhat narrow because the tourism sector
is a key source of employment, foreign exchange, and tax revenues.
The country also has a large subsistence agricultural sector, and
its other industries include garment manufacturing, gold mining,
fishing, and timber production. Economic activity had already been
slowing in 2019. This followed a period of strong growth in
2017-2018 during the reconstruction phase after Tropical Cyclone
Winston in 2016.

Monetary policy is highly accommodative. The Reserve Bank of Fiji
(RBF) cut its overnight policy rate to 0.25% in 2020 and the
interest rate on various special lending facilities for the
financial sector to 0.25% in 2021. Annual inflation was -1.6%
through May 2021, though S&P expects reflation this year as oil and
freight costs rise and the global economy convalesces. To cushion
the economic blow, local commercial banks have offered loan
repayment holidays and the Fiji National Provident Fund (FNPF, the
country's defined-contribution pension scheme) has made assistance
payments to or permitted members to withdraw funds.

The current FijiFirst administration has promoted generally
pro-growth economic reforms and investment in infrastructure and
education. The past few years have also seen increased engagement
with multilateral bodies such as the Asian Development Bank (ADB)
and World Bank, which provide policy-based loans and assist the
government in implementing reforms.

Fiji's political and social settings historically have been marked
by tensions between its indigenous Fijian and minority Indo-Fijian
communities, resulting in several nonviolent military coups during
the past 30 years. Following eight years of military rule, a new
constitution was promulgated in 2013 and democratic elections were
held in 2014 and 2018. Press freedom and the quality of official
data have generally improved. In September 2018, Fiji implemented
the IMF's Enhanced General Data Dissemination System. The next
elections are due by January 2023.

The local regulatory environment is somewhat cumbersome for
businesses. Fiji ranked 102nd in the World Bank's "Doing Business"
survey for 2020, down from 86th in 2015. The country's rank could
climb following the licensing of a new credit reporting agency in
2018 and launch of a personal property securities registry in 2019.
Recent cuts to a wide range of taxes and duties, including the
service turnover tax and departure tax, could help the tourism
sector to become more competitive.

Long-term demographics are favorable, thanks to a median population
age of about 28 years. Fiji's location renders it vulnerable to
natural disasters, especially cyclones and floods. The economic
challenges of the past year were compounded by Tropical Cyclone
Yasa, which made landfall in December 2020 and caused roughly
FJ$500 million in losses. Tropical Cyclone Winston in February 2016
was far more destructive, by some measures wreaking damage
equivalent to almost one-third of GDP.

Flexibility and performance profile: Elevated fiscal deficits
leading to rapidly rising debt burden; risks partly offset by sound
external and monetary settings

-- Weak tax receipts imply relatively large deficits over fiscal
years 2021 and 2022, and a climbing debt burden.

-- The widening current account deficit is mitigated by
strengthening foreign reserves and remittances.

-- The central bank has a shorter track record of independence and
its flexibility is constrained by a pegged exchange rate.

S&P said, "We forecast Fiji's fiscal deficit to stay elevated at
about 11% of GDP in fiscal year 2022 (i.e., the year ending July
31, 2022). This is around the same level as the provisional outturn
for fiscal 2021. The primary driver of these deficits is weak tax
collections, which are currently running at about half of
prepandemic levels. We expect nontax revenues to be supported by
budget support grants from bilateral partners and a small volume of
asset sales. Nontax receipts were stronger than usual last year,
with the government earning about FJ$210 million from the
divestment of shares in Energy Fiji Ltd. On the expenditure side,
the government has frozen civil service recruitment but will need
to allocate more funds to targeted unemployment assistance.

"Revenues should recover in the second half of fiscal 2022 and
beyond, in line with the reopening economy. We see the annual
change in net general government debt subsequently narrowing to
about 4% of GDP, roughly in line with the government's medium-term
fiscal targets."

S&P projects the stock of net general government debt to rise
precipitously to about 82% of GDP this fiscal year before
stabilizing at around 73% in the outer years. This ratio is high
compared with Fiji's Asia-Pacific emerging market peers. The
government's interest burden will similarly spike before reverting
to below 15% of revenues during the next three years. Average
borrowing costs should decline in line with domestic bond yields
and as Fiji accesses lower-cost lending from the likes of the ADB,
World Bank Group and International Development Association, Asian
Infrastructure Investment Bank, and bilateral partners China and
Japan. Fiji is participating in the Debt Service Suspension
Initiative and will benefit from the potential deferral of about
US$40 million of bilateral repayments through December 2021.

To finance its deficits, the government targets a domestic and
foreign borrowing mix of roughly 70:30. Fiji issues a range of
bonds and bills in its domestic market. About 68% of the domestic
debt stock was held by the FNPF as of early 2021. Fiji repaid its
sole US$200 million foreign-currency eurobond in October 2020.

Contingent liabilities are moderate. Explicit guarantees of
nonfinancial public enterprises currently stand at about 7% of GDP.
The largest of these is a guarantee of up to FJ$455 million over
borrowings of Fiji Airways, which is 51% owned by the government.
The guaranteed amount was reported at FJ$392 million as of April
2021.

S&P said, "Overall external metrics remain sound. Gross external
financing needs, by our measures, will average about 104% of
current account receipts and usable reserves during the next few
years. We expect the current account deficit to further widen to
about 17% of GDP this year before narrowing in future years as
services exports recuperate." The high import content of tourism
exports should help to prevent a material weakening of the trade
balance. Remittance inflows grew a strong 11% in 2020 and may
continue to expand, supported by better global economic
conditions.

Movements in Fiji's real effective exchange rate and inflation have
been moderate over the economic cycle, though the latter is partly
because of extensive price controls set by the Fijian Competition
and Consumer Commission. The domestic banking system is relatively
deep compared with peers; the RBF supervises Fiji's six commercial
banks and other financial intermediaries. As part of a quantitative
easing program, the RBF purchased FJ$300 million of government
bonds in the primary market in fiscal 2020. Its exposure to the
government is capped by law at 50% of average government revenues
over the past three years.

Extensive restrictions on foreign exchange can be a hindrance to
private investment, and weigh on our monetary assessment. In April
2020, the RBF slightly tightened existing exchange controls to help
protect its reserves. Official reserves have grown to a healthy
FJ$3.1 billion (US$1.5 billion) as of July 2021. In our reserve
forecasts, S&P includes about US$130 million of new SDR allocations
approved by the IMF in August 2021.

The Fijian dollar is pegged to a weighted basket of currencies
belonging to Fiji's major trading partners, i.e., the U.S.,
Australia, New Zealand, Japan, and the Eurozone. Weights are
reviewed annually. The RBF has twin monetary policy objectives of
low inflation and maintaining an adequate level of reserves. The
last devaluation occurred in 2009.

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

-- Health and safety

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

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

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

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

  Ratings List

  DOWNGRADED  
                            TO           FROM
  FIJI

  Transfer & Convertibility Assessment

  Local Currency            B+            BB-

  DOWNGRADED; OUTLOOK ACTION; RATINGS AFFIRMED  
                            TO           FROM
  FIJI

  Sovereign Credit Rating   B+/Stable/B   BB-/Negative/B




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

ABHYUDAYA GREEN: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Abhyudaya Green Economic
Zones Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.35        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2013, Abhyudaya Green Economic Zones Private
Limited is setting up a 4.00 MW (AC) grid-connected solar PV power
plant in Chevella Village, Ranga Reddy District, Telangana. The
operations are being managed by Dr. Vijay Kolaventy, who has more
than 25 years of experience in Information Technology, Information
Technology Enabled Services, Renewable Energy and Energy Efficiency
services. AGEZPL has signed PPA with TSSPDCL at a tariff rate of
INR6.49/- valid for 20 years. The total cost of solar power plant
is INR29.37 crore which is funded by INR7.34 crore of equity,
INR7.35 crore of term loan and INR14.68 crore by IFCI in the form
of Optionally  Convertible Debentures (OCD). The expected COD of
the plant was March 2016.


AGRA OIL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Agra Oil &
General Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         12.50        [ICRA]B+ (Stable) ISSUER NOT
   Working                         COOPERATING; Rating continues
   Capital                         to remain under 'Issuer Not
   Limits                          Cooperating' category

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

AOGIL was incorporated in 1972 as a proprietorship firm and was
later converted into a private limited company. It manufactures
mustard oil and mustard cake at its unit in Agra, UP, which has a
seed-crushing capacity of 32,000 metric tonnes per annum (MTPA). It
is also involved in the trading of mustard oil and cake. Along with
manufacturing operations, the company is involved in trading of
mustard oil and cake. In edible oil, all the company's sales are in
the branded segment, named Krishna and Swastik. AOGIL is the
flagship company of the Goyal Group, which encompasses various
business such as mustard oil production as well as trading of
cattle feed, packaging products, refrigeration of agro product,
mushroom cultivation, manufacturing of soap noodles, allied
chemicals and real estate development for around four decades.


APM PROJECTS: ICRA Lowers Rating on INR12.75cr Term Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of APM
Projects Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         12.75        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating’ category

Rationale

The rating downgrade is because of lack of adequate information
regarding Apm Projects Private Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with Apm Projects Private
Limited, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

APM Projects Private Limited was incorporated in February 2017 to
offer civil and installation services for the solar projects. It is
promoted by Chaudhary family with key promoter, Mr. Mukesh
Chaudhary, having a decade of experience in civil and installation
for the solar projects through his proprietorship – APM Projects.
The company also has two other subsidiaries – PGEPL (66.75%
stake), which is involved in setting up of solar power projects and
Aditi Infraworks Private Limited, which is engaged in civil and
installation of solar projects. APPL has executed civil works and
installations for solar projects for the reputed entities in past
such as Adani Green Energy Limited, Howe Engineering Projects India
Private Limited, ACME Cleantech Solutions Pvt Ltd., Azure Power
India Pvt Ltd, Tata Power Solar System Ltd., etc.


AUTO HI-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Auto
Hi-tech Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         17.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Auto Hi-Tech Private Limited (AHPL) is an authorized dealer of MSIL
and has a showroom and service center in Kolkata. The company sells
vehicles and provides ancillary services that include vehicle
servicing and sale of spare parts and accessories. AHPL sells both
new cars and pre-owned cars. The company is also planning to open a
NEXA showroom in Kolkata.


BANGALORE INSTITUTE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bangalore
Institute of Gastroenterology Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         9.95       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loans                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         0.05       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2013, BIG has set up a 100-bed gastroenterology
specialty hospital in Jayanagar (Bangalore). The company is owned
and managed by Dr. Ramesh Reddy, Dr. S Divakara Murthy, Dr.
Preethan K.N., Dr. R Sahadev and Dr Tejeswi S. Gutti who are
gastroenterology specialists. The hospital was set up with an aim
to provide one-stop solution for gastrointestinal, hepatobiliary
and pancreatic diseases.


BUDDHA SORTEX: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Buddha
Sortex Rice Industries Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          6.75        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

BSRIPL, was established in 2013 and is involved in milling and
sorting of non-Basmati rice. The company's unit located at
Hetimpur, Deoria (UP) has an installed capacity of 8 tonne/hour.
The company caters to both domestic and export customers. The
day-to-day operations of the company are managed by Mr. CP Gupta.


DOOR SANCHAR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Door
Sanchar Hydro Power Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        24.15      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
   Term Loans                    'Issuer Not Cooperating'
                                 Category

   Unallocated         0.18      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Door Sanchar Hydro Power Private Limited (DSHPPL) has been promoted
by Mr. Rajiv Batra and Sravanthi Group. Mr. Batra and his wife are
the majority share-holders with 51% stake while Sravanthi group is
the minority share-holder holding the remaining 49% share capital.
Sravanthi group is actively involved in the operation of the
project. The group has been founded by Mr. DV Rao, ex-Joint
Managing Director of Lanco Infratech Ltd, where he was instrumental
in developing the power vertical with aggregate capacity of over
12000MW. Apart from power generation, the group is also present in
EPC business (through Sravanthi Infratech Private Limited) and
power consultancy business (Sravanthi Consultancy Services Pvt
Ltd).


HARANCHANDRA COLD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of
Haranchandra Cold Storage Pvt Ltd (HCCSPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA] D/ ICRA]
D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        5.39       [ICRA]D ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category

   Fund Based–       11.06       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund           0.25       [ICRA]D ISSUER NOT COOPERATING;
   Based–Bank                    Rating continues to remain
under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

   Unallocated
   Limits             0.80       [ICRA]D/[ICRA]D ISSUER NOT
                                 COOPERATING; rating continues
                                 to Remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in May 2021. As part of its process and
in accordance with its rating agreement with Haran Chandra Cold
Storage Pvt Ltd, ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. However,
despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite cooperation
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, the company's rating continues to remain
under "Issuer Not
Cooperating" category.

Incorporated in 2014, Haranchandra Cold Storage Pvt Ltd (HCCSPL)
provides cold storage facilities to farmers and traders. The
warehouse is located in the Coochbehar district of West Bengal with
an installed capacity of 317,275 quintals and is mainly used for
storage of potatoes by farmers/ traders in that area. Apart from
HCCSPL, the promoters are engaged in the business of cold storage
through other group companies and have an existing network which is
expected to support the revenue generation of HCCSPL.

INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Instyle
Exports Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA] D/ ICRA] D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        52.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         5.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term:        3.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non funded                    Rating Continues to remain under
   Based limits                  'Issuer Not Cooperating'
                                 Category

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

Instyle Exports Private Limited (IEPL) was incorporated in 1981 for
manufacturing and exports of garments. IEPL supplies women's
garments primarily blouses, skirts, jackets, trousers, etc. IEPL
has two manufacturing facilities, both located in Gurgaon, Haryana,
with a collective manufacturing capacity of 4 Lakh pieces per
month. The company primarily exports to European countries like
Germany, France, Denmark, Netherlands, and Turkey.


JAYA SURYA: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sree Jaya
Surya Hospital Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2015, Sree Jayasurya Hospital Private Limited (SJH)
has been set up to run a multispecialty hospital in the Villivakkam
district of Chennai. The hospital is proposed to have 50 beds,
focusing majorly on Orthopaedics, physiotherapy, obstetrics and
gynecology and general and physiological treatments. The company is
promoted by Dr. M. S. Palanichamy and his wife Dr. D. Jayalakshmi,
who has more than two decades of experience in the healthcare
industry.


KDH TEXTILES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KDH Textile
Private Limited's (KDH) Long-Term Issuer Rating at 'IND BB+' and
has simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR290 mil. Fund-based working capital limits** affirmed and
     withdrawn; and

-- INR12.58 mil. Term loan* due on March 2023 affirmed and
     withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn
**Affirmed at 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects KDH's continued small scale of operations,
despite a marginal increase in the revenue to INR1,081.40 million
(FY20: INR1,018.34 million). FY21 financials are provisional in
nature.

The ratings also reflect KDH's average EBITDA margins of 6.95% in
FY21 (FY20: 6.6%) with a return on capital employed was 12.20%
(12.40%). The improvement in the margins was owing to absence of
administration costs The ratings continue to factor in KDH's modest
credit metrics with the gross interest coverage (operating
EBITDA/gross interest expense) of 2.26x in FY21 (FY20: 1.77x) and
the net financial leverage (adjusted net debt/operating EBITDA) of
4.91x (4.93x). The improvement in the credit metrics was due to an
increase in the absolute EBITDA to INR75.12 million in FY21 (FY20:
INR67.18 million).

Liquidity Indicator - Stretched: KDH's average maximum utilization
of the fund-based limits was 96.98% during the 12 months ended
August 2021. The company's net working capital cycle elongated to
163 days in FY21 (FY20: 140 days), due to increase in the
receivable period to 152 days (137 days) and inventory holding
period to 67 days (49 days). The cash flow from operations
deteriorated to negative INR34.44 million in FY21 (FY20: negative
INR15.33 million), due to unfavorable changes in working capital.
Consequently, the free cash flow deteriorated to negative INR34.44
million in FY21 (FY20: INR 15.33 million). KDH's cash and cash
equivalents increased to INR42.52 million at FYE21 (FYE20: INR8.87
million). KDH does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

The ratings, however, remain supported by the promoters' over three
decades of experience in the textile industry.

COMPANY PROFILE

Founded in June 2009, KDH is engaged in the designing and
embroidery of fabrics. Its facility is located at Sonipat,
Haryana.


KIRAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sree Kiran
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        37.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   TL                            'Issuer Not Cooperating'
                                 Category

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

Sree Kiran Enterprises, established as a proprietorship firm in
2000, is owned by Mrs. Padmavathi. The firm is involved in
providing catering services in Bangalore (Karnataka). The firm has
two banquet halls – (i) Samskruthi Banquet Hall and (ii) Sree
Soundarya Mahal in the city. The operations of the firm are managed
by the family members of the proprietor. The promoter family is
associated with other group concerns which are engaged in similar
line of businesses.


LAKSHMI STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Lakshmi Steel Suppliers in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA] B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         100.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-       (100.00)      [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1986, Shri Lakshmi Steel Suppliers (SLSS) is a
proprietorship firm formed by Mr Vinod Singhal. It is a steel
trading firm, engaged in the trading of a host of steel products
namely Thermo Mechanically Treated (TMT) bars, round bars, Mild
Steel (MS) steel beams, MS steel channels, MS equal angles, MS
steel pines, galvanized iron (GI) pipes and other such structural
steel products. The firm has its registered office in Bangalore and
has branches across South India in Bangalore, Hubli, Hospet in
Karnataka, Salem in Tamil Nadu and Calicut in Kerala.

LAVISH POLYFAB: ICRA Withdraws B+ Rating on INR5.70cr Loans
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Lavish Polyfab Private Limited based on the No objection
Certificate received from the banker, and in accordance with ICRA's
policy on withdrawal and suspension. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key Rating Drivers,
Liquidity Position, Rating Sensitivities, Key Financial Indicator
have not been captured as the related instruments are being
withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          2.95        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating Withdrawn

   Fund-based          2.75        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating Withdrawn

Incorporated in February 2016, Lavish Polyfab Private Limited
(LPPL) is a private limited company promoted by Mr. Sneh Patel and
his relatives and friends. The company commenced the manufacturing
of polypropylene (PP) woven fabrics from July 2017. Its
manufacturing facility, located at Savli, Vadodara, Gujarat, is
equipped with 36 circular looms and has an installed capacity to
produce 18 lakh kgs per annum.

In FY2019, the company reported a net profit of INR0.41 crore on an
operating income of INR8.17 crore compared to a net loss of INR0.79
crore on an operating income of INR4.74 crore in the previous
year.


MALWA AUTOMOBILE: ICRA Assigns B+ Rating to INR13.60cr LT Loan
--------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Malwa Automobile
Private Limited (MAPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund-       13.60      [ICRA]B+ (Stable); assigned
   based–Working
   Capital Limits        

Rationale

The assigned rating notes MAPL's proven track record as an
authorized dealer of Tata Motors Ltd. (TML) and its diversified
revenue streams with significant proportion of income being
generated from petrol pump operations. The rating positively
factors in the strong position of MAPL's principal, TML, in the
domestic passenger vehicles (PV) segment. The rating derives
comfort from the extensive experience of the promoter family in the
auto dealership business.

The rating is, however, constrained by the company's small scale of
operations and modest capital structure, characterized by its low
net worth position. The rating also factors in the thin profit
margins and stiff competition inherent in the dealership businesses
resulting in weak debt coverage metrics, as well as the demand
cyclicality of the automobile segment.

The Stable outlook indicates that MAPL is expected to benefit from
the healthy demand of TML in the domestic PV market and the long
track record of its promoters in the segment.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters and established market position
of TML: MAPL is a part of the Malwa Group, which is promoted by the
Sharma family. The promoters have extensive experience of over
three decades in the automobile dealership business. Further, it
leverages on TML's long-standing presence and brand recall. TML is
the third largest player with ~8% market share in the domestic PV
market.

* Diversified revenue streams: In addition to the dealership
business, MAPL operates a petrol pump under Hindustan Petroleum
Corporation Limited's (HPCL) franchise. The petrol pump operations
contribute to nearly 35-45% of its overall top line. The
diversified revenue base reduces dependence on any particular
business line for sustaining operation.

Credit challenges

* Weak profitability margins as prevalent in automobile dealership
industry: The dealership business is characterized by thin margins
and low bargaining power of the dealer, as margins on vehicles are
determined by the principal. The inherently low
value addition and intense competition in the auto dealership
business resulted in low margins for the company. MAPL's operating
margins remained in the range of 4.0-5.0% over the past five
fiscals. The net margins also remained range-bound within 0.1-0.4%
in this period.

* Modest financial profile: The company's financial risk profile
remains weak characterized by high gearing, low net worth and weak
coverage indicators. ICRA notes that on account of ad-hoc inventory
funding facilities availed by the company towards the end of the
fiscal, the gearing and total debt/OPBIDTA stood stretched at 5.32
times and 8.50 times, respectively, as per the provisional balance
sheet for FY2021. The interest coverage and DSCR also remained thin
at 1.20 times and 1.18 times for FY2021.

* Vulnerable to inherent cyclicality in automobile industry and
increasing competition from dealers of other OEMs: The company
remains vulnerable to cyclical downturns in automobile industry.
Further, the automotive dealership industry is highly fragmented
with intense competition from the dealerships of the competing
OEMs.

Liquidity position: Stretched

MAPL's liquidity profile remains stretched, given the high
utilization of working capital limits and limited free cash levels.
The average utilization stood at 96% during the last 12 months
ending in August 2021. However, absence of any major capex plans
and availability of funding support by the way of interest-free
unsecured loans from the promoters provide comfort.

Rating sensitivities

Positive factors – ICRA could upgrade MAPL's rating if the
company demonstrates a healthy and sustained growth in its overall
scale of operations and profitability, leading to a strengthened
net worth position. Concurrently, the company's ability to lower
its reliance on external borrowings and maintain interest coverage
above 2.0 times, on a consistent basis, shall trigger a rating
upgrade.

Negative factors – Negative pressure on MAPL's rating could arise
due to notable decline in revenues and/or profitability, or
deterioration in working capital cycle impacting its liquidity and
overall financial profile.

Incorporated in 1997, MAPL operates as an authorized Tata Motors
dealership with showroom at Rohini (Delhi) and a workshop facility
at Jahangirpuri (Delhi). In addition to the automobile dealership
business, the company has a HPCL fuel pump located in Kundli,
Haryana.

It is promoted by Mr. Chander Mohan Sharma, Mr. Bal Krishan Sharma
and Mr. Kamlesh Sharma, who have been associated with the company
since its inception and have more than two decades of experience in
the dealership business.


MALWA AUTOMOTIVE: ICRA Reaffirms B+ Rating on INR18cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Malwa
Automotive Pvt. Ltd (MAPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Fund-     18.00        [ICRA]B+ (Stable); rating
   based–Working                    reaffirmed and removed from
   Capital Limits                   ISSUER NOT COOPERATING
                                    Category

Rationale

The assigned rating notes MAPL's long track record as an authorized
dealer of Jaguar Land Rover (JLR) and the extensive experience of
the promoter family in the auto dealership business.

The rating is, however, constrained by the company's small scale of
operations and modest capital structure, characterized by its low
net worth position. The rating also factors in the weak debt
coverage indicators and working capital-intensive nature of
operations leading to a modest financial profile. Further, the
rating notes the stiff competition in the dealership businesses, as
well as the demand cyclicality of the automobile segment.

The Stable outlook indicates that MAPL is expected to benefit from
the long track record of its promoters in the dealership
business.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in the dealership business:
MAPL is a part of the Malwa Group, which is promoted by the Sharma
family. The promoter family have extensive experience of over three
decades in the automobile dealership business. The promoter's
established relationships with principal auto manufacturer and
customers will continue to support its business risk profile.

Credit challenges

* Working capital intensive nature of operations: The company's
working capital intensity remains stretched as reflected by the
NWC/OI of 77% and 54% in FY2021 and FY2020, respectively. The high
working capital intensity is primarily due to the stock of
high-valued cars that the company needs to maintain at it
showroom.

* Leveraged capital structure: MAPL's financial risk profile
remains weak characterized by high gearing, weak coverage
indicators and low net worth position. On account of ad-hoc
inventory funding facilities availed by the company towards the end
of the fiscal, the gearing and total debt/OPBIDTA stood at 15.30
times and 7.03 times, respectively, as per the provisional balance
sheet for FY2021. Its interest coverage and DSCR also remained thin
at 1.15 times and 0.99 times in FY2021.

* Vulnerable to inherent cyclicality in the automobile industry and
increasing competition from dealers of other OEMs: The company
remains vulnerable to cyclical downturns in the automobile
industry. Further, the automotive dealership industry is highly
fragmented with intense competition among the dealerships of the
competing OEMs. MAPL, given its modest scale of operations, faces
competition from the unorganized used car market, and from dealers
of other leading auto manufacturers
in the luxury passenger car segment.

Liquidity position: Stretched

MAPL's liquidity profile remains stretched, given the high
utilization of working capital limits. The average utilization
stood at 99% during the last 12 months ending in August 2021.
However, absence of any major capex plans and limited debt
repayment obligation provide comfort.

Rating sensitivities

Positive factors – ICRA could upgrade MAPL's rating if there is a
healthy and sustained growth in its overall scale of operations and
profitability, leading to strengthened net worth position.
Concurrently, the company's ability to lower its reliance on
external borrowings and maintain interest coverage above 2.0 times,
on a consistent basis, shall trigger a rating upgrade.

Negative factors – Negative pressure on MAPL's rating could arise
due to notable decline in revenues and/or profitability, or
deterioration in working capital cycle impacting its liquidity and
overall financial profile.

Incorporated in 2012, MAPL operates as a Jaguar and Land Rovers
dealership through its 3S (Sales of Vehicles, Spare Parts and
Services) showroom facility based in Karnal (Haryana). It is
promoted by Mr. Chander Mohan Sharma and Mr. Bal Krishan Sharma,
who have been associated with the company since its inception and
have more than three decades of experience in the dealership
business.


MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Meera and
Company Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         9.50      [ICRA]D ISSUER NOT COOPERATING;
   Limits Cash                   Rating continues to remain under
   Credit                        'Issuer Not Cooperating'
                                 Category

   Non Fund            0.10      [ICRA]D; ISSUER NOT COOPERATING;
   Based Limits                  Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

MACL manufactures Diesel Generating Sets for various applications.
Till 2010 the company was operating as an OEM1 for DG sets for
Mahindra and Leyland. However, in 2010 the company has set up its
own engine manufacturing unit and is selling the DG sets under the
brand name of 'Meeraco'. The company is fully owned by Mr Rajen
Gupta and his family members and has a presence mainly in Punjab.
MACL has two manufacturing unit located in Jammu and Ludhiana.


NETMATRIX CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Netmatrix
Crop Care Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         16.95        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   TL                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         38.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        3.50         [ICRA]A4; ISSUER NOT
   Non-Fund                        COOPERATING; Rating continues
   Based                           To remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2000, Netmatrix Crop Care Limited (NMCCL, formerly
Netmatrix Limited) is a manufacturer of crop-care products,
primarily Chlorpyrifos Technical which is the single largest used
organophosphate insecticide. The company operates through its
manufacturing facilities at Vapi, Gujarat and Visakhapatnam, Andhra
Pradesh. The company is managed by Mr. B. Chandrasekar, who has
more than 25 years of experience in the agro-chemical industry.

PADMABHUSHAN KRANTIVEER: Ind-Ra Moves B Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Padmabhushan
Krantiveer Dr. Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari
Sakhar Kharkhana Ltd.'s Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating action is:

-- INR2.0 bil. Fund-based facilities migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Padmabhushan Krantiveer Dr. Nagnathana Nayakawadi Hutatma Kisan
Ahir Sahakari Sakhar Kharkhana Ltd., also known as Hutatma Sugar is
a co-operative society, incorporated in 1984 with a total of 8,138
cane producing members. The sugar manufacturing plant is situated
in Walva (Sangli) with a total cane crushing capacity of 3,500 tons
per day. The company also owns a distillery unit with a total
capacity of 30KLPD.


PALANI ANDAVAR: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Palani Andavar
Mills Limited's (TPAML) Long-Term Issuer Rating at 'IND BB+' and
has simultaneously withdrawn the same. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+'/Stable/'IND A4+' rating on INR70 mil. Fund-based

     working capital limits* affirmed and withdrawn;

-- The 'IND A4+' rating on INR16 mil. Non-fund-based working
     capital limits# affirmed and withdrawn; and

-- The 'IND BB+' rating on INR70.1 mil. Term loan^ due on March
     2027 affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn

#Affirmed at 'IND A4+' before being withdrawn

^Affirmed at 'IND BB+'/Stable before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects TPAML's continued small scale of
operations, as indicated by revenue of INR395.89 million in FY21
(FY20: INR449.54 million). The revenue fell by 12% yoy due to the
shutdown of operations during 1QFY21 because of COVID-19-led
disruptions. The figures for FY21 are provisional in nature.

The ratings factor in TPAML's average margins due to the intense
competition in the industry. The EBITDA margin improved to 15.58%
in FY21 (FY20: 9.38%) due to a decline in the cost of materials as
well as optimization of power cost through the usage of captive
power. The ROCE was 14% in FY21 (FY20: 8%).

The ratings reflect the company's moderate credit metrics due to
the average margins. The metrics improved in FY21 owing to a rise
in the operating EBITDA to INR61.68 million (FY20: INR42.17
million). In FY21, the net leverage (adjusted net debt/operating
EBITDA) was 2.16x (FY20: 2.36x) and the interest coverage
(operating EBITDA/gross interest expense) was 7.72x (4.96x).

Liquidity Indicator – Stretched: TPAML's maximum average use of
its working capital limits was 37.62% during the 12 months ended in
July 2021. Its cash flow from operations plummeted to INR0.43
million at FY21 (FY20: INR30 million) due to deterioration in the
working capital cycle. The cycle stretched to 324 days in FY21
(FY20: 211 days) due to an increase in the inventory days to 309
days (184 days). The cash and cash equivalents stood at INR0.24
million at FYE21 (FY20E: INR0.56 million).

The ratings, however, continue to derive support from the company's
long operational track record and the promoters' experience of four
decades in the spinning industry. The ratings are also supported by
the availability of captive power.

COMPANY PROFILE

TPAML was incorporated on 25 April 1933 to manufacture cotton yarn.
Its manufacturing unit, which is located in Udumalpet (Tamil Nadu),
has an installed capacity of 35,072 spindles, with 84% capacity
utilization. The day-to-day activities of the company are managed
by the managing director, Girija Parthasarathy along with the joint
managing director, R Mahendran.


PINAKIN GREEN: ICRA Lowers Rating on INR12.75cr Term Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pinakin
Green Energy Private Limited (PGEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         12.75        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding PGEPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Pinakin Green Energy Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of  requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Incorporated in May 2019, Pinakin Green Energy Private Limited
(PGEPL) is a Special Purpose Vehicle (SPV) to set-up solar
roof-tops projects private and semi-government entities. The
company presently has signed six PPAs for aggregate 310.35 MW of
solar projects. The company is a part of APM Projects Group -
engaged in civil and installation of solar projects since FY2011.
The SPV is owned by APM Projects Private Limited and its promoters-
Mr. Mukesh Chaudhary, Mr. Gulab Singh and Mrs. Hemlata Singh.

PRANEE INFRASTRUCTURE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Pranee
Infrastructure Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        10.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues
   Fund based/                   to remain under 'Issuer Not
   Non-Fund Based                Cooperating' Category

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

Incorporated in 2013, Pranee Infrastructure Private Limited (PIPL)
is a private limited company based out of Bangalore. The company
primarily operates as a civil contractor engaged in the
construction of residential complex and commercial buildings.


RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating of Sri Radha Krishna Rice
Industry in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.75        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Radha Krishna Rice Industry was established as a partnership
firm in 2003 by Mr. K. Brahmaiah and other family members, who have
more than 20 years of experience in rice milling business. The rice
mill is located in the Nellore District of Andhra Pradesh and is
engaged in milling of paddy to produce boiled rice, broken rice and
bran. It has an installed capacity of 57,600 per annum.

ROYAL TYRES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Royal
Tyres Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.40       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         6.21       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short Term-        0.80       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
   Packing Credit                'Issuer Not Cooperating'
                                 Category

   Short-term         0.30       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Bank Guarantee                'Issuer Not Cooperating'
   and Letter of                 Category
   Credit

   Long Term/         2.29       [ICRA]D/[ICRA]D ;ISSUER NOT
   Short Term                    COOPERATING; Rating continues
   Unallocated                   to remain under 'Issuer Not
   Limits                        Cooperating' category

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

Incorporated in 1992, Royal Tyres Private Limited is engaged in the
manufacturing of solid tyres catering to various end-user
industries including automobile, logistics, railway and airport.


SAHU HYDRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Sahu Hydro Power Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-         18.85        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.60        [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sahu Hydro Power Private Limited (referred as SHPPL) is a private
limited company promoted by Indus group to develop, own and operate
a 5 MW small hydro power (SHP) project at Kurtha in Chamba District
of Himachal Pradesh (HP). The company is promoted by Indus
Renewable Energy India Private Limited (IREIPL). Indus Power and
Infrastructure LLC (Indus USA), through Indus Power &
Infrastructure Mauritius (Indus Mauritius) holds stake in IREIPL.
Indus USA (holding company) is held by three Indian promoters
(combined stake of 30%), Mr. Lingareddy Venkata Prasad, Mr.
Nagarjun Valluripalli, and Mr. Ramaraju Raudraraju and a hedge
fund, Wexford Capital LLC (Wexford, 70% stake). The company has
successfully commissioned Kurtha project in December 2014 and is
backed by PPA with Govt of Himachal Pradesh State Electricity Board
(HPSEB) for a period of 40 years at a fixed tariff of INR3.23 per
unit.

SANJOG SUGARS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sanjog
Sugars & Eco Power private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.49        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         26.70        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         0.81         [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

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

SSEPL was incorporated in 2004 by J.K. Sagar and Prahlad Singh and
their associates with the objective of setting up a 10 MW bio-mass
power plant at Sangaria Tehsil in Hanumangarh District Rajasthan.
Later in August, 2009, Orient Green Power Company Ltd. (OGPL)
acquired 78.94% stake in the company. At present, OGPL holds 58% of
the total stake in the company and 26% is being held by Soorya Eco
Power Pvt. Ltd. OGPL plans to further divest off its complete stake
to Soorya Eco Power Pvt. Ltd. The power plant was commissioned in
November 2011 and was funded by a term loan of INR44.36 crore from
Punjab National Bank. However, the operations were suspended in
March 2013 as the company decided to sell power through power
exchange and the net tariff realised was un-remunerative. The
company then signed a PPA with the Rajasthan state discoms on July
8, 2014, and the operations at the plant resumed on December 15,
2015.

SCR NIRMAN: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Scr Nirman
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund            7.00        [ICRA]B+ (Stable)/[ICRA]A4;
   based Bank                      ISSUER NOT COOPERATING;
   Guarantee                       Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

SCR Nirman Private Limited (SCRNPL) was incorporated in 2009 by Mr.
S. Chenna Reddy together with his family members on board. The
company's constitution was changed from proprietorship to private
limited in 2009. The company is a recognized contractor for Indian
Railways in the South Zone and is involved in laying railway tracks
and performing other associated works like earthwork formation,
supplying ballast, constructing minor and major railway bridges.


SHANTI GOPAL: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Shanti Gopal Concast
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          25.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          15.00       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         2.00        [ICRA]A4; ISSUER NOT
   Non Fund based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Shanti Gopal Concast Limited (SGCL) established in 2005, is
promoted by Agarwal family and is engaged in the manufacturing of
sponge iron and steel billets. The company was initially promoted
by Agarwal family members; and in October-2011 Chaudhary family
took the management control and bought the entire stake in the
company through direct holding and group companies. The company has
manufacturing unit located at Mirzapur – Uttar Pradesh with the
installed capacity of 90,000 TPA (tonnes per annum) for
manufacturing sponge iron and 28,800 TPA of steel billets.

SIDDIRAMESHWAR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Siddirameshwar Agro Industries Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]
B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         45.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.22        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          6.78        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Incorporated in the year 2009, Sri Siddirameshwar Agro Industries
Private Limited (SSAIPL) is engaged in trading and milling of paddy
and produces raw rice, steamed rice and boiled rice. The rice mill
is located at Kaloor village of Nizamabad district, Telangana. The
installed production capacity of the rice mill is 20 tons per hour.
SSAIPL sells its rice in the retail market under the brand name
'KCP'. SSAIPL had also previously ventured into trading, processing
and refining of soya and sunflower seeds which was discontinued in
FY2017.


SRINIVASA HAIR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Srinivasa Hair Industries
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         25.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          8.31        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   TL                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.19        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established by Mr. KK Gupta & family member in 1983, Srinivasa Hair
Industries (SHI) is primarily engaged in the Export (trading) of
human hair and procures both remy (tonsured hair) as well as the
non-remy variety (fallen hair) for its business model. After
processing the hair, the hairs are exported to overseas
manufacturers of hair extensions, wigs, toupees, hair pieces and
hair weavings. The firm exports to more than 10 markets, with
China, Brazil, Italy, Spain, and the USA being major markets.

SWASTIK POWER: ICRA Withdraws D Rating on INR38cr Term Loan
-----------------------------------------------------------
ICRA said the rating assigned to Swastik Power and Mineral
Resources Private Limited has been withdrawn as per the request of
the company and upon receipt of no dues certificate from bankers,
in accordance with ICRA's policy on withdrawal of credit ratings.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        38.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Withdrawn


ICRA is withdrawing the rating and it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The Key rating drivers, Liquidity position,
Rating sensitivities, Key financial indicators have not been
captured as the rated instruments are being withdrawn.  

Incorporated in 2004, SPMRPL is involved in the business of coal
washery and coal trading in the domestic market. The company has a
wet coal washery plant with a capacity of 0.9 MTPA of refined coal.
Besides, the company has a 25-MW coalreject based power plant. The
manufacturing facilities of the company are located in Korba,
Chhattisgarh. However, there have been no operations since FY2015.

VASAVI COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Vasavi
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B-(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-         3.49        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         1.01        [ICRA] B-(Stable)/[ICRA]A4;
   Short Term                     ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Founded in the year 2014 as a partnership firm, Sri Vasavi Cotton
Industries (SVCI) is engaged in cotton ginning and pressing
activities with a product mix of cotton lint and cotton seed. The
manufacturing unit of the firm is located at Gajwel village of
Medak district, Andhra Pradesh. The manufacturing unit comprises of
36 double roller gins with capacity to produce 583 quintals of
cotton lint per day.


VASU COCO: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vasu Coco
Resorts Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        43.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loans                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Vasu Coco Resorts Private Limited owns the 60-room 5-star property
'Vasundhara Sarovar Premiere' hotel in Vayalar, Kerala; which is
managed by Sarovar Hotels and Resorts Private Limited. The property
offers a mix of rooms, which include regular rooms, suites,
heritage rooms and cottages, floating cottages and also two-house
boats. The property also has three F&B outlets, which includes a
multi cuisine restaurant, a sea food specialty restaurant and a
poolside cafe. The property also offers other services like bar,
spa/health centre and boating services.


VENKATA UMASHANKAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Venkata Umashankar Spintex Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         33.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   TL                            'Issuer Not Cooperating'
                                 Category

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

Sri Venkata Umashankar Spintex Private Limited, incorporated on 4th
May 2010 with an object to set up Cotton Spinning Mill with 20,160
spindles. The company is promoted by Sri Chundur Naga
Veeranjaneyulu and his family members who have been involved in the
cotton industry for more than 2 decades. The company has successful
ramp up of operations in July 2013 to manufacturing cotton yarn of
32s count.


VIJAY ENGINEERING: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vijay
Engineering Equipment India Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B(Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         16.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.50       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

The company was incorporated as Vijay Engineering Equipment India
Private Limited (VEEIPL) on January 16, 2006. VEEIPL is an
authorized dealer of construction equipments of Volvo for Andhra
Pradesh and Telangana region; the dealership commenced from 2006
and is renewable on annual basis. The company deals in various
models of Volvo, including –excavators, loaders, graders and
other machines. VEEIPL stocks full range of Volvo equipment and
spares and supports for efficient aftersales including the overhaul
and intermediate repair of major and minor assemblies. The company
operates through 5 workshops (Vishakapatnam, Karimnagar, Kadapa,
Warangal and Hyderabad) spread across the state to cater to the
after sales requirement and spares.

VSRK CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of VSRK
Construction in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        12.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao. The
firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is engaged
in the business of constructing roads, bridges, etc. primarily in
Telangana and Andhra Pradesh.


Y.PANI AND COMPANY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Y.Pani and Company Pvt. Ltd.
        A-1, Banaphool House
        Budha Nagar, Bhubaneswar
        Odisha 751006

Insolvency Commencement Date: September 13, 2021

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: March 11, 2022
                               (180 days from commencement)

Insolvency professional: Umesh Chandra Sahoo

Interim Resolution
Professional:            Umesh Chandra Sahoo
                         Plot No. 4, Snowdrop Apartment
                         2nd Floor Cuttack Road
                         Near Indian Oil Petrol Pump
                         Bhubaneswar 751006
                         Odisha, India
                         E-mail: info@nayadarshan.com
                                 ypani@nayadarshan.com

Last date for
submission of claims:    September 26, 2021




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

PHILIPPINE AIRLINES: Earmarks 20.5% of Newco Shares to Unsecureds
-----------------------------------------------------------------
Philippine Airlines Inc. on Sept. 21, 2021, filed with the U.S.
Bankruptcy Court an amended Plan Term Sheet, which reflects certain
non-material updates.

The Plan Term Sheet outlining the terms of a proposed plan of
reorganization is attached to each restructuring support agreement
signed by Philippine Airlines Inc. with substantially all of the
Debtor's:

      -- primary aircraft lessors and lenders -- Aircraft
         Counterparties;

      -- original equipment manufacturers ("OEMs");

      -- maintenance, repair, and overhaul service providers
         ("MROs"); and

      -- certain funded debt lenders (the "Local Banks").

The Philippine's flag carrier contemplates a Chapter 11 plan that
provides for, among other things:

     (a) the fully consensual restructuring of the Debtor's
         financial obligations to eliminate approximately
         $2.1 billion of obligations;

     (b) a $505 million infusion of working capital from the
         Debtor's ultimate primary shareholder (the "DIP
         Lender") to fund the Debtor's ongoing operations
         during the chapter 11 case and upon emergence;

     (c) optimizing the Debtor's fleet size, composition and
         ownership costs to meet the demands of the post-COVID
         19 market and the new market;

     (d) maintaining and enhancing the Debtor's key commercial
         contracts and business relationships to strengthen
         the Company's viability during the pending COVID-19
         pandemic and beyond; and

     (e) obtaining commitments for a $150 million exit
         facility from new investors to provide additional
         liquidity.

               Treatment of Claims and Interests

Treatment of claims and interests under the restructuring are as
follows:

       * Administrative Claims: Administrative Claims shall be
         unimpaired.

       * Priority Claims: Priority Claims shall be unimpaired.

       * Secured Bridge Loan(s):

         Feb. 10, 2021, $60 million secured bridge facility
                        to be refinanced in full by the DIP
                        Term Loan Facility;

         May 27, 2021,  $25 million secured bridge facility to
                        be refinanced in full by the DIP Term
                        Loan Facility;

         Aug. 19, 2021, $15 million secured bridge facility
                        to be refinanced in full by the DIP
                        Term Loan Facility.

       * Other Secured Debt: Secured Debt, including Aircraft
         Secured Debt to be restructured per agreement
         (including all Secured Debt held by parties to RSAs).

       * General Unsecured Claims (Excluding Ordinary Course
         Trade Claims):

         -- General unsecured claims (including, for the
            avoidance of doubt, all unsecured claims held by
            parties to RSAs) shall receive their pro-rata
            portion of 20.5% of the equity of the reorganized
            Company.

         -- Unsecured claims held by DIP Lenders to be waived
            upon consummation of the Acceptable Plan.

       * Ordinary Course Trade Claims; Litigation Claims;
         Employee Claims:

         -- Ordinary Course Trade Claims held by a trade
            creditor, vendor, supplier, service provider,
            independent contractor or professional that will
            be providing goods and services to the
            Reorganized Debtor post-Effective Date shall be
            paid in the ordinary course of business pursuant
            to the orders entered by the Bankruptcy Court
            and otherwise shall be unimpaired.

         -- Prepetition Litigation Claims shall be disputed
            in the ordinary course of business and resolved
            in accordance with any settlements and orders
            issued by underlying courts (subject to
            Bankruptcy Court approval as required during the
            pendency of the case and in the ordinary course
            of business upon emergence) and otherwise shall
            be unimpaired.

         -- Employee Claims shall be paid in the ordinary
            course of business pursuant to the orders
            entered by the Bankruptcy Court and otherwise
            shall be unimpaired.

       * Intercompany Accounts: All intercompany accounts
         between Philippine Airlines, Inc. and its affiliates
         and subsidiaries shall be paid in the ordinary course
         of business pursuant to the orders entered by the
         Bankruptcy Court and otherwise shall be unimpaired.

       * Existing Equity: All existing equity interests of
         Philippine Airlines, Inc. (including common stock,
         preferred stock and any options, warrants, profit
         interest units, or rights to acquire any equity
         interests) shall be cancelled1 and holders of the
         interests shall receive no recovery on account of
         the interests.

       * Equity Interests in Subsidiaries: All existing
         equity interests held by Philippine Airlines, Inc.
         in any subsidiaries shall be reinstated and remain
         in place.

                         Credit Facilities

The credit facilities implemented as part of restructuring are:

       * DIP Term Loan Facility - Tranche A.  A $250 million
         multi-draw commitment, $20 million of which will be
         available in a single draw upon entry of an order
         approving the DIP Term Loan Facility on an interim
         basis.  Upon the Plan effective date, the Tranche A
         Security Package shall be released and the DIP Term
         Loan Facility Tranche A will convert into an
         unsecured loan facility for the remainder of the
         original 63-month post-petition term.

       * DIP Term Loan Facility - Tranche B. $255 million
         multi-draw commitment, available upon entry of
         Final DIP Order.  Upon the Effective Date,
         conversion into 79.50% of the equity of the
         reorganized Company (such conversion to be elected
         at the Company's sole discretion).

       * Optional Exit Facility.  The Company may, in its
         sole discretion, determine to enter into an
         optional exit facility to provide incremental
         additional funding for general operational purposes.
         The exit facility will have a $125 million
         commitment with a maturity of three years.

                            Other Terms

As part of the overall Restructuring, the Company shall reduce its
aircraft fleet from 91 aircraft as of year-end 2019 to a long term
operating fleet of 70 aircraft as of the Effective Date.  All
leases not otherwise assumed shall be rejected

The reorganized Company's initial board of directors will consist
of directors to be designated by the DIP Term Loan Facility Tranche
B Lender(s) in a manner to be determined (if converted at the
Debtor's election).

A copy of the Amended Plan Term Sheet is available at
https://bit.ly/3iinVdd

                 About Philippine Airlines

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

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569) to seek approval of a
restructuring plan negotiated with lenders and lessors.

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 to Hire 'Ordinary Course' Professionals
------------------------------------------------------------------
Philippine Airlines, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire professionals
who provide services in the ordinary course of business.

The request, if granted by the court, would allow the Debtor to
hire "ordinary course" professionals without filing separate
employment and fee applications.

The ordinary course professionals under Tier 1 are as follows:

     Professionals                         Services
     Hogan Lovells              U.S. regulatory counsel;
                                certain non-bankruptcy
                                U.S.-based litigation

     Togut, Segal & Segal LLP   Expert retained in connection
                                with Philippine insolvency
                                proceedings

     Angara Abello Concepcion   Philippine legal counsel
     Regala & Cruz Law Offices

     Quisumbing Torres          Counsel for certain labor matters
     (Baker McKenzie)
                                                             
Each ordinary course professional under Tier 1 will receive total
compensation and reimbursements of up to $75,000 per month (on
average over a rolling three-month basis).

Moreover, the ordinary course professionals under Tier 2 are as
follows:

     Professionals                         Services
     Holman Fenwick Willan      Middle East regulatory counsel
     Middle East LLP            

     Holman Fenwick Willan      Asia and UK regulatory counsel;
     Singapore LLP              advise on certain customer claims
                  
     Lowndes Jordan             New Zealand regulatory counsel

     Stikeman Elliot            Canadian regulatory counsel

     Laguesma Magsalin          Counsel for certain labor matters
     Consulta & Gastardo
     
     Zambrano & Gruba           Counsel for certain tax matters
     Law Offices

Each ordinary course professional under Tier 2 will receive total
compensation and reimbursements of up to $10,000 per month (on
average over a rolling three-month basis).

As disclosed in court filings, the firms are "disinterested
persons" as the term is defined in Section 101(14) of the
Bankruptcy Code.

                     About Philippine Airlines

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

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569) to seek approval of a
restructuring plan negotiated with lenders and lessors.

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: Sept. 30 Hearing on Plan Support Deals
-----------------------------------------------------------
Philippine Airlines, Inc., will seek approval from the U.S.
Bankruptcy Court for the Southern District of New York on  Sept.
30, 2021, at 10:00 a.m. (prevailing Eastern Time) of its motion to
assume and perform under its restructuring support agreements with
its creditors.

The Restructuring Support Agreements serve as the backbones of the
Debtor's restructuring and ultimately the Debtor's chapter 11 plan
of reorganization.  In particular, the RSAs detail the process that
the Debtors will undertake during this chapter 11 case with a view
towards emerging as a viable and healthy airline in a matter of
months.

The RSAs were entered into with substantially all of the Debtor's
primary aircraft lessors and lenders, original equipment
manufacturers and maintenance, repair, and overhaul service
providers, and certain funded debt lenders.

The resolutions memorialized in the RSAs address several critical
issues facing the Debtor both during the Chapter 11 Case, as well
as post-emergence.  The RSAs contain critical operational
agreements regarding the Debtor's long term leases, loans and
ability to use the aircraft during the Chapter 11 case.

In addition to each RSA containing amendments to the applicable
aircraft leases and agreements, the RSAs also contain additional
exhibits that form critical and indispensable parts of the
comprehensive agreements.  The RSAs contain exhibits setting forth
agreed terms of lease rejections pursuant to Rejection Stipulations
and "super soft landing" stipulations, which govern the return of
aircraft that the Debtor believes it no longer requires for its
revised business plan and fleet.  The RSAs also contain Usage
Stipulations that govern the Debtor's use of the aircraft during
the Chapter 11 Case and resolve any adequate protection claims of
the applicable Supporting Creditor.

Moreover, the Debtor has agreed to the allowance of the claims of
certain Supporting Creditors in their respective RSAs:

     (a) Airbus: The Debtor has agreed with Airbus that Airbus
shall have an allowed unsecured claim against the Debtor in the net
amount of $1,557,629 for sales of parts and/or provision of
services by the Airbus under purchase orders that are not related
to the Existing Documents (as defined in the applicable RSA), which
claim shall (i) be and be deemed in full and final satisfaction of
all claims that are not related to the Existing Documents and (ii)
treated as an Ordinary Course Trade Claim as described in the
Proposed Plan attached to the RSA; provided, however, that the
foregoing shall not limit or impair Airbus's rights to assert an
administrative or other claim permitted or otherwise allowed under
the RSA or the applicable Amendment Agreements, including
additional Ordinary Course Trade Claims under certain purchase
orders in the asserted amount of $1,944,839.25 that Airbus
acknowledges is subject to reconciliation and agreement between
itself and the Debtor, which claims shall also be treated as
Ordinary Course Trade Claims as described in the Proposed Plan to
the extent the amount is agreed and reconciled by the Parties.

     (b) Asia United Bank Corporation ("AUB"): The Debtor has
agreed with AUB that AUB shall have a prepetition unsecured claim
against the Debtor in the net amount of $75,486,656, which claim
shall be treated as an impaired General Unsecured Claim as
described in the Proposed Plan.

     (c) Philippine National Bank ("PNB"): The Debtor has agreed
with PNB that PNB shall have a prepetition unsecured claim against
the Debtor in the amount of (x) US$113,776,031 plus (y) any accrued
interest and any other amount which are due and payable under the
SBLC Facility (as defined in the applicable RSA) and the Revolving
Facility (as defined in the applicable RSA) as of the Petition Date
less (z) the value of the Collateral, which has been agreed to be
PHP1,360,963,000, which amount shall be converted into US Dollars
using the exchange rate on the first Business Day prior to the
Petition Date, as quoted at 4:00 p.m. (Manila Time), the BAP AM
Weighted Average Rate of exchange for Philippine Pesos as published
in Bloomberg, which claim shall (i) be and be deemed in full and
final satisfaction of all claims related to the SBLC Facility and
the Revolving Credit Facility, and (ii) be treated as an impaired
General Unsecured Claim as described in the Proposed Plan.

     (d) Rolls-Royce PLC: The Debtor has agreed with Rolls-Royce
that Rolls-Royce shall have: (i) a prepetition unsecured claim
against the Debtor in the net amount of $89,496,109 (the "RR
Prepetition Unsecured Claim"); and (ii) a cure claim associated in
the net amount of $33,463,519 (the "RR Cure Claim"), which RR Cure
Claim shall be paid in accordance with the terms of the applicable
Amendment Agreements.  The RR Prepetition Unsecured Claim shall be
treated as an impaired General Unsecured Claim as described in the
Proposed Plan.

                            RSA Parties

As of Sept. 6, 2021, parties that have entered into individualized
and specific agreements with the Debtors are:

A. Aircraft Counterparties - Operating Leases

   * Aircraft MSN 6201 LLC and Aircraft MSN 6253 LLC;

   * PP5012 Aircraft Leasing Limited and PP5103 Aircraft Leasing
Limited;

   * Pajun Aviation Leasing 1 Limited and Pajun Aviation Leasing 2
Limited;

   * Pajun Aviation Leasing 3 Limited;

   * Avation Pacific Leasing II Pte. Ltd.;

   * CIT Aerospace International, SAF Leasing II (AOE 2) Limited,
Avolon Aerospace AOE 95 Limited, CIT Group Finance (Ireland), HKAC
Leasing 6291 (Ireland) Limited, Avolon Aerospace AOE 106 Limited,
and Avolon Aerospace AOE 108 Limited;

   * ECAF I 1482 DAC and ECAF I 6363 DAC;

   * Fly Aircraft Holdings Twenty-One Ltd, Fly Aircraft Holdings
Twenty-Two Ltd, Fly Aircraft Holdings Twenty-Six Ltd, and Fly
Aircraft Holdings Twenty-Eight Ltd;

   * Wilmington Trust SP Services (Dublin) Limited ("Castlelake");

   * Wilmington Trust SP Services (Dublin) Limited ("Chorus");

   * AWAS 1 Ireland Limited and AWAS 5371 Trust;

   * DCAL 2 Leasing Limited and DCAL 1 Leasing Limited;

   * Celestial Aviation Trading 68 Limited, Celestial EX-IM Trading
1 Limited, LAF Leasing Ireland 3 Limited, and Celestial Aviation
Trading 100 Limited;

   * RSA entered into with Nanshi Aviation Leasing Limited;

   * HAITONG Unitrust No. 3 Limited and HAITONG Unitrust No. 4
Limited;

   * JPL Stratos Leasing 1 Limited;

   * JPA No. 112 Co., Ltd., and DVB Bank SE, Singapore Branch;

   * Macquarie Airfinance Acquisitions (UK) Ltd;

   * Orix Aviation Systems Limited;

   * RRPF Engine Leasing Limited;

   * SMBC Aviation Capital Limited; and

   * TrueNoord Pinatubo Limited.

B. Aircraft Counterparties - Finance Leases

   * BDO Unibank, Inc.- Trust and Investments Group, Ascend
Aircraft Leasing Limited I, Ascend Aircraft Leasing Limited II,
Ascend Aircraft Leasing Limited III, BDO Unibank, Inc., and BDO
Capital & Investment Corporation;

   * Cathay United Bank, Co., Ltd. and Prime Aviation Leasing;

   * China Banking Corporation, China Banking Corporation â€"
Trust and Asset Management Group, Pioneer Aircraft Leasing I
Limited, Pioneer Aircraft Leasing II Limited, and Pioneer Aircraft
Leasing III Limited;

   * JA Mitsui Leasing, Ltd. and Paragon Aircraft Leasing Limited;

   * MUFG Bank, Ltd., Singapore Branch, and Peak Aircraft Leasing
Limited II;

   * Ascend Aircraft Leasing Limited IV and PK AirFinance S.a
r.l.;

   * Peak Aircraft Leasing Limited I and PK AirFinance S.a r.l.;

   * Premiere Aero Leasing Limited and PK AirFinance S.a r.l.;

   * Paramount Aircraft Leasing Limited and PK AirFinance S.a
r.l.;

   * Philippine National Bank, Phoenix Aircraft Leasing Limited,
and Prima Aircraft Leasing Limited; and

   * Pacific Aircraft Leasing (2012) LLC, Pacific Aircraft Leasing
(2012) Trust, Porto Aircraft Leasing (2012) LLC, Porto Aircraft
Leasing (2012) Trust, Penta Aircraft Leasing (2013) LLC, Penta
Aircraft Leasing (2013) Trust, Wilmington Trust Company, Wells
Fargo Trust Company, National Association, and Export Import Bank
of the United States.

C. Original Equipment Manufacturers

   * Airbus S.A.S.;

   * Rolls Royce plc; and

   * IAE International Aero Engines AG and International Aero
Engines, LLC.

D. Local Banks

   * Asia United Banking Corporation;

   * Union Bank of the Philippines; and

   * Industrial and Commercial Bank of China Limited - Manila
Branch.

On Sept. 17, 2021, the Debtor disclosed that additional RSAs were
reached with:

  * Alhena Ltd. and BNP Paribas (Singapore branch); and

  * Paramount Aircraft Leasing Limited and PK AirFinance S.a r.l.

                      About Philippine Airlines

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

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569) to seek approval of a
restructuring plan negotiated with lenders and lessors.

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

CENTRA JAYA: Court to Hear Wind-Up Petition on Oct. 15
------------------------------------------------------
A petition to wind up the operations of Centra Jaya (S) Pte Ltd
will be heard before the High Court of Singapore on Oct. 15, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 20, 2021.

The Petitioner's solicitors are:

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


JIN BANG: Creditors' Proofs of Debt Due on Oct. 13
--------------------------------------------------
Creditors of Jin Bang Logistics (S) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 13,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

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


MOTION ART: Court to Hear Wind-Up Petition on Oct. 1
----------------------------------------------------
A petition to wind up the operations of Motion Art Space Pte Ltd
will be heard before the High Court of Singapore on Oct. 1, 2021,
at 10:00 a.m.

Ho Jianzhe, Adriel filed the petition against the company on Sept.
18, 2021.

The Petitioner's solicitors are:

         Eugene Thuraisingam LLP
         1 Coleman Street
         #07-06 The Adelphi
         Singapore 179803




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

[*] ADB Cuts Economic Growth Outlook for Developing Asia to 7.1%
----------------------------------------------------------------
The Asian Development Bank (ADB) lowered its 2021 economic growth
outlook for developing Asia, amid continuing concerns over the
coronavirus disease (COVID-19) pandemic.

ADB forecasts growth of 7.1% this year, according to an update of
its flagship economic publication, Asian Development Outlook (ADO)
2021. That compares with a projection of 7.3% in April. The growth
outlook for 2022 is raised to 5.4% from 5.3%. New COVID-19
variants, renewed local outbreaks, the reinstatement of various
levels of restrictions and lockdowns, and slow and uneven vaccine
rollouts are weighing down the region's prospects.

"Developing Asia remains vulnerable to the COVID-19 pandemic, as
new variants spark outbreaks, leading to renewed restrictions on
mobility in some economies," said ADB Acting Chief Economist Joseph
Zveglich, Jr. "Policy measures should not only focus on containment
and vaccination, but also on continuing support to firms and
households and reorienting sectors in the economy to adapt to a
'new normal' once the pandemic subsides to kickstart the
recovery."

COVID-19 cases in developing Asia have risen since the Delta
variant of the virus emerged in April. New daily cases peaked at
430,000 in May. More than 163,000 new daily cases were recorded on
31 August. Meanwhile, vaccination progress in developing Asia
remains uneven and lags behind that of advanced economies. As of 31
August 2021, 28.7% of the region's population had full vaccine
protection, compared with 51.8% coverage in the United States and
58.0% in the European Union.

The recovery path within the region remains uneven. East Asia's
growth forecast for this year has been raised to 7.6% from 7.4% in
April, as a surge in global demand fuels exports from the region.
East Asia's growth prospects for 2022 are unchanged at 5.1%. Growth
projections for the People's Republic of China, the region's
largest economy, remain at 8.1% in 2021 and 5.5% in 2022.

The economic growth outlook for Central Asian economies this year
is raised to 4.1% from 3.4% projected in April, amid improved
prospects for Armenia, Azerbaijan, Georgia, Kazakhstan, and
Uzbekistan. The subregion's 2022 outlook has improved to 4.2% from
4.0%.

ADB expects economic growth of 8.8% in South Asia this year,
compared with the 9.5% forecast in April for the subregion.
However, the outlook for 2022 has improved to 7.0% from 6.6%. The
projection for India—the subregion's largest economy—is
downgraded to 10.0% from 11.0% in 2021, while the outlook for next
year has improved to 7.5% from 7.0%.

The forecasts for Southeast Asia and the Pacific have also been
revised downward, as economies in these subregions continue to
grapple with new virus variants, continued lockdowns and
restrictions, and slow vaccine rollouts. Southeast Asia's growth
projections for 2021 and 2022 have been lowered to 3.1% and 5.0%,
respectively, from forecasts of 4.4% and 5.1% in April. The
Pacific's economy is set to contract 0.6% this year, compared with
1.4% growth projected in April, before expanding 4.8% in 2022.

Inflation in developing Asia is expected to remain in check, at
2.2% this year and 2.7% in 2022. The current trend of higher
international commodity and food prices could stoke inflation in
some of the region's economies.

[*] More Southeast Asian Airlines May Seek Debt Restructuring
-------------------------------------------------------------
The Philippine Star reports that more airlines in Southeast Asia
may follow the steps of their peers in the region which turned to
courts to restructure their debts, aviation think tank CAPA-Center
for Aviation said.

In a report, CAPA said Philippine Airlines (PAL)'s filing for
bankruptcy protection in the US on Sept. 3 followed similar recent
undertakings from other major Southeast Asian airlines, the
Philippine Star relates.

According to the Philippine Star, CAPA said the list of airlines in
the region that have taken this course has been steadily growing,
and more are likely to follow before the COVID crisis ends.

"These airlines are restructuring to varying degrees, and therefore
each bankruptcy process is different. Some are relatively quick as
they have already reached agreement with creditors, while others
are more contentious," CAPA said.

"The airlines are also choosing a wide range of jurisdictions to
file their bankruptcy petitions, using either their own countries
or others with robust bankruptcy protection processes," it said.

The Philippine Star relates that CAPA said Malaysia Airlines has
obtained UK sign-off for its prearranged restructuring, while Thai
Airways has secured approval from creditors and the Thai court.

AirAsia X and Nok Air, on the other hand, have yet to gain all the
creditor agreements they need.

CAPA said Garuda Indonesia, another Southeast Asian airline in
serious financial trouble, is believed to be planning a bankruptcy
protection filing, possibly in the UK, the report relays.

PAL, for its part, filed for a pre-arranged restructuring under the
US Chapter 11 process in the Southern District of New York and was
able to secure approval for all of its "first day" motions on an
interim or final basis, according to the Philippine Star.

The flag targets to exit from the Chapter 11 process before the
year ends, in which the company is expected to emerge with fresh
capital and lower debt, the report notes.

"Whichever jurisdiction they are using, restructuring through the
court system is clearly the best course for many Southeast Asian
airlines - and in some cases they don't exactly have a choice in
the matter," CAPA said.

"Another factor is that the more airlines take advantage of this
avenue, the greater the imperative for others to follow. For
example, when US airlines went through a phase of Chapter 11
filings in the early 2000s, those that resisted longest were at a
competitive disadvantage to their rivals. This will likely also be
the case in Southeast Asia," it said.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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